H. R. 12677. Report of the Committee On Banking And Currency On a Bill to Establish a Simple And Scientific Monetary System, Founded Upon Gold, Guaranteed Bank Notes, And Silver, With Uniform Banking And Bank Reserves in Gold Coin Or Its Equivalent; to Gu

Cover H. R. 12677. Report of the Committee On Banking And Currency On a Bill to Establish a Simple And Scientific Monetary System, Founded Upon Gold, Guaranteed Bank Notes, And Silver, With Uniform Banking And Bank Reserves in Gold Coin Or Its Equivalent; to Gu
H. R. 12677. Report of the Committee On Banking And Currency On a Bill to Establish a Simple And Scientific Monetary System, Founded Upon Gold, Guaranteed Bank Notes, And Silver, With Uniform Banking And Bank Reserves in Gold Coin Or Its Equivalent; to Gu
United States. Congress. House. Committee On Banking And Currency
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Sherley. Mr. Chairman, I would like to ask the gentleman a question.
Mr. Williams. If the gentleman will pardon me. The gentleman from Kentucky [Mr. James] asked if in your bill you did not make the Government of the United States pay interest to the banks for ?art of this very reserve which was deposited by the banks in the 'reasury of the United States.
Mr. Fowler. I said that they paid them 1 per cent interest.
Mr. Williams. I understood you to say that you did not. I find here section 22 Mr
.... Fowler. The bill here provided that they are to be paid 1 per cent on the reserve funds in the United States Treasury.
Mr. Williams. I read : Sec. 22. That every national bank may count as a part of its required reserve the amount it shall have deposited w.ith the United States Treasurer in accord- ance with sections 11 and 14 of this act, and shall be entitled to receive Interest thereon at the rate of 1 per cent per annum, payable annually on the 1st day of July each succeeding year.
Mr. Ollie M.


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