Holmes County Republican. [volume] (Millersburg, Holmes County, Ohio) 1856-1865, 1862-01-23
TheNew Currency Bill.

The Committee of Ways and Means in
the House have prepared bill to author
ize national currency secured BY the hy-
potbecation of the United States Stocks,
and to provide fof the circulation and re-
demtion thereof Tbe suggestion of the
Secretary of the Treasury, as made in his
annual report, are followed out in the de-
The following is brief synopsis Of the
proposed act:
1t provids for a United States Bank De-
partment in the Treasury building. with q
Bank Comptroller, appointed by the Pres
ident and Senate, with a salary Of five
thousand dollars, to have general charge
and supervision over all banking operations
under the act:
1t provides for the issues of circulating
notes In the similitude of bank notes, to
be countersigned and registered in the
Bank Department to be stamped on their
faces secured by pledge of United States
Stocks and recoverable for all dues TO and
from the United States, except duties on
imports, and made legal tender for these
purposes. All existing banks in all the
States and Territories of the United States
may elect or not to avail themselves OF
the benefit of the national currency on
complying with the provisions of this act.
New banks may be formed by any number
of persons under its provisions, with capi-
tails of one hundred thousand dollars OF
more, to circulate this currency, and carry
on general banking business in any part
of the United States. All banks issueing
the national currency are required to keep
constantly On hand twenty-five per cent
of their outstanding circulation notes in
specie TO secure the prompt retention Of
! the same. Stockholders are made indi-
vidually liable for the debt of the bank
to the amount of their stock.
Banks organized under this act are 10
have seal may create succession by their
name, may sue and be sued in all courts,
and may mako all bylaws necessary to
carry on their business. Banks under the
act are to make quarterly reports TO the
Bank Comptroller, who is annually to re-
port to Congress. If the banks fail to re-
deem their bills, and become insolvant, the
securities iu the hands of the Banks Comp.
troller, may be sold at public auction, and
the bill holder fist paid. Insolvent banks
are TO have receivers appointed, and be
wound up by order of the Court.
Frauds and counterfeiting are guarded
against. The bill, the Committee believe
will create a large demand for Uuited
States stocks to be used for banking pur-
poses. The bill used on hypothecation
of the Government pledged to that extent
for their redemption. These bills are to
be recoverable for taxes and other public
dues to the Government. and for all salaries
and all other demands due from the United
States for services rendered and for sup
plies furnished. The banks issuing this
national currency are made liable for its
redemption and the stockholders are liable
| for it.
The bill holders "has securities" first,
of the United States stocks deposited with
the Bank Comptroller. Second, the lia-
bility of the bank issuing the bills, and
third, TO the personal liabilities of the stock
holders of the bonds to an amount equal
to thoir stock, and it is thought to consti-
tute very safe and secure currency fol
circulation among the people, to pay the
army and all the other extraordinary ex'
penses of the war