The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1874-12-04

dssm then The gold coina Of Ia oountr,
would thep make its appearance IL a1iswer tC
the demand for an additionsl an ont OF law
fll money. and specie psSmsntw6in follow
redemption in it's proper sense implies the
exchange OF a promise to pay for the thing
| promised, namely, coin or its representative,
which is convertible into coin on demand
The effect of such redemption is to confine
| banks or istaie to . legitimate business, which
is the discounting of commercial paper. II
banks Of issue are Obliged TO pay their circu-
lating notes once In sixty or ninety days,
| they must discount such promlssory notes
within that time. III the paw
ment of bank notes DO frequently de-
handed, banks OF issue cannot safely invest
| their capital in real-estate loans in doubtful
| stocks or bonds, in ACKNOWLEDGEMENTS
which require renewal, or in loans on doubt
full security, but must have their capital at all
times invested in loans which will be prompt
ly paid at maturity. Such condition indi-
Gates healthful business, and promotes
sound banking; and the reduction of the
amount of lega-tender notes, accompanied
with such increase of national bank notes as
may be required will secure proper system
OF redemption, render free banking practical
bic, and gradually restore specie payments
without necessarily decreasing the amount of
the circulating medium.
The following amendments to previous acts
are recommended
FUSt-An amendment to section of the
act of March 8, 1873, providing that If any
shareholders or shareholders OF banks whose
capital stock is impaired shall refuse. after
three months notice, to pay the assessment
as provided in said section sufficient amount
OF the capital stock of such delinquent share
holder. or shareholders may be sold to make
good the deficiency. EbR tic
Second-An amendment to section SO, of
the National Bank act extending the limit of
the liabilities of any association, person, COM
pany or firm, for money borrowed. from 10
per cent. of capital paid in TO 15 per cent. of
capital and surplus for banks located in re-
demption cities. and one-tenth Of capital and
surplus for other banks.
Third-Also prohibiting the deposit of more
than 10 per cent. Of the capital of national
bank with any private banker, or any person
or association, other than national banking
association. 81 attfeff .AAs
Fourflt-That nationalbanks shall be liable to
make good any deficiency which may hereafter
arise in any Dpecial deposit with such bank
unless a receipt shall be produced by the
owner OF such deposit in which the liability Of
the bank shall be distinctly stated, - 3 n. T
Fifh-The repeal of the 2-cent stamp-tax,
or al act providing that the bills of exchange,
checks or receipts, in place Of checks drawn
upon any bank or banker, shall be subject to
a stamp-tax, with penalty of 800 for each
violation thereof. ....r .
The Comptroller renews the recommends
tons contained in his last two reports for the
passage Of an act to prevent the issue and cir
uation OF unauthorized currency, aud re-
curing the words . counterfeit, " altered, I"
Illegal to be stamped on all counterfeit or
issues; also his recomme nda-
ton for the repeal OF the fourth section of
the act Of june I, 1870, 80 far as it applies
to the organization of savings banks III the
District of Columbia, and for the enactment
in its stead OF general law in reference %
such savings banks. with judicions conditions
and restrictions. II -