Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1874-12-10
Of obtaining lawful money with which to re-

OF obtaining lawful money with which to re-
! dee,n them. The gold com of the country
: would then make its appearance in answer to
J the demand for an additional amount of law
Iui money, and specie payment would follow.
redemption in It's proper sense implies the
exchange of promise to pay for the thing
promised, namely, coin or ts representative,
which Is convertible into ,coin on demand
Ihe effect OF such redemption is to conine
banks OF Issue to Legitimate business, which
Is the dlscounting of commercial paper II
banks of issue are obliged to pay their cireu-
iating notes once In sixty or ninety DAYS.
they must discount such promissory notes
only as will certainly be paid
within, that time. If the paw
ment Of bank notes -be frequently de-
manded, banks of issue cannot safely invest
| their capital in real-estate loans in doubtful
| STOCKS or bonds. in accommodation-notes
which require renewal, or in loans on doubt
ful security, but niust have their capital at all
tunes invested In loans which will be prompt
ly paid at maturity. Such condition indi-
Gates a healthful business, and promotes
sound banking; and the reduction of the
amount of legal-tender notes. ACCOMPANIED
with such increase of national bank notes as
may be required, will secure a proper system
OF redemption, render free banking prsctica-
BILE, and gradually restore specie payments
without necessarily decreasing the amount of
the c rculating medium.
The following amendments to previous acts |
are recommended
Tristan amendment to section of the |
act of March 8, 1873, providing that if any |
shareholder 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
Sec0nd-An amendment to section 80 of
the National Bank act extending the limit of
the liabilities of any association person. CON-
pany, or firm, for money borrowed from 10
per cent. of capital paid in to Is per cent of
capital and surplus for banks located in re.
demphon cities, and one-tsnth of capital and /
surplus for other banks.
Ihird-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 a rational banking
Fourth-That ationai banks shall be liable to
make good any deficiency which may hereafter
arise In any special deposit with such bank. I
unless receipt shall be produced by the
owner OF such deposit in which the liability of |
'he bank shall be distinctly stated. IL
Flfh-Ths repeal of the 2-cent stamp-tax.
n an act providing that the bills of exchange, Z
'hecks or receipts in place of checks drawn ,
lpon any bank or banker, shall be subject to
stamp-tax, with a penalty Of $40 Cor each 4
Tiolation thereof g
The Comptroller renews the recommends .
IONS contained in his last two reports for the
passage OF an act to prevent the issue and cir
uation OF unauthorized currency, and re- a
luiring the words - counterfeit, =. altered" s
liegaP to be stamped on all counterfeit or | !,
nauthorized issues; also his recommends
ion for the repeal Of the fourth section of "
he act OF June !, 1870, go far as it applies d
the organization Of savings banks In the =
district OF Columbia, and for the enactment
4 Its stead Of a general law in reference % o
uch savings banks, with judicions conditions II
nd restrictions. FA'f rAFF NJ III