The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-06-09
PRICE TWO CENTS.
NATIONAL BANK RESERVES.
now THE HOUSE COMMITTEE PROPOSE
10 AMEND IHE LAW.

Requiring n Fart or the Hcserves 70 he n ept
In Standard Gold and silver Coins - In-
tended TO Unload the Treasury of Its Coin.
WAsHIEGToN, June s.-The Committee on
Banking ard Currency have instructed Gen.
Buckner, It's Chairman. to report n bill to amend
the law prescribing the lawful money reserve
OF national banking associations 80 as to re-
quiro that these reserves shall be kept in part
I'm standard gold and silver coins Of the United
States, in lieu of lawful money. Mr.. Buckncr
desired to report the bill yesterday but was
prevented by the pressure Of other business.
although he has tho right to report at
any time. The bill amends section 5101
Of the Revised Statutes, so that it will
provide that every national banking as
socHtion in the cities OF Albany. Balu-
more. Boston. Detroit. Louisville. Milwaukee,.
New Orleans. New York. Philadelphia. Pitts
burgh. 81. Louis San Francisco. and Washing
ton shall at all times havc on hand in lawful
money OF the United States. two-flfths OF
which shall-1o IN standard gold and silver
coins. or coin certificates OF the United States.
an amount equal to at least 25 per cenium OF
the aggregate amount Of its notes in circula-
ton and its deposits and every other associa-
ton shall at all times have on hand. in lawful
money of the United States two-nfths OF which
shall be In standard gold and silver coins. an
amount equal to Mt least 10 per centum of tho
aggregate amount oil It's notes in circulation
The section. rs II is proposed to amend IT, fur
thcr provides that whenever the lawful money
reserve OF any national banking association in
any Of tho cities named shall be below tho
amount Of twenty Ave per centum OF its circu-
| lation and deposits, and the lawful money re-
| serve OF any other association shall he below
| fifteen per centum OF its circulation and depos-
| it,. such association shall not increase its la-
| biliteA by making any new loans or discounts.
| otherwise than by dscounting or purchasing
bills OF exchange payable at sight. nor mako
| any dividend of its profits until tho required
proportion between the aggregate amount Of
| its outstanding notes of circulation aud dcuos-
| its and lts lawful money reserve. in the uropOr-
ton required rs to coin, has bren restored, aud
| tho Comptroller of the Currency may notify
| any association whose lawful money reserve
shall be below the amount and proportion OF
coin. as above reluirelto be kept on hand to
/ mike good such reserve.
II is further provided that II such association
shall fail for thirty days thereafter So to make
| good its reserve Of lawful money in the pro-
portion Of coin required. the Comptroller may.
| with the concurrence OF the Secretary Of tho
| Treasury. appoint n receiver to wind up tho
| business Of such association as provided by
| law. Tho following II added to the now section:
Provided, that neither clearing house ceriii
Gates or balances provided for in section Z. 1872,
| which relates to what may be counted toward
I lawful money reserve, shall be counted or
deemed any. portion OF the coin reserves re-
The evident object OF this Pill is to unload
| the Treasury Of its coin. Mr.. Buckner will try
| to report the bill tomorrow.
WAsHINGToN. June s.-Judgc Buckner. Chair
man OF the Banking and Currency Committee, who is
receivers Of the German National at Chicago aud tic
| ocean National Bank OF New York says that ho
with the view Of finding out a, what time it viii
In favor Of postponinr them until s'piemher but il an
earlier date is demanded he will comply lie will prob
West with him 70 Chicago and part rcsinsin the last
sath pSees as he is tne oniy ono Of the committee s'
iho,zesd to & adm,ni.ier OATH msenns Q. the 5on6
| his letters OF inquiry.