Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1882-02-10
Ben. Butler Braces Up and
Proposes to Pull Cult
eau Through.
Speaker Keifer Interferes with
an Important Prerogative
of the Democrats.
What Gath Has to Say About the
Guiteau Trial
National Banks.
A BILL TO EXTEND CHARTERS

BILL TO EXTEND CHARTERS.
WASHINGTON, Feb THE substitute
presented to the house for the Morrill,,
Crapo and Hardenburgh bill, extending
the charter of 1913 national banks, pro-
vides that the consent in writing of not
less than two-thirds of the capital
stock association shall be required to
an amendment of articles of the associ-
alton in applying for an extension under
the provisions of the act, and such con-
sent shall be certified by the president
or cashier to the comptroller of cur
rency, and it is made mandatory upon
the comptroller of currency to grant or
withhold his testifiable approval, as the
examination provided by the act
may disclose that the affairs of the
association are in a satisfactory
condition or otherwise. Three new
sections are added to the substitute bill
providing for the disposition of stock
by any share holder who may refuse to
consent to extension; for cancellation
Of old rates and the issue of new ones
to banks extending their charters, and
that national banks which do not avail
themselves of the provisions of this act
and whose corporate existence shall
expire shall be required to comply with
the revised statutes IN the same man
ner as if the share holders had voted
to go into liquidation.
The report of the committee accom-
panying the bill says: In forming judg-
ment of the wisdom of the proposed
legislation extending corporate exist
ence to national banks, it is proper to
consider what effect the failure of con-
gress to act will have upon the paper
circulation of the country. In the alb
sence of any authority to continue
their business, within the next twelve
months, 1913 banks must go into liqui-
dation; this will compel the withdrawal
of SOS, 160,9S0 lawful money, now in &C
tual circulation, in order to procure
500, 76S, 700 in United States bonds,
lodged with the comptroller, and which
liquidating banks will withdraw for sale
and for the purpose of closing their af-
fairs and making division of their assets
upon one single day, Feb. 25th, SO char
tiers of the 297 banks will expire, an
inventory returned to the treasury oil
$54 900, 600; ii is not difficult to con
lecture the influence of such contrac-
ton of the currency upon the business
of the country and the values of prop
erty, even if every national bank should
reorganize by forming new associations
under the existing law, the deposit OF
legal tender notes or lawful money
must precede the withdrawal of United
States bonds held by the government
which withdrawal becomes necessary
in the settlement of the affairs of the
bank. Your committee having care
fully considered the important question
involved in the continuance or discon.
tinuance of national banks, recommend
the passage of the accompanying sub
stitute bill. Mr.. Buckner, who was
granted permission by the committee
to make minority report, reported a
substitute bill which was ordered print
ed in connection with the minority re-
port. His bill provides for the virtual
liquidation Of national banks by retir-
ing their present circulation and pur-
chase by the government of their bonds
held by the comptroller to secure
their circulation and payment there
for in treasury notes or coin;
it also prohibits any increase in then
circulation and granting OF any more
national bank. charters, and repeats the
tax on bank checks, bank capital and
bank deposits.