The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-12-08
FINANCIAL MEASURES.
Senator Beck's Bill to Retire the Legal Ten
ders and National Bank Notes

Senator Beck's Bill to Retire the Legal Ten
ders and National Bank Notes.
WASHINGTON, Dec. THE bill introduced by
Senator Beck to-day for the retirement of United
States legal tenders and national bank notes of
small denominations is nearly identical with an
amendment offered by him to the sundry civil
bill at the last session of Congress- 1t provides
that hereafter no United States note shall be is-
sued of denomination less than &c. nor more
than $500: that the denominations higher than
$50 shall not exceed onefourth of the value OF
the total amount outstanding and hat-aot more
than one-fourth of the value Of national bank
circulation outstanding at anytime shall be of
less denomination than $40. In all new issues
coin certificates shall be substituted for gold and
silver certificates whore either is authorized to
be issued under existing laws, and all gold and
silver certificates now outstanding shall be re-
tired soon as received and coin certificates can
be issued in their stead The Secretary of the
Treasury is authorized and required to issue
coin certificates in denominations of ST. So and
So. on all the surplus coin and gold bullion held
at any time by the Treasury as the prop
erty of the United States in excess
of Sl0O ,OOO, 600, and pay out the same in
discharge of all the obligations of the United
States, except such as have been heretofore
made payable expressly in gold and silver CON-
1t shall be the duty of the Treasurer of the
United States, upon receipt of certificates of de
posit stating that gold coin or standard silver
dollars in the sum of $40 or multiples thereof
have been deposited at any sub treasury, to or
der payment of like amount in coin certificates
in such denominations as may be requested of
not less than 81 nor more than $500, which shall
be redeemable in gold or silver coin, at the op
ton of the United States. All certificates au-
thoriZed by this bill, when paid into the Treas
ury, shall be reissued certificates sub
stituted for such as are returned because of be-
ing mutilated defaced. No coin certificates
shall be issued of greater denomination than
$500, and at least twothirds in value of such
certificates outstanding at any time shall be of
denominations not exceeding $500.
The bill introduced by Representative Peters.
of Kansas to provide for the deposit of gold or
silver coin or bullion as security for national
bank circulation authorizes the banks to de-
post coin to the par value of United States
bonds now deposited AS the basis of their eircu-
.etion. or to deposit bullion, sufficient in value
at current prices, to be determined by the Secre
tary OF the Treasury as shall equal the par
value of their bonds, and the Secretary ia en-
powered to surrender the bonds to the banks
when coin or bullion is so deposited.
Representative Miller, of Texas, introduced
bill to amend the national bank act of July -
1882. so to provide that national banks having
a capital of $4,000 or less shall not be required
to keep on deposit at the Treasury United
States bonds in excess of Sc 600 as security for
circulation that banks having capital of not
more than $l50,000, and not less than $40, 900,
shall keep on deposit 1000, and banks having
a capital of $4,000 or moro shall not be re-
quired to keep on deposit more than $25, 900.