Evening star. [volume] (Washington, D.C.) 1854-1972, 1890-01-16
CAPITOL TOPICS.
NATIONAL BANK CIRCULATION.

NATIONAL BANK CIRCULATION.
Mr.. Sherman introduced in the Senate yester-
day bill to provide for permanent national
bank circulation. The same measure will be
introduced in the House by Mr.. Dorsey,
chairman of the banking and currency COM
Jay Knox, formerly controller of the currency,
and now president of the National bank Of
the republic. 1t contemplates making not
only government bonds, but gold and silver
bullion a basis for national bank circulation.
New provisions, which have been added to
the bill, provide that any deficiency in
the proceeds Of all the bonds or coin or
bullion, or Of the national bank safety
fund.-" to pay circulating notes Of insolvent
banks, shall be made good out Of the assets
such insolvent national bank in prefer
ence to any and all claims whatsoever
except the necessary costs and expenses Of the
receivership; that bonds held as security for
circulating notes shall be withdrawn within
thirty days after they cease to bear interest,
posted in gold or silver bullion as
security in place Of the bonds;
that whenever the national bank safety
fund created by tho bill shall reach 81, DOC, 900
it shall be invested by the Secretary Of the
Treasury in United States bonds and that If
upon the date Of maturity of the 4 per cents
the total amount of the fund invested in
government bonds shall equal per cent OF
the total circulation then outstanding the
tax upon the circulating notes may be reduced
by the controller of the currency, upon the ad-
vice of the Secretary OF the Treasury, to one
quarter of one percentum semi-annually, and
tine interest upon the bonds thereafter shall be
distributed to the national banks in proportion
to their outstanding circulation.
THE WORLDS FAIR COMMITTEE QUESTION.
The House began the preliminary skirmish
in the worlds fair contest today. The COM
mittee on rules met this morning. Mr.. Carlisle
being present, and decided to report the reso-
luton for the special worlds fair committee
Of thirteen, with instructions that they
report to the House within three
days a plan for determining the selection
of a site and that they report bill for the fair
as soon thereafter as possible: Messrs. Reed.
Mckinley and Carlisle signed the report and
MIR. Cannon opposed it and made a minority
report. Immediately after the morning hour
business Mr.. Mckinley made his report to the
House and the fight began, as mentioned else
where
THE HOUSE JUDICIARY COMMITTEE.
The House Judiciary committee decided to-
day to take up the Taylor bankruptcy bill on
Tuesday. They will probably dispose of it at
one meeting by authorizing favorable report
Representative Stewart was authorized to report
l.VOrably a bill providing for the construction
q two United States prisons, at a cost OF $780,,
0O0 each one in the north and one in the SOUTH
,I.c. location to be decided by the Attorney
General MIR. Buchanan was instructed to re-
port bill to simplify the method of making
oaths in pension cases. The proposition to
change the date for the meeting Of Congress-
&C., was discussed, but no action was taken.
TALKING ABOUT NATIONAL BANKS.
The controller of currency, Judge Lacey,
and -ex-Controller Knox were before the
House banking and currency committee
today on the subject of national
in favor of the bill introduced in the Senate by
Mr.. Sherman to provide for permanent ma
tional bank circulation. which is in accordance
with the Knox plan. Mr.. Knox gave history
Of the national bank system.