Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1892-03-02
GOVERNMENT BANKING.


A Bill Introduced Into Congress BY o. M.
KEN. Member of Congress From tho
Third District of Nebraska.
A bill to provide an adequate volume Of full
legal tender coin and paper money; for tho
Classification of the funds of the United
States treasury, for the establishment Of q
general system Of government banking, and
for other purposes
Be it enacted by the senate and house of
representatives of the United States of America
In congress assembled:
Section l. That from and after the date and
passage OF this act there shall be established
In the treasury department a bureau to be
known as the government banking and loan
bureau: that chief and deputy chief of such
bureau shall be appointed by the president OF
the United States by and with the advice and
consent of the senate. The salary of the chief
OF such bureau shall be $4,000 per annum, and
that of the deputy $1,000 per annum. Before
entering upon their duties the chief and deputy
chlef or the bureau, shall each make to the
United States and deliver to the secretary of
the treasury ii sufficient bond for the faithful
discharge OF all his Official duties When such
bond is approved, it shall be filed with the
secretary of state, who shall be custodian Of all
bonds, given under the provisions of this act
Sec. That it shall be the duty of the
cnle1 OF such bureau under the direction and
with the approval 6tf the seere 81 the treas.
Ty to Superintend the affairs of the bureau, and
make ana enforce all proper rules necessary to
carry into effect the provisions OF this act; to
appoint all necessary clerks whose salaries
Shall be no greater than those paid for similar
Clerical work in the department
Sec. j. That the chief of the bureau by and
with the consent of the secretary of the treas
ury shall establish branches of the United
states treasury, or ub-treasuries, to be known
as government banks, in each county which has
population of 1000 or more, in each state of
the United states under the following condi-
lions: LIST The first government bank in any
county shall be established on application by
petition OF 100 resident citizen freeholders
each of whom shall be owner of property with
In the county whose assessed valuation is not
Iess than 1900, as certified by the county clerk
20. In any county having or more
government banks, additional bank
may be established upon a petition as
Aforesaid, and with the recommendation of the
bank examiner for that district as hereinafter
provided, showing that the volume of business
and the necessities OF IN people would be bet
ter supplied thereby: provided that no county
shall have more than one bank for every fifty
thousand inhabitants or major fraction thereof.
Section4 That the business of each bank es-
taol1shed under the provisions of this act shall
Do conducted by a bank director who shall be
appointed b. the chief OF the bureau by and
with the consent If the secretary of the treas
ury; provided lsi. He shall have been recon-
mended by the petitioners applying for such
Dank. "a. He shall have successfully passed
civil service examination. Whenever any per
son has received an appointment as bank di-
rector, he shall, before entering upon his duties,
make to the government of the United States
and deliver to the secretary of the treasury a
sufficient bond for the faithful discharge of his
duties as such director.
Sec B. That it shall be the duty Of the bank
director to exercise general supervision over
the business of the bank and employ all neces-
Sary clerks; such clerks to be subordinate tn
the director who shall be responsible on his
bond for their official acts.
Sec 8. That the chief of the bureau shall
classify all banks into first second, third and
fourth class banks, on the basis of the volume
OF business to be DONE and each director of a
bank OF the first class shall receive a salary of
SSOOO per annum; each director of a bank of the
second class shall receive salary of 5000 per
annum; each director OF a bank of the third
class shall receive salary of 81, 500 per annum
ana each director of a bank of the fourth class
shall receive salary of 81 900 per annum.
Sec ton g. That the chief of the bureau nv
and with the consent of the secretary OF the
treasury, shall appoint sufficient number of
bank examiners, to examine the condition of
each and every bank, not less than twice each
year, and report the same to the chief of the
bureau. Each bank examiner shall receive a
salary Of 81 900 per annum. out of which he
shall pay his travelling expenses No person
shall be appointed a bank examiner unless he
shall have successfully passed a civil service
examina ton
Section 8. No person shall be removed from
the ONCE of bank examiner or bank director ex
cept for immortality, incompetency or failure to |
faithfully perform the duties of his office
Sec 9. That all treasury notes. gold GER
tihcates, silver certificates, gold and silver coins
heretofore or hereafter issued by the authority |
OF the United States shall be full legal tender |
for all debts, public and private and shall be |
receivable by the government for all dues
Sec 10 That any owner Of silver or gold /
ouIllon may deposit the same at any mint of the |
United States 10 be formed into standard dol
lars for his benefit, and without charge but il |
shall be lawful to refuse any deposit of bullion |
so base as TO be unsuitable for the operation of
the mint
Sec. IL. That in lieu of the various reserve |
funds neld in the treasury for the redemption |
Of outstanding treasury notes. silver certih /
Gates, gold certificates, and fractional paper |
currency, there shall be established single |
reserve fund containing $3.50 0O) ,OOO in coin not
more than one-hah Of which shall be gold |
which shall be held for the redemption of such |
notes and certificates.
Sec. IL. That the secretary of the treasury
is hereby authorized and directed to have ure-
pared 800 0,000 in treasury notes of suitable
denominat tons, and the secretary OF the treas
ury is further directed to place in the reserve
fund, heretofore provided for, an additional
tlOOOO0,OO0 OF coin not more than half of which /
shall be gold, which shall be held for the re-
demption Of these notes
Sec. 10. That when any treasury note or gold
or silver certificate IS presentei for redemption !
the secretary OF the treasury shall at his op-
ton, redeem It in either gold or silver com
Sec. IA. That the secretary of the treasury
shall establish q loan fund IN which shall be
placed all the gold and silver coins treasury
notes and all deposits in national bank depos-
istories, which have heretofore been held in the
various reserve funds, exclusive OF the $50 COO
600 set apart to be placed in the single reserve
fund
Sec. Is That the secretary OF the treasury
shall have coined into standard dollars all the |
silver bullion stored in the trt asury under the
provisions OF the act OF July IA, 1890 and shall
place said coin in the permanent loan fund
Sec ID That, when any coin certificates or