Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1892-12-09
STATE BANKS.
A SCHEME FOR sEou RING THEIR
CIRCULATION.
Senator illlner Of Alabama Believes In Cur
rancY Issued by The slaies-0ulllnA
Of His Scheme.

Montgomery, Ala, Dec S--John A. Mil
npr state senator from Birmingham ana
financial authority OF Alabama, has COM
pleted his scheme for the NEUTRALITY-SUSPICIOUS. nv o.
ton Of the legislature. or course II eau
only become operative II congress Repeats
the 10 per cent tax ON state banks Seuu-
tor Miners plans have attracted muen W
tentiun. He says; "My plan is TO issue bank
notes which will be as current IA New
York as In Alabama or any where else III
the country. Now TO Illustrate my IDEAS
on the subject we will take q bank OF
$500 900 capital and to which S30OVO CIR
Culating notes are TO be Issued. uhuef ny
system I would make subscriptions 70 the
copital stock as follows: One-third, or slVO-'
600 IN specie; the second third, or SluVvVJ
In state or United States bonds, nhh me
third or last scriptlon. TO be stock notes
Of the Subscribers bearing interest ~
Der cent per aunum. The stock 10 WMSn
This one third would be entitled 20 be hel9
Us collateral for payment Of snld prg ,,i q,
third money, he can do So anu ger us
stock Immediately. The 100000 OF specie
shall be- held and used only TO redeem the
II propose to establish redemption agen-
cles ia New York, Louisville, New orleans
and ut the bank centers ~ Aapaiua lo
each Of these agencies shall be sent al least
ia per cent aud not more than 20 per cent,
10 redeem the notes OF such banks IN Hpecis
when presented, as required by tue cunsu'
tuition OF Alabama. The sad agency 70 ~
! MORT monthly TO the bank examiner AZ Ala,
| bnIna, and when any agency hns reueem ne
| my note OF the bank the amount OF tht
| specie issued shall be replaced " curly q
| practicable. Now, In case OF bank thll
Ing or defaulting In redemption OF thell
! notes for sixty days II will be the duE q
! the bank examiner TO require Of theh Jan
established In The state OF Aihpsia Inn,,li
| This act to contribute a sunclent amour
| 10 back the bank up. propose 70 reluii
| every bank chartered under lhls net !.
! leave per cent Of the currency ISSUED u
| he lpposlted In the vaults OF the state
| sfbilct 10 the call Of the state examiner
| 10 he used to aid failing banks OF the state
/ The said contribution 10 DC chplEe9 usIlnsii
| falling banks. but the note redemption lun .l.
| shall be the first charge against me asset,
| ~ any bank Suppose bank should Iall
| absolutely and entirely, ana noi nave
| dollars worth Of assets LETT Whloh M9hI
hardly ocur and II tho BANK eNHnln95 l lit,
] done his duty under the law u would mol
ocinr There Will be ilrst 100000 OF specie
| undrr his control TO llquldgte and tAke W
! the notes OF the bank at me expiration VI
lis rharter-say twenty years .,., t,r5.
| .sThls FmOuut he can invest IN stay ponu'
| hearing 1 per cent interest, paynhle semi
| annuity, which would be NJ the emu s 9l
| twenty years rdded To the prlneiRle, szVu
900 There will also pc "a thi tressn,y n
| Alshania In state bonds, with compound III
! terest nj 4 per cent as Is now Tug cns,i
! with all United States bonds. WI nlliVunt
| ,,rinptnal and interest. 10 S2VooOg more
| RWinn bpSs here 100000 to take up S3OUW
| - c,,rrn,ry circulation, or sl,.li TO take NJ
| Fl In currence. The reason or tnis nPpntcll
anomaly l. that the notes through W uis1'
| taSrs hearing Interest and persons thtlugi
| 80 tbe Unified States, knowing the abso
| mo nrrnngewent for the redemption W
| ,bese notes will not ask Tor thelr tcnenl,
| lion, and they Viii pass On ,lum ~ II 4,
viii HE present national BANK notes ~
w. ,,,iid be tGs utmost folly to have system
N.Y. unG mites that We would continual!
| be releeming'