Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1893-12-30
MONEY IN PLENTY.
Mr.. Springer's Latest Idea in
the Financial Line.
Wants a National Commission to Turn
Out Money BY the Bale.


WAsHxGrox. Dec. as.--Reprcsenfafive
Springer, chairman Of the eommittee on
banking ami currency OF the House, has
prepared national currency bill, the synop.
sis Of which follows:
| First-Fos the creation Of national cur
reney commission, to be composed of tie
secretary of the treasury, treasurer of the
/ United States and comptroller Of the cur
reney, which will BE- charged with the exc
eatian of the provisions OF the act,
Seeoad. This commissi IN shall cause 10
| lie printed at ,sie bureau of engraving aud
/ printing national currency notes in sushcssn
quantities ,s meet the requirements of the
/ act, which nases shall be legal tender in
payment Of sll debts, public and private,
excep. where otherwise stipulated. and
shall be received for customs, taxes and all
public dues. They shall also be redeema-
Bile ON demand, in coin, at the treas
ury of the United States, or any
sub-,ressu.y, sad when So redeemed
shah be reissued. Such currency
notes shall be is.u5 d in the firss instance 10
any bank or banking association organized
u uader the laws of the United States. OF any
state or territory which Is solvent and has a
capital stock actually paid up in cash Of a,
mission Of the bonds. such as repaired by
the other provisions of the ACT Such notes
shall rot be issued to ahy bank in excess oi
its capital stock actually paid up.
Third. The bonds which may be received
shall be either bonds OF the United States
upon which notes may be issued to the face
value thereof. or bonds of any state, coaa-
", parish or municipality having \ popula-
ton not less than 5000, which bonds have
been two years at par ia the market, and
interest on which has never been defaulted
Fourth. The national currency notes is
| sued under the provisions of the act are no.
subject to the 10 per cent. tax imposed by
Coagress on the circulating notes of state
banks. nor TO any other tax by Congress,
except as provided in the act. nor are they
subject TO taxation under the laws Of states I;
and bonds deposited for their security ar.
exempt from taxation by the United
States OF any state or terri
tory during the time they renal
on deposit Banks depositing other ,hsu
national bonds may receive 80 per cent IL
circulating notes on the par value OF such
bonds. The United States assumes all ~
sponsibiliiy for the red. mption of the circl.
!ating notes, and the banks are not required
to keep = reserve on that account. Bank
dspesiting bonds mast guarantee their pay
ment, and all assets of the banks is liable
therefor. Stringent provisions are inserted
for enforcing the liability of banks to ths
United States, aud for determining the
safety of securities deposited.
Fifth. Provision is made for securing
The elasticity of the currency on notes issued
{, the amount of half of the capital stock
and banks must pay tax OF per cent. per
snnum. On an additional amount equal to
25 PER cent. of the stock 2 per cent. tax
is imposed, and on the Remaining % per
cent, a 4 per cent. tax viii be required, the
object being to force the retirement Of notes
which may be redundant.
Sixth. Ample provision is made for re-
tiring redundant currency aud its canceila-
ton.
Seventh. The faith and credit Of the
United States is pledged to the redemption
in coin, on demand, of the national cur
rency notes and the reserve fund, in coin,
provided il is equal to 20 per cent Of the
outstanding notes.
The provisions OF the national banking
law ln referance to the examination OF
banks, TO the counterftiting Of their notes
ard criminal acts of officers or agents OF
banks in come ection with this currency, are
made applicable to national currency notes,
with provision also for the reprin5ng OF
soiled or mutilsted notes at the expense OF
the United States. The national carrenc>
commission is required to make annual re-
ports to rongtess.
Mr. Springer explained the provisions OF
this bill and sid THE object which l
had in view in framing the provisions Of
this bill is to secure to the people OF tn
United States safe and elastic currency,
which shall be equsl at all times and under
all circumstances TO the wants of trade aud
commerce, and which currency shall bs
uniform in value throughout the uniteo
States, and all times be maintained at pa
by being convertible into coin on demand.