Morning journal and courier., 1893-12-30
From ALI Quarters.
FOR ELASTIC CURRENCY.
Chairman Springer Has Pre-
pared a New Bill.
His BRAYADO VERY QUICKLY FLED.
Prendergast Was Found
Guilty of Murder.
Determined TO STOP The FIGHT.
Governor Mitchell Thor
Oughly i'm Earnest.
NATIONAL CURRENCY BILL.

NATIONAL CURRENCY BILL.
1t Has Been Prepared by Represent
| alive SprInger-He Says the Object
| of 1T fs to Secure to the People a
| Safe and Elastic Currency.
| WASHINGTON, Dec. 29.-Representative
Springer, chairman of the house commit
tee on banking and currency, has prepared
national currency bill, synopsis of
which is as follows:
First-For the creation of a national
currency commission, to be composed of
the secretary of the treasury, the treasurer
of the United States and the comptroller of
the currency, which shall be charged with
the execution of the provisions of the act.
Second-This commission shall cause to
bs printed at the Bureau of Engraving and
Printing, national currency notes In
sufficient quantities to meet the require
ments Of the act, which notes shall be q
legal tender in the payment of all debts,
public and private, except where other
wise stipulated, and shall bs received for
customs, taxes, and all public dues. They
shall also be redeemsble on demand, in
coin at the treasury of the United States,
or any sub treasury, and when so redeemed
shall be reissued. Such currency notes
shall be issued in the first instance to any
bank or banking association organized I'M
der the laws of the United States or of
any state or territory which is solvent and
has a capital stock actually paid up in
cash of at least $25, 900 upon the deposit
with the commission of bonds, such as are
required by the other provision of the act.
Such notes shall not be issued to any bank
In excess of Its capital stock actually paid
up.
Third-The bonds which may be received
shall be either the bonds of the United
States, upon which notes may be issued to
the face value thereof, or the bonds of
any state, county, parish or municipality
having population of not less than 5000,
and which bonds have been for two years
at par In the market and the interest on
which has never been defaulted.
Fourth-The national currency notes is
sued under the provisions of the act are
not subject to the ten per cent tax i'm
posed by law of congress 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 law of the states; and
LILO JULIUS ucpUelI6u Luz bu6lE s6CuFlUy are
exempt from taxation by the United States
or by any state or territory during the
time they remain on deposit. Banks de-
posting other than national bonds may re-
ceive 80 per cent. In circulation notes on
the par value of such bonds. The United
States assumes all responsibility for the re-
demption OF the circulating notes and the
banks are net required to keep a reserve
on that account The banks depositing
bonds must guarantee their payment, and
al the asss.s f shs bank are liable sssss
the lien forcing the liabilities of banks to
the United States and for determining the
safety of the securities deposited.
Fifth-Provision Is made for securing
ela.ticity Of the currency on the notes is
sued to che amount of one-half of the cap
ital stock, and the banks must pay tax of
1 per centum per annum. On an addi-
tional amount equal to % per cent. of the
stock per cent. tax is imposed, and on
tax will be required, the object being to
force the retirement of notes which may be
redundant.
Sixth-Ample provision is made for re-
firing redundant currency and Its cancella-
ton.
Seventh-The faith and credit of the
United States are pledged to the redenp-
ton in coin ON demand of the national
currency notes, and reserve fund in coin
is provided equal to 20 per cent. of the
outstanding notes The provisions of the
national banking law in reference to exam
nation of banks, to the counterfeiting of
their notes and the criminal acts of the
officers or agents of banks in connection
with this currency are made applicable to
the national currency notes and provision
ia also made for the reprinting of soiled or
mutilated notes at the expense of the
United States. The national currency
commission Is required to make annual re-
ports to congress.
Mr.. Springer explains the provisions of
this bill and said
'The object which have had in view In
framing the provisions of this bill is to Sc
safe and elastic currency, which shall be
equal at all times and under all circum-
stances to the wants of trade and commerce
and which currency shall be uniform In
value throughout the United States and at
all times maintained at par by being con-
vertible into coin on demand.
s'The national currency which would be
furnished under this bill would have ad-
vantages over currency which would be
furnished through the fundamentally of
state banks.
and absolutely at par, and distributed gen.
orally In every part of the United States.
They would be a legal tender in the pay
ment of debts and notes subject to local or
national taxation except as provided in the
bill.
ssIf there should be any redundancy In
such notes they would be returned to the
United States and cancelled, and could
not be issued in excess of the wants of
| trade by reason of the fact that they would
| at all times be convertible into coin on de-
/ mand.
"The bsnks through which they would
| be issued would not be required to main
| tain any reserve fund whatever for their
/ redemption, and would thus get the full
benefit of the circulation which would be
furnished them on their depositing the
bonds required In the act.
"The danger of wild cat and irresponsi-
BILE currency would be averted, and no ap-
prehension could ever exist in the public
mind as to the redemption in coin of the
notes which would be issued, for the bur-
den of redemption would be upon the gov
| eminent and not on the banks,
"In short the system which have pro-
posed, embraces all the advantages which
could possibly be secured through state
banks. and Is subject to none of the objec.
tons which can be urged against state
banks being authorized to issue circulating
notes.
II have not introduced the bill, in the
house, nor has the committee on banking
snd currency given 1t, as yet, any consid
Grafton. invite the assistance and COOP
| Grafton of all who may take an interest In