Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-12-30
SPRINGfR'S CURRENCY BILL.
State Banks OF Issue Based on
Various Kinds of Bonds.
SPRINGER CURRENCY BILL.

SPRINGER CURRENCY BILL.
BY Associated Press.
| Washington. Dec. 2o.-Chalrnnn
Springer Of the committee on banking
and currency has completed the prepara.
ton of his currency bill, and has 1t ready
for introduction in the house at the open.
ing of the session. II Is somewhat
I yoluminous measure, 1t provides for the
creation Of u national currency commls-
sion, composed Of tho secretary Of the
| treasury, the treasurer Of the United
| states and the comptroller Of the curren-
cy, which will be charged with the exc
cutlon Of the provisions Of the act. The
commission shall have legal tender notes
printed ot the bureau of engraving and
printing, which notes shall be legal ton.
dcrs, public aud private, and be redeem
able In coin The notes to be issued to
any solvent bank having paid up cap.
ital Of over $4,000, on deposit of certain
honda required by the act The bonds
may be either Of the United States, or
those Of state, county, parish or city,
with population of 5000 or moro. when
the bonds have been az par two years
and all interest paid M. Circulating notes
are exempted from the 10 per cent tax
on state bank Issues, aud bonds are also
exempted from all taxation, Federal or
local. Banks deposiuug other than ma
tionai bonds may receive 90 per cent In
notes, The United Stutcs assumes all
the responsibility for the redemption of
the notes The banks must guarantees
the payment of the bonds deposited. and
all the assets of the banks are liable thore-
for On the notes issued TO the amount
of half the capital stock, the bank must
bay a tax OF | per cent per annum; on IN
additional 20 per cent n per cent tax
IS imposed, and on the remaining - per
cent a 4 per cent tllN Is required Am
PIE provision is made for retiring the
currency aud lbs cancellation. The faith
and credit Of the Unit1l States are
pledged 20 the redemption In colin on de.
mund Of the national currency notes. and
o reserve fund in coin Is provided equal
10 20 per cent OF the outstanding notes.
Springer in explanation OF the pro
visions of the bill, said "1he object /
had In Wow has been TO secure a safe
and lasting currency, which viii be equal
at al times and under all circumstances
70 the wants Of trade and commerce.
and OF uniform value throughout the
h.Af.NAAA HHAAh'Tf aAAA AZ AAMANAAAANHNN ~. lhAk
by being convertible into coin ON demand.
The national currency. which will he
furnished under this blll. would have Tho
following advantages oyer currency which
would be furnished through the instru-
mentality of state banks
"Flrst. Notes would be- easily racor.
nlzed absolutely at par and distributed
In every part Of the United States. They
would be legal lender In payment OF
debts aud not liNb,e to local OF national
taxation, except as prescribed BY the
Second II thcrc should be any 70.
dnndancy IN such notes thoy would he re.
turned 10 the United Smtes and Cancelled
and could not be issued IN excess OF the
wants Of trade SO As TO Initiate prices by
reason OF the iaet that at all times they
vii BIZ convertible inip coin on demand.
Third. None Of the hanks. state or
national, through which they would be
issued would be required 10 maintain
any reserve fund whatever for thcir NJ.
eampu0n, aud thus they would get full
benefit Of the circulation which would be
fumlshed them on depolit OF the bonds
required in the act"