Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1893-09-08
FIXING THE FINANCES.
Ambitious congressman Prolific With
Schemes to Improve the Con-
dition of Things.
Mr.. Combs Has q Measure Author
izing Issue of Money on Mis-
cellaneous Security
Also on Bullion and Warehouse Re.
ceipts of Pig Iron, Cotton
and Wheat,


ion of the adoption Of the code of rules,
reported and now pending, members
have already filed 202 bills with the of.
ficials of the house, which will be placed
on the calendar in the order in which
they were received; and if there is any
benefit to be derived from priority of
position these measures would be in a
position to receive it. A great majority
are bills that have already found a
place on the calendars of previous con-
crosses such as bills to repeal the
federal election laws, to repay to the
states the cotton tax, to establish a
uniform system of bankruptcy. to in
crease the facilities for prosecuting war
claims of various kinds. The original
bills chiefly grow out of existing fin
ancial conditions
The CoOmbs Idea.
Mr.. Coombs of Brooklyn is the author
of lengthy amendment to the national
bank act, intended to secure additional
currency. 1t authorizes the secretary
of the treasury to issue certificate notes
to national banks upon the following
securities being deposited with him to
the amounts named:
On United States bonds, 100 per cent;
on state, railway and municipal bonds
of at least par market value, on which
interest has not defaulted for 10 years,
80 per cent; on first mortgage loans
guaranteed by corporations with
$500 capital, rs per cent; on certiti-
Gates of deposit of gold and silver
coin or bullion in the treasury or mints,
100 per cent; on warehouse receipts of
pig iron, cotton and wheat issued by
companies with paid up capital of
$3.50. 900. IS per cent.
Several bills to repeal the 10 per cent
tax on state bank circulation are in
cluded in the list. and two to establish
an income tax. One by Mr.. McRea of
Arkansas is a moderate measure, and
one by Mr.. Richardson of Tennessee is
radical in its provisions.
What Harter Would Like to See.
Mr.. Hartel Of Ohio. has prepared a
national bank bill under the provisions
of which national banks may Issue cir
culating notes up to IS per cent of their
paid capital and surplus without de-
posting bonds to secure it, and bonds
now ON deposit with the treasurer to
secure circulation may be withdrawn.
The United States is to have first lien
on the assets of any failed national bank
to secure its guarantee of the banks
circulation, and in case the assets are
not sufficient to reimburse the govern
ment the controller of the currency is
to make All assessment upon all the ma
tional banks of the state in which the
derelict bank is located. divided pro
rata according to their capital and
surplus, to make up the deficiency. Be-
sides the Is per cent of circulation pro-
vided for as stated the banks may issue
an amount equal to 81 per cent of their
capital and surplus to be known as
emergency circulation" secured by
United States bonds, and to pay tax
of 6 per cent until retired. Mr.. Harter
has also prepared bill making it un-
lawful under heavy penalty for anyof the
employees of a national bank to borrow
money of that bank; also to authorize
the secretary of the treasury to sell
United States bonds when he deems it
necessary, thereby to maintain the
parity of paper and silver money in the
United Stateswith gold; also to authorize
the issue of national bank notes to the
par value of bonds deposited for their
redemption; also directing the president
to open the mints of the United States
to the free coinage of silver when ever
he shall have been officially advised that
not less than six nations Of Europe, in.
cluding Great Britain, Germany and
France, have likewise opened their
sninfs