Omaha daily bee., 1893-12-30
sPRINGER-s CURRENCY BILL
1t is Ready tn BE Presented to Congress
Some Of It, Provisions

1t is Ready IN BE Presented to Congress
SOME Of It, l'roVisians.
WASHINGTON, Dec. 2-Cnairnsn Springer
81 the committee on bauEinE and currency,
has completed the preparation Of his cur
rency bill and has il ready for Introduction
il the house at the opening Of lie session.
II Is a somewhat volum5uors measure, hut
lis essential features ara as follows;
1t provides for the creation Of a national
currency commission. 10 be composed Of the
secretary Of the treasurv. 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. This commission shal! have
legal n notes printed al the
bureau Of engraving and printing. which
notes shall De lega! tenders. public and
private, and shall be r~edeeUab bic n coin.
Such notes shall be issued 10 any solvent
bank having q paid. up cauital Of over S2a,-
600 on the deposit OF certain bonds REQUIRED
by the act These bonds may be either
United States or those Of a state, parish or
city Win 4 population Of $4,000, when the
bonds have been al par for two years and
al interest Is PAID Up. The circulating notes
are exempted from The 10 per cent Lax on
state bank issues. and the bonds are also
exempted from al taxation, federal or local
Banks dep0siIing other than national bonds
may receive 90 per cent N notes The United
States assumes al responsibility for the re-
delDptlon Of the notes. The banks must
guarantee the payment Of bonds deposited.
and al the assets Of the bank are liable
therefor.
Or notes issued TO the amount Of oue-half
Of the capital stock, Inc bank must pay a
lax of ! per cent per anaGm; on an aGdi-
iiona! y per cent 4 , per cent lax is imposed.
and on the remaining - per cent a I per
cent Lax viii be required. Auple provision
Is made tor retiring currency and its can
collation.
The faith 4 credit Of the United States
are pledged 10 the redemption in coin. on de-
mapd OF the Dailoua. currency notes ana a
reserve fund in coin is provided, equal to 20
per cent Of the outstanding notes,
Mr.. Springer. IN explanation Of the pro-
visions Of the Dill SAID. The object which
] have had In view IS 70 secure a safe and
lasting currency which SHAH be equal al al
times and under a.. circumstances. 10 the
wants Of trade and commerce. and OF Uni.
form value throughout the United states,
ana shall be maintained al par by being con.
troverl0!e into coin on demand The ma,
uopal currency which would be furnished
under this bill would have the GLOWING &C,
yaltaEe over i currency which would be
furnished through the inslrEmenla!ity Of
state banks
First. The notes would be easily recng.
nized, absolutely al par ana distributed IL
every part Of the United States. IheN
would be leCa. tender IN the paEnen; ni
debts. and not liable 10 local or naiiona
iaxalioa, except IS prescribed by the bill.
Second. If there should be any redun,
Gancy in such notes they woula be returned
10 the United States ana cancelled alC
! could not De issued II excess Of the wants
Of trade so as 70 initiate prices by reason o.
the fact that al al times they would bt
! convertible into coin on demand.
Third. None Of the banks, state Of
national. through which they wolldbe issued
would be required 10 maintain any reseryt
/ fund whatever for their redemption AM
this would get for them the full benefit Of IN.
circulation. which would De furnished Ihe-
on deposit If the bonds required ia The act