The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-12-30
4 NEW NATIONAL cURREScE.
Synopsis OF = MN Prepared By Ne. Springer
ofths Rankino Committee

WASHINGTON. Dec %. - Representative
Springer, Chairman Of the Committee on Bank
Ing and Currency Of the House. has prepared
National Currency bill. a synopsis OF which
is as follows:
First-For the creation OF a national cur
rency commission. to be composed OF the Sec
rotary OF the Treasury. the Treasurer OF the
United States. and the Comptroller Of the Cur
rency, which shall he charged with the execu-
ton Of the provisions Of the act.
Second-This Commission shall cause TO be
printed at the Bureau OF Engraving and Print
ing. national currency notes in sufficient
quantities. to meet the requirements OF the act
which notes shall be a legal tender in the paw
ment OF all debts. public and private. except
where otherwise stipulated, and shall DO re-
ceived for customs taxes and all public dues.
They snail alec be redeemable on demand in
coin. at the Treasury OF the United States or
any sub-treasury. and when so red eem ed shall
be reissued. Such currency notes shall DO
issued in the first instance to any bank or
banking association organized under tho laws
OF the United States. or OF any state or Terri
tory, which Is solvent aud has q capital stock
actually paid ut In cash OF at least S25,OUU
upon the deposit with the Com mission OF
bonds such as are required by the other proyi-
slOns OF the act Such notes shall not be is-
sued TO any bank In excess OF Its capital stock
actually raid un
shall be either the bonds OF the United States.
upon which notes may be Issued to the face
~, parish, or municipality having a popua-
ton 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 defauted.
Fourth-The national currency notes Issued
under the provisons Of the act are not subject
gress on the circulating notes OF State banks.
nor to any other tax by Congress except as
under the v 81 hs sSe suS SSS tho o
bonds depoaited for their security are exempt
r ny Un tSs Sae or by
on deposit. Banks depositing other than ma
uonel bonds may receive 80 pei. cent. in cir
culating notes on the par value OF such bonds.
The United States assumes all responsibility
for the redemption Of the circulating notes
reserve on that account The banks de posi-
ing bonds must guarantee ther. payment and
stringent provisions are inserted for enforcing
the liability OF banks to the United States and
for determining the safety Of the securities
Fifth. Provision is made for securing elias
ticity OF the currency on the notes issued. TO
the banks must pay u tax OF one per centuiu
per annum. On. an additional amount equal
imposed. and on the remaining % per centum
a four per cent tax will be required. tho object
being to force the retirement OF notes which
Sixth-Ample provision Is made for retir-
ing redGhdep t en yn and IT, canse,lation
States are pledged to the redemption in coin
on deman nd Of the national currency notes and
reserve fund. in coin. is provided equal to
twenty per cent OF the outstanding notes The
provisions OF the national banking law In ref
erence to examination OF banks. to the coun-
terfeitng of their notea and the criminal
acts OF the officers or agents OF banks in con-
nection with this currency, are made appli-
cable to the national currency notes, and pro-
vision Is also made for the reprinting OF soiled
or mutilated notes at the expense OF the
United States. The National Currency Com
mission Is required to make annual reports to
Congress.
MIR Springer. in explaining tine provisions
OF the bill. said:
Tho object which I have had in view in
framing the provisions OF this bill is to secure
to the people OF the United States safe and
elastic currency which shall be equal at all
times and under all circumstances to the
wants OF trade and commerce and which cur
rency shall be uniform In value throughout
the United States. and at all times main aimed
mand."