The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1893-12-30
NATIONAL CURRENCY.
sPRINGER's BILL
on THE SUBJECT.
Tho Good Features OF State and National
Banks Arc Combined In the Meas
uro--Receivership Bill to
BE Introduced.

washington December 2s,-Chairmnn
Springer Of the committee on banking
and currency, has completed the prepnrs-
tlon of his currency bill and has it ready
for introduction In the house at the open.
Ing of the session. 1t is a somewhat vol
luminous measure. It provides for the
creation OF a National currency COM
mission composed OF the secretary of the
treasury, treasurer of the United States
and comptroller OF the currency, which
Will be charged with the execution of the
provisions OF the act The commission
shall have legal tender notes printed at
the bureau OF engraving and printing
which notes shall be legal tender. public
and private and be redeemable in coin.
the notes 10 be issued to any solvent
bank having paid up capital of over
5000 on deposit of certain bonds
required by the act The bonds may be
either OF the United States or those OF a
state, county, parish or city with q pop
ulntion Of 800 when bonds have been at
par for two years and all interest is paid
up. The circulating notes are exempted
from the 10 per cent tax on State bank
issues and the bends are also exempted
from all taxation, Federal or local Banks
depositing other than National bonds
may receive 90 per cent IN notes The
United Stntes assumes all responsibility
Tor the redemption OF the notes. The
banks must guarantee the payment of
the bonds deposited and all assets of the
banks are liable therefor. on notes is
sued to the amount Of half Of the capital
stock, the bank must pay a tax OF / per
cent per annum on additional % per cent
per cent tax is imposed and ON the re-
naming % per cent per cent tax is re-
CURED. Ample provision Is made for re-
firing the currency and its cancellation.
An tote a ia
Is pledged to the redemption In coin on
demand OF the National currency notes
ana reserve fund in coin is provided equal
10 20 per cent OF the outstanding notes.
Mr.. Springer, in explanation of the pro-
visions OF the bill, said: THE object
had in view has been to secure a safe and
lasting currency, which will be eaunl M
all times and under all circumstances TO
the wants OF trade and commerce and of
uniform value throughout the United
States, and be maintained at par by be-
ing convertible into coin on demand A
national currency which will be furnished
under this bill, would have the following
advantages over the currency which
would be furnished through the instrument
tally of State banks
"Ftrst-The notes will be easily recog-
nized absolutely at par and distributed in
every part OF the United States They
would be legal tender rs payment of
N''N't anu HDA idult 10 lOC.l or National
taxation, except as prescribed by the bill
"Second-lf there should be any redun-
dancy in such notes they would be re-
turned to the United States and cancelled.
and could not be issued in excess OF the
wants of trade, SO as to Initiate prices by
reason OF the fact that at all times they
could be convertible into coin on demand
"rhird-None of the banks, State or
National, through which they viii be is
sued, will be required to maintain any
reserve fund whatever for their redemp-
ton, and this would get the fun benefit of
circulation which would be furnished them
on deposit OF the bonds required in the
act.n