St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-12-30
BANKING AND CURRENCY.
CHAIRMAN SPRINGER TALKS or THE
CURRENCY Bill.
\ NATIONAL COMMISSION,

To BE Composed of Secretary OF
the Treasury, Treasurer and
ComptroIler, Charged With the
Execution of the Provisions of
the Act-Legal Tender Notes to
Be Issued, RedeemabIei in Coin.
WASHINGTON, Dec. 29.-Chairman
Springer, of the committee on banking
and currency, has completed the prep
aration of his currency bill and has it
ready for Introduction in the house. at
opening OF the session. 1t is somewhat
voluminouS measure, but its essential
features are as follows:
1t provides for the creation of a ma
tional currency commission, to be COM
posed of the secretary Of the treasury,
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 COM
mission shall! have legal tender notes
printed at the bureau Of engraving and
printing, which notes shall be legal
tenders, public ami private, and shall
be redeemable in coip. Such notes shall
be issued to any solvent bank hav-
ing a paid-up capital of over $4,000
on the deposit of certain bonds
required by the act. These bonds
may be either United States or
those of state, county. parish or city
with a population of 5000 when the
bonds have been at par for two ysarS
and all interest paid up. The circulat-
Ing notes are exempted from the 10 per
cent tax Oh state bank issues, and the
bonds are also exempted ffom all taxa
ton, federal or local. Banks depoSiting
other than national bonds may receive
80 per cent in notes. The United States
assumes all responsibility for the re-
demption of the notes. The banks must
guarantee the payment OF bonds de-
posted. and all the assets of the banks
are liable therefor. On notes issued to
the amount OF onc-half of the capital
stock. the bank must pay tax of per
cent per annum; on an additional 25 per
cent per cent tax is imposed, and on
the remaining % per cent a 4 per cent
tax will be required.
Ample provision is made for retiring
currency and for its cancellation. The
faith and credit of the United States are
pledged to the redemption in coin on
demand of the national currency notes,
and reserve fund in coin is provided
equal to 20 per centum of the outStand-
ing notes.
Mr.. Springer, in explanation of the
provisions of The bill, said: Tine object
,,,I,; I IL TO
secure safe and lasting currency
which shall be equal at all times. and
under all circumstances, to the wants of
trade and commerce, and of uniform
value throughout the United States, and
shall be maintained at par by being
convertible into coin on demand. The
national currency which would be fur
nlshed under this bill would have the
following advantages over a currency
which would be furnished through the
fundamentally of state banks:
"First-The notes would be easily
recognized, absolutely at par, and dis
tributed in every part of the United
States. They would be a legal tender
in the payment of debts and not liable
TO local Or national taxation except as
prescribed by the bill. ~ =.
'.Secund-lf there should be any re-
dundancy in such notes it should be re-
turned to the United States and CAN
celed, and could not be issued in excess
of the wants of trade so as to initiate
prices by reason of the fact that at ali
times they would be convertible into
coin on demand.
"Third-None of the banks, state or
national, through which they would be
issued, would be required to maintain
any reserve fund whatever for their
redemption, and thus would get the full
| benefit OF the circulation, which would
J be furnished them, on dep oSlt OF the
/ bonds required in the act"