The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-12-30
NEW CURRENCY SCHEME.
Bill That VIII lie Reported To the
House by Dir Springer.

WASHINGTON, Dec. % - Chairman
Springer. of the committee on banking and
currency, has completed the preparation
OF his currency bill. and il is ready for
introduction in the House at the opening
OF the session. II is a somewhat volumin-
Gus measure, but its essential features are
about as follows:
1t provides for the creation of a national
currency commission, to be composed of
the Secretary of the Treasury, the Treas
urer OF the United States and the Control
Ter of the Currency. which shall be charged
with the execution Of the provisions of the
act. This commission shall have legal
tender notes printed at the Bureau of En-
craving and Printing, which notes shall
be legal tenders, public and private and
shall be redeemable in coin Such notes
shall be issued TO any solvent bank having
a paid-up capital stock or over S-oO,UO on
the deposit OF certain bonds required by
the act. These bonds may be either
United states or those of State
ulation OF five thousand when the bonds
have been at par for two years and al IN
terest paid up. The circulating notes are
exempted from the ten-per-cent. tax on
State bank issues. and the bonds are also
exempted from all taxation, federal or local.
Banks depositing other than national bends
may receive 80 per cent. In notes The
United States assumes all responsibility for
the redemption of the notes. The banks
UlOSl the payment OF DoDuS ut-
posted, and all the assets of the banks are
liable therefor. On notes issued TO the
amount of ons-half of the capital stock,
the bank must pay a tax of l per cent.
per annum additional p per cent. a
two-per-cent. tax is imposed, and on the
remaining % per cent. a 4-per-cent tax will
De required. Ample provision Is made for
retiring redundant currency and for its
cancellation. The faith and credit OF the
Crited States are pledged to- the redemption
In coin on demand OF the national currency
notes. and a reserve fund in coin is pro-
vided equal to 20 peTcentum of the out
standing notes.
Mr.. Springer. in explaining the provisions
or the bill, said:
THE object which / have had in view
has been TO secure a safe and lasting cur
rcncy. which shall be equal at all times
and all circumstances 10 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 furnished under this bill
would have the following advantages over
currency which would be furnished
through the fundamentally OF State.
banks:
'First-The notes would be easily recog-
nized, absolutely at par. and distributed IN
every part OF lie United States They
would be a legal tender In the pavment Of
debts, and not liable TO local national
taxation. except as prescribed by the bill.
'SecOnd-lT lnere be any redundancy In
such notes they would be returned TO the
United States and cancelled. and could rot
be issued in excess of the wants Of trade
as 10 initiate prices by reason OF the fact
that az all times they would be convertible
into @1in on demand.
'Thlr1-None of the banks. State or ma
tional 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 cir