The Waco evening news. [volume] (Waco, Tex.) 1891-1894, 1893-12-30
SPRlNCER'S BILL.
:, "a Ranks of Issue Based on
Various Kinds of Bonds.

.,,.e Banks of Issue Based on
~ Various Kinds of Bonds.
WASHINGTON, d. c., Dec. so
chairman Springer of the commit
". IN banking and currency has
u. .smnleted the preparation of his
s su,repcy bill, and has it ready for
;.S,roduction in the house at the
Wv of the session. 1t is a
imewbat voluminous measure. 1t
.,oydes for the creation of ma
t;onal currency commission, com
.osed of the y, cretary Of the treas
nv the treasurer of the United
s, Ga. and the comptroller of the
currency, which will be charged
18th the execution of the provisions
n the act The commissioner shall
have legal tender notes printed at
|the bureau of engraving and print
mo which notes shall be le.
al tenders, public and private,
and be redeemable in coin.
| The notes to be issued to
any solvent b,nk having paid up
mprital of over $25, 200, on deposit
Of certain bonds required by the
.t The bonds may be either of
the United States, or those of state,
county, parish or city, with a pop.
Nation OF $4,000 or more. when the
bonds have b1en at par two years
and all interest paid up. Circulat-
ipp notes are exempted from the 10
uer cent tax on state bank issues,
snd bonds are also exempted from
all taxation, federal or local.
Bunks depositing other than ma,
tonal bonds may receive 90 per
cent. in notes. The United States
assumes all the responsibility
for the REDEEM ption of the
notes. The banks must guarantee
the payment of the BONDS deposited,
and all the assets of the banks are
liable therefor. On the notes is
sued to the amount of half the
capital stock, the bank must pay a
tax of per cent. per annum; on
an additional % per cent. > per
cent. tax is imposed, and on the
remaining 25 per cent. 4 per
cent tax is required. Ample pro
vision is made tor retiring the cur
lency and its cancellation. The
faith and credit of the United
States are pledged to the redemp.
ton in coin on demand of the
national currency notes, and a re-
serve fund in coin is provided equal
10 20 per cent. of the outstanding
notes.
Springer, in explanation of the
PROVISIONS of the bill, said: "The
object ! had in view has been to
secure safe and lasting currency,
which will be equal at all times
md under all circumstances to the
wants of trade and commerce, and
n uniform value throughout the
United States, aud be maintained al
bar by being convertible into coin
sn demand The national currency
which will be furnished under thl'
bill, would have the following ad
'antages over currency which woulc
% furnished through the instrumen
allty of state banks:
"Flrst. Notes would be easily
Nscognized absolutely at par an(
distributed in every part of thu
vaited States. They would b.
legal tender in payment of debt
md not liable to local or nationa
a'sation, except as prescribed b,
The bill.
Second. If there should be any
Ndundancy in such notes the.
you'd be returned to the u aztec
oates and cancelled and could no
W Issued in excess of the wants o
wade so as to initiate prices b,
'sason of the fact that at all time
aaey will be convertible into coin o.
demand.
Third. None of the banks
ssls or national, through whic
uey would be issued would ba RI
safed to maintain any reserve fun
q saatever for their redemption, an
@as they would get full benefit