The Big Sandy news. [volume] (Louisa, Ky.) 1885-1929, 1894-12-07

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Tfsseot 'fe-f A.
Nag ,arsd f'st .vs'
wAsHIN6ros. Dee 4 Io '174' o
port n the aretsrv o, tro ige n
the state OF the finance Na .
congress Tuesday. II show tha 20
revenues Of the government froia all
sources for the fiscal year en- l7l lo7e
20. 1894, wore s372, so. 4es and tie cx-
penditures si49. Sos, TSs. which shows
densit Of 800. 500. 2eO As compared
with the fscal year 1898. tho receipts
for 'oi fall of sss 9l4,obs
The most important feature Of Mr..
carlisle's report is his discussion of the
subject Of currency reform, In the
course Of which the administrations
plans OF a new system Of currency arc
set forth in detail,
The secretary says!
Ihave prepared the outlines OF plan which,
IN nv opinion. will relieve the Rovernmaa 70
n extent from the burdens now imposed n3'n
! a, secure within reasonable time SAFE II
olastio national and state bank currency va
! result ultimately In the permanent rctire'u' 4
q United Statos lsgAl-tender notes o. both
classes u is. in brief, as follows
/. Repeal all laws requiring, or authcri'i7;
ne Gsposit Of Unitsd States bonds as =ocu ~
fer circulation
Pernit national banks TO Issue notes rs m
snount not exceeding seyenty-iye per c. 7i'im
Of Aelr pAid-up sHd unimpaircd capital ut
require each bank before receiving notes To DO
posit 4 guarantee fund, consist 1g OF un'ici
etatss LEGAL tender notes. including trcs y
notes Of 1900 TO the amount OF thirty pcs n
tun uHon the circulating notes outat2uaiur -
- maintained ~ all times, and Whenever a
bank rstirss its circulation, in whole Or IN
part its guarantee fund to be returned 70 II "a
proportion TO the amount OF notes retired
Retain the provision OF the law making
Ossskholders individually liable and provide
that the circulation notes shall constitute
apst lisn upsu ali the assets OF the bank
1 Impose YAK ons-half Of enc per oentum
psr annuna, payable semi snnually. upon The
average amount Of notes In circulation 10 de-
FRAY the expenses Of psfntina netes olueia
Supervision. ssnselAtioa, sts
8 No Hatiosal bank aete 10 bs OF less denom'
ination thAn,ten dellars and all notes OF the
sane denomination 10 be uniform in design
but banks desiring " redeem their nesss u
gold may have then made payable In thai coin
The sssrstary Of the treasury " hava author
| ~ v
sue upen aDplisshsn = reserve Of Blank ma
toual 6ank notes for each 0aakinE association
having OireulAtol.
q Rsauirs each national banking association
- redeem It's notes A. It's owA exec, or
h Own snheiai agencies. 10 be Designated by II
= Ts provids a safety fund fer ,Aoimmediap
rsdsnptisa Of ne circulating As,ss Of fsilel
banks. impose a taI q 81 per seA,un %
annun upoA ne average sirsulahsn Of easl
08A M
cent Of the total circulation outstanding Re
auire each rev b.nk and each bank taking gu
additional sirsuiation to deposit I've prope
proportion Of this tuza before receiving notes
when bank fails It's guarantee fuAd held 0
deposit 10 10 paid late the safety fund an
used in the redenptio Of lis nstes. and II hi
fund shall ~ irnraired ~ the redemption {
The notes Of failed national banks AID the i'm
nediAtelr al able cash assets Of sush bank
arr Insufficient to rs-establish the fund.
shril At once DO made good BY pro rats q:
easements upon the other banks. ac
eordihg 10 the amounts OF their outstand
ing circulation. but there shall be
nrst lien upon all the assets OF failed bank
10 reimburse the contributing banks. m
safety fund may be invested In outstandin
United States bonds having the longest TIN
10 run the bonds and the interest upon ihn'
~ $50 - ~ No frnA Nnd so'f "a
n
~
10 o. aat il
eroavs - son
Rem, law roauirir
han,r. =. es-s --51it n 5erosit
70 The sssrs--tr q So tres su-r NAV. IN HI
disere,ion 80 say sura ~ rars sue o. o
United ts,as & the r,ds7rr md rftlr
nent OF United -f1ter lsEal tr1'a- -0tes 81
such redemrtloa shall not ir tn a~s-o to c
coed a. a7ou7t fruNl 20 scTe ~ Her rHn'
the additional -lr-ul7tioa tshc7 clt hr n
tional mi state bsakI under tho system her
In proposed
Il Circulating notes lrsued bT banslr
corporation. duly organized unds- the laws
any state and which rsnnAeis no other iAaa
banking business. shall be exempt from IS
alton under the laws Of the Tn ted state
when II is shown TO the satisfaction Of The 80
\ rotary Of the treasury and the controller Of y
currency:
(i) That sueh bank has At no time had on
standing it's circulating notes IN excess OF Sc
enty-hre per eentum OF its paid up and uniT
paired capital
(o That its stockholders are Individual
liable for the redemption OF its circulate
netes 70 the full extent OF their owners lip
stock.
a. That the circulating notes constitute
INV hrst lien upon all tAe assets Of the ban
CD That the bank At all times keep l
guarantee fund in United States legal tend
notes. including treasury notes OF 1890. eQuai
thirty per centum OF its outstanding circul;
ing notes. and
o. That It has promptly redeemed IT'S not
on demand at fits principal ofice, or At ore
a., more OF It's branch ofnees. II It has branchr
IL. The secretary Of the treasury may ra
proper rules and regulations to be estabHsa
by him permit state banks TO procure AMI
in the preparation OF their notes the DIST
i've paper used in printing United states s.
tiles but no state bank shall print or en-
its notes in similitude Of q Unitrd tates NJ
or certificate Of national bank note