Oxford eagle. (Oxford, Lafayette Co., Miss.) 1876-current, 1894-01-04
sPRiNcgR's CURRENCY BILL.
synspsts OF the Measure which the Chair
msa Of the Committee Has Prepared

mas % the Committee Has Prepared.
WASHINGTON, Dec. so -Represcnta-
tive Springer. chairman of the commit
tee OF banking and currency, has pre-
pared n national currency bill the
synofsis of which il as follows:
f1rst-For the creating Of q national eurren
ey committee. 10 BE- composed OF the secretarf
OF the treasury, ths treasurer aud COMPTROLLER.
which shall be charged with the execution OF
the provisions OF the act
Second This commission shall eau.e TO b,
printed a. the bureau Of engraving aud print.
Ing ~natioaal currency notes in suricisnt quan-
Titles TO meet the requirements Of the act
which notes shall b. . legal tender in the pay
meat Of all debts public and private. except
where otherwise stipulated. and shall b, re
eetved for custom taxes aud all public due.
They shall also Be redeemAhle on demand,
ID coin. At the treasury Of the United Ststes
OF Azy suh-treasurv. All whoa so redeemed
shall Be rrtssued such currency note. shall
be issued In the nrst Instance to any bank o.
banking association organized under the ls-<s
" the Crttei Satrs OF any safe or territorv.
rnieh Is solvent and has = capital stock actual
" paid up IN cash of Al least ~. 90 upon tbs
drpo-it wtth he commission OF bonds such az
are required By the other provisions u .n,s
set Such notes shall no, b issued 10 su-
e.nS In excess Of Its capital stock actually pale
up
~ tAA 1t&n mAN ~ Wv
shall Be either the bonds Of the rnlied States,
upon whieh notes may Be isssed 20 the face
vHiue thereof or the eo1ds Of ~ STATE. eoua
". parish or municipality h. population
OF not less than ae1a .ns"A Sch bonds have
been Tor two rear par r. a.sss. and
~Fourih-The nstic-s <rreaey note. issued
under the provisions act arr 20, subi~c,
to the - per cent opposed By iaw q Coz
Eress on the eire2@ nsctes Of state banks
s sSs e Any !, y,ss..s:Ea1sr,.sss,. s,; : :.
alton under u states aaA The
honds deposits security are ~y.
enpt from raia,IC- OF the United STATE.
o. BY aay state or territory during the
time thsT remain ca deposit BAEs-
deposiuss other than national bonds
may receive - Per cent Ia circulating note. O.
The per value Of such bonds TIE Cuitea States
assumes all responsibility for the redeu ptioa
Of the circulating notes and the banks are not
required 70 keep . reserve on that account
Tue banks depositIns bonds must snarsnte.
their and Ali the assets Of the nsnk
are liable therefor. Stringent provision. ~,
inserted for ep'oreinx the LIABILITY OF banks to
the United States and for determining the
safety Of the securities dspos,;ed
Ftfth-Provtsion IL made for securing
elasticity OF the currency on the notes issued
TO the amount of one halt Of the capital stock,
the banks must p~y a tar OF { per centum per
snnum IN an additional amount equal 70 y
per cent OF the stock. : per cent taI Is i'm.
posed. and on The remsininz Is per centum az
per cent tar will be required. the object being
70 force tie retirement Of notes which mAy %
redundant
StIihSA Just provision l. made for retiring
redundaa, currency and it, cancellation
Seventh-The faith and the credit o. the
United States arc pledged 10 the redemption In
coin on demand OF the national currency notes,
and . reserve fund. ia cola. r. provided equal
70 - per cent Of the outstanding notes The
provision Of the national Ranking Law ia ref
erenee to EXAMINATION OF banks. to the
eouaterfeitinx Of their notes and the
criminal acts OF oa.eers or agents of banks in
connection With this currency are made sp-
plieshle to the ~nattoual eurreney ro,s- ans
provision Is also made for the reprtntinx of
soiled or mntiiAfed notes At the expense Of the
United States Tue national currency commi-
ssor Is required To make annual reports 10
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