The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1894-12-28
NEW CURRENCY BILL.
A Substitute for Mr.. Carlisle's Banking
Bill-It Is Approved by the secretary-its
Provfafous

the secretary of the treasury, Mr..
| Springer yesterday introduced sub
stitute for the Carlisle currency bill.
1t is substantially a new measure,
although some of the sections of the
original measure are retained in the
new bill. The new bill is arranged so
as to show the new features in paren-
thesis. The first section is as follows:
(a) That so much Of ali acts and parts Of acts
! as require or authorize the deposit OF United
| States bonds to secure circulating notes issued
/ by national bank associations Tor as require
| such associations to deposit United States
bonds for any purpose except as security for
/ public money! be- and the same hereby is re-
/ pealed Gas to the associations taking out cir
| culation under this act); and such notes shall
| not contain the statement that they are so
/ secured.
Section . is changed so that banks
cannot deposit legal tenders to secure
circulation, but also currency certif-
Gates issued under section 5193 of the
revised statutes of the United States).
Section 3 is retained entire, except
that its provisions are restricted to APP
ply to national banking associations
taking out circulation under this act"
| Section inserts ''the comptroller of
| the currency as the officer to desig-
nate the place where notes are to be
redeemed.
In section provision is made for
keeping up the safety fund and in addi-
ton to the terms of the original bill, it
| is provided that the collection of said
tax of one-fourth of 1 per cent. for each
half year shall be resumed and contin-
ued until the said fund is restored to
an amount equal to per cent upon
/ the total circulation outstanding. All
circulation notes of failed national
banks not redeemed on presentation to
the treasurer of the United States, shall
/ bear interest at the rate of per cent
/ per annum from the date of the suspen-
sion of the bank until thirty days after
public notice has been given that funds
are on hand for their redemption, and
such notes shall constitute a first lien
upon all moneys thereafter received in
TO the safety fund.
Section 6, allowing the secretary of
the treasury to invest money in the
safety fund in bonds, is the same as in
the original bill.
Section is entirely new and takes
the place of section which has been
eliminated. The new section is rs fol-
lows:
That every national banking association
| heretofore organized and having bonds on de-
posit to secure circulation may Withdraw such
| bonds upon the deposit OF lawful money OF the,
| United States now provided by law. and there
| after such association may take out circula-
| ton under u is ac. and be entitled 20 all the
| rights privileges and immunities herein con-
I ferred.
Section specifies that the portion of
the national banking act to be repealed
is limited to so much of section IL las
directs the secretary of the treasury to
receive deposits of gold and to ISSUE
certificates thereon"
Section is substantially the same n
in the original bill.
Section 10. providing for state banks
is also the same as the original bill
except that in the restrictions on state
banks new provision is made that the
/ guaranty fund maintained by them
! may include currency certificates is
sued under section 519J OF the revised
| statutes"
An entire new provision is added 70
/ the state banks. rs follows:
| Whenever the secretary OF the treasury and
/ the comptroller o. the currency shall be sati>-
/ fed that any bunking cooperation duly organ
| lied under the laws OF any state. and which
| trlnSactS no o:hc- than a banking BUSINESS.
/ rs provided by this section. has been incOrpor-
/ atcd under the laws d the state in which Il is
! located. which laws require that the stock
/ holders shall be Individually liable FOR the re-
demption OF ii, circulating notes TO the fun cN-
/ tent OF their ownership OF stock, and that such
] Inn sf,a .assfr fs#
/ shall constitute a iirSi lien upon ali the assets
! OF the baall. and also that SHch laws require
! such bank 10 keep on depeSi: al all times with
/ an official OF the state authorized by law 20
\ keep and hold the same. guarantee fund -
/ required in the fourth paragraph %! hi, Sec
/ tion. they shall issue u said blnS certificate
/ 10 that effect.
| Thereupon said bank mGv issue it notes rs
/ provided in this act. and thereafter the tax OF
/ 10 per cent. heretofore imposed by law upon
/ the circulation OF the notes 81 state 5auSs
/ shall not be assessed or collected upon the
I notes of such bank unless l. appears that sad
! bank has issued circulating notes in excess OF
IS per cent. OF its paid up and unimpaired
capital. or that its capital i impaired and has
remained so for thIrty days. or that the bank
has not kept on deposit with the state official
authorized by law to receive and hold the
same the guarantee fund required in the
fourth paragraph OF this section. or that said
bank has not promptly redeemed it, notes in
lawful money ut par on demand ut its princi-
pal Office or ut one more of its branch
Offices. ii i; has branch Offices; and that no
person or corporation other than the bank
issuing such notes in violation u the pro-
visions OF this act shall be liable tS the tax 81
10 per cent. upon the circulating notes Of state
banks now provided b. law
Most of section ii is new and is rs
follows. the new portion being in pa
renthesiS:
Chat any banking association organized
Inder the laws OF any state rlay deposit with
the = eaSurer Of the United States leg tender
notes and receive certificates therefor in the
manner provided in section i.l93 OF the Revised
statutes OF the United States and The secrs-
tarv Of the treasury may under proper rules
and regulations TO be established b. aim. per-
init Sucl banks 10 procure and in the
preparation g. aneir notes the distinctive paper
used in printing United States securities: but
no state bank shall print or engrave It's notes
in similitude OF United states note or eertih-
cate or nationa. OGak note.
Debs VIII Appeal
CHICAGO. Dec eat was decided
late last night by the attorneys for
Debs and the other officials of ;he
American Railway UNION to make an
appeal from the decision, of Judge |
Woods. The case Will b,: carried to |
the United States supreme court.
Clippings.
Mrs Rosa NJ. Avery, the famous |
anti-slavery propaSandist, who died in
Chicago the other day. was born in |