The Daily Texarkanian., 1894-12-24
THE NEW BANKING BILL.
Substance of the Substitute for the
Carlisle Bill,


WASHINGTON Dec. %. After con-
ferences with the Democratic mem
bers of the House committee on
banking and currency and with the
approval of the secretary of the
treasury, Mr., Springer today intro
duced a substitute for the Carlisle
currency bill. 1t is substantially a
new measure, although some of the
sections of the original bill are re-
tanned in the new one, The new
bill is arranged so as to show the
new features in parenthesis The
first section is as follows:
GAY That $50 much sf) all acts
and parts of acts as require or au-
thorize the deposit of United States
bonds to secure circulating notes is
sued by national banking associa-
tions (or as require such associa-
tions to deposit or keep on deposit
United States bonds for any pur-
pose except as security for public
money! be and the same are hereby
repealed (as to associations taking
cut circulation under this act); and
such notes shall not contain the
statement that they are so secur-
ed
Section two is changed so that
banks cannot only deposit legal ten
ders to secure circulation, but also
Currency certificates issued under
section 5193 of the Revised Statutes
of the United States,
Section three is retained entirely,
except that its provisions are re-
stricted to apply to national bank
ing associations taking out circu-
lation under this act"
Section four Inserts "the Comp
troller Of the currency" as the 9th
er officer to designate where the
notes are to be redeemed.
In section five provision is made
for keeping up the safety fund, and
in addition to the terms of the orig
inal bill it is provided that the col.
lection of said tax of one-fourth of
one per cent of each half year shall
be resumed and continued until the
said fund is restored to an amount
equal to 5 per cent upon the total
circulation outstanding,
All circulating notes of failed ma
tional banks not redeemed on pre-
sentation to the treasurer of the
United States or an assistant treas
urer of the United States shall bear
interest at the rate of 6 per cent
per annum from date Of suspension
Of the bank until thirty days after
public notice has been given that
funds are on hand for their redemp-
tion and such notes shall constitute
a first lien upon all money thereaf-
ter received into the safety fund
Section six allowing the Secreta-
ry of the Treasury to invest money
IN the safety fund in bonds is the
same as in the original bill,
Section seven is entirely new and
takes the place of section which
has been eliminated, The new sec
tion is as follows
Section 7. That every National
Banking Association heretofore or
gani2ed and having bonds on deposit
to secure circulatian may withdraw
such bonds upon the deposits of
lawful money of the United States
now provided by law and thereafter
such association may take out cir.
culation under this act and be en-
titled to all the rights, privileges
and immunities herein conferred,
Section eight specifies that the
portion of the National banking
act to be repealed is limited to so
much of section twelve, Gas directs
the Secretary of the Treasury to
receive deposits of gold and to issue
certificates thereon"
Section nine Is substantially the
same as in the original BILL Sec
tion ten providing for State banks
Is also the same as In the original
except that in the restrictions on
State banks a new provision Is made
that the guaranty fund maintained
by them may include currency
certificates issued under section
five, 1893, Of the levised1statutes.
An entirely new provision Is added
to the state banks as follows
whenever the Secretary Of this
Treasury and the Comptroller Of
the Currency shall be satisfied that
any banking corporation duly organ
lied under the laws Of any State,
and which transacts no other than
a banking business as provided in
this section has been Incorporated
under the laws Of the State In
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