The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1894-12-26
senate Adiourns Until Satur
II tin, eaf,a+a -odav the only LEG
THE NEW BILL.
4 Substitute for the Carlisle Meas
ure.


WASHINGTON. Dec. 21.-After confer
ences between the democratic members Of
the house committee on banking and cur
rency 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, al
though 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 parentheSes. The first sec
ton is as follows:
That $50 much) Of all acts and parts Of
acts as require or authorize the deposit Of
United States bonds to secure circulating
notes issued by national banking assOcia-
tons (Or as require such associations TO
deposit or keep on deposit United States
bonds for any purpose except as security
for public money!, be, and the same Is
hereby repealed las to associations taking
out circulation under this acO; and such
notes shall not contain the statement that
they are SO secured.
Section is changed so that banks can
not only deposit legal tenders to secure cir
culatiOn. but also Currency certificates is
sued under section 5.193 of the revised
statutes of the United States.)
Section is retained entire, except that
its provisions are restricted to apply to ma
tiOnal banking associations, taking out cir
culation under this act"
Section inserts 1.-The comptroller of the
currency" as the officer to designate the
place where notes are to be redeemed.
In section > provision is made for keep
ing up the safety fund and in addition TO
the terms of the original bill ii is provided
that the collection Of said tax Of one-fourth
of 1 per cent. for each half year shall be
resumed and continued until the said fund
is restored to an amount equal to 8 per
cent. upon the total circulation outstanding
All circulation notes of failed national banks
not redeemed on presentation TO the treas
urer of the United States or an assistant
treasurer of the United States shall bear in
terast at tie rate of per cent. per annum
from the date of the suspension of the bank
until thirty days after public notice has been
given that funds are on hand for their re-
damptiOn and said notes shall constitute a
first lien upon all moneys thereafter re-
ceived into 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 a section which as been elimi-
mated. The new section is as follows:
THAT every national banking associa-
ton heretofore organized and having
bonds on deposit to secure circulation may
withdraw such bonds upon the deposit Of
lawful money of the United States, now
citation may take out circulation under
this act and be entitled to all the rights,
privileges and immunities herein con-
ferred.'
Section s specifies that the portion of the
national banking act TO be repealed is
limited to so much of section II "as
directs the secretary of the treasury to re-
ceive deposits of gold and to issue GER
tificates thereon"
Section 9 is substantially the same as in
the original bill.
Section 10, providing for state banks, is
also the same as in the original bill, except
tha5 in the restrictions on state banks
new provision is made that the guaranty
fund maintained Dy them may include
currency certificates issued under section
5.193 of the revised statutes.
Stnte Banks.
An entirely new provision relating to
state banks is as follows:
whenever the secretary of the treasury
and the comptroller of the currency shall
be satisfied that any banking corporation
duly organized under the laws OF any
state AMI which transacts no other than
a banking business, as provided In this
section. has been incorporated under the
laws OF the state in which 1t is located.
which laws require that the stockholders
shall be individually liable for the re-
demption Of its circulating notes to the full
extent Of their ownership of stock, and that
such laws require that the circulating notes
thereof shall constitute a first lien upon
all the assets of the bank, and also that
such laws require such bank to keep on
deposit at all times with an official of the
STATE authorized by law to receive and hold
the same a guarantee fund, as required
in the fourth paragraph of this section,
they shall issue To said bank a certificate
to that effect. Thereupon said bank may
issue its notes as provided in this act,
and thereafter the tax Of 10 per cent,
heretofore imposed by law upon the circu-
lation of the notes Of state banks, shall
not be assessed or collected upon the notes
of such bank unless it appears that said
bank has issued circulating notes in eX-
cess of IS per cent. of its paid up and I'M
impaired capital or that its capital is i'm
paired 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 a guarantee
fund, as required in the fourth paragraph
of this section, or that said bank has not
promptly redeemed it's noses in lawful
money at par on demand at its principal
office, or at one or more Of its branch
offices. if it has branch offices; and that
no person or corporation other than the
bank issuing such notes in violation Of the
provisions of this act shall be liable to the
tax of 10 per cent. upon the circulating notes
Of state banks as now provided by law"
Most of sec. IL is new and is as follows,
the new portions being in parentheses:
Sec. II. ('That any banking association
oragnized under the laws Of any state
may deposit with the treasurer Of the
United States legal-tender notes and re-
ceiVe certificates therefor in the manner
provided in section 5,193 of revised stat
utes of the United States, and) the secre-
tary of the treasury may, under proper
rules and regulations to be established by