The islander. [volume] (Friday Harbor, Wash.) 1891-1899, 1894-10-18
MEETING OF BANKERS
Welcomed to Baltimore by
Mayor Latrobe.
TUE 10Th ANNUAL CONVENTION

,..ion Will Petition the United
,.o+os Congress for a Change in the
Ranking Act in Order to Secure
safe Currency.
p.,rrvoPE. October 1.-THE twen-
10th annual convention of the American
,..,,iatfon of Bankers convened in
r,rl,s oDera house at 1890. Every sec
.;or NJ the Union is represented. Secre-
..r,, Gfess saws the crowds check for
u5oOa0 would be cashed. Addresses
afuaIcone we're made by John P. Poe and
Enrich Pratt, Chairman of the Balti-
more clearing house. Mayor Latrobe's
address OF welcome was responded to by
President White, who in turn was fol-
lowed by Myron T. Herrick of Cleve-
land. His subject was the newspaper
rress and its influence on finance in
1so3. The association will petition Con-
cress to adopt the following amendment
the national banking act for the pur-
nose Of establishing safe and elastic
Section /. The provision of the ma
tiopal banking act requiring the deposit
Of bonds to secure circulating notes here
after issued shall be repealed.
Sec. >. All OF the banks to issue cir
cnlsting notes to the amount of 80 per
cent OF their paid-up, unimpaired CAPT
tai subject to a tax of one-half of l
ner cent upon the average amount of
circulation outstanding for the year and
an additional circulation of 25 per cent
Of their paid-up, unimpaired capital SUBJ
iect both to the tax of one-half of l
npr cent and to an additional tax per
annum upon the average amount of such
circulation outstanding for the year; said
additional % per cent to be known as
"emergenCv circulation"
Sec. 8. The tax of one-half of l per
cent upon the average amount of cir
culation outstanding shall be paid to the
Treasurer of the United States as
means of revenue, out of which the ex-
pense Of the Office of Comptroller of the
Currency, the printing of circulating
notes. ETC., shall be betrayed. The ex-
cess over one-half of l per cent i'm
posed on the emergency circulation"
shall be paid into the guarantee fund"
referred to in section 6.
Sec. +. The banks issuing circulation
shall deposit and maintain with the
Treasurer Of the United States ga re-
demption fund " equal to 5 per cent of
their average outstanding circulation, as
provided for under the existing law.
Sec. 5. The redemption of the notes
OF all banks, solvent or insolvent, to be
made as provided for by the existing
law.
Sec. 6. Create guarantee fund"
through the deposit by each bank of 2
per cent upon the amount of circulation
received the first year. Afterward i'm
pose tax Of one-half of l per cent upon
The average amount of outstanding cir
culation, the same to be paid into this
tund until it shall equal 5 per cent of the
entire circulation outstanding, when the
collection OF such tax shall be suspend
ed, to be resumed whenever the Comp
troIler OF the Currency shall deem it
necessary. The notes of insolyent banks
shall be redeemed by the Treasurer Of
the United States out of the guarantee
lund, II 1t shall be sufficient, and if not
sufficient, then out of any money in the
treasury, the same to be REIN bursed to
The treasury Of the guarantee fund when
fePlenished either from the assets of the
JAILED banks or from the tax aforesaid.
Additional banking associations organ
Ned alter this plan shall have gone into
operation may receive circulation from
The Comptroller Of the Currency upon
paying INTO the guarantee fund a sum
gearing The ratio to the circulation ap-
Pueq Tor and allowed that the guarantee
Iund pears to the total circulation out
s'aAulng, and TO be subject to the tax of
one-ha!i OF l per cent per annum, as
C "a lor by the Treasurer of the United
STATES, Tor the creation and maintenance
VI tnis iund. No association or individ-
Va u@l shaLl have any claim upon any part
VI tEe money in said guarantee fund ex-
.ep' Ior the redemption of the circula-
soH notes OF Insolvent national banking
@ as Any surplus or residue of
oG.u guarantee fund which may be here
"i'eI ascertalned or determined by law
States.
Sec: Z. The government shall have a
PRIOR lien upon the assets of each failed
s gSnA ana upon the liabilities of the
t ,ba for the purpose of restoring
one amount withdrawn from the guar
" "ntee lund for the redemption of its cir
o or, not to exceed, however, the
" "nloJht OF the failed banks outstanding
;i ~ after deducting the sum to
Cieqi' III the redemption fund.
81 ., circulation can be retired by
t ti,e D, Tank at any time by depositing with
f f-ie treasurer Of the United States law
So. IloAey TO the amount of the sum de-
n r,neu 10 De withdrawn, and Immediately
s Sp3H soch deposit the tax indicated in
cSvnqhs Z, and shall cease upon the
ISuIatlon SO retired.
r sec j. In the event of the winding
oi io III tAe business of a bank by reason
NJ +4Iiso-Eeney or otherwise the Treasurer
re 70 ,ne nlted States, with the concur
cr r"Ce oI the Comptroller of the Curren-
ors -nay upon application of the direct
q, ~. " the hquidator, receiver, assignee
ISL 0sIe I, proper officials, upon being sat
bee" mat tlat proper arrangements have
ri tba maze Tor the payment of the notes
nav io oank and any tax due thereon,
60; over to such directors, liouidator,
t6o'er' assignee or other proper official
tbe amount to the credit of the bank in
ton /. i''iio ihoica'ed In sec
seamen's Wages.
AH FRANCISCO, October 1.-THE local