The Globe-republican., 1894-01-05
sPRINGER's CURRENCY BILL.

Synopsis Of the Measure which the Chair
man Of the Committee Has Prepared.
WASHINGTON, Dec 3O.-Representa-
tive Springer. chairman of the commit
tee on banking and currency, has pre-
pared a national currency bill the
synopsis of which is as follows:
Firs-For the creating Of national curren.
cy committee, to be composed OF the secretary
OF the treasury. The treasurer and comptroller,
which shall be charged with the execution Of
the provisions OF the act
Second-This commission shall cause TO be
printed at the bureau Of engraving and print
ing national currency notes in sufficient guam
titles to meet the requirements Of the act.
which notes shall be legal tender in the pay
ment Of sll debts, public and private, except
where otherwise stipulated and shall be re-
cefved FOR custom: taxes and al public dues.
They shall also be redeemable on demand,
in coin, At the treasury of the United States
or any sub-tre ,sury, and when SO redeemed
shall be reissued Such currency notes shall
be issued In the first instance to any bank or
banking association organized under the laws
Of the United Stats or any s.ate or territory,
which is solvent and has a capital stock actual
~ paid up in cash OF at least 25 900 upon the
deposit with he commission OF bonds such as
are required by the other provisions of this
act Such notes shall not be issued to anv
oank In excess OF its capital stock actually paid
Up
Third-The bonds which may be received
shall be either the bonds Of the United States,
Upon which notes may be issued to the face
value thereof. or the bonds Of any state. coun.
ty. parish or municipality having population
of not less than 5000 and which bonds have
oeen for two years at par in the market, and
the interest on which has never defaulted
Fourth-The national currency notes issu ID
ander the provisions Of the act are not subject
to the - per cent tax imposed by law Of con-
yress on the circulating notes os state banis,
,or to any other tax by congress, except as
provided In the act, nor are they subject to tax
alton under the laws of the states: and the
bonds deposited for their security are ex
empt from taxation By the United Sta'ns
Or by any state or territory during The
time they remain deposit Banks
depositing other than national bonds
may receive 30 per cent in circulating notes on
the par value OF such bonds. The United States
assumes all responsibility for the redemption
Of the circulating notes and the banks are not
required to keep reserve on that account
The banks depositing bonds must guarantee
their payment, and ali the assets Of the ban's
are liable therefor. Stringent provisions are
Inserted for enforcing the liability Of banks to
the United States and for determining the
safety Of tho securities deposited
Fifth-Provtsion is made for securing
to the amount Of one half of the capital stock.
the banks must pay tax OF per centum per
snnum On an additional amount equal to 3
per cent Of the stock. per cent tax Is i'm.
posed and on the remaining p per centum q
per cent tax will be required the object being
TO force the retirement of notes which may be
redundant
Sixth-A just provision is mads for retiring |
currency and its cancellation.
Seventh-The faith and the credit the |
United States are pledged to the redemption in |
.oin on de and Of the national currency notes, |
md reserve fund, in coin. is provided equal |
10 70 per cent OF the outstanding notes The |
provision Of the national banking law in ref |
,rence to examination Of banks to the |
Of their notes and the |
criminal acts OF officers or agents Of banks in |
with this currency are made ap- |
>licable to the national currency notes and |
provision is also made for the reprinting of |
'oied or mutilated notes at the expense Of the |
United States. The national currency commits
lion Is required to make annual reports to
congress-,