The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-10-11

annual convention of the American
Association of Bankers convened at
Fords opera house at 1880. Every
section OF the Union is represented.
Secretary Giese says the crowds check
for $3.50, 600 600 wouR1 be cashed.
Addresses OF welcome were made by
John P. Poe and Enoch Pratt, chair
man of the Baltimore clearinghouse.
Mayor Latrobe's address of welcome
was responded to by President White,
who, in turn, was followed by Myron
7. Herrick, of Cleveland. His subject
was, '',The Newspaper Press and Its
influence ON Finance in 1884,
The association will petition Con-
gress TO adopt the following:
Amendment to the national banking
act for the purpose Of establishing a
safe and elastic national currency.
Section 1.-The provisions of the
national banking act requiring the de-
p0siI of bonds to secure circulating
notes hereafter ISSUED shall be re-
pealed.
Sec. 2-=All Of the banks to issue
circulating notes to the amount OF so
ger cent OF their paid-up unimpaired
capital, subject to a tax Of one-half Of
j per cent upon the average amount of
4,
and an additional circulation of % per
cent of their paid-up, unimpaired cap
atai, subject both to the tax of one half
OF L per cent and to an additional tax
per anHurn upon the average amount
of such circulation outstanding for the
year; said additional % per cent to be
known as emergency circulation
Sec. 3--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 a
means of revenue, out of which the
expense of the office of comptroller of
the currency, the printing Of circulate
ing notes, etc, shall be betrayed
The excess over one-half of 1 per
cent of the tax imposed upon the
emergency circulation shall be paid
into the guarantee fund referred to
in section 6.
Section 4.-The banks issuing circu-
lation shall deposit and maintain with
the treasurer of the United States, "a
redemption fund equal to per cent
Of their average outstanding circula-
ton, as provided for under the existing
law.
Section 5.-The redemption of the
notes Of all banks, solvent or insolv-
ent, to be made as provided for by
the existing law.
p
fund through the deposit by each
bank of 2 per cent upon the amount
OF circulation received the first year.
Afterwards impose a tax of one-half
of per cent upon the average amount
of outstanding circulation, the same
TO be paid into this fund until it shall
be equal to per cent of the entire
circulation outstanding. when the col
lection of such tax will be suspended.
n hn ~ cd rrrhn >,
Ter OF the currency shall deem it
necessary.
The notes of insolvent banks shall
be redeemed by the treasurer Of the
United States out of the guarantee
fund. If it shall be sufficient, and If
not sufficient, then out of any money
IN the treasury, the same to be reim-
bursed to the treasury of the 'guaran-
tee fund when replenlshed, either from
the assets Of the failed banks or from
the tax aforesaid
Additional banking ASSOCIATE lions. or.
ganized after this plan shall have gone
into operation, may receive circulation
from the comptroller of the currency
upon paying into the guarantee fund
a sum bearing the ratio of the circula.
ton applied for and allowed, that the
guarantee fund bears to the total cir.
culation outstanding, and to be sub.
L
cent per annum, as called for by the
treasurer of the United States for the
creation and maintenance of this fund
No association or Individual shall
have any claim upon any part of the
money in said guaranteed fund, except
for redemption of circulating notes Of
insolvent national banking associations
Any surplus or residue of said guar
antee fund, which may be hereafter
ascertained or determined by law shall
innre to the benefit of the United
States.
Section THE government shall
have a prior lien upon the assets o.
each failed bank and upon the liabili
ties of shareholders for the purpose o.
restoring the amount withdrawn from
the guarantee fund for the redemp
uon Of its circulation, not to exceed
however, the amount Of the failed
banks outstanding collateral after de
Quoting the sum to its credit in tn,
redemption fund Section is alread,
In the hands of the treasurer of tn,
United States.
Section S-Circulation can be retired
by a bank at any time depositing witt
the treasurer of the United States o
lawful money to the amount of tn
sum desired to be withdrawn and i'm
mediately upon such deposit. the Ia,
indicated in sections 2, 3, and shall
cease upon the circulation so retired
Section Gin the event of the wind
ing up of the business of bank b,
reason Of insolvency or otherwise, thu
treasurer Of the United States witt
the concurrence of the comptroller o
the currency. may make application o
the directors or of the hquidator, re
ceiver, assignee or other proper off
cial, and upon being satisfied tina
proper arrangements have been mad
for the payment of the notes of tn
bank and any tax due thereon, pa,
over to such directors, liquidator, re
ceiver. assignee or other proper officia
the amount Of the credit bank in tn
redemption fund indicated in section
T."