The representative., 1894-12-26

Dug Up From Springer's Inner Gem
seriousness,

a .
Dug Up From springer's Inner Cen.
seriousness.
WASHINGTON, D. c., Dec. 21.-After
conferences between the Democratic men,
bers Of the house committee on banking
and currency, and with the approval OF
the secretary of the treasury, Mr.. Springer
today introduced a. substitute for the Car
isle. currency bill. It is substantially a
new measure, although some of the sec
tlons of the original measure are retained
in the new BILL The new bill is arranged
so as to show the new features in paren-
thesis. The first section is as follows:
(A 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 bank
ing associations (or as require such asso-
Citations to deposit or keep on deposit
United States bonds for any purpose eX-
cept as security for public money! be and
the same hereby is repealed (as to asso-
Citations taking out circulation under this
acD; and such notes shall not contain the
statement that they are secured.
Section is changed SO that banks can
not only deposit legal tenders to secure
circulation, but also currency certificates
issued 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
national banking associa tions, taking out
circulation under this act"
Section 4 inserts 'the comptroller of the
currency as the officer to designate the
place where notes are to be redeemed
In section 5 provision is made for keep
ing up the safety fund and in addition to
the terms Of the original bill it is provided
that the collection of said tax of one
fourth OF l per cent for each half year
shall be resumed and continued until the
sad fund is restored to an amount equal
D hp
outstanding. All circulation notes of failed
national banks not redeemed on presenta-
ton to the treasurer of the United States
or an assistant treasurer of the United
States shall bear interest at the rate Of
3 per cent per annum from the date of the
suspension of the bank until 80 days after
public notice has been given that funds
are on hand for their redemption and such
notes shall constitute a first lien upon all
moneys thereafter received into the safety
fund
Section allowing the secretary of the
treasury to invest money in the safety
fund in bonds is the same as in the origin
al bill. =
A NEW SECTION.
Section Z is entirely new and takes the
place of a section which has been elimin-
ated. 1t is follows:
That every national banking associa-
ton heretofore organized and having
bonds on deposit to secure circulation may
"itHutdW SuSn DOnuS upon the deposit or
lawful money of the United States now
provided by law and thereafter such as
sociation may take out circulation under
this act and be entitled to all the rights
privileges and immunties herein con-
ferred."
Section specifies that the portion of the
national banking act to be repealed is
limited to SO much of section II, 'as di-
rects the secretary of the treasury to re-
ceive deposits of gold and to issue certf-
Gates thereon
Section 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
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
5,l93 of the revised statutes"
An entire provision is added to the
state banks follows: "Whenever the
secretary of the treasury and the comp
troller 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 banking
business, provided in this section has
been incorporate ted under the laws of the
state in which it is located, which laws
require that the stockholders shall be in
dividually liable for the redemption 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 al all times with an official of
the state authorized by law to receive and
hold the same guarantee fund as re-
dulred in the fourth paragraph Of this
section. they shall issue to said bank a
certificate to that effect. Thereupon said
bank may issue it's notes as provided in
this act, and thereafter the tax of 10 per
cent heretofore imposed by law upon the
circulation of the notes of state banks
shall not be assessed or collected upon the
notes Of such bank unless it appears that
eaid bank has issued circulating notes in
excess of % per cent of its paid up and
unimpaired capital, or that its capital is
impaired and has remained SO for 80 davs
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 note in lawful
money at par on demand at it's 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 viola ton of the pro-
visions Of this act, shall be liable to the
tax of 10 per cent on the circulating notes
Of state banks as now provided by law
Most of section II is new, and is as fol-
lows, the new portions being in parenthesis:
Section n.-(That any banking association
organized under the laws of any state NAV
deposit with the treasurer of the United
States legal tender notes and receive GER
tificates therefor in the manner provided
in section 5,193 of the revised statutes of the
United States anD the secretary of the
treasury may, under the proper rules and
regula tions to be established by him, per-
init such banks to procure and use in the
preparation of their notes the distinctive
paper used In printing United States securi-
ties; but no state bank shall print or en-
grave its notes in similitude of a United
States note or certificate or national bank
note.
GREAT NORTHERN RAILWAY.
TICKETS: 300 Nicollet Ave and Union Depot.
LMInnaaIanlia mi Dnraat