Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1894-12-27


ing and currency and with the APPROX
al u me secretary OF the treasury, MI.
Springer Introduced the substitute for
The Carlisle currency bill. 1t is sub
stdntIdlIy new measure, although
some sections OF the original measurt
are retained in the lew bill. / he bin
Is ARRANGED 50 as To show the new fea-
lures III parentheses. The first section
is as follows:
lAat (so much off all acts and parts
OF acts as required or otherwise au-
tnOrlze the deposit Of United States
bonds to secure circulating notes is
sued by national banking associations,
Is repealed GAS to associations taxing
out circulation under this HcU; and
such notes Shall not contain the state
merit that they are SO secured.
Section > is changed 50 that banks
cannot only deposit legal leaders TO
secure circulation, but also (currency
certificates issued under section 0IJo
OF the revised statutes of the United
StateS).
Ia section > Il provision is made for
keeping UP Il safety fund ana in adj
dItion to the terms Of the original DlII
it is provided that the collection OF
said tax Of one-fOurth OF one per cent
for each half year shall be resumed
ana continued until the said fund is
restored TO an amount equal to ) per
cent on the total circulation UutStanQ-
Ing. All circulation notes of failed
national banks not redeemed on. pres
enuauOn TO the treasurer of the Unit
Ell states shall bear interest at the
rate OF SIX per cent. per annum from
the date OF suspension Of the bank I'M
Ill thirty days after public notice Is
given that funds are on hand tor their
redemption and such notes snail con
stitute the first lien on all moneys
thereafter received into the safety
fund.
Section Z is entirely new, 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 provided by the law, and
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i,,,',,-,t,; 'li n piI'
Section 5 specifies the portion Of the
national banking act to be repealed is
HinIleu ~ 81 Diuch VI aectioH i-' @S
uIrectS lhe secretary OIL lhe treasury
" receive uepoSIlS o1 So4u anu issue
50. IL.
cetllhc''eS thereon.
Section 10 provides for the state
banks the same as III the original bllI,
except III restriction ON the state
banks new provision IS made that
the guaranty fund maintained by them
may include "currency certificates I'M
der issue OF section 5,193 OF the re-
vlSed statutes
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,nn,,t,.,llo,. of o,,rro,,,, ,hau l,o s,+
i,tnI AN ~. I,,,,1,i,,,r -, TO-,
a,.,r,,,,;.,,,I ,,,,l1l,, ne ,,,,I -
sf,i, and r.hinh t,.,ns,ct,, No othn,.
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,'.I ,n
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.-.,,5';- ,''e
~ 10" INV 'iol,
-, r,.ti, '',,..lr -
tia tt,,...I,,,, 800 ~ a., ;,I,,,1-
~ 9''ls' o,'l',>
the said bank may issue its notes as
provided in this act. and thereafter
the tax of ten per cent. heretofore I'M
posed by the law upon the circulation
notes Of state banks shall not he as
sessad or collected upon notes of such
bank unless it appears that said bank
has issued circulating notes in excess
Of - per cent. of its paid-up and
unfmpaired capital or that its capi-
tai is IMPAIRED and has remained so
for 80 DAYS. or tho banI, has NOT knnt
on deDosit with tho Sto+, otficiol m
thorized by the law to receivn and
hold the same guarantee FIND os rp-
ouirAd in tbr fourth naraora,,h of +bis
section. or said hank has NOT nro,nn+I,-
redeemed its notes in lawful money at
par on demand nj its nrincinol Office
or at one or more of IFS hranrhn Off
cos if if has branch offices. and no
person or corporation other TINA the
bank issuing Surh notes in violation
of tho DroyiSinns of thiS act shall hn
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