The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1894-10-22

.ba baltimore BanEers' Plan for an flas-


lie Baltimore ishnE"tS 100
tie Currency.
81 tho rccent meeting OF the American
bankers Association, there was a pan lui
the. establishment Of a safe ana ca
national currency. and, after some ulS'"9-
sion. il was finally adopted.
The now plan is called the Eai'nioie P''''
and il is one that found amonG the pAilNei >
many supporters. In fact a committee OF
nine has been appointed 10 present 'no
amendments incorpoTa ted TO congress. One
OF the members OF the committee l. zap
tain r. J. Lowry. who is also wee pfeal-
dent OF the association.
CAPTAIN Lowry favored the Ba'tlmoFe
plan. and believes that il contains MANY
snlendid features. Besides speaking OF thlS
plan. he says that Atlanta IS going 70 nave
a big thing in the convention Of the bankers
next year. Captain Lowry declares that
The bankers were al anxious 10 nave At
f.tutI as the mes. meeting place.
The Baltimore plan is simply lot OF
amendments t. the national haniing act
ana the outlines are gwen below:
section 1. The provision ot the national
banking act. requiring The deposit Of bonds
to secure circulating notes hereafter IS
sued. shall be repealed.
Section >. Allow tae banks 10 issue CIR
culating notes To the amount on ~ per
ceptUm Of their paid up uuimpared capltal,
subject to a tax Of Onc-haii OF per cehtuHt
per annum upon the average amount OF
circulation outstanding fer tne year; ana
an additional circulation of - per cei.'um OF
their paid-up. unimpAired capital subject
both to the tax o. one-1tlt oi per cThtiin
Der 3nnurl, ana 10 an 3GdluOnai AcilNA
AK per annum upon the average amount OF
such circulation outstanding FOR IN" year;
said additional p per centum To be known
a emergency circulation.
Section $. The tax Of one-han Of l per
centum per annum upon the average
amount .! circulation outstanding shan he
paid to the treasurer OF the United states
a means OF revenue, out Of which The
expenses Of the Office OF the comptroller Of
the currency. he printing of circulating
notes, etc. shall be betrayed.
THE excess over one-half OF per centum
of the tax imposed upon the emergency
circulation shall be paid into the guarantee
fund.' referred TO in section !.
Section (. The banks issuing circulation
shall deposit and maintain with the treas
urer Of the United States redemption
FUND equal 10 per ceutum of their avera sc
outstanding circulation, as provided Tor
under the existing law.
Section =. The redemption OF the notes
Of al banks, solvent or ins"lVcnt. to be
made aS provided for by the eSiSung law.
Section 6. Create '$n2ran,teee ju M,
centum upon the amount OF circula non -
ceived for the first year. Thereafter I'M
nose . tax of onc-half Of per centum upoR
ibt. average amount of Outstanding circu-
iatiun, the same to he paid into this tund
until it shall equal . peg c"htum OF the
entire crcul1tion oCtSt& ndinE, whom the
collection Of such tax shall be suspended,
10 be resumed whenever the comptroller Of
the currency shdll deem l. necessary.
The notes of inSolVcGt banks shall Tee re-
6eemed by the treasurer of the United
States. out Of the guarantee FUND. If il
shall be sufficient, and IL not sufficient.
then out Of any money in the treasury,
the same TO bt. reimbursed to the treasury,
out of the guarantee fund when replenish-
ed either from tho assets Of the failed banks
81. from the tan aforesaid
National banking associations organized
after this plan snall have gone into opera
ton. may receive circulation from the
comptroller OF the currency. upon paying
into the guarantee fund' Il sum bearing
the ratio TO the circulation applied for ana
allowed, mat the guarantee fund' bears
to the total Circula ton outstanding. and
to be subject 10 the tax of one-half OF
per centum per anuum, as called for by the
treasurer Of the United States for the ere
alton and maintenance Of this fund.
MO association or individual shall have
any claim upon amy part OF the money in
said guarantee fund except for the Re-
demption of the circulating notes Of any in
solvent national banking association. ANY
surplus or residue of said 'guaran fund
which may be iielaftei lScert aimed or de-
tarnine1 by law, shall nure 70 the benefit
Of the United States.
section :. The government shall have n
prior lien upon the assets Of each failed
bank and upon The liability OF shareholders
for the purpose OF restoring The amount
withdrawn from the guarantee fund' fn.'
exceed, however, the amount of Inc failed
bank = outstanding circulauOu. after de
Quoting the sum to its credit in the redemp-
tiCn fund tSection ., already in the hands
OF the treasurer of the United States.
section \. Circulation can De retired by a