The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1894-12-21

To Provide the Country With a
Moro Elastic Currency
Presented tn the House Committee ON
Thanking and Currency by the
secretary In Person aud Ia
pinined la Detail.

So"iiuittcc OF The house was
shown by the promptness with which
the members Of the committee gath
cred With few exceptions all were in
their seats at 1918 o'clock.
The bill which Secretary Carlisle
presented 10 the committee EN- bodvinr
ms currency reform schem was as fol-
lows:
SECTION !. lie II enacted. that all acts ana
parts u acts which require or authorize the
deposit OF United States bonds 10 secure crcu-
iHting notes issued by national banking asso-
Citations In and the same are hereby repealed
ana such notes hereafter prepared shall not
contain thc statement that they are so secured
SEC :. That any national banking associa-
uon organized as now provided by law and any
national banking association hereafter organ
lied may take out circulating notes 10 an
thounf not exceeding - per cent OF its paid
up and unlmpalred capital upon depositlng
with the treasurer Of the United States
United States legal-tender notes in
Guiding treasury notes issued under the
act approved July IA, 1880, !. guarantee fund
eSusl 70 30 per cent Of the circulating notes APP
piled for. The association making such de-
pr<lf shall be entitled 10 receive from the
comptroller ~ the currency circulating notes
Ia denomination Of $40 and mul,iples
thereof in blank. registered and coun-
N+@-sHtu' as pfDflueI bN l.W, ana
such notes. together with the cirrulat-
INK notes 81 national banking associations
now outstanding shall constitute and here
by declared 70 bc a first lien upon all the as
set> ~ the associate issuing the same. All
circulating notes hereafter furnished 10 M
fional banking associations shall be uniform
in design, but any ASSOCIATION desiring
10 redeem its circulating notes In gold
may have them payable in tina; coin.
and the secretary % the treasury is hereby an
thorized and directed To have prepared and
keep on hand ready for delivery on application
"a reserve 81 blank notes for each national
banking ASSOCIATION having circulation. bat
such reserve for each bank shall al 10 time be
In excess Of the difference between the amount
81 it, notes then outstanding and the total
amount which II Is BY this act authorized 10
receive
SIC. That IN lieu OF all existing taxes. each
national banking association shall pay to the
treasurer of the United states in the months Of
January and July each year duty Of one
fourth OF per cent. for each half rear upon the
average amount Of its notes In clrculafio anc
in computing such average all note. issued 10y
such association not actually rfired from cir
eulating ia the manner hereinafter provided
shall be included
SEC. l. That each national banking associa-
ton shall redeem it, notes at par in lawful
money Of the United States ON presentation At
it, own once. or at it, own Offices and al such
agencies may he designated by IL for that
purpose. Whenever such association desires
20 retire the whole or any part Of
IL circulation. the notes TO he
tired shall be forwarded to the compfroil-
OF the currency for canoe ilation, and there
upon 10 per cent. % the amount Of such can
ccled notes shall be returned 10 the associa-
tlnn. Dsfacec and mutllated notes and notes
Otherwise unit for circulation which have been
redeemed by any association may be returned
nj Of fh.4
t.ou and reissue. A. now provided by law.
SIC ;. That in order To provide safety
fund for the prompt redemption Of the circu-
lating notes ~ failed national banking ASSOC
Citations. each such association now organized
or hereafter organized shall pay to the treas
urer Of the United States. in the months q 4
January and July in each year. . tax
of ont-fourth ~ per cent. for
each half year upon the average
amount Of its circulating noTes outstanding. 10
be computed a. hereinbefore provided until
the sad funds amount 10 a equal 10 per
cent upon the total amount az national bank
notes outstanding and thereafter said tax
shall cease. Each association here
after organized. and each association
applying fyr additional circulation. shall pay
it, pro rata share into the said fund before re-
ceiving notes but an assoc iation retiring or
reducing IT, circulation shall Dot la entitled
a. withdraw any part OF said fund. When a
national BANKING association becomes in
solvent. Is. guarantee fund held on deposit
shall be transferred to the safety fund herein
provided for. and applied 10 The redemption OF
IT. outstanding notes. and II the said last
mentioned fund should nj any time be i'm
paired by the redemption Of The notes Of failed
national banks and the Immediately
available assets Of said hanks are not
surieient 20 reimburse II, said fund
shall be Mt once restored by pro rata
assessments upon all the other associations
l.t~
circulation. ana the association 80 assessed
shall have first lien upon the assets Of eac b
failce. bank for the amount Of property charge
able to such bank on account OF The REDEEM p
tion o. its circulation
SEctG That the secretary OF the treasury
may from time 10 time invest any money be-
longing TO the safety fund In United States
bonds having the longest time 10 run. and the
bonds so purchased and the Interest accruinI
thereon shall he held rs part OF the said fund.
such bonds may be sold when necessary anu
the proceeds used for the redemption OF circu-
Ia,ing notes OF failed national banks
~rc Z That every national banking associa-
tion heretofore organized. and having bonds on
deposit to secure IL, circulation shall on or
before the first DAY OF JULY. l..5 withdraw
such bonds aud deposit with the treasurer Oh
the United states guarantee fund consist
lnr II United States legal tender notes
including The treasury notes ls>oed lnaer the
net Of July ~. l-tV e4u1i Va % lrr eSAl' W ny
outstanding circulation nj the time " such
withdrawal and deposit. and all Laws and parts
or laws requiring such assoc iaiiop Ia ~" ~ OF
10 Keep on deposit with the treasurer ~ the
United states bonds OF the Lniied states ;or
auv other purpose than security for public
moneys shall be and are hereby repcaF from
and after the said date.
Src. = That sections and ]: o. The "a
.r.s,ed july ~ lsss entitled IAN Act 20 Ena-
N. National Banking Associations 80 Extend
th..r CORPORATE Existence and for Other Pur
prse." ana section 81 of tho act approved
Jrn. q lsyI emitted An Act to Provide "a Ma
t.o..l Currency Secured by a Pledge OF United
stYte, Bonds and 10 Provide for the Circula-
zion ana Redemption Thereof. and all acts
ara DQrts of acts amendatory thereof be and
H.. sam are hereby repealed
SIC s. That the secretary Of the treasury
rov 81 his discretion from time TO time
euv surplus revenue al the United States ~
tho redemption and retircmentof United Ia e.
i.,ai-tendcr notes hut the amount 81
.rnh notes retired shall not IN Inc
aggregate exceed an amount equal 10 X
NJ. can't az the additional circulation
ia.en our by national banks and siais
pauks und.r the provisions % the act. hhl
hereafter no Emitted States notes or treasury
note. authorized ~ the act 81 July ~ ~ en-
titled tAn Act Directing the Purchase % Gil
yer Buiion and tn Issue oi treasury
I..aF -