Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1894-01-04
THE STATE BANK TAX.
banking and Currency subcommittee
Divide on Its Repeal The Majority Bill.


WASHINGTON. Dec. 26.-The sub-com-
mittee of the committee on banking and
currency of the House. to whom was com
mtted the question of repealipg the state
bank tax, divided ON the matter, Mr.. Cox
of Tennessee submitting a report embodying
unconditional repeal and Mr.. Warner of
New York and Mr.. Hall of Minnesota re
porting in favor of conditional repeal The
bill drafted by Messrs. Hall and Warner
was printed for the use of the committee,
but up to this time its provisions have been
kept from the public. Its important fea-
lures are as follows:
1t repeats the 10 per cent tax but pro
vides that the issues of State bank notes
shall be confined to the State in which the
banks are incorporated and if the notes are
used outside of the State they are to be sub
iect TO tax of 10 per cent of their face
value.
State banks. etc. are authorized to issue
circulating notes subject to the following
regulations:
Such notes shall be printed in blank by
the comptroller of currency. who shall cause
them to be printed in design, so as to plain
" show. if such is the case, that they are is
sued by national banking association: the
State if any, under the law of which they
are to be issued, and the bank. banking as
'"ci"'loh OF corporation OF ASSOCIATION by
which they are to be issued.
40 SucIl hoteS printed Ill piahk snail he
furnished by the comptroller of the currency
w. any SUI" "unN uiiie9s ne Siiaii ny sa'islie"
'.iut o'heI 'n'h uat'"la banking asSo-
"'tioi' ~ t,ie Ia" VI ''c otuue III "h'ch II
Is S''uato' Vne hoI,'.rS Oh 'ne circulating
"'''' i''uou .''i''ei 'n'9 n'V SHaii pc given
Pui "'"ouh' men upon an l!S ASSETS Ill pref
ei'nre W any ana al clalii's whatsoever
an" Vne Suarcholuers OF any Such pank or
oulNiiig association snall DE heid ihdlVldu-
any IesPohNipie LOT an us outstanding CIR
,u''ion ISSUED '''iuer uliIs acu'u 'le extent OF
.uo amount u 'nei' S'och III auul'ioh
W ','o amount Vi lNr''o' s"''es 'naU 1T mas
nav "'ciua'o anu c""N eiieh. provision
ioi 'ne i'uei''l'Vioii oi !,S cIicula'h'S notes
ol,n', az 'he 'aln'ai c'', VI ''le "'nte Ill
""'tn It u 9i'ua'','' W AT ''',io "'nel Guy oi
,''U ,''"'o' "'i'u 9'i'i' nave oVcn approval
~ 'nc coin p'l"ii'i y, ''V tui iencS thau uhe
amount u ltS ca l''"l' i'"iu up ana then uh'
nllP"ireu' Is iiot less man e'u'ooo' ana that
INC aggregate amount Oh tiie race value
Oh such notes printed III DUNK ana 1ur-
llSheu 'ucn 'ahh or pahklhS ASSOCIATION.
toStth'f Win any ol IlS circulation ISSUED
natlonai pahklhE asN"cla,ioh ana sun out
standing Is no, greater IMAM 80 per cent OF
ITS capital stock pald up ana then nnlmpair-
ed' Every such oahk Whlch Is not n national
ualkihS ASSOCIATION shaH MAKE 10 the comp
troli'r oI the currency not less IMAM hVe re-
ports during each year. Ill the same manner
as hauohai banks.
Inc 'oihp'rouer Is also gwen power To call
Tor special reports at any TIME. Inc comp
troIier Is Iur'hcr gwen authority 10 appoint
suitable examiners Tor banks ana assocla-
tlollN dong business under the act.
IL ls lurther proNlled thau no bank or
banNihg association shall either directly or
indirectly pledge or hypothecate for any
purpose whatsoever any OF It's circulating
notes Issued under TINS act. Any president.
Iashlcr' director or other officer who shall
kh1WlhglY Vioiate tine provisions OF this sec
loh' OF VINO shall participate III or assent to
any such violation shall be deemed guilty
OF ml9demeanor and shall he fined not