Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-12-12
CARLISLE'S BILL.
MEASURE eMBooYINc THE sEcRE-
TARY'S CURRENCY PLAN.
1t In Presented In tho House by Mr..
Springer, OF Iilinois-Its
Features.

WASHINGTON. ID. c.. December H.
Mr.. Springer. OF Illinois, to-day intro
duced in the House the financial bill
which Secretary Carlisle read to the Com
mittee on Banking and Currency.
The bill repeals all acts and parts OF
acts which require or authorize the de-
posit Of United States bonds TO secure
circulating notes issued by national bank
ing associations, and such notes here
after prepared shall not contain the state
ment that they are so secured.
National banks are permitted TO take
out circulation to the extent of 10 per
cent. Of their paid-up capital. this circu-
lation to be a first lien upon the assets.
A tax of one half of per cent. per
annum upon circulation Is provided.
A safety fund for the prompt redemp-
ton of notes Of failed banks is provided
by tax OF one half per cent. per an
nun until the amount reaches per cent.
OF the total circulation.
Sections 9 and IL OF the act OF 1892 re-
latng TO corporate extensions ana sec
tions 81 OF the act of 1864 providing for
national bank currency are repealed.
SectlQn y or the Dill 10 as
"The Secretary OF the Treasury may IN
his discretion, use from time TO time any
surplus revenue of the United States In
the redemption and retirement OF United
States legal-tcrcsr notes. but the amount
OF such notes retired shall not, In the
aggregate. exceed an amount equal to ~
per cent OF the additional circulation
taken out by national banks and state
banks under the provisions OF the act'
and hereafter no United States notes OF
Treasury notes, authorized by the act OF
July a. 1890 entitled An act directing
the purchase of silver bullion, and the
issue Of Treasury notes thereon, ana lor
other purposes for less denomination
than 80 shall be issued, ana as rapldiy
as such notes Of denominations less thah
so shall be received in the Treasury
they shall be cancelled, and an equal
amount Of notes OF like character, but in
denominations Of $40, or multiples thereof,
shall be issued In their places. but no.
thing In this act shall be so construed as
10 repeal or in any manner affect the
second section Of the said act Of July II,
1890.
'Sectlon iO-The use OF circulating
notes Of 1890. equal to 30 per centum OF It's
duly organized under the laws OF any
State. and which transacts no other thah
banking business, shall be exempt from
taxation under the laws of the united
States. when IL Is shown to the satlsfac-
ton of the Secretary Of the Treasury ana
the Comptroller OF the Currency;
81. That such bank has at no time had
outstanding circulating notes in excess of
75 per centum OF its paid-up and uniih-
paired capital.
"2 That its stockholders are individu-
ally liable for the redemption OF its cir
| culating notes to the full extent OF their
| ownership Of stock but this snail not
| be required in the case OF persons holding
stock as executors administrators, guard
ians. or trustees If the assets and funds
| in their hands are liable in like manner
| and to the same extent as the testator'
| intestate. ward, or person interested In
| such funds would be II living and compe'
| tent to act and hold the stock in his or
| her own name.
| "3. That the circulating notes constitute
| by law first lien upon all the assets OF
| the bank.
IL. That the bank has at all times kept
| on deposit with an official OF the state,
| Authorized by law 10 receive and hold the
| same, a guarantee fund In United States
| legal-tender notes, including Treasury
! notes OF 1890, equal TO 30 per centum OF its
| outstanding circulating notes; ana
"5. That it has promptly redeemed It's
| notes at par on demand at its principal
| r,Hce, or at one or moro Of Its brancr
| Offices, II It has branches
| Section II permits State banks TO usf
| the distinctive paper used IN printing
| United States securities, but no state
| bank shall print or engrave its notes IN
the sImilltude of United States notes oi
| certificates or natlonal-bank notes.