Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1894-01-04
sPRlNoER's CURRENCY BILL.
synopsis Of the Measure which the Chair
man Of the Committee Has Prepared.

synopsis Of the Measure which the Chair
man Of the Committee Has Prepared.
WAsHINGToN, Dec. O.-Representa-
tive Springer, chairman Of the commit
tee on banking and currency, has pre-
pared national currency bill the
synopsis of which IL as follows
First--For the creating OF national ourren.
cy committee " be composed Of the secretary
Of the treasury, he treasurer ana comptroller.
which shall be charged with the execution OF
the provisions Of the act
Second This commission shall cause 10 bo
printed at the bureau " engraving and print
ing national currency nobs In suriciont guam
titles 10 meet the requirements OF the act
which notes shall be n legal tender In the pay
ment Of all debts public and private, oNcept
whore Otherwise stipulated. and shall be ro'
ceived for custom , taxes and ~ public dues
They shall also bo rodecm'blo on demand,
In coin, at the treasury ~ the United states
or any aub.tre isury, and when 80 redecm'd
sh ~ he rcissucd Such currency notes shAll
be issued In the first Instance to any BANK or
banking association organized under tho laws
OF the United Sat r. or any s'ate or territory
which is solvent and has q capital STOCK actunl'
ly paid up In cash Of at least 2h~j upon tho
deposit with he commission of bonds such AS
are required by the other provisions OF this
act Such notes shall not bo Issued 70 IN
bank In excess Of its capital stock actually pald
up. -,-,
Third-The bonds which may bo received
shall be- either the bonds Of the United states
upon which notes may be issued To tho race
value thereof or tho bonds Of any state, coun'
ty. parish or municipality having . population
Of not less than hOJD and which bonds have
been for two years AT par IN the market, and
the int rest on which has never defau.tod
Fourth-Tho national currency notes issued
under the provisions Of the act are not subject
10 the , per cent tax Imposed by law of CON
.tKg la fuU al banks
nor 10 any other tax by congress, except as
provided IN the act nor are they SUBJECT 70 tah'
alton under the laws u the states ana the
bonds deposited Tor their security arc *
cmpt from taxation BY the United 9ht'H
or by any state or territory during the
| time thay remain on deposit Binhs
| doposlting othor than national bonus
| may receive W per cont In circulating notes on
| tho mar value Of such bonds The Uniicd states
/ assumes all responsibility for the redemption
! Of the circulating notes and the banks are not
| reauired To keep a reserve on that account
The banks dcposillng bonds must guarantee
their paymenL and all the assets Of the bank
| aro liable therefor Stringent provisions are
| insarted Tor enforcing the lhbii OF banks to
the United Statss and Tor determining the
| safety Of the securities deposited
| Fifth-pruvlsi0n Il made Tor securing
elasticity of the currency on the notes Issued
TO the amount Of one half Of the capital stock,
the banks must pay tax Of per erntum per
annum On an additional amount equal TO .
per cent of the stock, per cent tax Il I'm
posed and on the remaining ~ poT centnm az
per cent tar will be required, the object h'ihg
TO force the retirement u notes which may oe
redundant
SiHth-A Just provision "a made Tor retiring
redundant currency and its cancellation
Seventh Tho faith and the credit % lhr
United States arc pledged TO the redemption 'n
| coin on de and u the national curfcuct notes,
and a reserve fund In cola. is pruy.d d Iual
TO ~ por cent ~ the outstanding notes The
| provision Of tho natl nal banking law 10 rel
erenco 10 examination of banks, to The
counterfcitng ot their notes AMI The
criminal acts " onicors or agents ot banks In
connection with this currency are made np
plicibo to tho national currency notes an.
provision Ia also made Tor the rcpr.uting o
sollod or mntilatcd notes ~ the expense " The
United States. Tue national currency commits
sion Is required to mako annual reports Il
|