Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1894-12-06
The secretary then says.

of a6t srs a7l
~,
lhe secretary theh says'
nave prepared inc outlines OF plan which
IN my opinion VIII relieve the government t
great extent from tne burdens now impose
upon H. secure wlthin o reasonable time saf
ana elastic national ana state bank currency
anu result ultimately IN the permanent retire
meht OF United states legal tender notes
poIn ciasses' ~ ~, IN prlef' Us lollows'
FITS, -hepeai OIL laws recurring, or author
i1ins 'ne deposit Oh united STATES PONDS as sc
CURLY lot circulation.
oecond-rermit national banks 10 issue note
" nh uinouht no. exceeding 70 per Ventum
thelr PAID up ana unlinpalrei capital, but re
quire each oahR peiore receiving notes TO de
pos' y guarantee iuna' consisting OF unltet
states iegai tenaer notes. including treasury
notes OF lS9l to the amount OF 80 per cent o
the circulating notes outstanding TO he main
saihed III I'LL Times ana whenever bank re-
'ires i.s circuiaIloh' IN wnole or In part III
su"rahtee iuhu " pe returned 70 " IN proper
'ion 10 lhe amount OF notes retired
Inlrd--hetaih tne provision OF the law max
ing stockhoiders individually liable and pro-
wac tnat the circulation notes shall constitute
nrs' iieh upon al inc assets OF the BANK.
fourth--lmpose TAX OF n OF ! per centuu
per ahhhm' payable seml-annuaily' upon the
average amount OF hotes IN circulation to de-
tray tne expenses OF printing notes, oficial
SUPERVISION caneellatlon' etc.
rhtn-No national nahK note 10 De OF less
denomination tnah len dollars and all notes Of
.ne same denomination TO DC uniform In design;
put banks desiring to redeem their notes In
soio niay nave them maze payable IN that coin.
me secretary OF 'he treasury 10 have authority
W prepare tnu keep on hahu ready lor issue
upon appleat'on reserve OF blank national
pahk ho.es iof each banking ASSOCIATION having
siruuia''on.
six'h-hequ're each national banking asso-
'ia.ioh W reoeem us hotes at lts own once, or
~ i.s own omclai agencies 10 DC designated
Wy IT,
oesen'h-Io provide salely fund Tor the
'lnmeoia'e redemption OF inc circulating notes
u iaiieu oahRs impose YAK OF (blank) per
'en'um per .hhum upon the average circula-
.oh Vi eucn DUNK until tne iund amounts to
pcr cent oi lne total circulation outstanding
require each new BANK and each bank taking
pu, uuuitlonai circulation 70 deposit its proper
proportion OF tnls iuna before receiving notes
When pank iails' It's guarantee fund held on
deposit 10 DC PAID into the safety fund
anu used IN inc redemption OF Its
uo'cs, anu II th's iunu small DC impaired
W .ho redemption OF the notes OF
l"iieu national banks, and the Immediately
VARIABLE cash assets OF such banks are insult
acient 10 estapllsh 'he fund, 1t shall at once be
naue good oy pro rata assessments upon the
Nner banks, according TO the amounts OF their
outstanding clrcuiationi Out there shall be
afs. lien upon al assets Of failed bank or
BANKS 10 reimburse lhe contributing banks.
Inc saiety lund may be Invested In outstand-
ing United states bonds, having the longest
liihe 70 run, tne pohds ana the interest upon
mem 10 DC held as part OF the fund and old,
"hen necessary TO redeem notes Of failed
banks.
Eighth-kepeal the provisions OF the reor-
sa'il1allon ana extension act OF July II, 1892
imposing limitations upon the reduction and
Increase OF national bank circulation,
Ninth'-kepeal all provisions Of the law re-
turing banks 10 keep reserve on account Of
deposits.
Tenth-The secretary Of the treasury may,
n MS discretion, use any surplus revenue OF
ne United States In the redemption and re-
tlfement OF United States legal tender notes,
out such redemptlons shall not In the aggregate
Exceed an amount equal TO 70 per cent. Of the
Additional circulation taken out by national
ma state banks under the system herein pro-
'osed'
MISUNDERSTANDING notes issued by o
banking corporation duly organized under the
avs oil any state, and which transacts no other
han banking business, shall DO exempt from
axation under the laws Of the United States,
.hen 1t is shown TO the satisfaction Of the seq
'etary OF the treasury and the comptroller Of
he currency
J. That such bank has at no time had out
standing Its circulation notes In excess OF rs
percentum OF its paid up and unmpaired capl-
al,
?, That Its stockholders are individually La
ole for the redemption Of Its circulating notes
20 the full extent Of their ownership Of stock.
g. That the circulating notes constitute by law
! first lien upon oil assets Of the bank.
T. That the bank at all times keep the guar
intee fund In the United States legal tender
notes. including treasury notes Of 1890, equal
% 10 per centum Of Its outstanding circulating
,otes and,
). That II has promptly redeemed its notes
IN demand at Its principal ONCE, or at one or
moro OF its branch Offices, II 1t has branches.
Twelfth-The secretary Of the treasury may,
Under proper rules and regulations to be estab-
shed hy him permit state banks To procure
md use In The preparatlon N their nntas and
distinctive paper used in nrIntinc TIr,tod sta,ss
,ecurllies: bu, mo state banl shall min, or an.
rave lts notes in smllItude NJ Iin ltd States
,o,c or certificate ar national hanL no,as
Whatever NAV he the obioct ions tn J ths ,ss,.
md circulation N rnited states Iasai sender
inner rnou either constitutional, or Anarcia,
round il has became 20 incornora,ed ' into onr
,urrcncv system And Constituted so lar,s a
,a,t ~ our active clrcnlation ma, n could no,,
,e suddenly withdrawn without nroduc.
ns in the nresent state n, our ,aws
disturbance In ,he ascal
n, tho government as veil
y the business of tbe neonls ana
therefore, the Man now suggested nrov,des for
Is gradual retirement by the nae Of surplus