The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-12-23
rag srErSozE ccmmESes BIlL.
Prorlsiens OF the sasssI:ste FAR Car
fist~ss Jarsrtunase Measure


il a summary of the house banking cozn-
rnsttee's sd Institute f5r the Car.sS-e cur
rency ts,l:
.-S@sf3n J. Tat 80 much cf all acts
ard parts CT acts as require q. aatacr-
re the DEPOSIT * United states boaes
70 secure circGlztioz notes issued by na-
tsonal banking associations. or as re-
qusre such 9ssoclatlo1s - oe9osIt Or
keeo on deposit Uns.ea States bonds gor
any Purpose ex~vt IS seenrltv fcr Esga-
ac nsoney. be ard the same ara hereby
repeaIea as 10 associations taking out
csreulatfoa under this bs.a. ard such
notes shah rsoi contain TIE statement
that they are 80 secured.
Sexton Is changed - that banks can
not only deposit lsT2s teaders - secure
circulation. but also currency esrt.he2s IS
issued under SEXTON 5t9s of the revised
statutes Of sae United States
Secttan is retained entire. except
that its provisions are restracted 70 ap-
piy to natsanai banking associations
"gakiag cut currency under this ACT
Section .pserts the comptroller ef
the currency as tha officsr n designate
the place where netes aTe % be redeem
esf
In sec ion & pvovision is made for keep
Ing up the safety fund. In addition 70
the terms OF the original biz. IL Is pro-
vigied that the collection Or said tax or
IA Of 1 per cert fer each bal year shall
be resumed and Continued until the said
fund has reached an amount equal 10
5 pr cent. upon the total circulation
ouzsclaainr. All circulation notes OF
fa3.eti banks not rei@eued ca nresanta-
xloa 70 the treasurer Of the United
States. or TO an assistant treasurer OF
the United States. shall bear interest
al the rafe OF per cent. per annum
from the date Ct the suspension OF the
bank until thirty days after public no.
tee has been gwen that funds are on
hand for their redemption. and such
uotes slg.s--< continue first len upon al
moneys thereaf er reesiyec ins0 ihe safe
y fund"
section 6. allowing the secretary Of
the treasury 20 Invest money in the
safety-frnd In bonds. Is the same as in
the original bill
Section Z is entirely new. and takes
the place Of section which has been
eliminated. The new section Is as fol-
lows:
a.
association heretofore organized and
putting bonds on deposit 10 secure cir
cu!ation may withdraw such bonds up
on the deposit of lawful money of the
United States as now provided by law,
and thereafter such assoeia ton may take
out circulation under this act. and be
entitled TO all the rights. privileges and
inmun!tics herein conferred"
Section specifies that the portion OF
the national banking act 10 be repealed
Is limited TO 50 much Of section j. as ''di-
rects the secretary Of the treasury to
receive deposits Of sold and 10 issue GER
tificates thereon
Section 9 is substantially the same as
in the original bill.
Section 10. providing for state banks,
is also the same as In the original bill,
except that in the rvstrictions on state
banks a new provision Is made that the
guaranty fund maintained by them may
include currency certificates issued un-
der section 5l9S of the revised statutes"
An entire new provision is added rela-
tive - the state banks. as follows:
''Whenever the secretary Of the treasury
and the comptroller of the currency
shall be satisfied that any banking cor
poration. duly organized under the LAWS
Of any state. and which transacts no
other than a banking business as pro-
vided In this section. has been incorpor-
ated under the laws of the state in
which Il IS located. which laws provide
that the stockholders shall be Individual
Is liable for the redemption Of its circu-
lating notes TO the fun extent OF their
ownership Of stock. and that such laws
require that the circulating notes there
of shall constitute a first len upon all
the assets OF the bank and also that
such laws require such bank to keep on
deposit at all times. with an Official Of
the state authorized by law 10 receive
and hold the same. "A guarantee fund
as required IN the fourth paragraph Of
this section, they shall issue 70 this
bank a certificate to that effect. There
upon said bank may issue its notes as
provided in this act, and thereafter the
tax o. 10 per cent. here etofOrc imposed
by law upon the circulation Of notes Of
state banks hail not be assessed or COL
iec;cd upon the notes Of such bank un-
less il appears that such bank has issu-
ei circulating notes Ia excess of IS per
cent. of rs pa3d-up and unimpaired cap
ital. or that Its capital is impaired ana
has remaincd so for thirty DAYS. or that
the bank has not kent ca deposit with
the stale official authorized by law to
re Give a-d aold ;he SAM, tae guarantee
fund as required - tne fourth para
graph OF th.s section. or that said hank
has not promptly redeemed its notes
ia lawful money at pa-. on demand. AZ
its principal office or al one or more Of
its branch Offices: aud that no person
or corporation. or bank Issuing such
notes ia violation Of the provisions of
this act shall be aabie 10 the tax Of 10
per cent. upon the circulating notes OF
state banks As n1w provided 10y law
Most of section II is Rev ard is as fol-
lows: "Sec. H. T1zt any banking asso-
ciatioa organized under The laws OF any
stgte may deposit vish the treasurer
legal tender uotes aud receive ccrtid-
Gates therefor. IN the manner. provided
r. section 1898 of the revised statutes Of
the United states. and the secretary of
The treasury may. under proper rules
ard regulations - he established by
him. permit such hanks TO procure and
use. ia the preparation of thelr notes
the distinctive paper used in printing
United States securities: but no state
hank sfeb print or eaSr2ve - notes
in sTi,tuda t. a Unite states mote or
ce-t5a-1te ov national baalc rote"
Chai-nan Springer. of TIE h,use com
Tnlgeee On banking an3 currency. said to-
DAY THAT he believed the Carlisle currency
biI VII aave safe ma 8srlty in TIE heuse.
although 10 canvass hes been made. Mr.