The Kinsley graphic. [volume] (Kinsley, Kan.) 1890-1940, 1894-01-12
sPR,NeER's CURRENCY BILL

SPRakGER'S CURRENCY BILL.
1t Should BE EntitIcd IAN Act to Legalize
the Spoliation Of the People of the
United States"
Representative Springer, chairman
Of the committee on banking and cur
rency, has prepared a national cur
rency bill. synopsis OF which is as fol-
lews:
First-Fer .ne creating Of ma tional currene7
cearittee to be composed Of the secretary Of
the treasury, the treasurer End the comptrol-
Ter, which shall be charged with the execution
OK the provieiohs of the act --------
5econd-Thi5 commission shall cause to be
printed at the bureau Of engraving and print.
ing national currency notes in sufficient guam l.
titles to meet the requirements Of the act,
which notes shall be legal tender in the pay
ment of all debts, public and private. except
where other wise stipulated and shall be re-
cefved for customs. taxes and all public dues.
They shall also be redeemable on deman !, in
ceiR, ct the treasury Of the United States or
eay sub treasury. and when so redeemed shall
be reissued. Such currency notes shall be
issued in the first instance to any bank or
banking association organized under the laws
Of the United States or any state or territory,
which is solvent and has capital stock actu-
ally paid up in ash Of at least 81, o., ppor the
deposit with the commission OF bonds such as
are required by the other provisions OF this
bank Ia excess Of its capital stock actually
paid in. -
Third-The bonds which may be received
shall be either the Bonds Of the United States
ui'Cn which notes may be issued to face value
thereon. or the bonds Of any state county, par
1sh or municipality having population OF not
less than 5000 and which bcrds have been for
two years at par In the market and the interest
on While h has never defaulted.
toarih-The national currency notes issued
under the provisions of the act are not subject
to the ID per cert tax imposed by law Of con-
gress on the circulating notes of state banks,
nor to any other tax By congress, except as
provided IN the act, nor are they subject TO
taxation ind r the laws Of the states: ana the
bonds deposited for their security are exempt
from taxation By the United States or by any
state or territory during the time they remain
on deposit Banks dcpositing other than ma
tional bonds may receive so per cent in circu-
lating notes on the par value of such bonds.
The u nfted States assumes all responsibility
Tor the redemption of the circulating notes and
the banks are not required to keep reserve
on that account The banks depositing ponds
must guarantee their pa ment, and all the
assets OF the bank are liable therefor. Strin-
gent provisions are inserted for enforcing the
liability OF banks to the United States and for
determining the safety of the securities depos-
tied
Fifth-Provision is made for securing elias
ITCHY Of the currency on the notes issued 10 the
amount OF one-half OF the capital stock, the
banks must pay tax of per centum per an
mum Ga an addition Il amoupr equal to d per
cent OF the stock, 2 per cent tax is impose
and on the remaining p per centum per
cent tax will be required. the object being 10
force the retirement OF notes which may he re-
dundant
Sixth-A just provision is made for retiring
redundant currency an it's cancellation
Seventh-The faith AMI credit of the United
States are pledged to the red mption in coin
demand OF the national currency notes, and a
reserve fund, in coin is provided equal to % per
cent OF the Outstanding notes The provision
Of the national banking law in reference to ey-
animation OF banks, to the counterfeiting
OF their notes and the criminal acts OF Off
GERS or agents or agents OF banks in connoc-
ton with This currency are made applicable to
the national currency notes. and provision is
also made for the reprintng of soiled or mutt
lated notes at the expense OF the United States
The national currency commission is required
to make annual reports TO congress.
Mr.. Springer explained the provisions
of this bill, and said:
The object which 1 have had in
view in framing the provisions of this
bill is to secure to the people of the
United States safe and elastic cur
rency, which shall be equal at all
times and under all circumstances to
the wants of trade and commerce, and
which currency shall be uniform in
value throughout the United States
and at all times maintained at par
by being convertible into coin on de-
mand.
THE national currency which would
be furnished under this bill would
have advantages over cur
rency which would be furnished
through the instrumentality Of
state banks. The notes would be easily
recognized and absolutely at par, and
distributed generally in every part of
the United States. They would be le-
gal tender in payment of debts and not
subject to local or material taxation ex-
cept as provided for in the bill If
there should be any redundancy in
such notes, they would be returned to
the United States and cancelled and
could not be issued in excess of the
wants of trade by reason of the fact
that they would at all times be con-
Fertible into coin on demand"
a careful reading of the above viii
reveal the fact that Mr.. Springer's
measure is the most devilish scheme of
spoliation and robbery that could we'll
have been eoncoeted. 1t is a di-
rect proposition that to the extent of
the volume issued of such national cur
rency, the bonded indebtedness of the
people shall draw anywhere from twice
to four times the rate of interest stipu-
lated in the bond. 1t contemplates the
practical illustration of the fact that
legislation can make it possible for one
to have his cake and eat it, too.
Consider the propositions involved.
Upon entirely untaxed bonds of the
United States states, counties cities
and towns, any banking corporation,
national or state, upon the deposit or
hypothecation of such bonds, may re-
ceive national currency notes in an
amount equal to one-half their paid up
capital at cost of one per cent, while
continuing to draw the interest upon
the Hypothetical bonds, which are eX-
empt from all taxation. Having been
thus paid by the people the face value
of their United States bonds and ninety
per cent. of any other bonds, these
banking cormorants are to be per-
mitted to loan to the people the money
thus obtained from the people, charg-
ing "all the traffic will bear
The currency notes thus provided
for, are to be redeemable in coin, and,
when SO redeemed, may be reissued.
They are. redeemable by the govern
ment at it's treasury and, taught by
bitter experience, we may be sure that