The times. [volume] (Richmond, Va.) 1890-1903, 1894-12-22
PRICE TWO CENTS:
THE SUBSTITUTE BILL.
THE SERIES or AMENDMENTS TO
TIE CURRENCY MEASURE
sprinGer-The Most Important
Changes.

WASHINGTON, Dec. 2l.-Mr Springer
OF Illinois. at late hour this afternoon
laid before the House a substitute for
the pending currency bill. II consists OK
the amendments which have been agreed
upon by the Democratic members OF the
committee, others that were suggested by
Secretary Carlisle, the author OF the bill,
that las been under consideration all the
Carlisle bill which 1t has been deemed
advisable to retain. After laying the sub
stitute bctCre the House Air. Springer
briefly explained the importent cnanges
made In the Carlisle ana their effect as
follows:
First. Permitting the deposit OF cur
9l3 OF the Revised Statutes, TO secure
circulation, as we'll as the deposit OF legal
tender notes actually held IN the Treas
nry. ana he he effect OF dePositins eerti,i-
as to require the deposit OF notes.
as to permit State banks to deposit legal
tender notes and procure these currency
certificates In the same manner that
national banks are now permitted 10 do
so.
NO ASSESSMENT.
Third. Dispensing with the provision
which authorizes an assessment upon the
national banks 10 r,eplenish the safety
fund for the redemption OF the notes OF
failed banks, and. in place OF this pro-
vision. insert one providing that the col
lection of the one.fourth of cent tax
for each ha 4 year shall be resumed when
the safety fund il impaired and continued
until the safety fund is restored.
Fourth Authorizing the Comptroller
OF the Currency instead OF the banks
themselves, 10 designate the agencies
with which national bank notes shall
be redeemed. The effect OF this Will be
10 secure the redemption not only at
the office OF the bank, but other places
accessible TO note holders.
h.. t-i IN fsfaFxa
pelling existing national banks 70 with
draw their bonds now on deposit, and
take out circulation under the new sys-
tenn. and In lieu OF that provision insert
one permitting the banks to Withdraw
their bonds II they see proper TO do so, BY
depositng lawful money, as now provided
by law, and then TO take out circulation
under the new system If they choose to
do SO.
Sixth. Providing that the notes OF
failed national banks. which are redeem
ed On demand al the office OF the Treas
urer OF the United States or an assis-
tant treasurer of the United States. shall
bear interest at the rate of six per cent.
per annum from the date OF the suspen-
sion OF the bank until thirty days after
public notice has been given that funds
are on hand for their redemption.
RELIEVING THE TREASURY.
This imposes no obligation on the part
of the United States to use It's own funds
for the redemptions, as the safety fund
Is I'm the hands or the treasurer. and he
will redeem notes ont OF that fund.
II is not necessary TO repeal the re-
pealng clause in section as reconstruct
cd, because section |. as proposed TO be
amended. repeals all bond requirements
as to banks. taking out circulation under
the proposed bill; nor is IL necessary ~
section TO set out how the notes OF
existing banks shall be redeemed. when
lawful money has been deposited, because
the present law provides for all that.
In regard to the provision making
the notes Of failed banks bear interest,
il is absolutely necessary TO require their
presentation at some place before they
begin to bear interest. Otherwise u
is impossible to frame a clause which
would not make all Of his noIes bear
interest from the date OF suspension,
even though there might be funds on
hand to pay them. There are ten sub
treasures in the United States. and
there will be no difficulty in presenting
the notes II the holder OF them has any
doubt about their immediate redemption.
and thus make them bear interest.