Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1894-12-07

portion Of this communication that
the addition of one tenth of cent
per pound, laid upon sugar imported
from countries paying bounty on
its export be abrogated. 1t seems to
me that exceedingly important con-
siderations point to tho propriety OF
this amendment
The President endorses Secretary
Carlisle's idea providing for the issue
OF circulating notes by State banks
FREQ .SH'.n taxation under certain lin
itations. The following 10 brief
stat ement of the prominent features
at is proposed to repeal all laws
providing for deposit of United
Stntes bonds ar surety for circula
ton to permit national banks to is
sue circulating notes not exceeding
i'll amount Is per cent. of their puitl
up. and nnimpaired, capital provided
they deposit with the government rs
n guarantee fund in UAited States
legal tenner notes, including treas
ury notes of 1890. II sum equal in
amount to 80 per cent. OF the notes
they desire TO irsuc, this deposit to
ho maintained Mt ell times.
but whenever any bank retires
any pnrt of it's circulation n proper
tional part of its guarantee fund shall
be returned to it 10 permit the Sec
rotary OF the Treasury to prepare
an,l keep on hand ready for Issue in
case of an increase in circulation
blank national bank notes for each
, bank having circulation and to re penl
the provisions of the present law I'M
posing limitation aud restrictions
upon banks desiring to reduce their
circulntion-thus permitting such in.
crease OF reduction within the limit
of u per cent. of the capital to he
quickly made as emergencies are. In
addition to the guarantee fund re
CURED it is pror osed to provide II
snfety fund for tho immediate re
demption Of circulating notes of fail
ed banks by imposing small annual
tax, say ono half of one per cent up
Oh tho average circulation of encli
bank until the fund amounts to five
per cent. Of the total circulation out.
standing.
"When bank fails, its guarantee
fund is to be paid into this safety
find and it's notes are to be redeem.
ed i'll the first instance from such
safety fund. Thus augmented any
impairment of such fund caused
thersby to be made good from the
Immediately available cash assets of
said bunk, and if these should be in.
sufficient such impairment TO be made
good by pro rata assessments among
tue other banks, their contributions
constituting first lien upon the as
sets of the fniled bank in favor of the
contributing banks.
''As further security it is con.
templated that the existing provision
fixing the individual liability of stock
holders is to be retained and the
banks Indebtedness on account OF
the circulating notes is to be made a
first lien on all it's ASSETS. For the
purpose of meeting the expenses of
printing notes, official supervision
cancellation and other like charges,
there shall be imposed tax of say
one half of one per cent per annum
upon the average amount of notes in
circulation. 1t is further provided
that there shall be no national bapk
notes issued of less denomination
than ten dollars. That n rich ma
tiohal bank except in case of fail
cd bank, shall redeem or retire it's
notes in the first instance at its own
office or ut the agencies to be desig
mated by it and that no fixed reserve
need be maintained on account of
deposit.
"Another very important factor of
the plan is the exemption of State
banhs from taxation by the United
States in cases where it is shown to
the satisfaction of the Secretary OF
the Treasury and the comptroller OF
the currency by banks claiming such
exemption that they have not had
outstanding their circulation notes
exceeding rs por cent. of their paid
~, onl