Barton County democrat. [volume] (Great Bend, Kan.) 1885-1915, 1894-01-04
sPRineER.s CURRENCY BILL.
Synopsis OF the Measure Which the Chair
man of the Committee Has Prepared.

synopsis OF tho Measure Which the Chair.
man of the Committee Has Prepared
WASHINGTON, Dec 30-Representa-
tive Springer. chairman of the commit
tee on banking and currency, has pre-
pared national currency bill the
synopsis of which is as follows:
First-For the creating Of . national eurren-
CT committee, to be composed Of the secretary
of the treasury. the treasurer and comptroller,
which shall be charged with the execution Of
the provisions of the act
Second This commission shall cause to be
printed at the bureau of engraving and print
ing national eufrency notes in sufhcfent guam
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 otherwise stipulated. and shall be re-
ceived for custom taxes and IL public dues
They shall also be redeemable on demand,
In coin, at the treasury OF the United States
or any sub.tre .sury, and when 80 redeemed
sh1n be reissusd. Such currency notos shall
be issued in the arst instance TO any bank or
banking association organized under the laws
OF the United Stats. or any state or territory.
which fs solvent and has capital stock actual
ly paid up in cash OF at least $4,000 upon the
deposit with he commission of bonds such as
are required by the other provisions of this
act Such notes shall not be issued to an
bank In excess Of its capital stock actually paid
up
Thtrd-The bonds which may DO received
shall be either the bonds of the United States,
upon which notes may be issued to the face
value thereof. or the bonds of any state. eoun.
ty, parish or municipality having population
of not less than s. 01U and which bonds have
been for two years at par in the market, and
the interest on which has never defaulted
Fourth-The national currency notcs issued
under the provisions of the act not subject
to the l. per cent tax imposed by law of con-
gress on the ctroula lug notes OF state banks.
nor to any other tax by congress, except as
provided In the act nor are they subject to tax
12. H.
bonds deposited for their security are ex-
empt from taxation By the United States
or by any state territory during the
time they remain deposit Banks
depositing other than national bonds
may receive 90 per cent in circulating notes on
the par value of such bonds. The Uni ed States
assumes all responsibility for the redemption
of the circulating notes and the banks are NOT
required to keep reserve that account
The banks depositing bonds must guarantee
their payment, and all the assets OF the bank
are liable therefor. Stringent provisions are
inserted for enforcing the liability OF banks to
the United States and for determining the
safety of the securities deposited
Fifth+Proyfsion Is made for securing
elasticftr Of the currency on the notes issued
to the amount Of one half OF the capital STOCK
the banks must pay tax OF per centum per
annum On an additional amount equal to Is
per cent of the stock, per cent tax Is i'm
posed, and on the remaining % per centum 4
per cent tax will be required, the object being
to force the retirement Of notes which may be
redundant
Sixth-A just provision is made for retiring
redundant currency and its cancel1ation
Seventh-The faith and the credit the
United States are pledged TO the redemption In
coin on de and Of the national currency notes,
and reserve fund. in coin, is provided equal
to 20 per cent OF the outstanding notes. The
provision of the natl mai banking law in ref
erence to examination of banks, to the
counterfeiting of their notes and the
criminal n ia of ka IN
connection with this currency are made ap-
plicsOle to the national currency notes and
provision is also made for the reprin ting of
soiled or mutilated notes at the expense OF the
United States. The national currency commits
sion is required to make annual reports to
congress