The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1894-12-22
HAD TO RECAST II
CARLISLE BILL TAKEN APART AND
PUT TOGETHER AGAIN.
Bouds Not Receivable to Secure Cir
culation-Legal Tenders and. Cur
rency Certificates Acceptable-Ao-
diiionaI Safety Fund PROMISES
State Bank Tax to be Repealed.

Washington. Dec. 2l.-After con-
ference between the Democratic mem
hers of the house committee on oank-
ing and currency and with the approval
of the secretary of the treasury, MI
Springer today introduced a SUBSTITUTE
for the Carlisle currency bill IL IS
substantially a new measure, although
ton,e of the sections Of the original
measure are retained in the new bill.
The new bill is arranged so as to show
the new features in parenthesis. The
first section is as follows:
That SO much of all act and parts Of
acts as required, or authorize the de-
nosit of limited States bonds to secure
circulating notes issued by national
banking associations (or as require such
associations TO deposit or keep on de-
post United States bonds for any pur-
nose except as security for public
money! be and the same Is hereby re-
peaIed las to associations taxing OUT
circulation under this acD; and such
notes shall not contain the statement
that they were so secured.
Section is changed so that banks
ran not only deposit legal tenders TO
secure circulation, but also currency
certificate issued under section 5l55 OF
Of the revised statutes of the United
States -.
that it's provisions are restricted to ap-
,oI,- tn rational banking associations,
taking out circulation under this act
Section inserts the comptroller OF
the currency as the officer TO designate
the place where notes are TO be re-
deemed.
KEEPING Up SAFETY FUND.
In section five provision is made Tor
keeping up the safety fund. In add
ZION TO the terms of the original bill, 1t
IS provided that thecollection of said
1ay of one-fourth of one per cent Tor
each half year shall be resumed and
continued until the said fund is reStor-
ed to an amount equal 20 five per cent
alpon the total circulation outstanding
All circuia ton notes of failed banks
not redeemed on presentation TO the
treasurer of the United States, shall
hear interest at the rate of six per cent
,er annum from the date of the sus-
Dension of the bank until thirty after
public notice has been given that
funds are on hand for their redenp-
ton and such notes shall constitute a
first lien upon all moneys thereafter re-
ceiVed into the safety fund"
Section six allowing the secretary of
the treasury to invest money in the
safety fund in bonds, is the same as in
the original bill
Section seven is entirely new and
takes the place of a section which has
been eliminated. The new section is as
follows:
Section Z That every national bank
ing association heretofore organized
and having bonds on deposit to secure
circulation may withdraw such bonds
upon the deposit of lawful funds OF
the United States, now provided by
law. and therefore such association
may take out circulation under this
act and be entitled to all the rights,
privileges and immunities herein con-
ferred.
NATIONAL BANKING LAW.
Section specifies that the portion
of the national banking act TO be re-
pealed is limited to so much of section
IL as directs the secretary of the treas
ury to receive deposits and 10 issue
certificates thereon.
Section is substantially the same as
I'm the original bill.
Section 10 providing for state banks is
also in the same as in the original bill
except in the restrictions on state
banks new provision is made that the
guaranty fnud maintained by then
may include currency certificates is
Fued under section 5,l9S of the revised
statutes"
An entirely new provision is addeI
to the state banks as follows: When
ever the secretary of the treasury anC
the comptroller of the currency shall
be satisfied that any banking corpora
ton duly organized under the laws o
the state and which tranSaCtS no 9th
er business, as provided in this section
been Incorporated under the laws o
the state in which il is located, which
laws require that the stockholders shall
be individually liable for the redemption
of its circulating notes to the full eX
tent of their ownership of stock ant
that such laws require that the circu
lat3ng notes thereof shall constitute
first lien upon all the assets Of the banl
and also that such laws require sucl
bank 10 keep on deposit at all time
with an official of the state authorizes
by law to receive and hold the same,
guarantee fund as required in tn
fourth paragraph Of this section, the
shall issue to said bank a certificate {
that effect.
STATE BANK TAX REPEALED.
''Thereupon said bank may issue ii
notes as provided in this act. and there
after the tax of 10 per cent heretofor
imposed by law upon he circulation o
the notes of state banks shall not be as
sessed or collected upon the notes Q
snth bank unless ii appears that sal
bank has issued circulating notes i