The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1894-11-19


emergency circulation -
.'Sec. 8. The tax of one-half Of per cent
per annum upon the average amount Oh e.i
culation outstanding shall be pala 10 lIe
treasurer of the United States as ile"ii
of revenue out of which the expenses OF
the office of the comptroller of the currency,
the printing of circulating notes, etc. shdi
be betrayed
THE excess over one-half of per cent OF
the tax imposed upon the emergency CIR
culation' shall be paid into the 'suarah-
tee fund.- referred to in Section D.
"Sec. f. The banks issuing circulation
shall deposit and maintain with the treas
urer of the United States redemption
fund equal to per cent of their aVerdse
outstanding circulation, as provided Ior
under the existing law.
Sec. s. The redemption Of the notes OF all
banks, solvent or insolvent, to be naue dS
provided for by the existing law
Sec. c. Create a guarantee fund through
the deposit by each bank OF per cent
upon the amount of circulation received the
first year. Thereafter impose tax OF one
half Of per cent upon the average amount
of outstanding circulation, the same 10 De
paid into this fund until it shall equal
per cent of the entire circulation outStand-
ing, when the collection of such tax shaIl
be suspended, to be resumed whenever the
comptroller OF the currency shall deem II
necessary.
1.-The notes of insolvent banks shall be
redeemed by the treasurer of the United
States out of the guarantee fund, if il shall
be sufficient, and, if not sufficient, then out
of any money in the treasury, the same
TO be reimbursed to the treasury out of
the guarantee fund, when replenished,
either from the assets of the failed banks
or from the tax aforesaid.
National banking associations organized
after this plan shall have gone into opera
ton may receive circulation from the comp
troller of the currency, upon paying into
the guarantee fund a sum bearing the ratio
to the circulation, applied for and allowed,
that the guarantee fund bears TO the total
circulation outstanding. and to be subject
to the tax of one-half of 1 per cent per
annum, as called for by the treasurer Of
the United States for the creation and
maintenance of this fund.
"No association or individual shall have
any claim upon any part of the money in
said guarantee fund, except for the re-
demption of the circulating notes of any
insovent national banking association.
Any surplus or residue of said guarantee
fund which may be hereafter ascertained
or determined by law shall inure to the
bencnt of the United States.
Sec. T. The government shall have
prior lien upon the assets OF each failed
bank and upon the liability of sharehold-
withdrawn from the guarantee fund for
the redemption of it's circulation, not to eT-
ceed. however, the amount of the failed
banks outstanding circulation after de-
Quoting the sum to its credit in the re-
demption fund (section A. already in the
hands Of the treasurer OF the United
States.
"Sec. s. Circulation can be retired by
bank at any time, upon depositing with the
treasurer of The United States lawful
money in amount equal to the sum desired
to be withdrawn, and, Immediately upon
such deposit the tax indicated in sections
., and shah cease upon the circulation
retired
"Sec. 9. In the event OF the winding up of
the business Of a bank by reason Of in
soyency or otherwise, the treasurer Of
the United States, with the concurrence Of
the comptroller of the currency, may, on the
application OF the directors, or OF the
Hquidator, receiver, assignee, or ether prop
er official, and upon being satisfied that
proper arrangements have heen made for
the payment OF the notes Of the bank and
any tax due thereon, pay over To such d.
rectors liquidator. receiver assignee, or
other proper official the amount at the
credit Of the bank in the redemption fund
indicated in section T."
A Flexible Currency.
The presidents advisers hold that the
special merit OF the scheme is that Il VIII
provide a currency which Wlll De SduSJd
by tho needs Of the country. II can eX-
pand with demand and contract with the
removal Of pressure. But the president
and his advisers have not adopted this
Baltimore plan entirely. There are other
propositions and amendments 10 it, with
which his message to congress VIII deal
The plan is said 70 be almost hatched in
its entirety. MIR. Cleveland under pres
sure and advice, is said 10 think it might
be wise to advise congress 10 retire all
legal tender notes and to allow the banks
20 DO all the banking OF the country, Jhe
banks to be allowed to issue circulating
notes according 70 their capital and sur
plus Further. the plan provides that IN
retiring all United States and treasury
nolcg > per cent bonds be issued in lieu
Banks might take these bonds and issue
notes up TO their par value, depo5.tinS the
bonds as security, and Withdrawing the
same when they wished TO retire currency
But before Mr.. Cleveland concludes ms
message he Will have further conferences
with The New York bankers, uauer whose
advice ne is acting, and it may result n
changes OF the present plans. CERTAIN y
is that the bond issue is his entering wedge
to the una1c.al plan to watch hc will de-
vote mis- message 20 congress, practically
in its entirety f. ". BARRLEr
Analysis by the chief chemist of the
United states agricultural department
proves DR.. Prices Baking Powder TO %
superior in leavenjng strength ana purity
TO all other baking powders
MIR. CLEVELAND DENIES 1T.