Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-12-12
HORACE WHITES NIL.
a synopsis of What the New Yorker
Desires.

Washington, dec. t.-Ihe following
Ia a synopsis OF tho bin presented 10
the banking and currency committee
by Horace White.
The FIRST section provides that no
banking association ahail be required
TO deposit United States bonds. either
as preliminary 10 tina commencement
OF banking business or for the security
OF circulating notes 70 be hereafter is
saed.
Section . provides that In lieu OF tho
deposit OF bonds such natlonal bank
ing association shall be cntitled TO re-
ceive circulating notes from the comp
trollcr to the amount Of - per cant
of its paid up, unimpairrd capital
upon paying 10 the treasurer OF the
lawful money to the amount OF ? per
cent OF such circulating notes and
thereafter q tax at the rate Of onc-half
OF per cent per annum upon the aver,
age amount Of Its circulation for the
year. The 1 per cent and proceeds OF
the tax are to constitute o guarantee
fund for the redemption OF notes OF In
solvent national Sanka and the tax Is
to be collected Until the fund amounts
90 not less than 9 per cent OF the entire
circulation issued This fund IA also
10 be IN addition OF the q per cent re-
demption fund now provided by law.
Section 3 provides that IN addition to
the amount OF the circulating notes
provided for, each association shah DO
entitled to receive from the
comptroller circulating notes 10
the amount OF e per cent OF
Its paid up, unimpaircd capital upon
paying to the treasurer per cent OF
such additional circulation and that the
tax of half OF per cent per annum
upon the average amount OF the same
outstanding and mn additional tax at
the rate OF per cent per annum on
the amount OF such additional clrcula-
tlon outstanding for the year. NIL OF
which sums arc to be n part OF the
guarantee fund.
Section is devoted 10 the insolvency
/ OF national banking association, and
/ II Is provided that when such fnsol-
/ vcncy shall be asccrtaincd IA the case
| OF any particular association It's out
standing circulation notes ahall be re-
/ deemed by the treasurer OF the United
4 States out OF the guarantee fund, II
that be sufficient ana II not sufficient
1 out OF any funds in the treasury.
After the loss on account or any par
| tlculnr failure has been made good
] TO the guarantee fund the United States
is first to be paid all advances made.
| Section T. Associations applying for
1 circulation after the first payments
into the guarantee fund shall have been
] may ftNtANt Circulating notes
from the comptroller upon paying Into
| the fund a sum bearing ratio to tho
circulation applied for and allowed
| which the guarantee fund bears TO the
total circulation outstanding.
Section provides that whenever
/ bank notos are issued 10 any associa-
| tlon under this act Il shall be the duty
OF the secretary OF the treasury To can.
eel legal tcnder United States notes
and treasury notes 10 the amount OF &
per cent OF the bank notes so issued.
! Section 10. Any association may re.
tire Its circulation or any part or II
at any time upon depositinK with In,
treasurer an amount equal to the sun
desired 10 be withdrawn.
| Section IL repeats section Of the act
| of July i2, 1882. and also the portion
OF the act OF June 20. 1874, which pro.
vldes that the nmount OF bonds on Dc.
| post for circulation shall not be re-
| duced below $4,000. and pruvides thai
/ any association heretofore organized
desiring TO withdraw its circulating
notes IN whole or In part may do &c
under the provisions Of the act OF june
20. 1874, modified as nbove Indicated.
Sections 4. &. s and II relate TO certain
minor routine matters