The Bolivar bulletin. (Bolivar, Tenn.) 1888-1946, 1894-01-05
spRlNegR.s cuRaeNcY sILll..

Synopsis OF tine Measure Wiflelf the ChaHr.
man Of the Committee Has Prepared.
WASHINGTON, Dec aS0A Representa-
tive Springer, chairman of the commit
tee on banking and currency. has pre-
pared a national currency bill the
e5iiotJsie rf which is as follows. IS -
,a First-For the cr6aiil9 Of . Rational eufren.
cy committee, TO be composed 0f tue s8cfet taFy
Of the treasury. The treasurer and comptfoilef.
which shall be charged With the e1ecntion OF
the provisions Of the act - tttM -
! Second LThisP commission shan cause 20 be
printed at the bureau sof engraving aud print
ing national currency notes tn sufiGfent guam
titles to meet the reqUiremenis of the act,
which notes shall be legal tender in the pay
n1ent OF all debts public Ard private, except
where otherwise stipulated, and shalt be re-
ceived for custom ! taxes and an public dies
They shall also be redeemable. on demand,
In coin, at the treasury Of the United States
or any sub-treasury, and when so redeemed
shall be Teissoeds Such currency notes shall
ne issued I'm the hFst iastanee to any bank or
banking association organized under the laws
NJ the United States, or any state or territory,
which is solvent and has capital stock actuals
~ paid up In cash OF at least s25 900 upon tbs
deposit with he commission of bonds. such as
are required by the other provisions of this
act Such notes shall not be issued TO anv
bank in excess OF its capital stock actually paid
mp lzf.50..r i4sssss.is.- : ..st, s,.l sei af5g
Third-The bonds which may be received
shall be either the bonds Of the United States,
upon which notes may be issued 70 the face
value thereon, or the ponds of any state, coun
ty, parish or municipality having population
of not less than q 9oe and which bonds have
been for two years at par in the market, Rnd
the interest on which has never defaulted - q
Fourth-The national currency notes issued
Under tbs provisions Of the act are not subject
70 the 10 per cent tax imposed by law Of CON
P+zNm
nor to any other tax by congress, except a.
provided in the oct, nor are they subject TO tax
alton under the laws of the states; and the,
bonds deposited for their security are ;exT
empt9frous taxation By the United States
OF bye any state or esterrftory during the
depositng other than national bonds
Amay[recei1e 30 per cent in circulating notes on
1he par value of such bonds The United states
assuInes al res possibility for the redemption
of the .cfrcula ting notes and the banks are not
redptred CO. keep . reserve on that account
me banks deposftiRg bonds must guarantees
thar payment and al the asSe IS OF the bank
are, liable therefor. Stringent provisions are
for erfUrcipg the liability OF banks TO
me prfRa S tAtes and for determining the
safety Of the securities deposited
] EEfth4 Provision is made for securing
elasticity or the currency ON the notes issued
to the amount Of one, halt OF the capital stock.
the banks must pay a tax of per centuun per
aHndrn On an add1 ttonaI amount eqnai TO %
per cent OF the stock, per cent tax is inn
posed and on the remaining IS per centum a
per cent tax VIII be qnired, the OBJECT Being
to force the retirement pf notes which may be-
redundant vsid
Sixth-A just provision Is made for retiring
redundant currency aud its cancellation -
SeVenth-The faith and the credit o. the
United Statesiare pledged TO the redemption in
coin on de Dandio of the national enrrencF notes,
and q reserve fund, in coin, is, provided equal
70 20 per cent OF the outstanding notes. The
provision OF the national banking lsw In ref
erence to examination of banks, to the
counterfetting of their notes ,yand the
criminal acts OF officers or agents OF banks in
connection with this currency are made ap-
plicable to the national currency notes and
provision is also made for the Tsprfating OF
soiled or nautilated notes at the expense OF the
United States. The national currency cornmis-
sion is reQufEedzto make annual EeRorts to