The Coconino weekly sun., 1894-12-27
ANOTHER PLAN.
A Substitute for the Carlisle Our
 rency Bill Introduced.
IT IS INDORSED BY MIR. CARLISLE.
The BiiI Is Substantially Q New Measure Although Some of the Sections "e the Original Bill Are Re-
 tained in It.

ences between the democratic memb bers
 of the house committee on banking
 and currency, and with the approval of | the secretary of the treasury, MT.
 Springer yesterday introduced sub-
 stitute for the Carlisle currency bill.
 It is substantially a new measure,
 although some 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 paren-
 thesis. The first section is as follows:
 (a) That so much of all acts and parts of acts as require or authorize the deposit of United
 States bonds to secure circulating notes issued | by national bank associations Cor as require i such associations to deposit United States
 bonds for any purpose except as security for | public money) be. and the same hereby is re- | pealed Gas to the associations taking out cir culation under this acp; and such notes shall l not contain the statement that they are so | secured.
 Section 9 is changed so that banks cannot deposit legal tenders to secure circulation, but also (currencs certit- cates issued under section 5193 of the revised statutes of the United States). Section is retained entire, except that its provisions are restricted to ap- ply to national banking associations taking out circulation under this act" Section inserts ''the comptroller Of the currency" as the officer to desig- nate the place where notes are to be redeemed.
 In section provision is made for keeping up the safety fund and in addi- 1 tion to the terms of the original bill, it is provided that the collection of said tax of one-fourth of per cent. for each ] half year shall be resumed and contin- ued until the said fund is restored to an amount equal to 5 per cent. upon the total circulation outstanding. All circulation notes of failed national banks not redeemed on presentation to | the treasurer of the United States, shall bear interest at the rate of per cent. per annum from the date of the suspen- sion of the bank until thirty days after public notice has been given that funds are on hand for their redemption, and such notes shall constitute a first lien upon all moneys thereafter received in- to the safety fund.
 Section 6, allowing the secretary of the treasury to invest money in the safety fund in bonds, is the same as in the original bill.
 Section is entirely new and takes the place of section which has been eliminated. The new section is as fol- lows:
 That every national banking association heretofore organized and having bonds on de- posit to secure circulation may withdraw such bonds upon the deposit of lawful money of the 1 United States. now provided by law, and there after such association may take out circula- | ton under tf is act and be entitled to all the rights, privileges and immunities herein con- i ferred.
 Section specifies that the portion of the national banking act to be repealed is limited to so much of section l2 ''as directs the secretary of the treasury to receive. deposits of gold and to issue certificates thereon"
 Section 9 is substantially the same as in the original bill.
 Section 10, providing for state banks, is also the same as the original bill, except that in the restrictions on state banks q new provision is made that the guaranty fund maintained by them may include currency certificates is sued under section 5193 of the revised | statutes"
 An entire new provision is added to the state banks, as follows: Whenever the secretary of the treasury and | the comptroller of the currency shall be satis- | fled that any banking corporation duly organ ized under the laws of any state and which | transacts no other than a banking businesss | as provided by this section, has been incorpor- ated under the laws of the state in which 1t is located, which laws require that the stock holders shall be individually liable for the re- demption of it's circulating notes to the full ex- | tent of their ownership of stock and that such ! laws require that the circulating notes thereof | shall constitute first lien upon all the assets | of the bank, and also that such laws require such bank to keep on deposit at all times with | m official of the state authorized by law to | keep and hold the same, guarantee fund as required in the fourth paragraph of this sec- | tion. they shall issue to said bank certificate | to that effect
 Thereupon said bank may issue it's notes as | provided in this act, and thereafter the tax of | 10 per cent. heretofore imposed by law upon | the circulation Of the notes of state banks | shall not be assessed or collected upon the | notes of such bank unless it appears that said | bank has issued circulating notes in excess of 75 per cent of its paid up and unimpaired capital, or that it's capital is impaired and has | remained so for thirty days, or that the bank | has not kept on deposit with the state official | authorized by law to receive and hold the | same the guarantee fund as required in the fourth paragraph of this section, or that said | bank has not promptly redeemed it's notes in | lawful money at par on demand at its princi- | pal office or at one or more of it's branch | onlces if 1t has branch offices; and that no person or corporation other than the bank | issuing such notes in violation of the pro- | visions of this act shall be liable to the tax of | 10 per cent upon the circulating notes of state | banks as now provided by law.
 Most of section II is new and is as follows, the new portion being in pa renthesis:
 | (That any banking association organized under the laws of any state may deposit with | the treasurer of the United States legal tender | notes and receive certificates therefor in the | manner provided in section 4, ,193 of the Revised | Statutes of the United States and) the secre- | tary of tho treasury may under proper rules and regulations to be established by him, per- nit such banks to procure and use in tho | preparation of their notes the distinctive paper used in printing United States securities; but no state bank shall print or engrave it's notes | Ty.ft