The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1894-12-22

That Used in Printing United states Ger
tiRcntcs, but Must Not Initiate Them Nor ,
National Bank Notes.
WAsHiNGToN, Dec 22.-Aftor confer |
ences between the Democratic members of !
the house committee on banking and cur |
rency, and with the approval of the secre-
tary Of the treasury, Mr. Springer yestor- |
day introduced substitute for the Car |
Isle currency bill. 1t is substantially |
new measure, although some Of the sec |
tiOns Of the original measure are retained !
in the new bill. The new bill is as follows: |
Section 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 |
ing associations or as require such assO-
ciaUious TO deposit, or keep on deposit,
United States bonds for any purpose cX-
ccpt as security for public money be, and
the Same are hereby repealed as to nsso.
Ciatjuus taking out circulation under this
act, and suCh notes shall not contain the
statement chat they are SO secured.
Section is changed SO that banks can
not only deposit legal tenders to secure
circulation, but also currency certificates
| issued under section 5,l83 of the revised
| statutes of the United States.
| Section is retained entire, except that
its provisions are restricted to apply to
national 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 redeemed
In Section provision is made for keep
| ing up the safety fund, and in addition to
the terms of the original bill it is pro
vided that the collection of said tax of
one cfOurth Of per cent. for each half year
| shall be resumed and continued until the
said fund is restored to an amount equal
| to per cent. upon the total circulation
outstanding. All circulating notes of
failed national banking firms shall bear
interest at the rate of g per cent. per an
mum from the date Of the suspension of
the bank until thirty days after public
notice has been given that funds are on
hand for their redemption, and such nOCes
shall constitute first lien upon all mon
eys thereafter received into the safety
fund
| Section g. allowing the secretary of the
treasury to invest money in the safety
fund in bonds, is the same as in the orig
inal bill.
Section is entirely new, and takes the
|
mated The new section is as follows
That every national banking association
heretofore organized and having bonds ON
deposit to secure circulation may with
draw such bonds upon the deposit OF law
full money Of the United States, now pro
vided by law, and thereafter such associa-
ton may take out circulation under this
act and be entitled Co all the rights, privi-
lGges and immunitcs herein contained.
Section specifics chat the portion Of the
national banking acU to be repealed is linn
tied to SO much of Section II ''as directs
the secretary OF the treasury to receive de
posits of gold to issue certificates thereon.
section 8 is substantially the same as in
the original bill.
Section 10, providing for state banks, i,
| also the same as in the original bill, except
that in the restrictions on staUe banks ,
new provision is made that the guaranty
fund maintained by them may include
currency certificates issued under Section
5,lg3 of the revised statutes"
An entire new provision is added rs tC
state banks, as follows:
whenever the secretary of the treasury
and the comptroller Of the currency shall
be satisfied that any banking corporation
duly organized under the laws of any
|
banking business, as provided in this sec
! ton, has been incorporated under the law,
of the state in which it is located whicf
laws require that the stockholders shall
individually liable for the redemption ul
its circulating notes to the full extent Of
| their ownership of stock, and that sucL
laws require that the circulating notes
| thereof shall constitute first lien upOT
|, all the assets of the bank and also that
| such laws require such bank to keep OF
deposit at all times with an official of thO
state authorized by law to receive auC
hold the same u guarantee fund, they shal
issue to said bank "a certificate to tha
| effect. ThereupOn said bank may issue IT,
notes as provided in this act, and there
after the tax Of 10 per cent heretofore i'm
posed by law upon the circulation of tn,
| notes of state banks shall not be assessed
or collected upon the notes of such Danl
unless it appears that said bank has issueI
circulating notes in excess Of 70 per cent
OF its paid up and unimpaired capital o.
that it's capital is impaired and has re
u mained so for thirty days. No person o.
corporation other than the bank issuing
such notes in violation Of the provisions o
this act shall be liable to tax OF 10 pc
cent. upon the circulating notes Of stat,
banks"
Most Of Section II is new, and is as fol
lows:
. Amy banking association organized un
+ der the laws of any state may deposit will
the treasurer of the United States lega
tender notes and receive certificates there
/. for, in the manner provided in Section 3, 80
of the revised statutes Of the UniteC
States, and the secretary of the treasury
may, under proper rules and regulation
- to be established by him, permit sucI
banks to procure and use in the prepara
tion of their notes the distinctive pape
- used in printing United States securities
but no state bank shall print or engrav
its notes in similitude of a United State
note or certificate, or national bank note.
A squAw and Her Child Murdered.
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