The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-12-22
AN AMENDED CARLISLE BILL.
A Synopsis Of the Substitute for the
Bill Now Before the House.

Washington. Dec. I.-Representative
springer Of Illinois. at a late hour this
afternoon, laid before the House q sub
sutute for the pending currency bill. II
consists Of the amendments which have
been agreed upon by the democratic mem
bers Of the committee. or that were sue-
gested by Secretary Carlisle. the author
OF the bill that has been under consldera-
tion all the week. as well as certain feat
ures Of the Carlisle bill which II has been
deemed advisable 10 retain. After laying
the substitute before the House. Mr.
Springer briefly explained the important
changes made in the Carlisle bill and
their effect as follows.
J. Permitting the deposit of currency
certificates issued under section 5Ig3 OF
the revised statutes to secure circulation
as well as the deposit Of legal tender notes
actually held IN the treasury. and the
effect of depositing certificates. Is there
lore the same precisely as to require the
deposit Of notes.
2. So amending the present law as to
permit state banks TO deposit legal tender
notes and procure these currency ccrtn-
Gates In the same manner that national
banks are now permitted 20 do.
3. Dispensing with the provision which
authorizes an assessment on the national
banks TO replenish the safety fund for the
redemption OF the notes OF the failed
banks and, in place of this provision. in
sert one providing that the collection Of
the one-fourth Of cent tax for each half
year shall be resumed when the safety
fund is impaired and continued until the
safety FUND Is restored.
4. Authorizing the controller OF the cur
rency, instead of the banks, TO designate
the agencies at which national bank notes
shall be redeemed.
The effect Of this will be TO secure the
redemption not only az the Office of the
bank, but other places accessible to note
holders.
5. Dispense with the provision coInpeli-
ing existing national banks to withdraw
their bonds now on deposit ana take
out circulation under the new system
and In lieu of that provision insert one
permitting the banks 10 withdraw their
bonds, II they see proper to do So by
depositing lawful money as now provided
by law and then TO take out circulation
DO SO.
6. Providing that the notes Of failed
national banks which are not redeemed
on demand at the Office OF the treasurer
or the United states or an assistant
treasurer of the United States shall bear
interest at the rate Of 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 arc on
hand for their redemption.
This imposes no obligation on the part
of the United States TO use it's own funds
for the redemption, as the safety fund
Is In the hands OF the treasurer and ne
VIII redeem notes out OF that fund.
II ~ lvt nttfHSdIg 10 repeat the repeal
ing clause in section Z as reconstructed
because section 4, as proposed to be
amended, repealS all bond requirements
as to banks taking out circulation under
the proposed bill; nor is II necessary in
section 10 set out how the notes of eN-
isting banks shall be redeemed, when law
ful money has been deposited, because
the present law provides for all that
Ia regard to the provision making the
notes of failed banks bear interest. II
IS absolutely necessary to require their
presentation at some place before they
begin to bear interest, otherwise Il
Is impossible to frame clause which
would not make all OF these notes bear
interest from the date Of suspension
even though there might be funds on
hand to pay them There are ten sub
treasures in the United States, and there
VIII be no difficulty In presenting the
notes If the holder Of them has any doubt
about their immediate redemption, and
thus make them bear interest