The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1894-12-29
THE PLAN.

A. Modified by the Banking and Currency
Committee, Presented by Chairman
epringer-PoInts of Differences Between
the Measure As Formulated by Secretary
Carlisle and the Amendments Proposed
by the Committee.
WASHINGTON, Dec. 22.-Mr. Springer.
Of Illinois, at a late hour yesterday at
ternoon, laid before the house a sub
stitute for the pending currency bill
1t consists of the amendments which
nave been agreed upon by the demo
cratic members of the committee; others
that were suggested by Secretary Ca.
Isle, the author of the bill that has
been under consideration all the week,
as well as certain features of the Car
Isle bill which it has been deemed adj
visable to retain. After laying the
substitute before the house, MI.
Springer briefly explained the impor-
tant changes made in the Carlisle bill
and their effect as follows:
First-Permitting the deposit OF cur
rency certificates issued under section
519S of the revised statutes, to secure
circulation as we'll as the deposits O
legal tender notes and treasury notes
These certificates represent legal ten
der notes actually held in the treasury,
and the effect of depositing certif-
Gates is. therefore, the same precisely
as to require the deposit of notes.
Second-So amending the present
law as to permit state banks to de-
post legal tender notes and procure
these currency certificates in the same
manner hat national banks are now
permitted to do so.
visions which authorize an assessment
upon the national banks to replenish
the safety fund tor the redemption of
the notes of failed banks, and, in place
of this provision, inserting one provid-
ing hat the collection of the one
fourth of a cent tax for each'half year
shall be resumed when the safety fund
is impaired, and continued until the
safety fund is restored.
Fourth-Authorizing the comptrolle-
of the currency instead of the banis
themselves, to designate the agencies
at which national bank notes shall be
redeemed. The effect of this will be
to secure the redemption not only at
the office of the bank, but at other
Ilaces accessible to noteholders-
Fifth-Dispense with the provisions
compelling existing national banks to
withdraw their bonds now on deposit
and take out circulation under the
new system, and in lieu of that pro-
vision insert one permitting the banks
to withdraw their bonds, if they see
proper to do so, by depositing lawful
money as now provided by law, and
then to take out circulation under the
new system if they choose to do so.
Sixth-Providing that the notes Of
failed national banks, which are not
redeemed on demand at the Office
! of the treasurer of the United States
or an assistant treasurer of the United
States, shall bear interest at the rate
of 6 per cent per annurn from the date
of the suspension of the bank until
thirty days after public notice has
been given hat funds are on hand for
their redemption.
This imposes no obligation upon the
part of the United States to use its
own funds for the redemptions, the
safety IuLu Is III Lnc nduuS Oh LIE
treasurer, and he will redeem notes out
of that fund.
1t is not necessary to repeat the re-
pealing clause in section : as recon
structed, because section 1, as prs-
posed to be amended. repeats all bond
requirements as to banks taking out
circulation under the proposed bill;
nor is it necessary in section Z to set
out how the notes of existing banks
shall be redeemed. when lawful money
has been deposited, because the pres
emit law provides for all that.
In regard to the provision making
the notes of failed banks bear inter
est, it is absolutely necessary to re-
quire their presentation at some place
before they begin to bear interest, 9TH
erwise it is impossible to frame n
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 ~subtreasuries in the
United States. and there will 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.