Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-12-22
THE CURRENCY BILL.
SUBSTITUTE LAID BEFORE THE
HOUSE YESTERDAY AFTERNOON.
Explanation by Mr. Springer OF the
Changes It Makes In the Original
and Their Eject.

WASHINGTON. December H.-Mr.
Springer, OF Illinois. at late hour this
afternoon laid before the House substi-
tute for tho pending currency bill. 1t
consists OF the amendments which have
been agreed upon by the Democratic
members OF the committee; others that
were suggested by Secretary Carlisle, the
author of the bill that has been under
consideration all the week. and certain
features of the Carlisle bill which 1t has
been deemed advisable to retain. After
laying the substitute before the House,
Mr.. Springer briefly explained the impor-
tant changes made in the Carlisle bill.
and their effect. as follows:
!. Permitting the deposit Of currency
certificates issued under section 5l93 of the
well as the deposit Of legal-tender notes
actually held in the Treasury, and the
effect Of deposting certificates Is. there
fore. 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 certi-
ficates in the same manner that national
banks are now permitted to do so.
3. Dispensing with the provision which
authorizes an assessment upon the ma
tional banks TO replenish the safety-fund
for the redemption OF the notes OF failed
banks. and, In place Of this provision,
inserting one providing that the collection
OF the one-fourth of a cent tax for each
Ch n ~. Ia.
safety-fund is impaired and continued un-
I'll the safety-fund Is restored.
4. Authorizing the Comptroller of the
Currency, instead of the banks them
selves, 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 places accessible To
note-holders.
.. Dispensing with the provision COM
pelling existing national banks to with
draw their bonds now on deposit, and
take out circulation under the new sys-
tenn, and in lieu Of that provision insert
ing one permitting the banks to with
draw their bonds. If they see proper 10
do so, by depositing lawful money, as
now provided by law, and then to take
out circulation under the new system,
6. Providing that the notes OF failed
national banks which are redeemed on
demand at the Office of the Treasurer OF
the United States or an assistant trea-
surer Of the United States, shall bear in.
terest at the rate of per cent. per
annum from the date of the suspension
Of the bank until thirty days after pub
lie notice has been given that funds are
on hapd for their redemption This imposes
no obligation on the part OF tho United
States to use its own funds for the re-
dsmptions, as the safety fund is In the
hands OF the Treasurer and he will re-
deem notes out OF that fund.
1t IL not necessary 10 repeal the re-
pealIng clause In section T. as recon-
structed, because section 1, az proposed
to be amended, repeals all bond require
m6nts as To banks taking out circulation
under the proposed BILL nor is IT neces-
sary I'm section Z to set out how the notes
Of existing banks shall be redeemed
when lawful money has been deposited.
because the present law provides for all
that.
In regard to the provision making the
notes of failed banks bear interest, IT
H. absolutely necessary to require their
presentation at some place before they
begin 10 bear interest. Otherwise II Is
impossible 10 frame clause which would
not make all OF its notes bear interest
from the date of suspension. even though
there might be funds on hand to pay Tor
Them. There are ten srb-tresSurfes In TIE
United States. and there will be no diff
Guilty In presenting the notes II the holder
of them has any doubt about their i'm
mediate redemption. and thus make them
bear interest