The times. [volume] (Richmond, Va.) 1890-1903, 1895-01-31
THENEW BANKING BILL.
TO BE REPORTED TO THE HOUSE
NEUTRALITY-SUSPICIOUS..
s.ven Amepdm epts to Go Along with II.
Sections -Four and Five Eliminated.
The Rate.

WASHINGTON, Jan. 3O.-The admins
tration banking bill introduced by Mr..
Springer, of Illinois. on Monday last ana
to the consideration OF which the BANK
ing and Currency Committee has deVo'eu
the better part of two days. VIII De re-
ported 10 the House without recommends
ton on Friday of this week, Win V"e
amendm ants agreed upon. Inc dHe"u
ments are seven in number. Two clint
nate sections and of the BILL ana tn t
others are additions to II. me IdNol W"
which the measure was regarded py t"e
committee was evidenced by the vote OH
the proposition made at a late hour TINS
afternoon by Mr.. Cox, of Tennessee, 10
substitute the Carlisle bill, with the STATE
bank feature eliminated. as Il substitute
for the administration measure. or the
thirteen members present but iour-blacA
OF Georgia, Cobb OF Alabama, Cox or Ten
nessee and Hall Of Missouri-voted in the
affirmative
Still more emphatic was the protest
against the motion that the bill be re-
ported to the House with the recon-
mendation that It do not pass. But three
men bcrs-Cobb Of Alabama, Black OF
Georgia and Hall of MissOurl-supported
this motion.
The counter proposition that the bill be
reported for consideration without rec
concentration was carried, 10 10 3, the
latter votes being cast by Cobb (Ala),
Black (Ga.) and Hall (Mo)
If the House should amend the original
bill. as recommended by the Committee
on Banking and Currency, it would then.
in substance. provide as follows:
THE BILL As AMENDED.
Section THAT in order to enable the
Secretary Of the Treasury to procure and
maintain a sufficient gold reserve. and
TO redeem and retire United States leGal
tender notes and the Treasury
notes. he is authorized TO issue
and sell at not less than par in gold, eN-
ccpt as provided in Section ? of the act,
the United States registered or coupon
bonds in the denominations OF $50 and
$50 and multiples of said sums respective
ly. payable at the pleasure OF the United
States. after ten years from the date
of their issue, ard due fifty years after
date in gold coin OF the United states,
the present weight and iineness, and bear
ing interest at a rate not exceeding /"
Der cent. per dnnum, payable quarterly
I'm like coin, and such bonds and the III
terest thereon shall have like qualities
privileges and exemptions as the bohdS
issued under the act of July u, 1870 10
authorize the refunding Of the national
debt. Such bonds may be sold and de
livered I'm the United States ana else
where. as may be deemed most advanta-
geous 10 the interests OF the Government.
Section > That whenever any OAi'e'
States legal tender notes or treasury
notes shall be redeemed I'm gold they SnaH
be cancelled and not reissued. ana the
Secretary of the Treasury is authorized 10
receive United States legal tender notes
and Treasury notes in payment for any
of the bonds issued under the preceding
section of this act. and notes 80 received
shall be cancelled and not reissued' pro-
vided that the amount OF such notes
which may be cancelled shall not exceed
i'm the aggregate an amount equal 10 the
additional circulation taken out by the
national banks after the passage OF this
act.
Section 3. That hereafter national bank
ing associations may take out circulating
notes equal % the par value of the bonds
deposited. except on bonds bearing per
cent. interest only Ohere are only >2'.p",-
O9U worth of such bonds outstanding. And,
in lieu of all existing taxes on national
bank notes. they are 20 pay hencetor,h
unc-fOurth OF one per cent. per annum.