The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-01-09
THE CURRENCY BILL.
Text Of the Measure Now Pend
ing in the House
The AnMtnIsrRArlonsA SACK Off
Gives Hsv Lsss - Nasasnai Dxaks. Pre-
v5Ass xsu Dasas ee Cfyeulasisn snA
Rsstsrss sssss Bank Casrs.sy.


Be II enacted. That - much OF
all acts and parts OF acts as
require. or authorize. the de-
posls Of United States bonds TO secure
circulating notes issued by national
banking associations, or as require such
associations to deposit. or keep on de-
posit. United States bonds fer any pur-
pose except as security for public nson-
ey. be. and the same are hereby repeal
ed as to associations taking out circu-
lafion under this act: and such notes
shall not contain the statement that
they are 90 secured.
Sec. 2 That any national banking u.s.
sociatson organized as now provided by
law. and any national banking assCcia-
ton hereafter organized. may take out
circulating notes to an amount not ex-
ceeding Is per cent. OF its paid-up and
unimpaired capital. upon depositing with
the treasurer Of the United States cur
rency certificates issued under section
6iss OF the revised statutes OF the United
States, or United States legal tender
notes. including treasury notes issued
under the act approved July II. 1880. en-
Titled AN act directing the purchase OF
silver bullion and the issue of treasury
notes thereon, and for other purposes"
as guaranty fund equal TO 30 per cent
of the circulating notes applied for. The
association making such deposit shall be
entitled to receive from the comptroller
OF the currency circulatiuv notes In de-
nominations OF SO and nultipies thereof
in blank. registered and countersigned,
as provided by law. and all such notes
shall constitute, and are hereby declared
to be, first lien upon all the assets of
the association issuing the same. All cir
eulating notes furnished to national bank
Ing associations under this act shall be
uniform In design, but any association de-
string 10 redeem its circulating notes in
gold may have them made payable in
that coin; and the comptroller OF fhe
currency Is hereby authorized and d.
rccted to have prepared and keep on band.
ready for delivery on application. a re-
serve Of blank notes for each national
banking association having circulation.
but such reserve for each bank shall at
no time be In excess of the difference be-
tween the amount of Its notes then out
standing and the total amount which II is
BIZ this act authorized to receive.
Sec. 3. That In lieu OF al! existing taxes
each national banking association taxi
ing out circulation under this act shall
pay to the treasurer of the United States.
in the months of January and July OF
each year. duty of one-fourth of / per
cent. for each half year upon the aver
age amount OF Ats notes in circulation.
and in computing such average, ell notes
issued by such association aud not actu-
ally retired from circulation in the man
ner hereinafter provided shall be in
Guided
Sec. 4. That each national banking as
ISOLATION shall redeem ats notes at par
on presentation at its own Office and at
such agencies as may be designated for
that purpose by the comptroller OF the
currency, and whenever such association
desires to retire the whole or any part
OF its circulation the notes to be retired
shall be forwarded to the comptroller OF
the currency for cancellation, and there
upon a sum equal to so per cent. of such
cancelled notes shall be returned to the
association In lawful money OF the
United States. Defaced and mutilated
notes and notes otherwise unfit for cir
cuiation which have been redeemed by
any association may be returned TO the
comptroller Of the currency for destruc-
ton and reissue. as now provided by law.
Sec. :. That in order TO provide safe
fy fund fcz. the prompt redemption of the
circulating notes OF failed national bank
ing associations, each such association
now organized. or hereafter organized
and receiving circulation under this act,
shall pay TO the treasurer OF the United
States, In the months of January and
July in each year. a tax of one-fourth of
one per cent. for each half year upon
notes outstanding, 10 be computed as
herelnbefore provided. until the said fund
amounts to a sum equal to per cent.
upon the total amount OF such national
bank notes outstanding. and tssereupon
the collection OF said tax shall be sus-
pended Each association hereafter APP
plying for circulating notes shall. before
receiving the same, pay its pro rata share
Into the said fund: bat an association re-
firing or reducing its circulation shall not
oe entitled TO withdraw any part OF said
fund. When national banking associa-
ton becomes insaivent its guaranty fund
held on deposit shall be transferred TO
the safety fund heresa provided for. and
applied to the redemption OF Its out-
standing notes: and in case the said last
mentioned fund should at any time be i'm
paired by the redemption OF the notes OF
failed national banks. and the ;nfrle-
dIately available assets OF said banks are
not sufficient 70 reimburse it the coslec-
ton of said tax OF one-fourth of per
cent for each half year shall be resumed
and continued until the said fund is re-
stored to an amount equal 20 per ceat.
upon the total circulation outstanding.
All circulating notes OF failed national
hanks not redeemed on presentation 10
the treasurer OF the United States. or an
a assistant treasurer OF tho United States.
shall bear interest AZ the rate Of s Per
cent per annum from the date OF the
Suspension of she bank until thirty DAYS
after Public notice has been given that
fauds are on hand for their redemption.
anl such notes shall constitute FIRST lien
unon all moneys thereafter received Into
The safety fund.
Sec. s That the secretary OF the treas
ury may from time 30 time invest any
money belonging 10 the safety fund in
United states bonds. AMI the bonds 50
purchased. and tia interest accrulag
thereon, shall be bed as part OF the said
fgn3. Sssch so7ds rsay be scid when nee-
cesSsry and The proceeds used for the re-
sssmpiion OF the circulating notes Of
failed national banks.
Sac. 3 That every national banking as
ISOLATION heretofore organised and having
her<ss on deposit TO secure circulation
may withdraw ssseh bonds npon the de-
posls Of sawsal money Of the United
States. as row provided by Law. and
,AN-s. Fss- css@A asasnta 4&ar~ may -asra xssx+