St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-02-01
dents message "se,s forth clearly and

dents message "setS forth clearly and
forcibly the reasons for the passage of
this BILL" Your committee could add
nothing in facts or argument which
would better portray the existing con-
dlti0n of our financial affairs or more
clearly demonstrate the necessity for
prompt and patriotic action OH the
part Of congress to secure the needed
relief"
After relating the amendments which
are recommended the report adds: "The
extraordinary condition to which the
president has referred in his message
and the necessity for immediate action
in view of the early adjournmento Of this
congress have constrained your commit
tee to concur in reporting the bill With
the proposed amendments to the house
for its consideration" The Democrats
of the committee who voted yesterday
against reporting the administration
bill Halt. of Missouri; Cox, of Tennes-
see, and Black, of Georgia-will report
a substitute based upon the Carlisle
currency bill.
The Minority Bill
repeals the law requiring deposit OF
bonds as gold basis for the issue of
national banks. and allows in its stead q
deposit by banks hereafter organized
of legal tenders or treasury notes to the
amount of 80 per cent of their circula-
ton. A tax of one-half of l per cent on
circulation is fixed and national banks
are required to redeem their own notes
at par.
Section S provides for the safety
fund of per cent, to be used for the
final redemption of failed national bank
notes.
Section authorizes the secretary OF
the treasury to invest any money III
safety funds in United States bands.
Section z. every national bank at
present organized may withdra" Its
bonds and take out circulation under
this act.
Section S repeals section Q and as
much of section IL of the act OF July II,
1862, as directs the secretary OF the
treasury to receive deposits OF gold ana
to issue certificates of gold thereon. ana
also repeats section 81, OF the act nt
June 3. 1864, and sections 5l9l and 5l92
of the Revised Statutes. Then provides
that no bank organized under this act
shall be allowed to contract volume OF
it's currency without the consent OF the
secretary of the treasury or the state
officers empowered to pass upon sueh
matters.
Section provides for the retirement
of legal tenders and treasury notes or
less than SO. and section 10 requires
banks to keep not less than half OF
their reserve in legal tenders or treas>
urv notes.
Section II provides that whenever
there shall be received in tho treasury
of the United States any legal tender
notes or treasury notes Of less denomi-
nation than $40. the same shall be can
eeled and silver dollars and silver GER
tifieates OF like denominations shall be
issued in amounts equivalent 10 Sucn
notes Cancelled, and, in order to put the
provisions of that section into edect,
the secretary of the treasury is required
to coin the silver bullion in the treasury,
and in advance OF coinage to issue Ger.
tificateS OH the bullion.
Section 12 authorizes the secretary OF
the treasury torequife any part OF the
customs duties or duties on imports tC
be paid in United States legal tender
notes or treasury notes. 7I-7e
Section IS authorizes a bond issue
under the act of Jan. IA. 1875. to protect
the reserve.
Section IA has the Carlisle provisions
in regard to state banks. but exempting
from the 10 per cent tax only notes OF a
denomination above $40.
Section ID authorizes the banking as
sociations to have all their money made
OIL the same kind OF paper.