Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1895-01-02

nal by an engineer c0ut4sission, which
will report Mt the next congress.
Friends of the canal bill believe that ii
will become law Notwithstanding the
opposition that has developed.
Springcr's Substitute.
The following is the Springer sub
stitute for the Carlisle currency bill as
laid before the house:
l. Permitting the deposit of cur
rency certificates issued under section
5193 of the Revised Statutes, to se-
cure circulation, as well as tho deposit
of legal tender continually held in the
treasury, and the effect of depositing
certificates is, therefore, the same pre-
cisely 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 cur
rency certificates in the same manner
that national banks are now permitted
to do.
8. Dispensing with-the provision
which authorizes ,a1 assessment upon
the national banks to replenish the
safety fund fog the redemption of the
notes o-S ailed banks and, in place of
this provision, insert one providing
that the collection of the one-iourLh
OF q cent tax for each half year shall
he be -reSdmed when the safety fund is
impaired and continued until the
safety fund is restored.
4. Authorizing the comptroller of
the currency, instead of the banks
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 other places
accessible to note holders.
5. Dispense with the provision COM
polling existing national banks to with
draw their bonds not on deposit, and
take out circulation under the system,
and, in lieu of that provision, insert
one permitting the banks to withdraw
their bonds, if they see proper to do
SO, by depositing lawful money us now
provided by law, and then to take out
circulation under the new system, it
they choose to do so.
6, Providing thnt notes of failed
national banks which are not redeem
ed on demand at the choice of the
treasurer of the United States or an
assistant treasurer of the United States
shall bear interest at the ratc of 6 per
cent per aunnm from the date of the
suspension Of the bank until thirty
days after public notice has been given
that the funds are on hand for their re-
demption.
This imposes no obligation on the
part Of the United States to use its
own funds for the redemption, MS the
safety fund is in the hands of the
treasurer, md he will redeem notes
out of that fund.
1t is not necessary to repeat the re-
pealiNg clause in section 7, Us recon-
structed, because section l, as pro-
nosetl to he amended. repcals nll bond
requirements rs to banks taking out
under the proposed bill;
nor is it necessary in section 7 to set
out how the notes of existing banks
shall be redeemed when lawful money
Las been deposited, because the pres
ent law provides for all that.
II regard to the provision making
lhe notes of failed banks bear interest,
it is absolutely necessary to require
their presentation at some place be-
fore they begin to bear interest, other
wise it is impossible to frame clause
which would not make all OF these
notes bear interest from the dete of
'uspension though there might