The Portland daily press., 1897-12-08

First. Permit Dational banks to be Or
gained with minimum capital of $685.
600 in any place having population of
1900 Inhabitants or less.
Second. Reduce the rate of taxation
on circulating notes secured by deposi; o.
ponos TO one-half of l per cent per AM
mum.
Third. Permit banks now organized
or hereafter organized, to issue circulat-
Ing notes to the par value of the refund
ing bonds hereinbefore suggested when
deposited by them with the Treasurer OF
the United States; and, further, allow
such banks as shall avail themselves OF
the opportunity to deposit as security
with the Treasury of the United States
| greenbacks, Treasury notes. or silver
certificates to total amount of 5000, coo,
| 600, against which there shall at once be
| issued to them by the Comptroller of the
| Currency national bank notes to an
equal amount, it being further provided
that from time to time, at his convent
encs, the Secretary of the Treasury shall
substitute for the greenbacks, Treasury
| to secure circulation, bonds of the same
class and character as the refunding bonds
| first named of the amount of $780, DOC, 000,
| such bonds to be chargeable to said
nks and by them accounted for at such
nrics~ lnot less than par)sas the market
~ tatfons - ;,, indicate to be their fair
market value. DuTAns .ns s pelioa ~ VI ulnle
intervening between t ap s,I,,o, VI greea
backs, Treasury notes anG~x The honde
Gates and the substitution ORE tho ~.
by the Secretary of the Treasury Oho -s vi.
culating notes specifically issued thgr. oio ~
shall be exempt from taxation. Upon
such substitution of bonds the funds re-
leased thereby shall at once be transferred
by the Secretary of the Treasury to the
Issue and Redemption Division.
Fourth. After said banks have depos-
sited such bonds, greenhacks. Treasury
notes. or silver certificates to the amount
be permitted to issue bank notes in addi-
ton to the 30 per cent thus nrovid d, to
the extent of 25 per cent of such de-
posits which said 20 per cent may be I'M
secured by any direct pledge of security,
but issued against the assets of the bank.
Fifth. Extend the guaranty OF pay
ment by the government to all circulating
notes of the bank whether issued against
deposited security or against assets.
Sixth. To secure the government
against loss, if any, attaching to it's
guaranty tax Of 2 per cont per annum
on unsecured circulation shall be levied
to create safety fund, which fund shall
be invested by the Secretary of the
Treasury and the Comptroller or the Cur
renoy in government bonds. In addition
to such funds the government shall be
further protected by having first lien
upon all assets in case of failure OF the is
suing bank.
Seventh. Ali notes shall be redeemed
in the city of New York at the sub treas
ury, and at such other sub-treasuries as
may be designated by the Comptroller of
the Currency with the approval of the
Secretary OF the Treasury. The control of
such redemption shall be under the di-
rection of the Comptroller of the Curren-
cy and made from a redemption fund of
10 per cent, to be provided and MAIN
tanned by the banks.
Eighth. Restrict the issue of national
bank notes to the denomination Of $40
and upward.