Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1897-12-16

Ne~ ntv'.s-- % the Dspassuen, a, m.
s-o-rs~a 10 the wessuv. o,,. ra,,,.,
-S@s'i rswns msy Hs-s S...saai Bs...
20 sss,oco csrissi -sagxss,,sas - q.
Hssss. s.-s-aeKesns saa D~-. Nom,,.
.s-s ~ the rrs.,s-a.-xi.e.lI.n.o-,
S.vsefths Afssaesa.
Washington. Dec. is-serre,a,,
esge today submitted h.s fu,noi.I
b.h TO The hos-- committee on
banking and currency. \, is en-.
s .''Ie, - btli to provide for refund.
ing tae natl saal debt, establishing a
.eaempa.on fund, snd division Of IN,
'-.s and redemption in the treas.
dry of the United States, and 10
nudity existing laws respecting ma.
stonsl banks" I, provit,, Tor the
establishment ~ rirt % the treas
urer'sonice, - division % issue and
redemption, 10 which may be assigned
nnicr The regulations 10 be approved
~ the secretary, sll records, ac-
counts relating 10 issue, redemption.
exchange and the various classes OF
United States paper money also from
the general 'and 20 its books
.sa = redemption iunl silS.0oO, 900
gold and enough silver 10 equal the
silver certificates aud treasury notes
tsJed under the set % July IL, 1890
Outstanding when the act goes into
sHcrt. these sums % gold and silver
70 be increased or diminished there
after only In accordance with the
terms of this act AL paper money
presented shall be redcemed from
Tits fund, but such notes redeemed
shall not be Withdrawn or disbursed.
except In exchange for coin 10 which
they were originally redeemed. but
the secretary is authorized TO eS.
change said funds in this division
Tor any lands in the general fund Of
TIE treasury. provided there must
rever be outstanding pct notes or
certificates than there Is silver bul.
Ion and standard dollsrs in the
treasury.
Nstn ttorbes
The secretary Is authorized to ex.
change y per cent % the bonds for
1904 5's aud 1919 S per cent consuls.
The new bonds are redeemable At
the pleasure % the government after
10 years, payable, principal and in
,srest ia gold, and 10 be esemp, from
all taxation. These aud other United
States bonds are receivable by the
treasury a. security for national
bank circulation 10 par value thereof
Banks may deposit up 20 tae iull
amount ot their capital an issue
equal 20 the amount oi their own
notes. IL further provides that any
national bark may deposit bonds or
paper money n the amount OF no,
less than 50 per cent % Its own cspi.
tai. against which u may issue
a like amount % its own loies.
snd In addition. provided the total
toes not eNcecd its capital. the notes
IN amount 10 IS per cen, q such de.
posits. such additional notes 20 be n
hrst lien on the remaining assets %
the bank. To secure the govern.
ment agslust loss an anuesl tsx % 2
per cent on such extra circulation
In addition 10 ore-hali oi per cent
tsx on the circulation. is 20 be 10.
vested ia United states bonds and
held s saiety iutds National
banks ate required TO keep in the
United states treasury in lawial
money 10 per cent q its circulation
IN lieu ot the preseut per ecu, re-
dempticn funds. The bill fcrbids
the issue % uttional bark uo;es ci
less denom.rstiou than si0 and di
reefs the cancellation q all smsller
denominations outstanding ss isst IS
received BY tue treasury. The comp
troller is empowered 20 designate
subtrassur.es al which 'he govern.
mont will redeem national bank note
on presentation.
The bill allows The Organization OF
nstionsl banks with a cspitsl oi s25..
600 In towns cinot over .00l inhabi.
tants in the discrvtioa % the secre-
tiry % The treasury.