The Red Cloud chief., 1897-12-10
TO II BANKS.

"First. Permit national banks To 10
organized with n minimum capital Of
s25, oOo in any place having "A popula.
ton Of 1000 inha bitants or less.
Second. Reduce the rate Of taxa
ton OH circulating notes secured by
deposit Of bonds to oDc-half of / per
cent per annum.
Third. Permit banks now organ.
lied or hereafter organized to issue
circulating notes 10 the par value of
the ~refunding bonds herein eforc
suggested, when deposited bv them
with the treasurer OF the United
States: and, further, allow such banks
as shall avail themselves of the oppor-
tunity to deposit us security with the
treasury Of the United States, green
backs, treasury notes. or silver certif.
Gates to the total amount of goo, O00..
600, against which there shall at
once bc issued to them by the comp.
troller OF the currency national bank
notes Ia an equal amount. it being
further provided that from time 10
time, ut his convenience, tho secretary
OF the treasury slul! substitute for
the grocnbacks, treasury notes, and
silver certificates so deposited to SC.
cure circulation, bonds of the same
class and character as the rcfunding
bonds first named to the amount of
5000, 900, 900, such bonds TO he charge.
able to said banks and by them ac-
counted for at such price mot less than
par as the market quotations may in
dictate tn be their fair market value.
During the period OF time Intervening
between the deposit of grccnbacks,
treasury notes, and silver certificates
and tho substitution of the bonds by
the secretary of the treasury the cir
cuiating notes specifically issued
therefor shall be exempt from taxa.
ton. Upon such substitution Of
bonds the funds released thereby shall
at once be transferred by the secrc-
tary of the treasury to the issue and
redemption division.
NOTES WITHOUT SECURITY.
Fourth. After said banks have dc.
posted such bonds, grcenbacks, treas.
ury notes, or silver certificates to the
amount Of 80 per cent of their capital
they shall be permitted TO issue bank
notes In addition to the 80 per cent
thus provided. TO the extent of IS per
cent OF such deposit, which said 30 per
cent may be unsecured by any direct
pledge of security but issued against
the assets OF the bank.
Fifth. Extend the guaranty Of
payment 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 its
guaranty . tax Of . per rent per an
nun on unsecured circulation shall be
levied to create n safety fund, which
shall be invested by the Secretary OF
the Treasury and the comptroller of
the currency in government bonds.
In addition Ia such funds the govern.
ment shall be further protected by
having q first lien upon ali assets in
case Of failure OF tho issuing bank.
"Scventh-All notes shall be re-
deemed in the city Of New York at the
subtreasnry, and ut such other sub.
treasures as may be designated by the
comptroller OF the currency, with the
approval of tho secretary of the treas.
ury. Tho control Of such redemption
shall nc under the direction OF the
comptroller of the currency and made
from "a redemption fund of 10 per cen
TO be provided and maintained by the
banks.
OBSERVATION-DISCLOSURES the issue of ma.
Z Iona HAL -. IL.
of $40 and upward.
FINANCIAL STATEMENT.
The receipts for the last fiscal year
were $3.50, 3s7, it7. 80 and the expendi.
lures were Sis, 052, 1874 more than
tho receipts. The estimated receipts
for the fiscal year ending June /, 1895,
are 44lh millions and tho cxpcndi-
lures 460li millions. The estimated
receipts for the fiscal year 1899 arc
4s2k million dollars and the estimated
expenditures 5oils million dollars
TARIFF LAWS OPERATION.
Respecting the operation Of the new
tariff law the report says:
The tariff act Of July q, 1897, en-.
titled An act to provide rcvenac for
/, the government and to encourage the
industries OF tho United States has
! not been in force long enough to de-
termine fully its merits, but it Is con
! tidently believed that when in ful
D operation 1t will afford ample revenue
for the ordinary needs Of tho govern
mcDt, while adequately protecting
: M manufacturing and agriculture
J interests.
Owing to the heavy importation
which were made in anticipation o.
the passage of the measure the Gus
: toms revenues received during tn
= first three months of the operation o
r the act have been diminished, and ar,
not an indication of the revenue whicl
r the law will produce when importa
u lions are normal.
'Our home industries have already
falt tba stinplattn. a, Tya,t ~ Oh. l,u,