The Bryan daily eagle. (Bryan, Tex.) 1895-1898, 1898-03-24
NAV BANKING BILL.
The House subcOmmiiy..,R'yTrt to
the Full Comm ~
ANOTHER DIVISION MADE.
IL IL Division Of Issue aud Redemption.
National Reserve Notes 10 Be Issued
Tor Legal Tender silver Dol
lars Hedeemabie In Gold.

Washington, March 23.-The report
OF the Republican subcommittee TO the
house committee on banking and cur.
rency has been laid befure thsfull Re.
publican membership Of the committee.
This subcommittee was appointed q
month ago 20 report on the general bank.
ing aud currency measure. The bill
they reported is entitled, "a bill to pro-
vide Tor strengthening public credit
Tor the relief Of the United States treas.
ury, and for the amendment Of laws re.
lating to national banking associations. "
The method Of dealing with grconbacks
Is not by direct retirement, but by sub.
stitution Of legal tender notes. which
the banks are required to assume, and
for the redemption Of which they are
required TO find gold 50 long as they are
conducting business.
The principal provisions Of the bill
are as follows;
Division Of issue and redemption Is.
tablishcd In the treasury for which the
secretary OF the treasury Is authorized
to set aside general cash balances in ex.
cess Of s5O,OOO,OOO.
United States notes received by this
division FOR redemption In gold are to
b. cancelled aud retired In proportion
as certain substitute currency Is issued.
No note redeemed In gold will be again
paid out except under exceptional con.
ditiOns
National banks are required 20 assume
current redemption on United States
demand notes in order TO obtain circula.
tion based upon their commercial assets.
Now class notes, called national reserve
notes, 70 be- issued In lieu Of legal tender
notes deposited by banks with the treas.
ury and those reserve notes TO b. ~.
deemed upon demand by banks out u
the redemption fund which they are ~.
quired 10 maintain in gold. These re-.
serve notes are not treated In any m.
spect a. bank notes, because banks are
not liable for their ultimate redemption |
The basis Of the national hank note
circulation will be- the commercial as.
sets Of the banks, but this will he
reached only after series of years.
National hanks are 20 BE- permitted 10
issue currency notes upon their CONNER.
cial assets 10 the amount Of reserve
notes issued 10 them in rcturn for depos.
IT, OF United States notes. The trcasu.
~ notes issued under the act VI July IL,
1890, are 20 be- dealt with eventually ON
the same basis rs United States notes
National currency notes, based upon
collateral assets, arr 20 b. secured hy q
Danknote guaranty fund, made up by
! contribution In gold coin Of 3 pr
'ent OF the entire circulation Of the
lank, and provision Is made for the NJ.
,lenishment Of this fund within Ger.
ain limits
National reserve notes will continue
o be legal tender until received into tho
reasury from failed aud liquidating
anks, when liability for them will h.
ssumed by the government, and they
rill be- redeemed and cancelled.
Standard silver dollars 10 he redeemed
b gold, but silver certificates redeem. 4
bic only IN standard silver dollars. The
arity Of silver with gold Is secured by
be- gold redemption fund. Silver cor. l
Ihcates hereafter ara IN b. issued only
n denominations OF a. o., and a.. L..
al tender notes, reserve notes and cur.
ency notes 20 d. issued In dcnomina.
ions below slO National banks ~.
uired 10 pay tax Of n Of I per cent
emi-annullly on their capital, surplus
nd undivided profit.
National hanks arr permitted 10 es.
hb.ish hnnche. under regulations % BE-
rescribed by the secretary Of the treas.
ny.
Tho purpose and effect % the pro-
'osed bill, ~ SAYS the report, lis t0I
hrow upon national banks the entire
,urden Of finding gold Tor notes Of the