Daily press. [volume] (Newport News, Va.) 1896-current, 1898-03-24
NEWPORT NEWS VA. THURSDAY MARCH 81 1895
BANKING ANb CURRENCY.
House Committee Discusses Proposed
Legisa tom This Session.
(ESv Telaeraph *

WASHINGTON, DC, March e.
The House committees on banking and
posed general currency legislation; for
this session. The report Of the SUBJ
committee appointed to dtaft the gen
e1al measure was made to the fun COM
nltttee by Representative AieCleary, of
Minnesota. It wasE read by sections,
and led to much discussion
The subcommittee took as their. basis
the TOUR bills introduced at this ses-
sion, known as the monetary commits
sion, Gage, walkers and Fowler bills,
measures, but did mot conf1ne them
selves To them. The blu is the result
or about six weeks Close conference OF
the subcommittee, who met most of the
time at the prdva te residence of mem
Der. a.. ~ lta5as3l
The bill is entftled@"a bin TO provide
for Strengthening ths.p.lbli rs.eiit, for
the relief of tie U1fgttd States treas
ury. and for the arri5E5siment of the laws
relating to national. banking, assocta-:
tons" $50 4sA5s 3 n zR
The method OF dealing with the green
backs is not by direct retirement, but
by the substitution sof "a iega, tender
note. which the ba INKS are required to
which they are required 20 find the
slid SO long as theysare conducting a
solvent business. The principal pto-5
visions of the bill are as -ollows:
is established in the treascry, for which
the secretary of the treasury is author
qzed to set aside tne%general cash bal
ance and in excess OF $50, 900. GOO. This
excess on March II, t1S9S. was $1T6.139,-
532. United States ns5tes received by
this division fc., redeinpti ZION IN gald are
70 be cam eiled and retired in proper
ton as certain substitute currency is
issued. No note redeemed in gold lis to
again be paid out except under excep-
ticnal conditions.
2 National banks are required to as
sure the es!rrent redemption OF United
States demand otrss!Sin order 10 Obtain
circulation based uItpn their CONNER
cial assets: A new Class Of notes, called
Ma ticnal Reserve Notes. is to be sss ued
in lieu of legal tender notes deposited
ihy the banks Wit. the treasury, and
these reserve notes. are to 0e redeemed
ulcn demand by theSaanks out of i he
redemption fund Mh.ch--tthey are re-
qufred to maintain inTgold.
g. The basis o .natIonal bank note
Circulation wiz eventually be the com
rnercial assets of the banks, but this
WIN be reached only .t a.tter a series. of
A. National banks are to be;petmitted
to issue currency notes upon Their COM
mercial assets to thesamount of the me-
serve notes issued to Them in ret Urn e1r
deposits of United States notes.
.. Treasury notes Issued under the act
eventually upon t 1i same bases as
United States notes.
s. A tax or TWO PA cent. is levied
upon clarllsncy notes Issued in excess of
sixty per- cent. of THE. capital of any
national bank, of sixper cent. when in
excess of so per cenfs g
Z. The national sussTenly notes based
Upon commercial assntsshre to be Sc.
cured by "a bank ptatei guaranty, and
made up by the c.oIh rib3rtion in gold
coin of five per cent of the entire CIR
cula tEan of the bankNand provision is.
srnaaeS repssnIs hme Mt OF this fund
within certain limits.
8. The national Eeserve notes VIII con-
5tinue ito be legal tender until received
into the treasury from failed and liz
uidating banks, when liability for them
Will be assumed by the government.
and they Will be redeemed and can
celied
9. Standard silver dollars are to be
l-edeenlable in gold. but silver certifi-
Gates are redeemable orly in standard
silver dollars. The parity of silver with
gold is secured by a gold redemption
fund.
DO. Silver certdficat ties are hereafter to
be issued only in denominations of ST.
81, and s.. Legal tender notes, reserve
notes. and currency are not to he is
sued in denominations below $40.