The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1898-01-07
BILL 70 REFORM
THE currency
measure Tor Carving OuI The PIGl
Of The Monetary Commission.
INTRODUCED BY OVERSiREEI OF INDIANA
Banking and Currency Commission VIII
Give a Hearing to Senator Edmunds.
Tho Bill EmbodIes Every Feature or
the Commissions Recommendation Il
Maintenance of Gold Standard
Creation OF RurcRu Of Issue and
Redemption, Retirement OF legal
Tender Notes banking Features
Elaborate.
Washington. Jan. 6. 1Ss!

Washington, Jan. 6, 1858.
Representative Overstreet, of Indiana,
introduced In the House to-day a COM
prchensive bill for carrying out the plan
of the monetary commission for the re-
form of the currency. The bill was re-
ferred by Speaker Reed TO the Com
mittee on Banking and Currency, and
Chairman Walker has arranged to give
carly hearings 10 Senator Edmunda.
the chlirman of The commission, and
perhaps to other members. The bill
contains forty-seven sections and en-
bodies in legislative form every fca-
ture Of the recommendations of the
commission. The earlier portions, re-
fcrring to the maintenance of the gold
standard, the creation OF the bureau of
issue and redemption, and the gradual
retirement of the legal 'tcnder notes, are
embodied in the bill in almost the
same language as in the report The
banking features are more elaborate
and carefully define the character OF the
guaranty fund for the protection of
n3!es Issued upon assets and the man
ner OF redeeming the notes of failed
banks The section dealing with the
guaranty fund is Ms follows:
Section 90. That every national bank
ing association shall at all times Keep
and have on deposit with the division
of Issue and redemption for the pur-
pose hereinafter specified 4 sum in gold
coin equal TO 3 per centum of its out
standing circulation. The amount so
kept on deposit shall continue a fund
to be known as the bank note guar
anty fund" which fund shall be held
for the following purposes, and for no
other, namely:
Whenever the comptroller of the cur
rency shall have become satisfied by
the protest or the waiver and admis-
sion specified in Section 1926, or the
report provided for in Section 5227 OF
I the Revised Statutes of the United
States, that any association has refused
TO pay its circulating notes on demand
in lawful money, he snail direct the
redemption of such notes from the
bank ro.c guaranty fund aforesaid,
and such notes shall ;hereupon be so
relcemnd. After the failure of any
national banking association to redeem
its notes shall have been thus ascer-
tainad, the bands deposited with the
Treasurer Of the United States shall
be sold. "a provided by law, and the
proceeds of such sale shall be paid III TO
the bank note guaranty fund. The
comptroller of the currency shall forth
with collect. for the benefit of the fund.
from the assets of the bank and from
The stockholders thereof, according TO
their liability, as declared by this act,
such sums as. with the banks balance
in the bank note guaranty fund. shall
equal the amount OF its circulating
notes standing. And fer this pur-
Tni. n1 hal hal,
of the bank note guaranty fund have
n paramount lien upon all the assets
OF the ASSOCIATION; and such fund shall
be made good out cf such assets in
preference 10 any and all other claims
whatsoever, except the necessary costs
and expenses of administering the
same.
The next section OF the hill provides
"that whenever the comptroller of the
currency shall ascertain what dciicicn-
cy. If any. exists between che aggre-
gate collections for the benefit of the
bank note security fund in the ease Of
any failed bank and the amount Of its
outstanding notes redeemed and to be
redeemed from the said fund. he shall
assess such deficiency upon all the ma
tional banks in proportion 10 theit
notes outstanding at the time of the
failure of such bank.
Inc DlpNlSIUn LOT the assessment DI
the tax upon the circulation above the
authorized Limit Is as follows:
Section 30. That every national
banking association shall pay. on or bn-
fore the last day of every month. 10
the division Of issue and redemption
a duty Imposed at the rate of two per
centum per annum upon the average
daily amount Of It's circulating notes
outstanding in excess Of sixty per CEN
a.. 80
excess of eighty per ccntum of such
capital stock, and n duty imposed mt
the rate Of six per centum per annum
upon the average daily amount OF its
notes outstanding in excess of eighty
per centum Of its capital stock. Cir.
vulatdng notes Of any national banking
association shall he redeemed and held
to be outstanding whenever they shall
have been supplied by the comptroller
or the currency to such association In
Blank, registered and counterslgncd
according to law, and SHAH have MOI