The herald., 1898-03-24

again paid out. except under exceptional
conditions.
.. National banks are required to assume
the current redemption Of United States
demand notes. in order to obtain circulation
based upon their commercial assets. A
new class Of notes, called national reserve
notes. is to be issued In lieu of legal tender
notes. deposited by the banks with the
treasury, and these reserve notes are to
be redeemed upon demand by the banks
out OF the redemption fund which they
are required to maintain In gold. These re-
serve notes are not treated in any respect
as bank notes, because the banks are not
liable for their ultimate redemption.
8. The basis Of national bank note cir
culation will be the commercial assets Of
the banks. but these will be reached only
after q series of years.
l. National banks are to be permitted to
issue currency notes on their commercial
reserve to the amount Of the reserve notes
issued to them In deposit for United States
notes. 4
6. Treasury notes issued under the act
Of July IA, 1880, are to be dealt with event.
ually on the same basis as United States
notes. ~
6. A tax Of per cent is levied upon cur
rency notes in excess of 60 per cent Of the
capital OF any national bank, and of 6 per
cent when in excess Of so per cent.
Z. The national currency notes, based
upon commercial assets, are to be secured
by bank note guaranty fund, made up by
the contribution In gold coin of s per cent
of the entire circulation of the bank, and
provision Is made for replenishment Of this
fund within certain limits. s.
g. The national reserve notes will con-
tinue to be legal tender until received In
the treasury from failed and liQuidating
banks, when liability for them will be as
sumed by the government, and they will
be redeemed and cancelled. ~
9. Standard silver dollars are to be re-
deemable in gold. but silver certificates
are redeemable only In standard silver dol
lars. The parity of silver with gold is se-
cured by gold redemption fund.
10. Silver certificates are hereafter to be
issued only in denominations Of 81, 81 and
IS. Legal tender notes, reserve notes and
currency are not to be issued in denomina-
tions below SO.
II. National banks are required to pay
tax of u Of per cent semi-annually on
their capital surplus and undivided profits.
II. National banks are permitted to es-
tablish branches under regulations to be
prescribed by the secretary of the treas
ury.
The committee say, in explanation Of
the provision regarding the assumption
of legal tender notes by the banks, that
they have endeavored to adopt a sys-
tenn which would be subject to none Of
the criticism made against the issue of
interest-bearing bonds or the taxation
Of the people for the payment of this
demand debt.
FOOD FOR THE HUNGRY
WASHINGTON, March 20. AN
amendment to thd Sundry Civil bill Is
pending before the Senate Committee on
Appropriations, appropriating $250,0OO
to furnish supplies to the destitute peo-
pie Of Cuba. 1t Is said the amendment
will probably be adopted.
THE ARMY BILL
WASHINGTON, March 23.-The Re-
organization bill was adopted unani-
mously by the House Committee on Mill
tary Affairs, and it was subsequently
reported to the House.