The McCook tribune. (McCook, Neb.) 1886-1936, 1898-01-14
CURRENCY REFORM.
Resolution Containing the Plans of the
Monetary Commission,

Monetary Commission,
WASHINGTON, d. c., Jan. s.
Representative Overstreet Qnd.) has
introduced in the house & comprehens
I've 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 Chairman
| Walker has arranged to give early
hearings to Senator Edmunds, chair
man Of the commission, and, perhaps,
other members. The bill embodies in
executive form every feature of the
| recommendations of the commission.
The early portion, relating to the
maintenance Of the gold standard, the
creation Of the bureau of issue and re-
demption. and the gradual retirement
OF the legal tender notes Is embodied
in the bill in almost the same Ian
guage as in the report. The banking
features are more elaborate, and care
fully define the character OF the guar
anty fund for the protection of notes
issued upon assets and the manner Of
redeeming notes of failed banks.
The section dealing with the guaranty
fund is as follows:
Section 2. That every national
banking association shall at all times
keep and have on deposit with the di-
vision of issue and redemption, for the
purpose hereinafter specified, a sum
in gold coin equal to per cent of it's
outstanding circulation. The amounts
so kept on deposit shall constitute a
fund to be known as the bank note
guaranty fund" which fund shall be
held for the following purpose and
for no other, namely:
Whenever the comptroller of the
currency shall have become satisfied
by the protest CT the waiver and ad-
mission specified in section 1856, or by
the report provided for in section 1927
or the revised statutes of the United
States, that any association has re-
fused to pay its circulating notes Oil
demand in lawful money, he shall di-
rect the redemption of such notes
from the bank notes guaranty fund
aforesaid, and such notes shall there
upon be SO redeemed. After the fail
ure Of any national banking associa-
tlon to redeem it's notes shall have
been thus ascertaired, the bonds de-
posted with the treasurer of the
United States shall be sold, as provid-
ed by law, and the proceeds of such
sale shall be put into the bank note
guaranty fund. The comptroller of
the currency shall forthwith collect,
Tor the benefit Of the fund, from the
assets Of the bank and from stock
holders therof, according to their liza
bil1ty as declared by this act, such
sums as with the banks balance in
the bank note guaranty fund shall
equal the amount of morey of it's cir
culatlng notes outstanding And for
this purpose the United States shall,
on behalf fo the bank note guaranty
fund, have q paramount lien upon all
the assets of the association, and such
funds shall be made good cut of such
assets in preference to any and all
other claims whatsoever, except the
necessary costs and expenses of ad-
the same.
The next section CT the bill pre-
vldes that, whenever the comptroller
OF the currency shall ascertain what
deficiency, if any, lies between the
aggregate collections for the benefit
OF the bank note security fund, in the
case of any failed bank, and the
amount of its outstanding notes re-
deemed ard to be redeemed from The
said fund, he shall assess such def
cheney upon all the national banks in
TO their notes outstanding
at the time Of the failure Of all such
banks"