The Bryan daily eagle. (Bryan, Tex.) 1895-1898, 1898-01-07

NEW FINANCIAL BILL.
MIR. Overstrest Introduces Que Made n
Prom the Monetery Commission.

Mr.. Oyerstreet Introduces Que Made Up
Prom tho Monetery Commission.
Washington, Jan. 6.-Ropresentative
Overtreet Of Indiana, has introduced in
the house a comprehensive bill for the
carrying out Of the plan OF Indianap.
oils monetary commission for the re.
form Of the currency. Tho bill was ne.
ferred by Speaker Reed TO the committee
on banking, and Chairman Walker has
arranged 10 give early hearings TO Sena.
tor Edmunds, chairman OF the commits.
sion, and perhaps TO other members
The bill contains a sections and en-.
bodies every feature Of the rccommenda.
tons Of the commission.
The earlier portion, relating to the
maintenance Of a gold standard, the ere.
alton Of bureau Of issue and redomp-
ton and the gradual retirement Of legal
tender notes is embodied in the bill in
almost the same language a. In the re.
port. The banking features are more
elaborate and carefully define the char.
acter Of the guaranty fund for the pro.
lection OF notes issued upon the assets
and the manner Of rcdeoming notes Of
failed hanks. The section dealing with
guaranty fund is a. follows:
section g. That every national hank.
ing association shall at all times keep
and have on deposit with the division Of
issue and redemption, for the purpose
hereinafter specified, sum In gold
equal 90 per oentum Of is outstanding
circulation. Amounts 30 kept on depOs.
Il shall constitute a fund 20 b. known a.
the hank note guaranty fund, which
fund shall b. held for the following pur.
pose and for no other, namely. When.
ever the comptroller Of the currency
shall have become satisfied By protest Of
waiver and admissions specified In sec.
ton %, 500 by report provided for In sec.
ton 1927 Of the revised statutes Of the
United States, that any association has
failed 10 pay IT, circulating notes on de.
mand In lawful money, he shall direct
the redemption Of such notes from the
hank note guaranty fund aforesaid. and
such notes shall thercupon b. 80 re-.
deemed After the failure OF any ma.
tional banking association 20 redeem is
notes shall have thus been ascortained.
bonds deposited with the treasurer Of
the United States shall b. sold as pro
vidcd by law and tho proceeds Of such
sale shall b. paid into the hank note
guaranty fund Tho comptroller Of the
currency shall forthwith collect for the
benefit fund from assets Of the hank and
from stockholders thereof. according %
their liability A. declared by this act.
such sum a. with the hanks balance In
hank note guaranty fund shall equal the
amount Of is circulating notes out
standing, and for this purpose the Unit.
od States shall on behalf Of the hank
note guannty fund have paramount
lien upon all assets Of the association,
and such funds shall h. made good ont
Of such assets In preference 90 any and
all other claims whatever, except neces-
sary costs and expenses Of administering
same"
The next section Of the bill provides
THAT whenever the comptroller Of |
the currency shall ascertain what def.
cheney, II any, lies between the aggre.
gate collections for the benefit Of the
hank note security fund In casc any hank |
failed and the amount Of H. outsiand. |
ing notes r0eomoed and % b. pdccmed /
from said fund, he shall assess such dc.
hciency upon all national hanks In pro.
portion 20 their notes outstanding At the |
time Of the failure Of such bank"