Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1899-11-29

the calendar month next preceding. Sections 5ei4,
52I5 se1s and 5gl7 of the Revised Statutes of the
United States are hereby repealed. But nothing in
this section contained shall be construed in any
manner to release any National Banking Association
from any liability for taxes penalties incurred
prior to the passage of this act In order to enable
the treasurer TO the taxes imposed by the pro-
visions OF this section. each association SHALL within
days from the first days of January and July of
each year. make return, under the oath of its
president cashier to the treasurer Of the United
States. in such form the treasurer may pre-
scribe OF the amount OF its capital, surplus and
divided profits upon the last day Of the calendar
month preceding Every association which fails TO
make such return shall be liable to pentay Of 5000.
TO be collected either out Of the interest it may
become due such association on the bonds deposited
with the treasurer. or at his option, in the manner
in which penalties to be collected of other cor
poraoRs under the laws Of the United States. When
any association fails TO make the return herein
required. the taxes to be paid by such association
shall be assessed upon an amount as the treasurer
Plus and undivided profits Of such association. When
association fails to the taxes imposed by
this section, the sums due may be collected in the
manner provided for the collection of United States
taxes from other corporations the treasurer may
the amount out of the interest as it may be-
come due, on the bonds deposited with him by such
defaultins association.
Smaller National Banks.
Sec 10. That section s1ss, of the Revised Statutes
| is hereby amended to read follows:
Section 5I3s. No association shall be organized
with less capital than $780, coo. except that banks
with capital Of less than $50 600 may. with the
approval of the secretary of the treasury organ
lied in place. the population Of which does not
5000 inhabitants and except that banks with
| capital OF not less than $4,000 may, with the
sanction Of the secretary of the treasury be organ
lied in any place the population OF which does not
exceed 1000 inhabitants. No association shall be or
| ganiZed in city. the population Of which exceeds
80. 900 persons with capital of less than 800
The report on the bill has been prepared
by Representative OverStreet. of Indian
apolis, who introduced the original bill ol
the monetary commission in 1888, and has
been distributed to each republican mem
ber of the house. Mr.. Overstreet frankly
admits that the committee did not con-
slider the general subject of banking: mol
did it seek to arrange complete scheme
| tions to those subjects of most pressing de,
| mand, as evidenced by the pledges of the
Republican party and the general policy ol
the administration.
1t was felt. the report declares. that the
strengthening of the public credit by the
| removal of all doubt concerning the polio.
and practice of the government relative &c
| the unit of value Is of paramount lmpor'
tance.
1t is pointed out that there can be but
one standard at one time, and that the
convenience OF commerce is promoted by
| the use of different media of exchange
convertible into the standard. The report
continues:
When the standard shall be permanently estab.
parity of all money will be fully recognized
and the kind of money in which payments shall be
made will rarely. IL ever, be the subject of dispute
When certainty shall take the place of doubt. and
| the integrity Of credit be fixed the homo,
of the nation. the national debt can be readily re-
funded at lower interest rates, and future loans
gotated with ease. upon better terms than ever be-
| fore
| The rapid development of American trade and il.
vast expansion bringing our people into close rels
tions with the leading nations of the world, makes
it imperative that the standard of value in which
settlements are made shall be the best known &c
the highest civilization, and shall safely appeal tc
Intelligent and successful experience.
Its permanency and stability should be above sus
picion. Its security should be absolute. Some ques
tion of expsdience might be raised il the PROPOSE
| ton were new. or IL we were assuming position
at variance with other nations. But the gold stand
| ard is recognized by all leading nations. and ths
statute proposed merely re-affirms the policy fol-
lowed by for sixty years. so reinforced and
plainly expressed that the question will be placed
forever beyond dispute
Present Time Propitious.
| The fact is pointed out that the treasur,
| reserve of more than s2J0, ,00o, Co., and thai
there is more gold in the United State.
| than ever before. The advantages which
this situation creates are thus described:
The present conditions are most favorable, and
the time most sbpor,uas for the clear and unequiv
oocsi adoption Of the gold standard Prior to tn,
year 1886. the gold standard had been legally adopt
ed BY the following countries. viz: Austria Hun
gary Brazil. British Honduras. Chile. Denmark
Egypt Finland, Germany. Great Britain. Norway
gold standard mas been adopted by COST ptca a
Japan Peru and Russia.
| The coinage OF silver private account was sIs
pended tprioT to 1885 by the United States. Bel
gium. France. Holland. Italy. Spain, India. swift
erland, Greece and Venezuela, thus efectuaIly al
standard countries.
If. under all these conditions. the United State.
shall clearly, by law. adopt the gold standard. il
viii pass TO the new condition with even less fric
| tion than experienced by the RESUMPTION q
specie PAYMENTS The government is fortunate IL
being able to act in important a matter unde,
such favorable circumstances. The general polio,
of the government. and such declarations as hay,
this proposition.
The scope and purpose of the provision:
| for maintaining the standard by the sal,
of bonds and the exchange of money ar,
thus set forth by Mr.. overstreet:
Protection of Gold Reserve.
In the absence Of law providing protection to In.
gold reserve, II is always subject encroachneut
expenditures TO meet the general expenses Of IN.
government, Whenever such eneroachment appear
probable fear has arisen that the government rns,
| not be able to meet its demand obligations and !
iun upon the reserve for the redemption of the de
mand notes has followed This situation Is responsf
tle for the so-called endless chain' By separatins
the reserve fund from the general fund and prohib
sting its except for redampion of J-ni,nd s,a,o
notes ana treasury notes. the dangers to which n
| been often subjected would be remoye; Tho 5o
1 nand notes are being redeemed in gold now and al
ways have been and additional burden Is inpose,
upon the government. II is sought to simplify AMI
lcgalize the practice and create division in IN,
treasury where the whole business issuing and re
oeeming notes may be transacted and TO establls,
complete confidence In the redemption Of demand
obligations
Section of the bill seems TO provide a complst.
| safeguard TO guarantee the permanent maintenauc,
Of the gold standard by authorizing the secretar,
of the treasury, whenever II Is necessary for sue
maintenance. to issue and sell bonds of the Unts,
States payable in gold coin and for the exchange
| gold coin for any other money issued or coined b,
fre,
ury deem such exchange necessary in order to main
tain the parity and equal value OF the money n
the United States The legalizng OF the gold stand
| ard and provision for the equality of ali forms O
money az parity with the standard will SO remov
all doubt Of the soupdneas and integrity of on
money that there will be little occasion for the ex
i change Of one kind OF money for another And vet
in order to make complete guaranty against any con
tngency which may arise, authority the secretar
OF the treasury to meet such emergencies should the
arise, BY the sale of bonds or the exchange Of an
money issued coined by the United States 4
deemed advisable The provision in this sectio,
tnat note certificate, redeemed or ex
changed shall be withdrawn, except in exchange 10
an equivalent amount OF the coin in which said no,
certificate was redeemed exchanged will foreye
put end to the so-called endless chain, vhicl
has embarrassed the government in the ever re
curing redemption OF the grecnback There can b
contraction Of the currency under this system
for the that either the note Is in circulation
or, II redeemed, Its equivalent is in circulation
bankrupt Pays His Debts in Full.
TOPEKA. Nov. 2S-(Special) William Bsuman
Kansas City. Kas.. merchant, has broken the recor
In the matter of LIQUIDATION His creditors force
him into involuntary bankruptcy one month age
Within three weeks he had paid of every obligatio
hetd afpxf bfr, and sa-Sa I,dv