The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-11-29
FULL TEXT OF THE
sFINANCIAL BILL
Republican Caucus Measure Made
Public---Provides for Single
Gold Standard.

| or treasury notes, issued under the act of
| July IA, 1890, hereafter issued or re-issued,
| shall be of such denominations, not less
| than one dollar two dollars and five dol
| lars, against silver dollars deposited in the
| division of issue and redemption or in ex-
| change for silver certificates or denomina-
| lions exceeding five dollars.
| Section 8. That section $3.50 of the revis-
| ed statutes of the United States be and the
| same is amended so as to read as follows:
| section 5159-every association after having
| complied with the provisions of this title
| preliminary to the commencement of the
! banking business and before 1t shall be
| thorized to commence banking business I'M
| der this title, shall transfer and deliver to
| the treasurer of the United States Sc
| curity for its circulating notes any United
l States registered bonds bearing interest to
! the amount where the capital is $150,OOO or
| less, not less than one-fourth of the capital
| and $4,000 where the capital Is in excess
| of S150,OO0. Such bonds shall be received by
| the treasurer upon deposit and shall be by
| him safely kept in his Office until they shall
| be otherwise disposed of in pursuance OF
the provisions of this title; and such or
| those banks having on deposit bonds in ex-
cess of that amount authorized - re-
| duce their circulation by the deposit of law
full money, as provided by law.
shall Not r.xee>t .l .a-ue
Provided That the amount of such cir
| culation notes issued to any national bank
ing association having deposit United
States bonds to secure circulation at the
| passage of this act or which may hereafter
! deposit such bonds to secure circulation,
shall not exceed in any case the par value
! of the bonds deposited as herein provided
"Secton g. That the national banking as
ISOLATION shall pay to the treasurer of the
! United States in addition to the taxes I'M
posed by an act approved July 10, 1885, en-
titled An act to provide ways and means
to meet war expenditures and Tor otner
purposes each half year, in the months OF
| January and July on or before the 3Oth day
| thereof, tax of Ito per centum upon the
| value of its franchise, as measured by the
aggregate amount of its capital surplus
and undivided profits, upon the last day
| of the calendar month next preceding.
sections 5214, 5215, 5216 and 5217 of the re-
| yised statutes of the United States are
| hereby repealed
But nothing i'm this section contained
| shall be construed in manner to release
any national banking association from any
| liability for taxes or penalties incurred
| prior to the passage of this act. In order
| to enable the treasurer to assess the taxes
imposed by the provisions of this act, sec
| ton -, each association shall Within ten
| days from the fourth day of January ana
| July of each year make return, under
the oath of its president, or its cashier to
| the treasurer of the United States in such
| form as the treasury may prescribe OF the
| amount of its capital, surplus and undlvld-
| ed profits upon the last day OH the caieh-
| dar month preceding.
| Liable to "a Penalty
| EVERY association which fails to make
| such returns shall be liable to penalty OF
| two hundred dollars to be collected either
| out of the interest as 1t may become due
| such association ON the bonds deposited
| with the treasurer or at his option, IN une
| manner in which penalties are to be col
| otad off 9th an under
| of the United States. Whenever any asSo-
| citation fails to make the return herein re-
! CURED, the taxes to be paid by such assoc
! ciation shall be assessed upon such an
! amount as the treasurer may determine
| to be the true amount of capital, surplus
| and undivided profits of such association.
Whenever an association fails to pay the
| taxes imposed by this section the sums due
| may be collected in the matter provided
| for the collection of United States taxes
| from other corpora tionS; or the treasurer
| may reserve the amount of the interest, as
! it may become due the bonds deposited
| with him by such defaulting association.
| Section 10.-That section 513S of the
| yfsed statutes Is hereby amended as to
| read as follows: Section 513S-No associa-
| ton shall be organized with a less capital
| than one hundred Thousand dollars,
| cept that banks with a capital of not less
| than $4,000 may, with the approval Of the
| secretary OF the treasury be organized in
| amy place the population of which does not
| exceed 5000 inhabitants, and except that
| banks with a capital of not less than $25, 900
| may, with the sanction of the secretary Of
the treasury, be organized in any place
| the population of which does not exceed
| 1000 inhabitants. No association shall be
| organized in city the population of which
| exceeds $4,000 persons with a capital of less
| than $500 O00
Prepared by Represent alive Overstreet
| The report on the bill has been prepared
| by Representative Overstreet Of Indianap-
| oils, who introduced the original bill of the
monetary commission of 1898, and has
| been distributed to each republican mem
Der of the house.
Mr. Overstreet frankly admits that the
committee Ibid not consider the general
subject of banking nor did it seek to ar
range complete schedule of finance, but
confined its recommendations to those sub
jects of most pressing demand as evidenced
by the pledges of the republican party and
the general policy of the administration
1t was felt the report declares, 1.-The
Strengthening of the public credit by the
removal of all doubt concerning the policy
and practice of the government relative to
the unit of value, is of paramount impor-
tance."
1t is held out that there can be but one
standard at one time, but that the conyen-
fence of commerce is promoted by the use
OF different media of exchange convertible
into the standard.
The report continues:
when the standard shall be permanent
ly established and all doubt of dts stability
removed, the parity of all our money will
be fully recognized and the kind of money
in which payments shall be made will rare
ly If ever be the subject of dispute. When
certainty shall take the place of doubt, and
the integrity of credit be as fixed as
the foundation of the nation, the national
debt can be readily refunded at lower in
terest rates and future loans negotiated |
with ease upon better terms than ever be- |
fore.
International Exchange
1.-THE rapid development of American |
| kEN! -