The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-11-29
and. the same is amended so as to read

States, as security for it's circulating
notes any United States registered
%Rere tBe Pearng c56d g 5o 5 tS q unit
less than one-fourth of the capital, and
$4,000 where the capital is in excess of
$l50,OOO. 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 pur-
| suance of the provisions of this title, and
such OF those banks having on deposit
ponds in excess of that amount are au-
thorlZed to reduce their circulation by
the deposit of lawful money as provided
by law: Provided. that the amount of
such circulating notes issued to any ma
| tional banking association having on de-
post United states bonds to secure cir
culation 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 de-
posted as herein provided"
Sec. 9. That every national banking
| association shall pay to the treasurer of
13, 1885, entitled AN Act to Provide Ways
and Means TO Meet War Expenditures
and for Other Purposes, each half year
in the months of January and July, on or
before the 18th day thereof tax Of one
tenth of l per centum upon the value of
It's franchise, as measured by the ag-
gregate amount of its capital, surplus
and undivided profits, upon the last day
OF the calendar month next preceding.
Sections 5z14, ,52l5, ,52l6 and SIT of the Re
ViSed Statutes of the United States are
hereby repealed. But nothing in this sec
ton contained shall be construed as to
! in any manner release any national bank
ing 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 section ca N
association shall, within ten days from the
nrst days of January and July of each
year, make a return, under the oath of
Its president or cashier, to the treasurer
OF the United States, in such form as
the treasurer may prescribe, of the
amount Of its capital, surplus and un-
divided profits, upon the last day of the
calendar month preceding. Every as
sociation which fails to make such re-
turn shall be liable to a penalty of 5000,
TO be collected either out of the interest
as it may become due such association on
the bonds deposited with the treasurer,
or at his option in the manner in which
penalties are to be collected of other
corpora tions under the laws of the United
States: Whenever any association fails
to make the return herein required, the
taxes to be paid by such association 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 impes-
ed by this section, the sums due may be
collected in the manner provided for the
collection of United States taxes from
other corporations, or the treasurer may
reserve the amount out of the interest,
as 1t may become due, upon the bonds
deposited with him by such defaulting
Sec. TO- That section 51S8 of the Revised
Statutes Is hereby amended so as to read
as follows:
Section 513S. No association shall be
organized with less capital that S100, 900,
except that banks with a capital of not
less than $4,000 may, with the approval
of the secretary Of the treasury, be Or
ganlZed in any place, the population of
which does not exceed 5000 inhabitants,
and except that banks with a capital
of not less than $4,000 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 a
place the population of which exceeds
$4,000 persons with capital of less than
100000
SINGLE STANDARD ARGUMENT
The report of the committee on the
bill has been prepared by Representative
Overstreet, of Indiana, who introduced
the original bill of the monetary commits
sion in 1898, and has been distributed
to each Republican member of the house
Mr. Overstreet frankly admits that the
committee did not consider the general
subject Of banking, nor did it attempt
to arrange a complete system of finance
but confined its labors to those subjects
or most prominence, as evidenced by the
pledges Of the Republican party and the
general policy of the administration
1t was felt, the report declares that
the strengthening of the public credit by
the removal of all doubt concerning the
practice and policy of the government rel
ative to the unit of value is of paramount
Importance
1t is pointed out that there can be but
one standard at one time, but that the
convenience of commerce is promoted by
the use of different methods of exchange,
convertible into the standard. The re-
port continues:
When the standard shall be permanent
~ established, and all doubt of its sta
Mnty removed, the parity of all our
money will be fully recognized, and the
kind of money III which payments shall
be made will rarely if ever, be the sub
Ject Of dispute. When certainty shall
take the place of doubt, and the integrf-
ty OF our credit be as fixed as the honor
OF the nation, the national debt can be
readily refunded at lower interest rates
ana ana, future @ loans negotiated with ease
upon better terms than ever before
THE rapid development of American
trade and its vast expansion. bringing
our people into close relations with the
leading nations of the world makes II
imperative that the standard of value
IN Whlch settlements are made shall he
the best known to the highest civiiiza-
uon, ana snail safely appeal to the in
tellIgent and successful experience
recent events, shaped by causes be-
y2nd our control, bearing obligations
which national honor reolIireS sbaII bo
courageouslY discharged open new fields
Tor American craftsmanship. ChanneIs
OF trade yet unknown to American enter
PIISes ana avenues of commerce vet to
MeicoIhe f American products, will surely
result Such conditions embassies tha
necessity for a standard of value u,hicb
snaI remain firm throughout the vicis
sltudes of competitive trade. It's nernna-
nency and stability should be above &C
@PlcIon. @ Its security should be absolute.
some question of experience might he
raised, II the proposition We're new or
we We're assuming a position at yariance
with other nations But the gold stand
ara Is recognized by all leading nations
ana TINS Dill merely reaffirrns the noIieI,
maintained by us for over sixtv TearSS
C anu II passed VIII place the subject for,
GOLD RESERVE.
It is pointed out that the treasury g.,
October had a gold reserve of over S95o
OV0OO0, and that there is more gold T.,
the country now than ever. The ad-
vantages which this situation creates
are thus described:
The present conditions are most favor-
clear and unequivocal abortion Of ~ III
soIq standard. Prior to the wear 1Sae fbe
gold standard had been IegaIiv adontnJ t1l
2,,ntre@ ~ otIe 10 LoA0wlng countries. viz: Austria
II hungary, brazil, British Honduras 6h;Io
CCenInaPk: C 1: Egypt, Finland Germanv'
Great britain, Norway, Portugal estZe1ey,,
anu anu turkey, and since 1896 the 1nId
33tandard I, mas been adopted by Costa Rica
of silver on private account ~. coinage
pended (prfor to 1866 by tbe 3r;t5 its
states, Belgium. France. Holland TtnI
SPAIN S3paln, !Ioia, switzerland, Greece and
Venezuela, thus effectually aithonob 1idu @
absolutely, fixing their status es NOT not
standard countries. @s gold
If, under all these conditions +bo
IN 1nieea ,S states snail clearly, by law. adonf