The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-12-18
new ASSET CURRENCY BILL.
THE MEASURE AGREED UPON NJ
THE HOUSE COMMITTEE.
II Authorizes National Banks. With the Ap.
pro'al Of the Comptroller Of the Our.
rency. TO Issue Notes 10 the Amount of
7S Per Cent. Of Their Paid.lp Capital.

rency. 10 Issue Notes 70 the Amount Of
Il Per Cent. Of Their Paid.l D Capital.
WARRINGTON, Dec. Representative
Fowler Rep., n. j }. chairman of the House
Committee on Banking and Currency. to-
day introduced a bin To enable national
banks TO issue credit currency 10 the
amount of ?5 pcr cent of their paid-up and
unimpaired capital
The measure has bsea agreed to by the
Republican members Of the committee
a. a substitute for the original Fowler Cur
rency bill, introduced at the last session,
which includes provisions for branch
banks. asset currency. the retirement Of
the greenbacks and various other feat
ures upon which the House Republicans
have been unable to agree
Several days ago |, was agreed TO aban-
don the original measure and 10 present
one involving single proposition-tha
of credit currency. The proposition diff
fers materially from the credit currency
plan in the first bill especially in that it
limits the amount any bank may issue
10 rs per cent of the paid-up capital stock.
The bill follows:
That any national bnnk, may. with the
approval OF the Comptroller Of the Cur
rcrcy. take out for sale and circula ton an
amount OF national bank notes not Il coed in
20 per cent Of its paid-up and unimpairad
SSapIel' WITHOUT ,denositins United States
the manner provided bv existing law
That said national bark notes shall be
FURNISHED 10y ne 1tcd states at the eSpensc.
shall t." IN the denominations Of $40 and
mutt iples thereof
cciv" any Of the hank notes referred 10 in
thus act, II shall first deposit in the Treasury
OF the tnted states, az guaranty Of tie
payment thereof. an amount of nited states
bonds OF gold ,oin. or both. equal to 8 per
cent OF th" amount Of the notes taken out.
and such deposit shall be counted as n part
OF the lawful reserve OF said bark against
said notes The interest upon said bonds
shall be paid % the bank 80 depositing them.
ton, or any portion thereof mn amount OF
bonds or gold com. or both. equal TO S per
cent Of these notes 80 retired shall be re-
Provided. however that II II should be
necessary to sell said bonds for tn" purposes
tary Of the Treasury is hereby authorized
to dispose Of ia" same and use the proceeds
in accordance With the provisions of law
That every national bank. taking out such
notes for issue and circulation. shall on tho
first days OF January and July OF each year
pay into the Treasury OF the United States in
gold coin tax OF one-puarter of ! per cent
upon the average amount OF such notes in
months, and the "a Z so paid into the Treasury
shall. with the per cent, deposited as a guar
anty for the payment OF the notes. constitute
That such notes shall be first lien upon the
assets Of The respective banks issuing them,
and shall be received upon deposit and for all
ticnsl hank at pal. and without any charge
OF whatsoeyer kind, and such notes shall be
receivable for all public dues eNcspt duties on
imports. and when received shall be paid out
again.
That any national bank. having notes out
standing IN excess Of IS per cent. of it's paid
United States bonds have been deposited
may. upon the deposit OF lawful money for
the redemption OF such excess, take out for
circulation the notes provided for IN this
act without reference to the limitation OF
three million pill n, dollars each month prescribed
That the PROVISIONS OF the law contained
r. section Of the act approved July IL. 1882.
retired to three million dollars In any calendar
month. shall not apply 20 m. notes taken out
in accordance with the PROVISIONS OF this act
such notes for issue shall maintain at all
times the sane reserve against such notes
whsn in actual circulation az isnow prescribed
That the bank note. taken out for issue
in accordance with the provisions of this act
over the counter Of the bank issuing them,
and II said bank is located outside Of one OF
1t shall then select a national hank as its
agent in a redemption city. subject to the
approval of the Comptroller OF the Currency,
which shall upon demand redeem said notes
Chica 90 and San Francisco s%oij n. radn'nn In
lion CITIES and nil The nation, hanE.
sbsii constitnta n reden,ntinn d,..ric, o'., ns
the New Yoyk rcdemn,,op distpict H. "ha ~
known as Redemption District No. /. the
Chicago redemption district as Redemption
District No .. and the san Francisoo rcdemp-
oircuintIn no,ns q, anw other rs,;onse such