The Washington times., 1902-12-18
REPUBLICANS AGREE
UPON FINANCIAL BILL

/ OF one-Quarter OF per cent upon the
average amour; Of such notes in actual
/ circulation during the preceding siI
months. and The tax so paid into the
I Treasury shall with the . per cent de-
/ posted as a guaranty for the payment Of
/ the notes. constitute a guaranty fund.
THAT such notes shall be q first lien
| upon the assets OF the respective banks
issuing them. and shall be received upon
/ deposit and for all purposes Of debt and
/ liability by every national bank at par
and without any charge Of whatsoever
. kind. and such notes shall be receivable
/ for an public dues except duties on i'm
ports and when so received shall be paid
out again
Notes Outstanding.
THAT any national banks having notes
+ outstanding i'm excess OF Is per cent OF
/ its paid-up capital. to secure ,he pay
/ meut OF which United States bonds have
/ been deposited may upon the deposit OF
F lawful u,ucy for the redemption or
such excess, take out for circulation the
notes provided for i1 this act. without
reference TO the Limitation OF s.. 900 .0Oo
each month, prescribed iu section Q Of
The act approved July u. 1852.
That the provisions Of tho law con
I tanned in section Q OF the act approved
+ July -. 1852. limiting the amount Of
notes that may be- retired 10 s.. 900. 600
/ in any calendar month. shall not apply
. rnN kar
with the provisions Of this act.
That every national bank taking out
such issue shall maintain az an times
/ the same reserve against such notes
] when in actual circulation. as is now
4 prescribed by law for deposits.
THAT the bank notes taken out for
I issue in accordance with the provisions
Of this act shall be redeemed on de-
maLd i'm gold coin over the counter Of
/ the bank Issuing them, and IL said bank
is located outside OF one OF the redemp-
tion cities hereinafter established II
shall then select a national bank as its
agent in a redemption city subject to
the approval Of the Comptroller of the
Currency, which shall upon demand re
deem said notes iu gold coin.
Redemption Cities
For the purposes Of this act. New
York. Chicago. and san francisco shall
be redemption cities. and all the ma
tionsl banks redeeming their notes at
any one Of these cities shall constitute
a redemption district. and the New York
district shall be known as redemption
district No. 1, Chicago district as re
demption district No. .. and the San
| Francisco district as redemption district
No. 3.
II any national bank shall receive
such circulating notes OF any other ma
tional bank located outside Of its own
district, It shall not pay them out over
its own counter. but shall forward them
either 10 some bank in the district to
; which the notes belong. or to some bank
located in the redemption city Of its
own district. and then they shall be re-
turned to the bank issuing them or to
some bank in the district 10 which the
/ bank issuing them belongs.
Upon the failure OF a national bank,
any national bank notes that have been
/ taken out by fl in accordance with the
/ provisions OF this act. shall upon pres
/ entation to the United States Treasury.
/ be paid in gold coin out Of the guaranty
/ fund. But the United States Treasury
shall recover from the assets OF the
failed bank an amount equal TO its out
standing notes and the same shall be
paid into the guaranty fund.
Liquidation Plan.
/ ANY national bank desiring 10 20 into
liquidation shall first pay into the guar
anty fund an amount Of gold coin equal
10 the amount OF its notes then out
standing
/ If such fund shall for any reason fail
below an amount equal to per cent Of
the total amount Of the bank notes taken
out IN accordance with the provisions OF
this act. the Comptroller may impose an
. extraordinary tax, not exceeding 1 per
cent In any one year. upon the amount
Of the notes az the time outstanding:
but such extraordinary tax shall be re-
funded 20 the respective banks when
ever such payment shall not reduce such
fund below an amount equal 10 per cent
F. Of all the notes outstanding"