Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-02-09
A FINANCIAL BILL
OFFERED TODAY IN THE SENATE
By MR.. ALDRICH.
Intended to Facilitate the Deposit Of
Government Funds in Ma
tional Banks.

/ An important financial bill was introduced
In the Senate today by Chairman Aldrich Of
the finance committee. The measure is de-
signed to facilitate the deposit of govern
ment funds In national banks. The bill will
be pushed for consideration at this session
| of Congress and has the approval Of repub-
lican leaders in Congress and the admins
tration.
The Bill in Full.
The bill in full is as follows: That section
515S of the Revised Statutes ID hereby
amended to read as follows:
Sec. 5153. All national banking associa-
tons, designated for that purpose by the
Secretary OF the Treasury. shall be deposit
taries Of public money, under such regula-
lions as may be prescribed by the Secre-
tary; and they may also be employed as
financial agents of the government; and
they shall perform all such reasonable du-
ties, depositaries Of public moneys and
financial agents Of the government, as may
be required of them. The Secretary of the
Treasury may deposit in such designated
depositaries public money received from all
sources, and shall require. such depositaries
to give satisfactory security, as hereinafter
authorized, for the safe-keeping and prompt
payment of the public money so deposited
with them and for the faithful performance
of their duties as financial agents Of the
government
Accept as Security.
The Secretary Of the Treasury may accept
as security for the safe-keeping, of public
money deposited with national banking as
sociations, as herein authorized, the. de-
posit Of bonds of the United States. bonds
or other Understanding obligations OF
any state of the United States, or any le-
gally authorized bonds issued for municipal
purposes by any city in the United states
vuyl, h hnov ", ayYjQf az a
period of twenty-five years, and which for
| a period of ten years previous to such de-
posit has not defaulted in the payment OF
any part of either principal or interest OF
any debt authorized to be contracted by 1t,
and which has at such date more than
100 600 Inhabitants as established by the
last national, state or city census, ana
whose net Indebtedness does not exceed III
per centum of the valuation of the taxable
property therein, to be ascertatned by the
last preceding valuation of property for the
assessment Of taxes; or the ffrst mortgage
bonds of any railroad company Wnlcn mas
paid dividends Of not less than per
centum per annum regularly on its entire
capital stock for a period of less not than
ten years previous to the deposit OF the
bonds. The Secretary Of the Treasury may
accept the securities herein enumerated IN
such proportions as he may from time to
time determine, and he may at any time re-
or require any deposdtary to change the
character Of the securities already on de-
post. National banking associations hay
| ing on deposit public money shall pay to
the United States for the use thereon inter-
est at the rate Of not less than one and
one-half per centum per annum, such rate
to be fixed from time to time by the Sec
rotary Of the Treasury; and all pubic
moneys in any depositary shall be payable
on demand upon the draft of the treasurer
| of the United States.
Isthmian Canal Bonds.
hapdS of
the United States authorized by the act en-
titled IAN act to provide for the construc-
ton of canal connecting the waters Of the
Atlantic and Pacific oceans" approved
June %, 1902, that shall be issued to pro-
vide the funds appropriated by the third
section OF said act and for the other ex-
penditures authorized therein, shall be en-
titled to all the rights and privileges given
by law to the 2 per centum bonds ISSUED
under the provisions Of the act entitled An
act to define and fix the standard OF value.
| to maintain the parity of all forms OF
money issued or coined by the Unateo
States, to refund the public DEBT ana 10 aoI
other PURPOSES" approved March IA, 1900,
and any national banking association nav
| ing on deposit any of the 2 per centum
bonds issued under the provisions of the
act of June 49, 1892, shall pay to the treas
urer Of the United States tax of one
fourth of per centum each half year upon
the average amount Of such Of its notes m
circulation as are based upon tne oeposis
of such bonds in lieu of the taxes imposed
on notes in circulation by section 5214 OF
the Revised Statutes.
Sec 3. That section of the act approx
ed June 90 1874 entitled IAN act fixing
the amount of United States notes, provid-
ing for redistribution Of the national
bank currency and for other purposes, be,
and the same is hereby amended by add
ing at the end thereof the following pro-
viso: -,
provided, That the Secretary Of the
Treasury may, in his discretion, retain IN
the general fund Of the treasury national
bank notes received in the ordinary course
of business or presented for redemption,
and pay out such of them as may be ut
for circulation for any Of the obligations
| of the government, excepting only the prin-
cipal and interest Of the public debt"