Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1906-10-19
American Leaders May Ask Sheets To Resign

president and confirmed by the senate,
this commission TO be non-partisan The
comptroller Of the currency To be
member OF the commission and the iirst
six members 10 be appointed, two for
four years, two for eight years and two
for II years. and for II years there
after, said members not eligible for re-
appointment.
second--rhat credit or clearance OF
currency may be issued by any ma
tional hank or a majority Of the nation
al banks of any city upon application
TO the commission, IN any amount not 10
exceed 80 per cent OF the bond secured
circulation outstanding
Third, that the necessity for credit
or clearance currency and the maxi
mum time that II may remain outstand-
ing shall be determined by the COM
mission and the laws now applicable to
the redemption OF bond secured notes
shall apply 10 these notes In like man.
ner. except as to the amount that may
be redeemed in any calendar month.
Fourth, that the banks issuing Gre
dit or clearing currency must pay a
tax during the time fixed b. the COM
mission for it's redemption at not less
than per cent per aiSlum. The fail
ure of the bank to deposit with the
treasurer or repositories designated by
the commission. the amount necessary
to retire within the required time. the
tax on the creditor or clearance circu-
lation outstanding shall be increased at
the rate of ! per cent cent per annum
for each additional week that the bank
fails to make the necessary deposits for
its redemption, no fraction Of week TO
be considered IN computation.
Fifth, the tax on the clearance circu-
lation, after deducting the expenses of
the commission and the mana cement of
this department shall be deposited with
| the treasury OF the United States as a
| fund known "as bank credit note cir
culation fund" until this fund equals
| per cent OF the bond secured national
bank circulation outstanding. All pro-
| FITS IN excess OF this amount. after
| maintaining this fund shall be invested
| by the secretary OF the treasury IN
| gold AT the end Of fiscal to he held I'm
| treasury as the basis for an issue of
| gold certificates shall be used In the
| retirement OF the uncovered treasury
| notes,
1.-The bank credit note circulation
! fund TO be used for the immediate re-
dcmptlon Of credit or clearance curren-
| cy notes outstanding Of any failed
bank, pending realization on the secur-
tiles deposited and to cover any losses
that might occur IN realizing on such
| securities.
sxth-Berore any bank can issue
credit or clearance currency II must de-
post with the treasury department. or
repositories to be designated by The
commission. approved securities Of the
bank assessed upon by the comptroller
of cuTency's department. 20 an amount
Of at least 10 per cent IN excess of cir
culation to be issued.
Seventh--The credit or clearance cur
roncy shall he retired gradually al
such times and in such manner as
shall bo directed by the commission bS
depositing funds with the treasury de-
partment or at such repositories as tn,
commission may direct
Eighth-The credit or clearance cur
renCy notes to- be printed and al
amount TO be kept ready for cmer
gency distribution by the government
equal IN amount To Is per cent of tn
bond secured bank circulation out
standing. Said notes to be acccptabl
In payment Of all obligations the sam
as bond secured bank circulation an
redeemable at any sub-treasury or de'
ignatcd depository.
Ninth--These notes shall be issued /
denominations OF s.. $40 $50 and sl0'
as desired and the expense OF printin
and engraving to be paid by the bank
taking them out.
Tenth-JThere shall be nothing on III
notes designating the name or tn
number of the bank issuing them, bu
they shalt be numbered and registere'
with the treasury department, and tn
commission so that they may be abl
to know at all times the amount OF suci
notes any bank has outstanding.
DELEGATES DISAGREE.
Al the conclusion of the reading OF
the report n resolution was offered by
VIM. George of Aurora, His. that the
report Of the committee be adopted
reservng the right 10 leave the sub
feet open to general discussion. In
stantiy delegates were on their feet
protesting and &. Il. Hart OF Wheeling
W. Va. made a motion to take up the
report and discuss the 10 sections OF the
flexible currency plan presented ad
serltiam. President Hamilton declared
the motion out Of order and that the
resolution of Mr.. George was before the
convention. The chairs ruling was
| protested and on vive vocc vote IL was
not sustained Then c. b. Hart again
made his motion 10 consider the pro-
posed currency plan, section by section
and II was carried. Immediately another
i motion was carried To reconsider the
/ vote and tnlS vas carried Inc pan
was then placed before the convention
for general discussion, President Ham.
ilton remarking that he felt that the
delegates knew very little about par
liamentary tactics and were solely ac-
tuated by a desire to talk on the cur
rency question.
A resolution was adopted finally pro
vlding that the bank legislative com
mittee currency shall DO referred to Z
commission of 10, which shall he ap
pointed by the executive council. lv'
members OF which shall be the presen
legislative committee, the other II
members 10 be selected with due refer
enee to the national, state banks anc
the trust companies and said commit
tee shall confer with the committee o
the chamber OF commerce OF New Yorl
City and after careful investigation anC
study OF plans submitted. shall coop
crate with the proper congressional
committees with the end IN view OF tn
enactment OF a bill covering this sub
ject.
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MANY PIANOS BURNED.