The Mena weekly star., 1906-10-25
RAAEXBLE CURRENCY DEAD NA0JBAN CYCLONE
n Submitted by the Legislative ommittee to the American Bankers Association.
hu HAVE A NATIONAL COMMISSION

n Members WOutu Sp"T'" .,.ra which Would be Appointed by ,. presilent and Confirmed by the .,,ta-Comptrolier of Currency Ex- mcio sIenber--The Plan in Detail Ioris Oct. 20.-There was not usual diminution of attendance on hast dav when the final session he American Bankers association ention was called to order Friday ling. owing to the fact that the klcy question had not come be- krhe convention during the pre- "a days. In anticipation of ses- Ethat would be characterized by kd and possibly acrimonious dis bns the full convention delega- |was present and many of the Kites were accompanied by their ! plan for a credit or clearance hcy proposed by the bank legis- I committee is as follows: kt. That currency commission Fen members be appointed by the 5ent and confirmed by the sen &his commission to be non-par- \ The comptroller of currency to #member of the commission and |fst six members to be appointed, br four years, two for eight years To for 12 years, and for IF years <fter, said members not eligible Appointment
 Ind: That credit or clearance <cy may be issued by any na- ! bank or majority of the na- banks of any city upon appli- to the commission, in any St not to exceed 50 per cent of nd secured circulation outstand- Fl: That the necessity for For clearance currency and the hum time that it may remain kding shall be determined by Emission and the laws now ap- "a to the redemption of bond se- notes shall apply to those notes Ike manner, except as to the that may be redeemed in any &r month.
 &h. That the banks issuing 5pr clearance currency must pay tiuring the time fixed by the Ssion for its redemption at not nn three Der cent per annum. Nlure of the bank to deposit &e treasury or Repositories de- by the commission, the necessary to retire within tife
 time, the tax on the credit lance circulation outstanding
 increased at the rate of one
 per annum for each addition
 that the bank fails to make essary deposits for its redemp-
 fraction of a week to be con- fn computation.
 The tax on the clearance pn. after deducting the ex- pf the commission and the 1ent of this department shall eited with the treasury of the ftates as . fund known as nedit note circulation fund" B fund equals five per cent of
 secured national bank cir
 outstanding All profits in
 this amount, after maintain fund shall he invested by the
 of the treasury in gold at pf each fiscal year to be held easary as the basis for an is- pld certificates which shall he fhe retirement of the uncov- sury notes. The bank cred- rirculation' fund to be used
 Immediate redemption of
 clearance currency notes
 ng of any failed bank, pend- IEatlon on the securities de- lnd to cover any losses that
 cur in realizing on such se-
 Before any bank can issue
 clearance currency 1t must
 gith the treasury department titories to be designated by mission, approved securities nk, passed upon by the comp
 i currency's department, to |nt of at least ten per cent
 of circulation to be issued.
 ?: The credit or clearance
 shall be retired gradually
 times and in such amounts
 be directed by the commits depositing funds with tho
 department or at such de-
 as the commission may di-
 The credit or. clearance
 notes to be printed and in
 nt to be kept ready for emer-
 fribution by the government.
 amount to 25 per cent of the eured bank circulation out
 Said notes to be acceptable
 yment of all obligations the
 bond secured bank circula-
 redeemable at any sub-treas-
 sisnated depository.
 These notes shall be issued
 nations of $500; $10.00; poo, and $l00.O0 as desired
 expense of printing and en-
 D be paid by the banks talk
 out.
 son, Then Took Poison.
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