Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1908-05-29
PROGRESSIVE
Republican Candidates
For United States Senator,
ALBERT b. CUMMINS.
For Presidential Electors at Large
w. w. COPELAND,
S. b. PACKARD.
For Lieutenant Governor
GEORGE w. CLARKE.
For Auditor of State.
F. M. HOPKINS.
Jumps WHEN pRoDDeo.

Goaded by the cartoonists do-noth
enact some kind of a currency law, ST
| the whip has been cracked and every
4 promise is now given that a compro.
mise bill will be forced thru. 1t is g
cross between the Aldrich and the
vreeland bills, and from all appear
ances will be q. magnificent demon
stration of the art of how not to dc
things
| In brief, it's provisions are that ter
| or more national banks, with aggregate
capital and surplus of $5,000,000
or more. may become a ma
tional currency association, with
officers and the right to sue
and be sued. Not more than one such
association may be formed in one city.
Any bank in such association which
has issued up to 40 per cent of the
amount of national bank circulation to
which it is entitled, may deposit with
the association securities-bonds of
cities, states, counties, school districts,
ETC., of definite solvency, or CONNER
cial paper, as e. basis for emergency
circulation.
Against these deposits, circulation
may issue to the extent Of rs per cent
of the face value of commercial paper,
and 80 per cent of the prescribed
bonds.
Commercial Paper must have not
over four months to run, and shall
have at least two good signers.
The secretary of the treasury, when
these conditions are complied with.
shall issue the notes to the bank
The banks and their assets, belong
inng to the association, are Jointly and
severally liable for redemption of the
circulation. Each bank is liable in the
proportion that its capital and surplus
bears to the total for the association.
The association may require bank to
exchange securities at any time.
A redemption fund of 10 per cent of
the amount of such currency shall be
maintained with the treasury depart
ment. On all such emergency issues,
a tax at the rate Of per cent per an
mum shall be imposed the first month,
and this tax shall increase to the rate.
of per cent in the second month, Z
in the third, in the fourth, 8 in the
fifth, and 10 per cent in the sixth
month that the circulation is outstand-
ing.
No bank may issue, against deposits
of commercial paper, an amount of
exceeding 80 per cent of its
capital and surplus. The total issues
under this act shall not exceed $780,
100000. Thirty per cent of the capt.
tai and surplus of all the national
banks in the country at present would
be just about s450,OOO.
In addition TO this plan of issuing
thru national currency associations,
individual banks may deposit bonds OF
the same classes with the treasury, and
be authorized to issue against them.
The bank notes issued under this
act will contain the promise of the as
ISOLATION to pay. No note similar to
those now in circulation shall be is
sued under this act.
Thus it can be seen that the ma
for an association is most
and that even when put
in motion the note will not be of the
ordinary currency then in use, but will
be of some strange appearance, such
rs to excite alarm among timid peo-
pie; In fact, no better than the clear
ing house check, and not nearly so
easy to issue. Only 20 per cent of the
cola teral can be issued in notes, and