Coeur d'Alene evening press. (Coeur d'Alene, Idaho) 1907-1929, 1908-01-08

Senator AlQflcn introduced the Hnan-
c,sl bill in the senate soon after that
body convened. Following are the
arst three sections of the bill:
"That any national banking assoc
htion which has circulating notes
outstanding secured by the deposit
of United States bonds to an amount
of not less than so per centum of it's
capital stock and which has a surplus
Of not less than 20 per cent of it's
eauital stock may make application
tn the comptroller of the currency
for authority to issue additional cir
citation to be secured by the deposit
Of bonds other than those of the
United States.
"The comptroller of the currency,
If. in his judgement, business condi-
tions demand such circulation and
the conditions of the association max
ing the application warrant the issue.
shall fix the amount, within the linn
itations hereinafter imposed, of such
additional circulating notes to be is
sued.
whenever, after receiving notice
Of such approval, any such associa-
ton should deposit with the treasur-
er or any assistant treasurer of the
United States such of the bonds de-
scribed in section 2 of this act as
shall be approved in character and
amount by the treasurer of the Unit
ed States and the secretary of the
treasury, it shall be entitled, upon re-
Ceipt of the order of the comptroller
of the currency, to circulating notes
in blank, registered and eountersign-
ed as provided by law, equal in am
cunt to IS per cent of the market
value, as fixed by the treasurer of
the United States, of the bonds SO de-
posted, such additional circulating
notes to be used, held and treated in
the same way as circulating notes of
the national associations heretofore
issued, and secured by a deposit of
United States bonds, and shall be
subject to all the provisions of law
affecting such notes:
Provided, that the amount of such
additional circulating notes delivered
at any time to any association shall
not in any case exceed the limit fixed
for such issue by the comptroller of
the currency; and provided, further,
that the total amount of circulating
notes outstanding of any national
banking association secured by United
States bonds or otherwise shall not at
any time exceed the amount of its I'M
impaired capital and surplus; and
provided, that there shall not be out
standing at any time circulating notes
issued under the provisions of this
act to an amount of more than $780,
100000; and provided, further, that
all acts and OIL ders of the comptrol-
Ter of the currency and the treasurer
of the United States authorized by
this section shall have the approval
of the secretary of the treasury.
Bonds That Pass Muster.
Section 2. That the treasurer Of
the United States, with the approval
of the secretary of the treasury, may
accept as security for the additions
circulating notes provided for in the
preceding section bonds or other in
terest-bearing obligation of any STATE
of the United States, or any legal!
authorized bonds issued for municip
al purposes by any city or county il
the United States which has been ii
existence as a city or county for |
period of Is years, and which for |
period of 10 years previous to sucl
deposits has not defaulted in the pay
ment of any part of either principa
or interest of any fund debt author
lied to be contracted by it and whicl
has at such date. more than 5000
inhabitants as established by the las
census and whose net indebtedness
does not exceed 10 per cent of tn
valuation of the taxable propert
therein, to be ascertained by the las
preceding valuation of propert
Tor the assessment of taxes; or tn
hrst mortgage bonds of any railroa
company, not including street raj
way bonds, which have paid div
bends of not less than 4 per cent pc
ahnum regularly and continually O
It's entire capital stock for a perio
OF not less than five years previous I
the deposit of the bonds. The trea,