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14
The Commoner,
VOLUME 8, NUMBER 21
4
PPPJ
r
THE ALDKIOir-VREKLANI) CUIt
11I3NOY KILL
TIjo Aldrlch-VroolJlnd currency bill
ia doscrlbod by tho Washington cor
respondent for tho Chicago Record
Herald in this way:
Washington, May 27. Tho emer
gency curroncy bill, which was re
ported out of conforonco today and
passed by tho house, provides that
national bank associations, each hav
ing an unimpaired capital and a sur
plus of not less than 20 per cent, not
loss than ton in number, having an
aggregate capital and surplus of at
least $5,000,000, may form voluntary
associations to bo designated as na
tional curroncy associations.
Not more than one national cur
roncy association shall bo formed in
any city and the several members of
tho association shall bo taken as
nearly as conveniently may be from
a territory composed of a state or
' part of a state or contiguous parts
of ono or moro states. And provid
ed, further, any national bank hav
ing tho qualifications shall, upon ap
plication approved by tho secretary
of tho treasury bo admitted to mem
bership in tho association for its city
or territory. No bank can be a mem
ber of two curroncy associations.
Dissolution of any bank in an as
sociation shall not affect tho corpor
ate existence of tho association un
less thero shall then remain loss than
tho minimum number of ton banks.
The affairs of tho association shall
bo managed by a board consisting of
ono representative from each bank.
A president, vice president, secretary,
troasurer and an executive commit
too of not less than five members
shall bo elected by the board.
' National currency associations will
render available under tho direction
and control of the secretary of tho
treasury as a basis for additional cir
culation any securities Including com
mercial paper held by a national
banking association. For tho pur
pose of obtaining such additional cir
culation, any bank belonging to any
national currency association, having
circulating notes outstanding secured
by the deposit of bonds of the United
States to an amount not Ighs than 4ft
per cent of Its capital stqck, and
which has Its capital unimpaired and
a , surplus of not less than 20 per
cont'i may dopdslt" with and transfer
( to tho association in trust for the
United States such of these securi
ties as may bo satisfactory to the
board of the association.
: The ofllcors of tho association may
make application to the comptroller
of tho curroncy for an issue of addi
tional circulating notes to an amount
not oxcooding 75 per cent of the cash
value of the securities or commer
cial paper so deposited. Tho comp
troller of tho currency shall imme
diately transmit such application to
tho secretary of tho treasury, with
such recommendation as ho thinks
proper, and if, in tho judgment of
tho secretary of tho treasury, busi
ness conditions in the locality de
mand additional circulation and if
ho bo satisfied with the character and
value of the securities proposed and
that a Hen in favor of the United
States on the securities so deposited
and on tho assets of tho banks com
posing tho association will be amply
sufficient for the protection of the
United States, ho may direct an issue
of additional circulating notes to the
association on behalf of such bank to
an amount, in his discretion, not,
however, exceeding 75 per cent of
tho cash value of tho pecurities so
deposited.
Upon tho deposit of any of the
state, city, town, county or other mu
nicipal bonds, circulating notes may
bo issued to tho extent of not exceed
ing 90 per cent of tho market value
of tho bonds. No national banking
association shall bo authorized in any
event to issue circulating notes based
on commercial paper in excess of 30
per cent qf its unimpaired capital 1
and surplus. Tho term "commercial
paper" is defined to mean only notes
representing actual commercial trans
actions, which when accepted by the
association shall bear the names of at
least two responsible parties and
have not exceeding four months to
run.
The banks and the assets of all
banks belonging to the association
shall bo jointly and severally liable
to tho United States fer tho redemp
tion of the emergency circulation,
and tho government shall have a lien
on assets of all banks belonging to
tho association and to the securities
deposited by the banks with tho as
sociation. Each bank of an associa
tion shall be liable, however, only in
tho proportion that its capital and
surplus bears to the aggregate capital
and surplus of all such banks.
Tho association may, at any time,
require any of its constituent banks
to deposit additional securities or
commercial papor, or exchange the
securities already on deposit, to se
cure such additional circulation; and
in case of the failure of a bank to
make tho additional deposit or ex
change the association may, after ten
days' notice to the bank, sell the so-
How to Get Well
for 50 cents in a Month
This is the
ten who
Tho liver !a torpid because of abuse.
Because of wrong food and too little
exercise.
The bowels have grown Inactive. The
waste of the system loads the blood
with impurities.
Then one takes harsh physic salts and
pills in trying to correct the wrong.
fchus the stomach and bowels becomo
inflamed. The whole digestive sys
tem is upset.
trouble with nine people in I Cascarets gently stimulate the liver,
don't feel well: Cathartics whin i- nnf?n
' " .j m MVMV44I
Cascarets heal the bowels. Pills, salts
and castor oil merely irritate.
If you tramped the woods for a month,
- ate coarse food, fruit and green vege
tables, the result would be the same
as a month with Cascarets.
But most people can't do that. For
them, Cascarets bring the same re
sults, just as naturally, just as
effectively.
Caucarota are candr tablets. They ar sold
by all dnjirKlsts, but neyr In bulk. Be sure to
Bet the genuine, with CCC on every tablet.
j.uo uox is m antea nice tnisi
All these results end quickly by the
use of Cascarets.
One candy tablet, once or twice a day.
In a month, or less, one knows what
It is to be well.
Cascarets aid digestion. Harsh physic
destroys it. '
ftaaacto
The vest-pocket box Is 10 cents. K
12.000,000 boxes sold annually.
curities and paper already in its
hands at public sale and deposit the
proceeds with tho treasurer of the
United States as a fund for the re
demption of the emergency circula
tion. If the fund is insufficient the asso
ciation may recover from the bank
the amount of tho deficiency by suit
in the circuit court of the United
States, and shall have the benefit of
the lien hereinbefore provided for in
favor of tho United States upon the
assets of tho bank. The association
pr tho secretary of tho treasury may
permit er require the withdrawal ef
securities or commercial paper, and
the substitution of other securities qr
cqmmercial paper of equal value.
When any bank belenglng tq an
assqeiatiqn falls tq preserve er make
gqqd its redemptipn fund In the treas
ury ef the United States, the treasur
er qf the United States shall notify
the asseclatlqn tq make geqd the re
demption fund, and upon its failure
the treasurer of the United States
may, in his discretion, apply so much
of the redemption fund belonging tq
tho other banks cempqsing such na
tiqnal currency associatien as may be
necessary, and such natienal cur
rency asseciatiqn may, after five days'
netice te such bank, prqeeed to sell
at public sale the securities denesit-
od by such bank with the asseclatlqn
and dopeslt the preceeds with the
treasurer ef the. United States as a
fund fer the redemptien qf the addi
tlqnal clrculatiqn taken by the act.
Any natienal bank which has clr
culatiqn nqtes outstanding secured
by the depesit qf United States bends
tq an amqunt qf nqt les3 than 40 per
cent qf its capital stqck and which
has a surplus qf nqt less than 20
per cent, may make applicatlen tq
the cemptrqller ef the .currency fer
authqrity tq issue additlqnal circu
lating nqtes te be secured by the de
pesit qf bonds other than bends qf
tho United States.
The secretary ef the treasury will
determine the time ef issue and fix
the amount of the emergency notes
to be issued. When the secretary of
tiie treasury authorizes the Issue of
this bond-secured emergency cur
rency it shall not exceed in amount
90 per cent of tho market value or
the par value of any bonds deposited.
The state, county and- municipal
bonds to be accepted must be issued.
uy a auue, county or municipality
which has ben in existence for a
period of ten years, and which for
ten years previous to the deposit has
not defaulted in the payment of any
part of either principal or interest of
any funded debt authorized by it,
and whose net funded indebtedness
does not exceed 10 per cent of the
valuation of its taxable property.
The emergency currency shall be
subject to all the provisions of law
affecting national bank notes. The
total amount of circulating notes out
standing qf any natiqnal bank shall
n?,tat any tImo exceed the amount
qf its unimpaired capital and surplus.
The issue qf emergency currency Is
limited te $500,000,000.
Natiqnal banks having in clrcula
tiqn emergency currency will be re
quired te maintain in the treasury
a redemptien 'fund ef 10 per cent ef
the- additlqnal clrculatiqn at any time
eutstanding.
The secretary ef tho treasury in.
apportioning emergency currency
shall not approve applications from,
associations in any state in excess
of the amount to which that state
would be entitled on the basis of the
prqpqrtiqn which the unimpaired
capital and surplus of the national
banking associations in such state
bears to tho total amount of unim
paired capital arid surplus of the na
tional banking associations of the
United States. In oaso th nrmiino-
jtions from associations in any state
shall nqt bo equal to tho amount
which the additions qf such state
weuld bo entitled tq under this meth
qd qf distributiqn, the secretary qf
the treasury may assign the ameuiit
nqt applied fqr tq any applying assq
eiatiqn qr assqciatiqns in states In
the same sectlen qf the country.
The secretary qf the treasury will
frem time tq time furnish inferma
tiqn to natiqnal banks as tq such
securities as weuld be acceptable un
der the new law. It is prepqsed to
amend the present law se that na
tiqnal banks having qn depesit bends
qf the United States bearing interest
at the rate qf 2 per cent per annum,
including Panama bends, tq secure
its circulating nqtes, shall pay te the
gevernmont a tax ef qne-fqurth qf
1 per cent upen the average amount
of its notes in clrculatiqn based upon
such bonds, and United States bends
bearing interest at a rate higher than
2 per cent per annum shall pay a tax
ef qne-half qf 1 per cent upen the
average ameunt qf its nqtes in circu
lation based upon such bonds. Na
tional banks taking out emergency
currency shall pay for the first month
a tax at the rate of 5 per cent per
annum upon the average amount of
this currency and afterward an addi
tional tax of 1 per cent per annum
for each month until a tax o 10 per
cent per annum is reached and there
after 10 per cent per annum upen the
average ameunt qf such nqtes. Na
tienal banks must make menthly re
turns under oath of the average
monthly, amount of its emergency
circulation. The taxes received on
emergency currency shall be added to
the reserve fnnrl lioiri fm v., ,.
domption qf United States and ether
Net mqre than $9,000,000 ef United
States bend secured clrculatiqn- can
be retired rlnrinf nnv naiano.
mqnth. Emergency currency may be
retired bv t.h hnnlra iin !, ,i
posit of lawful money without re-
ouiuuuub as to amount,
The emergency currency and
United States bond secured national
bank notes will be identical in form
and will be issued in denominations
of $5, $10, $20, $50, $100, $500,
$1,000 and $10,000. The notes will
state unon their faoo thnf finw o
secured by United States bonds or
other securities and the promise of
the associatiqn Issuing them tq pay
wu uumuiiu. iNor.es .amounting tq 50
per cent ef the on.nitn.1 stnnir nt amY
natiqnal banking assqeiatiqn shall bo
iJiiiiteu ua soon as possible and be
held near the place of business of J.he
Dame.
All national bank notes of every
description when presented to tho
Subscribers' JMwrtlsiiM Dept,
This department Is for the exclusive
use of Commoner subscribers, and
special rate of six cents a word per In
sertionthe lowest rate has been
made for them. Address .all communi
cations to Tho CoramQner, Lincoln, Neb.
WANTED AGENTS TO SELL ORIGI-
n nal hand flnlsh.ed. photo Pst cards
with copy of autograph of W. J. Bryan.
Sample 10c. Indiana" S,tudi6, Pasco,
FOR SALE 40, ACRES NEAR ARD
more. Price 82,500. Terms. Title
& e?, Address A. D. Chase, Sr P. O.
Box 441, Ardmore, OJcla. .
i
MONEY IS SAFE IN OKLAHOMA'
v banks. Deposits are guaranteed.
Interest paid on savings accounts.
Wrlto us for particulars. Arkansas
Xialileiy National Bank. Broken Arrow,
Oklahoma. '
FOR SALE WELL. IMPROVED
- 'arm of 160 acros six jriileS north
of O'Neill, Nebraska. Good land, grood
neighborhood, buildings in good state
Of rOnjllP. 'Prion 9K ft rtAV. mfn tin ar
j term, a P. McKenna; O'Neill, Neb.
a i m i , v
VV ' ' .
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