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Page. Line. 13 18 to 21 May buy, borrow, sell, or loan to other clearing houses or

banks. 13 22 to 24 Usury laws not to apply to transactions of clearing houses. 14 1 to 4 May establish a department to “CURRENTLY RE

DEEM” the greenbacks and currency of banks. 14 11 to 17 Five or more clearing houses may form a national clearing

house. All provisions relating to banks in their relation to clear

ing houses shall apply to clearing houses in their rela

tion to the national clearing house. 14 18 to 22 National clearing house may deal in any bonds approved

of by the Comptroller. 14 23 May provide for the "current redemption" of "circulating

notes." 15 1, 2 May take out emergency greenbacks in denominations of

not less than $1,000, secured by United States bonds.

Section 11. 15 3 to 6 May be designated as fiscal agents of the Government and

as depositories of public moneys. 15 7 to 14 May keep their bonds and moneys with the United States

Treasurer or any assistant treasurer with the approval

of the Secretary of the Treasury. 15 15 to 18 Shall be subject to like examination by national-bank

examiners as banks, and to make such reports as the

Comptroller may request. 15 19 The meeting together of the employees of banking asso16 1 to 20 ciations to make "clearings" shall constitute the banks

employing such persons a "clearing house," and make the banks they represent liable to a tax of one-tenth of 1 per cent on all clearings unless they submit their by. laws for the approval of the Comptroller and become a

“body corporate." 17 17 to 21 Emergency legal-tender greenbacks taken by clearing 18 1 to 7 houses or banks may be surrendered and the bonds

recovered, or any other greenback may be deposited to the amount of the greenbacks taken out, plus the accumulated interest, and the bonds recovered.

So much of the duties named as are necessary are devolved

on Secretary of the Treasury, the Treasurer of the United States or on the Comptroller of the Currency.

Page. Line. 3 13 & 14 Such an amount of "subsidiary and minor coins” as the

Secretary of the Treasury considers necessary for the

issue and exchange of such coins.” 3 17 to 19 Accounts of Issue and Redemption Department “SHALL

be kept entirely apart and distinct from the other divi.

sions of the Treasury Department." 3 23 to 25 Reserve fund SHALL be established in Issue and Re4 1 to 6 demption Department of 25 per cent of

$346 mil. U. S. Notes.
104 mil.

Gold.
450,000,000

$112,500,000 and 5 per cent of $500,000,000 silver

25,000,000

Total

$137,500,000 4 7 to 10 $137,500,000 gold shall be held as a “common fund” and

used exclusively to "redeem United States notes, Treasury notes, silver dollars and subsidiary and minor coins."

(See page 3, lines 13 and 14.) 4 11 to 25 Gets its funds at the option of the Secretary of the Treas5 1 to 13 ury.

Sec. 6. TEN mandatory directions for doing its business. 6 24 & 25 SHALL -cancel" such amounts of notes -redeemed in 7 1 to 4 gold” (as SHALL NOT EXCEED the NATIONAL

RESERVE NOTES ISSUED SUBSEQUENT TO
THE TAKING EFFECT OF THIS ACT."

THREE COMPTROLLERS OF THE CURRENCY, AT A COST OF $23,000.
Duties prescribed.
First Comptroller a sort of "Assistant Treasurer.
All action dependent on the Secretary of Treasury.

Page 7, line 7.
1 6 to 11 Comptrollers do duty of present Comptroller.

Manage Issue and Redemption Department. 1 12 Present office of Comptroller abolished. 2 1 & 2 Comptrollers appointed by President and Senate. 2 3 & 4 Comptrollers removed by President and Senate. 2 4 to 9 Appointed for 4, 8, 12 years; then for 12-year terms. 2 10 & 11 In a Comptroller's last four years he is to be First Comp

troller. 2 12 to 18 First Comptroller, practically Assistant Treasurer, has cus

tody of all funds. To give $250,000 bond. 12 6 to 14 To prepare three kinds of “circulating notes,” etc. 14 6 to 13 After four years MAY reduce deposit of United States

bonds.

After eight years no bonds shall be required. 15 9 to 14 When no more United States notes are available as a basis

for 6 CIRCULATING NOTES” THE deposit of such notes SHALL no longer be required (see page 16, lines 10 to 14), but the deposit of “gold coin” for them may

be required. 15 15 to 18 May issue reserve notes upon the deposit of gold coin. 16 10 to 14

[blocks in formation]

PRESENT COMPTROLLER OF THE CURRENCY AT PRESENT COST OF

$5,000.

3 22 to 25 SHALL issue “CURRENCY” only to the amount of 4 1 to 4 greenbacks taken during transition. 4 5 to 11 Thereafter he SHALL issue “OURRENCY" to each bank

not less in amount than its “greenbacks” and not less than 25 per cent in excess of its average circulation of "currency" during the two years next preceding, and

MAY issue to the full amount of actual capital. 5 3 to 5 May print currency or greenbacks in anticipation of use. 8 5 to 11 May extend corporate limit of associations.

May allow banks to reduce their greenbacks to required

amount, with approval of Secretary of the Treasury. 8 12 to 17 Shall destroy currency surrendered to him. 10 4 to 6 May allow associations to keep their bonds and coin in any

suitable place. 11 12 to 17 Board of advisers to. 12 1 to 3 May call a meeting of board of advisers at any time or

place. 12 9 to 14 An appeal may be taken from all decisions of the Comp

troller to the board of advisers. 12 15 to 22 By-laws of clearing houses must be approved by comp

troller. 13 1 to 4 Clearing houses can not expel an association without the

approval of the Comptroller,

Line.

16

or

Page. 15 19 to 25 When no more reserve notes” are available, the taking

out of “reserve notes” shall be no longer required. When “reserve notes are “no longer available,” bank.

ing associations can issue “ currency notes” under the restriction of page 11, lines 10 to 24, and page 14, lines

18 to 21. 1 to 5 Gives unlimited power to withdraw from circulation

“reserve notes” down first to 40 per cent to capital and finally using all the gold reserve, etc. (forcing the hands

of the Secretary of the Treasury). 16 6 to 8 Thereafter the Comptroller shall equitably “ withdraw"

66 reserve notes." 16 24 & 25 Reserve notes withdrawn and canceled by the use of sur

plus revenue shall not be reissued (when reserve notes” are withdrawn by the use of surplus revenue, no increase

of such notes can thereafter be made). 17 5 to 12 May reduce “ currency notes” of banks by depositing, etc.,

with the Assistant Treasurer. (Where is the "Assistant

Treasurer” provided for?) 17 12 to 17 May reimburse banks for surplus of “bank notes," " REDEMPTION

FUNDS,"

currency - note" “GUARANTEE FUND” above amount required to be

held against “circulation." 17 18 to 25 To divide the United States into redemption districts for

redemption of "currency notes." 18 19 to 25 In case of failure to redeem in “gold coin,” they to imme19 1 to 21 diately put association into insolvency. 2013 to 23 Shall assess each bank not exceeding i per cent on their

16

currency notes ” in circulation to guarantee all“

rency notes." 20 24 & 25 (See page 4, lines 7 to 10.) May invest “gold guarantee

fund" in United States obligations” at “not exceed

ing 6 per cent premium” (?) for benefit of the “fund." 21 20 to 23 MAY provide for redemption of “reserve” and “bank”

notes at subtreasuries. 22 12 to 23 When the circulating notes of any bank shall be presented

for redemption in sums of $1,000, made up of reserve notes, bank notes, and currency notes, or any one of them, at the Treasury or subtreasury, the same shall be

redeemed in gold coin. 23 22 to 25 Banks to report to the Comptroller. 24 1 to 6)

(One-fourth of 1 per cent per annum tax on franchise, less 24 14 to 25 one-half per cent premium paid on reserve notes taken 25 1 to 3 out, to support Department of Comptroller of the Cur

rency. 26 12 to 15 May permit banks to establish “branches." 28 4 to 11 May get reports provided in Walker bill. (Very clumsy

phraseology.) 28 20 to 25 May permit national banks to organize under the act. 29 15 to 24 May permit State banks to organize under the act. 31 8 to 11 May prepare “circulating notes" in anticipation of delivery

to banks.

cur

Line.

Page. 14 5 to 10 Changes of by-laws of clearing houses to be valid must

have the approval of the Comptroller. May annul any clearing-house by-law with the concurrence

of a majority of the board of advisers. 16 21 to 24 May issue to clearing houses, or banks, emergency green

banks secured by bonds in denominations not less than $1,000 to the amount of 90 per cent of such bonds, interest to be paid on such greenbacks by the associa

tion taking them, at the rate of 6 per cent per annum. 20 6 to 24 To decide when banks are to be taxed on their deposits

for failure to maintain parity, and on the beginning and 21 1 ending of the period of taxation. 25 7 to 23 May take possession of the assets of unsound banks and

First. Create a fund to secure the payment of " currency

notes.” 25 24

Second. Create a fund to secure the payment of “Gov. 26 1 to 14 ernment deposits." 27 1 to 21 To have monthly reports of the daily condition of banks,

and such other reports as he may request.

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