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PROPOSED CHANGES IN THE CURRENCY SYSTEM

OF THE UNITED STATES.

PREPARED FOR PUBLICATION BY

FRANK ROE BATCHELDER,

CLERK OF THE COMMITTEE.

FIFTY-FIFTH CONGRESS, THIRD SESSION.

1898-99.

WASHINGTON:

GOVERNMENT PRINTING OFFICE

1899.

COMMITTEE ON BANKING AND CURRENCY.

FIFTY-FIFTH CONGRESS.

JOSEPH H. WALKER, Mass., Chairman.
MARRIOTT BROSIUS, Pennsylvania. GEORGE W. PRINCE, Illinois.
HENRY U. JOHNSON, Indiana.

JOHN MURRAY MITCHELL, New York HENRY C. Van VOORHIS, Ohio.

ADIN B. CAPRON, Rhode Island. JAMES T. McCLEARY, Minnesota.

NICHOLAS N. Cox, Tennessee. CHARLES N. FOWLER, New Jersey, FRANCIS G. NEWLANDS, Nevada. GEORGE SPALDING, Michigan.

JESSE F. STALLINGS, Alabama. EBENEZER J. Hill, Connecticut.

DANIEL ERMENTROUT, Pennsylvania. GEORGE N. SOUTHWICK, New York. JOHN W. MADDOX, Georgia.

FRANK ROE BATCHELDER, Clerk 2

THE INCORPORATION OF CLEARING HOUSES UNDER FEDERAL

LAW FOR THE PROTECTION OF COMMERCIAL CREDIT.

COMMITTEE ON BANKING AND CURRENCY,

Washington, D. C., Wednesday, April 13, 1898. The committee met at 10.30 a. m., Hon. Joseph H. Walker in the chair.

Present: Messrs. Walker, Johnson, Van Voorhis, McCleary, Fowler, Spalding, Hill, Southwick, Prince, Mitchell, Capron, Cox, and Ermentrout.

Theodore Gilman, esq., a banker of New York City, appeared before the committee in advocacy and explanation of the bill H. R. 9279.

(Bill H. R. 9279, Fifty-fifth Congress, second session.]

In the House of Representatives, March 17, 1898. Mr. Bartholdt (by request) intro

duced the following bill; which was referred to the Committee on Banking and

Currency and ordered to be printed. A BILL to protect and support commercial credit, to equalize rates of interest, to provide for the incor. poration of clearing houses, to regulate and define their operations, to provide a clearing-bouse cur. rency secured by pledge of commercial assets and the responsibility of the associated banks, and to provide for the circulation and redemption thereof.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That associations, to be known as clearing houses, for the settlement of money transactions by effecting clearances between banks, and for doing other business for and between banks not inconsistent with the provisions of this act, may be formed by any number of banks not less than five duly incorporated, either under the national currency act or under the laws of any State or Territory, of which a majority shall be organized under the national currency act, in any city of not less than six thousand inhabitants, who shall enter into articles of association for the regulation of the business of the association and the conduct of its affairs, which said articles shall be approved by the stockholders of each bank uniting to form the association at a meeting called for the purpose and shall be signed by the officers of each bank by authority conferred upon them to do so by vote of the stockholders, and a copy of them forwarded to the Comptroller of the Currency, to be filed and preserved in his office.

SEC. 2. That the banks uniting to form such an association shall, by their proper officers, make an organization certificate, which shall specify

First. The name assumed by such association, which name shall be The Clearing House of (giving the name of the city where located and where its business of effecting clearances shall be carried on)."

Second. The names, the amounts of the capital stock, and the number of shares into which it is divided, of the banks composing the association.

Third. A declaration that said certificate is made to enable such banks to avail themselves of the advantage of this act.

The said certificate shall be acknowledged before a judge of some court of record or a notary public, and such certificate, with the acknowledgment thereof authenticated by the seal of such court, shall be transmitted to the Comptroller of the Cur. rency, who shall record and carefully preserve the same in his office. Copies of such certificate, duly certified by the Comptroller and authenticated by his seal of office, shall be legal and sufficient evidence in all courts and places within the United States or the jurisdiction of the Government thereof of the existence of such association and of every other matter or thing which could be proved by the production of the original certificate.

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