

CONGRESS. (Tel CUBBEXCT.) 



IM^A. i^^n toft ^^M^MltfM^B M) ^^a^a^a^^fl MMttll nAV 



ItoB opoo tbeasaeteof eaon MM bank for the 



iw&Bpttoo of its circulation. 

 UM. C That the Secretary of the Treasury may 



:. .- -..;,-. :., 



.MX! for the 

 of failed national 



Sac, y. Thai every national banking aamociatiou 

 ** orcaniaed and having boodaoo depo.it to 

 hall, on or before the letday of 

 i suoh booda and depoait with the 



.iaM, withdraw 

 rer of the United 

 ofUnfead 



a guarantee fund con- 

 eoder note*, Including 

 the act of .1 



IBM. equal to *o per cent of it* outstanding circula- 



te a* UM tame of sucn withdrawal and deposit, and 



all law and parta of lawa requiring auch association 



to deposit, or lo keep on depoait. * 



ofthc 



any purpose other than aa aecuritv for public 1 



afattd are hereby, repealed from and after the 



tea, 9. That sections 9 and Ii of the act approved 

 188*. entitled - An Act to enable national 

 lainoiations to extend their corporate exist- 

 lor other purposes," and section 81 .f tin 

 act approved June ft, 1064. entitled - An A 

 a national currency secured by a pled,: 

 States booda, and to provide for the circulation and 

 thereof/ and all acts and parts of acts 

 thereof be, and the name are hereby, re- 



" Sac. . That the Secretary of the Treasury may, in 

 his discretion, nee from time to tame any surplus rev- 

 cooe of the United States in the redemption and re- 

 t of United States legal-tender notes, but i h,- 

 of such notes retired shall not in the aggregate 

 in amount eaual to 70 per cent, of the addi- 

 circulation taken out by national banks and 

 the provisions of this act; and 



*..- ' . i :..-. :, ' - 



Bthoriasd by the act of July 14, 1890, . 



rtting the purchase of silver bullion an.l the 

 issue of Treasury notes thereon. and for <>th<r pur- 

 poses/* of a lea* denomination than $10ahall be issued, 

 and aa rapidly aa auch notes of denominations leas 



-..-. ..'......! -... ,-;. !).. . 



shall be canceled and an equal amount of notes of 

 like character, but in denominations of $10 or multi 

 plea thereof; shall be issued in their place*, but not h 

 in* in this act shall be so construed aa to repeal or u 



; :..:. . 



repeal or in 



p| ;/.. Mdd :i. : 





a banking corporation duly organized under the laws 

 of anv State, and which transacts no other than a 

 banking business, shall be exempt from taxation 

 under the law* of the United States when it is shown 

 to the satisfaction of the Secretary of the Treasury 

 and the Comptroller of the Currency 



That such bank has at no time had outstanding 

 fea circulating notes in excess of 76 per cent of its 

 paid-up and unimpaired capital. 



. hst itn stockholders are Individually liable for 

 notes to tne full cx- 

 but this shall not be 

 olding stock as ex- 



11 "WyW" 1 ^ f tt<irt Una, or trustees, if the 

 and funds in their bands are liable in like 

 vaodtothe same extent aa the testator, intes- 

 ard, or person interested in such funds would 

 be if Hring and competent to act and hold the stock 

 in his own name. 



That the circulating notes constitute by law a 

 first lien upon all the assets of the bank. 



(4) That the bank has at all times kept 01 

 ith an official of the State authorise. 1 

 ceive and hold the same, a guarantee Ama ii 



States legal-tender notets Including Ti.-a.Miry notes of 

 10W), equal to 80 per cent, of its outstanding . irvuhit 

 ing notes ; and 

 (6) That it has pp-mi-t l\ redeemed itn notes at par 



on demand at iu principal "lluv. <T at ..in- .r 

 .ni.-li ..lli.TM. if it IIU.H tranches. 

 il. That the St- 



and regulations to be established 

 l-\ hin.. .itf t-aiik.^ t< procure aii-i U-. in tin- 



preparir i..-!.- th. li>tin.-tivc paper used 



in printing United States securities; \-\i\ n. Mute bank 

 nhall print or engrave its notes in himilitude of a 

 United States note, or certificate, or national bank 



IX. tr. 



Thr Carlisle bill was entitled " An Act to aim ml 

 the laws relating to national hanking associa- 



iti exempt the iitite> of Stall- liank 

 taxation upon certain Condition^, ami for other 

 purposes." In explanation of the ineasun . .Mr. 

 SpnnpT said : 



"The Comptroller of the Currency, in his re- 

 port to Congress, dated Dec. 8, 1894, on page 27, 

 submits a table showing the number of deposi- 

 t '! in national. State, and private bank>, loan 

 and tru.^t c(ini|)anie>. and savings bank- in the 

 United States on Oct. 31 last. This stat - 

 shows that there were 8,143,000 persons in the 

 United States who kept accounts in all our 

 banks. The same statement also shows that 

 the deposits made by these persons amounted 

 to $4,220,000,000. 



-on page 12 of the Comptroller's report is 

 pven a statement of the capital stock of the na- 

 tional and State banks in the 1'nited - 

 which aggregates $1,069,000,000. The total 

 banking funds of all the banks in the I 

 States, embracing capital stock, suriilus, undi- 

 vided profits, anddeposits in national and oilier 

 banks amounted to $6,407,000,000. 



"These statements, Mr. Chairman, will sen e t<> 

 illustrate the great importance and the universal 

 interest manifested in the subject now before 

 this committee. 



"The Committee on Banking and Currency, 

 which lnts recommended the passage of the 

 (tending bill and has asked for its immediate 

 consideration by this committee and by this 

 House, has been giving the question careful con- 

 sideration ever since the appointment of the 

 committee by the Speaker of this House in Au- 

 gust, 1898. 'it is not a sudden and unconsid. n d 

 ((inclusion to which we have arrived, tin 

 but the most careful deli IK.* ration has been given 

 i great subject. 



-e the message of the President of the 

 United States and the report of the Secretary of 

 asury to this Congress at its present ses- 

 sion the committee have had hearings and 

 1 before them prominent bankers and 

 icrs from every part of the country. The 

 statements of these gentlemen are printed and 

 before the members of this House. We have 

 deemed it best to report a bill for the considera- 

 . -e, and we ask this committee 

 to enter upon its consideration soberly, candidly, 

 and with the sole view to the promotion of the 

 best interests of our common country. 



is bill does not represent the individual 

 views of any member of the committee, or per- 

 haps of any member of this House, in its entirety. 



