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The New Government Financial Scheme--synopsis Of The Law Proposed

The New Government Financial Scheme--synopsis Of The Law Proposed image
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OCR Text

Tlio following is ;i bv'iil synopsis of cl to auUioiize a national curreocjr seenivd bv hypothecutión of United1 Statea Stocks, und I') rrovide for tho uirculutii n am! redoirptron thereof, pre-' pared liy ilu! ('ommuiue of Way.s andMoanB, and to bo in rodtieed iulo tho It próvidas for a United States Bank Dupartment in tl e Trearary Buildings ■aÍ-! a Bunk ComptrolUr to be appoint-(.■■1 Uy i!.; !Vi si etix and Sánate, with a Rüliiry of $5,000, to buve general charger and supervisión over all banking operntions under the net. It provides fr iasuing ciroutatingf nötea in the similitude ol bank notos to be countersigned and registercd in the JBauk Department, to bo starnped: on their lace "J3ecured by u pledgo of United States Stocks, and reeeivable' for all ducs to and fron) tlie United! i escept dntiea on importa, and made lei'l tender lor these, purposes.'' All exieting bunks in all States and Torritorien of the United Siates may elect or üot to avail tbeinselvea ol tho benefits of this na'.ional ciirrency on complying with the provisiona of tho tiet. New ban!-:s m.iy bc formod br any number o{ pereona nnder its provisión with a eapital oí $100,000 or moro, to circuíate this currency and carry on a general banking business in any part of the 1 nited States, All banks issuing national currency are requirod io keep constantly on hand tvventy-fivo per cent, of their ootstanding circuluting notes in spocio to secure tlio prompt redemption of tho same. Stockholdcrs are made indi vid uftlly liable for the debta ol the bank to the anionnt of their stock. Banks organized under this act are to h.ive a, may soe and be sued in all courts, and they makeall by-la-A's necegsary to carry on thuir business. Banks under tho act are to mak(y qiiarttrly report to the Bank Comptroller, who is annually to report to Congreso. If banks fail to redeem their billí and bocome insolvent, tho securities in the banda of the Bank' Comptrollor may bc eold at public auction and tho. bül-hoklers first paal. Insolvent banks are to have a Receiver appointed, and bo wound up by' order oí the court. Fr.iuds and counterfeiting are carefully guardad against. This biü will, the commiltee believe, oréate a larga domand for United States Stocks to btt issuetl for banking purposes. The bilM iseuedon a bypotfaecatioa of these stocks will have ti;o faith of the Government pledged to that oxtent for thair rodemption. Tiiese bilis aro to bo recoivable for taxes and all other public dus to theGovernment, and for all salaries, and ibr xi 11 other debts and demands duefrom the United States for services rendered, and for supplios and inatorials furnished. Tho banks issuing thisna'ional cuneney are made liable for its redemption, and the stoek-holders aro made liable for it. The bill-hoklers have as security : First, tho United States Stocks deposited with tho Bank Comptroller; second tho liability of the bank issuinsr biils ; third tho personal liability of tho stockholders of 'the bank to an atnount tq'ual to their stock; and it is thus thoiight to constituto a very safo and eeciire currency for circulation nmong tho people, to pay tho army, and all other extraordinary expenses, of the war. After tbs Ebbbm. - Attachment were filed in the Louisville Chancery Court on Saturday undsr the law eubjecting to such process the property of rebels who remain in the Southern Confederacy thirty days after its passage, Oen. Buckner, ex-Minister Preston, and Edward Crutehfield's property, for $20,000 each, and in smaller suins against several others.


Old News
Michigan Argus