The Proposed Amended Banking Law

The bill to amend the National Banking law authorzJS the establishment of iïee banks. Partiei making applieation for charters must pre-eot to the Secretary of tho Treasury ssa basis of s?eurity, five-twuuty six percent, bonds, vvLieli mual be oanoeled by the Sccreiary, end in hen of (liem he is direccd to issue for depos.t by the prbposed banking associatiocs, four per cent. bonds ruiming 40 years, principal and interest payable in coin, Don-tazable by Federal, State or municipal autluritie?, and tlie int er est on tho bonds which tnay be held in Europe payable in tlie money of Europoan couotries. Tliese bonds are to be convertible at l!;e option of the owners froin coupon inlo registored, or from ri'g i isiercd into coupon. It compels tlie Seeretary of tbe Treasury to redcetn and cancel a amount of greenb;icks, or three per cent, certifícales equal to 75 per cent. of tho oirculating notes issued under the free bankiog system. It pmrides f r the icdcniption of iiotjs in New York a well as at the counters of tlia bullís issuing theui; prohibits banks from pnjiDg iuterei't on curreut deposits ; próvidas tliat tho engraving and printing of the new ciicuhuing notes Bhall bo exeeuted io the Bureau nf Eagraving md PriatÏDg of the" Treasurj Department; lht each der.ominatioD of tho notes shall bo on dis inet paper, and fi om lathe work dies, bed pieces, at.d rel Is never before iísaed in part or in whole for otker notes.