Show CURRENCY OF THE Democrats of the House Com Corn J on Banking Will Of Offer Offer Offer fer a Substitute SOME NOTABLE FEATURES TREASURY NOTES TO PROVIDE ELASTICITY Washington Feb 7 What will be known as tho the minority currency bill was Introduced today by Representative enta tive John Sharp Williams of Mississippi pi the Democratic leader loader of the house who drew the measure as a result rosult of a harmonious conference members of the house committee on banking The will wUl come before the th house housein in the shape of a minority report the banking and currency committee in Its present form Among the provisions of the bill are the following It repeals all aU laws permitting nf Ion Ional al banks to keep of their reserves erves in national banks of reserve rel C I tIcs Irs and similar laws permitting such deposit of of the reserve amounts It provides that not less loss than one half hal of the reserves now required tobt to tobe tobe be bt kept in lawful money mone in central re reserve resene serve sene cities shall be hereafter held in ingold Ingold Ingold gold or gold certificates Salaries for Examiners s sIt It does away with the payment of national bank examiners by the fee system and substitutes salaries not less Jess than nor in excess of early carly with actual expenses It provides that the total liabilities of any national bank inclusive of the liabilities of Its members shall not exceed one tenth of the banks and unimpaired capital stock and one tenth of its impaired surplus funds and that in no event shall the liabilities ties exceed 30 per cent of the capital stock st Ik IkNo No national bank shall loan in the thet t aggregate more than seven times the 1 amount of its capital plus Its unimpaired surplus Municipal Bond Provision Any national bank may keep 50 per percent percent percent cent of its reserve in United States bonds or bonds of states or in the bonds of certain municipalities but not notS r V re than of the total re reEe 6 Ee VU vo may be kept In sUite state or o municipal l pal fob Iwi bonds and the bonds shall be bo ac acceptable only of such municipalities as a have maintained their bonds at or above par for tor six years preceding and have av been In corporate existence ten tenear ear car and have never ne r defaulted in their funded debt and ana whose net in indebtedness Indebtedness does not exceed 18 13 per cent of their taxable property The comptroller of the currency cur ency im hn immediately Immediate mediately mediate after the passage of or the bill shall furnish a copy of the new ne law to rath ah bank in the country and inquire If it will accept the th provisions Consent shall be binding and the lia Ha liabilities liabilities attaching to consent may be enforced bv b the comptroller Agree Agreement Agreement ment to accept acc pt the provisions pro lons shall en entitle entitle entitle title state bank and trust companies cO to the benefits of the new law I Elastic Currency I IThe The elastic currency feature of the thell till ll is contained In a section which h provides that these inter bonds may mar be deposited in the nearest and the depositing bank shall receive in lieu thereof United States emergency treasury notes sub subject subject jeet to taxation redeemable at any anytime anytime anytime time and legal tender For the creation of a fund of for the payment of depositors of failed banks operating under the pro provIsions vIsions of this law there is authorized the imposition of a tax of of or 1 per cent on the deposits of banks so operating and whose consent to be beso beso beso so taxed has been obtained The final section of the till provides that no bank b officer shall make a loan for the purpose of stock gambling |