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Show SENATOR" COKE'S IDEA. A Bill to Amend the Laws ltesariliug National Na-tional Hunks. Washington, Sept. 8 Senator Coke's bill to amend the laws in regard to national na-tional banking associations and to re-tiro re-tiro their circulation, is a' trading a good deal of attention. Senator Coke has always been an opponent of tho national banks, voting iu tho senate some years ago against ro-chartcring them, and is as much opposed to them now as ever. He feels, however, that with the present sentiment it would bo impossible to wipe out the national banks altogether, and consequently he introduced a bill to amend them. The bill ho has introduced, and which is now ponding in the senate, is as follows: fol-lows: "Be it enacted by the 'seuato and house of representatives of the United States of America in congress assembled: assem-bled: That from and after the passage of this act no national banking corporation corpora-tion now organized or hereafter organized organi-zed shall issue any circulating notes, and w ithin six months from thepassago of this act every national banking association as-sociation shall deposit with tho treasurer treas-urer of the United States lawful money of the United Slates sufficient to redeem re-deem all its outstanding circulation, and upon such deposit shall receive back the bonds deposited to secure payment pay-ment of its notes and thereafter bo discharged dis-charged from all liabilities upon its circulating notes, which notes shall bo redeemed at the treasury of the United States. And if any such bank shall fail to make the deposit and take up its bonds within said six months the comptroller comp-troller of the currency shall have the power to sell the-bonds pledged for the circulation of such bank at public auction auc-tion at the. ollico of the national treasurer treas-urer of tlio United States in tho city of New York, and after providing for the redemption and cancellation of said circulating cir-culating notes, and the necessary expenses ex-penses of the sale, shall pay over any balance remaining to such bank. Sec. '3. That for the purpose of the retirement and redemption of tho circulating circu-lating notes of the national banking associations outstanding at the date of the passage of this act, tho secretary of the treasury is hereby authorized and required, immediately upon tho pas-sago pas-sago of this act, to cause to be prepared and issued United States legal tender in amounts and denominations corresponding corres-ponding to the amounts and denominations denomina-tions of all such outstanding national bank notes, and the said United States legal tender notes shall be in the same form and words and under the protection protec-tion of and subject to all the laws touching the present United States notes known as greenbacks or legal tender notes, and as far as the said national bank notes shall be received at the treasury of the United States, or any assistant treasury, or any designated depository of the United States they shall he retired and cancelled and the said United States legal tender notes issued in their stead. Sec 3 That hereafter national banking bank-ing associations may loan money on real estate security as well as on personal per-sonal security, and no such association shall hereafter take, receive, reserve or charge on any loan or discount made, or upon any note, bill of exchange or other evidence of debt, interest at any rate of interest higher than 0 per cent per annum, unless it is expressly stipulated stip-ulated otherwise, and in no case sha 1 the rate of interest be over 8 per cent- "VwdUeXerved that this bill provides pro-vides that national banks shall not hereafter here-after issue anv circulating notes; Hut Ihe national bank notes now in circula-lon circula-lon shall be retired and cancelled and the legal-tender notes issued in lieu stc i I The bill also provides that national na-tional banks may loan money on rest esta e security, as well as on personal secuHtv These are the three j.mposi- ions of the present national Unking ws that sec, . to be most offensive to hrfaiw-rs of the country. N-nato. Coke will push his bill as earnestly as , he can ' "i i being a man of unquestioned unques-tioned ' nlluei.ee in . the senate the ; ,. ? "ices are that during the next or s lort so 'sion of the present congress ti e bill will be forcc-1 to the front and senators al representatives made to take issue on it. . |