| Show Eri or 1110 to Do DoIt Doit It wit I New York IA special to the tho Times from Crom Washington says lal i C Controller of oC th Currency Is overwhelmed with assertions and In I touching the operation ot of time tho currency bill about to become II a law All 11 sorts of notions notion o are entertained bt b those who ho ha have undertaken to Interpret It and recently the controllers atten attention tion was as directed to a 11 press report pUb In several veral papers to this effect It Is ii estimated that an anyOne ne with capital can start n a national bank under the ne nets system All that Is required Is In 2 per cent government bonds bondi which could be secured at ruling rates These representing the cap capItal Ital ItaI of oC the tho bank could be sent lent to I 1 Ington am and circulation for time the full Cull or of the capitol capital immediately take tak taken en out The organizer of DC the bank banI then has only 27 tied UI In the enterprise but could take tako deposits In the tho regular way report has haR gained so much pub licit Controller naw that It Its s seeing ms to mil inc It ought to be corrected a as soon coon a as possible The report Is III falla dous The new lu regarding tieR lion would not make malte It to drive the authorities Into allowing the bank to do business with no While It itin in II true that the organizers of a national bank can call secure In circulation the par parI or the bonds depo led by them as see se security I less five e per cent re redemption redemption fund Cund It If tills this currency was as used d to pay ort off th the cost COlt ot of the bonds It could not of oC course be used as capital for Cor the bank money has lleen lieen borrowed to purchase time thc bonds deposited as scour securIty Ity for Cor circulation tM thC bank note Is Issued Issued sued lI them might be used to pay paya a portion of time tho debt Jut But thIs opera operation tion does not affect or lessen n the city of oC time the blink bank having In unini paired cash irrespective of the currency and bond transaction The Tho assumption is that the received from the government upon the thc deposit of the amount of the lInds us os could be used both to iy the debt nl its In the purchase ot of the bonds ns as aswell well nM as for tor the working capItal of the bank In addition Is of course Impossible I |
