Show RL ac AM I 1 the essential features of the measure Z creates a national Curre currency nev commission rho the commission to have dairal tender I 1 notes printed redeemable in cointo V I 1 be issued to solvent hanks with caal capital of 25 or over on bonds of government I 1 ern arn ment county state or city exempt from taxation Tai Tax ailon atton banks to guarantee etc washington dec 29 chairman springer of the committee on banking bunting and currency lias has completed his ilia preparation of the currency bill the essential features are as follows it provides for the creation of a national currency commission to be composed of the secretary secret arv of the treasury the tile treasurer of the united states and I 1 the comptroller of the tile curren currency CT which shall be abar charged ged with the execution an of the provisions of the act the commission s i 0 n s shall h al 1 b have a vo leg cepil ii tender notes p printed r i ante d a at t ali the e b bureau ure au of engraving and printing which notes shall be leeal legal tenders public and private and sh shall allbe be redeemable in coin buch such notes shall be issued to an any solvent bank having a paid paid up cap capital ty of over 25 on tho deposit of certain bonds required by tho act tho the bards bords boi ds may bo be either united states or those of state county parish or city with a population of when the bonds hav 3 been at pa par r for two years and all the interest paid up these circulating notes arc are exempted from rom ten per cent tax on state bank issues and the bonds are exempted from all taxation federal or local banks depositing other than national nati national bonds may n la y rece receive I 1 ve ninety per cent in in notes th the 0 united states assumes all responsibility for the redemption of the notes the banks must guarantee the payment of the bonds deposited and all assets of the banks are liable therefore on notes issued to tho the amount of the tile capital stock the bank must pay a tax of one per cent per annum on an additional twenty five livo per centa cent two per cent tax is imposed and on the renia rema ning twenty five per cent a four per cent tax ull will be required ample provision is made for redundant currency and for cancellation the faith and creditor credit of the united states is is pledged to their redemption demp tion in in coin on demand or national currency notes and a reserve f fund and in acin is provided equal to twenty per cent of the tile outstanding notes |