Rensselaer Republican, Volume 19, Number 17, Rensselaer, Jasper County, 30 December 1886 — NATIONAL BANK CIRCULATION. [ARTICLE]

NATIONAL BANK CIRCULATION.

Ur. Warner’s Bill !• Invent Lawful Money Deposited as Security. (Washington dispatch.] Mr. Warner (O.) introduced a bill in the Houie on Tuesday providing that 90 per cent, of the money deposited in the Treasury to secure national bank circulation shall be invested in United States uncalled bonds; that whenever said bonds exceed the amount of outstanding circulating notes of national banks such excess shall be canceled; that the Secretary of the Treasnry may, at his discretion, redeem national bank notes with unappropriated money in the Treasury, or with the proceeds of the sale of a portion of these bonds. The bill further provides that no national bank shall be required hereafter to deposit or keep on deposit, to secure circulating netes, United States bonds to an amount exceeding one-twentieth of its capital stock, and in no case more than $20,000, and

hereafter all nationnl banks shall be en- 1 till- d to receive circulating‘notes for such bonds at their par value equal to the par value of the bonds so deposited.