Refunding of the National Debt; Notes of an Interview Between the Finance Committee of the Senate and the Secretary of the Treasury, the Comptroller of the Currency, and the Treasurer of the United States, with Regard to the Bill (H.R.

Refunding of the National Debt; Notes of an Interview Between the Finance Committee of the Senate and the Secretary of the Treasury, the Comptroller of the Currency, and the Treasurer of the United States, with Regard to the Bill (H.R.

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1881 edition. Excerpt: ...Senator Morrill asked me in reference to this fifth section, whether I would prefer to strike it out or try to amend it. Senator Kernan. Or go for it as it is. Senator Morrill. I judge from the Comptroller's criticisms of it, that he thinks it ought all to come out. Mr. Knox. I should prefer myself to strike out the section entirely; but if it is to remain, then I would suggest some change in its language. You have, Mr. Chairman, a bill that was introduced the other day, I think, at my request, which provides that all the national banks shall receive circulation at the rate of 90 per cent. on their capital. As the law now stands, a bank of $500,000 capital can receive 90 per cent. upon that capital, while oue with $1,000,000 capital receives but 80 per cent., receiving, of course, 90 per cent. on its bonds, as do the other banks. If it has $2,000,000 of capital, it can receive but 75 per cent.; if its capital is $3,000,000, or over, it receives only 60 per cent. That law was the act of March 3, 1805, when we did not have circulation enough to supply all the banks, the total amount being limited to $300,000,000. Up to March 3, 1865, every bank was entitled to receive circulation equal to the amount of its capital. There is another reason wdiy I would like the amendment suggested. The original section of the Eevised Statutes is somewhat obscure, and an amendment like this, for instance, would make it plain: And any bank depositing bonds shall be entitled to receive circulation to the amount of its capital, at the rate of 9U per cent. upon such bonds. Senator Ferry. So as to make no discrimination and no limitation. That, you say, was the law prior to 1865? Mr. Knox. That was the law prior to 1865. We have a bank at Saint Paul and one at...show more

Product details

  • Paperback | 36 pages
  • 189 x 246 x 2mm | 82g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236758137
  • 9781236758132