Before making the record for the day, as required by the Comptroller, every transaction of that day pertaining thereto shall be duly entered in the books of the association.

The records and reports herein provided for, and any other facts and data he may request of the associations or any director or officer thereof, shall be in such form as the Comptroller may direct.

Records to be made up in bank every morning. Comptroller to

direct form of records and re

ports.

National-bank

National-bank examiners shall be held to be employees in the office of the Comptroller of the Currency while examining associations examiners. whose business is covered by this act, and their fees for such examinations shall be paid out of the appropriation for the Bureau of the Currency,

The operation of so much of all laws or parts of laws as are in conflict with this act is hereby suspended.

NOTE.-The "visible gold"-gold in banks and in the United States Treasury-is reported by the Comptroller, on page 22, report of 1896, to be $421,236,388.

Add to section 10, page 15, bill H. R. 3333:

The meeting together of any persons who are officers, agents, or employees of any five or more associations in any one or more places once in ten days or oftener for the purpose of exchanging, paying, or in any other way satisfying any obligations used in commerce among the several States by any two or more of such associations, shall constitute such associations represented in such meeting a clearing-house association for the purpose of the taxation herein imposed, and such associations represented shall be jointly and severally liable to pay, and shall pay, into the Treasury of the United States a duty in amount equal to one one-fiftieth of one per centum on the aggregate amount of all such exchanging, paying, or in any way satisfying such obligations, at each and every meeting of persons acting for such associations: Provided, however, That in case any such association pays one half of the tax herein imposed on or before the day it is due and payable, the other half shall be, and is hereby, remitted: And provided further, That the tax herein imposed on associations herein described shall be wholly remitted to each one and all associations that are members of clearing houses incorporated under this Act.

CUB-27

The Southern States have a population of 20,278,000 × $13.09=$265,439,000 less quick capital to do their business with proportionately under the national banking system than in 1860, or than they would have under a banking and currency system universal in Europe and Canada.

Personal property per capita in Southern States in 1860:

Including slaves

Slaves free, 1890..

$278

219

NOTE.-Percentage of excess of loans made to capital and deposits in 1856, under the Suffolk system which is the same as that of every European country and of the Walker bill (H. R. 3333) over 1896, under the present system.

INDEX.

INDEX TO THE STATEMENT OF HON. LYMAN J. GAGE

IN EXPLANATION OF BILL H. R. 5181.

Agencies, redemption....

Agricultural communities, banking in

Baltimore plan, the

(PAGE 5.)

Bank notes redeemable in lawful money.
Banking in agricultural communities.
Banks in small towns, organizing

circulating notes issued by

Bill H. R. 5181 (Gage bill) objects of.

discrimination against silver would cease under.
possibilities of legislation proposed by, in a crisis.
text of

Page.

32, 46

51

31

39

51

48

24

7

29

41,50

3

28

28

35

12

13, 14

23

5

9,

Borrowing power of the Secretary of the Treasury

BROSIUS, HON. MARRIOTT (a member of the committee), attended remarks and questions by.

15, 17, 18, 19, 20, 25, 29, 34, 42, 45, 46, 47, 48, 49, 50 Capital loanable, amount of, in various States.. CAPRON, HON. ADIN B. (a member of the committee), attended Certificates, silver, in the hands of the people. Circulating notes issued by banks.

...

Circulation possible under bill H. R. 5181 (Gage bill), amount of.

profit on..
tax on

Contraction of the currency.

or expansion of the currency, avoiding.

COX, HON. NICHOLAS N. (a member of the committee), attended

Credit currency.

Crisis, possibilities of legislation proposed by H. R. 5181 (Gage bill) in a..
Currency, bimetallic, exists.....

52

5

26

24

35

44

47

25

17

5

Gold and lawful money.

debts made payable in, by contract

40, 41, 50

34

36

contraction of

contraction or expansion of, avoiding.
credit...

Debt, refunding the.

Debts made payable by gold in contract

Demand notes in circulation, amount of.

Depositors, interests of.

Endless chain.

Expansion or contraction of the currency, avoiding

Failed banks, number of, since the beginning..

FOWLER, HON. CHARLES N. (a member of the committee), attended.