National Currency Bill would back banks with United States stocks
The document outlines a plan for a national currency backed by government stocks, with a five dollar stamp duty on bank notes, secured by U.S. stocks held by the Bank Comptroller. It details bank formation, reserve requirements, stockholder liability, and receivership rules, aiming to unify banking under a national standard. It also notes penalties for counterfeiters and outlines expected impacts on debt, taxes, and public dues.
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