Worcester Daily Spy

The National Currency.—Mr. Hooper of Massachusetts, introduced a bill in the house, yesterday, remodelling the national currency act. It provides that the term of office for the comptroller of the currency shall be five years. Not less than five persons, and not less than $100,000 capital—or $200,000 capital in cities of fifty thousand inhabitants—shall be required for associations for banking. Fifty per cent of capital must be paid in before commencing business. The amount of circulation is limited to $300,000,000. The rate of interest is fixed at seven per cent, which may be taken in advance; the taking of a higher rate shall forfeit the entire interest. Each bank shall select an association in one of the principal cities to redeem its notes at par. All associations under this act, when designated by the secretary of the treasury, may be depositaries of public money, except receipts from customs.