Baltimore

plan. The name applied to a plan presented at and approved by the convention of the American Bankers’ A ociation in Baltimore in 1894, wherein it was proposed to repeal the requirement in the National bank act for the deposit of government bonds in the Treasury to secure circulation (national bank notes); to allow banks to i ue notes to the extent of one-half their paid-up and unimpaired capital, these notes to be subject to an annual tax of 1-2 of I per cent; and to allow banks to i ue “emergency circulation” to the extent of 25 per cent additional, the additional circulation to be subject to a heavier tax. A guarantee fund of 5 per cent was to be established by the banks to be held by the Treasury for *the redemption of notes, and circulation was to be a first lien upon the a ets and upon the liability of stockholders of banks, which liability is for an amount equal to and in addition to the par value of the stock owned by stockholders.