ALBERT C. RITCHIE, GOVERNOR. 1345

JOINT RESOLUTIONS

NO. 1.

Joint Resolution of the General Assembly of the State of
Maryland concerning the present banking and currency
situation.

WHEREAS, The General Assembly of Maryland is in the
process of enacting Legislation to establish a State cor-
poration authorized to issue a circulating medium for the
banks of Maryland based upon the sound assets of the State
banks; and

WHEREAS, The General Assembly of Maryland believes
that all the sound investments of any bank should be in-
cluded in its proper assets, even though such investments
are not considered liquid under the requirements of the
Federal Reserve System of rediscount banks;

Now, THEREFORE, BE IT RESOLVED, That it is the sense of
the General Assembly of Maryland that the fundamental
principle of improving the sound assets of any bank as the
basis of securing the issuance of additional currency or
circulating medium to replace that which has disappeared
from circulation through hoarding or otherwise should be
applied in the issuance of any additional or emergency
currency that may be made available by the Treasury and
the Congress of the United States to relieve the existing
National currency shortage; and

BE IT FURTHER RESOLVED, That the General Assembly of
Maryland is of the opinion that the beneficial results that
will flow from the issuance of such additional currency, or
such medium of circulation, as may be authorized, will be
in direct proportion to the equality of treatment that is
accorded to all of the banks of Maryland, both State and
National, and further that any delay in accepting such
security and distributing such currency or circulating
medium, or any delay in appraising such bank assets and
furnishing such additional currency to State banks, will
prove of great harm to any and all such banks; and