Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1897-12-30

and redeem such additional circulating
NOTES IL sitaA ae he Getty 81 tie comptroller
CT he currency TO levy upon ara collect
rom eNety hatiol.al uznkiI.s assoe. .iou
issuing such unsecured circulation 3 tax al
the rate OF Two per centum per aanUm on
slca uhsecGFec circulation, NhicA SAID tax
OF TWO per centum per annum shall be paid
10 the treasurer or the United states in
tQea, semi anauaA payments ~ January
and July OF each year. and when so coll
lected It shall constitute safety fund out
- which the United states shall be reim-
buised for any redemption OF said unse-
cured CIRCULATION Il may make as herein
provided. lie safety fund thus created
Shall be invested by the secretary OF me
treasury IN such government bonds he
may consider advisable Said tax OF TWO
per centum per annum shall be in addi-
tion 10 the tax of One-half OF one per
centum per annum on circulating notes
hereinafter authorized
Sec. S. That each national banking as
ISOLATION shall deposit and maintain in
the treasury of the United Sta les a sum
OF lawful money equal 10 ten per centum
OF its aggregate circulation, said sum 20
fund now required 10y section OF the act
approved June 20. 1874, to be maintained
and TO be subject 10 all the provisions of
existing law respecting said redemption
fund not inconsistent with the provisions
OF this act. and in consideration of the
treasury notes OF 1890 and silver certifi-
Gates, and the tax of two percentum on
the unsecured circulating notes of national
banking associations, and of the deposit
of lawful money provided In this section.
the faith of the United States is hereby
Of the United States of all the circulat-
ing notes of said national banking associa-
tons
Withdrawal of Small Notes
Sec. y, That the comptroller OF the cur
rency shall not issue To any national bank
ing association, on and after the date when
this act shall take effect, any of the circu-
lating notes of such association of less de-
nomination than ten dollars and whenever
than ten dollars shall be redeemed or re-
eeived into the treasury OF the United
stroyed. and other notes of lawful denom-
inations shall be issued in their place.
Sec. TO- That on and after the date when
this act shall take effect the circulating
notes of the national banking associat tons
shall be redeemed at the office of the United
New York. and at such other sub-treas-
ury offices as may be designated by the
prevail of the secretary Of the treasury
And the circulating notes of which national
banking associations so redeemed shall he
charged to the ten per centum redemption
fund OF such associations under such Tegu-
latlons as may be prescribed by the comp
troIler of the currency with the approval OF
the secretary of the treasury.
Tax of National Banks.
Sec. IL That in lieu of all existing taxes
every national banking association issuing
notes shall pay to the treasurer of the
United States in the months of January
and July of each year tax of one-fourth
of one percentum for each Aalf year upon
the average amount of its notes in cir
culation. provided, however. that during
the deposit OF, United States notes. treas
ury notes and silver certificates. and the
substitution of bonds by the secretary OF
the treasury, as in this act. provided the
circulating notes specifically issued there
for and secured by said United States
notes, treasury notes. or silver certificates
shall be exempt from taxation under the
provisions of this act
Capital of National Banks.
"Sec. II. Section 5lSS of the Revised Stat
utes shall be amended to read as follows:
mo association shall be organized with
a less capital than 100000, except
that banks with a capital of not less
than $4,000 may. with the approval of the
secretary of the treasury, be organized in
any place. the population of which does
not exceed 5000 inhabitants, and except
that banks with a capital of not less than
$500 may, with the approval Of the sec
rotary Of the treasury. be organized in any
place. the population of which does not
exceed 1900 inhabitants No association
shall be organized in a city the population
of which exceeds 50. 900 persons. with less
caDital than 5000 900.
This act snail take effect or and after
the day of-1S9-; and all acts ard parts
of acts inconsistent with the provisions
OF this act are hereby repealed"