Daily new dominion. [volume] (Morgantown, W. Va.) 1897-1906, 1897-12-17

g notes; but the aggregate amount
of bonds, United States notes. treasury
notes of 1890. and silver certificates de.
posted by any national banking asso-
ciatioy skill not exceed the amount of
it, capt pcovided that the total
ataognf Gf ,uted States notes. treas
tr9 tts.D 80 and silver certificates
q pa> i-, ifh the treasurer of the
ne Z state, under authority of this
q. 81 90 shall not exceed the sum of
~. 1850.
Sec &. That tho secretary of the
trea .aty shall Issue from time to time,
In MS d.! erection. bonds of the same
ci - md character as those described
in the third section of this act, and
shall 81 stitute the same with the
treasurer Of the United States for equal
amounts of the United States notes,
tr .surv notes of 1890 and silver GER
tifrates deposited by national banking
assoclaJ ems and the bonds so issued and
substituted shall be charged to the
respective national banking associations
aud be accounted for by them at such
prices, not less than par, as shall
represent the market value of such
bonds and the United States notes,
treasury HoJes of 1890 and silver GER
tlticates released us herein provided
shall become a part of the general re-
demDtlon fund; an the secretary of
the tre asury is hereby authorized to
exchange any Of said treasury notes of
Is ana SAID silver certificates for
like amount of United States notes :;
provided, that the amount of bonds
iss ed under the authority of this Sec
ten shall not exceed the sum of $780,.
900. 00u.
Sec. J. When any national bank
now existing or hereafter organized
shall have deposited such United States
b nds, United States notes, treasury
note OF $780, or silver certificates, TO
all amount of not less than 80 per CEN
tum OF its capital, it shall be entitled to
receive from the comptroller of the cur
rem y and to issue national bank notes
in addition to the so per centum thus
provided, to the amount of 20 per GEN.
tum of such deposits; but the cirou-
lation issued by any national banking
association shall never be in excess of
its paid up capital stock, and the addi-
tional notes so issued shall not be Sc
cured by said deposit, but shall consti-
tute first lien upon all the remaining
assets of the association issuing such
notes. Upon the failure of any associ-
alton to redeem its circulating notes
above provided, whether the same are
issued against deposited security or
against general assets, the same shall
be promptly redeemed by the treasurer
of the United States against any loss
arising from its guaranty to pay and
redeem such additional circulating
notes. 1t shall be the duty of the comp
troller of the currency to levy upon and
collect from any national banking as
ISOLATION issuing such unsecured circu-
lation tax at the rate of 2 per centum
per annum on such unsecured circu-
lation, which said tax of per centum
per annum shall be paid to the treas
urer of the United States IL equal
semi annual payments in January and
July of each year, and when so col
lected it shall constitute safety fund,
out of which the United States shall be
reimbursed for any redemption OF said
unsecured circulation it may make as
herein provided. The safety fund thus
created shall be invested by the secre-
tary of the treasury in such govern
ment bonds as he may consider advisa-
BILE. Said tax of yer centum per an
mum shall be in addition to the tax OF
one-haIf ! per centum per annum on
circulating notes hereinafter author
Zed.
"Sec .. That each national banking
association shall deposit and maintain
in the treasury Of the United States a
sum of lawful money equal to 10 per
centum If it's aggregate circulation,
said sum TO be in lieu of the per
centum redemption fund now required
by section 3 of the act approved June
20, 81 . to be maintained, and to be
all ~ ,icin nF
law respecting said redemption fund
not inconsistent with the provisions of
this act; and in consideration of the
deposits OF bonds, United States notes,
treasury notes of 1890 and silver certi-
ficates and the tax of 2 per centum on
the unsecured circulating notes of ma
tional banking associations and of the
the deposit of lawful money provided
in this section. the faith of the United
States is hereby pledged to the redemp-
ton in lawful money of the United
States of all the circulating notes of
said national banking associations.
sec 8. That the comptroller of the
currency shall not issue to any ma
tioual banking association on and after
the date when this act shall take effect,
any of the circulating notes of such as
ISOLATION of less denomination than
$40. and whenever any circulating
notes of less denomination than $40
shall be redeemed or received into the
treasury of the United States. they
shall be cancelled and destroyed, and
other notes of lawful denominations
shall be issued in their place.
sec 10. That on and after the date
when this act shall take effect, the cir
culating notes of the national banking
associations shall be redeemed at the
office of the United States assistant
treasurer in the city of New York and
at such other sub-treasury offices as
i hrrt