Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1897-12-22

de- its of bonds or of lawful money
in Sc the. market value of the bonds
held to secure the circulating notes
shall fall below the par value of the
circulating notes outstanding, for
which such bonds may be deposited as
security.
FOR NATIONAL BANK CIRCULATION
Section 5. That any national bank
ing association whose deposit of bonds
is less than the amount of its capital
may deposit with the treasurer of the
United States, under such regulations
as the secretary of the treasury may
approve. United States notes, treas
ury notes of 1890 and silver certificates,
and shall be entitled to receive from
the comptroller OF the currency and to
issue an equal amount of its circula-
ting notes; but the aggregate amount
of bonds, United States notes, treas
ury notes of 1890 and silver certificates
deposited by any national banking as
sociation shall not exceed the amount
of its capital; provided, that the total
amount of United States notes, treas
ury notes of 1890 and silver certificates
deposited with the treasury of the
United States under authority of this
section shall not exceed the sum of
200 millions of dollars.
Section g. That the secretary of
l. TO, H.
time, in his discretion, bonds of the
same class and character of those
described in the third section of this
act, and shall substitute the same
with the treasurer of the United
States for equal amounts of United
Stated notes, treasury notes of 1890
and silver certificates deposited by ma
tional banking associations, and the
bonds so issued and substituted shall
be charged to the respective national
banking associations and be accounted
for by them at such prices, not less
than par, as shall represent the mar
ket value of such bonds. And the
United States notes, treasury notes of
1890 and silver certificates released as
of the general redemption fund. And
the secretary of the treasury is hereby
authorized to exchange any of said
treasury notes of 1890 and said silver
certificates for a like amount of
United States bonds; provided, that the
amount of United States bonds issued
by authority of this section shall
not exceed the sum of 200 million dol
lars.
TO SAFEGUARD THE CIRCULATION.
"Section7. When any national bank
now existing or hereafter organized,
shall have deposited such United
States bonds, United States notes,
treasury notes of 1890 or silver certifi-
Gates to an amount of not less than so
per centum of its capital it shall be en-
titled to receive from the comptroller
of the currency and to issue national
bank notes, in addition to the so per
centum thus provided to the amount
of Is per cent. of such deposits; but
the circulation issued by any national
banking association shall never be in
excess of its paid up capital stock and
the additional notes so issued shall not
be secured by sucu deposit, but shall
constitute first lien upon all the re-
naming assets of the association issu-
ing such notes. Upon the failure of
any association to redeem it's circu1at-
ing notes, above provided, whether
the same are issued against deposited
security or general assets, the same
shall be promptly redeemed by athe
treasurer of the United States. To Sc
cure the United States against any
loss arising from it's guaranty to pay
and redeem such additional circulat-
ing notes, it shall be the duty of the
comptroller of the currency to levy up
on and collect from every national
banking association issuing such un-
secured circulation tax at the rate Oh
cured circulation which said tax of
per cent. per annum shall be paid to
the treasurer of the United States in
equal semi-annual payments in Janu
ary and July of each year and wher
so collected it shall constitute safety
3 fund out of which the United State.
shall be reimbursed for any redemp
ton of said unsecured circulation i
may make as herein provided. This
safety fund thus created shall be in
vested by the secretary of the treasur,
in such government bonds as he ma,
consider advisable. Said tax of pei
cent. per annum shall be in addition
to the tax of ? per centum annually OF
circulating notes hereinafter author
lied.
r REDEMPTION FUND PROVISIONS.
Section 8. That each national bank
ing association shall deposit and main
tain in the treasury of the Unite
States a sum of money aggregating
5 per centum of its aggregate circula
! ton, said sum to be in lieu of the
! per centum reduction fund now re
4 quired by section 3 of the act approx
: ed June 20, 1874, to be maintained an
: to be subject to all the provisions Q
S existing law respecting said redemI
5 ton fund not inconsistent with tn
a 4