Iron County register., 1897-12-23

banking association, shall not exceed thS
amount of its capital; provided, that the total
amount OF United States notes, treasury notes
the treasurer Of the United States, under au-
thorIty Of this section, shall not exceed the sum
SEC g That the secretary of the treasury
shall 1sSuSe from time to time. in his
discretion, bonds of the same class and
section Of this act. and shall substitute the
same with the treasurer of the United States
for equal amounts Of United States notes, treas
ury notes OF 1890 and silver certificates deposit
ed by national 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,
value OF such bonds; and the United states
notes, treasury notes Of 1890 and silver certih-
Gates released as herein provided, shall become
part 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 like amount OF
United States notes; provided that the amount
OF bounds issued under the authority of this
section shall not exceed the sum of $50 600 o O
SEC Z. When any national bank now existing
| or hereafter organized shall have deposited
such United States bonds United States notes,
amount Of not less than 50 per centum OF its
capital it shall be entitled to receive from the
comptroller of the currency and to issue nation
| al bank notes, in addition to the 50 per centum
thus provided to the amount Of p 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 ad-
ditional notes so issued shall not be secured by
said deposit, but shall constitute first leln up
| on all the remaining assets of the association
| issuing such notes. Upon the failure Of any as
| sociation to redeem its circulating notes above
provided, whether the same are issued against
/ deposited security or general assets, the same
| shall be promptly redeemed by the treasurer of
/ the United States To secure 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 comptroller of
| the currency to levy upon and collect from every
national banking association issuing such un-
secured circulation tax rate of per cent per
| annum on such unsecured circulation; which
| said tax of per cent per annum shall be paid
| to the treasurer OF the United states in equal
| semi-annuaI payments in January and July of
each year, and when so collected ii shall conSti-
! int: a safety fund, out of which the United
| States shall be reimbursed for any redemption
| Of said unsecured circulation it may make as
| herein provided. This safety fund thus Great
| ed shall be invested by the secretary of the
| treasury in such government bonds as he NAV
consider advisable Said tax of per cent per
/ annum shall be in addition to the tax of one
half one per centum per annum on circulating
notes hereinafter authorized
SEC 8. That each national banking associa-
| tiOn shall deposit and maintain in the treasury
of the United States sum of money aggregat-
| ing 10 per centum OF its aggregate circulation.
duction fund now required by section OF the
| act approved June 90 1874, to be maintained and
| to be subject to all the provisions OF existing
| laws respecting said redemption fund not in
consistent with the provisions Of this act And
| in consideration of the deposits OF bonds,
| United States notes, treasury notes of 1S9J and
silver certificates and the tax of per centum
| on the unsecured circulating notes of national
| banking associations and of the depost of law
| ful money provided in this section the faith Of
| the United States is hereby pledged to the re-
demption in lawful money Of the United States
| of all the circulating notes of said national
| banking associations
| SEC .. That the comptroller Of the currency
| shall not issne to any national banking aSsOcia-
tiOn, after the date when this act shall take ef-
| fect any of the circulating notes of such aSSo-
| citation of less denomination than ten dollars;
| and whenever any circulating notes of less
| denomination than ten dollars shall be re-
| United States they shall be Cancelled and de-
| Stroyed and other notes of lawful denomina-
| tionS shall be issued in their place.
| SEC. 10. That on and after the date when this
act shall take effect the circulating notes of the
| national banking associations shall be redeemed
at the Office of the United States assistant treas
| urer in the city of new York, and also at such
| other Sub-treaSury offices as may be designated
bv the COMPTROLLER of the currency with the
| approval of the secretary Of the treasury and
the circulating notes of which National Bank
| association so redeemed shall be charged to
the 10 per centum redemption Of the aSSOcia-
tion under such rules as may be prescribed by
the comptroller of the currency with the ap-
prOval Of the secretary of the treasury.
| SEC. IL That in lieu of all existing taxes
every national banking association issu-
ing notes shall pay to the treasury of
the United States IN the months of jan
uary and July Of each year tax Of one
| fourth OF l per centum for each half year
| upon the average amount of its notes in
circulation; Provided however. that during all
the period of time intervening between the de-
pOsit of United States notes, treasury notes
| and silver certificates, and the substitution OF
| bonds by the secretary of the treasury as in
| this act provided, the circulating notes Speci-
| fically issued therefore and secured by said
United States notes, treasury notes or silver
certificates shall be exempt from taxation un-
der the provisions of this act
| SEC. u. Section 5l38 of the Revised Statutes
| shall be amended to read as follows: No aSSO-
| citation shall be organized with less capital
| than 500, ,OOO except that banks with a capital
| of not less than SO, 100 may. with the approval
| of the secretary of the treasury, be organized
| in any place, the population of which does
1 not exceed 6UO inhabitants: and except that
| SIS, ,OO0 may, with the approval of the
| sec etary of the treasury be organized in any
| place, the population of which does not exceed
| 1000 Inhabitants. No association shall be or
/ ganized in a city, the population of which eX-
| ceeds $1,000 persons, with less capital than
| 500 GOO
| This act shall take effect on and after the -
| day of --, 1S9-; and all acts and parts of
acts inconsistent with the provisions of this act
| are hereby repealed.