Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-12-17
standing for which such bonds may &c


association whose deposit OF bonds IL less
than the amount of its capital may de-
post with the Treasurer OF the United
states. under such regulations as the
Secretary OF the Treasury may approve,
United States notes, Treasury notes OF
1890 and silver certificates. and shaii ne
entitled 10 receive from the Comptroller
currency, and to issue an equal amount
OF its circulating notes; but the aggre-
gate amount OF bonds. United States
notes. Treasury notes OF 1890. and silver
certificates deposited by any national
banking association shall not exceed the
amount of Its capital:
provided, that the total amount OF
United States notes. Treasury notes OF
$780, and silver certificates deposited with
the Treasurer OF the United States, under
the authority OF this section, snail not
exceed the sum of s30,000,O0O.
Section 6-That the Secretary OF the
Treasury shall issue from time to time,
I'm his discretion. bonds OF the same class
and character as those described In the
third section in this act. and shall sub
stltute the same with the Treasurer OF
the United States for equal amounts OF
the United States notes, Treasury notes
of 1890. and silver certificates deposited
by national banking associations, ana the
bonds so issued and substituted shall be
ing associations, and 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
notes OF 1890 and silver certificates re-
leased as herein provided, shall become
part Of the general fund;
And the Secretary OF the Treasury Is
hereby authorized to exchange any OF
all
said Treasury notes OF 1890 ana SAID ST.
yer certificates for like amount or
United States notes:
provided, that the amount Of bonds
issued under the authority Of this sec
ton shall not exceed the sum CT
s2oO, 0O0
ADDITIONAL BANK NOTES.
Section 7--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 certificates, to an
amount of not less than 80 per centum OF
its capital, it shall be entitled TO receive
from the Comptroller of the Currency
and TO issue national bank notes in adj
dition to the so per centum thus provided
to the amount Of % per .entum of such
deposits; but the circulation issued by
any national banking association SHAH
never be in excess of it's paid up capital
stock. and the additional notes so issued
shall not be secured by said deposit. but
shall constitute a first lien upon all the
remaining assets Of the association is
suing such notes Upon the failure or
any association TO redeem its circulating
notes above provided, whether the same
are issued against deposited securities or
against general assets. the same shall be
100 he Fro
the United States. To secure the United
States against any loss arising from its
guaranty TO pay and redeem such addi-
tlonal circulating notes. it shall be the
duty of the Comptroller Of the Currency
to levy upon and collect from every ma
tfonal banking association issuing such
unsecured circulating notes a tax at the
rate of 9 per centum per annum on such
unsecured circulation; which said tax os
per centum per annum shall be pald
TO the Treasurer of the United states
I'm equal semi-annual payments In Janu-
airy and July of each year, ana when so
collected 1t shall constitute a safety
fund, out of which the United States
shall be reimbursed for any redemption
of said unsecured circulation 1t may make
as herein provided. the safety fund
thus created shall be invested by the
Secretary OF the treasury in such gov
eminent bonds as he may consider adj
visable Said tax OF 2 per centum per
annum shall be in addition to the tax OF
one-half OF l per centum per anrum on
| circulating notes hereinafter authorized.
Section SHAT 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
| of its aggregate circulation. said sum TO
| be in lieu of the per centum redemption
| fund now required by section of the act
| approved June %, 1874. to be maintained
| and to be subject TO all the provisions OF
| existing law respecting said redemption
| fund not inconsistent with the provisions
| of this act:
"And in consideration of the deposit OF
| bonds, United States notes. Treasury
| notes Of 1890 and silver certificates, ana
| the tax of per centum on the ungse-
| cured circulation Of national banking as
| sociations, and of the deposit OF lawful
money provided in this section, the faith
| of the United States is hereby pledged
| TO the redemption in lawful money or
| the United States Of all the circulating
notes Of said national banking associa-
| lions.
| section 9-That the Comptroller or
| the Currency shall not isuue to any ma
| tional banking association, on and AFTER
| the date when this act shall take effect,
| any of the circulating notes of such asso-
| citation Of less denomination than $40;
and whenever any circulating notes OF
| less denomination than $40 shall be re-
| deemed 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.
Section 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 Trea-
surer in the city of New York, and al
such other Sub-Treaslry offices as may
be designated by the Comptroller of the
Currency, with the approval of the Sec
rotary Of the Treasury; and the circu-
lating notes of each national banking
association so redeemed shall be charged
to the 10 per centum redemption fund OF
such associations, under such regulations
as may be prescribed by the Comptroller
of the Currency with the approval OF
the Secretary of the Treasury
TAX ON CIRCULATION.
Section II In lieu of all existing
taxes. every national banking associa-
ton issuing notes shall pay to the Urea
surer of the United States. in the months
of January and July of each year. tag
OF one fourth of l per centum for each
half year upon the average amount oil
its notes in circulation.
provided, however, that during all the
,>ar,oa Of tho tiuna Intervening het xNaar