The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1897-12-25

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shall not exceed the amount OF It's capital, and
provided, further. that nothing herein con.
tained snal Dc construed 20 moaiy or rePeai
OF the revised statutes, authorizing the comp
troller Of the currency to require additional de-
post Of bonds or OF lawful money in case 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,
SEC, .. That any national banking association,
whose deposit of bonds Is less than the amount
Of It's capital. may deposit with the treasurer
OF the United States, under such regulations as
the secretary OF the treasury may approve,
United States notes, treasury notes Of 1850 and
silver certificates, and shall be entitled to re.
ceiye from the comptroller OF the currency ana
10 issue an equal amount of Its circulating
notes; but the aggregate am unit OF bonds,
United States notes, treasury notes Of 1880 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 1870 and silver certificates deposited with
the treasurer Of the United States, under au-
thority OF this section. shall not exceed The sum
Of s@Od.uOO, o.
SEC. g. That the secretary OF the treasury
! shall isSuSe fro n time to time. in his
discretion, bonds Of the same class and
character as those described in the third
section Of this act. and shall substitute the
same with the treasurer Of the United States
for equa! amounts OF United States notes, trcdS-
ury notes Of 1880 and silver certificates deposit
ed By national banking associations and the
| DDlNlN 81 LISutAA anu NuDNAlAultu NLdl b|NLdlEFl
to the respective national banking associations
and be accounted for by them, at such prices.
not less than par. as shall represent the market
value Of suCn bonds; and the UnitJd States
notes, treasury notes OF 1890 and silver certii-
Gates released as herein provided, shall become
q part of the general redemption fund; and the
secretary OF the treasury i hereby authorized
to exchange any OF said treasury notes Of 1879
and said silver certificates for q 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 f2JO,000,0U
SIC. T. When any national bank now existing
or hereafter organized shall have deposited
such United States bonds. United States notes,
treasury notes of 1870 or silver certificates to an
amount of not less than 81 per eentum 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 30 per centum
thus provided to the amount OF ~ per cent. of
such deposits; but the ejaculation issued by any
national banking association shall never be in
excess Of Its paid-up capital stock. and the adj
dttiOnal notes so issued shall not be secured by
said deposit, but shall constitute a first Iein up
on all the remaining assets of the association
issuing such notes. Upon the failure of any as
S~OciatlOn to redeem its circulating notes above
provided, whether the same are issued against
deposited security or general assets. the Same
shall be prOmptl 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
note 1t shall be the duty OF the comptroller OF
the currency to levy up IN and collect from every
national banking association Issuing such I'M
secured circulation a 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-annual plyment in January and July OF
each year, and when so collected it shall cOnSti-
int a safety fund, out Of which the United
States shall be reimbursed for any redemption
OF said unsecured circulation IL may make az
herein provided. This safety fund thus Great
ed shall be invested by the secretary Of the
treasury in such government bonds as he may
considcr 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. 4. That each national banking associa-
ton shall deposit and maintain in the treasury
of the United States a sum OF money aggreRat-
ing 10 per centum Of its aggregate circulation,
said sum to b. in lieu of the 5 per centum re-
ductiOn fund now required by section 3 Of the
act approved June ~, lS14, to be maintained aud
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 1897 and
silver certificates and the tax Of . per centum
on the unsecured circulating notes of national
banking associations and Of the deepest Of law
full money provided in this section the faith OK
the United States is hereby pledged to the re-
demptlOn in lawful money OF the United States
OF all the circulating notes OF said national
banking associations
SEC. 9. That the comptroller OF the currency
shall not Issue to auy national banking aSSocia-
tiOn, after the date when this act shall take eff
feet, 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-
deemed or received into the treasury of the
United States they shall be Cancelled and de-
StrOyed, and other notes Of lawful denOmina-
tiOnS shall be issued in their place.
| L TO- 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 .>ew YORK., and also at such
other sub-treaSury Offices as may be designated
by the comptroller Of the currency with the
approval of the secretary Of the treasury AMI
the circulating notes OF which National Bank
association 50 redeemed shall be charged to
the ~ per centum redemption OF the aSSUcia-
tiou un Ter such rules as may be prescribed by
the comptroller of the currency with tEe APP
prevail OF the secretary Of the treasury.
SEC. H. That in lieu of all existing taxes
eveyy national banking association iSSu-
ing notes San pay to the treasury, OF
the United States IN the months Of jan
uary and July of each year u tax of one
fourth OF l per centum Tor 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-
post Of United States notes, treasury notes
ana silver certificates, ana the substitution OF
bonds by the secretary OF the treasury As in
this act provided. the circulating notes Speci-
Ideally Issued therefore ana secured by SAID
United States notes. treasury notes or silver
certificates shall Ue exempt from taxation I'M
der the provisions of this act
r l.. Section 5l3S of the Revised Statutes
shall be amended to read aS follows: No ASSOC
citation shall be organized with Il less capital
than si01lnu, except tnat BANKS with Il capital
of not less than S1U.JJJ may. with the approval
OF the secretary of the treasury, he organized
in any place. the population Of which does
not exceed 600 Inhabitants; and except tIat
banks With "a capital Of not ness than
T2I.OJJ may. vi II the approval Of the
sec etary OF the treasury be organized in any
place, the population OF which does not exceed
2.OJJ inhabitants. No association shall be or
gained in Il city, the population OF which eX-
ceeds 5000 persons, with a less capital than
S2UO.OJU.
This act shall take effect on and after the
day OF E, lSg-. and all acts and parts OF
acts inconsistent with the provisions Of this act
are hereby repealed.
Redemption of Pacific Railroad Currency
SiXes 70 be Mnds by Checka.