The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1897-12-23

character as those described IN the third
section Of this act, and shall substitute
the same with the treasurer Of the united
States notes. treasury notes Of 1890 and
silver certificates deposited by national
banking associations. and the bonds 80 is
the respective national banking associa-
tions and be accounted for by them, at
such prices, not less than par. as shall
notes ' Of 1886 and SILVER cerfifcates re-
part Of the general redemption fund, and
thorized 70 ass1shange,a any Of said treasury
for a like amount Of United states notes,
provided ,rSa6 that the amount of bonds issued
not ss the Of e hs sseon shall
Redemption by the Government.
Sec. z. When any national bank now
existing or hereafter organized shall have
deposited such United States bonds, United
States notes, treasury notes Of lss0. or ST.
yer certificates, to an amount of not less
be entitled to receive from the comptroller
notes. In addition to the h g per " cen9am thus
provided. to the amount Of Is per centum OF
such deposits: but the circulation issued
never be In excess Of its paid up capita!
stock. and the additional notes so issued
shall not be secured by said deposit. but
shall constitute first lien upon all the re-
naming assets of the association issuing
such notes, Upon the failure Of any ascot
provided, whether the same are issued
eral assets. the same shall be promptly re;
States. To secure the United States against
and redeem! such additional circulating
Of the currency to levy upon and collect
from every national banking association
! issuing such unsecured circulation tax at
the rate of two per centum per annum on
such unsecured circulation; which said tax
| Of two per centum per annum shall be paid
to the treasurer Of the United States in
and July Of each year, and when SO col
| lected ii shall constitute safety fund out
bursed for any redemption of said unse-
cured circulation It may make as herein
pSoyded The safety fund thus created
may consider advisable. Said tax. Of two
ha sr Of sha Of P one IN add
centum per annum on circulating notes
hereinafter authorized.
ISOLATION shah deposit and maintain in
the treasury OF the United States sum
Of lawful money equal to ten per centum
be in lieu Of the five percentum redemption
fund now required by section Of the act
approved June ~, 1874, to be maintained
existing law Respecting said redemption
fund. not inconsistent with the provisions
Of this act. and in cGnsideSaion Of the
treasury notes Of 1890 and silver certiti-
Gates, and the tax. Of two percentum on
banking associations, and OF the deposit
the faith Of the United States is hereby
Of 81 the United states Of ali the circulat-
ing notes of said national banking assoc1a-
Withdrawal of Small Notes.
"Sec. .. That The comptroller OF the cur
rency shall not issue to any national bank
| ing association, on and after the date when
this act shall take effect, any Of the circu-
| nomination than ten dollars; and whenever
any circulati ting notes OF less denomination
than ten dollars shall be redeemed or re;
stroyed, and other notes Of lawful demon
ING ::s Sect 10. That on and after the date when
this act shall take effect, the circula ting
of a the ee the ne
| States assistant treasurer, In the city OF
New York. and at such other sub-treas-
c con pi C Of the currency with the ap:
prevail Of the secretary Of the treasury:
And the circulating notes Of which national
! banking associations so redeemed shall he
| charged to the ten per centum redemption
fund of such associations under such regu-
lations as may be- prescribed by the comp,
| troller OF the currency with the approval OF
the secretary of the treasury.
Tax of National Banks.
.'Sec IL. That in lieu of all existing taxes
! every national banking association issuing
| notes shall pay to the treasurer Of the
United States in the months of January
| I'd July Of each year tax Of one-fourth
| the average amount OF its notes IN cir
culation, provided, however, that during
ali the period Of time Intervening between
ury notes and silver certificates, and the
| substitution Of bonds by the secretary OF
the treasury, as in this act, provided the
circulating notes specifically Issued there.
notes, treasury notes. or silver certificates
| shall be exempt from taxation under the
provisions, Of this act.
| Capital Of National Banks.
Sec. IL. Sections 513S of the Revised Stat.
| utes shall be amended to read as follows:
NO s he'll be ax wth
that banks with q capital Of not less
than $4,000 may. with the approval of the
secretary Of the treasury, be organized in
not nof e Sedd 5000 inhabitants, and except
| that banks with a capital Of not less than
$4,000 may, with the approval Of the Sec
| rotary Of the treasury, be organized in any
exceed 1000 Inhabitants. No association
Of which exceeds $4,000 persons. with a less
capital than 100000.
the day of-1S9-; ands all acts and parts
Of acts inconsistent with the provisions
Of this act are hereby repealed"
EVIDENCE OF GOOD TINES.
Immense Increase in the Christina