The Bryan daily eagle. (Bryan, Tex.) 1895-1898, 1897-12-17

Iroller Of the currency 10 require an adj
iitional deposit Of bonds or lawful money
In oasc Inc market value Of tho bonds
held 20 SECURE circulating notes shall fall
below the par value Of tho circulating
notes outstanding Tor which such bonds
may b. deposited a. security.
Sec. D. That ans national banking as
ISOLATION whose deposit Of bonds Is les
than the amount Of rs capital may de-
posit with the treasurer OF the United
States, under such regulations as the
secretary Of the treasury may approve,
United States notes, tnAsury notes Of
1890 and silver certificates, and shall he
entitled 20 receive from the comptroller
OF tho currency aud 10 issue an equal
amount Of a. cinulaling notes, bat the
aggregate amount 81 bonds, etc, depos- /
tied BY any nd ioual banking association /
shall not exceed the amount Of Is cap /
iial; provided, tha total amount Of tho |
United States notes etc, deposited with |
tho treasurer Of the United States under |
the authority Of tAis section shall not |
exceed the sum Of 500, 900 600
Sec. 6. That the SECRETARY Of the treas
ury shall issue from time 10 time in his
discretion, bonds OF n, anne class and
character a. those described in the third
section Of this act, and shall substitute
the same for an equal amount Of
United States notes, treasury notes Of
1890 and silver certificates deposited by
such national banking association, and
tho bonds ~ issued and substituted shall
BE- charged % the respective national
banking associations and be accounted
for by them, al such prices, not less than
par. as shall represent the market value
Of such bonds, aud the United States
notes, treasury notes of 1890 and silver
certificates released, a. herein provided,
shall become part u the general rcdemp.
ton fund, and the SECRETARY Of the treas
my Is herehy authorized 10 exchange
any Of said treasury notes Of 1890 and
said silver certificates for a like amount
of United States notes, provided the
amount Of bonds issued under authority
Of this section shall not exceed the sum
Of t2O0, 100000.
Sec. :. When any national hank now
existing or hereafter organized shall
have deposited such United States
bonds. etc, 10 the amount Of not less
than % per ccntum Of o. capital It shall
BE- entitled 20 resolve from the comp
trullcr Of the currency and 10 issue ma
tional hank notes, IN addition 10 % PER
conium thus provided, 10 the amount Of
90 per cent Of such deposit; but the cir
culaiion issued By any national banking
association shall never D. IN excess OF as
paidup capital stock. and the additional
notes 80 issued shall not b. sccurcd by
| nid deposit, but shall constitute the
first lien upon all ihe remaining assets
q; the association ifsuinE such notes.
| Upon the fai.lru of any association %
redeem its circulating notes above pro
vIdcd. whether the same i issued
against deposited security or general a..
sets, the same shall d. promptly n.
dccmcd hy the treasurer Of the United
States 90 scum the United State.
against any loss arising from
g. guaranty 10 pay and redeem such ad
ditional circulating notes, Il shall b. th,
duty Of the comptroller Of the currency
90 levy upon and collect from ever
national banking association issuing
such unsecured CIRCULATION a tax AZ th'
rate Of per cent pr annum ON sucl
unsecured circulation. which said tax o.
PER cent pr annum shall h. paid tothl
trCasurcr Of the United States In oqua
scmnnnual payments In January anl
July each year. and when not collected
q shall constitute a safety fund out o
which the United States shall b. rcim
iursod for any redemption Of said an
1 secured circulation u may make o. horC
Z In provided. This safety fund thus cro
y afed shall H. invested BY the SECRETARY O
, the tnasury In such government bond
p a. be- may consider advisable. Said n.
e Of 9 per cent per annum shall b. Ia adj
= ton 20 a tax Of ono. half Of pcr ccniur
h por annum on circulating notes homir
!. after authorized.
< SEC. s. That each national ldGkin
!. ass0ciation shall deposit and maintai
a In the trcasury Of the United States sue
\ sum Of money agFwgating i0pcrocntuI
d Of is aggregate circulation, said sum I
y b. In lieu Of pr oontum rcducuo
4 fund now rcquiucd in section thrce Z
n an act approved June 20, 1874, 90
h maintained and 10 b. subject TO all pr
visions o. existing law Inspecting n
:. said redemption fund not inconsistci
io with the provisions Of this ac,. Aud
/. consideration Of deposits Of bonds, o,c
!. and the lax Of per ocntum on uns
m curcd circulating notes Il national han
"a inc associations and Of the dcposit
D. lawful money provided In this sectio
/, the faith Of the United States Is herrl
a. pledged 10 redemption in lawful mon,
u OF the United States Of an circulatis
e, notes OF said national banking asset
4. tons.
he SEC. Q. That the comptroller Of d
be currency shall not issuo TO any nation
In banking association after tho date VIII
h this act shall take effect any circulatii
In notes Of such association of less denoi
a. ination than enc, and whenever any q
N culatug notes Of less denomination thi
on si0 shall b. redeemed or rccoiyed In
u the trcasury of the United States IN
q shah D. cancelled and destroyed ii
Nc other notes Of lawful donominatio
D. shall d. issued In their place
a Sec. 10. That ON aud after the IA
when this act shall takc effect circul.
.is ing notes Of national banking assoc
"a iions shall BE- rVdoomod az the oliico
IA. enc United States assistant troasuror
on the city Of New York, and also AZ su
/. other subtroasury oillccs as may h. a
Nc iznatod hy tho Comptroller of the q
n ...,,,,. with tina anuratai ~ tho a.,..I,,ia