Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1897-12-17

VlQod lOf the FrOJocClOn CT ISSUES
Of.National Banks.
Washington, December 16.-Secretary
Cages financial BILL submitted to-day
to the Committee on Banking and Cur
rency of the House of Representatives,
is as follows:
A bill to provide for the refunding Of
the national debt, for establishing re-
demption fund, and division Of issue
and redemption in the Treasury of the
United States, and to modify existing
laws respecting national banks; and for
other purposes.
Be it enacted, that there be establish
ed in the Treasury Department as a
part of the office of the Treasurer of the
United States a division to be designat-
ed and known as the division Of issue
and redemption, to which SHAH be as
signed, under such regulations as the
Secretary of the Treasury may approve,
all records and accounts relating to the
issue, redemption and exchange as
hereinafter provided Of the several
classes of the United States paper mon
ey. There shall be transferred from
the general fund in the Treasury of the
United States and taken up on the
books of said division as a redemption
fund the sum of SIPS, 100000 in United
States gold coin and bullion, and such
further sums -of standard silver dollars
and silver bullion purchased under the
act of Congress approved July IA, 1890,
as shall equal the said certificates out
side the Treasury, and treasury notes
of 1890 outstanding on the date when
this act shall take effect. And thereaf-
ter the god and silver coin and bull
lion hereby transferred from the gem
eral fund in the Treasury, as herein
provided, shall be increased or dimin-
ished, as the case may be, in accordance
with the provisions OF this act, and in
no other way.
Section 2-That all United States
notes, treasury notes of 1890, and silver
certificates presented for redemption
shall be redeemed from the redemption
fund herein provided, in accordance
with the terms of existing law, but the
notes and certificates so redeemed shall
be held in and constitute a part of said
fund, and shall not be withdrawn from
said fund nor disbursed except in ex-
change for an equivalent amount of the
coin in which said notes or certificates
were redeemed; but to enable the Sec
rotary of the Treasury more thorough
ly to carry out the provisions contained
in this act, he is hereby authorized to
exchange any Of the funds in the divie-
ion Of issue and redemption for any
other funds which may be in the gen
eral fund of the Treasury Department;
provided, that nothing in this act shall
be construed as repeating that provision
of the act approved July IA, 1890, which
provides that there shall be outstanding
at any time no more and no less of the
treasury notes authorized by said act
than the silver bullion and standard Sill
yer dollars coined therefrom then held
in the Treasury, purchased with said
notes.
Section 3-That the secretary of the
treasury be and he is hereby author
lied to receive at the treasury any CT
the outstanding bonds known as the
i've percentum bonds of 1904. and the
four percentum bonds of 1907, issued
respectively under the act approved
January IA, 1875, and the act approved
July IA, 1870, and January 20. 1871, and
TO issue in exchange therefor coupon
or registered bonds of the United
states in such form as he may pre-
scribe, IN denominations of fifty dol
lars, or some multiple of that sum,
gearing interest at the rate Of 21b per-
rentum per annum, payable semi-an-
hually, and redeemable at the pleasure
Jf the United States after ten years
from TIE date of thair issue; AMI the
4onds hereby authorized shall be pay
able, principal and interest. in United
states gold coin Of the present stand
ara value, and shall be exempt from
al taxation by or under State, NUM-
clpal or local authority; provided, that
none of the outstanding bonds shall
be received at valuation greater than
their present worth to yield an income
CT ~ pe1centum per annum and that
the bonds hereby authorized shall be
issued at not less than par.
Section THAT the bonds authorized
by this act, and any other bonds of
the United States may be deposited
with the treasurer of the United States
as security for the circulating notes OF
national banking associations; and
any national banking association
which may deposit the bonds herein
authorized to be deposited as security
for its circulating notes shall he en-
titled to receive from the comptroller
OF the currency and to issue such notes
to an amount equal to the face value
Of such bonds; provided, that the ag-
gregate amount Of bonds deposited by
any national banking association, I'M
der any law, shall not exceed the
amount Of its capital; and provided,
further. that nothing herein contained
shall be construed to modify or repeal
the provisions of section 5i67 and sec
ton 5171 of the revised statutes ati-
thorizing the comptroller Of the cur
rency to require additional deposits