The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-12-17

I
ity; provided, that none OF the outstanding
1 bonds shall be received at a valuation
| greater than their present worth, 10 yieto
an income OF ~ per centum ana thas the
/ bonds hereby authorized ST al be issued az
| not less than par.
| Sec. 4. That he bonds authorized by
| this act, and other bonds OF the oni,eo
| States. may he deposited with the treas
| urer OF the United States as security Ior
the circulat on notes OF national oanAa3s
| associations, and any national oanh IN
which he may deposit the bonds nergln So~
thorized 20 ne deposited as security loF
| iss circulating notes shall be emitted 20 re-
/ ceiye from the comptroller or the curreh.
| cy and TO issue such notes TO ah anoult
equal 70 the face value OF such eonus. pho
| vided. that the aggregate amount OF oonas
| deposited by any national banking aSsecla-
ton under any law shall not exceed the
amount Of its capital; provided iur,her,
| that nothing hefe.n contained shall De
construed TO modify or repeal the proyis-
ions OF section SIC and Sit. Of the Revised
Statutes. authorizing the comptroller or
the currency TO require additional deposits
| OF bonds or OF lawful money In case the
market value OF the bonds held to secure
the circulating rrtes shall fall below the
par value OF circul1tlng notes outstanding
security
Sec. 5. That any national banking as
sociation whose deposit of bonds is less
IMAM the amount OF its capital may deposit
| WITH the treasurer Of the United States.
uHoer such regulations as the secretary of
inc treasury may approve, United States
totes, treasury netes OF 1880 and silver GER
ssancdtes, ana shall be entitled to receive
from the comptroller of the currency a,i-
merry TO Issue IN equal amount of its cir
o 80 notes but the aggregate amount
OF bonds. United States notes treasury
notes Of 1880 and silver Certificates demos
iea by any national banking association
sh1H not exceed the anti nf of its can
I~n.lp Iovia.l thai the total amount of the
ohi'ed states notes, treasury notes of 1Sgsl
aLsd SILVER certificates 6encs.ted with tba
Insurer or he Untte.i ST Ges under am
l,D. ny OF lhis section snail not exceed the
sec. 8. That the secretary of the ,raas-
dissnal issue from time to time. in his
e ehtsure..on' bonds Of the same class and
snasacter as those described in tha .b3rj
section or this act and shall s1,hSsitn,a ~
S csa.e WITH the treasurer of the Tinted
nra's - LOT equal amounts OF notes, treas
naS;. no'es OF 1870 and silver certificates de-
posted by national banking assocjstions
aha lae bonds SO issued and substituted
hank oe charged to the respective national
BANK associations and be accounted for h,.
them al such prices. not less than mar az
snal represent the market yalua az s,,ch
Donds, and the United States notes. treas
Leased Oh ls1 and silver certificates re-
come a part OF the general redemption
luno, and the secretary of the treasury is
treasury notes Of & ans aS any Of the
LOT ike amount OF United States bonds:
propided, that the amount of bonds issued
Aoa exceed the sum of 5000 600 600
Sc. g. men any national bank not ex-
sosited such United States bonds. United
states notes. treasury notes of 1890 or sill
yer certincates of an amount not less than
% per centum of its capital, II shall be en-
III 10 receive from the comptroller OF
notes In addition TO the 80 per centum thus
provided to the amount of 20 per cent of
sneh deposits; but the circulation issued by
national fusi ,b.fl
never be in excess Of It's paid-up capital
stock. and the additional notes so issued
shai, not be secured by said deposit, but
sets OF such an institution issuing such
notes. Upon the failure of any institution
20 redeem its circulating notes above pro-
vided, whether the same are issued against
deposited security or general assets, the
same snail be promptly redeemed by the
treasurer OF the United States. To secure
the United States against any loss arisin~
from It's guaranty to pay and redeem such
additional circulating notes. II shall be the
duty or the comptroller of the currency TO
levy upon and collect from every national
banking association issuing such unsecured
circulation tax at the rate of per cent.
per annum on such unsecured circulation.
shall be paid to the treasurer of the United
states in equal semi-annual payments in
January and July OF each year. and when
so collected it shall constitute a safety
fund out OF which the United States AhalI
be reimbursed for. the redemption of said
circulation, as herein provided. This safety
fund thus created shall be invested by the
secretary of the treasury In such govern
ment bonds as he may consider advisable,
SAID tax OF per cent. per annum shall be
held in addition to the tax OF one-half OF
per centum per annum on circulating notes
hereinafter authorized.
Sec, Sec s That each national bank asso-
treasury Of the United States a sum OF
money aggregating 10 per cent. of the
aggregate circulation, such sums TO be
Af = mar INV yf.,r,,sR
ton now required by section of the act
approved June 20, 1874, 10 be maintained
and 10 be subject to all the provisions OF
existing law respecting said redemption
fund not inconsistent with the provisions
of this act; and in the consideration OF
the deposits of bonds. United States
Gates and the tax of per centum on the
unsecured circulating notes of national
banking associations. and of the deposit
the faith Of the tinted States is hereby
pledged TO the redemption in lawful
money OF the United States equal to the
circulating notes of said national bank
ing associations.
"Sec. g. That the comptroller of the cur
rency shall not issue To any national
banking association, after the date when
this act shall take place. any of the cir
culattng notes OF such association of less
denomination than $40: and whenever any
circulating notes OF less denomination
than SO shall be redeemed into the treas
ury of the United States they shall be
Cancelled and destroyed, and other notes
ot lawful denominations shall be issued
IN their place.
sec 10 That on and after the date
when THIS act shall take effect. the cir
culating notes OF the national banking
associa lions shall be redeemed at the Of
fee OF the assistant treasurer In the city
q New York. and also at other sub
treasury Offices as NAV BE- designated bv
the comptroller of the treasury. and with
the approval Of the secretary OF the
treasury, and the circulating notes of
ratoral banking associations So redeemed
shall be charged 10 the 10 per centum re-
demptlon of the association under such
rules as may be prescribed by the comp
trclier OF the currency with the approval
or the secretary OF the treasury.
See. u. That in lieu OF all existing
taxes. every national banking association
issuing notes shall pay 10 the treasurer OF
the United States. IN the months OF Janu-
AIRY and July Of each year, tax OF one
fourth ~ re- c4u.urr for each half-year
anon the average amount OF as notes N
circulation. provided. however, that our
tnp ala the period Of time sPtSt ea'is oe
,us,,n tho. deposit Of United Ss@ateS ii.s.es'
treasury notes and silver ana - S-'.s,'a9
tson nj bonds b. the secretary or the treas
- as In This act provided, the cFepiat-
fg,e~ notes specially issued IAeFSt5F ana Sc
,.sired ov said United states ho1e* te"s-
gFvx notes OF silver ceCttalat-sy sAia = bs ~
mint from taxation under 1Ae provisions OF
..sfS,. Is Section s. 73s Of the devised Stat
,,tes shall De amended 20 read as follows;
~ No association shall ns ORGANIZED WIN
less capital than Siaau.). except that banks
/ with q capital u less thar $3.50 may. with
ire approval % Ihe sscreS1ry OF the treas
I ary De organized IN any place. the popala-
{l0n Of which does rot exceed $50 tuhAb-
tanfs antF excepting tanks with capital
~ not less thar S1sssss may, with tae ap-
! groval % the secretary of yhs treasury, be
organized IN any place. the population OF