The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-12-17

ury in such government bonds as he
may consider advisable. Said tax of 2
per cent per annum shall be held in
addition to the tax of one-half of
percentum per annum on circulating
notes hereinafter authorized.
Section 5. That each national bank
association shall deposit and maintain
in the treasury of the United States
sum of money aggregating 10 per cent
of the aggregate circulation, such
sum TO be in lieu of the 5 percentum
fund reduction now required by sec
ton of the act approved June ~, 1919,
to be maintained and TO be subject to
all the provisions Of existing laT
respecting said redemption fund not
inconsistent with the provisions - "a S
act And on the consideration OF the
deposits of bonds, United States treas
ury notes OF 1890 and silver certificates
and the tax of 2 percentum on the I'M
secured circulation notes of national
banging associations and of the de-
post of lawful money provided in this
section. the faith of the United States
is hereby pledged to the redemption in
lawful money of the United States
equal to the circulating notes Of said
national banking associations.
Section 8. That the comptroller OF
the currency shall not issue TO any
national banking association, after the
any of the circulating notes of such
association of less denomination of 4it
and whenever any circulating notes of
less denomination than $40 shall be
redeemed into the treasury of the
United States, they shall be cancelled
and destroyed and other notes Of law
full denominations shall be issued IL
their place.
Section 10. That on and after the
date when this act shall take effect the
circulating notes of the national bank
ing associations shall be redeemed at
the Office of the assistant treasurer in
the city of New York and also at
other sub-treasury offices as may be
designated by the comptroller of the
treasury and with the approval of the
secretary of the treasury and the cir
culating notes of national banking as
sociations so redeemed shall be charged
to the 10 percentum redemption of the
association under such rules as may
be prescribed by the comptroller of the
currency with the approval Of the sec
rotary of the treasury.
Section II. That in lieu of all exist
ing taxes every national banking as
ISOLATION issuing notes shall pay to the
treasurer in the United States in the
months of January and July of each
year a tax of one-fourth of one per-
centum for each half year upon the
average amount of its notes in cir
culation,
Provided, However, that during all
the period of time intervening between
the deposit of United States notes,
treasury notes and silver and the sub
stitution of bonds by the secretary OF
the treasury as in this act provided,
the circulating notes specifically issued
therefor and secured by said United
States notes, treasury notes, or silver
certificates, shall be exempt from taxa
ton under the provisions of this act.
Section II. Section 573S, of the re-
vised statutes shall be amended to read
as follows: No association shall be
organized with less capital than $780,
900, except that banks with a capital
of not less than $4,000 may with the
approval of the secretary of the
treasury, be organized in any place, the
population Of which does not exceed
5000 inhabitants, and excepting banks
with q, capital Of not less than $40 600
may, with the approval of the secre-
tary of the treasury be organized in
any place, the population OF which
does not exceed 1900 inhabitants. No
association shall be organized in
city, the population of which exceeds
$4,000 persons with a, less capital than
$500 900.
This act shall take effect on and
after the - of - 1S9- and all acts
and parts of acts inconsistent with the
provisions of this act are hereby re-
pealed.