New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-12-17

,ou. the mar value Of the circulating no'es az
SANDING for which such bonds may D'
posted as security. ,-.,o.,o, handing associa-
,,on whose deposit Of bonds is less Iiian the
ornount of its capital may deposit M ,nb
.rnasurer Of the United states. uiiT Too,,r,,
reSv approve, United States notes iisasu.y
tics Of 1890, and silver certl1cates. anV oHas
be entitled TO receive from ane eouaI amount
the currency and to issue an equal arioune
90 its circulating notes: but the aSslceate
amount OF bonds. United states notes iieao
nntes of 1899 and silver certlncales uep0steu
ho'e ~ National banking association shall not
exceed the amount Of Its capltai' -. ,,,.,
provided that the total amount OF oh itn
States notes. Treasury no'es OF rooU aau - The
certificates deposited with the treasurer Oh tne
limited States under authority OF TINS sec'ioh
shall not exceed the sum Of $2oooVVJn:
c. Il That the Secretary of the treasury
shoT iesue from, time TO time, in his discretion.
bonds of the same class and character as thosS
described in the third section OF thls act, an
shall substitute the same Win ene a. me
of the United States for equal amounts 500 o, lns
United States notes. Treasury notes or lo9O anu
silver certificates deposited by National Balh,
ing associations and the p9nos 50 resnactIve
National banking associations, ana De ac-
counted for by them at such prices no. ess
than par, shall represent me mars ~
Of such bonds; and the United states nous.
Treasury notes OF 1890 and silver certlncateS
released as herein provided shall become par
of the general redemption fund; ana tne o. 70
rotary Of the Treasury is hereby authorlleao o0
exchange any oe said Treasury notes OF 1871
and said silver certificates for like amount oi
United States notes; , ,,,oa
under the authority of this section shall ho'
exceed the sum Of 500 oOOooo: o,,. ax,s,,,c
or hereafter oganiZcd shall have deposited such
United States bonds, United States notes. Treas
ury notes of 1890 or silver certihcates. 10 an an
amount of not less that % per centu,n oi ~, i,s
capital it shall be entitled to receive from me
Controller Of the Currency. ana 10 issue, Ma
tional bank notes. in addition 10 the "w Pc.
centum thus provided, TO the amount OF - Per '
cent? m of such deposits: but the circulation IS
sued By any National banking association shaIl
never be in excess OF its paid-up capital s'oCh,
and the additional notes so issued sha1t mo-
secured by said deposit. but shall constitute n
first lien upon all the remaining assets OF inc
association issuing such notes upon tne iai.uIc
of any association to redeem lIs CIR ara ice
notes above provided whether the same are Is
sued AGAINST depoSi ed security or against gen
eral assets the same shall be promptly reueelneu
by the Treasurer Of the United states. 70 stCuic
the United States against any loss arlSlnE iiolI ,
ito guarantee to pay and redeem such auul'iohai
circulating notes, il shall he the duty OF the ,oh
trOller Of the Currency TO levy upon ana coliect
from every National banking association issuing
such unsecured circulation q tax at the rate OF
. per centum per annum on such unsecureu en-
culation; which said tax OF per cenruns per per
annum shall be paid 10 the Treasurer OF tne
United States in equal semi-annual payments III
January and July Of each year ana wheh 20
collected II shall constitute safety Iuna OUT or
which the United States shall be reimbursed lot
anv redemption of said unsecured circulation !,
may make as herein provided The satety Iuho
thus created shall be invested by the secretary
OF the Treasury in such Government bonds as ne
may consider advisable. Said tax of = per
centum per annum shall be in addition to the tax
of one-half Of ! per centum per anhuih OH CIT
culating notes hereinafter authorized
Sec. S. That each National banking assocla-
ton shall deposit and maintain In the treasury
of the United States sum OF lawiui , i1oney
equal to 10 per centum Of It's aggregate circula-
ton said sum to be in lieu of the . per centum
redemption fund now required ny section . OF
the act approved June ~, lett. 10 DE mann
tanned and to be subject to all the provisions or
existing law respecting said redemption fund
not inconsistent with the provisions or ms act'
and In consideration OF the deposits OF bonds
United States notes. Treasury notes OF 1871 anu
silver certificates and the tax or per ceiltuIn
on the unsecured circulating notes or Natlohai
banking associations. and OF the deposit oi ia"
fuI money provided In this section, the faith or
the United States Is hereby pledged 70 the re
demption in lawful money OF the Cn,teo states
OF all the circulating notes Oh sau -'""'HA
SCI 9 That the Controller of the Currency
| Shall not issue to any National banking assocla
| ton on and after the date when TINS act small
| take effect any OF the circulating notes OF sucn
| eeeociation OF less denomination than $40, and
| whenever any circulating notes OF less denVihiI
nation than so shall he redeemed OF leccIS eu
! into the Treasury Of the United states, theF
| shall be cancelled and destroyed and other notes
! OF lawful denominations shall be Issued IN theif
place. ,. ,,,o, ,b,s
art shall take effect the circulating notes or the
! National banking associations shall be reueeineo
at the Office Of the United states assi, ~
Treasurer in the city of Newly ork ana al suCli
| other Sub-Treasury Offices as may be DESIGNATED
| by the Controller Of the Currency: with the ap,
proval Of the Secretary OF the treasury, anu
the circulating notes OF each National banking
ASSOCIATION so redeemed shall be charged TO the
10 per centum redemption fund OF such assocla-
lions under such regulations as may DC pr
soribed by the Controller Of the Currency with
the annroyal OF the Secretary Of the Treasury.
Sec II. That in lieu OF all existng axes.
every National banking ASSOCIATION ISSUING
notes shall pay to the Treasurer OF the United
states In the months OF January and July or
each year tax Of onc-fourth OF per centun,
for each half year, upon the average amount
OF IT'S notes IN circulation:
Provided however. that during all the period
Of time Intervening between the deposit OF
United States notes Treasury notes ana SILVER
certificates and the substitution OF bonds by the
Secretary Of the Treasury as IN ms ac, PR,
vIded the circulating notes spechcally issued
therefor and secured by SAID Un,tea ota,r,
notes Treasury notes or silver certificates shall
b. exempt from taxation under the provisions
Soc 10 Section 5138 Of the Revised Statutes
shall be amended to read as follows NO as
! sociation shall be organized with a less capita
than 100000 except that banks with capita
Of not less than $4,000 may, with the approva
os the Secretary OF the Treasury. be ORGANIZED
In any place the population OF which does mo-
exceed six thousand inhabitants; and excep
that banks with a capital of not less than SO.
600 may with the approval OF the Secretary Of
the Treasury be organized in any place the pop
ulation OF which does not exceed two Thousand
inhabitants. No association shall be organized
, In a city the population OF which exceeds NIFTY
, thousand persons with a less capital than 5000.
: OO0"
: This act shall take effect on and after the. -.
day Of ............. eighteen hundred and nine
e ty........; ard all acts and parts OF acts In
!; consistent with the prpisions of this act ar
[ hereby repealed
e The bill was introduced in tho House by Chair
= man Walker Immediately after the hearing. Tn
4 | measure as presented 70 the House Is identica
| with that submitted to the committee, excep
for few changes Of no special siRnlfcanc
v | which were suggested by Mr.. Walker.
n