The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1897-12-22

70 an amount equal to the face value Of
amount of bonds deposited by any ma
tional banking association under 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 $50 and
fhorizing the comptroller Of The currency
TO require additional deposit OF bonds. or
Of lawful money. In case the market value
notes shall fan below the par value Of the
circulating notes outstanding for which
such bonds may be deposited as security.
ISOLATION. whose deposit Of bonds is less
than the amount Of its capital, may de-
posit with the treasurer of the United
rotary of the treasury may approve. United
States notes, treasury notes Of 1880 and
silver certificates, and shall be entitled to
rency and 10 issue an equal amount of its
circulating notes; but the aggregate
amount of bonds ID ,so United States notes.
deposited by any national banking as
ISOLATION shall not exceed the amount Of
lis capital. provided that the total amount
of United States notes, treasury notes of
1890 and silver certificates deposited with
the treasurer Of the United States under
authority Of this section shall not exceed
the sum Of 500. 900. 600
Issue of Bonds.
Sec. 6. That the secretary of the treas
ury shall issue from time 10 time, in his
discretion, bonds of the same class aud
character as those described in the third
section OF this act, and shall substitute
The same with the treasurer Of the United
States for equal amounts OF the United
states notes. treasury noies OF 1899 ana
banking associations, and the bonds so is
sued and substituted shall be charged 10
the respective national banking associa-
such prices, not less than par, as shall
represent the market value Of such bonds,
and the United States notes, treasury
notes of 1890 and silver certificates re-
leased as herein provided shall become
part of the general redemption fund and
thorized to exchange any Of said treasury
notes of 1880 and said silver certificates
for like amount of United States notes.
under the authority Of this section shall
not exceed the sum of seao.oo .0oo-
Redemption by the Governments.
Sec Z. When any national bank now
existing or hereafter organized shall have
deposited such United States bonds, United
yer certificates, TO an amount of not less
than 80 per centum of its capital. il shall
be entitled TO receive from the Comptroller
Of the currency, and TO issue national bank
notes, in addition to the 30 per centum thus
provided, to the amount of . per centunl Of
such deposits; but the circulation issued
by any national banking association shall
never be in excess of its paid up capital
stock and the additional notes so issued
shall not be secured by said deposit, bus
shall constitute first lien upon all the re-
naming assets of the association issuing
such notes. Upon the failure OF any asSoci-
alton TO redeem its circulating notes above
against deposited security or against gen.
eral assets, the same shall be promptly re-
States To secure the United States against
any loss arising from its guaranty 10 pay
and redeem such additional circulating
notes, il shall be the duty of the comptroller
Of the currency 10 levy upon and collect
from every national banking association
issuing such unsecured circulation tax a
the rate of two per centum per annum on
such unsecured circulation; which said tax
Of two per centum per annum snail De paid
TO the treasurer OF the 0niteq states n
and July of each year, and when so col
lected il shall constitute a safety fund out
of which the United states snail Dc reiu-
bursed for any redemption Of said unse-
cured circula ton il may make as herein
provided The safety fund thus created
treasury in such government bonds as he
may consider advisable Said tax. Of two
per centnm per an onbs nan Of one ad n-
centum per annum on circulating notes
hereinafter authorized
Sec. s. That each national BANKING as
ISOLATION shall deposit and maintain In
the treasury Of the United States sum
OF Ia wful money equal to ten per centum
of its aggregate cireulaton, sag sum TO
fund now required by section OF the act
a approved June %. 1874, to be maintained
ana to be subject to all the provisions of
Existing law respecting said redemption
fund not inconsistent with the provisions
of this act, and in consideration Of the
deposits Of bonds, United States notes.
ereasury notes of 1890 and silver certifi-
Gates, and the tax of two percentum on
the unsecured circulating notes Of national
banking associations, and Of the deposit
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 of all the circulat-
ing notes Of said national banking associa-
tons.
Withdrawal of Small Notes.
Sec. 9. That the comptroller of The cur