The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1897-12-21

all the provisions Of existing law re-
specting said redemption und NOT In
consistent with the provisions OF this
act: and in consideration OF the de-
posits OF bonds, United States notes,
reasury notes of 1890 n silver certi-
ficates and the tar Of 2 per centum ON
the unsecured circulating notes of ma
tional banking associations, and OF the
deposit of lawful money provided in
this section, the faith OF the United
States is hereby pledged TO the redemp-
ton in lawful money of the United
States OF all the circulating notes OF
said national banking associations
Sec. 3. That the comptroller OF the
currency shall not issue to apy national
banking association, on and after the
date when this act shall take effect.
any OF the circulating notes os such as
ISOLATION OF less denomination than $40:
and when ever any circulating notes
of less denomination than $40 shall be
redeemed or received into the treasury
of the United States. they shall be can
ceied and destroyed and other notes or
lawful denominations shall be issued in
| their place.
Sec. 10. That on and after the date
when this act hall tax effect, the cir
| culating notes of the national banking
associations shall be redeemed at the
office of the United States assistant
] treasurer in the city of New York and
l at sue other sub treasury offices as
may be designated by the comptroller
of the currency with the approval or
the secretary of the treasury; and the
| circulating notes of eac national bank-
ing association SO redeemed shall be
charged to the 10 per centum edemp-
ton fund OF such associations under
such regulations as may be prescribed
by the comptroller of the currency with
the approval of h secretary OF the
treasury.
Sec IL. That in lieu of all existing
taxes, every national banking associa-
ton issuing notes a pay to the
treasurer of the United States in the
months of January and July of each
year a tax of Il per centum. for each
half year, upon the average amount OF
it's notes in circulation Provided, how
ever, that during all the period of time
intervening between the deposit of
United States notes, treasury notes and
silver certificates and the substitution
of bonds by the secretary Of the treas
ury as in this act provided, the circu-
lating notes specially issued therefor
and secured by said United States
notes, treasury notes or silver certifi-
Gates, shall be exempt from taxation
under the provision of this act
Sec. IL. Section 513S Of the revised
statutes shall be amended to read as
follows: No association shall be organ
zee with a less capital than 500, 0OC
except that banks with a capital of not
less than $780, 600 may, with the approval
of the secretary of the treasury, be
organized in any place the population
Of which does not exceed 5000 inhabi-
tants; and except that the banks with
a capital of noe 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
1000 inhabitants No association shall
be organized in a city, the population
of which exceeds so. 900 persons, with g
less capital han 5000, 900.
This act shall take effect or and af.
ter the - day Of -, eighteen hun
dred and ninety -; and all acts and
parts of acts inconsistent with tht
provisions of this act are hereby re