The Wichita daily eagle., 1897-12-17

SSN0VVVOOVVVO
| treasury notes authorized by said act
| than the silver bullion and standard sill
ver dollars coined therefrom then held
in the treasury, purchased with said
notes.
Section 8. That the secretary of the
treasury be and ne is hereby authorized
ia receive al the treasury any of the out
standing bonds known as the 5 per GEN.
tum bonds OF 1904 and the per centum
consols of 1907, issued respectively un-
der the act approved January IA, 1875,
and the acts approved July IA, 1870, and
January 20, 1871, and to issue in ex-
change therefor coupon or registered
bonds of the United States in such form
as he may prescribe, in denominations
OF 80 dollars or some multiple of that
sum, bearing interest at the rate OF two
and one-half per centum per annum-
payable semi-annually and redeema bic
at the pleasure OF the United States
after ten years from the date Of their
issue; and the bonds hereby authorized
Shall be payable, principal and interest,
in United States gold coin Of the pres
ent standard value and shall be exempt
from all taxation by or under state, nlu-
nicipal or ioval authority: Provided,
tha. none OF the outstanding bonds snail
be received at a valuation greater than
their present worth to yield an income
of two ard one-half per centum and
that the bonds hereby authorized snail
be issued at not less than par.
Section 4-That the bonds authorized
by this act and any other bonds of the
United States may be deposited with the
treasurer of the United States as secur-
ity for the circulation notes of national
banking associations, and any national
banking association which may deposit
the bonds herein authorized 10 be depos-
ited as security for its circulating notes,
shall be entitled to receive from the comp
troller OF the currency and TO issue such
notes 10 an amount equal to the face
value of such bonds: Provided, That the
aggregate amount of bonds deposited by
any national banking association under
any law shall not exceed the amount or
it's capital; and provided, further, that
nothing herein contained shall be con-
strued to modify or repeal the provisions
of section 5, 167 and section 5r71 of the
revised statutes authorizing the comp
troller of the currency to require addi-
tional deposit of bonds or of lawful
money in case the market value OF the
bonds held to secure the circulating
notes shall fall below the par value of
notes outstanding for which
such bonds may be deposited as security.
Section 5.-That any national banking
association whose deposit of bonds is
less than the amount of its capital may
deposit with the treasurer of the United
States under such regulations as the sec
retary of the treasury may approve Unit
ed States notes, treasury notes of 1880
and silver certificates and shall be en-
titled TO receive from the comptroller Of
the currency and TO issue an equal
amount of its circulating notes; but the
aggregate amount of bonds, United
States notes, treasury notes of 1890 and
silver certificates deposited by any ma
tional banking association shall not eX-
2eed the amount Of its capital; Provided,
hat the total amount of the United
States notes, treasury notes Of 1890 and
silver certificates deposited with the
treasurer of the United States under au-
hority of this section shall not exceed
he sum of 100000.
Section 6.-That the secretary of the
reasury shall issue from time to time
n his discretion bonds of the same class
md character as those described in the
bird section Of this act, and shall sub !
titute the same with the treasurer cf |
ne United States for equal amounts of |
totes, treasury notes of 1890 and silver !
certificates deposited by national bank |
ng associations, and the bonds so issued |
nd substituted shall be charged 10 the |
espective national banking associations |
nd be accounted for by them, at such /
rfces. not less than par, as shall repre- |
ent the market value of such bonds: and /
he United States notes, treasury notes of |
$50 and silver certificates released as
erein provided shall become a part Of /
ne general redemption fund. And the
of the treasury is hereby au-
horiZed to exchange any of said treas
ry notes OF 1890 and said silver eertif-
aIes for a like amount OF United States
'GACt.. L ION iuCLl. Nildl likc amount
onds issued under the authority of This
ection shall not exceed the amount of
POO. .000, 900.
Section When any national bank
ow existing or hereafter organized shall
ave deposited such United States bonds,
-nited States notes, treasury notes OF
$50 or silver certificates 10 an amount
no. less chan so per centum of lis cap
al. it shall be entitled to receive from
ne comptroller Of thecurrency and 10
sue national bank notes, in addition to
ne 80 per centum Ihus provided. to the
mount of - per cent OF such deposits:
ut the circulation issued by any nation
banking association shall never be in
xcess OF lis paid-up capital stock and
ne additional notes 90 issued shall not
2 secured ny said deposit but shall con
,itute first Zen upon all the remaining
ssets Of the association issuing such
otes. Upon TIE failure of any associa-
on 10 redeem its circulating notes as
aove provided for, whether the same are
sued asainsc deposited security or gen.
raj assets. the sans shall be promptly
e5eemed by the treasurer Of the United
2tes- To secure the United States
Sainst any loss from its guaranty 20
ay and redeem such additional circulat-
lg notes. il snail oe the duty OF the
omptrolle@ Of the currency TO levy upon
nd collect from every national banking
ssoc!atirR issuing such unsecured cir
llation a tax a. the rate OF = per cent
er aInum on such unsecured circulation
-afcA sad tax Of per cent per annum
hail 5e paid - the treasurer Of the Unit
States n eIuai seni-annaal payments
January AID JUly of each year. and
hen - collected il shall constitute a