Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1897-12-17


approve, United States notes, treasury
notes Of 1890, and silver certificates,
and shall be entitled to receive from
the comptroller of the currency and to
issue an equal amount Of its circulate
ing notes; but the aggregate amount
Of bonds, United States notes, treasury
notes Of 1890 and silver certificates de-
posted with the treasurer of the United
States under authority of this section
shall not exceed the sum of $500, 000,-
000
Section 6.-That the Secretary of the
Treasury shall issue from time to time,
in his discretion, bonds Of the same
class and character as those described
in the third section of this act, and
shall deposit the same with the
treasurer of the United States for equal
amounts of the United States notes,
treasury notes Of 1890 and silver GER
tificates deposited by national banking
associations and the bonds so issued
and substituted shall be charged to the
respective national banking associa-
lions and be accounted for by them at
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 GER
tifcates released as herein provided
shall become a part of the general re-
dmption fund. And the Secretary of
the Treasury is hereby authorized 10
exchange any of said treasury notes of
1890 and said silver certificates for
like amount of United States notes;
provided, that the amount of the bonds
issued under the authority of this sec
ton shall not exceed the sum of $780,
000000
Section When any National bank
now existing or hereafter organized
shall have deposited such United States
bonds, United States notes, treasury
notes of 1890, or silver certificates, to
an amount Of not less than 90 percen-
tum Of it's capital, it shall be EMIT ed
to receive from the comptroller Of the
currency and to issue National bank
notes in addition to the so percentum
thus provided, to the amount Of 25
percentum 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, but shall
constitute first lien upon all the re-
naming assets OF the association lssu-
ing such notes Upon the failure OF
any association to redeem its circulat-
ing notes above provided, whether the
same are issued against deposited Sc
curity or against general assets, the
same shall tie promptly redeemed by
the treasurer of the United States. To
secure the United States against any
loss arising from its guarantee TO pay
and redeem such additional circulating
notes, it shall be the duty Of the comp
tr0ller of the currency to levy upon
and collect from every Natlonalotar.u
ing association issuing SUI
ilcuiation tax at the late OF per-
centum per annum on such unsecured
circulation; which said tax OF per
centum per annum shall be paid to the
treasurer of the United States in equal
semi annual payments in January and
July OF each year, and when so col
lected it shall constitute a safety fund
out of which the United States Shall
be reimbursed for any redemption or
said unsecured circulation it may make
as herein provided The safety Iund
thus created shall be invested by the
secretary Of the treasury in such gov
eminent bonds as he may consider ad-
vjsable. Said tax of percentum per
annum shall be, in addition to the tax
Of one-half of one percentum per an
mum on circulating notes hereinafter
authorized.
Section S-That each national bank
ing association shall deposit and main
tain in the Treasury of the United
States a sum of lawful money equal to
10 percentum of its aggregate clrcula-
ton. said sum to be in lieu of the per-
centum redemption fund now required
by section Of the act approved June
20. 1874. to be maintained, and 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,
treasury notes of 1890 and silver certif-
icates and the tax of percentum 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 redemD-
ton in lawful money of the United
States of all the circulating notes Of
said national banking associations.
Section 9-That the Comptroller of the
Currency SHAH not issue to any nation
al banking association on and after the
date when this act shall take effect, any
of the circulating notes Of such asSocia-
ton of less denomination than SO: and
whenever any circulating notes OF less
denomination than $40 shall be re-
deemed or received into the Treasury Of
the United States. they shall be cancell-
ed and dstroyed, and other notes of law
full denominations shall be issued in
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 United States Assist
ant Treasurer, in the City Of New
York. and at such other sub-treasury Of
fees Is may be designated by the Comp
troller Of the Currency, with the ap-
prevail of the Secretary OF the Treas
ury And the circulating notes of each
national banking association so re-
deemed shall be charged to the 10 per
centum redemption fund of such asso-
ciations under such regulations as may
be prescribed by the Comptroller Of the
Currency. With the approval Of the Sec
retarv of the Treasury.
Scc.ion 11-That in leu Of all ey-
listing taxes every national banking
association issuing notes shall pay to
the treasurer of the United States IN