The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1898-01-05

vision of issue and redemption and not
for any other purpose.
10. The secretary OF the treasury
shall be authorized to sell from time
81 .,me, at his discretion, any silver
bullion in the division of issue and re-
demption, and the proceeds in gold OF
such sales shall be placed to the account
of the gold reserve in the division of is
sue and redemption.
IS The gold certificates and currency
certificates shall whenever presented
and paid or received in the treasury be
retired and not reissued
II No United States note or treasury
note of 1890 of a denomination Of SO
shall hereafter be issued, and silver GER
tificates shall hereafter be issued or paid
out only in denominations Of 81, So
and 80 against silver dollars held by or
deposited in the treasury.
10. The assistant treasurer in charge
Of the division of issue and redemption
shall on demand pay in gold coin all
United States notes and treasury notes
presented for payment and as paid can
eel the same up to the amount of $780,
300, 900. After that amount shall have
been paid and Cancelled he shall then
from time TO time cancel such further
amounts of notes so paid as shall equal
but not exceed the increase of national
bank notes issued subsequent to the
taking effect of the proposed act.
10. If at the end of five years next
after the taking effect Of the proposed
act any United States notes or treasury
notes shall be outstanding, a sum not
exceeding one-ffth of such outstanding
amount shall be retired and cancelled
each year thereafter, and at the end of
ten years after the passage of the pro-
posed act the United States notes and
treasury notes then outstanding shall
cease to be legal tender for all debts,
public and private, except for dues to
the United States
90. The secretary Of the treasury
may, in his discretion, transfer from
surplus revenue in the general treasury
to the division Of issue and redemption
any United States notes or treasury
notes which OH such transfer could then
lawfully be Cancelled under the provi-
sions Of the proposed act if they had
been redeemed on presentation, and
when so transferred the same shall be
Cancelled. The secretary of the treasury,
in his discretion, whenever there may
be United States notes or treasury notes
in the general treasury which are not
available as surplus revenue and which
upon transfer to the division of issue
and redemption could then lawfully be
Cancelled under the provisions of the
act may exchange such notes with the
division Of issue and redemption for
gold coin, and such notes shall there
upon be Cancelled.
81. Gin substance.) Vested rights not
to be affected
IL-BANKING SYSTEM
g. The total issues of any national
bank shall not exceed the amount of it's
paid up and unimpaired capital exclu-
sive of so much thereof as is invested in
real estate. All such notes shall be of
uniform design and quality and shall
be made first lien upon all the assets
of the issuing bank, including the per-
sonal liability of it's stockholders No
such notes shall be Of less denomination
than $40.
%. Up to an amount equal to 20
per cent of the capital stock of the bank
(the whole Of its capital being unim-
paired) the notes issued by it shall not
exceed the value of United States bonds,
to be fixed as hereinafter provided, de-
posted with the treasurer of the United
States. The additional notes authorized
may be issued without further deposit
of bonds.
Beginning five years after the passage
of the proposed act the amount of bonds
required to be deposited before issuing
notes in excess thereof shall be reduced
each year by one fifth of the % per cent
of capital herein provided for, and
thereafter any bank may at any time
withdraw any bonds deposited in ex-
cess of the requirements thereof.
"a. Every national bank shall pay a
tax at the rate of 2 per cent per annum,
payable monthly, upon the amount of
it's notes outstanding in excess of 60 per
cent and not in excess of so per cent Of
its capital, and a tax at the rate of 9
per cent per annum, payable monthly,
upon the amount of its notes outstand-
ing in excess Of so per cent of it's capt.
tai.
25. Any bank may deposit any law
full money with the treasurer Of the
United States for the retirement of any
of its notes. and every such deposit
shall be treated as a reduction of it's
outstanding notes to that extent. and
the tax above provided for shall cease as
Of the first Of the following month on
an equal amount Of its notes.
20. The secretary of the treasury
shall annually fix the value Of each Sc
ries of bonds of the United States bear
ing rate Of interest exceeding 3 per
cent as equalized upon the rate of inter
est of per cent per annum, and such
valuation as fixed by the secretary ON
this basis shall be the valuation at
which the bonds will be receivable upon
deposit. Bonds payable at the option Of
the government shall be receivable at
90 per cent of their then market value
as determined by the secretary of the