The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-01-03

| rnent or officer OF the government for any
service in connection with the receipt or
Transmission Of the lawful money, nor in
the transfer of inscriptions on the books
| at Washington.
49, The division of issue and redemption
shall, on demand al Washington, and at
| such sub-treasur.es of the United States
as the Secretary of the Treasury may
| from time to time designate
(a) Pay out god coin for gold certif-
| Gates
! (D Pay out gold coin in redemption of
United States notes or treasury notes OF
1890
Cc) Pay out silver dollars for silver GER
tificates Of any denomination.
| Cd Issue silver certificates of denomi-
nations Of 81, 8 and s.. in exchange for
| silver dollars and for silver certificates
in denominations above S..
| (e) Pay out gold coin in exchange for
| silver dollars.
| % Pay out silver dollars in exchange
! for gold coin, United States notes or
| treasury notes.
| % Pay out United States notes or treas
ury notes, not subject to immediate cam
! collation., in exchange for gold coin
(h) Pay out and redeem subsidiary and
minor coins as provided by existing laws.
ID Pay out United States notes in ex>
/ change for currency certificates.
IA. United States notes or treasury notes
once redeemed shall not be paid out again
except for gold coin, unless there shall be
an accumulation of such notes in the divis-
ion of issue and redemption which cannot
then be cancelled under the provisions of
the act in which case the Secretary of
the Treasury snail have authority, if in
his judgment that course is necessary for
| the public welfare, to invest the same or
any portion thereof in bonds Of the United
| States for the benefit of the redemption
| fund; such bonds to be held in the division
of issue and redemption, subject to sale
OF the discretion of the Secretary of the
Treasury for the benefit of the division OF
issue and redemption, and not for any
other purpose.
IS. The Secretary of the Treasury shall
be authorized to sell from time to time
a his discretion, any silver bullion in .sae
division of issue and redemption; and the
| proceeds in gold of such sales shall be
| placed to the account OF the god reserve
| in the division of issue and redemption.
! l6. 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 1880 of a denomination under SO
shall hereafter be issued; and silver cer-
| tiheates shall hereafter be issued or paid
out only in denominations of ST. 50 and
| S., against silver dollars held by or de-
| posted in the treasury.
Is. 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 cancel the same
| up to the amount of $50,C0000O. After that
amount shall have been paid and cancell-
| ed, he shall then from time to time cancel
! such further amounts or 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.
~. 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
| NTH of such outstanding amount shall. be
| retired and cancelled each year thereaf-
ter; and at the end of ten years after the
| passage of the proposed act the United
| States notes and treasury notes then cut
! standing shall cease to be legal tender for
! all debts public and private except for
! dues to the United States
| 70. The Secretary of the Treasury may,
in his discretion, transfer from surplus
revenue in the general treasury 10 the
| division of issue and redemption any Uni
| TED states notes or treasury notes which
| on such transfer could then lawfully be
| cancelled under the provisions of the pro-
! posed 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 treas
! ury notes in the general treasury which
are not available as surplus revenue, and
which upon transfer to ihe division of is
sue and redemption could then lawfully
| be cancelled under the provisions of the
| act, may exchange such notes with the di-
vision of issue and redemption for gold
coin, and such notes shall thereupon be
| cancelled.
p. On substance) Vested rights not to
! be affected.
ii. Banking System.
o. The total issues of any national bank
| shall not exceed the amount of its paid
up and unimpaired capital, exclusive 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 personal liza bility of its stock
holders. No such notes shall be of less de-
nomination than SO
%. Up TO an amount equal to 25 per cent
of the capital stock of the bank Che whole
of its pital being unimpaired) The notes
issued by it shall not exceed the value Of
United States bonds, 10 be fixed as herein
after provided deposited with the treas
urer of the United States. The additional
notes authorized may be issued without
further de9osit of bonds.
Beginning five years after the passage of
the proposed act the amount of bonds re-
quired to be deposited before issuing notes
in excess thereof shall be reduced each
year by on-ffth of the rs per cent. of cap
ital herein provided for; and thereafter
any bank may at any time withdraw any
bonds deposited in excess of the require
ments thereof.
"a Every national bank shall pay tax
at the rate of per cent. per annum, pay
able monthly, upon the amount of it's
notes outstanding in excess of 90 per cent.
and not in excess of 50 per cent. of its
capital, and a tax at the rate of per cent.
per annum, payable monthly, upon the
amount of its notes outstanding in excess
of 80 per cent. of its capital.
%. Any bank may deposit any lawful
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 its 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
26. The Secretary of the Treasury shall
annually fix the value of each series of
bonds of the United States bearing a rate
of interest exceeding 8 per cent. as equal
lied upon the rate of interest of per
cent per annum, and such valua ton as