Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-01-03

amount with which they shall severally
stand credited on such books in the same
manner and at the same dates as If they
were the holders and owners of registered
bonds of the United States;s and she shall
also pay to those so registered the principal
sum originally deposited, in gold coin, at
the date Of maturity of such inscribed
loans. Suitable arrangements sha be
made at each an every money order post
office in the United States for receiving
such payments into the treasury on like
terms, as well as for the transfer, on proper
Identification. of any inscription on the
books in Washington, or of any part there
Of not less than fifty dollars $500.
Work of Redemptions
"The division of issue and redemption
such subtreasuries of the United States as
the Secretary of the Treasury may from
time to time designate, pay out gold coin
for gold certificates; pay out gold coin in
redemption of United States notes or treas
ury notes of 1890; pay out silver dollars for
silver certificates of any denomination; is
sue silver certificates OF denominations of
81, 81 and So. in exchange for silver dol
lars and for silver certificates In denomfna-
tions above 50; 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 treasury notes, not subject to i'm
mediate cancellation in exchange for gold
coin; pay out and redeem subsidiary and
minor coins as provided by existing laws;
pay out Uniteo States notes in exchange
for currency certificates.
Holding Government Paper.
Omitted 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 divi-
sion of issue and redemption which cannot
la
the act in which case the Secretary of the
Treasury shall 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 divi-
sion of issue and redemption subject to
sale at the discretion of the Secretary of
the Treasury for the benefit of the divi-
sion of issue and redemption, and not for
any other purpose.
The Secretary of the Treasury shall be
authorized to sell from time to time. at
his discretion, any silver bullion in the divi-
sion of issue and redemption, and the pro-
ceeds in gold of such sales shall be placed
to the account Of the gold reserve in the
division of issue and redemption. The gold
certificates and currency certificates shall,
whenever presented and paid or received
in the treasury, be retired and not reissued.
No United States note or treasury note of
1880 of denomination 80 shall hereafter
be issued, and silver certificates shall here
after be issued or paid out only in de-
nominations of 81, 81 and s., against sill
yer dollars held by or deposited in the
treasury.
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
pay fIIent and as paid cancel the same up
to the amount of s50,000,OOO 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 ma
tional 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 out
standing, sum not exceeding one-fifth of
such outstanding amount shall be retired
and Cancelled each year thereafter; and at
the end of ten years after the passage of
the proposed 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.
The Secretary of the Treasury may, in
his discretion, transfer from surplus reve-
nue. in the general treasury to the division
of issue and redemption any United States
notes or treasury notes which on such
transfer could then lawfully be Cancelled
under the provisions of the proposed act
II they had been redeemed on presenta-
ton, 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
urder the provisions of the act, may ex-
change such notes with the division of is-
sue and redemption for gold coin. and such
notes shall thereupon be Cancelled Vested
rights are not to be affected"
National Ranking Charges.
The proposed reforms in the national
banking system are as follows:
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 a first lien
upon all the assets of the issuing bank in
GLIDING the personal liability of it's stock
holders. No such notes shall be of less de-
nomination than $40. Up to an amount
equal to % per cent of the capital stock
of the bank Uhe whole of its capital being
unimpaired), the notes issued by it shall
not exceed the value of United States bonds,
to be fixed as hereinafter provided, depos-
tied 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 25 per cent Of
capital herein provided for; and thereafter
any bank may at any time withdraw any
bonds deposited in excess Of the require
ments thereof. Every national bank shall
pay tax at the rate Of per cent per an
rum, payable monthly, upon the amount of
its notes outstanding in excess of 60 per
cent, and not in excess of 50 per cent Of its
capital. and 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 mon
ey with the treasurer of the United States
for the retirement of any of its notes; and
every such deposit shall be treated as a re-
duction 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.
1.-THE Secretary of the Treasury shall an
nually fix the value of each series of bonds
of the United States bearing rate of in
terest exceeding per cent as eqaalized
upon the rate of interest of per csnt per
annuni, and such valuation as fixed by the
Secretary on this basis shall be the fyalua-
ton at which the bonds will be receivable
upon deposit. Bonds payable at the option
of the government shall Be receivable at 96
A. 49, I