The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1898-01-13


sue and redemption.
1G The gold certificates aud currency
certificates shall whenever presented
and paid or received iii the treasury he
retired and not reissued
IL. No United States note or treasury
note uf 1890 Of denomination of SO
shall hereafter be issued, and silver GER
tifcatcs shall hereafter be issued or paid
out only in denominations of 81 81
and 50 against silver dollars held by or
deposited 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 can
Gel the same up tu the amount Of $780,
600. OO0 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 eud 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 uuc.hfth 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.
20. 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 On such transfer could then
lawfully ho cancelled under the prOvi-
sions Of the proposed act if they had
been redeemed ON presentation, and
when 80 transferred the same shall be
Cancelled. The secretary of the treasury
in his discretion, whenever there may
be United States notes on 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 uudor the provisions of the
act, may exchange such notes with the
division OF lssu" and redemption fOl
gold coin. and such notes shall there
upon he Cancelled.
2l. Tn SuLsunCo) Vested rights not
to be affected.
~ gr
%. The tote Issues Of any nati"na
| bank shall not exceed the amount Of IT
! paid up and uni"pairrd capital, cEolu
siyo of 20 mach thereon as Is invested il
real estate. All such notes shall be O
uniform design and quality and shal
! he made first lien upon all the asset
Of the issuing bank, including the per
sonal liability Of its stockholders n,
such notes shall be of less denomination
than $40.
23. Up to an amount equal to ?
per cent Of the capital stock of the banI
(the whole Of its capital being uni.n
paired) the notes issued by it shall no
exceed the value of United States bonds
to be fixed as hereinafter provided, de
posted with the treasurer of the Unite
States. The additional notes authoriaeu
may be issued without further deposi
Of bonds.
Beginning five years after the passag
OF. the proposed act the amount of bond
required to be deposited before issuin
notes in excess thereof shall be reduce
each year by Ono-titth Of the 20 per cen
of capital herein provided for, an
thereafter any bank may at any tim
withdraw any bonds deposited III el
cess Of the requirements thereof.
"a. Every national bank shall pay
tax at the rate of per cent per annun
payable monthly, upon the amount {
its notes outstanding in excess of 60 pC
cent and not i'll excess of so per cent {
its capital, and tax at the rate Of
Fer cent per annum, payable month";,
upon the amount OF its notes Outstanc
ing in excess nf so per cent Of its cap
tai.
20. Any bank may deposit any Law
tul money with the treasurer Of Il
United States for the retirement of an
Of its notes, and every such deras
shall be treated as a reduction Of /
outstanding notes to that extent, IN
the tax above provided for shall cease ;
of the first OF the following month {
IN equal amount Of its notes.
2G. The secretary of the treusw
shall annually fix the value Of each 81
ries of bonds Of the United States ben
ing Il rate Of interest exceeding 3 p
cent as cQuu!i2yd upon the rate ot int,
est Of 3 per cent per aunum, and 80,