Worcester morning daily spy. (Worcester, Mass.) 1888-1898, 1898-01-03

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any service in connection with the re-
ceipt or transmission of the lawful
money or in the transfer of inscriptions
on the books at Washington.
! 10. The division of issue ard redemp-
ton shall on demand at Washington
and at such sub-treasuries of the United
States as the secretary of the treasury
may from time to time designate
(a) Pay out gold coin for gold certifi-
Gates.
(b) Pay out gold coin in redemption
of the United States notes or treas
ury notes of 1890.
(c) Pay out silver dollars for silver
certificates of any denomination.
I'D Issue silver certificates of denom-
nations of 81, 81 and SIS in exchange
for silver dollars and for silver certiti-
Gates in denominations above SIS.
! (e) Pay out gold coin in exchange
for silver dollars.
D Pay out silver dollars in exchange
for gold coin, United States notes or
| treasury notes.
(g) Pay out United States notes or
treasury notes not subject to immedi-
ate cancellation in exchange for gold
coin.
CHI Pay out and redeem subsidiary
and minor coins as provided by exist
ing laws.
O 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 division of issue and re-
demption which cannot then be cancel
ed under the provisions Of the act, in
which case the secretary Of the treasury
shall have authority, if, in his judg-
ment, 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 re-
| demption subject to sale at the discre-
tion of the secretary of the treasury for
the benefit of the division of issue and
redemption and not for any other pur-
pose.
Is. The secretary of the treasury
shall be authorized to sell from time to
time, at his discretion, any silver bull
Lion In the division of issue and redemp-
ton, and the proceeds in gold of such
sales shall be placed to the account of
| the gold reserve in the division of issue
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 denomination of $40
shall hereafter be issued, and silver GER
tificates shall hereafter be issued or paid
out only in denominations of 81, 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 can
eel the same up to the amount Of
/ $50, 900, 00e After that amount shall
have been paid and cancelled he shall
then from time to time cancel such fur
| ther 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.
Il 10. If at the end of five years next
after the taking effect of the proposed
act amy United States notes or treasury
notes shall be outstanding, a sum not
exceeding one-flfth 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
J treasury notes then outstanding shall
cease to be legal tender for all debts,
puDuO ana pIINGIei ehCeSt i9L uueS "
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
4 United States notes or treasury notes
| which on such transfer could then law
| fully be Cancelled under the provisions
of the proposed act If they had been re-
| deemed on presentation, and when so
transferred the same shall be Cancelled.
The secretary of the treasury, in his
discretion, whenever there may be Unit
! ed 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 di-
vision of issue and redemption for gold
coin, and such notes shall thereupon be
| Cancelled.
81 On substance) Vested rights not
to be affected.
I-BANKING SYSTEM.
o. The total issues of any national
bank shall not exceed the amount of its
paid up and unimpaired capital, exclu-
sive of so much thefeof as is invested in
real estate All such notes shall be of
uniform design and quality and shall
L u
Of the issuing bank including the per-
sonal liability of its stockholders. No
such notes shall be of less denomination
| than $40.
49, Up to an amount equal to % per
cent of the capital stock of the bank
| (the whole of it's capital being untm-
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 Unit
| ed States The additional notes author
lied may be issued without further de-
post 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 requirements thereof.
"a. Every national bank shall pay a
tax at the rate of 2 per cent per an
num- payable monthly, upon the
amount of its notes outstanding in ex-
cess of 60 per cent and not in excess of
so per cent of its capital, and a tax at
the rate of 8 per cent per annum, pay
able monthly, upon the amount of its
!, notes outstanding in excess of so per
cent of its capital.
%. Any bank may deposit any law
full money with the treasurer of the
United States for the retirement of any
Of it's 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 per cent
as equalized upon the rate of interest