The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1898-01-03
vision of issue and redemption and not


for any other purpose.
10. The secretary Of the treasury
shall be authorized to sell from time
to time, az 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.
l8. The gold certificates and currency
J certificates shall whenever presented
and paid or received in the treasury be
retired and not reissued.
H. 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, So
and So against silver dollars held by or
deposited in the treasury.
IL. 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 TO the amount of $780,
600, 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
1 al, No .fsfon
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 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, aud
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. (In substance.) Vested rights not
to be affected.
II-BANKING SYSTEM.
90. The total issues of any national
bank shall not exceed the amount of its
paid mp and unimpaired capital, exclI.
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 its stockholders. Nc
/ such notes shall be of less denomination
, than $40.
a
per cent Of the capital stock Of the bank
(the whole Of it's 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 TO .si-- I'd without further deposit
of bonds.
Beginning five years after the passing,
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, ant
thereafter any bank may at any time
) withdraw any bonds deposited in ex
: CESS of the requirements thereof
"a. Every national bank shall pay {
. tax ut the rate of 2 per cent per anDum
, payable monthly, upon the amount o.
it's notes outstanding in excess Of 60 pei
y cent and not in excess of so per cent q
I its capital, and tax at the rate of
? per cent per annum, payable monthly
r upon the amount OF its notes outstand
r ing in excess Of so per cent Of its CAPT
G tai.
%. Any bank may deposit any law
: full money with the treasurer Of tn,
a United States for the retirement of an,
of it's notes, and every such deposi
Y shall be treated as a reduction of it
outstanding notes to that extent, ant
: the tax above provided for shall cease a
of the first of the following month OIL
a an equal amount of its notes.
8 90. The secretary Of the treasur.
shall annually fix the value of each Sc
r ries of bonds of the United States bear
ing rate of interest exceeding pc
: cent as equalized upon the rate of inter
Q est of per cent per annum, and sucl
i valuation as fixed by the secretary o.
this basis shall be the valuation q
Q which the bonds will be receivable upoi
deposit Bonds payable at the option o
e the government shall be receivable a
II 95 per cent of their then market valu
as determined by the secretary of tin