New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-01-03
uries Of tho United States as the Secretary OF n

(c) Pay out silver dollars for silver certificates
of any denomination.
Cd Issue silver certificates Of denominations OF
81. Sc and S. in exchange for silver dollars and for
silver certificates In denominations above -
te) Pay out gold coin In exchange for silver dol
lars
% Pay out silver dollars In exchange for gold
coin, United States notes Treasury notes.
(g) Pay out United States notes Treasury
notes. not subject to immediate cancellation In
exchange for gold coin.
(h) Pay out and redeem subsidiary and minor
coins provided by existing laws
% Pay out United States notes in exchange for
currency certificates
United States notes Treasury notes once re-
deemed shall not he paid out again except for gold
coin. unless there shall be an accumulation Of
such notes In the Division OF Issue and Redemp
ton which cannot then be cancelled under the
provisions Of the act In which case the Secretary
OF the Treasury shall have authority II 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
at the discretion OF the Secretary OF the Treasury
for the benefit OF the Division Of Issue and Re-
demption. and not for any other purpose.
.he Secretary Of the Treasury shall be author
lied to cell from time TO time, at his discretion
any silver bullion In the Division OF Issue and Re
demption; and the proceeds in gold OF such sales
shall be placed 10 tho 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 reissucd.
No United States note Treasury note OF 1880
OF denomination less than SO shall here
after he issued; and silver certificates shall here
after be issued or paid out only In denominations
OF 81. & and s.. against silver dollars held by or
deposited in the Treasury.
The Assistant Treasurer in charge OF the Division
OF Issue and Redemption shall demand. pay In
gold coin all United States notes and Treasury
notes presented for payment and paid cancel
the same up TO the amount OF 10000 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 shall equal. but not exceed the
increase Of National bank notes issued subsequent
10 the taking effect Of the proposed act.
IL at the end of five years next after the taking
effect OF the proposed any United States notes
or Treasury notes shall he outstanding. sum not
exceeding one-ffth 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.
cept for dues 10 the United States.
The Secretary of the Treasury may. In his aiscre-
ton. transfer from surplus revenue in the general
any United States notes Treasury notes which
on such transfer could then lawfully be cancelled
under the provisions OF the proposed act II they
had been redeemed on presentations and when so
transferred the same shall be cancelled The
Secretary OF the Treasury in his discretion when
ever there may be United States notes or Treasury
notes In the general Treasury which not avail
able surplus revenue and which upon transfer
to the Division Of Issue and Redemption could
then lawfully no 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 thereupon be cancelled.
U-BANKING SYSTEM
The total issues OF any National bank shall
exceed the amount of ts paid-up and unimpaired
capital exclusive of much thereof ms Ia invested
in real All such notes shall be Of uniform
design and quality. and shall he made first lien
upon all the assets Of the Issuing bank including
the personal liability Of its stockholders. No such
notes shall be OF less denomination than 80.
Up TO amount equal to % per cent of the
capital stock Of the bank Uhe whole Of ts capital
being unimpaired), the notes issued by It shall not
exceed the value of United States bonds. to be
fixed as hereinafter provided deposited 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 10 he
deposited before issuing notes In excess thereof
shall be reduced each year by one-hfth OF the 25
per of capital herein provided for; and there
after any bank may at any time withdraw any
bonds deposited In excess Of the requirements
hereof
The existing tax Of per cent per annum on cir
culation shall be repealed; in its place tax Of
a OF per cent OF capital. surplus and undivided
profits shall be provided
Every National bank shall, pay tax at the rate
the amount Of its outstanding in excess Of 90
per cent and not in Of 80 per cent Of its capt.
tai ard tax at the rate OF per cent per annum,
payable monthly, upon the amour; OF It's notes out
standing in excess OF 50 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 it's notes. and every such deposit shall be
treat as a reduction of It's 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.
The Secretary OF the Treasury shall annually fix
the value OF each series OF bonds OF the United
States bearing rate OF interest exceeding per
cent as equalized upon the rate Of OF per
cent per annum and such valuation as fxed by the
Secretary on this basis shall be the valuation AT
which the bonds will be receivable upon deposit
Bonds payable at the option OF the Government
shall be receivable IS per cent OF their then mar
ket value as determined by the Secretary OF the
Treasury. II any bonds shall he issued hereafter
paya BILE at n date named and bearing interest at
per cent or less. they shall be receivable at par.
The Controller OF the Currency shall from time
to time called for. issue TO any bank the capital
OF which is full paid and unmpaired any OF the
notes herein elsewhere provided for. on the pay
ment TO the Treasurer OF the United States. In gold
coin. of 5 per cent Of the amount OF notes thus
called for which payments shall go into the com
mon guaranty fund for the prompt payment OF the
notes of any defaued National bank. Upon the
failure OF any bank to redeem It's notes. they shall
be paid from the said guaranty fund md forth
with proceedings shall be taken TO collect from the
assets OF the bank and from the stockholders
thereof. II necessary. sum sufficient 10 repay
said guaranty fund the amount thereof that shall
have been used TO redeem said notes and also such
further sum shall be adequate to the redemption
OF ALI the unpaid notes of said bank outstanding
Persons who having been stockholders OF the
bank have transferred their shares. any OF
them TO others. registered the transfer thereof