The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-01-03

pTcSGuI6Q, anu me preservation or DuD-
lie confidence; and for this purpose he shall
from time to time, as needed, transfer from
the general fund of the treasury to the d.
vision OF Issue and redemption any surplus
addition thereto he shall be authorized to
issue and sell, whenever It is in his 1udg-
ment necessary for that purpose. bonds Of the
United States bearing interest not exceeding
per cent, running twenty years, but redeem
able in gold coin, at the option of the United
States, after one year; and the proceeds Of all
such sales shall be paid into the division Of
issue and redemption for the purposes afore-
II. To provide for any temporary de-
f1ciency which may at any time exist in the
fiscal department Of the treasury of the
United States the secretary Of the treasury
shall be authorized. at his discretion, to issue
certificates OF Indebtedness of the United
States, payable in from one to Ave years after
their date, to the bearer, of the denominations
OF $50 or multiples thereof with interest at a
rate not to exceed three per centum per an
num- and to sell and DISPOSE Of the same for
lawful money at the treasury department.
and at the sub-treasurdes and designated de-
positories OF the United States, and at such
postoffces as he may select. And such GER
tifcates shall have the like privileges and
exemptions provided In the act to authorize
the refunding Of the national debt approved
July IA. 1870.
IL. Whenever money is to be borrowed
on the credit OF the United States. the secre-
tary Of the treasury shall be authorized, in
SledQ OF ISSUING the usual IOrnS OF engraved
bonds, upon receiving lawful money Of the
United States in sums Of not less than fifty
dollars (S50) in any single payment, to cause
a record Of all such payments to be made in
books to be kept for that purpose in Wash
ington, and thereafter from time to time
to pay to those so registered on such books
interest not exceeding per cent per annum
in gold coin, on the amount with which they
shall severally stand credited on such books
in the same manner and at the same dates
as II they the holders and owners OF
registered bonds of the United States; and
he shall also Pay to those so registered the
coin, at the date OF maturity CT such inscribed
loans. Suitable arrangements shall be made
at each and every money order postoffce in
the United States for receiving such payments
for the transfer. on proper Identification, of
any inscription on the books in Washington
or OF any part thereof not less than fifty
dollars (S50). No charge of any kind shall
be made by any department or officer OF the
government for any service In connection with
the receipt or transmission Of the lawful
money, nor in the transfer Of inscription on
the books at Washington.
ID. The division Of issue and redemption
shall. on demand at Washington and at such
subtreasuries of the United States as the sec
rotary of the treasury may from time to time
designate
(a) Pay out gold coin for gold certificates
OBJ Pay out gold coin for redemption of
United States notes or treasury notes of 1890
tificates Of any denomination.
ID Issue silver certificates of denomina-
tions OF 81, 81 and s. in exchange for silver
certificates in denominations above S.
(e) Pay out gold coin in exchange for sill
yer dollars.
~ Pay out silver dollars in exchange for
gold coin. United States notes or treasury
(g) Pay out United States notes or treas
ury notes, not subject to immediate cancella-
ton, in exchange for gold COIN
Daty n,I
minor coins provided by existing laws.
% Pay out United State notes in exchange
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
or issue and redemption, which cannot then
be cancelled under the provisions of the act
in which case the secretary of the treasury
shall have authority. IT, in his judgment
that course is necessary for the public well
rare, to invest the same or any portion there
Of in bonds of the United States for the ben
eft of the redemption fund, such bonds to be
held in the division Of issue and redemption
subject to sale at the discretion of the sec
rotary OF the treasury for the benefit of the
division 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 at his
discretion, any silver bullion in the division
OF issue and redemption, 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. toes
16 The gold certificates and currency GER
tifcates shall. whenever presented and paid
or received in the treasury, be retired and
not reissued.
IT. No United States note or treasury note
of 1890 of denomination less than $40 shall
hereafter be issued. and silver certificates
shall hereafter be issued or paid only in de-
nominations of 81, 81 and So, against silver
dollars held by or deposited in the treasury
1S. 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
ment, and, as paid cancel the same up to
the amount of $50, 900 0G0. After that amount
shall have been pad and cancelled. he shall
theS, 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
taxing effect OF the proposed act any United
Staes notes or treasury notes shall
pc G1 ou nSd se.Lg a sum not exceed
account shall be retired! and can5
celled each year thereafter; and at the end
of ten years after the passage of the pro-
posed act the United States notes and treas
ury notes then outstanding shall cease to he
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 be cancelled under the proyis-
ions of the proposed act If they had been re-
deemed on presentation: and when so trans
ferred the same shall be cancelled. The sec
rotary 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 thereupon be cancelled.
q. Gin substance) Vested rights not to be
affected.
BANKING SYSTEM.
% The total issues of any national bank
shall not exceed the amount OF it's 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, including the per-
So oa d iia6i t Of It's stockhoders No such
g. Up to an amount equal to % per cent
of the capital stock of the bank (he whole
of its capital being unimpaired). the notes
issued by it shall not exceed the value Of
United States bonds, to be fixed as herein
after provided, deposited with the treasurer
of the United States. The additional notes
authorized may be issued without further
deposit of bends.
Beginning five years after the passage of
the proposed act, the amount of bonds re-
CURED 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 de-
posted in excess of the requirements thereon.
"a Every national bank shall pay tax
at the rate of per cent per annum, payable
monthly, upon the amount OF it's notes out
standing in excess of 60 per cent and not In
excess of so per cent of its capital, and
tax at the rate of per cent per annum,
payable monthly. upon the amount of its