The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-01-03

after any bank may at any time with
draw any bonds deposited in excess OF
tire require ments thereof.
"a. Every national bank shall pay tax
al the rate of per cent. per annuin
payable monthly. upon the amount OF us
notes outstanding IN excess or % per
cent. and moi in excess of NJ per cent. OF
its capital, and a tax at the rate or per
cent, per annum. payable monthly, upon
the amount of it's notes outstanding IN
excess of 50 per cent, OF its capital.
-. Any bank may deposit any iawru.
money with the treasurer OF the united
States for the retirement or any or its
notes. and every sucn deposit snail ht
treated as a reduction of its outstanding
notes 10 that extent: and the tax above
provided for shall cease as of the first
Ct the following month on an equal
amount of noses.
2s The secretary OF the treasury shall
annually tx the value OF each series OF
bonds of the United States bearing
rate OF interest exceeding 8 per cent as
equaliZed upon the rate OF interest OF 5
per cent. per annun, and such valuation
as fixed by the secretary on this basis
shall he the valuation at which the bones
VIII be receivable upon deposit. Bonds
payable at the option of the government
shall be receivable at 80 per cent. of their
then market value as determined by the
secretary OF the treasury. Ii an bonds
shall be Issued hereafter payable - date
named and bearing interest az S,sr cent,
OF less, they shall be receivable at par.
p. The comptroller Of the currency
issue to any bank, the capital Of which
is fun paid and uniInpared. any Of the
notes herein elsewhere provided for, or
the payment to the treasurer of the
United States. in gold coin, of per cent.
Of he amount of notes thus called for,
which payments shall so Into common
of the notes of any defaulted national
bank. Upon the failure Of any bank
TO redeem its notes. they shall be paid
from the said guaranty fund, and forth
with proceedings shall be taken 10 collect
from the assets OF the bank and from
the stockholders thereof. IL necessary. q
sum sufficient 10 pay to said guaranty
fund the amount thereof that shall have
BEEN used TO redeem said notes; and also
such further sums as shall be adequate
TO the redemption of all the unpaid notes
Of said bank outstanding.
y. So long as any obligation OF the
bank shall remain unsatistied, the liabil-
lily OF each stakeholder shall extend to,
but not TO exceed in the whole. an amour
equal 10 the par OF his stock.
eff the said guaranty fund Of per
cent. OF all the notes outstanding shall
become impaired by reason OF payments
made 10 redeem said notes as herein pro-
vded, the Comptroller of the currency
shall make assessment upon all the
banks, in proportion to their notes then
outstanding, sufficient 10 make said fund
equal TO 8 per cent OF said outstanding
notes.
Any bank may deposit any lawful
money with the treasurer Of the United
States for the retirement of any OF Its
notes. or return its own notes for can
collation.; whereupon The comptroller
shall direct the payment 10 such bank
of whatever sum may be the uniinpaired
portion OF said banks contribution TO
the guaranty fund On account OF said
notes
ANY portion of the guaranty fund may be
invested In United states bonds In the dis
loo 6 - yar rar +ra4
The taxes on circulation provided for in
paragraph =, as we'll as the interest &C
cruing from investment Of any part of the
guaranty fund. shall De held III the division
OF Issue and redemption in gold coin or in
United States bonds In the discretion o. the
secretary OF the treasury. and shall be a
fund supplementary and in addition to the
guaranty fund. 10 be used only In case said
guaranty fuud shall ever become INSULT
cient 70 redeem any bank notes issued
hereunder.
80 The present eystenl OF national bank
note redemption should be continued, with
a constantly maintained redemption fund
OF per cent. In gold coin, and win power
conferred on the comptroller Of the cure II
ey. with the approval Of the secretary 81
the treasury. 10 establish additional re
demp1on agencies AZ any or al OF the CUB
treasures OF the United States, as he may
n. I'm substance) Notes - ne received
oy al national hanks. and for governmen;
dues. except duties On Imports.
g. National banks sbaE hold serves n
lawful money against their deposits az no
less than = Fer cent. aad j. Pr cent lCl
the respective glasses Gs rcw prov lded ty
law. Ak least ona-fourth Of which reserve
saan be Ia coin. and held in the vaults OF
2 Permit the organization Of nationa,
banks with 2 capital stock OF $3.50. IL
places 81 900 population or less.
81 Provision Should be made whereby
branch banks may he established
g. AK Of oile-eighth Of / per cent
per annum 0pon Us franchises, as meas.
k4F 49,. -
ard undivided profits. shan tie imposed
X So amend existing laws as to pro
ta} For more frequent and thorough ex
aTr,!aa. fons q hanks
a. For fxed salaries FOR bank exam
! 81 To provide FOR rotation OF examiners
IDS For pIas5G repaT-&i. regular or spa.
clal =, The cali % the comptroller Of II.
- 70 make :, penal f3r sny bank t.
laz@ money - grant any .gratusty. to OF
examiner - tnat bank. and penal Tor sucf
hank Examiner 20 receive Il.
IN suosiauce.} Existing saaks ma
sCeepi provisions WITHIN ere ye8r.
~ In substance Existing banks vsafcs
/ 30 IT,, accr. 'ae new Law within one yea
20 be vound uu. T
a. in sl5s5anoe.y State banks may com,
r.. ard proceedings therefor
Have Prepared bin.
INDIANAPOLIS. Jan. 2.-The SUI
hea6ed by Charles FajrCnua. has con-
ple1e4 the work & draft ~ hin. white
er bodies the Ge soFn me ndatson az the com
n1it5ee Or me monetary question and n.
Trforr1 aIion O. The currency. This W
+ be .n;gg cuCs3 IN congress after IL cor
venes by C5nETe mar OVerxfrsef. O.
this csty. " nc IL In close touch wstn In.
commission in Hs work fran the tim.
the RCFk began.
{
January tha~ "a always more prosuc
| tive - colds and coughs Lnau Janusr-
/ freeze. Tasn Sc the time Ayes C'ncrrz
: pectcral IN needed and proves 40 ex rem.
/ " efilcae!o1s Ask your druggist for II
! ara also for Ayers Almanac. which l.
/ free 10 az,