The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-12-05

change at valuation greater than their
present worth to yield an income of ~
per centum per annum, and said bonds
/ shall be issued at not less than par.
And provided. further. that such
/ bonds, when issued. shall be numbered
consecutively in the order of their is
sue, and when payment is made the
last numbers issued shall be followed
until all the bonds are paid whenever
! any Of the outstanding bonds are called
i for payment interest thereon shall cease
three months after such call. 81
And provided. further. that the sec
rotary of the treasury may in his dis
treasury not otherwise appropriated,
the difference between the present
worth. computed as Aforesaid, of the
outstanding bonds surrendered in ac-
cordance with the provisions of this
act and their par value
National Banks.
That upon deposit by national bank
ing associations of any bonds of the
| United States under the provisions OF
sections 5156 and 5160 of the revised
statutes of the United States. such as
| sociations shall be entitled TO receive
| from the comptroller of the currency
circulating notes of different denomi-
nations. in blank, registered and coun-
tersigned as provided by existing law,
equal in face value to the par value
of the bonds so deposited, and national
banking associations now having
bonds on deposit for the security of
circulating notes less in face value
than the par value of the bonds. or
which may hereafter have such bonds
on deposit. shall be entitled, upon due
application to the comptroller of the
currency to receive additional circula-
ting notes in blank TO an amount which
shall increase the aggregate value of
the circulating notes held by such as
sociations to the par value of the
bonds deposited. such additional notes
to be held and treated in the same way
as circulating notes of national bank
ing associations heretofore issued and
subjected to all the provisions of exist
ing law affecting such notes.
Provided. that nothing herein con-
tanned shall be construed to modify or
repeal the provisions of sections 5161
and 5111 of the revised statutes of the
United States authorizing the comp
troller of the currency to require addi-
tional deposits of bonds or of lawful
money in case the market value of the
bonds held to secure the circulating
notes shall fall below the par value
of the circulating notes outstanding.
for which such bonds may be deposited
as security.
And provided, further. that the cir
culating notes furnished to national
banking associations under the pro-
visions of this act shall be of the de-
nominations prescribed by existing law,
except that no national banking as
ISOLATION SHALL after the passage of
this act. he entitled TO receive or to
issue or reissue or place in circulation
any circulating notes of a less denomi-
nation than SO
And provided further. that at no time
shall the total amount OF such notes
issued to any such association exceed
the amount at such time of its capital
stock actually paid in.
Tax on Circulation.
That every national banking associa-
ton having on deposit. as provided by
sections 5159 and $3.50 of the revised
statutes, bonds of the United States
bearing interest at the rate of per
centum per annum to secure it's cir
culating notes shall pay to the treas
urer of the United States in the months
of January and July a tax of Il of l
per centum each half year upon the
average amount of such of its circulat-
ing notes as are based upon the deposit
of said per centum bonds and such
taxes shall be in lieu of existing taxes
on it's circulating notes imposed by
section 5214 of the revised statutes.