The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-11-29
COLD DOLLAR STANDARD
OF UNITED STATES MONEY
Financial Bill Prepared By Republican Caucus Com
mittee is Given Out to the Public.
Report Declares International Agreement in Favor of Silver
to Be Permanent mpOSsibility.

rected to cause all worn and uncurrent
subsidiary silver coin of the United
States now in the treasury and here
after received to be recoined; and to
reimburse the treasury of the United
States for the difference between the
nominal or face value of such coin and
the amount the same would produce in
new coin from any moneys in the
treasury not otherwise appropriated.
so much of the joint resolution ap-
/ proved July %, 1876, relating to the
issue of silver coin, as limits the ag
gregate amount of subsidiary silver
coin and of fractional currency out
standing at any time to s50000.000. be
and the same is hereby repealed
Issue of Paper Money.
Section Z. That the United States
notes or treasury notes issued under
the act of July IA. 1890. hereafter issued
or reissued shall be of such denomina-
tions, not less than one dollar. as the
| secretary of the treasury may pre-
scribe. Silver certificates shall here
after be issued or paid out only in de-
nominations of one dollar, two dollars
and five dollars, against silver dollars
deposited in the division of issue and
redemption or in exchange for silver
certificates of denomination exceeding
| five dollars.
Section s. That section 5159 of the
revised statutes of the United States
be and the same is amended so as TO
read as follows:
Section 5159. Every association
after having complied with the pro-
visions of this title preliminary to the
| commencement of the baking business
and before it shall be authorized TO
commence banking business under this
title. shall transfer and deliver to the
| treasurer of the United States as
security for it's circulating notes. any
United States registered bonds, bearing
interest to an amount where the capital
| is $150000 or less. not less than one
fourth of the capital, and $4,000 where
the capital is in excess of Sl50,OOO
Deposits of Bonds By Banks.
such bonds shall be received by the
treasurer upon deposit. and shall be by
him kept in his office until they be
otherwise disposed of in pursuance of
the provisions of this title. and such
of those banks having on deposit bonds
in excess of that amount are authorized
| to reduce their circulation. by the de-
posft of lawful money as provided by
law:
Provided that the amount of such
circulating notes issued to any na-
tional banking association having on
deposit United States bonds to secure
circulation at the passage of this act
or which may hereafter deposit such
bonds TO secure circulation. such not to
exceed in any case the par value of
the bonds deposited as herein pro-
vided.'
Section 9. That every national bank
ing association shall pay to the treas
urer of the United States in addition to
the taxes imposed by an act of July
13. 1898, entitled, An act to provide
ways and means to meet war expendi
lures and for other purposes each half
year in the months of January and
July, on or before the 31th day thereof,
a tax of one-tenth of l per centum on
the value of its franchise as measured
by the aggregate amount of its capital.
surplus and undivided profits, upon the
last day of the calendar month next
preceding.
Repeal of Sections.
SECTIONS 5,214, 5215, 5.216 and 5.217 of
the revised statutes of the United
States are hereby repealed. But moth
ing in this section contained shall be
so construed as in any manner to re-
lease any national banking association
from any liaoility for taxes or penalties
incurred prior to the passage of this
act.
In order to enable the treasurer to
assess the taxes imposed by the provl-
sions of this section, each association
shall, withing ten days from the 1st day
of January and July of each year make
a return, under the oath of its DreSi-
dent or cashier to the treasurer of the
United States, in such form as the
treasurer may prescribe, of the amount
of its capital. surplus and undivided
profits upon the last day of the calen-
dar month preceding. Every association
which fails to make such return shall
be liable to penalty of SEQ, TO be col
lected either out of the interest as it
may become due. on such association
bonds deposited with the treasurer. or.
at his option. in the manner in which
penalties are to be collected OF other
corporations under the laws of the
United States.
Penalty For Failure.
Whenever any association fails to
make the return herein required, the
tax TO be paid by such association shall
be assessed upon such an amount as
the treasurer may determine as to be
the true amount of capital. surplus and
undivided profits Of such association.
Whenever an association fails to pay
the taxes imposed by this section the
sums due may be collected in the man
ner provided fer the collection of
United States taxes from other corpo-
rations, or the treasurer may reserve
the amount out of the interest as it
may become due on the bonds deposit
ed with him by such defaulting asso-
ciation-
Section TO- That section. 5.13S of the
revised statutes is hereby amended SO
as to read as follows
Section 5,13S. No association shall
be organized with less capital than
Si03, 900, except that banks with a cap
ital of not less than $4,000 may, with
the approval of the secretary of the
treasury. be organized in any place the
population of which does not exceed
5000 inhabitants and except that banks
with a capital of not less than $4,000
may. with the sanction of the secretary
of the treasury, be organized in any
place the population of which does not
exceed 1900 inhabitants. No association
shall be organized in any city, the pop
ulation of which exceeds $4,000 persons
with a capital of less than $500. .000. -
Report On the Bill
The report on the bill has been pre-
pared by Representative Overstreet of
indianapolis. who introduced the orig
inal bill of the monetary committee in
1898. and has been distributed to each
Republican member of the house.
Mr. Overstreet frankly admits that
the committee did not consider the gen.
eral subject of banking. nor did it seek
to arrange a complete scheme OF
finance but that it confined its recon-
mendations to those subjects of most