The record-union., 1899-11-29

SHdScu uuQeF the ACC OIL July Ii, lCJV,
for coinage into such denominations OF
subsidiary coin as may be necessary to
meet the public requirements for such
coin, and any gain or seigniorage aris-
Ing from this coinage shall be account
ed for and paid into the treasury.
Whenever any silver bullion purhased
under the Act of July IA. 1870. shall be
used in the coinage of subsidiary silver
coin, an amount of treasury notes is
sued under said Act equal to the cost
of the bullion contained in such coin
shall be Cancelled and not ressued.
Section g. That the Secretary of the
Treasury is hereby authorized and di
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 III the treas
ury not otherwise appropriated. So
much of the joint resolution approved
July %, 1876, relating 10 The issue of
silver coin, as limits the aggregate
amount of subsidiary silver coin and of
fractional currency outstanding at any
time to $5O.000,00O, be and the same is
hereby repealed.
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 denominations
not less than $1-as the Secretary of
the Treasury may prescribe. Silver
certificates shall hereafter be issued or
paid out only in denominations of ST,
81 and So, against silver dollars de-
posted in the Division of Issue and Re
demption or in exchange for silver GER
tificates of denomination exceeding 81.
Section 8. That Section 5.139 of the
Revised Statutes of the United States
| be and the same is amended so as to
read as follows: Section 5,159. Every
association, after having complied with
the provisions of this little preliminary
to the commencement of the banking
business, and before it shall be author
! i2ed to commence banking business
under this title, shall transfer and de-
/ liver to the Treasurer of the United
States, as security for its circulating
notes any United States registered
bonds. bearing interest to any amount
where the capital is S150,000 or less
not less than one-fourth of the capital
and $4,000 where the capital is in ex-
cess of S150000 Such bonds shall he
received by the Treasurer upon de-
posit, and shall be by him so kept IN
his Office until they shall be otherwise
disposed of in pursuance of the pro-
visions of this title: and such of those
banks having on deposit bonds in eX-
cess of that amount are authorized to
reduce their circulation by the deposit
! of lawful money as provided by law;
provided, that the amount of such cir
/ culating notes issued to any national
banking association having on leposit
United States bonds to secure circula-
ton 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 provided
Section 9. That every national
banking ASSOCIATION shall pay to the
Treasurer of the United States in ad-
dition to the taxes imposed by an Act
of July 49, 1898, entitled AN Act to
provide ways and means to meet war
expenditures and for other purposes
each half year, in the months Of Jan
day thereof, a tax of one tenth of 1
per cent on the value of its franchise
as measured by the aggregate amount
! of it's capital, surplus and undivided
profits, upon the last day of the calen-
dar month next preceding Sections
5.214, 5,215, 5,216 and 5,217 of the Re-
vised Statutes of the United States are
hereby repealed. But nothing in this
section contained shall be so con-
strued as in any manner to release any
national banking association from any
liability 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 provisions of
this section, each association shall,
within ten days from the first day of
January and July of each year, make
a return. under the oath Of its Pres
ident 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 calendar
month preceding. Every association
which fails to make such return shall
be liable to penalty of $500, to be
collected 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 Unit
ed States. Whenever any association
falls to make the return herein re-
qufred, the tax to be paid by such as
sociation shall be assessed upon such
an amount as the Treasurer may de-
ternine as to be the true amount of
capital, surplus and undivided profits
of such association. Whenever an as
sociation fails to pay the taxes i'm
posed by this section, the sums due NAV
be collected in the manner provided for
the collection of United States taxes
from other corporations. or the Treas
urer may reserve amount of the inter-
est, as it may become due on the
bonds deposited with him by such de-
faulting association.
Section 10. That Section 5.13S of the
Revised Statutes is hereby amended SO
as to read as follows: Section 5,l3S.
No association shall be organized with
a less capital than 100000, except that
banks with a capital of not less than
Soo,UO0 may, with the approval of the
Secretary of the Treasury, be organ
lied in any place the population Of
which does not exceed 5000 inhabi-
tants, 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