The Indianapolis journal., 1899-11-29


and redemption. or in exchange for silver
certificates Of denominations exceeding %
NATIONAL BANKS.
''Sec. S. That Section 5l59 of the Revised
Statutes of the UniIed States be. and -Iie
same is, amen~ed so as to read as fol-
lows:
Sec. 5159. Every association after having
preliminary TO the provisions of this title,
preliminary TO the commencement of the
banking 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 its circulating notes. any
United States registered bonds. bearing IN
terest, to an amount where the capital Is
S150,000 or less, not less than one-fourth
of the capital, and $4,000 where the capltal
is In excess of Sl50,0O0. Such bonds shall be
received by the treasurer upon deposit.
and shall be by him safely kept In ms
office until they shall be otherwise disposed
of in pursuance of the provisions OF TINS
title, and such of those banks having on
deposit bonds in excess of that amount are
authorized 10 reduce their circulation oy
the deposit of lawful money, as provided
by law: Provided, that the amount OF such
circulating notes issued TO any national
banking association having on deposit
United States bonds 10 secure circulation
at the passage of this act or which may
hereafter deposit such bonds to secure cir
culation, shall not exceed in any case the
par value of the bonds deposited as herein
provided
Sec 9. That every national banking as
sociation shall pay to the treasurer of the
United States, in addition to the taxes i'm
posed by an act approved July rs, 1oyS. en-
titled AN act to provide ways and means
to meet war expenditures and for other
purposes each half year in the months
of January and July, on or before the 30th
day thereof, tax of one-tenth OF l per
centum upon the value of its franchises, as
measured by the aggregate amount OF its
capital, surplus, and undivided profits,
upon the last day Of the calendar month
next preceding. Sections 52l4, 5215, 52l6 and
5217 of the Revised Sta utes 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States are hereby repealed.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 lia-
bility for taxes or penalties incurred prior
to the passage of this act. In order to
enable the treasurer to- assess ..ie taxes
imposed by the provisions of this section,
each association shall, within ten days
each year, make a return. under the oath
of it's president or cashier, to the
treasurer of the United States. in
Sreicr,hs such form as the treas. treasurer may nay
capital. surplus and undivided profits upor
the last day of the calendar month pre-.
ceding. Every association which fails &c
make such returns shall be liable to q
penalty of 500. to be collected either out
of the interest as 1T may become due such
association on the 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. Whenever any association
fails to make the return herein required
the taxes TO be paid by such association
shall be assessed upon such an amount
as the treasurer may determine to be the
true amount of capital surplus and un
divided profits of such association. When
ever an association fails to pay the take.
imposed by this section. the sums due me
be collected in the manner provided for tn,
collection of the United States taxes from
other corporations; or the treasurer may
| reserve the amount out OF the interes
| posted with him by such defaulting as
| Sociation.
Sec 10. That Section 513s of the Re
vised Statutes is hereby amended so a
| to read as follows:
" Sec. $685. No association shall be or
ganized with less capital than $780, 00C
| except that banks with capital of no
| less Ian $4,000 may. with the approval O
| the secretary of the treasury, be or
ganized in any place, the population o
which does not exceed six thousand in
| habitants, and except that banks with
| capital of not less than s25.oo0 may
| treasury, be organized. in any place. tn
| thousand inhabitants. No association shal
| be organized in a city the population O
| which exceeds fifty thousand persons wit
| a capital of less than $500, 600.