The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-11-29

United States bonds to secure circulation
at the passage OF this act or winch may
hereafter deposit such bonds to secure en-
culation. shall not exceed in any case the
par value of the bonds deposited. as berein
provided.
Section .. That every National banking
association shall pay TO the treasury vi
The United States, in addition to the lake
imposed by an act approved July IL, 1898
entitled IAN act TO provide ways and
means to meet the war expenditures and
for other purposes, each half OF the year
in the months OF January and July, on or
before the 30th day thereof, tax OF ore
tenth of / rer cent upon the value OF It's
franchise, as measured by the aggregate
amount OF its capital, surplus and unit
vided profits upon the las. day OF the
calendar month next preceding. Section,
52l4, 5zl5, 5216 and 52l7 of the Revise |
Statutes of the United States are hereby
repealed but nothing in this section con
tanned shall be so construed a. 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 pro-
visions of this section, each association
shall, within ten days from the 4th day
of January and July OF each year, make a
cashier, to the treasurer OF the United
States, in such form as the treasurer may
prescribe, of the amount of its capital, sur
plus and undivided profits upon the last
day OF the calendar month preceding
Every association which fails to make sucn
return shall be liable to a penalty of 5000,
10 be collected either out OF the interest as
IL may become due such association TN the
bonds deposited with the treasurer, or, at
In ho In nh
alties are TO be collected OF other c3rpo-
rations under the laws of the United
States. Whenever any association fails
to make the returns herein required. the
taxes 10 be paid by such association shall
be assessed upon such an amount as the
treasurer may determine 10 be the true
amount of capital, surplus and uldivlded
profits of such association. Whichever en-
association fails, to pay the taxes imposed
by this section the sums due may Il col
lected in the manner provided for tie coll
lection OF United States taxes from other
corporations: or the treasurer may re-
serve the amount of the interest as I. may
become due on the bonds deposited with
him by such defaultlng association.
Section 10, That section 5l3S of the
revised statutes is hereby amended 10 as
TO read as follows: Section 5l3S.-No as.
ISOLATION shall be organized with less cap
a capital OF not less than $4,000 with the
approval Of the secretary of the els-
uiy, be organized in any place the p pula-
lion OF which does not exceed 5000 inhah-
ltants. and except that banks with n capi-
tai of not less than $4,000 may, with the
sanction OF the secretary OF the treasury
be organized in any place the popu-
llilon of which does not exceed 5000 in
habitants No association shall be organ-
ized In a city the population of which cS-
ceeds 10000 persons, with capital OF les
than 100000
The report on the bill has been prepared
by Representative overstreet of Indian
apolis, who introduced the original hlll
OF the monetary commission of 1895 en-
mas been distributed to each republican
member OF tho house. Mr.. Diversified
frankly admits that the commi tee ''ail
not consider the general subject OF bank
ins, nor did II seek TO arrange a comp'e
schedule OF iinance, but confined it's recon-
mendations to those subjects OF most
pressing demand as evidenced by thn
pledges OF the republican party aud the
general policy OF the administration. III
was felt,' the report decla es, "that tho
strengthening of the pubic credit by the
removal of all doubt concerning the poll
ICY and practice of the government rela-
i've 10 the unit OF value is Of paramoHn
importance
1t Is pointed out that there cah be but
ono standard at one time. but that the |
convenience OF commerce Is promoted b. |
the use OF difasrent media of exchange
convertible into the standard The re-
port continues: when hhe standard
snail be permanently established and All |
doubt Of its stability removed. the parity
OF all our money Will be fully recognized
ana the kind of money In which payment.
shali be made Will rarely IL ever be the
subject OF dispute. When certainty shall
take tho place of doubt. and the integrity
OF our credit be as hxed as the honor OF
me nation. tho National debt can he read
ny refunded at lower interest rates, and
Inture leans negotiated with ease upon
better terms than ever before.
THE rapid development of American
irade and it's vast expansion, bringing
lur people Into close relations with The
eading nations of the world. makes A
imperative that the standard of value In
which settlements are made shall be the
best known to tho highest civilization, ana
shall safely appeal to intelligent and sue
'essful experience. Recent events shaped |,
~ causes beyond our control. bearing ob
igations which National honor requires
ihall be courageously discharged. open new
ields for American statesmanship. Chan
iels OF trade yet unknown to American en-.
erpr!se and avenues Of commerce yet to +
~