The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-11-29


, than one dollar, as the secretary of the
/ treasury may prescribe. Silver certifi-
! Gates shall hereafter be issued or paid
| out only in denominations of one dol
! lar, two dollars and five dollars, against
silver dollars deposited in the division
of issue and redemption or in exchange
! for silver certificates or denomination
I 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 aft
er having complied with the provisions
of this title preliminary to the COM
mencement of the banking business and
before it shall be authorized to COM
mence banking business under this title
shall transfer and deliver to the treas
urer of the United States as security
for its circulating notes, any United
States registered bonds, bearing inter-
est to an amount where the capital is
s150,00O or less. not less than one-fourth
of the capital, and $4,000 where the
capital is in excess of $4,000. Such
bonds shall be received by the treasurer
upon deposit, and shall be by him kept
in his office until they be otherwise dis
posed 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 deposit of law
full money as provided by law; provid-
ed that the amount of such circulating
notes issued to any national banking
association having on deposit United
States bonds to secure circulation at the
passage OF this act or which may here
after deposit such bonds to secure cir
culation such not to exceed in any
case the par value of the bonds depos-
tied as herein provided
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
IS, 1898, entitled 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 Goth day thereof, 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 pre-
ceding.
Sections 5214, 5215, 5216 and SILT 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States are hereby repealed.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 liability for taxes or penal
ties incurred prior to the passage of
this act. In order to enable the treas
urer to assess the taxes imposed by
the provisions Of this section each as
ISOLATION shall, within 10 days from the
first day of January and July Of each
year, make q return, under oath of it's
president or cashier, to the treasurer
of the United States in such form as
the treasurer may prescribe of the
amount of it's capital, surplus and undi-
vided profits upon the last day Of the
calendar month preceding. Every as
ISOLATION which fails to make such re-
turn shall be liable to penalty of 5000,
to be collected either out of the interest
as it 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.
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. sur
plus and undivided profits of such as
fails to pay the taxes imposed by this
section, the sums due may be collected
in the manner provided for the collec-
ton of United States taxes from other
corporations, or the treasurer may re-
serve the amount out OF the interest as
TIED with him by such defaulting assoc
citation.
Section 10. That section 513s of the
revised statutes is hereby amended so
as to read as follows
Section olSS. No association shall
pc organized with a less capital than
100000, 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 capital of not less than $25, 00G
may with the sanction of the secretary
OF the treasury be organized in any
place the population Of which does not
exceed 1000 inhabitants. No associa-
ton shall be organized in any city the
population of which exceeds so, coo per-
sons with capital of less than $780,
G00''
The report on the bill has been PIE
pared by Representative Overstreet of
indianapolis. who introduced the orig
mai bill of the monetary committee in
1888 and has been distributed to each
, republican member of the house. Mr.
I OVerstreet frankly admits that the COM
mittee could not consider the general
subject of banking, nor did it seek to
arrange complete scheme of finance
but confined it's recommendations to
. those subjects Of most pressing de-
mand as evidenced By the pledges OF
the republican party and the general
policy of the administration
1t was felt, the report declares, that
the strengthening of the public credit
, by the removal Of all doubt concerning
the policy and practice Of the govern
ment relative to the unit of value, is
of paramount Importance.
1t is pointed out that there can be but
one standard at one time. The report
says:
When the standard shall be perma-
nently established and all doubt of It's
stability removed, the parity of all OF
our money will be fully recognized and
the kind Of money in which payments
shall be made will rarely. If ever. be
I the subject of dispute. When certainty
/ shall take the place of doubt and the
integrity of our credit be as fixed as
the honor of the nation, the nationa
debt can be readily refunded at lower
interest rates and future loans nego-
tiated with ease, upon better terms
than ever before.
The rapid development of Ameri-