The record-union., 1899-12-05

at the rate of not exceeding per cent.
per annum, payable quarterly, such
bonds to be payable at the pleasure of
the United States after one year from
the date of their issue, and to be pay
able, principal and interest, in gold
coin of the present standard value, and
to be exempt from the payment of all
taxes or duties Of the United States,
as we'll as from taxation in any form
or by State, municipal or local author
ity The notes redeemed as herein
provided shall only be used for the
purpose of restoring said fund to the
maximum amount Of $3.50, 000,0 600, and
the amount of gold coin and notes in
such reserve fund shall at no time ex-
coed such maximum amount.
REDEMPTION OF TREASURY
NOTES.
That it shall be the duty of the Sec
rotary of the Treasury, as fast as
sterling silver dollars are coined under
the provisions of the Acts of July IA,
1890, and June 80, 1898, from bullion
purchased under the Act of July IA.
$780, to retire and cancel an equal
amount of treasury notes whenever re-
CSlN6u INTO tlte treasury, ettbci ny
exchange, in accordance with the pro-
visions of this Act, or in the ordinary
course of business, and upon the cam
collation. of treasury notes silver certifi-
Gates shall be issued against the sill
yer dollars SO coined.
GOLD CERTIFICATES.
That the Secretary of the Treasury
is hereby authorized ana directed to re-
ceive deposits of gold coin with the
Treasurer or any Assistant Treasurer
of the United States in sums of not
less than $50, and to issue gold GER
tificates therefor in denominations of
not less than $40, and the coin so de-
posted shall be retained in the treasury
and held for the payment of such GER
tificates on demand, and used for no
other purpose. Such certificates shall
be receivable for customs, taxes and all
public duties, and when so received
may be reissued, and when held by any
national banking association may be
counted as part of it's lawful reserve.
Provided, that whenever the gold coin
held in the reserve fund in the treas
ury for the redemption of United States
notes and treasury notes shall fall be-
low 100000 600 the authority to issue
certificates as herein provided shall be
suspended.
And, provided further, that of the
amount of such outstanding certificates
one-fourth at least shall be in denom-
nations of $50 or less.
And, provided further, that the Secre-
tary of the Treasury may, in his discre-
ton, issue such certificates in denom-
nations of 81, 900 payable to order. And
Section 5193 of the Revised Statutes of
the United States is hereby repealed.
DENOMINATIONS OF NOTES.
That from and after the passage of
this Act no United States notes or
treasury notes shall be issued or re-
issued of denominations of less than
$40, and all such outstanding notes of
a lower denomination shall, whenever
received at the treasury or redeemed
be cancelled, and notes of denomina-
tions of $40 or upward shall be substi-
tuted therefor No silver certificates
shall be hereafter issued of a higher
denomination than $40, and all such
outstanding certificates of a higher de-
nomination shall, whenever received at
the treasury or redeemed be cancelled
and notes of denominations of $40 or
less shall be substituted therefor
REFUNDING.
That the Secretary of the Treasury
is hereby authorized to receive at the
treasury any of the outstanding bonds
of the United States bearing interest at
D per cent. per annum, payable Febru-
airy /, 1904, and any of the bonds of
the United States bearing interest at
per cent. per annum payable July L.
1907, and any bonds of the United
States bearing interest at 3 per cent
per annum payable August L. 1908, and
to issue in exchange therefor coupon or
registered bonds of the United States
in such form as he may prescribe, in
denominations of $50 or any multiple
thereof, bearing interest at the rate of
2 per cent per annum, payable quar-
terly, such bonds to be payable at the
pleasure of the United States after
thirty years from the date of their is
sue, and said bonds to be payable. prin-
cipal and interest, in gold coin of the
present standard value, and to be ex-
empt from the payment of all taxes or
duties of the United States, as well as
from taxation in any form by or under
State, municipal or local authority.
Provided, that none of such outstand-
ing bonds shall be received in such ex-
change at a valuation greater than their.
present worth, to yield an income of 2H
per cent. per annum and said bonds
shall be issued at not less than par.
And, provided further, that such
bonds when issued shall be numbered
consecutively in the order of their is
sue, and when payment is made the
last number issued shall be followed
until all the bonds are paid and when
ever any of the outstanding bonds are
called for payment interest thereon
shall cease three months after such
call.
And, provided further, that the Sec
rotary of the Treasury may, in his dis
erection, pay out of any money in the
treasury not otherwise appropriated the
difference between the present worth.
computed as aforesaid of the outstand
ing bonds surrendered in accordance
with the provisions of this Act and
their par value
NATIONAL BANKS.
That upon deposit by national banl
ing associations Of any bonds of the
United States under the provisions Of
Sections 5.159 and 516O Of the Re-
vlsed Statutes of the United States.
such associations shall be entitled to
receive from the Comptroller of the