The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-12-05

states safter 80 years iioiti the a"le -
their issue. and said bonds to be pay
able. pritacipal and interest, in gold coin
of the present standard value, and to
be exem1St from the payment or all
taxes or duties of the United States. as
we'll as from Taxation in any form by
or under state. municipal or local au-
thority S
Provided, that none Of such out
standing bonds shall be received IN
such excha;uee at a valuation greater
than their D resent worth, to yield an in
come Of "a tpercentum per annum, ana
said bonds shall be issued at not less
than par.
And provided, further: That such
bonds, when issued. shall be numbered
consecutiyeIk in the order of their is
sue, and when payment is made the
last numbers Issued shall be followed
until all the bonds are paid; whenever
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 bank
ing associations of any bonds of the
United States under the provisions of
sections $3.50 and 5l60 of the revised
statutes Of the United States. such
associations shall be entitled to receive
from the comptroller of the currency
circulating notes of different denom-
nations in blank registered and coun-
tersigned as provided by existing law,
n
Of the bonds so deposited and national
banking associations now having
bonds on deposit for the security of
circulating notes less in face value
than the par value Of the bonds, or
which may hereafter have such bonds
application to the comptroller of the
currency, to receive additional circu-
lating notes in blank to an amount
which shall increase the aggregate
value of the circulating notes held by
such associations to the par value OF
the bonds deposited, such additional
notes to be held and treated in the
same way as circulating notes of ma
tional banking associations heretofore
Issued and subjected to all the pro-
visions of existing law affecting such
notes.
Provided that nothing herein con-
tanned shall be construed to modify
/ 5167 and 5171 Of the revised statutes
Of the United States authorizing the
comptroller Of the currency to require
! additional deposits of bonds or of law
full money in case the market value of
the bonds held to secure the circulat-
ing notes shall fall below the par value
of the circulating notes outstanding
/ for which such bonds may be deposited
as securit-.
| And provided, further, that the cir
culating notes furnished to national
banking associations under the pro-
visions of this act shall be of the de-
nominations prescribed by existing law,
I except that no national banking asso-
| citation shall, after the passage Of this
| act be entitled to receive or to issue or
| reissue or place in circulation any cir
eulating notes of a less denomination
| than $40.
And provided further, that at no
! time shall the total amount of such
/ notes issued to any such association
| exceed the amount at such time CT its
/ capital stock actually paid in.
/ Tax on Circulation.
| That every national banking associ-
! ation having on deposit as provided
! by sections $3.50 and $3.50 of the revis-
/ ed statutes, bonds of the United States
bearing interest at the rate of per
centum per annum to secure is cir
culating notes, shall pay to the treas
urer Of the United States in the months
Of January and July tax OF che
| fourth of / per centum each half year
upon the average amount OF sIoh CT
| its circulating notes as are based upon
T! the deposit of said per centlm bonds
and such taxes shall be in lieu Of OK
listing taxes on its circulating rntes
imposed by section STA Of the revised
! statutes