The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-12-05

substituted therefor No silver certificates
shall be hereafter issued of higher denom-
nation than $40, and all such outstanding
certificates of a higher denomination shall,
whenever received at the treasury or re-
deemed, be retired and Cancelled and notes
of denominations of $40 or less shall be sub
stituted therefor
Refunding.-Tha the secretary of the treas
ury is hereby authorized to receive at the
treasury any of the outstanding bonds OF the
United States bearing interest at per cent
any OF the bonds OF the United States bear
ing interest at ! per cent per annum pay.
able July 1. 1907, and any of the bonds Of
the United States bearing interest at 3 per
cent per annum, payable August T. 1905 and
to issue In exchange therefor coupon reg
istered bonds of the United States in such
of $50, any multiple thereof. bearing in
torest at the rate of per cent per annum,
payable quarterly, such bonds TO be payable
at the pleasure of the United States after
thirty years from the date of their issue. and
said bonds to be payable, principal and in
tercst. in gold OF the present standard value,
and to be exempt from the payment of all
taxes or dues of the United States as well as
municipal or local authority; provided, that
none of such outstanding bonds shall be re-
ceived in such exchange at a valuation
greater than their present worth to yield
an income OF "a per cent per annum, and
said bonds shall be issued at not less than
par; and provided further, that such bonds,
in the order of their issue, and when payment
is made the last numbers issued shall he
first paid and this order shall be followed
until all the bonds are paid, and whenever
any OF the outstanding bonds are called for
payment, interest thereon shall cease three
months after such call; and provided further
that the secretary of the treasury may, In his
discretion, pay out OF any money in the treas
ury not otherwise appropriated. the difference
between the present worth, computed as
of the outstanding bonds surren-
dered in accordance with the provision OF
this act and their par value.
National Banks.-That upon deposit by Ma
tional banking associations of any bonds Of
the United States under the provisions of sec
the United States such association shall be
entitled to receive from tho comptroller OF
tho currency circulating notes of different
in blank, registered and coun-
tersigned. as provided by existing law. equal
IN face value to the part value OF the bonds
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 on deposit. shall
be entitled upon due application TO the comp
roller OF the currency to receive additional
circulating notes in blank 10 amount OF the
aggregate value of circulating notes held by
such associations to par value OF bonds de-
posted. such additional notes to be held and
treated III the same way as circulating notes
Of National banking associations heretofore
issued. aud subject to all the provisions OF
existing law Affecting such notes. provided
mat nothing herein contained shall be con
strued to modify or repeal the provisions OF
sections 5lb1 and OH OF the Revised Statutes
lf the United States authorizing the comp |
roller OF the currency to require additional |
deposits of bonds or of lawful money in case
he market value of the bonds held to secure
he circulating notes shall fail below the par
value OF the circulating notes outstanding
.or which such bonds may be deposited as Sc |
iurity and. provided further. that the crculat-
ng notes furnished to National banking asso- |
,iatons by the provisions OF this act shall |
De OF the denominations prescribed by exist |
ng law. except that no National banking as
ISOLATION snail, after the passage OF this act |
% Omitted 10 receive or to issue or reissue |
u place In circulation any circulating notes |
uTther that at no time shall the total amount |
'f such notes issued to any such association
,Nceed the amount at such time OF its capital
stock actually paid in.
TAX on Circulation.-That every national |
banking association having on deposit, as
provided by sections 5l59 and 5lG0 OF the re- |
'lsed statutes. bonds of the United States
bearing interest at the rate OF per cent |
per annum to secure its circulating notes, |
shall pay to the treasurer of the United |
states in the months OF January and July
nix OF OF l per cent each half year, upon |
me average amount OF its circulating notes |
IS are based upon deposit OF said Per cent |
oonds, and such taxes shall be in lieu OF ex- |
sung taxes on It's circulating notes imposed
by section 521i OF the revised statutes.
House bill No. 1.
Washington, December 4.-The financial bill |
irafted by special committee of republi-
AN members was today introduced In the
,euse by, Representative Overstreet OF In
mana ana accorded the distinction Of being
olll NO on the record Of the house. The
ext Is as given out last week and members
say tnis VIII be preserved as far as possible.