The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-11-29
the provision of this act. aud in no other

way.
Section A. That it shall be the duty OF
the secretary OF the treasury to maintain
the gold reserve fund taken up on the
books of the division OF issue and redemp-
tion as herein provided, and for This pur-
pose he may from time time transfer to
suoh FUNDS any moneys in the treasury not
otherwise appro priated. or may exchange
any of the funds in the division OF Issue
and redemption for other funds which may
be in the general fund OF the treasury and
in addition thereto he is hereby author
lied to issue and sell whenever In his
judgment il Is necessary to the mainten-
ance OF said reserve fund, bonds of the
United States bearing interest at rate
not exceeding per centum per annum
payable in gold coin ct the END of twenty
years. but redeemable in gold coin at the
option OF the United States after one year
But no transfer shall at any time be made
from the general fund OF the treasury to
the division of issue and redemption which
Will reduce the general fund below 500
100000. That all United States notes and
treasury notes issued under the act OF
July Il. 1890. presented for redemption,
shall be redeemed in gold coin at the will
of the holder. and all silver certificates
presented for redemption shall be re-
deemed in accordance with existing laws.
The secretary OF the treasury is authorized
and required TO use said reserve fund III
maintaining Ut All liuGS Tue pdIIly dui
equal value Of every dollar issued or coined
by the government and IL at any time the
secretary of the treasury deems it neces-
sary to maintain the parity and equal
value of all the money of the United
States, he may, at his discretion, exchange
gold coin for any other money issued or
coined by the United States. The notes
and claims so redeemed or exchanged shall
be held in and constitute part of said
fund and shall not he Withdrawn therefrom
or disbursed except in exchange for an
equivalent amount of the coin in which
said notes or certificates were redeemed
or exchanged, except as hereinbefore In
this section provided. Nothing in this act
shall be construed as repeating that pro-
vision of the act approved July "a, 1880,
which provides that "No greater or less
amount Of such notes shall be outstanding
at any time than the cost of the silver
bullion and the standard silver dollars
coined therefrom. then held in the treas
ury purchased by such notes"
Section ., That the secretary of the
treasury is hereby authorized to use at
His discretion. any silver bullion In the
treasury OF the United States purchased
under the act Of July II, 1890, for coinage
Into such denominations OF subsidiary sl-
Yer coin as may be necessary to meet the
public requirements for such coins, ana
any gain or selgniorage arising from this
coinage shall be accounted for and paid
into the treasury. Whenever any silver
bullion purchased under the act OF July
Ia, 1890 shall be used In the coinage of
subsidiary coin. an amount OF treasury
notes issued under said act equal to the
cost Of the bullion contained in such coin,
shall be cancelled and not rsssued.
seption 8. That the secretary of the
treasury is hereby authorised and directed
to cause all worn and uncurrent suhsi-
diary silver coin OF the United States now
In the treasury and hereafter received to
be recolned; and TO reimburse the treas
urer OF the United States for the d.f-
ference between the nominal or face value
Of such coin and the amount the same
will produce in new coin from any moneys
in the treasury not otherwise approprat-
ed. So much Of the Joint resolution ap-
proved July ?, 1876, relating to the is
sue OF silver coin, as limits the aggre-
gaze amount of subsidiary silver coin and
OF fractional currency outstanding at any
time 10 10000, 900 be, and the same ia.
hereby repealed,
Section T. That the United States notes
or treasury notes issued under the act az
July II. 1890, hereafter issued or rels-
sued. shall be of such denominations, not
less than ST., as the secretary OF the treas
nry may prescribe. Silver certificates
shall hereafter be issued or paid out only
IN denominations of 81, 81 and s.. against
SiiNSI upliNlh uepnslAcl IN the DIVISION OF
issue and redemption in exchange for sill
yer certificates OF denominations exceed
ing IS.
Section s. That section $3.50 Of the Fe-
yised Statutes OF the United States be-
the same Is, hereby amended so as 10 read
as follows: Section $3.50. Every assocla-
ton, aftey having complied with the pro-
visions OF this title, preliminary to the
commencement of the banking business
and before II shall be authorized to COM
mcnce banking business under this title
shall transfer ana deliver to the treas
urer OF the United states. az security for
its circulating notes any United states
registered bonds bearing interest 10 an
amount where the capital Is $4,000 or
less, not less than one fourth OF the can
itai, and $4,000 where the capital is IN
excess OF si5D.o00. Such bonds shall Ia
received by the treasurer upon deposit
and shall be ny himself kept In his offi.s
until they shall be otherwise disposed OF Ia
pursuance az the provisions OF this tito.
and such Of those banks having on deposit
bonds IN excess OF that amount are au-
thorlzed 10 reduce their circulation by the
deposit OF Lawful money, as provided b,
law. Provided. that the amount OF such I,
circulating uotes- issued to any National