El Paso daily herald. (El Paso, Tex.) 1881-1901, 1899-12-11
tanned in such coin shall be cancelled
and not reiesued,

snd not reiesued.
| Sec. 6. That the secretary of the
treasury is hereby authorized and
directed to cause all worn and incur
rent rent subsidiary silver coin of the
| United States now in the treasury, and
hereafter received, to be recoined; and
to REIN ourse the treasurer of the
United States for the difference be-
tween 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
appropriated. So much of the joint
| resolution approved July twenty sec
ond. eighteen hundred and sevensy-six,
relating to the issue of silver coin, as
| limits the aggregate amount OF subsi-
| diary silver oCiu and of fractional cur
rency outstanding at any time to fifty
millions of dollars, be and the same is
hereby repealed.
Sec. 7. That the United States
notes or treasury notes issued under
the ACT of July fourteenth, eighteen
hundred and ninety, hereafter issued
or reissusd, shall be of such denomina-
tions, not less than one dollar, as the
secretary of the treasury may pre-
scribe. Silver certificates shall here
after be issued or paid out only in
lars, and Eve dollars, seainst
silver dollars deposited in the
division OF issue and redemption,
or in exchange for silver certificates of
denominations exceeding five dollars.
Sec. 8. That section ffty-one hun
dred and fifsy-nine of the revised
statut 20 of the United States be and
follows: "Se ction $3.50. Every associa-
ton, after having complied with the
provisions of this title, preliminary to
the commencement of the banking
business, and before it stsll be suthor-
lied to commence banking business
under this title, shall transfer and de-
liver to the treasurer of the United
States, as security for its circulating
notes, any United States registered
bonds, bearing interest, to an amount
where the capital is one hundred and
fifty Thousand dollars or less, not less
than one fourth of the capital, and fifty
thousand dollars where the capital is in
excess of one hundred aud fifty thous.s
and dollars. Such bonds shall be re-
ceived bv the treasurer upon deposit,
and shall be by him safely kept in his
Office until they she'll be otherwise die
posed of in pursuance to the provisions
of this title: and such of these 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. Pro-
vided. that the amount of such circu-
lating notes issued to any national
banking association. having on deposit
United States bonds to secure circula-
tion at the passage of this act, or which
may hereafter deposit such bonds to
secure circulation, shall not exceed in
any case the par value of the bonds de-
posted as herein provided.'
Sec. 9. ThaS every national bank
ing association shall pay to the treas
urer of the United States, in addition
TO the taxes imposed by an act approx
ed July thirteen. eighteen hundred and
ninety ht, entitled San act to pro-
vide ways and m. ans to meet war ex-
penditures, and for other purposes"
each half year in the months of Jam
uary and July, On or before the thir
tenth day thereof, q tax of one tenth
OF one per centum upon the value OF It's
franchise, as measured by the sggre-
gate amount Of its capital, surplus, and
undivided profits. upon the last day of
the calendar month next preceding.
Sections ffty-two hundred and four
teen, ffty-two hundred and fifteen,
ffty-two hundred and sixteen, and
ffty-two hundred and seventeen, of the
revised statutes of the United States
are hereby repealed. But nothing in
this section contained shall be con-
strued as in any manner to release any
national banking association from any
| ability for taxes or penalties incurred
prior to the passage Of this act. In or
der to enable the treasurer to assess
the taxes imposedby the provisions OF
this section, each association shall,
within ten days from the first days of
January and July of each year, make
q return, under the oath of it's presi-
dent or cashier, to the treasurer of the
United States, in such form as the trea-
surer may prescribe, of the amount of
it's capital, surplus and undivided
profits upon the last day OF the calep-
dar month preceding. Every associa-
tion which fails to make such return
shall be liable to penalty of two hun
dred dollars, to be collected either out
of the interest as 1t may become due
such association on the bonds deposit
ed with the treasurer, or, at his option,
in the manner in which pen alties 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
takes to be paid by such association
shall be assessed upon such an amount
as the treasurer may determine to be
the true amount of capital, surplus and
undivided profits of such association.
Whenever an association fails to pay
thu taxes imposed by this section, the
sums due may be collected in the man
ner provided for the collection of Unit
ed States taxes from other corpora
tione: or the treasurer may reserve the
amount out of the interest, as it may
become dae, on the bonds deposited
with him by such defsulting associa-
tion.
Sec. 10. That section ffty-one hun
dred and thirty eight of the revised
statutes is hereby amended so as to
read as follows:
'Section 513S. No association shall
I'D ~ fto1