The Topeka state journal., 1899-12-06


four per centum, payable July 1. 1907,
and any bonds of the United States
bearing interest at three per centum
per annum, payable August 1, 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
two per centum per annum, payable
quarterly, 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 un-
der 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
two and One-quarter per centum per
annunl, and said bonds shall be issued
at not less than par:
And provided further, that such bonds
when issued shall be numbered cOnsec-
utively in the order of their issue. and
when payment is made the last num-
bers 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 secre-
tary of the treasury may, in his dis
cretion pay out of any money in the
treasury not otherwise appropriated,
the difference between the present
worth, computed as aforesaid of the
outstanding bonds, surrendered in ac-
cordance with the provisions of this
act, their par value.
National banks:
That upon deposit by national bank
ing institutions of any bonds of the
United States under the provisions of
sections ffty-one hundred and fifty
nj Hrpd mr. Ci iXf
of the revised statutes of the United
States, such associations shall be enti-
tied to receive from the comptroller of
the currency, circulating notes of diff
ferent denominations in blank, regis
tered and cOunterSigned as provided by
exciting law, equal in face value to the
par value of the bonds so deposited;
and national banking associations now
having bonds deposit for the Secur-
ity 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 comptroller of
currency to receive additional circulat-
ing notes in blank to an amount which
shall increase the aggregate value of
the circulating notes held by such as
SOclat1OnS to the par value of the bonds
deposited, such additional notes to be
held and treated in the same way as
circulating notes of national banking
associations heretofore issued and sub
| jected to all the provisions of existing
/
Provided, that nothing herein con-
| tanned shall be construed to modify or
repeal the provisions Of sections fifty
one hundred and sixty-seVen and fifty
one hundred and seventy-one of the re-
vised statutes of the United States
authorizing the comptroller of the cur
rency to require additional deposits of
bonds or of lawful money in case the
market value of the bonds held to Sc
cure the circulating notes shall fall be-
low the par value of the circulating
notes outstanding for which such
bonds may be deposited as security:
And providing further, that the cir
culat1ng notes furnished to national
banking associations under the prOvis-
ions of this act shall be of the denomi-
nations prescribed by existing law ex-
cept that no national banking associa-
ton shall after the passage of this act
be entitled to receive or to issue or re-
issue or place in circulation any cir
culating notes of a less denomination
than ten dollars:
And provided further that at no time
shall the total amount of such notes is
sued to any association exceed the
amount at such time of it's capital
stock actually paid in.
Taz on circulation:
That every national bank institution
having on deposit, as provided by sec
/ tiOns ffty-One hundred and fifty-nine
and fifty hundred and sixty of the
I revised statutes, bonds of the United
4 States bearing interest at the rate of
| per centum per annum to secure it's
! circulating notes shall pay to the treas
I urer of the United States in the months
/ of January and July a tax of one
/ fourth of 1 per centum each half year
! on the average amount of such of it's
/ circulating notes as are based on the
/ deposit of per centum bonds, and such
J taxes shall be in lieu of existing taxes
! on its circulating notes imposed by
section fifty-two hundred and fourteen
| of the revised statutes.