The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-12-05

ted States bearing interest at $ per con-
tum per annum February I, 1904, and any
OF the bonds of the United States bear
Ing interest at 4 per centrum per annum,
the United States bearing interest at s
per centum per annum. payable August
!, 1908. and to issue In exchange therefor
coupon or registered bonds of the United
scribe. iii denominations OF $50 or any
multiple thereof. bearing interest at the
rate OF per centum per annum, paying
the pleasure OF the United States after
thirty years from the date Of their issue,
and said bonds to be payable, principal
STANDARD Value and to ton Be- exempt from
the payment of all taxes and duties OF
the United States. as well as from taxa
ton IN any form by or under state. NUM-
Provided, That none of such out
standing bonds shall be received in such
exchange at a valuation greater than
"a per centum per annum. and said
bonds shall be issued at not less than
And provided, further. That such
bonds. when issued. shall be numbered
consecutively In the order OF their issue.
and when payment is made the last num-
b bers issued shall be followed until all the
outstanding bonds are called for pay
ment. interest thereon shall cease three
fftsptnS after SUCH call.
And provided, further, That the secre-
tary OF the treasury may, in his discre-
ton, pay out of any money In the treas
ury not otherwise appropriated the Diff
pned as ns hs
bonds surrendered In accordance with
provisions Of this act and their par
value
National hanks.
That upon deposit. by national banking
associations OF any bonds Of the United
and 5;1so Of the Revised Statutes Of the
titled to receive from the comptroller Of
the currency circulating notes OF different
denominations in blank, registered and
countersigned as provided by existing law,
equal IN race value to the par value Of the
bends 50 deposited, and national banking
associations now having bonds on deposit
FOR the security Of circulating notes. less
bonds. or which may hereafter have such
BOMBS on deposit, shall be entitled upon
due application to the comptroller of the
currency, to receive additional circulating
notes In blank to an amount which shall
increase the aggregate value of the circu-
latinG notes held by such associations to
me par value Of the bonds deposited such
the same way as circulating notes of the
national banking associations heretofore is
sued and subjected to all the provisions Of
thas noshi sef h.r sie' oon,r.o
shall be construed to modify or repeaI the
provisions Of sections 5l67 and SIN OF the
Revised Statutes of the United States au-
tnorixing the comptroller Of tho currency to
require additional deposits of bonds or Of
lawful money in case the market value RI
the bonds held to secure the Circulating
notes shall fan below the par value Of the
circulating notes outstanding for which
such bonds may be deposited as security.
And provided further, that the circuiet-
Ing notes furnished to national banking as
sociations under the provisions of this act
shall be OF the denominations prescribed BY
existing law. except that no national bank
Ing association shall, after the passage Of
or reissue or place in circulation any cir.
$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 of its capital stock actually
paid in.
Tax ON Circulation.
THAT every national banking association
having on deposit, as provided by sections
5159 and 5160. of the Revised Statutes. bonds
bearing interest at the rate Of per CEN
tum per Annum, to secure its circulating
notes, shall pay to the treasurer OF the
United States In the months of January
and July a tax of one-fourth of per CEN
tum each half year, upon the average
amount of such of It's circulating notes
as are based upon the deposit of said per
centum bonds. and such taxes shall be in
lieu OF existing taxes on its circulating
notes imposed by section 5214 Of the Revised
Statutes"