The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1899-11-29

states now IN the treasury ana neIGaA-
ter received, to be recoined; and TO
reimburse the treasury of the United
States for the difference between the
nominal or face value of such coin and
the amount the same will produce in
new coin from any money in the treas
ury not otherwise appropriated. So
much of the joint resolution approved
July %, eighteen hundred and seventy
six relating to the issue of silver coin,
as limits the aggregate amount Of sub
sidiary silver coin and of fractional
currency outstanding at any time to
fifty millions of dollars, be and the
same is hereby repealed.
Section THAT the United States
notes or treasury notes issued under
the act of July fourteenth. eighteen
hundred and ninety, hereafter issued
or reissued, shall be of such denomina-
lions, 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 de-
nominations of one dollar, two dollars
and five dollars, against silver dollars
deposited in the division OF issue and
redemption OF in exchange for silver
certificates of denominations exceeding
five dollars.
Section s-That section ffty-one hun
dred and fifty-nine of the revised stat
utes of the United States be and the
same is amended so as to read as fol-
lows:
Section 5159-Every association, af-
ter having complied with the provisions
of this title preliminary to the COM
mencement of the banking business,
and before it shall be authorized to
commence banking business under this
title, shall transfer and deliver to the
treasurer of the United States as secur-
ity for it's circulating notes, any United
States registered bonds, bearing inter
est, to an amount where the capital is
one hundred and fifty thousand dol
lars or less, not less than one-fOurth
of the capital and fifty thousand dol
lars where the capital is in excess OF
one hundred and fifty thousand dollars.
Such bonds shall be received by the
treasurer upon deposit, and shall be
by himself kept in his office until they
shall be otherwise disposed of in pur-
suance of the provisions OF this title;
and such of those banks having on de-
poSit bonds in excess of that amount
are authorized to reduce their circula-
ton by the deposit of lawful money as
provided by law; provided, that the
amount of such circulating notes issued
to any national banking association
having on deposit United States bonds
to secure circulation at the passage Of
this act, or which may hereafter de-
posit such bonds to secure circulation
shall not exceed in any case the par
value of the bonds deposited as herein
provided"
Section 9-That every national banking
association shall pay to the treasurer of
imposed by act Of July 18th, 1898. entitled
IAN act to provide Ways and means to
meet war expenditures and for other pur-
poses" each half years in the months
of January and July, on or before the 18th
day thereof a tax of one-tenth of one per
centum upon the value of its franchise.
as measured by the aggregate amount Of
its capital surplus and undivided profits,
next preceding. Sections fifty-twO humid
red and fourteen, hfty-twO hundred and
nfteen, hfty-tWO hundred and sixteen ana
ffty-two hundred and seventeen. Of the
revised statutes Of the United States are
ton contained shall be so construed as
bank association from any liabilities OF
taxes or penalties incurred prior to the
passage of this act. In order to enable
the treasurer to assess the taxes imposed
by the provisions of this section, each as
ISOLATION shall within ten days from the
first day of January and July Of each
year, make a return, under the oath If its
the United States in such form as the
treasurer may prescribe, of the amount Of
upon the last day of the calendar month
preceding Every association which fails
to make such return shall be liable to
iected either ont of the interest as II NAV
become due on such association bonds.
deposited with the treasurer. or at his
option in the manner in which penalties
are to be collected of other corporations
Whenever anv association fails to make
the return herein required, the tax to be
paid by such association shall be assessed
upon such an amount as the treasurer
capital, surplus and undivided profits OF
such association. Whenever an associa-
ton fails to pay the taxes imposed by
this section, the sums due may be col
Iected IN the manner provided for the col
lection of United States taxes from other
corporations; the treasurer may re-
serve the amount out of the interest a It
may become due on the bonds deposited
with him by such defaulting association.
Section 1O-Fhe SECTION hfty-one hundred
and thirty-eight of the revised statutes
is hereby amended so as to read fol-
lows: Section 513S No association shall
be organized with less capital than
hundred thousand dollars, except that
banks with a capital of not less than fifty
of the secretary of the treasury be or
ganized in any place the population of
which does not exceed six thousand in
habitants and except that banks with a
capital of not less than twenty-five thOus-
and dollars, may with the sanction Of the
secretary Of the treasury be organized in
any place the population of which does
not exceed two thousand inhabitants
No association shall be organized In any
city, the population of which exceedGfifty
thousand persons with a capital of less
than two hundred thousand dollars"
The report on the bill has been prepared
by Representative Overstreet of Indianap-
oils, who introduced the original bin of
the monetary commission in 1898, and has
been distributed to each Republican mem
Der of the house.
Mr.. Overstreet frankly admits that the
committee did not consider the general
subject of banking, nor did it seek to
arrange a complete scheme of finance
but confined its recommendations to those
subjects of most pressing demand as evil
denced by the pledges of the Republican
party and the general policy Of the ad-
ministratiOn."
Kansas City and Return $500 Via
the Santa Fe.
Account football game between Kan