Omaha daily bee., 1899-12-05

| coin at the treasury or at any subtreasurN
in exchange for the United states notes
Thirdly procuring gold coin by the use
| of said notes, in accordance with the pro
| visions Of section 300 of the Revised stat
utcs of the United states. IT the secre'
| tary OF the treasury Is unable to restore
! and maintain the gold coin In the reserve
| fund by the foregoing methods and tht
| shall at any time fall below 500 ,0oO,O 90.
| then It shall be his duty to restore and
maintain the same by borrowing money on
! the credit OF the United States and for
the debt thus incurred to issue and sell
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 not
exceeding per cent per annum, payable
quarterly, such bonds to be payable at
the pleasure of the United states after
one year from the date Of their issue, and
to be payable prlncpaI and interest, IN
gold coin of the present standard value,
and to be exempt from the payment of
all taxes or duties of the United states,
as well as from taxation in any form
by or under state municipal or local au-
thorities, TO be redeemed as herein pro-
vded and shall only be used for the pur-
pose of securing the maximum fund tu
the sum of $l5O,WOOOO and the amount of
gold coin and notes in said reserve fund
shall at no time exceed such maximum
amount
That it shall be the duty of the secretary
of the treasury as fast as standard silver
the acts of July H. 1890 and June i3. iS9S,
from bullion purchased under the act OF
July IA, 1890, TO retire and cancel an equal
amount OF treasury notes whenever re
Ceived into the treasury, either by exchange
in accordance with the provisions of this
act, or in the. ordinary course of business,
and upon the cancellation of treasury notes
silver certificates shall be issued against
the silver dollars so coined
That the secretary of the treasury Is
hereby authorized and directed to receive
deposits Of gold coin with the treasurer or
GtgN4a 4aVNN 80 t1,a TNNA NAnsl
states in sums of not less than 500 and to
issue gold certificates therefor In denomna-
tions of not less than 500 and the coin so
obtained shall be retained in. the treasury
and held for the payment of such certif-
Gates on demand and used for no other pur-
pose. Such certificates shall be receivable
for customs. taxes and all public dues and
when so received shall be reissued and
when held by any national banking asso-
ciation may be counted as part of its
lawful reserve:
Provided. That whenever and so long as
the gold coin held In the reserve fund in
the treasury for the redemption of United
states notes and treasury notes shall fall
below sl00.0OO,OO0 the authority to issue GER
tihcates as herein provided shall be sus-
Provided further That of the amount of
such outstanding certificates one-fourth at
least shall be in denominations of $50 or
Provided further, That the secretary of
the, treasury may, in his discretion, issue
such certificates In denominations of so 600,
payable to order. And section 5,l9S of the
Revised Statutes of the United States is
That from and after the passage of this
act no United States notes or treasury
notes shall be issued or reissued of de-
nominations less than so and all such out
standing notes of a lower denomination
shall whenever received at the treasury or
redeemed, be cancelled and notes, of de-
after issued of higher denomination than
$40 and all such outstanding certificates of
higher denomination shall, whenever re-
Nrn1 % ttD two, doc nod ln
tired and cancelled and notes of denomina-
tions of $40 or less shall be substituted
therefor
That the secretary of the treasury is
hereby authorized to receive at the treasury
any of the outstanding bonds of the United
snn sraes oeaTnG TteheS per So. Genum
the bonds of the United States bearing in
terest at per centum per annum, payable
States bearing interest at per centum per
annum, payable August l. 1905, 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 per centum per annum, pay
the pleasure of the United States after
thirty years from the date of their issue
and said bonds to be payable, principal and
interest, in gold coin of the present stand
ard value, and to be exempt from the pay
ment of taxes or duties of the United States
as well taxation in any form or by inter-
state municipal or local authority.
Provided, that none Of such outstanding
bonds shall be received in such exchange
at a valuation greater than their present
worth to yield an income of "a per centum
per annum and said bonds shall be issued at
not less than par; 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 numbers shall be first paid
and this order shall be followed until all
the bonds are paid; and whenever any of the
outstanding, bonds are called interest
thereon shall cease three months after such
call: and.
Provided further that the secretary of the
treasury may in his discretion pay out OF
propriated the difference between the pres
ent worth, computed as aforesaid, on the
outstanding bonds surrendered in accord
ance with the provisions of this act ana
their Gar value.
That upon deposit by national banking
association of any bonds of the United
States, under the provisions of sections 5l59
and 51G0 of the revised statutes of the
United States such associations shall be en-
titled to receive from the comptroller of
the currency circulating notes of different
denominations in blank, registered and
countersigned as provided by existing law,
the bonds so deposited, and national bank
ing associations now having bonds on de-
posit for the security OF circulating notes
less in face value than the par val of the
bonds, or which may hereafter have such
bonds on deposit, shall be entitled, upon
due application to the comptroller OF the
notes in blank to an amount which would
increase the aggregate value of the clrcu-
lating notes held by such associations TO
the par value of the bonds deposited, such
additional notes to be held and treated in
the same way as circulating notes or ma
tional banking associations heretofore issued
and subject to all the provisions OF existing
law affecting such notes.
Provided. That nothing herein contained
shall be construed to modify or repeaI
the provisions of sections 5l67 and 6ln or
the Revised Statutes of the United states,
authorizing the comptroller OF the cur
rency to require additional deposits OF
bonds or lawful money in case the market
value of the bonds held to secure their
circulating notes shall fall below the par
value of the circulating notes outstanding
for which bonds may be deposited for Sc
curity; and,
Provided further, That the circulating
notes furnished to national banking as
sociations under the provisions of thS act
shall be of the denominations prescribed
by existing law, except that no national
banking association shall, after the passage
of this act, be entitled to receive or issue
culating notes OF less denomination than
$40; and.
Provided further. That at no time. shall
he total amount of such notes issued
to any such association exceed the amount
at such time of its capital stock actually
paid IN.
That every national banking association
having on deposit, as provided by sections
5l59 and 5l60 Of the Revised Statutes, bonds
the rate of per centum per annum to Sc
cure its circulating notes shall pay, to the
treasurer of the United States In the
months of January and July a tax of one