Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1899-11-30
any time = * sscretary OF the treasury
deems it j. AIRY in order to main-
tain the pai~ equal value of all

changed shall be helosin and constitute
a part of said fund, and shall not be
Withdrawn therefrom nor disbursed,
except in exchange for an equivalent
amount of the coin in which said notes
or certificates were redeemed or ex-
changed, except as hereinbefore in this
section provided. Nothing in this ac.
shall be construed as repeating that
provision of the act approved July Ii,
1890, which provides that "no greater
or less amount of such notes shall be
outstanding at any time than the cost
of the silver bullion and the standard
silver dollars coined therefrom then
held in the treasury purchased by such
notes"
Subsidiary Coins.
Sec. S. That the secretary of the
treasury is hereby authorized to use,
at his discretion, any silver bullion in
the treasury of the United States pur-
chased under the act of July IA, 1890,
for coinage into such denominations of
subsidiary silver coin as may be nee
essary to meet the public requirements
forage arising from this coinage shall
be accounted for. and paid into the
treasury. Whenever any silver bullion
purchased under the act of July III,
1890, shall be used in the coinage OF
subsidiary silver coin, an amount of
treasury notes issued under said act
equal to the cost of the bullion con-
tained in such coin shall be Cancelled
and not reissued.
Sec. 6. That the secretary Of the
treasury is hereby authorized and di-
rected to cause all worn and uncurrent
subsidiary silver coin of the United
States now in the treasury and here
after received, to be recoined; and to
reimburse the treasurer of the United
States for the difference between the
aud the amount the same will produce
in new coin from any moneys in the
treasury not otherwise appropriated.
So much of the joint resolution approx
ed July 22, 1875, relating to the issue of
silver coin, as limits the, aggregate
amount of subsidiary silver coin and
of fractional currency outstanding at
any time to $5O,ooO,o0O, be and the
same is hereby repealed.
silver Certificates.
Sec. Z. That the United States notes
or treasury notes issued under the act
of July IA. 1880, hereafter issued or re-
issued, shall be of such denominations,
not less than one dollar, as the secre-
| tary of the treasury may prescribe. Sill
yer certificates shall hereafter be issued
or paid out only in denominations of
81, 50 and SIS, against silver dollars de-
posted in the division of issue and re-
demption, or in exchange for silver cer-
tifcates of denominations exceeding
five dollars.
Rank Note Circulation.
Sec. s.. That section fifty-one hum
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 $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 shall be author
lied to commence banking business un-
der this title, shall transfer and deliver
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 OF less, not less than
one-fourth of the capital, and fifty
Thousand dollars 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 him safely kept in his
office until they shall otherwise be dis
posed of in pursuance of the provis-
ions 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 de-
post 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 Sc
cure circulation 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 deposited as herein pro-
vided."
Tax on Hank Franchises.
Sec. o. That every National Bank
ing association shall pay to the treas
urer of the United States, in addition
to the taxes imposed by an act approy-
ed July 13, 1898, entitled: "An act to
provide ways and means to meet war
expeditures, and for other purposes
each half year in the months of Janu-
ary and July, on or before the shir-
tieth day thereof, tax of one-tenth
of one per centnm upon the value of
Tits franchise, as measured by the ag-
gregate amount of its capital, surplus
and undivided profits, upon the last
day of the calendar month next pre-
ceding. Sections 5214 and 5216, 5217,
4 of the Revised Statutes of the United
! States are hereby repealed. Bps moth
4 ing in this section contained shall be
so construed as in any mapner to re-
lease any national banking association
from any liability for taxes or penal
ties incurred prior to the passage OF
this act. In order to enable the treas
Il urer to assess the taxes imnosed Inv the