The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1899-11-29

under the act of July IA, 1890, for coin
age into such denomination of subsid-
iary silver coin as may be necessary to
meet the public requirements for such
icoin, and any gain or seigniorage aris-
ing from this coinage shall be account
ed for Snd paid into the treasury.
| Whenever any silver bullion purchased
under the act of July IA, 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 contained in such coin, shalf be
cancelled and not reissued.
Section 6--The secretary of the treas
ury is hereby authorized and directed
| to cause all worn and uncurrent sub
| sidiary silver coin of the United States
now in the treasury and hereafter re-
| ceived to be recoined and to reimburse
the treasurer 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 moneys in the treasury not other
wise appropriated. So much of the
joint resolution approved July 20, 1876
relating to the issue of silver coin, as
/
iary silver coin and of fractional cur
rency outstanding at any time to $780,
O00,000 be and the same is hereby re-
pealed.
Section THAT the United States
notes or treasury notes issued under the
act of July H. 1890, hereafter issued or
ressued, shall be of such denomina-
tions, not less than one dollar, as the
secretary of the treasury may prescribe.
| Silver certificates shall hereafter be is
sued or paid out only in denominations
of one dollar, two dollars and five dol
lars, against silver dollars deposited in
the division of issue and redemption,
or in exchange for silver certificates of
denominations exceeding five dollars.
Section S-That section 5,159 Of the
revised statutes of the United States
be and the same is amended so as to
read az follows:
Section 5159: Every association
having complied with the provision 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 Sc
curity for its circulating notes, any
United States registered bonds, bearing
interest, to an amount where the capt.
tai is $150,OO0 or less not less than
one-fourth of the capital, and $50000
where the capital is in excess of $780,
900. Such bonds shall be received by
the treasurer upon deposit, and shall
be by him safely kept in his Office un-
shou hn oil Iicnnco5 cP
in pursuance with the provisions Of
this title and such Of those banks hav-
ing on deposit bonds in excess of that
amount are authorized to reduce their
circulation 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 bods to insure 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 depos-
tied as herein provided"
Section 9-That every national bank
ing association shall pay to the treas
urer of the United States, In addition
to the taxes imposed by act approved
July 13, 1898, entitled "An act to provide
ways and means to meet expenditures
and for other purposes" each half year
in the months of January and July, on
or before the 30th day thereof tax Of
one-tenth of one per centum upon the
value of it's franchise as measured by
the aggregate amount of it's capital, |
surplus and undivided profits, upon the |
last day of the calendar month next
preceding Sections 5,214 5,215, 5,216 |
and 5,217 of the revised statutes Of the |
United States are hereby repealed. But !
nothing in this section contained shall |
be construed as in any manner to re- |
lease any banking association from any |
liability for taxes or penalties incurred |
prior to the passage of this act In or
der to enable the treasurer to assess the
taxes imposed by the provisions of this
section, each association SHALL within
ten days from the first days of January
and July of each year, make return,
under the oath of it's president or cash
Ter, to the treasurer of the United
States, in such form as the treasurer
may prescribe, of the amount of it's
capital surplus and undivided profits
upon the last day of the calendar month
Every association which
fails to make such return shall be lia,-
Bile to penalty of two hundred dollars,
to be collected either out of the interest
as it may become due from such asso-
citation on the bonds deposited with the
treasurer, or at his option in the man
ner in which penalties are to be collect
ed of other corporations under the laws
Of the United States Whenever any
association fails to make the return
herein required the taxes to be paid by
such association shall be assessed upon
such an amount as the treasurer may
determine to be the true amount of cap
tai, surplus and undivided profits of
such association. Whenever an associ-
alton fails to pay the taxes imposed by
his section the sums due may be COL
ected in the manner provided for the
of United States taxes from !
)ther interpretations: or the treasurer
nay reserve the amount out of the in
crest as it may become due on the !
ponds deposited with him by such de-
aulting association.
Section 10-That section 5,13S of the
evised statutes is hereby amended so
Is to read as follows: Section 5.13S-
No association shall be organized with