The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-11-29

ACKNOWLEDGEMENTS
deposit. and shall be by him kept in Office
until they be other wise disposed OF in par-
Eaance OF the provisions OF this title. and
such of those banks having on deposit
bonds in excess OF that amount are ao-
thorized to reduce their circulation by the
deposit OF lawful money. as provided Dy
law: provided that the amount OF such cir
culating notes issued to any national bank
ing association having Oh deposit United
States bonds 10 secure circulation at the
passage Of this act or which may mere
after deposit such bonds to secure circu-
latfon. such not 10 exceed In any case the
par value OF the bonds deposited as herein
provided
Tax ON National Banks.
sec g. That every national banking as
ISOLATION shall pay 10 the treasurer or the
United States. In addition 10 the taxes I'M
posed by an act of July Is, lAaS, entitled
AN act to provide ways ana means 70
meet war expenditures and for other pur-
poses each half year. in the months Oh
January and July, on or before the Seia
day thereof. a tax Of ene-tenth OF ] per-
chise as measured by the aggre-
gate amount af its capital. eur
plus and undivided profits, upon the last
day OF the calendar month next preceding
Sections 5zis. 52l5. 52ls and 52IT of the
Revised Statutes Of the United States ara
hereby repealed But nothing in this Sec
ton contained shall be so construed as
in any manner 10 release any national
banking association from any liability for
taxes or penalties Incurred prior 10 the
passage of this act In order 10 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 aid JAY OF eacn
year make q return, under the oain OF
It's president or cashier 10 the treasurer
of the United States in such form az the
treasurer may prescribe OF the amount
Of It's capital. surplus ard undivided pro-
iits upon the last day OF the calendar
month preceding Every association
which fails 10 make such return shall be
liable to n penalty Of s2Vl 10 be collected
either out Of the interest as IL mag be-
come due en- such association bonds de-
posted with the treasurer or, at his OPP
ton, I'm the manner In which penalties are
10 be collected of other corporations UNI
der the laws Of the United States.
Whenever any association falls 10
make the return herein required the tax
10 be paid by such association shall he
assessed upon such an amount as the
treasurer may determine to be the
true amount of capital. surplus and undt-
vided profits OF such association. When
ever an association fails to pay the taxes
imposed by this section the sums due may
be collected I'm the manner provided for
the collection uf United States taxes from
other corporations. or the treasurer may
reserve the amount out of the interest IS
II may become due on the bonds deposited
Small Banks Can he Organized.
Sec 10 That section 5i3s IF the Re-
vlsed Statutes Is hereby amended
10 read as follows:
" Soc 5las No association shall be
organized with a less capital than 500 go.
except that hanks with "A capital Of net
lass than So eD may, with the approval cf
the secretary OF the treasury. he organized
in any place the population Of which does
not exceed 500 Inhabitants. ard except
n
So. co may, with the sanction Of the Sec
reiary of the treasury. he organized in
any place the population Of which does
not exceed a.@9 In habitants No assocta-
fsau shall he organized III any city. the
population az which exceeds E0Js0 persons
with a capital ot less than sesa,oo -
Report Prepared for Distribution.
The report on the bill has been prepared
by Representative Gverstreet. Of Indian
apollo. who introduced the original bill
OF the monetary committee in IS!s and
has been distributed 10 each Republican
member Of the house.
Mr. Cverstreet frankly admits that the
committee did not consider che general
subject OF banking nor did Il seek la ar
range A complete scheme Of finance. hat
confined its recommendations TO those
subjects uf fneSf pressing demand as evil
denc~f by the pledges of the Republican
party and the general policy If the adj
minisErattca
Standard at Paramount Importance
II was felt the report declares. that
the Strengthening of the public credit BY
the removal 81 all doubt concerning the
policy ana practice ~ the government
relative 10 the unit 80 value IS of para
mount importance,
Il Is pointed aut that there can BE- hut
enc standard az enc tsnse. The r port
continues, w hen tbe standard snai he
permanently established and all daual =
it's stability rem0vcd. she parity - an Il
oar money wtil be fully recognized ana the
kia4 IF money in which payments saaJi be
made viii rarely II ever he ths subject q
dispute When certainty s1G3l take tae
place Ct doubt and the integrity e cur
credit be as Hx~s as the honor ~ the na-
tton. Tire atioaal 8eht can te fos8iiy "a
funded ~ lower interest rates ard future
loans neSctiafs3 w4th esse. uson he; ~
terms than ever before.
The yapt8 development q Amer a.
trade ard tfs vast expsnssna brtnEing car
people snto cIase relations WIKI the leaaiag
nations Sc tne world makes !. !yrpara sy=
that the stan6ars. - value iH WHc1 say
Elements asu ate S7sH be- BE has, kaewu
e., ghe esghesf citl}lzstf2 u aT1t shat s1se}y
srrsal % in'esiiseni ard successful Tfesi-
vrae. Recent events, SHAPED tv causes
hevsn3 cur centred hyariUE obligations
whfeh uS:{aual honor requires saal te
caaE@aresUsiy discharges, c5fee new 0el4s
far American st8tssFae @seip, Casnnsia
if#*e Yst unknown 80 American enter
Er.aa af.i avenues - commerce yet 80
~2ia-ts'e 3 -aeTt q nfs553rts viii sHEtty yss-
SAT- S.es csu i{;taNs emphasis she rtcas
sity far standard ~ value which sHali
rau1alu Nffu 1tf s's881 tGe v3eissstQdes -
ce*1t@it'iVe trade LIS peruHh~ecy md
ssat4IfY s1aa.& h@ above ssspis,'on. Us
security shaG.t NJ aAz a1ute~
conditions Htrc Cor announcement
To rae. - rair'ef -ut tAst fhs. tr~as
E~v et tee @ekfunA~& ~ t,-tsfssr rs3 a rst
E$t .e~}tv rt rat~ teeG S--S s,1 avf
'.<rr Is -e75r 81 r. she Jnltet
melea ,a,s si-ua,ioa erea.es are ,ans L.