The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1899-11-29

ing At any time to fifty millions Of dollars and
Is hereby repealed.
Section Z. That the United States notes or
treasury notes issued under the act OF July
a. 1890, hereafter Issued reissued. shall be
OF such denominations. not less than one dollar.
as the secretary OF the Treasury may pre-
scribe Silver certificates shall hereafter be
ISSUED or paid out only in denominations OF
one dollar, TWO dollars and FIVE dollars against
SILVER dollars deposited in the division Of issue
ana redemption or in exchange for silver GER
'lucates OF denomiEation exceeding five dollars.
section S. That section 5l59 Of the Revised
statutes Of the United States be and the same
Is amended so as TO read follows
. Scction bl5s. Every association, after hav-
ing compiled with the provisions OF this little
preliminary TO the commencement OF the bank
ing business, and before II shall be authorized
10 commence banking business under this title
shall transfer and deliver to the Treasurer OF
me united states, security for its circu-
iatiLg notes. any United States registered
bonds, bearing interest, TO amount, where
the capital is $4,000 or less not less than one
fourth OF the capital and $50. 600 where the
capitaI Is IN excess of $4,000. Such bonds
shall be received by the Treasurer upon deposit
ana snail BE- by him so 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 deposit bonds in eN-
cess OF that amount are authorized 10 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 de
post United States bonds 10 secure circulation
AT the passage Of this act, or which may here
after deposit suclle bonds 10 secure circulation.
such not TO exceed IN any case the par value
OF the bonds deposited as herein provided"
Section g. That every national banking associ-
alton shall pay TO the Treasurer Of the United
states IN addition 10 the taxes imposed by an
act Of July IL. 1885 entitled AN act 10 provide
ways and means TO meet war expenditures and
IoT other purposes, each half year In the
thlIteth day thereof. a tax OF one-tenth OF i
per cent on the value Of its franchise meas
ured by the aggregate amount Of It's capital,
surplus ana undivided profits. upon the last
DAY Of the calendar month next preceding.
Sections 52l4 52l5. 52l6 and 5217 Of the Revised
Statutes of the United States are hereby re-
pealed. But nothing in this section contained
shall be so construed in any manner 10
lease any national banking association from
any liability for taxes or penalties incurred
prior 10 the passage Of this act. In order 20
enable the Treasurer 20 assess the taxes i'm
association shall. within ten days from the
hrst day Of January and July Of each year.
ii-aAe u return uhueT the odth OF us prTsldeh,
or cashier TO the Treasurer OF the United
States. in such form the Treasurer may
prescribe 81 the amount Of its capital. sur
plus ana undivided profits upon the last day OF
the calendar month preceding. Every assoca-
ton which fails 10 make such return shall be
liable TO a penalty OF $500 TO be collected either
out OF the interest or rs II may become due on
such association bonds deposited with the
Treasurer. or at his option. in the manner
In which penalties TO be collected Of other
corporations under the laws OF the United
states. Whenever any association fails 10
paid by such association shall be assessed upon
such an amount as the Treasurer may deter
anu undivided prohts OF such association.
Wheuewr association fails TO pay the taxes
imposed by this section the sums due may be
collected I'm the manner provided for the collec-
tion OF United States taxes from other corpora
uons or the Treasurer may reserve the amount
out Of the interest. IL may become due. on
the bonds deposited with him by such default
Section IL That section 5lss OF the Revised
Statutes Is hereby amended so TO read as
Section 513s No association shall be organ
MS nn
banks with a capital Of not less than $50 900
may. with the approval Of the Secretary OF the
Treasury. be organized in any place the popu-
laton or which does not exceed 5000 inhabit-
ants. and EXCEPT that banks with a capital OF
not less than 5000 may. with the sanction of
the Secretary OF the Treasury be organized in
any place the population Of which does not
exceed 1000 inhabitants. Nc association shall
which exceeds 80 900 persons. with a capital Of
less than 5000 o0O'
The report on the bill has been prepared
by Representative Overstreet of Indian
apolis, who introduced the original bill OF
the monetary committee IN 1898 and has
been distributed TO each Republican men,
Der Of the House.
Mr.. Overstreet frankly admits that the
committee did not consider the general
Subject Of banking nor did 1t seek TO ar
confined its recommendations TO those
subjects or most pressing demand. as evil
denced by the pledges of the Republican
party and the general policy Of the adj
1t was felt. the report declares. that the
strengthening of the public credit by the
removal Of all doubt concerning the policy
and practice Of the Government relative
TO the unit Of value is OF paramount i'm
portance 1t is pointed out that there
can be but one standard at one time. The
report continues:
When the standard shall be permanently es-
tablished. and all doubt Of It's stability re-
moved, the parity OF all money will be
fully recognized ard the kind OF money in
which payments shall be made will rarely. II
ever. be the subject OF dispute. When GER
tainty shall take the place OF doubt. and tn,
Integrity Of our credit be as fixed the honor
OF the nation. the national debt can be readily
refunded NJ lower interest rates. and future
loans negotiated with ease, upon better terms
than ever before.
The rapid development OF American trade
and its vast expansion. bringing our people into
close relations with the leading nations OF the
world. make n imperative that the standard Of
value i'm which settlements are made shall he
the best known to the highest civilization and
shall safely appeal 10 intelligent and success
full experience. Recent events shaped by
causes beyond our control bearing obligations
which national honor requires shall be