Gilpin observer., 1900-03-01

any bonds of the United States in the
manner provided by existing law, such
association shall be entitled to receive
from the comptroller of the currency
circulating notes in blank. registered
| and cOuntersigned as provided by the
law, equal in amount to the par value
of the bonds so deposited; and, any
national banking association now hay-
ing bonds on deposit for the security
Of circulating notes, and upon which
an amount of circulating notes has
been issued less than par value of the
bonds, shall be entitled, upon due APP
plication to the comptroller of the cur
1ency to receive additional circulating
notes in blank to an amount which will
increase the circulating notes held by
such association to the par value of the
bonds deposited. such additional notes
| to be held and treated in the same way
as circulating notes of national bank
| ing associations heretofore issued and
subject to all the provisions of law af.
fecting such notes:
provided. that nothing herein con-
tained shall be construed to modify or
repeal the provisions of sections J.161
of the Revised Statutes of the United
States authorizing the comptroller of
the currency to require additional de
positS of bonds or of lawful money in
case the market value of bonds held
to secure the circulating notes shall
fall below the par value of the circu-
lating notes outstanding, for which
such bonds may be deposited as secur-
ity and,
provided further, that the cir
culating notes furnished to nation
al banking associations under the
provisions of this act. shall bp
of the denominations prescribed
by law, except that no national
banking association shall. after the
passage of this act. be entitled to re-
ceive from the comptroller of the cur
rency, or to issue or reissue or place in
circulation more than ouc-third in
amount of its circulation notes of the
denomination of five dollars.
And provided further. that the total
| amount of such notes issued to any
such association may equal any time
| but shall not exceed the amount IL,
such time of its capital stock actually
paid in.
And provided further. that undel
regulations to be prescribed by the
secretary of the treasury any national
banking association may substitute the
two per centum bonds issued under the
provisions of this act for any of the
bonds deposited with the treasurer IL
secure circulation or to secure deposits
of public money, and so much of IN
| act, entitled An act to enable national
| banking associations to extend theil
corporate existence. and for other pui-
pOses,' approved July II. 1882. as pro
hibits any national bank which makes
any deposits of lawful money in order
to withdraw its circulating notes from
receiving any increase of its circula
tion for the period of six months from
the time ii made such deposit of law
full money for the purpose aforesaid. is
hereby repealed and all other acts o.
parts of acts Inconsistent with the pro-
visions of this section are hereby re-
pealed.
Sec. Il. That every national
banking association having on deposit,
as provided by law. bonds of the init
ed States, bearing interest 1T the rate
of two per centum per annum. issued
under the provisions of this act. to So
cure its circulating notes, shall pay 10
| the treasurer of the United States. In
the months of January and July, II tay
of one-fourth of one per centum eacl
half year upon the average amount Ci
such of its notes in circulation as ar,
based upon the deposit of said two pei
centum bonds; and such taxes shall b.
in lieu of such existing taxes on lis
notes in circulation imposed by section
5,214 of the revised statutes.
Sec. IA. That the provisions OF
this act are not intended to preclude
the accomplishment of international
blmetallism whenever conditions shall
make it eXpedicnt and practicable to Sc.
cure the same by concurrent action of
the leading commercial nations of the
world and ut Il ratio which shall insure
permanence or relative value between
gold and silver.
'The title 10 be known An act 10 de-
fine and fix the standard of value. to
maintain the parity of I'LL forms Of
money issued or coined by the United
States. To refund the public debt and
for other purposes"