The Holly chieftain., 1900-03-02
he treasury is authorized TO pay to the

rendered Tor excndnSe, out VI any mOu-
ey in the treasury, not otherwise ap-
propriated, sum not greater than the
difference between their present worth
computed as aforesaid. md their par
.yalue. and the payments to be made
hereunder shall be held to be payments
on account Of the sinking fund created
by section 3,674 Of the revised statutes:
"And provided further, that the two
per centum bonds to be issued under
the provisions of this act shall be is.
sued at not less than par, and they
shall be numbered consecutively In the
order of their issue. and when payment
Is made the last numbers Issued shall
be first paid, and whenever any of the
outstanding bonds are called for pay
ment, interest thereon shall cease three
months after such cali; and there is
hereby appropriated out of any money
in the treasury not otherwise appropri-
ated, to effect the exchange of bonds
provided for in this act, sum not eX
ceeding one-fifteenth Of one per centum
Of the face value of said bonds, to pay
the expense of preparing and issuing
the same and other expenses incident
thereto.
"Sec. r. That upon the deposit
with the treasurer of the United States
by any national banking association of
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 hav-
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 ap-
plication to the comptroller of the cur
rency, 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 5,167
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
ease 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 he deposited as secur
ity; and, l&a
provided further, that the cir
culating notes furnished to nation
al banking associations under the
provisions of this act, shall be
of the denominations prescribed
by law, except that no national
banking association shall. after the
passage of this act, be entitled 10 re-
ceive from the comptroller of the cur
rency, or to issue or reissue or place In
circulation more than one-third In
amount of Its circulation notes of the
denomination of five dollars.
"Apd provided further, that the total
amount of such notes issued to any
such association may equal any time
but shall not exceed the amount Mt
such time of its capital stock actually
paid in.
"And provided further, that under
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 to
secure circulation or to secure deposits
of public money, and so much of nm
act, entitled 'An act to enable national
banking associations to extend their
corporate existence, and for other pur-
poses, approved July II, 1882, as pro
hibits any national bank which makes
any deposits of lawful money in order
I to withdraw Its circulating notes from
receiving any Increase of Its circula,
tion for the period of six months from
the time 1t made such deposit of law
full money for the purpose aforesaid, is
hereby repealed and all other acts or
parts Of acts inconsistent with the pro-
visions of this section are hereby re-
pealed.
Sec 13. That every national
banking association having on deposit
as provided by law. bonds OF the Unit
FED States, bearing interest at the rate
Of two per centum per annum, issued
under the provisions of this act, to Sc
cure its circulating notes. shall pay to
the treasurer Of the United States, in
the months Of January and July, tax
OF one-fourth OF one per centum each
half year upon the average amount of
such Of its notes in circulation as are
based upon the deposit Of said two per
centum bonds; and such taxes shall be
In lieu Of such existing taxes on its.
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
bimetallism whenever conditions shall
make 1t expedient and practicabl to se
cure the same by concurrent action Of