The Colfax gazette. [volume] (Colfax, Wash.) 1893-1932, 1900-03-02
TWENTY-THIRD YEAR.
against the silver dollars so coined.
Gold Certificates.

! purpose. Such certificates shall be re-
celVable Tor customs, taxes and all pub-
! TIC dues, and when so received NAV no
re-issued, and when held by any nation
al banking association may be counted
as part of it's lawful reserve:
! PROVIDED, that whenever and so long
as the gold coin held in the reserve fund
OF the treasury for the redemption of
| united States notes and treasury notes
snail fall below S100,O0O,O0O the
authority to issue certificates as herein
! provided shall be suspended: and
PROVIDED, further, that whenever and
so long as the aggregate amount Of
united States notes and silver certifi-
| Gates ID the general fund of the treasury
shall exceed SGO,OO0,OOO the secretary
OF the treasury may in his discretion.
suspend the issue of the certificates here
in provided for; and
PROVIDED further, that OF the amount
OF such outstanding certificates one
| fourth at least shall be in denominations
OF $50 or less; and
Provided further, that the secretary
OF the treasury, may in his discretion,
issue such certificates in such denomina-
tlons OF $4,000, payable to order. And
section 1891 OF the revised statutes OF
the United States Is hereby repealed.
Value of Silver Certificates,
Section THAT hereafter silver certif-
Gates shall be issued only in denOmina>
tons OF $40 and under, except that not
exceeding in the aggregate 10 per cent
OF the total volume OF said certificates,
IN the discretion of the secretary of the
treasury, may be issued in denomina-
tlOns OF $50, $50 and 500, and silver
certificates OF higher denomination than
SlO, except as herein provided shall,
whenever received at the treasury or re-
deemed, be retired and cancelled and
certificates OF denominations of SO or
less shall be substituted therefor, and
alter such substitution, in whole or in
part, like volume of United States
notes OF less denominations than SO
shall from time to time be retired and
cancelled, and notes Of denominations
OF SlO and upward shall be re-issued in
substitution therefor, with like qualifica-
tlOns and restrictions az those retired
and cancelled
Concerning Silver Bullion.
Section 8.-That the secretary of the
treasury il hereby authorized to use at
his discretion any silver bullion in the
treasury OF the United States purchased
under act OF July IA, 1890, for coinage
into such denominations of subsidiary
silver coin as may be necessary to meet
the public requirements for such coin.
provided that the amount of subsidiary
silver coin outstanding ei1aff not at any
time exceed in the aggregate 100000.
600. Whenever any silver bullion pur-
chased 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
shall be cancelled and not reissued.
Section 9-That the secretary OF the
treasury is hereby authorized and di
rected to cause all worn and undercur-
rent subsidiary silver coin OF the United
States now in the treasury and here.
after received to be re-coined and to re-
lmburse the treasury of the United
States for the difference between the
nominal original value of such coin and
the amount the same will produce in
new coin from any moneys in the treas
ury not otherwise appropriated.
National Banks,
Sec. 10. That section 5138 Of the re.
vlsed statutes is hereby amended so as
to read as follows:
Section 513S-No association shall
be organized with less capital than
100000 except that banks with q can
Ital OF not less than $4,000 may, with
the approval OF the secretary of the
treasury, be organized in any place the
population OF which does not exceed
5000 inhabitants, and except that
banks with capital of not less than
S25, 1000 may, with the sanction of the
secretary OF the treasury, be organized
IN any place the population of which
does not exceed 1900 inhabitants. No
ASSOCIATION shall be organized in a city,
the population of which exceeds 80, 900
persons with a capital of less than $780,
000"
Reducing Rate Of Interest
Sec. IL. That the secretary OF the
treasury is hereby authorized to receive
at the treasury any of the outstanding
bonds OF the United States bearing in
terest at D per cent per annum, payable
February l, 1904, and any bonds of the
United States bearing interest at 4 per
cent per annum, payable July /, 1907,
and any bonds OF the United States
bearing interest at 3 per cent per annum,
payable August l, 1908, and to issue in
exchange therefor an equal amount of
coupon or registered bonds OF the United
States in such form as he may prescribe,
in denominations OF $50, or any multi
pie thereof, bearing interest at the rate
of 2 per cent per annum, payable quar-
terly, such bonds to be payable at the
pleasure Of the United States, after 30
years from the date of their issue, and
said bonds to be payable, principal and
interest, in gold coin of the present
standard value, and to be exempt from
the payment of all taxes or duties of the
United States, as we'll as from taxation
in any form by or under state, muni-
cipal or local authority; provided, that
such outstanding bonds may be received
in exchange at a valuation not greater
than their present worth to yield an in
come OF ~ per centum per annum; and
in consideration OF the reduction of in
terest affected, the secretary of the treas
ury Is authorized to pay the holders OF
the outstanding bonds, surrendered for
exchange out of any money in the treas
ury not otherwise appropriated, a sum
not greater than the difference between
their present worth, computed as afore-
said, and their par value, and the paw
ments to be made hereunder shall be
held to be payments on account of the
sinking fund created by section 1854 of
the revised statutes; and provided fur