Gilpin observer., 1900-03-01
ury and held for the payment Of such

DE receivable for customs, taxes and
all public dues. and when so received
may be reissued, and when held by any
national 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 in the treasury for the redemp-
tion of United States notes and treas
ury notes shall fall and remain below
S1OOOOO,OOO the authority to issue GER
tlhcates as herein provided shall be sus-
pended
and provided further that whenever
and so long as the aggregate amount
OF United States notes and silver certi-
ficates in the general fund of the treas
ury shall exceed $GO,O0OOOO the secre-
tary Of the treasury may, in his dis
cretion, suspend the issue of the certi-
ficates herein provided for, and pro-
vided, further that of the amount of
such outstanding certificates one
fourth at least shall be in denonina-
tions of $50 or less.
And provided further, that the Sec
retary of the treasury may, in his dis
cretion, issue such certificates in de-
nomination of $4,000. payable to or
der. And section 5,193 of the Revised
Statutes of the United States is hereby
repealed.
Sec. Z. That hereafter silver eer-
tificates shall be issued only of denom-
nations of $40 and under, except that
not exceeding in the aggregate ten per
centum of the total volume of said GER
titicates, in the discretion of the secre-
tary of the treasury, may be issued in
denominations OF $50, $50 and $780,
and silver certiticatesc of higher de-
nomination than SO. except as herein
provided, shall, whenever received at
the treasury or redeemed. be retired
and Cancelled, and certificates of denom-
nations of SO or less shall be substi-
tuted therefor. and after such substi-
tuition, in whole or in part, n like vol
ume of United States notes of less de-
nomination than $40 shall from time to
time be retired and cancelled. and notes
of denominations of SO and upward
shall be reisSued in substitution there
for. with like qualities and restrictions
rs those retired and cancelled.
Sec. s. That the secretary of the
treasury is hereby authorized to Use,
at his discretion. any silver bullion in
the treasury of the United States pur-
chased under the act of July Il, 1890,
for coinage into such denominations of
subsidiary silver coin as may be neces-
sary to meet the public requirements
for such coin.
provided. that the amount of subsid-
iary silver coin outstanding shall not
at any time exceed the aggregate of
S1OO.O 100000. Whenever any silver bul-
lion purchased 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 con-
tanned in such coin shall be Cancelled
and not reiSSued.
"Sec. o. That the secretary of the
treasury is hereby authorized and d.
rected to cause all worn and uncurrent
subsidiary silver coin of the United
States now in the treasury. and hereaf
ter received. to be recoined and to re-
imburse the treasury of the United
States for the difference between the
nominal or face value of such coin and
the amount the same will produce in
new coin from any moneys in the
treasury not otherwise appropriated.
Sec. 10. That section J,13S of the
revised statutes is hereby amended so
us to read as follows:
"'Section 5,13S. No association shall
be organized with Il less capital than
100000 except that banks with cap
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 n capital of not less than
$4,000 may, with the sanction of the
secretary of the treasury, be organized
in any place the population of which
does not exceed 5000 Inhabitants. No
association shall be organized in IL city
the population of which exceeds $1,000
persons with Il capital less than $500
00O
Sec IL. That the secretary of
the treasury is hereby authorized to
receive at the treasury any of the out
standing bonds of the United States
bearing interest at five per ccntum per
annum, payable February l, 1904, and
any bonds of the United States bearing
interest at three per centum per an
mum, 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 multiple thereof, bearing in
terest at the rate of TWO per centum
per annum, payable quarterly, such
bonds to be payable at the pleasure of
the United States after thirty years
from the date of their issue, and said
bonds to be payable, principal and in
tercst in gold com of the present stand
ard value. and TO be exempt from the
payment of all taxes or duties of the
United States az well as from taxation
In any form by or under state, munich
pal or local authority;
provided, that such outstanding
bonds may be received in exchange at
a valuation not greater than their pres
cnt worth to yield an income of two
and one-quarter per centum per annum
and IN consideration Of the reduction
of interest effected, the secretary of
the treasury Is authorized to pay to the
holders of the outstanding bonds sur
rendered for exchange, out of any mon