The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-02-24

in the reserve fund 1allS anu remains
below 100000 or IN the Secretary
discretion whenever the aggregate
amoalnt of United States notes and sll- !
YER certificates in the general fund eX-
Goods sixty million dollars. One-fourth !
Of tho outstanding certificates shall be in |
denominations of fifty dollars or less.
Hereafter silver certificates shall be
issued only of denominations OF ten dol |
lars and under, except that not over ten /
nqr centum of the total value of SAID |
certificates. in the discretion of the
Secretary of the Treasury may be issued |
in demon nations of twenty dollars fifty
dollars. and one hundred dollars.
SILVER SUBSIDIARY COIN.
ANY silver bullion in the Treasury
purchased under the act of july 18TH
1890, may be coined into subsidiary sl-
yer COIN. the total outstanding, however,
not to exceed one hundred millions Oh
dollars. Treasury notes, equal TO the
cost of the bullion contained IN sllch
coin shall be cancelled therefor and not
reisSued
All worn and urcurrent subsidiary 81
yer is to be received and fe-colned.
Banks may be specially authorized III
small places with $25,000 capital.
Following is the refunding provision,
which was a main point Of difference
THE REFUNDING MEASURE.
Section 11.-That the Secretary of the
Treasury is hereby authorized to receive
ut the Treasury any Of the outstanding
bonds of the United States bearing
interest at FIVE per centum per annunl,
payable February 1st nineteen hundred
and four and any bonds of the United
States bearing interest at four per
centum per annum, payable July LIST,
nineteen hundred and seven, and any
bonds Of the United States bearing in
terest at three Per centum per annum.
payable August 1st, nineteen hundred
and eight, and to issue in exchange there
for an equal amount Of coupon or regis
tered bonds of the United States in
such form as he may prescribe, in de-
nominations Of fifty dollars or amy null
tiple thereof bearing interest 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 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 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 present worth to yield an in
come Of two and one-quarter per centulm
yer annum; and in consideration of the
reduction of interest effected the Secre
tary of the Treasury is authorized to
pay to the holders of the outstanding
bonds surrendered for exchange. out of
any money in the Treasury not other
wise appropriated, sum net greater
than the difference between their present
worth. computed Us aforesaid. and their
par value, and the payments to be
made hereunder shall be held to be pay
ments on account Of the sinking fund
created by section thirty-siX hundred and
ninety-fOur Of the Revised Statutes: and
provided further, that the two per centum
bonds to be issued under the provisions
Of this act shall be issued at not less
than par, and they shall be numbered
consecutiyely in the order Of their issue,
and when payment is made the last
numbers issued shall be first paid and
this order shall be followed until all the
outstanding bonds are called for paymen.
interest thereon shall cease three montns
after such call: and there is hereby APP
propriated cut of any money in the
Treasury not otherwise appropriated, TO
effect the exchanges of bonds provided
for in this act. sum not exceeding one
fifteenth of one per centum of the face
value of said bonds to pay the expense
Of preparing and issuing the same and
ether expenses incident thereto
CIRCULATION OF BANKS.
ANY national banking association de
posting with the United States Treas
urer any United States bonds shall re-
ceiye therefor from the Comptroller OF
the Currency circulating notes equal to
the par value of the bonds and this
shall extend to any association now hav-
ing bonds ON deposit to secure circulating
notes. when issue Of such has been less
tlan the par value of the bonds. This,
however, is not to repeal the authority
to require additional deposits of bonds
or Of Lawful money in case the market
value of the bonds 50 held falls below
tive par value of the circulating notes
Not more than one-third of these circu-
lating notes will be allowed to be issued
in denmirations of five dollars and the
total amount of the notes shall not ex-
ceed the actually paid in capital stock.
Two per centum bonds issued under
this act may be substituted for any of
the bends deposited to secure circulation
or to secure deposits of public money.
So much of the act of July 10Th, 1889, as
prohibits any national bank which de-
Tosits lawful money in order to withdraw
its notes. from receiving any increase Of
its circulation within six months of its
deposits of lawful money, is repealed.
Every national banking association hav-
ing two per cent United States bonds
on deposit to secure its circulating notes
shall pay a tax Of one-fourth of one
per cent each half year upon the average
amount of such notes that base the two
per cent bonds, in lieu of existing taxes.
The bimetallic provision follows:
Section 14.-Tbat the provisions of
fhiS act are not intended TO nraclrdn the