Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1900-03-24

payable August first, nineteen hundred
and eight 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 fifty dollars or any
multiple thereof, bearing interest at the
rate OF two per centum per annum, pay
able quarterly, such bonds 10 be pay
able at the pleasure OF the United
states after thirty years from the date
OF their Issue. and said bonds to be pay
able. principal and interest, In gold coin
OF the present standard value, and 10 be
exempt from the payment OF all taxes
or duties OF the United States, as well
as from taxation In any form by or UNI
der state, municipal. or local authority;
Provided, That such outstanding bonds
may be received IA exchange at a valu-
alton not greater than their present
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 10 pay TO the
holders OF the outstanding bonds sur
rendered for exchange, out OF any
money In the treasury not otherwise
appropriated, sum not greater than
the difference between their present
worth, computed as aforesaid. and their
par value. and the payments to be made
hereunder shall be held to be payments
on account OF the sinking fund created
by section thirty-slx hundred and nine
ty-four Of the Revised Statutes And
provided further: That the two per
centum per 6nnum 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 pay
ment Is made the last numbers issued
shall be first paid. and this order shall
be followed until all the bonds are paid.
and whenever any OF the outstanding
bonds are called for payment interest
thereon shall cease three months after
such call. and there Is hereby appro-
prlated out Of any money In the treas
ury not otherwise appropriated, TO ef-
feet the exchanges OF bonds provided
for In this act, sum not exceeding
one-iifteenth Of one per centum OF the
face value OF said bonds, TO pay the
expenses incident thereto.
Sec. H. 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
circulating notes In blank, registered
and countersigned as priyided by law,
equal In amount TO the par value Of the
bonds so deposited; and any national
banking association now having bonds
on deposit for the security OF circulat-
ing notes, and upon which an amount |
OF circulating notes has been issued less |
than the par value OF the bonds, shall |
be entitled. upon due application TO the |
comptroller Of the currency TO receive |
additional circulating notes In blank TO |
an amount which viii increase the cir |
culatlng 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 banking associations |
heretofore issued, and subject TO all the \
provisions Of law affecting such notes: |
Provided, That nothing herein con-
tanned shall be construed 20 modify or |
repeal the provisions OF section fifty- |
one HUNDRED and slxty-seven Of the Re-
yised Statutes OF the United States, au-
thorizlng the comptroller OF the cur
rency to require additional deposits OF |
bonds or OF lawful money In case the |
market value OF the bonds held TO Sc !