The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-02-24

nomination of $50 or less; and, provided
further, that the secretary of the treas
ury may, in his discretion, issue such
certificates in denominations OF Slo 200,
payable to order, and section 5ls3 OF
the Revised Statutes of the United
States is hereby repealed.
SILVER CERTIFICATES.
Sec. Z. That hereafter silver certificates
shall be issued of denominations of SlO
and under, except that not exceeding In
the aggregate 10 per centum of the total
volume Of said certificates. in the dis
cretion of the secretary of the treasury,
may be issued in denominations of $40,
$50 and $100, and silver certificates of
higher denominations than $40 except as
herein provided shall, whenever received
at the treasury or redeemed be retired
and Cancelled, and certificates of demons
nations of $40 or less shall be substi-
tuted therefor, and after such substitu-
of United States notes of less denomina-
tlon than $40 shall from time to time be
retlred and cancelled and notes of de-
nominations of $40 and upward shall be
reissued in substitution therefor, with
like qualities and restrictions as those
retired and Cancelled.
C. g.. That the secretary of the treas
ury Is hereby authorized to use at his
discretion. any silver bullion in the treas
ury purchased under the act of July II,
lSsU for coinage into such denominations
essary to meet the public requirements
FOR such coin; provided, that the amount
Or subsidiary silver coin outstanding shall
.s1OO, 0OO, 600 Whenever any silver bullion
purchased under the act of July IA, 1890,
shall be used in the coinage of subsidiary
SILVER com, an amount of treasury notes
issued under said act equal to the cost
OF the bullion contained in such coin shall
De Cancelled and not reissued.
sec. y: That the secretary of the treas
ury is hereby authorized and directed to
cause all worn and uncurrent subsidiary
silver coin of the United States now in
the treasury and hereafter received to be
recoined and to reimburse the treasury
or 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 appropriat-'
Sec. 10. That section 513s of the Revised
Statutes Is, hereby amended so as to
Sec. 5lss No assoc alton shall be
organized with a less capital than $780,
COO, except that banks with capital Of
not less than $4,000 may. with the ap-
be organized in any place. the popula-
ton of which does not exceed 5000 inhab-
itants and except that banks with cap
ital of not less than $4,000 may, with
the sanction of the secretary of the treas
ury, be organized in any place, the popu-
lation Of which does not exceed 5000 in
ganized in a city the population of which
exceeds 10000 persons with a capital of
less than $20Q.000'
BOND REDEMPTION.
Sec II. That the secretary Of the
treasury .s hereby authorized to receive
bonds of the United States, bearing in
terest at per centum per annum pay
able Feb. !, 1904 and any bonds of the
United States bearing interest at per
and any bonds of the United States bear
ing interest at per centum per annum
payable Aug. 1, 1908, and to issue in ex-
change therefor an equal amount of cou-
pom or registered bonds of the United
States In such form as he may prescribe
in denominations of $50 or any multiple
thereof, bearing interest at the rate Of
per centum per annum, payable quarter
ly, such bonds to be payable at the
pleasure of the United States after thirty
years from the, date of their ISSUE and
interest in, gold coin of the present
standard value ard to be exempt from
the payment of all taxes or duties of the
United States, es we'll as from taxation
in any form by or under state, munici-
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 "a per centum per annum. and
in consideration of the reduction of in
terest effected the secretary Of the treas
of the outstanding bonds surrended for
exchange out of any money in the treas
ury, not otherwise appropria ted, a sum
not greater than the difference between
said, and their par value, and the pay
ments to be made hereunder shall be held
to be payments on account of the sink
ing fund created by section 1894 Of the
Revised Statutes: and, provided further
that the per centum bonds to be is
sued under the provisions of this act
shall be issued at not less than par and
that they shall be numbered consecu-
lively 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 bonds are
paid. and whenever any of the outstand-
Ing bonds are called for payment inter-
est thereon shall cease three months
after such call, and there is hereby ap-
propriated out of any money in the treas
! ury not otherwise appropriated, to ef-
feet the change of bonds provided for in
of / per centum of the face value
of said bonds. to pay the expense of pre-
pairing and Issuing the same and other
expenses incident thereto
CIRCULATING NOTES.
Sec. 12. That upon the deposit with the
treasury Of the United States. by any ma
| tional banking association of any bonds
! of the United States, in the manner pro-
| vided by existing law, such association
/ shall be entitled to receive from the
| comptroller of the currency circulating
notes in blank, registered and counter
signed, as provided 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 circulating 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 shall
| increase the circulating notes held by
| such establishment to the par value
! of the bonds deposited, such additional
notes to be held and treated in the
same way as circulating notes of nation-
| al banking associations, heretofore issued,
and subject to all the provisions of law
| affecting these notes: provided that moth
| ing herein contained shall be construed
ton 5167 of the Revised Statutes of the
| United States, authorizing the comptrol-
! Ter of the currency to require additional
deposits of bonds or lawful money in
case the market value Of the bonds held
to secure the circulating notes shall fall
below the par value of the circulating
| notes outstanding for which such bonds
may be deposited as security; and pro-
vided further, that the circulating notes
furnished to national banking associa-
tions 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 to receive from the
comptroller of the currency, or to issue
or to reissue, or to place in circulation
| more than the amount of its circulating
| notes of the denomination of So; and pro.
vided further, that the total amount of
ton may equal st any time, but shall
not exceed, the amount at such time OF
| It's capital stock actually paid in; and
| provided further that under regulate
| treasury, any national banking associa-
! tion may substitute the per centunl