The times. [volume] (Richmond, Va.) 1890-1903, 1900-02-24

States in such forms as he may prescribe.
in denomina tons of fifty dollars or any
multiple thereof, bearing interest at the
rate of two per centum per annum, pay
able 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, municipal or
local authority: Provided, that such out
standing bonds may be received in eN-
change at valuation not greater than
their present worth to yield an income OF
two and One-qIarter per centum per an
mum; and In consideration of the reduc-
ton of interest effected the Secretary OF
the Treasury is authorized to pay to the
holders of the outstanding bonds surren-
dered for exchange, out of any money IN
the Treasury not otherwise appropriated,
a sum not greater than the difference be-
tween their present worth computed as
aforesaid and their par value; payments
to be made hereunder shall be held to
be payments on account OF the SINKING
fund created by section thrty-SiA hundred
and ninety-four of the revised statutes.
and provided, the bonds shall be issued
ed consecutively in the order of their is
sue and when payment is made the last
numbers issued shall be first paid. ana
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 calls. and there is hereby APP,
propriated out of any money in the Treas
ury, not otherwise appropriated, to effect
~. Io3L for
this act, sum not exceeding one-fifteenth
of one per centum of the face value OF
said bonds, to pay the expense of prepar-
ing and issuing the same and other eX-
penSeS incident thereto
DEPOSIT. OF BONDS.
ANY national banking association de-
posting with the United States Treas
urer any United States bonds shall ie-
ceive 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 having
bonds on deposit to secure cirt Ula ting
notes when issue CT such has been less
than the par value OF the bond. Thls,
however, is not to repeal the authority
to require additional deposits Of bonds
or of lawful money in case he market
value Of the bonds so leld falls below
the par value of the circulating notes.
Not more than one-third of these cir
culatins notes will be allowed to be is
sued in denominations of five dollars,
and the total amount of the notes shall
not exceed the actually paid in capital
stock.
1.-Two per centum bonds issued under this
act may he substituted for any OF the
bonds deposited to secure circulation or
TO secure deposits Of public money. So
much of the act Of July L, 1852. as pro-
hbits any national bank, which deposits
lawful money in order to Withdraw it's
notes, from receiving any increase of its
circulation within six months Of its de-
post of legal money, is repealed. Every
national banking association, having two
per cent. United States bonds on deposit
10 secure its circulating notes. shall pay
a tax of one5fourth of one per cent. each
nalt year upon the average amount OF
such notes that base the two per cent.
bonds, IN lieu Of existing taxes,
The b!metallic provision follows:
Section l. That the provisions Of this
act are not intended to preclude the ac-s
complishment Of International bimetallism
wpeaeYer. conditions shall make 1t expe.