The age-herald., 1900-02-24

United States, bearing interest at per cent per annum, payable February l. 1904, and any bonds of the United States bearing interest at per cent per annum payaltle July l, 1907, and any bonds of the United States bearing interest at per cent per annum, payable August 1, 1888 and to issue in exchange therefor, an lual 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 interest at .lre nate of per cent per annum, payable quarterly such bonds to be payable at the treasury of the United States, after thirty years from 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 from taxation in any form or under state, municipal of local authority.
 Provided, that such outstanding bonds may Joe received in exchange at q valuation not gFelter than their present worth to yield an income es 2M per cent per annum; and fin consideration of the reduction of in- terest affected, the secretary of the treas ury Is authorized to pay to the holders of tho outstanding bonds surrendered for ex- change out Of any money in the treasury, not otherwise appropriated, a sum not reater than bhe difference between their present wonth computed as aforesaid and their par value and the payments to ioe made hereunder shall be held to be pay ment on account of the sinking fund ere ated by section 3694 of the revised statutes.
 And. provided further that the two per centum bonds to be issued under the pro- visions of this act shall be issued at not less than rnr, and they shall be numbered co1secutively in the order of their issue and when payment is made the Est num- bors issued shall be first paid, and this or- der shall be followed until all the bonds are paid and, whenever any of the outstand- in de 11za1 for .,,tn thereon shall cease three months after such cafl; and there is hereby appropriated out of any money in the treasury not otherwise appropriated to effect the exchange of bonds provided for in this act, sum not exceeding one-hfteenth of 1 percentum of the face value of said bonds, to pay the expense of preparing and issuing the same and other expenses incident thereto.
 Is7narce of Issnk .5st.s
 "section 12-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 pro- yided by eXising law, such association shall be entitled to receive from the comptroller of the currency circulation notes in blank, registered and countersigned as provided by law, equal in amount to the par value of the bonds so deposited; and any national banking associa tion having bonds depos- it fer the security of circulating notes, and upon which amount of circulating notes has been issued less than the par value of the bonds, shall be entitled upon due ap- plication to the comptroller of the currency to receive additional circulating notes in blank to an amount which will increase the circulating notes held by such association the par value of the bonds deposited such additional notes to be held and treated in the same way as circulating notes of na- tonal banking associations heretofore iSSueQ and SlIhjppt n all a r1rOViSiOOS n law effecting such notes.
 Providing, that nothing herein contained sflall(fbe construed to modify or repeal the provisions of section 5167 of the revised statutes of the United States, authorizing the comptroller of the currency to require additional deposits of bonds of law ful money in case the market value of the bonds held to secure the circulating notes shall fall below the par vaiue of the cir culating notes outstanding, when such loonds may Coe deposited as security.
 And provided further, that the crculat- ing notes furnished to national banking associations under the provisions of this act sanH be of the denominations pre- scrioed by law. except that no national banking association shaG after the passage of this act be entitled to receive from the comptroller of the treasury, or to issue, or to reissue, or to place in circulation, more than one-third In amount of its circulating notes of the denomination of s5. And pro- vided further:
 That the total amount of such notes is- sued be issued to any association at any time, but shall not exceed the amount a such time of it's capital stock actually paid in.
 And provided further, that under the regulations to be prescribed by the secre- tary of the treasury any national banking association may substitute the percentum bonds issued under the provisions of this act for any of the bonds deposited with the treasurer to secure circulation or to secure deposits of public money; and so much of an act entitled ian act to enable national banking associations to extend their corpor- ate existence, and for other purposes ap- proved July 12, 1882. as prohibits any nation- al bank which makes any deposit of lawful money in order to withdraw it's circulation for the period of six months from the time it made such deposit of lawful money for the purpose aforesaid is hereby repealed, all other acts or parts of acts inconsistent with the provisions of this section are here | by repealed
 Section 13-That every national bank as- sociation having on deposit. as provided by law bonds of the United States bearing interest at the rate of per centum, payable annually, issued under the provisions of this act to secure its circulating notes shall pay to the treasurer of the United States l in the months of January and July tax of one-fourth of one percentum each half | year upon the average amount of such of it's notes in cireulation as are based upon the deposit of said per centum bonds; and such taxes shall be in lieu of existing taxes on its notes in circulation imposed by sec tion 5214 of the Revised Statutes.
 "Section 14-That the provisions of this Il act are not intended to preclude the ac- compishment of international b:metalism whenever conditions shall make it expedi- ent and practicable to secure the same