New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-24

that the amount OF subsidiary silver coin out
standing shall not at any time exceed in the
asgresaIe SLUoOVoOOO- whenever any sl4Ter
bullion purchased under the act Of July II.
1890. shall be used in the coinage OF subsidiary
silver coin. amount Of Treasury notes issued
under said act equal 10 the cost Of the bullion
contained in such coin shall be cancelled and
not reissued.
Sec g That the Secretary Of the Treasury
is hereby authorized and directed 10 cause all
worn and unCurrent subsidiary silver coin of
the United States now in the Treasury and
hereafter received 10 be recoined, and to REIN
burse the Treasurer Of the United States for the
difference between the nominal or face value
OF such com and tne amount the same VIII
produce In new coin from any moneys in the
Treasury not otherwise appropriated
Sec 10 That Section Obs OF the Revised
Statutes is hereby amended so as TO read as
follows.
Section 5l3s. No National banking association
shall be organized with less capital than 10000
5000 may with the approval Of the Secretary Of
the Treasury: be organized in any place the popu-
habitants. and except that banks with a capital Of
Secretary OF the Treasury be organized in anv
place the population Of which does not exceed three
ganizf6 In city the population Of Thich exceeds
THE REFUNDING PROVISION
Sec IL That the Secretary of the Treasury
is hereby authorized to receive at the Treasury
any OF the outstanding bonds Of the United
States bearing interest at per cenJum per an
l.
of the United States bearing interest az 1 per
centuHl, payable July l. 1907 and any bonds OF
the United States bearing interest at 3 per
centum. payable August /, 1905, and TO issue in
exchange therefor equal amount OF coupon
or registered bonds Of the United States in
such form he may prescribe in denOmina-
lions of $50 any multiple thereof, bearing in
terest the OF per Centum per annum.
uayable quarterly. such bonds 10 be PAYABLE at
the pleasure of the United States after thirty
years from the date Of their issue and said
bonds 10 be payable. principal and interest, in
gold coin of the present standard value. and 70
be exempt from the payment Of all taxes or
duties OF the United States as we'll as from tax
alton in any form by or under state. municipal
or local authority.
Provided that such outstanding bonds may be
received in exchange at valuation not greater
than their present worth 10 yield an income of
"a per oentum per annum and in consideration
Of the reduction of interest effected the SeCre-
tGry Of the Treasury is authorized 10 pay TO the
holders Of the outstanding bonds surrendered
for exchange, out OF any money in the Treasury
not otherwise appropria ted, a 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 account OF the sinking
fund created by Section 1904 OF the Revised
Statutes.
And provided further. that the per centum
bonds 10 be issued under the provisions Of this
act shall be issued at not less than par and
they shall be numbered cOnsecutively 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
/ outstanding bonds are CdlleQ lot pay
ment interest thereon shall cease three
months after such call; and there is here
by appropriated out Of any money in the Treas
ury not otherwise appropriated. TO effect the ex-
changes OF bonds provided for in this act. a
sum not exceeding one-hfteenth Of per centum
OF the face value OF said bonds TO pay the ex-
pense of preparing and issuing the same and
| other expenses incident thereto.
INCREASE OF BANKNOTE CIRCULATION.
Sec u That upon the deposit with the
. Treasurer Of the United States, by any Ma
tionaI banking association. OF any bonds OF the
United States in the manner provided by ex-
isting law such associations shall be entitled
TO receive from the Controller OF the Currency
circulating notes in blank, registered and cOun-
tersigned as provided by law. equal in amount
20 the par value Of the bonds so deposited and
anv National banking association now having
bonds on deposit for 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 appIi-
cation TO the Controller OF the Currency. 10 re-
ceive additional circulating notes in blank 10
the amount which Will increase the circulating
notes held by such association 10 the par value
OF the bonds deposited. such additional notes
TO be held and treated in the same way as cir
| ruIar1nn notes OF National banking