The Lamar register., 1900-02-28

the treasury is authorized 10 pny to the
holders of the outstanding bonds sur
rendered for exchange. out of any mon.
ey in the treasury. not otherwise ap-
propriated, n 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 3.6Ti of the revised statutes:
And provided further. that the two
per centum bonds to be issued under
the provisions of this act shall be is
sued 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 whenever any of the
| outstanding bonds are called for pay
ment, Interest thereon shall cense three
months after such call: and there IS
hereby appropriated out of any money
| In the treasury not otherwise appropri-
ated, to effect the exchange of bonds
provided for in this act, sum not ex-
ceeding one-fifteenth of one per centum
of the face value of said bonds. TO pay
the expense Of preparing and issuing
| the same and other expenses incident
| thereto.
"sec. L. That upon the deposir
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
from the comptroller OF the currency
circulating notes in blank. registered
| and countersigned as provided by the
law, equal In amount to the par value
of the bonds so deposited; and, any
| national banking association now hav-
| ing bonds on deposit for the security
Of circulating notes, and upon which
an amount of circulating notes has
| been issued less than par value OF the
| bonds. shall be entitled. upon due ap-
| plicntion to the comptroller Of the cur
rency, TO receive additional circulating
notes In blank TO an amount which Will
4 increase the circulating notes held by
] such association to the par value of the
/ bonds deposited. such additional notes
4 to be- held and treated in the same way
rs circulating notes of national bank
| Ing associations heretofore issued and
subject to all the provisions of law af
/ tecting such notes:
Provided. that nothing herein con
I tanned Shnil b" construed to modify or
repeal the provisions of sections 5.lGI
OF the Revised Statutes OF the United
/ States authorizing the comptroller Of
/ the currency to require additional de-
posits OF bonds or OF lawful money in
case the market value OF bonds held
/ TO secure the circulating notcs shall
fan below the par value OF the circu-
/ lnring notes outstanding. for which
such bonds may be deposited as secur-
/ ity; and,
Provided further, that the cir
culatinE notes furnished to nation
nj banking associations under the
provisions OF this act. shall be
OF the denominations prescribed
1 by law. except that no national
banking association shall after the
passage OF this act, be entitled TO re-
| ceive from the comptroller OF the cur
/ rency, or to issue or reissue or place in
| circulation more than one-third In
amount OF its circulation notes OF the
/ denomination OF fiye dollars.
And provided further. that the total
amount OF such notes issued to any
such association may equal any time
/ but shall not exceed the amount at
such time OF its capital stock actually
paid In.
And provided further. that under
/ regulations TO be prescribed by the
secretary OF the treasury any national
| banking association may substitute the
| two per centum bends issued under the
4 HfON ot AatlN AtN ttE vi hllt-
! bonds deposited with the treasurer 10
secure circulation or TO secure deposits
/ OF public money. and so much of an
act, entitled An act TO enable national
banking associations to extend their
| corporate existence. and for other pur-
poses approved July IL, 1852. rs pro-
| hibits any national hank which makes
/ any deposits OF lawful money In order
\ TO withdraw Its circulating notes from
receiving any increase OF its circula-
/ tiou for the period OF six months from
/ the time II made such deposit OF law
| full money for the purpose aforesaid, IS
| hereby repealed and all other acts or
parts of acts inconsistent with the pro-
| visions OF this section are hereby re
| pealed.
sec. IS. That every national
| banking association having on deposit,
as provided by law, bonds Of the Unit
| ed States. bearing interest at the rate
! of two per centum per aunum. issued
under the provisions of this act, TO Sc
| cure its circulating notes, shall pay TO
| the treasurer OF the United States, in
| the months of January and July. tax
| OF one-fourth OF one per centum each
| half year upon the average amount OF
| such Of its notes in circulation as are
I based upon the deposit of said two per
| centum bonds: and such taxes shall be
/ in lieu of such existing taxes on its
l notes n ssfrrpIptfap ifnnpSpI hv sgfstipp