New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-06-23

for exchange, out Of any money in the Treasury
not otherwise appropriated, a sum not greater
than the difference between their present worth,
computed 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 36A OF the Revised
Statutes,
And provided further that the 2 per centum
bonds to 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
paid, and whenever any of the outstanding
bonds called for payment interest thereon
shall cease three months after such call; and
there IS hereby appropriated out OF any money
in the Treasury not otherwise appropriated, 10
effect the exchange of bonds provided for In this
act a not exceeding fifteenth Of l per
centun of the face value Of said bonds TO pay
the expense of preparing and issuing the same
and other expenses incident thereto.
INCREASE OF BANKNOTE CIRCULATION.
Sec -. That upon the deposit with the Treas
of the United States. by any National
banking association. of any bonds of the United
States in the manner provided by existing law
such associations shall be entitled to receive
from the Controller of the Currency circulating
notes in blank, registered and countersigned as
provided by law, equal in amount to the par
value of the bonds so deposited; and any Ma
tionaI 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 application to
the Controller of the Currency, TO receive addi-
tiOnal circulating notes IN blank to the amount
which will increase the circulating notes held
by such association to the par value Of the
bonds deposited, such additional notes to be
held and treated in the same way as circulating
notes of National banking associations hereto
fore issued and subject to all the provisions OF
law affecting such notes.
Provided, that nothing herein contained shall
be construed to modify or repeal the provisions
of Section 5.167 of the Revised Statutes OF the
United States, authorizing the Controller OF the
Currency TO require additional deposits of bonds
or Of a-f1 In rlxa IF
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 security;
And provided further. that the circulating
notes furnished to National banking associa-
tons 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 re-
ceive from the Controller of the Currency, or to
issue or reissue place in circulation, more
than one-third in amount of its circulating notes
Of the denomination of 50:
And provided further that the total amount
of such notes issued 10 any such association may
equal at any time but shall not exceed the
amount at such times of its capital stock aCtu-
ally paid in;
And provided further, that under regulations
TO be prescribed by the Secretary OF the Treas
ury. any National banking association may sub
Stitute the per centum bonds issued under the
5 provisions of this act for any of the bonds de-
posted with the Treasurer to secure circulation
or to secure deposits OF public money; AMI so
much of an act entitled San act 70 enable Ma
porate existence. and for other purposes" ap-
proved July u, 1852, as prohibits any National
bank which makes any deposit Of lawful money
IN order To withdraw it's circulating notes from
receiving any increase Of its circulation for the
period OF six months from the time IL made
such deposit Of lawful money for the purpose
aforesaid, is hereby repealed and all other acts
or parts of acts inconsistent with the provisions
. OF this section are hereby repealed.
TAX ON NATIONAL BANKS.
/ Sec. -. That every National banking associa-
ton having deposit, provided by law
bonds OF the United States bearing interest AZ
the rate of per centum per annum Issued
under the provisions OF this act. to secure its
rCulating notes. shan pay to the Treasurer OF
5 the United States in the months OF January and
/ July, a tax Of one-fourth OF I per centum each
/ half year upon the average amount OF such OF
| it's notes in circulation as based UpOn the de
( post Of said per centum bonds: and such
/ taxes shall be in lieu of existing taxes on It's
notes in circulation imposed by Section SPA OF
the Revised Statutes
Sec. IA. That the provisions OF this act are
not intended to preclude the Accomplishment ot
International bimctallism whenever conditions
shall make il eXpedient and practicable 10 Sc
cure the same by concurrent action OF the lead
ing commercial nations OF the world and at a
ratio which shall insure permanence OF relative
value between gold and silver
The title Of the bin is "An act 20 define and
fix the standard Of value. to maintain the parity
of all forms OF money issued or coined BY tht
United States, 10 refund the public debt and for
other purposes"