The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-02-24

ury is hereby authorized and directed 70
cause all worn and under current suosio-
larry silver coin Of the United states sS now "
be recoined, and to reimburse the treas
ury Of the United states for the difference
between the nominal or face value of
such coin and the amount the same Will
produce in new coin from any moneys In
the treasury not otherwise appropriated.
Limitations on National Hanks.
Sec l0.-That section 5i3S Of the Re-
vised Statutes is hereby amended so as
Section 5l3s No association shall be
organized with less capital than 10000,
except that banks with capital OF not
of the secretary Of the treasury. be or
ganized in any place. the population OF
which does not exceed 5000 inhabitants,
and except that banks with capital OF
not less than $1,000 may with the sane
ton OF the secretary OF the treasury, be
organized in any place. the population or
No association shall be organized In a
city. the population Of which exceeds TO-
600 persons. with a capital OF less Inan
500, COO"
Refunding of the Bonds.
Sec. IL. That the secretary Of the treas
ury is hereby authorized TO receive at the
treasury any of the outstanding bonds of
the United States bearing interest at per
centum per annum, payable February /.
1894. and any bonds OF the United States
bearing interest al per cent. per annum,
payable July j, 1907, and any bonds OF the
United States bearing interest at per
centum per annum, payable August /, 1905.
and to issue in exchange therefor an
equal amount OF coupon or registered
bonds of the United States in such form
as he may prescribe, in denominations OF
500. or any multiple thereof, bearing in
terest at the rate OF per centum per an
mum, payable 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 ard interest. in gold coin of the
present standard value, to be exempt from
taxation in any form, by or under state,
municipal or local authority; provided.
that such outstanding bonds may be
tisS in exchange vaIas
ent worth, to yield an income OF
"a per centum per annum and in con-
sideration of the reduction of interest
authorized to pay to the holders of the
outstandingA bonds, surrendered for ex-
change out OF any money in the treasury
greater than the difference between their
present worth, computed as aforesaid,
and their par value, and the payments
payments on account OF the sinking fund
created by section 1904 of the Revised
Statutes; and provided further. that the
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
the last number issued shall be first
paid, and this number shall be followed
until all the bonds are paid. and when
ever any of the outstanding bonds are
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 ap-
propriated to effect the exchange of bonds
provided for in this act a sum not ex-
ceeding one-ffteenth OF one per centum
of the face value of said bonds. to nav
the expenses of preparing and issuing
the same and other expenses incident
thereto
Rank Circulation.
Sec. 70. That upon the deposit with the
treasurer Of the United States by any ma
tional 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 countersgned as provided
by the law, equal in amount 10 he par
value OF the bonds so deposited: and any
national banking association now having
bonds on deposit for the security OF circu-
lating notes. and upon which an amount
of circulating notes has been issued less
than the par value OF the bonds shall be
entitled. upon due application to the comp
troier or the currency To receive additional
notes In blank to any 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 In the same way az cir
culating notes of national banking assoc