The state herald., 1900-03-02

cretiOH, suspend tne Issue OF the certl-
iicates herein provided for. and pro-
vided. further. that of the amount of
such outstanding certificates one
Fourth ut least shall be In denomina-
tions of $50 or less.
And provided further, that the sec
retary of the treasury may, In his dis
cretion, issue such certificates in de-
nomination of $4,000, payable to or
der. And section 5.l03 of the Revised
Statutes of the United States is hereby
repealed.
Sec. Z. That Hereafter silver cer-
tificates shall he issued only of denom-
nations of SO and under, except that
not exceeding in the aggregate ten per
centum of the total volume of said GER
tificates, in the discretion of the secre-
tnry of the treasury may be issued in
denominations of $50, $50 and 500,
ana silver certificatesc of higher de-
nomination than So except as herein
provided, shall, whenever received at
the treasury or redeemed, be retired
and cancelled. and certificates of denom-
nations of $40 or less shall be substi-
tuted therefor, and after such substi-
tuition, In whole or In part. like vol
ume of United States notes of less de-
nomination than $40 shall from time to
time be retired and cancelled, and notes
of denominations of $40 and upward
shall be reissued in substitution there
for, with like qualities and restrictions
as those retired and cancelled.
"Sec. 8. That the secretary of the
treasury is hereby authorized TO use.
at his discretion, any silver bullion In
the treasury of the United States pur-
chased under the act of July II, 1890,
for coinage into such denominations of
subsidiary silver coin rs may be neces-
sary to meet the public requirements
for such coin.
provided. that the amount of subsid-
larry silver coin outstanding shall not
at any time exceed the aggregate of
S100,O00,000. Whenever any silver bull
lion purchased under the act of July
II, 1890. shall be used in the coinage
of subsidiary silver coin, nm amount of
treasury notes issued under said act
equal TO the cost of the bullion con-
tained in such coin shall be Cancelled
and not relssucd.
Sec. 0. That the secretary of the
treasury Is hereby authorized and d.
rectcd to cause all worn and uncurrent
subsidiary silver coin of the United
States now in the treasury. and hereaf-
ter received. to he recoined and TO re-
imburse the treasury 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.
"Sec. TO- That section J.13S of the
revised statutes is hereby amended SO
rs TO read as follows:
"'Section 5.13S. No association shall
be organized with less capital than
100000 except that banks with a cap
ital of not less than $4,000 may, with
the approval of the secretary OF the
treasury. be organized In any place the
population OF which does not exceed
6,0o0 inhabitants. and except that
banks with n capital Of not less than
$4,000 may, with the sanction of the
secretary of the treasury. be organized
In any place the population of which
does not exceed 5000 inhabitants. No
association shall be organized in II city
the population of which exceeds $1,000
persons with capital less than $780,
600
Sec IL. That the secretary OF
the treasury is hereby authorized to
receive at the treasury any OF the out
standing bonds OF the United States
bearing interest at five per centum per
annum, payable February !, 1901 and
any bonds of the United States bearing
interest at three per centnm per an
nun. payable August I, 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
$50 or any multiple thereof. bearing in
terest at the rate OF two per centum
per annum. payable quarterly, such
bonds to be payable ut the pleasure OF
the United States after thirty years
from the date OF their issue, and said
bonds 10 be payable. principal and In
terest In gold coin OF the present stand
ard value, and TO be exempt from the
payment of all taxes or duties Of the
United States as well as from taxation
In any form by or under state, munich
pal or local authority;
Provided. that such outstanding
bonds may he received In exchange at
valuation not greater than their pres
ent worth to yield an Income OF two
and one-luarter per cenium per annum
and In consideration OF the reduction
OF interest effected. the secretary OF
the treasury Is authorized to pay TO the
holders OF the outstanding bonds sur
rendered for exchange. out Of any mon
cy In the treasury, not otherwise np-
proprlated. n sum not greater than the
difference between their present worth.
computed ns aforesaid. and their par
value. and the payments 10 be made
hereunder shall be held to be payments
on account OF the sinking fund created
By section ..6Ii OF the revised stp;utes:
1"And provided further, that t1e two
per centum bonds 10 be issued under
the provisions Of this act shall be is
sued Mt not less than par, and they
shall be numbered consccutlvely 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 nrc called for pay
ment, interest thereon shnll cease three
months after such call; and there Is
hereby appropriated ont of any money
| IN the treasury not otherwise nppropri.
ntcd. TO effect the exchange of bonds
provided for In this act, n sum not cN-
| ceedng ne.fiftccnth of one per centun
| of the face value of said bonds. to pay
the expense OF preparing and issuing
the same aud other expenses incident
thereto.
"scc. 10. 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 provided by existing law, such
association shall be entitled 10 receive
from the comptroller Of the currency
circulating notes In blank. registered
nnd countcrslgned ~ provided by the