The Elbert County tribune., 1900-03-01


denominations OF 500 $50 and 800
and silver certifientesc Of higher de-
nomination than SO. except as herein
provided. shall. whenever received Al
the treasury or redeemed. be retired
and canceisd, and certificates OF demon
nations OF $40 or less shall be substi-
tufed therefor. and after such subsu-
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 so and upward
shall be reissued Ia substitution there
for. with like qualities and restrictions
MS 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 IA. 1890,
for coinage into such denominations or
subsidiary silver coin Ms may be heces-
snry TO meet the public requirements
for such coin.
provided. thnt the amount Of subsid-
larry silver coin outstanding shall not
Mt any time exceed the aggregate OF
500 100000. Whenever any silver bull
lion purchased under the act of July
II. 1890. shall be used In the coinage
OF subsidiary silver coin, an amount or
treasury notes issued under said act
equnl TO the cost of the bullion con-
talned In such coin shall be Cancelled
and not reissued.
'Sec. o. That the secretary of the
treasury IL hereby authorized and d.
rected TO cause all worn and uncurrent
subsidiary silver coin of the United
States now In the treasury. and hercnf-
ter received, TO be recoined and TO re-
imburse the treasury OF the uniteu
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. 10. That section 5.13S Of the
revised statutes Is hereby amended so
as to read as follows:
"'Section 5,13S. No association shall
be organized with less capital than
100000 except that banks with q 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
5000 Inhabitants. and except that
banks with q capital OF not less than
S25, 600 may. with the sanction Of the
secretary OF the treasury, he organized
In any place the population OF which
does not exceed 5000 inhabitants. No
association shall be organized in city
the population OF which exceeds 10000
persons with capital less than $780,
0O0.'
"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 centufn per
nnnum, payable February I, 1904, and
any bonds of the United States bearing
interest at three per centum per an
mum. payable August |. 1908. 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 Mt the rate of two per centum
per annum. payable quarterly, such
bonds to be payable at the pleasure of
the United States after thirty years
from the date OF their issue, and said
bonds to he 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
III Wy VI Nib'i
pal or local authority;
Provided that such outstanding
bonds may be received In exchange at
a valuation not grenter than their pres
ent worth to yield m income of two
and one-quarter per centnm 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
ey In the treasury. not otherwise ap-
proprinted. u 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,GT4 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 he 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 cease three
months after such call; and there Is
in the treasury not otherwise appropri-
ated. to effect the exchange of bonds
provided for in this act, II 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. ~. That upon the deposit
with the treasurer of the United States
hy 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 oil 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-
plication to the comptroller of the cur
rency, to receive additional circulating
notes In blank TO an 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 bank
Ing associations heretofore issued and
subject to all the provisions of law af-
fecting such notes;
provided, that nothing herein con-
taIned shall be construed to modify or
repeal the provisions of sections o,167
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
ease the market value of bonds held
to secure the circulating notes shall
fall below the par value of the circu-
latlng notes outstanding. for which
such bonds may be deposited as secur-
lty; and,