Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-02-24


nominations of teR-deiiArs or less shall be
substituted therefor, and after such sub
stitution in whole t9ran part like volume
of United States notes of less denouiina-
ton than ten dollars shall from time to
time be retired anal caAfeled, and notes Of
denominations of ten dollars and upward
shall be reissued In substitution therefor.
with like qualities and restrictions as those
retired and cancel4
Subsidiary SILVER Coinage.
Section s. That the Secretary of the
Treasury is hereby authorized to use at
his discretion any silver bullion in the
treasury OF the United States purchased
under the act of July Il. 1880, for coinage
into such denominations Of subsidiary si-
yer coin as may be necessary to meet the
public requirements for such coin:
Provided, That the amount Of subsidiary
silver coin outstanding shall not at any
time exceed IN the aggregate one hundred
millions Of dollars. Whenever any silver
bullion purchased under act of July IA.
1890, shall be used In the coinage of sub
sidiary silver coin an amount Of treasury
notes issued under said act equal to the
cost of bullion contained in such coin
shall be Cancelled and not reissued.
Worn and Uncurrent Coin. Pa.
Section 0. That the Secretary of the
Treasury is hereby authorized and directed
to cause all worn and uncurrent subsidiary.
silver coin Of the United States row tn the
coined. and to reimburse the treasurer of
the United States for the difference be-
tween the nominal or face value of such
coin and the amount the same will produce
in new coin from any moneys in the treas
ury not otherwise appropriated
National Banks.
Section 10. That section 513S of the Re
vsed Statutes is hereby amended so as to
read as follows:
N.Y.
ganized with a less capital than 100000,
except that banks with capital of not less
than $50, 600 may, with the approval of the
Secretary OF the Treasury. be organized in
any place the population of which docs not
exceed 5000 inhabitants, and except that
banks with capital OF not less than
$4,000 may, with the sanction of the Sec
rotary Of the Treasury. be organized in any
place the population Of which does not ex-
coed 5000 Inhabitants. No association shall
be organized in a city the population of
which exceeds $4,000 persons with a capital
Of less than 500,
RefundinK the Public Debt.
Section II. That the Secretary of the
Treasury is hereby authorized to receive at
the treasury, any of the outstanding bonds
of the United States. bearing interest at
|'per cent per annum. payable February l.
1904, and any bonds of the United States
bearing interest at 4per cent per annu1n.
payable July l. 1907, and any bonds of the
United States bearing interest at per cent
per annum, payable August l, 1908. aud to
issue in exchange therefor an equal amount
of coupon registered bonds Of the United
States, in such form as he may prescribe, in
denominations of $50 any multiple there
of. bearing interest at the rate of per cent
per annum. payable quarterly, such bonds
to be payable at the pleasure Of the United
States after thirty days from the date of
tt,ai~ tec,ra ar,1 sold hN,, nc, no, n In
principal and interest, in gold coin of the
present standard value, and to be exempt
from the payment iof all taxes or duties of
the United States. as well as from taxa
ton in any form by or under state, NUM-
cipal or local authority:
Provided, That such outstanding bonds
may be received in exchange at a valua-
ton not greater than their present worth
to yield income of "a per centum per
annum; and in consideration of the reduc-
ton of interest effected the Secretary of
the Treasury is authorized to pay to the
holders of the outstanding bonds surren-
dered for exchange. out of any money in
the treasury not otherwise appropriated a
sum not greater thanf<the difference be-
tween 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 sink
ing fund created by section 1854 of the Re-
vised Statutes
And provided Further That the per
centum bonds to be Issued under the pro-
visions of this act shall be. issued at not
less than par, and they shah be numbered
consecutively in the order of their ISSUE
and when payment is made the last num-
bers issued shall be first paid. and this
der shall be followed until all the bonds are
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, to effect the exchanges of
bonds provided for in this act a not
exceeding one-fifteenth of 1 per centum of
the face value of said bonds to pay the
expense of preparing and issuing the same
and other expenses incident thereto.
Bank Circulation.
Section IL. 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 pro-
vided by existing law, such association
shall be entitled to receive from the con-
troller of the currency circulating notes in
blank. registered and countersigned pro-
vided by law, equal in amount to the par
value of the bonds so deposited, and any
national banking association now hav-
ing bonds deposit for the Sc
curity of circulating 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
additional circulating notes in blank to
amount which will increase the circulating
notes held by such association to the par
value Of the bonds deposited. such addi-
tional notes to be held and treated in the
same way circulating notes of national
banking associations heretofore issued, and
subject to adj the provisions of law affect
ing such notes.
Provided, That nothing herein contained
shall be construed to modify repeal the
provisions of section 5167 of the Revised
Statutes of the United States. authorizing
the controller of the currency to require
additional deposits of bonds or of lawful
money in case the market value of the
bonds held to secure the circulating notes
shall fall below the par value of the cir
culating notes outstanding for which such
bonds may be deposited as security:
And provided, further, That the circulat
ing notes furnished to national banking
sociations under the provisions of this act
shall be of the denominations prescribed by
law. except that no national banking asso-
citation shall, after the passage of this act.
be entitled to receive from the controller
of the currency, or to issue reissue or
place in circulation more than one-third
in amount of Its circulating notes of the de-
nomination Of five dollars:
And provided, further That the total
amount of such notas <As}ea tn apy