The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-02-24

Stltuted therefor, and after such sub
StitutiOn, in whole or in part, like
volume Of United States notes of less
denomination than so shall from time
10 time be retired and cancelled. and
notes of denominations of so and up
ward shall be Fe-issued in substitution
therefor, with like qualities and re-
strictiOns as those retired and can
celied.
Use Silver Bullion.
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 pur-
chased under the act Of July IA, 1890
for coinage into such denominations Of
subsidiary silver coin as may be ueces-
saTy TO meet the public requirements
Cor such coin;
Provided. That the amount of sub
sidiary silver coin outstanding shall
not at any time exceed in the aggre-
gate 500. 900. COO Whenever any silver
bullion purchased under the act of
July IA, 1890, shall be used in the coin
age of subsidiary silver coin, an amount
Of treasury notes issued under said act
equal to the cost of the bullion con-
tanned in such coin Shall be cancelled
and not re-issued
Section 9-That the secretary Of the
treasury is hereby authorized and di-
rected to cause all worn and incur
rent subsidiary silver coin of the Unit
ed States now in the treasury, and
hereafter received, to be recOined and
to reimburse the treasury of the Unit
ed 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
fr-ea Ofharv4-fGp a nnTOnTiaf ted
Section 1O-That section 513S of the
revised statutes is hereby amended 50
az TO read as follows:
Banks In Small Towns.
Section 51SS-No association shall be
organized with a less capital than
500, 900, except that banks with a cap
ital Of not less than $50 goo may, with
the approval of the secretary of the
treasury, be organized in any place
the population of which does not eX-
coed 5000 inhabitants, and except that
banks with a capital Of not less than
Sz3,oUU may. win 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 a
city the population Of which exceeds
$4,000 persons syitn capital Of less
than 100000" y
Section 1l-That the secretary of the
treasury is hereby authorized to re-
ceiVe at the treasury any of the out
standing bonds Of the United States
bearing interest at ) per centum per
annum, payable Feb. /, 1904, and any
bonds Of the United States bearing in
forest at + per ceatum per annum, pay
able July 1. 1907, and any bonds of the
United States bearing interest at 3 per
Centum per annum, payable Aug. /,
1908. and to issue in exchange therefor
an equal amount of coupon or regis
istered bonds Of the United States in
such form as he may prescribe, in de-
nominations Of $50 or any multiple
thereof. bearing interest at the rate
Of two per centUm per annum. pay
able quarterly, such bonds 10 be pay
able at the pleasure Of the United
States after thirty years from the date
Of their issue, and said bonds to be
payable principal and interest. in gold
coin Of the present standard value,
and to be exempt from the payment
I Of all taxes or duties of the United
States as well as from taxation in any
[ form by or under state, municipal or
local authority;
/ Exchange OF Outstanding Bonds.
Provided. That such outstanding
! bonds may be received in exchange at
a valuation not greater than their
present worth to yield an income OF
-. per CentUm per annum; and IN con-
siderati ton of the reduction OF Intel est
effected the secretry of the treasury
is authorized to pay TO the holders
of the outstanding bends surrendered
/ for exchange, out of any money IN the
( treasury not otherwise appropriated, a
y Ans
! 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 &C
count of the sinking fund created by
/ section 1894 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 snail De
/ numbered consecutively in the order
of their issue, and when payment Is
made the last numbers issued shall pe
/ first paid, and this order shall be IOl-
/ lowed until all the bonds are paid, and
: whenever any Of the outstanding bonds
! are called for payment interest thereon
: shall cease three months afeer sucn can
and there is hereby appropriated OUT
/ of any money in the treasury not other
/ wise appropriated to erect the eA-
I changes Of BONDS provided Tor IN TINS
act, sum not exceeding One-hI teeHtii
/ of 1 DercentUm Of the face Yalue Oh
said bonds. to pay the expense OF pre-
pairing and issuing the same ana otheI
expenses incident thereto.
Circulating Notes For Banks.
Section 12-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 laws, such
! association shall be entitled 10 receive
from the comptroller of the currency
circulating notes in blank. registered
and countersignsa as provided by the
I law, equal in amount to the par value
of the bonds so deposited; and any ma
I tional banking association now having
/ bonds on deposit fer the security OF
circulating notes, and upon Wnlch dI
| amount OF circulating notes mas DeeI
I issued lees than the 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 WHICL
| will increase the circulating notes helC
by such association 10 the par value o.
/ the bonds deposited, such addiuona
notes to be held and treated IN the
same way as circulating notes OF ma
/ tioual banking associations heretofore
issued. and subject to all the provisions
Of law affecting such notes
Provided, that nothing herein con
tanned shall be construed to modify ol
repeal the provisions of section 5.lbi o.
the revised statutes Of the United
States authorizing the comptroller o.
the currency to require addltional Ge
posits of bonds or Of lawful money II
/ case the market value of bonds held e
secure the circulating notes shall tai
J baiDu- the par value of the circulating