The Irish standard. [volume] (Minneapolis, Minn. ;) 1886-1920, 1908-01-11

AduAteO III Iue payment OF any part OF
either principal or interest of any
funded debt authorized to be con.
tracted by 1t, and which has at such
date more than 10000 inhabitants as
established by the last census, and
whose net indebtedness does not ex-
coed ten per centum Of the valuation
of the taxable property therein, to be
ascertained by the last preceding val
uation of property for the assessment
Of taxes; or the first mortgage bonds
Of any railroad company, not includ-
Ing street railway bonds, which has
paid dividends of not less than four
per centum per annum regularly and
continuously on it's entire capital
stock for period Of not less than
five years previous to the deposit Of
the bonds. The treasurer of the
United States, with the approval Of
the secretary of the treasury, may &C.
cept, for the purposes of this act, Sc.
curities herein enumerated in such
proportions as he may from time to
determine. and he may at any time
require the deposit of additional Sc
curities or require any association to
change the character of the security
already on deposit.
"Sec. 3. That all bonds deposited to
secure circulating notes issued in &C.
cordance with the terms of this act
shall be transferred to the treasurer
of the United States in trust for the
association depositing them, with a
memorandum to that effect attached
to or written or printed on each bond
and signed by the cashier or some
other officer of the association making
the deposit. A receipt shall be given
to the association by the comptroller
Of the currency, or by clerk author
lied by him for that purpose, stating
that such bond is held in trust for the
association on whose behalf the trans,
fer is made, and as security for the re-.
demption and payment of any circu.
lating notes that have been or may be
delivered to such association. No as.
signment or transfer of any such
bond by the treasurer shall be deemed
! valid unless countersigned by the
comptroller of the currency. The pro-
visions OF sections 5,163, 5,164, 5,165,
5,166 and 5,167 of the revised statutes
respecting United States bonds de.
posted to secure circulating notes
shall, except as herein modified, be
applicable to all bonds deposited under
the terms of this act'' ,.,s
The remaining portions of the bill
consist of additions to the existing
law. These additions provide for a
tax on the average amount of such
notes Of a banks circulation as are
based upon the deposit of bonds other
than bonds of the United States, pro-
vision being made in this section for
tax on notes secured by Panama
canal bonds amounting to one-fourth
of one per cent. each half year on
notes secured by two per cent. bonds.
Associations having on deposit bonds
bearing interest at higher rate than
two per centum per annum are re-
quired to pay tax of one.half per
cent. each half year on notes thus Sc
cured. -
A monthly tax of one.half of one
per cent. is imposed upon the average
! amount of notes issued on bonds other
than bonds of the United States, and
monthly returns, under oath, are re-
CURED of an association to show the
average monthly amount Of notes so
secured in circulation.
Exempting United States bonds
called for redemption by the secre.
tary Of the treasury, it is permitted by
the bill that national banking associa-
tions may withdraw their bonds held
for circulation security by the deposit
of lawful money to a proportionate
amount.