The morning journal-courier., 1908-01-08
Limitations of the Issue.

Provided, that the amount Of such additional circulating notes delivered at any time to any association shall not in any case exceed the limit fixed by the comptroller of the currency,
 And providing, further, that the to- tai amount of circulating notes out standing of any national banking asso- citation secured by United States bonds or otherwise, shall not at any time exceed the amount of its unimpaired capital and surplus
 And provided, further, that there shall not be outstanding at any time circulating notes issued under the pro visions of this act to an amount of more than s250,000, 900.
 And provided, further, that all acts and orders of the comptroller of the currency and the treasurer of the United States authorized by this sec tion shall have the approval of the secretary of the treasury
 Security of Notes.
 Section 2-That the treasurer of the United States, with the approval of the secretary of the treasury, may ac- cept as security for the additional cir culating notes provided for In the pre- ceeding section. bonds or other inter st-bearing obligations of any state of the United States or any legally au- thorized bonds issued for any munic- ipal purposes by any city or county in the United States which has been in existence as a city or county for a period of fifteen years, and which for a period of ten years previous to such deposit has not defaulted in the pay ment of any part of either principal or interest or any funded debt authorized to be contracted by it, and which has at such date more than twenty thou sand inhabitants as established by the last census and whose net indebted ness does not exceed 10 percentum of the valuation of the taxable property therein, to be ascertained by the last preceding valuation of property for the assessment of taxes.
 Or the first mortgage bonds of any railroad company not including street railway bonds, which has paid dividends of not less than percentum per annum regularly and continuous ly on its entire capital stock for a period of not less than five years per vious to the deposit of the bonds.
 The treasurer of the United States with the approval of the secretary oi the treasury. may accept, for the pur- poses of this act. securities herein enumerated in such proportions as ht may from time to time determine, and he may at any time require the de. posit of additional securities or require any association to change the character of the security already on deposit.
 Bonds Deposited in Treasury.
 Section 3-That all bonds deposited tc secure circulating notes issued in ac- l cordance with the terms of this aci shall be transferred to the treasurer oi the United States in trust for the as sociation depositing them. with a mem orandum to that effect attached to ol written on each bond. and signed bs the cashier or some other officer of the association making the deposit
 A receipt shall be given to the asso- citation by the comptroller of the cur rency, or by clerk authorized by hin for that purpose. stating that such bond is held fo- the association or whose behalf the transfer is made. and as security for the redemption and payment of any circulating notes that have been or may be delivered to such association
 No assignment or transfer of an1 such bond by the treasurer shall bt