Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1908-01-10

not less than so per centum Of its
capital stock, and which has sur
plus of not less than 20 per centum.
may make application to the comp
troller OF the currency for authority
to issue additional circulating notes
TO be secured by the deposit of
bonds other than bonds of the United
States. The comptroller of the cur
rency, II In his judgment business
conditions demand such additional cir
culation and the condition of the as.
ISOLATION making the application war
rants the issue, may approve such ap-
plication and shall determine the time
OF issue and shall fix the amount.
within the limitations hereinafter i'm
posed, of such additional circulating
notes to be issued. Whenever after
receiving notice of such approval any
such association shall deposit with
the treasurer or any assistant treas
urer Of the United States such of the
bonds described in section two of
this act as shall be approved in char.
acter and amount by the treasurer Of
the United States and the secretary
OF the treasury, it shall be entitled to
receive, upon the order of the comp
troller of the currency, circulating
notes. In blank, registered and coun-
tersigned as provided by law, equal
In amount to rs per centum OF the
market value. as fixed by the treas
urer Of the United States Of the bonds
SO deposited, such additional circulat-
ing notes to be used, held and treat
ed In the same way as circulating
notes of national banking associations
heretofore issued and secured by "a
deposit of United States bonds, and
shall be subject to all the provisions
of law affecting such notes. Provided,
that the amount of such additional cir
culating notes, delivered at any time
to any association, shall not in any
case exceed the limit fixed for such
issue by the comptroller Of the cur
rency. And provided further, that
the total amount of circulating notes
outstanding of any national banking
association secured by United States
bonds or otherwise, shall not at any
8 time exceed the amount of its unim-
paired capital and surplus. And pro-
vided further, that there shall not be
outstanding at any time circulating
notes issued under the provisions of
this act to an amount of more than
$250,000,O00. And provided further,
that all acts and orders of the comp
troller of the currency and the treas
urer of the United States authorized
by this section shall have the ap-
proyal Of the secretary OF the treas
ury.
Section 2. That the treasurer of
the United States, with the approval
OF the secretary of the treasury, may
+ accept as security for the additional
circulating notes provided for in the
! preceding section, bonds or other
Understanding obligations of any
+ state of the United States or any
legally authorized bonds issued for
municipal purposes by any city or
county in the United States, which
has been in existence as city or
county for a period of LIS years, and
which for period of ten years pre-
vious TO such deposit has not de-
faulted in the 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
2.