The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-01-08
THE CURRENCY Bill
REPORTED TO SENATE ]! 4
Continued from First Paseo

ditional circulating notes to be
secured by the deposit Of bonds
other than bonds Of tho United
States. The Comptroller of the
Currency, IL, in his Judgment, BUS
mess conditions demand such nd-
dItional circulation, and the condi-
ton OF the association making
the application warrants the Issue,
may approve such application, and
shall determine the tiIne of Issue,
and shall fix the amount Of such
additional circulating notes to BIO
Issued. ~
whenever. after receiving no.
tice OF such approval, any such
association shall deposit with the
Treasurer or Assistant Treasurer
OF the United States such OF the
bonds described in section two OF
this act, as shall be approved In
character and amount by the
Treasurer OF the United States
and the Secretary of the Treas
ury, It shall be entitled to receive,
upon the order OF the Comptroller
OF the Currency. circulating notes
In blank. equal In amount
to 20 per centum OF the market
value. as fixed by the Treasurer
OF the United States. OF the bonds
so deposited. such additional cir
culating notes to be used, held and
treated In the same way as circu-
lating notes of national banking
association heretofore issued and
secured by q deposit of United
States bonds, and shall be subject
to all the provisions of law affect
ing such notes..providing that the
amount Of such additional cIrcu-
iating notes delivered Mt any
time to any association shall not
In any case exceed the limit fixed
for such Issue by the Comptroller
of tn. Currency.
THAT the total amount OF cir
culating notes of any national
banking association, secured By
United States bonds or otherwise.
shall not at any time exceed the
amount of Its unimpaired capital
and surplus. and THAT there shall
not be outstanding at any time
circulating notes issued under the
provisions OF this act to an
amount of more than $3.50 ,00e, 600:
and that all acts and orders Of
the Comptroller of the Currency
anu lHe VI She " HhSSA
States, authorized by this section.
shall have the approval OF the
Secretary OF the Treasury.
Bonds ms Security.
Section o.-That the Treasu-
rere OF the United states, with the
approval of the Secretary Of the
Treasury. may accept as security
for the additional circulating notes
fN, In, o..
ton, bonds or other interest-bear-
Ing obligations of any State of the
United States, or any legally au-
thorIzed bonds issued for munich
pal purposes by any city or county
in the United States. which has
been in existence as city or
county for period OF fifteen
years, and which for period OF
ten years previous to such deposit
has not defaulted In the payment
OF any. part OF either principal or
Interest Of any funded debt author.
lied to be contracted by 1t, and
which has at such date more than
10000 inhabitants. as established
B by the last census, and whose net
Indebtedness does not exceed 10
per centum OF the valuation OF
the taxable property therein, to
be ascertGined by the last preced-
ing valuation Of property for the
assessment OF taxes: or the hrst
!. mortgage bonds Of any, railroad
company. not including street rail-
way bonds, which has paid divi-
bends Of not less than 4 per CEN
tums per annum regularly and con-
tinuously on Its entire capital
stock for period OF not less than
y five years previous to the deposit
of the bonds.
The Treasurer Of the United
States. with the approval of the
d SECRETARY Of the Treasury. &
may at any time require the deposit
of additional securities OF; require
any association to change the
character OF the security already
on deposit, 4 E. Is 4 Il .43
Held In Trust. q, ,
Section 8. That 6all bonds de-
posted to secure circulating notes
issued In accordance with; the
terms of this act shall be trans
tferred to the treasurer OF the
United States in trust for the assoc
citation depositing them. ~ ~ =, =. Il
THE remaining portions OF the
II bill consist Of additions to the
existing law. providing for a tan
tx on the avera &c amount OF such