The herald and news. [volume] (Newberry S.C.) 1903-1937, 1908-06-16

'ltieu " uHucF tnlS method or dlStfl-
button. the secretary Of tho treasury
may, in his discretion, to meet an
emergency, assign tho amount not
thus applied for to any applying as
sociation or associations in States In
the same section Of the country.
Sec. 8. Tha it shall bo tho duty
or the secretary of the treasury to
obtain information with reference to
the value and character of the Sc
curities authorized to be accepted un-
der the provisions of this act, and he
shall from time to time furnish in
formation to national banking asso-
clatlons as to such securities as would
be acceptable under the provisions of
| this act.
Sec. 8. That section 52l4 of the re-
vlsed statutes, as amended, be furtn-
er amended to read as follows:
''Scc. 52l4. National banking as,
sociati"ns having on deposit bonds
OF the United States, bearing interest
at the rate of two per centum per
amum, including the bonds issued
for the construction of the Panama
Canal, under the provisions of see
ton 3 OF An act to provide for the
construction of il canal connecting the
| waters Of the Atlantic and Pacific
occans,' approved June %, 1902, to
secure its circulating notes, shall pay
[" the treasurer of the United States,
| in the months Of January and July,
L tax Of one fourth Of one per cen
tum each half year upon The average
amount of such of its notes in cir
culation as are based upon the de-
posit of such bonds; and such asso-
Citations having on deposit bonds Of
the United States bearing interest at
Il rate higher than Two per ccntum
per annum shall pay,a tax of onc-half
of one per ccntum each half year up
on the average amount Of such Of its
notes III circulation as are based up
on the deposit Of such bonds National
banking associations having circulat-
ing notes secured otherwise than bv
bonds of the United States shall pay
for the first month tax at the rate
OF five per centum per annum upon
the average amount of such of their
notes in circulation as arc based up
on the deposit of such securities and
afterwards an additronai tax Of one
per centum per annum for each month
until tax of ten per centum per an
mum is reached, and thereafter such
tax OF ten per ccntum per annum,
upon the average amount Of such
notes. Every national banking asso-
citation having outstanding circulating
notes secured by ii deposit Of other
securities than United States bonds
shall make monthly returns, under
oath of its president or cashier, to the
such form as the treasurer may pre-
scribe. Of the average monthly amount
of It's notes so secured in circulation ;
and it shall be the duty Of the comp
trollcr of the currency to cause such
reports of notes in circulation to be
verified by examination Of the banks
records The taxes received on circu-
lating notes secured otherwise than
be paid into the division of rcdemp-
ton Of the treasury and credited and
added to the reserve fund held for the
redemption of United States and
other notes.
Sec. 10. That section Of the act
approved July l2, 1882, as amended
by the act approved March 4, 1907,
be further amended to read as mol
lows:
"Scc. 9. That any national banking
association desiring TO withdraw its
circulating notes, secured by deposit
of United States bonds in the man,
ncr provided in section 4 of the act
approved June 20, 1874, Is hereby a,,-
thorizcd for that purpose to deposit
lawful money with the treasurer of
thc United States and, with the con-
sent Of the comptroller of the cur.
rency and the approval Of the secre
tary Of the treasury, to Withdraw q
proportionate amount Of bonds held
as security for its circulating notes IN
the order Of such deposits: Provided
That not more thai: $9,000,000 OF
lawful money shall be so deposited
during any calendar month for this
purpose.
"Any national banking association
desiring to withdraw any Of its cir