Page:United States Statutes at Large Volume 31.djvu/100

 48 FIFTY-SIXTH CONGRESS. Sess. I. Ch. 41. 1900. July fourteenth, eighteen hundred and ninety, shall 'be used in the coinage of subsidiary silver coin, ai. amount of Treasury notes issued under said Act equa to the cost of the bullion contained in such coin ' shall be canceled and not reissued. . r€§§¤§{)¤§$a<;§_¤;;fy;; Sec. 9. That the Secretary of the Treasury is hereby authorized and coin.b directed to cause all worn and uncurrent subsidiary silver coin of the United States now in the Treasury,. and hereafter received, to be recoined, and to reimburse the Treasurer of the United States for the difference between the nominal or face value of such coin and the amount the same will produce in new coin from any moneys in the Treasury not » otherwise appropriated. — - R. S..sec.¤138.1>·9¤3. Sec. 10. at section fifty-one hundred and thirty-eight of the “m°"°°Yl' Revised Statutes is hereby amended so as to read-as follows :‘ · i Reqgsimlgslrgtei ?‘Section 5138. No association shall be organized with a less capital °' ““ °““ _ ° °“ than one hundred thousand dollars, except t at bankswith a capital of not less than fifty thousand dollars may, with the approval of the Secretary of the reasury, be organized in any place the population of which does not exceed six thousand inhabitants, and except that_ banks with a capital of not less than twenty-five thousand dollars may, with the sanction of the Secretary of .the—Treasury, be organized in any place the pulation of which does not exceed three thousand inhabitants. bldoassociation shall be organized in a city the population of which exceeds fift thousand persons with a capital of less than two hundred thousand dol7lars." R¤f¤¤<1i¤s b¤¤¤¤· Sec. 11. That the Secretary, of the Treasury is hereby authorized to receive at the,Treasury any of the outstanding bonds; of the United States bearin interest at five per centum per annum, ayable February _ first, nineteenghundred and four, and any bonds of the llgnited States bear- ’  ing interest at four per centum- per annumiyiayable July first, nineteen —r¢i¤¤¤t<:i¤btg¤ref;;¤s 2 hundred andseven, and any bonds of the nited States bearing interim? °°° r` `est at three per centum per annum, payable August first, nmeteen  hundred and eight, and. to issue in exchange therefor an equal amount · »of coupon or registered bonds of the United States in such form as he may rescribe, in denominations of fifty dollars or any multiple . thereof, hearing interest at the rate of two per centum per annum, gyablequarterly, such. bonds to be payable at they pleasure of the nited States after thirty years from the date of their issue, and said bondsto be payable, principal and interest in gold coin of the present standard value, and to be exempt from the payment of all taxes or duties of the United States, as well as from taxation in any form b Prmsqs. or under State, municipal, or local authority: Provided, That such ""“l““°‘°”’°m' outstanding bonds may .be received in exchange at a valuation not greater than their present worth to yield an income of two and onequarter per centum er annum; and in consideration of the reduction of interest effected, tihe Secretary of the Treasury is authorized to”pay to the holders of the outstanding bonds surrendered for exchange, out of any money in the Treasury not otherwise appropriated, a-sum not greater than the difference between their present worth, computed as n.s.,see.s6s4,p.vso. aforesaid and their par value, and the payments to be made hereunder — shall be held to be yments on account of the sinking fund created by section ·thirty-six hzhndred and ninety-four of the Revised Statutes: Issue of bondswbe And p7·0*vided.fur¢}1er,._ That the two per centum bonds to be issued M ’“"’°t°" under thelprovisions of this Act shall be issued at not less than par, and they s all be numbered consecutively in the order of their issue, and when fpayment is made the last numbers issued shall be first paid, and this order shall be followed until all the bonds are paid, and whenever any of the outstanding bonds are called for payment interest thereon shall cease three months after such call; and there is hereby appropriated out of any money in the Treasury not otherwise appropriated, to effect the exchanges of bonds provided for in this ct, a