Page:United States Statutes at Large Volume 35 Part 1.djvu/568

 55 SIXTIETH CONGRESS. Sess. I. Ch. 229. 1908. . Bwi That the total amount of circulating notes outstanding of ndilagih iiiiniissim of any nghal banking association, including notes secured by United States bonds as now provided by law, and notes secured otherwise than by deposit of such bonds, shall not at ailily time exceed the amount Maximum of uddi- of its unimpaired capital and surplus: An provided further, That °°“’“"°”°" there shall not be outstanding at any time circulating notes issued under the revisions of this Act to an amount of more than five hundred mTions of dollars. my? *“”,,§;,_ Sec. 6. That whenever and so long as any national banking associament my mhihcun tion has outstanding any of the additional circulating notes authorized °"°“l"°°“‘ ‘ to be issued by the rovisions of this Act it shall keep on deposit in V°*-*°·P-12* the Treasury of the Ilnited States, in addition to the redemption fund required by section three of the Act of June twentieth, cig teen hundred and seventy-four, an additional sum equal to five per centum of such additional circulation at any time outstanding, such additional five per centum to be treated, held, and used in all respects in the same manner as the original redemption fund provided for bg said section three of the Act of June twentieth, eighteen hundre and seventy-four. . rmpennissi as- Sec. 7. In order that the distribution of notes to be issued under §}_$,}',’{‘f,g'jcu*{_fng,;"{,; the provisions of this Act shall be made as equitable as practicable Swes between the various sections of the country, the Secretary of the Treasury shall not approve applications from associations in any State in excess of the amount to which such State would be entitled of the additional notes herein authorized on the basis of the proportion which the unim ired capital and surplus of the national banking associations in such St-ate bears to the tota amount of unimpaired capital and surmm. plus of the national banking associations of the United States: H0- ' mg",§_"°”°Y ‘“'“"' vided, however, That in case the applications from associations in an State shall not be e ual to the amount which the associations of such State would be entitled to under this method of distribution, the Secretary of the Treasury may, in his discretion, to meet an emergency, assign the amount not thus applied for to any applying association or associations in States in the same section of the country. t Infomntgonbgtc-Q; Sec. 8. That it shall be the duty of the Secretary of the Treasury c3.·;h$§°° ° ° to obtain information with reference to the value and character of the securities authorized to be accepted under the provisions of this Act, and he shall from time to time furnish information to national banking associations as to such securities as would he acceptable under the provisions of this Act. ',§f’§£j";gf°g,jf{*°’,§; Sec. 9. That section fifty-two hundred and fourteen of the Revised log); md b t _ r Statutes, as amended, be further amended to read as follows: w.tii.ma.._ y "° P" “Suc. 5214. National banking associations having on deposit bonds . of the United States, bearing interest at the rate of two per centum per annum, including the bonds issued for the construction of the Vol. 32. p. 484. anama Canal, under the provisions of section eight of ‘An Act to provide for the construction of a canal connecting the waters of the Atlantic and Pacific oceans] approved June twenty-eighth, nineteen hundred and two, to secure its circulating notes, shall pay to the Treasurer of the United States, in the months of January and July, a tax of one-fourth of one per centum each half year upon the average amount of such of its notes in circulation as are based upon the deposit B,. bond, _,, higher of such bonds; and such associations having on deposit bonds of the per annum shall pay a tax of one-half of one per centum each half year upon the average amount of such of its notes in circulation as are BY 0****** *¢¤¤**°¤- based upon the deposit of such bonds. National banking associations having circulating notes secured otherwise than by bonds of the United States shall pay for the nrst month a tax at the rate of five per centum per annum upon the average amount of such of their notes in circulation as are based upon the deposit of such securities, and afterwards
 * ¤¤¢*¢¤*- United States bearing interest at a rate higher than two per centum