The herald and news. (Newberry S.C.) 1903-1937, June 16, 1908, Page SEVEN, Image 7
^Hy law, not exceeding in amount <
j^Einety per centum of the market I
^Htlue, but not in excess of tho par I
^Bslue of any bonds so deopsited, such i
^Htftrket value to be ascertained and <
^Btetermined under the direction of I
JHho secretary of the treasury .
Tho treasurer of the United States, I
^Bvith the approval of the secretary of
^Bhe treasury, shall accept as security ,
^ for the additional circulating notes ,
^ provided for in this section, bonds or |
^ btlier interest-bearing obligations of ,
W&nv State of the United States, or ,
Wwiy legally authorized bonds issue by ,
fe^iiy city, town, county, or other
Cpegally constituted municipality or ,
rfjaifrtrict in the United States which |
a period of ten years previous to |
w|ch deposit lias not defaulted in the
payment of any part of either princi- ,
Vrafcor interest of any funded debt au- (
Subrized to be contrncfed by it, and
jSjp/|joso net funded indebtedness does
jfifiO.t exceed ton per centum of the val- !
W, 1
ggiption of its taxable property, to be
jptscertained bv the last preceding 1
^Bvalmition of property for the assess- 1
^nucnt of taxes. The treasurer of the
^ United States, with the approval of *
ho secretary of the treasury, shall '
^Hccopt, for tho purpose of this sec- (
HHion, securities herein enumerated in
^Huch proportions as lie may from time '
|H> time determine, and he may with f
BBich approval at any time require the
^HBnposit of additional securities or re- 1
^Huirc any association to change the 1
Hharacter of the securities already on 1
B'lSec. 4. That the legal title of all
^^ ">nds, whether coupon or registered, '
HHjfcpositod to secure circulating notes 1
^Hisuod in accordance rvflh the terms ot* '
^^weetion 3 of this act shall bo trans- 1
Mfrerred to the treasurer of the United I
l^fetatcs in trust for the association do- '
^^ ositing them, under regulations to
prescribed by tho secretary of tho
H^Bcasury. A receipt shall be given t>) '
mw' association by vmc treasurer or ]
assistant treasurer of tho United
fl^Rtcs, stating that such bond is hold
N^Btrust for the association on whose
^^^Hnlf the transfer is made, and as
S^^Opu'ity for tiie redemption and pay
Jlit, of any circulating notes that
?|e boon or may be delivered to such 1
D affiliation. No assignment or transCna?f
any such bom!" 7?v tho treasurer
Wi be deemed valid unless counter?|'d
by the comptroller of the
Dwmcy. The provisions of sections
r* 51G5, 51(50 and 5107 and
$ jfis ,r)-^ 5234,inclusive, of the
jtfised statutes respecting United
Pjrtratos bonds deposited to secure eir9
dilating notes shall, except as herein
modified, be applicable to all bonds
H deposited under the terms of section
9 3 of this act.
us See. 5. That the additional circu||j
lating notes issued under this act
l|| shall bo used, held, and treated in tho
I same way as circulating notes of naH
lioniil banking associations heretoM
fore issued and secured by a dell
]>osit of I nited States bonds, and shall
Who subject to all the provisions of
'Hi ^aw deling such notes except as
H herein expressly modified: Provided,
That the total amount of circulating
ka notes outstanding of any national
I| banking assosiation, including notes
secured by United Slates bonds as
li now provided by law, and notes scI
cured otherwise than by doposit of
H such bonds, shall not at any time cx1|
coed tho amount of its unimpaired
9 capital and surplus: And provided
I further, That there shall not bo out|]
standing at any time circulating
a notes issued under the provisions of
I this act to an amount of more than
S $500,000,000.
1' Sec. 0. That whenever and so long
4Vas any national banki.rg association
(Alias outstanding any ot the additional
^circulating notes authorized to bo isjfcued
by the provhons of this act
ffljt shall keep on deposit in the traaIJjurv
of the United States, in addition
* fflo the redemption fund required by
BHpetion 3 of the act of June 20th,
wjp74, an additional sum equal to five
r&m* centum of such additional circujration
ai any time outstanding, such
additional live per centum to be treat'
IHf' anf^ in ;ill respects in
^Kc same manner as the original refpftmption
fund provided for by said
j predion 3 of the act of June 20th,
S|MSce. 7. In order that the distribul|wn
of notes to be issued under the
* g>Br,visions of this act shall be made
Kg equitable as practicable between
n various sections of the country,
secretary of I he. treasury r-.Tia!f
rot approve applications from assoiigfafions
in any State in excess of the
E^fflount of which such State would
fip^j entitled of the additional notes
gfjHBL'oin authorized on tlie basis of tho
l^ffoportion which I ho rmfmpairod
^Wpilal and surplus* of the national
I, ,'' icf associa'' < in such State
o the ' amount of unim-Mpi'
surplus of tho nassociations
of tlie
Provrded. howovijj.
ffi? ise the applicati<V.i. from
?gj ,lions in any Stale shall not be
ggj |o I lie amount, which the asso
stations of such State would bo on-1
itlod to undor this method of distribution.
the seoretary of tho rreatji^y
may, in his discretion, to meet an
emergency, assign tho amount not
thus applied for to any applying assoctation
or associations in States in
the same section of tho country.
See. 8. That it shall bo tho duty
>f the secretary of tho treasury to
* am information with reference to
the value and character of the securities
authorized to be accepted unler
the provisions of this act, and he
,a'l from time to time furnish information
to national banking associations
as to such securities as would
>e acceptable under the provisions of
tins act.
Sec. 0. That section 5214 of the reused
statutes, as amended, be furlniv
amended to read as follows:
''Sec. ">214. National banking associations
having on deposit bonds
>t the United States, bearing interest
it the rate of two per centum per
jnnuin, including the bonds issued
tor the construction of the Panama
k.a"al, under t lie provisions'of secion
8 of 'An act to provide for tho
oustruction of a canal connecting the
ivaters of the Atlantic and Pacific
jceans," approved June 28, 1902, to
secure its circulating notes, shall pay
? t,1(! Ireasurer of (He United States,
n the months of January and Julv,
i tax of one-fourth of one per cen11,11
each half year upon the average
unount of such of its notes in cfr-'
illation as are based upon the <h<-j
|?osit of such bonds; and such asso-1
nations having on deposit bonds of I
I he I nited States bearing interest at '
it rate higher than two per centum j
per annum shall pay a tax of one-half)
!>f one per centum each half year up-j
>n the average amount of such of its
notes in circulation as are based up-j
>n the deposit of such bonds. National
hanking associations having circulating
notes secured otherwise than bv
bonds of the United Stales shall pay
for the first month a tax at the rate
dI live per centum per annum upon
the average amount of such of their
notes in circulation as are based upi>n
the deposit of such securities, and
afterwards an additional tax of one
per centum per annum for each month
until a tax of ten per centum per annum
is reached, and thereafter such
tax of ten per centum per annum,
upon the average amount of such
notes. I'jvery national banking association
having outstanding circulating
notes secured by a deposit, of other
securities than United States bonds
shall make monthly returns, under
oath ot its president or cashier, to the
treasurer of the United States, in
such I firm as the treasurer may prescribe.
of the average monthly amount
of its notes so secured in circulation;
and il shall be the duty of the comptroller
of the currency to cause such
reports of notes in circulation to be
verified by examination of the banks'
records. The taxes received on circulating
notes secured otherwise than
by bonds of the United States shall
be paid into the division of redemplion
of the treasury and credited and
added to the reserve fund held for the
redemption of United States and
other notes."
See. 10. That section 0 of the act
approved July 12, 1882, as amended
by the act approved March 4, 1007,
he further amended to read as mollows:
"Sec. 0. That any national banking
association desiring to withdraw its
circulating notes, secured by deposit
ot United States bonds in the manner
provided in section 4 of the act
approved June 20, 1874, Is hereby authorized
for that purpose to deposit
lawful money with the treasurer of
the United States and, with the consent
of the comptroller of the currency
and the approval of the secretary
of the treasury, to withdraw a
proportionate amount of bonds held
as security for its circulating notes m
(lie order of such deposits: Provided,
That not more than $0,000,000 of
lawful money shall be so deposited
during any calendar month for this
purpose.
"Any national banking association
desiring to withdraw any of its circulating
notes, secured by the deposit
of securities other than bonds
of the United States, may make such
withdrawal at any lime in like manner
and effect by the vposif of lawful
money or notional bank notes with
the treasurer of the United States,
and upon such deposit a proportionate
share of the securities so deposited
mav be withdrawn: Provided, That
the deposits under this section to refire
notes secured by I he deposit of
securities other than bonds of the
1 nited Stales shall not be covered
into the treasury, as required by seelion
ti of an ad entitled 'An act directing
the purchase of silver bullion
and the issue of treasury notes
I hereon, and for oilier purposes,' approved
July I I, 1800,, but shall be
retained in the treasury for the purpose
of redeeming the notes of the
bank making such deposit.'
See. 11. lhat section 3172 of the
re\ ised statutes be, an<l tho same is
i hereby, amended to road as fol^
lows:
, ''See. 5172. In order to furnish
suitable notes for circulation, tho
comptroller of tho currency slu'jl, under
tho direction of tho secretary of
Hie treasury, cause plates and dies
to bo engraved, in the best manner to
guard against, counterrbiting and fraudulent
alterations, and shall havo
printed ?therefrom, and numbered, i
'such quantity of circulating notes, in)
blank, of the denominations of $5,
$10, $20, $50, $100, $500, $1,000 and
$10,000, as may be required io supply
the associations entitled to receive
tlie same. Such notes shall state upon
their face that (hey are secured
by I nited States bonds ov other securities,
certified by rite written or engraved
signatures of the treasurer
and register and by the imprint of
(lie seal of the treasury. They shall
also express upon their face the ptomiso
of (lie association receiving the
same to pay on demand, attested by
the signature o! the president or vicepresident
and cashier. The comptroller
oi tin; currency, acting under tho
direction of the secretary of the trea- I
sury, shall as soon as practicable
cause to be prepared circulating notes
in blank, registered and countersigned,
as provided by I.tw, to an amount
equal to It ft y per centum of the capital
stock of each national banking
association; such noles lo be deposited
in the treasury or in the sublrea|snr.v
of the I'nilcd Stales nearest I lie
place oL business ot each association,
and to be held lor such association,
subject lo (lie order of tho comptroller
of the cureney, for their delivery
as provided by law: Provided, That
the complroller of the currency mav
issue national bank 11070s of the present
form until plates can be prepared
and circulating notes issued as
above provided: Provided, however,
That in no event shall bank notes of
the present form be issued to any
bank as additional circulation provided
for by this act."
Sec. 12. That circulating notes of
national banking associations, when
presented to the treasury for redemption,
as provided in section of the
act approved June 20, 1874, shall be
redeemed in lawful money of the
Vnited States.
Sec. 1,]. lhat all acts and orders of
j the comptroller of (he currency and
the treasurer of the I'nilcd States authorized
by this act shall have tho approval
of the secretary of the treasury
who shall have power, also, to
make any such rules and regulations
ami exercise such control over the organization
and management of national
currency associations as mav
be necessary lo carry out the purposes
of this act.
Sec. 1-1. Thai the provisions of section
J)101 ol the revised statutes, with
reference to the reserves of national
banking associations, shall not apply
to deposits of public money bv the
I nited Stales in designated depositaries.
Sec. l.>. lhat all national banking
associations designated as regular depositaries
of public money shall pay
upon all snee.ial and additional deposits
marie by I he -rercfarv of the
treasury in such depositaries, and all
such associations designated as temporary
depositaries of public, money
shajll pay upon all sums of money deposited
in such associations interest
at such rate as the secretary of the
treasury may prescribe, not less,
however, than one per centum per
annum upon the average monthly
amount of such deposits: Provided,
however, That nothing contained in
this act shall bo construed to change
or modify the obligation of any association
or any of its officers for I he
safe-keeping of public money: Provided
further. That the rate of interest
charged upon such deposits
shall be equal and .. irfnym throughout
I he United Stales.
Sec. It). That a si,??i sufficient to
carry out the purposes of the preceding
sections of I hi* act, ts lierohv
appropriated out of any money in
! I he treasury not otherwise appropriated.
Sec. 17. Thai a commission is hereby
created, to be called I he <l National
Monetary Commission," lo be composed
of nine members of the senate,
to be appointed by the presiding officer
I hereof, and nine members of
I he house of represrnfalivos, lo be
appointed by the speaker thereof;
and any vacancy on the commission
shall be filled in the same manner as
the original appointmenf.
I Sec. 18. That il shall be the duty
of this commission to inquire into and
report lo congress at the earliest date
practicable, what changes are necessary
or desirable in the monetary
system of the I'nilcd States or in
! I he laws relating fo banking and curiiency,
and for (his purpose tliov arc
authorized lo sit dining flic session*
or recess of congress, at such limes
*
ami places as they may deem desirable,
to seud for persons and papers,
to administer oaths, to summons and
compel the attendance of witnesses,
and to employ a disbursing officer and
such secretaries, experts, stenographers,
messengers, and other assistants
as shall be necessary to carry out the
purposes for which s?tixt commission
was created. The commission shall
have the power, through snbeommit- 1
tee or otherwise, to examine witnesses '
and to make such investigations and (
examinations, in this or other countries,
of the subjects committed to ,
their charge as they shall deem
necessary.
Sec. 10. That a sum sutUcient to |
carry out the purposes of sevtions 17 !
and 18 of this act, and to pay the !
necessary expenses of the commission
and its members, is hereby appro- '
printed, out of any money in the ,
treasury not otherwise appropriated.
Said appropriation shall be immediately
available and shall be paid out
on the "audit and order of the chairman
or acting chairman of said coinmission,
which audit and order shall '
he conclusive and landing upon all i
departments as to the correctness of!
the accounts of such commission.
Sec. 120. That this act shall expire
by limitation on the Lltli day of June,
1011.
Approved, May .10, 1008.
MRS GOULD EMBARRASSED ADA
REHAN.
An Anecdote of the Theatrical Days
of the Society Leader.
Mrs. George ,T. Go.ild is possessed
of rarely strong will power. Once
convinced that she is right, nothing
short of a miracle can sway her.
An incident which occurred w IPle |
she was still Edith Kingdon and was
playing with Ada Kehan, resit.<ed in
permanently strained relations between
the two women, says Dina
llnneker in the New Idea Woman's
Magazine for July. A special performance
was given one afternoon at
Daly's Theater, the receipts to be
devoted to charity. Some friends interested
in the affair sat in a stage
box. Before them, in floral magnificence,
were three huge bunches of
deep red roses, intended for the
principals in 1 he cast>?Mrs. Gilbert,
Miss Kelu.n and Miss Kingdom
Tn the early part of the act tho
first, two ladies received their flowers,
and as soon as Miss Kingdon appeared
the remaining bunch of
American Beauties was flung in her
direction. She took no liotiee. simply
going on with h? r fines. Miss Kehan
in low tone surged her to pick
them lip. to which Miss Kingdon replied
in equally guarded manner,
"They are for you." Finally. Miss
Kehan. recognizing the discourtesy of
allowing the gift to remain on tno
I floor, took up the flowers and gracefully
offered them to her srsver artiste.
who, putting forth her hand in
emphatic protest, again refused to
receive them. Miss Kehan then flung
them on a near-by divan. Tn justificntion
of Miss Kingdon, it is only
fair to say she was unaware that
either Mrs. Gilbert or Miss Relian
had received their roses, and refused
an honor which she felt was not intended
for her. The incident caused
considerable friction in the company,
each side having its partisans. Ada
i Kehan never forgavo nor forgot.
BARBECUE NOTICE.
The undersigned will furnish a
first class barbecue at. Mt. Bethel
academy in No. 2 township, July 21,
campaign day.
S. J. Cromer.
Plenty of Trouble
is caused by stagnation of the liver
and bowels. To get rid of it and J
headache and biliousness and tin?
poison that brings jaundice take Dr.
Kiwr's New Life Bills the reliable
purifiers that do the work without |
grinding or griping. 25c. at W. E. j
Belhani <Sr Son's drug store.
STATE <>K SOITH CAROLINA,
COt'XTY OK XKWBEKKY.
Iiy Erank M. Sehiuupert, Esquire, i
I'rohate Judge.
WIIEKEAS, .). J. Hipp lintli made
suit to me, to grant him letters of J
administration of' the estate of and
effects of M. 1 lip,-.
THESE AKE TilEKEEOKE to cite i
and admonish all and singular the
kindred and creditors of the said M. j
Q. Hipp, deceased, that they be and i
appear before me, in the court of!
probate, to be held at Newberry, S. ;
('., on Erida.v, 2<?tli day of June nex*. |
after publication thereof, at II ^
o'clock iti I he forenoon, to show
cause, if any they Tiave, why the!
said administration should not be!
granted.
01 VEX under my hand, this lltlij
day of June Anno Domini, 1008.
Frank M. Schnmpert,
J. P. N. O.
NATIONAL BANK OF
4-5' 0S
a d m l^csa f~~
a> Ps) a> 'T i?
? 1 9 ? Wrmfcg
s ? 1 Ir fJI
55 ^ ^ ?r n?--awW
3 5 s 1--JK1
* % > JSm
< *1 fiafl
ni
J .5 L JB
"AIN'T NO BSE, BILL, IT
A repository in which yo
posited, and maybe your val
strong enough to resist th<
Entrust them to us. They
With an account opened w
check, thereby insuring accu
methods of keeping account
convenience and safeguard f<
DIRECT
M. A. Carlisle. H. C. Mc
J. A. Blackwelder. Robt. Nc
B. C. Matthews. S. B, Aul
We Lend
TC
Buy H
We provide easy terms
We enable borrowers I
in Monthly Installments,
allowed to meet obligatic
It is cheaper than payir
to save money to buy a Y
Contract.
If you want to save mo
take a Security Contract
Call on A. J. Gibson, A
Treasurer, at office, corr
streets, next door to Goy
SECURITY LORN M
H V
F ree!
With every thousanc
bought of me at $8.0C
give absolutely free one
42 Piece Dinner Set. D
tunity.
MAYES' BOI
WANT
To call your att<
of Box Paper, Tabl
Ledgers, Cash B
tracts, Talcum Po
*ter and Tooth Pi
make the prices r
see us before makir
Broaddu
i HERALD & NE\
NEWBERRY S.C'S
BURGLAR PROOF."
u have your money deuables
stored, should be
e attacks of the burglar,
will be absolutely safe,
ith us you can pay by
racy and system in your
:s. There is no greater
>r handling money than
CCOXJ'WT.
ORS:
>seley. T. B. Carlisle.
>rris. Geo. Johnstone,
il. Jos. H. Hunter.
I Money
>
/
omesl
i of payment.
:o accumulate a fund
on which interest ifl
>ns at maturity.
lg rent. If you want
tome take a Security
ney for any purpose
. It pays*
sstant Secretary and
ler Boyce and Adams
3eland Brothers.
I INVESTMENT SO.
^7" .0.^.5 .o. x~a. aa. o.
Free!
i Comic Post Cards
) per thousand I will
1 beautiful Decorated
on't miss this opporJK
STORE.
go
sntion to our line
ets, Note Books,
ooks. Also Exwder,
Toilet WaDwder.
We will
"ight. Come and
lg your purchase.
s & Ruff
VS BUILDING.