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LAWS CONCERNING MONEY, BANKING, AND LOANS.

issued at par.

And provided further, That the two per centum bonds, Bonds to be to be issued under the provisions of this act shall be issued at not less than par, and they shall be numbered consecutively in the order of their issue, and when payment 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 called for paymoney in the Treasury not otherwise appropriated, to effect the exchanges of bonds provided for in this act, a sum not exceeding one-fifteenth of one per centum of the face value of said bonds, to pay the expense of preparing and issuing the same and other expenses incident thereto.

Interest to cease on bonds

ment.

*

Approved, March 14, 1900.

NOTE. The act of May 26, 1906 (34 Stat. L., 202), amends section 6 of the above act to read as follows:

Proviso.

Issue to cease

coin in re

"Provided, That whenever and so long as the gold coin held in the reserve fund in the Treasury for the redemption of United if States notes and Treasury notes shall fall and remain below fifty serve is below $50,000,000. million dollars the authority to issue certificates as herein provided shall be suspended, but the Secretary of the Treasury is directed to coin, within reasonable time, any and all gold bullion held in said reserve fund in excess of fifty million dollars."

ACT OF JUNE 6, 1900.

CHAP. 780.-An act to create a commission to make settlement and adjustment with the Sioux City and Pacific Railroad Company of its indebtedness to the Government of the United States.

Bullion to be coined.

31 Stat. L.,

274.

and Pacific Commission

indebtedness of,,

created.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Secretary of the Treasury, the Secre- Sioux City tary of the Interior, and the Attorney-General of the Railroad. United States are hereby authorized and empowered to to adjust make settlement and adjustment of the Sioux City and to Government Pacific Railroad Company's indebtedness to the Government of the United States; and to that end may receive and determine upon any proposition or propositions from said Sioux City and Pacific Railroad Company or from any other person or persons, corporation or corporations, and may sell or assign the mortgage given by said company to the United States and do any and all things

powers.

proper and necessary to effect such settlement and ad-
justment and secure to the United States the largest sum
possible in the payment of said indebtedness up to the
full amount thereof: Provided, That they deem the same
for the best interests of the Government; and when such
settlement is approved by the President it shall become
operative, and the Attorney-General shall make the nec-
essary acquittances to said railroad company.
Approved, June 6, 1900.

ACT OF JUNE 6, 1900.

658.

31 Stat. L., CHAP. 797.-An act to provide better facilities for the safe-keeping and disbursement of public moneys in the Philippine Islands and in the islands of Cuba and Porto Rico.

Proviso. -qualificatlon, etc.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress as

Cuba, Porto sembled, That the Secretary of the Treasury is hereby

Rico, and Phil

Designation

eys.

ippines. authorized to designate one or more banks or bankers in of depositories the Philippine Islands and in the islands of Cuba and for public mon- Porto Rico in which public moneys may be deposited: Provided, That the banks or bankers thus designated shall give satisfactory security for the safe-keeping and prompt payment of the public moneys so deposited by depositing in the Treasury, United States bonds to an amount not less than the aggregate sum at any time on deposit with Application such banks or bankers: And provided further, That this Act shall apply to Cuba only while occupied by the United States.

to Cuba.

Approved, June 6, 1900.

JOINT RESOLUTION OF JUNE 6, 1900.

719.

31 Stat. L., (No. 32.) Joint resolution to authorize and empower the Banco Español de Puerto Rico (Spanish Bank of Porto Rico) to amend its by-laws.

Provisos. Security deposit.

Resolved by the Senate and House of Representatives of the United States of America in Congress assembled,

Banco Espa- That the Banco Español de Puerto Rico (Spanish Bank

ñol de Puerto

Rico may of Porto Rico) be, and the said institution is hereby,

amend its bylaws.

authorized and empowered to amend article one of its by-laws, which said by-laws are referred to in, and published with, the royal (Spanish) decree dated May fifth,

anno Domini eighteen hundred and eighty-eight, granting a concession to said bank, so as to change its name to that of Bank of Porto Rico (Banco de Puerto Rico) and to substitute for its capital in pesos the equivalent in money of the United States at the ratio established by law, and to amend article thirty-one of said by-laws, so that to be a councilor of said bank it may not be necessary to be a Spaniard, and further to modify and amend said by-laws, but always in accordance with existing law, and subject to the approval of the governor of Porto Rico: Provided, That nothing herein contained shall be held to enlarge or to permit the enlargement, enlarged. in any manner or to any extent, of any of the rights, powers, or privileges granted to said Banco Español de Puerto Rico (Spanish Bank of Porto Rico) by the Government of Spain: And provided further, That nothing control unherein contained shall be held in any wise to limit or abridged. curtail any power which the Government or the Congress of the United States possesses in respect of said bank, its powers, privileges, or franchises.

Federal

Approved, June 6, 1900.

ACT OF MARCH 3, 1901.

CHAP. 871.-An act to amend section fifty-one hundred and fifty-three of the Revised Statutes of the United States.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section fifty-one hundred and fifty-three of the Revised Statutes of the United States be amended to read as follows:

Provisos.

Powers not

31 Stat. L.,

1448.

National banks depositaries of public moneys, except

ceipts.

applicable to Alaska, etc.

"SEC. 5153. All national banking associations, designated for that purpose by the Secretary of the Treasury, shall be depositaries of public money, except receipts customs refrom customs, under such regulations as may be prescribed by the Secretary, but receipts derived from duties-exception not on imports in Alaska, the Hawaiian Islands, and other a wall, islands under the jurisdiction of the United States may be deposited in such depositaries subject to such regula- amended. tions; and such depositaries may also be employed as financial agents of the Government; and they shall perform all such reasonable duties as depositaries of public moneys and financial agents of the Government as may be required of them. The Secretary of the Treasury

R. S., sec. 5153, p. 996,

ACT OF JUNE 28, 1902.

484.

32 Stat. L., CHAP. 1302.—An act to provide for the construction of a canal connecting the waters of the Atlantic and Pacific

oceans.

tions.

Interest.

price.

shall require the associations thus designated to give satisfactory security, by the deposit of United States bonds and otherwise, for the safe-keeping and prompt payment of the public money deposited with them, and for the faithful performance of their duties as financial agents of the Government. And every association so designated as receiver or depositary of the public money shall take and receive at par all of the national currency bills, by whatever association issued, which have been paid into the Government for internal revenue or for loans or stocks."

Approved, March 3, 1901.

Expenses.

Bond issue authorized to

SEC. 8. That the Secretary of the Treasury is hereby audefray ex-thorized to borrow on the credit of the United States

penses.

from time to time, as the proceeds may be required to defray expenditures authorized by this Act (such proceeds when received to be used only for the purpose of meeting such expenditures), the sum of one hundred and thirty million dollars, or so much thereof as may be necessary, and to prepare and issue therefor coupon or registered bonds of the United States in such form as he may Denomina-prescribe, and in denominations of twenty dollars or some multiple of that sum, redeemable in gold coin at the pleasuse of the United States after ten years from the date of their issue, and payable thirty years from such date, and bearing interest payable quarterly in gold coin at the rate of two per centum per annum; and the bonds herein auExempt from thorized shall be exempt from all taxes or duties of the United States, as well as from taxation in any form by or Proviso. under State, municipal, or local authority: Provided, That said bonds may be disposed of by the Secretary of the Minimum Treasury at not less than par, under such regulations as he may prescribe, giving to all citizens of the United States an equal opportunity to subscribe therefor, but no commissions shall be allowed or paid thereon; and a sum not exceeding one-tenth of one per centum of the amount of the bonds herein authorized is hereby appropriated, out

taxes.

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of any money in the Treasury not otherwise appropriated, to pay the expense of preparing, advertising, and issuing the same.

Approved, June 28, 1902.

ACT OF JULY 1, 1902.

CHAP. 1369.-An act temporarily to provide for the administration of the affairs of civil government in the Philippine Islands, and for other purposes.

*

*

*

Approved, July 1, 1902.

*

ACT OF DECEMBER 21, 1905.

of public

SEC. 85. That the treasury of the Philippine Islands Depositories and such banking associations in said islands with a money. paid up capital of not less than two million dollars and chartered by the United States or any State thereof as may be designated by the Secretary of War and the Secretary of the Treasury of the United States shall be depositories of public money of the United States, subject to the provisions of existing law governing such depositories in the United States: Provided, That the Treasury of the government of said islands shall not be required to deposit bonds in the Treasury of the United States, or to give other specific securities for the safe-keeping of public money except as prescribed, in his discretion, by the Secretary of War.

32 Stat. L.,

691.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the two per cent bonds of the United States authorized by section eight of the Act entitled "An Act to provide for the construction of a canal connecting the waters of the Atlantic and Pacific oceans," approved June twenty-eight, nineteen hundred and two, shall have

Proviso,

Deposit of

bonds, etc., not

required.

CHAP. 3.—An act supplemental to an act entitled "An act 34 Stat. L., 5. 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, and making appropriation for Isthmian Canal construction, and for other purposes.

Isthmian Ca

nal.

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