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accorded bonds

struction of.

484.

Rights, etc.; all the rights and privleges accorded by law to other two issued for con- per cent bonds of the United States, and every national banking association having on deposit, as provided by law, such bonds issued under the provisions of said secVol. 32, p. tion eight of said Act approved June twenty-eight, 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 cent each half year upon the average amount of such of its notes in circulation as are based upon the deposit of said two per cent bonds; and such taxes shall be in lieu of existing taxes on its notes in circulation imposed by R. S., sec section fifty-two hundred and fourteen of the Revised

5214, p. 1008.

Statutes.

Taxes.

(Section 2 appropriates the sum of eleven million dollars to continue the construction of the Isthmian Canal: "Provided, That all expenditures from the appropriation herein made shall be reimbursed to the Treasury of the United States out of the proceeds of the sale of bonds Vol. 32, p. authorized in section eight of the said act approved June

484.

twenty-eighth, nineteen hundred and two."

(Section 3 requires reports from officers in Canal Zone, including an itemized account of all moneys received and expended, etc.)

Approved, December 21, 1905.

NOTE. The proviso in section 2 of the above act is repeated in the following acts: February 27, 1906 (34 Stat. L., 33); June 30, 1906 (34 Stat. L., 762); March 4, 1907 (34 Stat. L., 1369); May 27, 1908 (35 Stat. L., 386); March 4, 1909 (35 Stat. L., 1025).

ACT OF JUNE 25, 1906.

460.

34 Stat. L., CHAP. 3536.-An act to modify the requirements of the act entitled "An act to promote the education of the blind," approved March third, eighteen hundred and seventy-nine.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assemEducation of bled, That the sum of two hundred and fifty thousand dollars heretofore invested in United States registered Proceeds of four per centum bonds, funded loan of nineteen hundred made a trust and seven, inscribed "Secretary of the Treasury, trustee

the blind.

matured bonds

fund.

interest to the Treasurer of the United States for credit of appropriation To promote the education of the blind,'" shall upon the maturity and redemption of said

bonds on the first day of July, nineteen hundred and seven, in lieu of reinvestment in other Government bonds, be set apart and credited on the books of the Treasury Department as a perpetual trust fund; and the sum of ten thousand dollars, being equivalent to four per centum on the principal of said trust fund, be, and the same is hereby, appropriated, out of any moneys in the Treasury not otherwise appropriated, and such appropriation shall be deemed a permanent annual appropriation and shall Permanent be expended in the manner and for the purposes author- priation in ized by the Act approved March third, eighteen hundred est, and seventy-nine, entitled "An act to promote the education of the blind," approved March third, eighteen hundred and seventy-nine. Approved, June 25, 1906.

annual approplace of interDisposition.

ACT OF MAY 30, 1908.

CHAP. 229.-An act to amend the national banking laws.

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Vol. 20, p. 467.

35 Stat. L.,

546.

Interest pay. deposits of pub

able on special

lic moneys.

SEC. 15. That all national banking associations designated as regular depositaries of public money shall pay upon all special and additional deposits made by the Secretary of the Treasury in such depositaries, and all such associations designated as temporary depositaries of public money shall pay upon all sums of public 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, Provisos. That nothing contained in this Act shall be construed to change or modify the obligation of any association or any of its officers for the safe-keeping of public money: Safe-keeping Provided further, That the rate of interest charged upon such deposits shall be equal and uniform throughout the United States.

not

Uniform interest.

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SEC. 17. That a Commission is hereby created, to be Monetary Com called the "National Monetary Commission," to be com- ated. mission creposed of nine members of the Senate, to be appointed by ment. Appoint the Presiding Officer thereof, and nine members of the House of Representatives, to be appointed by the Speaker thereof; and any vacancy on the Commission shall be filled in the same manner as the original appointment.

Inquiry as to SEC. 18. That it shall be the duty of this Commission to

changes in mon

etary system, inquire into and report to Congress at the earliest date

practicable, what changes are necessary or desirable in the monetary system of the United States or in the laws relating to banking and currency, and for this purpose they are authorized to sit during the sessions or recess of Congress, at such times and places as they may deem desirable, to send 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 said Commission was created. The Commission shall have the power, through subcommittee 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. 19. That a sum sufficient to carry out the purposes of sections seventeen and eighteen of this Act, and to pay the necessary expenses of the Commission and its members, is hereby appropriated, out of any money in the Treasury not otherwise appropriated. Said appropriaImmediately tion shall be immediately available and shall be paid out on the audit and order of the chairman or acting chairman of said Commission, which audit and order shall be conclusive and binding upon all Departments as to the correctness of the accounts of such Commission.

available.

SEC. 20. That this Act shall expire by limitation on the thirtieth day of June, nineteen hundred and fourteen. Approved, May 30, 1908.

ACT OF MARCH 4, 1909.

931.

35 Stat. L., CHAP. 298.-An act making appropriations to supply deficiencies in the appropriations for the fiscal year ending June thirtieth, nineteen hundred and nine, and for prior years, and for other purposes.

Officials.

Powers.

Appropria

tion.

Accounts.

Termination

of act.

National That the members of the National Monetary Commis

Monetary Com.

mission. sion, who were appointed on the thirtieth day of May,

nineteen hundred and eight, under the provisions of section seventeen of the Act entitled "An Act to amend the national banking laws," approved May thirtieth, nineteen hundred and eight, shall continue to constitute the National Monetary Commission until the final report of said

tion.

commission shall be made to Congress; and said National Monetary Commission are authorized to pay to such of its members as are not at the time in the public service. and receiving a salary from the Government, a salary equal to that to which said members would be entitled if they were members of the Senate or House of Representatives. All Acts or parts of Acts inconsistent with this provision are hereby repealed.

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Approved, March 4, 1909.

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ACT OF AUGUST 5, 1909.

CHAP. 6.—An act to provide revenue, equalize duties and encourage the industries of the United States, and for

other purposes.

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*

Compensa

Panama Ca

nal.

sue of

bonds

tion, etc.

Vol.

32, p.

SEC. 39. That the Secretary of the Treasury is hereby authorized to borrow on the credit of the United States Additional isfrom time to time, as the proceeds may be required to for construcdefray expenditures on account of the Panama Canal and to reimburse the Treasury for such expenditures already made and not covered by previous issues of bonds, the sum of two hundred and ninety million five hundred and Amount sixty-nine thousand dollars (which sum together with the 484. eighty-four million six hundred and thirty-one thousand nine hundred dollars already borrowed upon issues of two per cent bonds under section eight of the Act of June twenty-eighth, nineteen hundred and two, equals the estimate of the Isthmian Canal Commission to cover the entire cost of the Canal from its inception to its completion), and to prepare and issue therefor coupon or registered bonds of the United States in such form as he may prescribe, and in denominations of one hundred dollars, Denomina five hundred dollars, and one thousand dollars, payable. fifty years from the date of issue, and bearing interest payable quarterly in gold coin at a rate not exceeding three per centum per annum; and the bonds herein authorized shall be exempt from all taxes or duties of the United States, as well as from taxation in any form by or under State, municipal, or local authority: Provided, Proviso, That said bonds may be disposed of by the Secretary of the Treasury at not less than par, under such regulations. as he may prescribe. giving to all citizens of the United

Disposal.

tions.

Payable in Interest.

fifty years.

Exemption

from taxation.

for expenses.

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 Appropriation of the bonds herein authorized is hereby appropriated, out of any money in the Treasury not otherwise appropriated, to pay the expenses of preparing, advertising, Issue of 2 per and issuing the same; and the authority contained in section eight of the Act of June twenty-eighth, nineteen hundred and two, for the issue of bonds bearing interest at two per centum per annum, is hereby repealed.

cent bonds repealed.

Vol. 32, p. 484.

SEC. 40. That section thirty-two of an Act, entitled, "An Act providing ways and means to meet war expenditures, and for other purposes," approved June thirteenth, eighteen hundred and ninety-eight, be, and the same is hereby, amended to read as follows:

Certificates of indebtedness.

"That the Secretary of the Treasury is authorized to Vol. 30. p. borrow from time to time, at a rate of interest not exceed

466, amended.

Issue author- ing three per centum per annum, such sum or sums as,

ized at 3 per cent.

in his judgment, may be necessary to meet public expenditures, and to issue therefor certificates of indebtedness in such form as he may prescribe and in denominations of fifty dollars or some multiple of that sum; and each cerPayable with- tificate so issued shall be payable, with the interest ac

in one year.

crued thereon, at such time, not exceeding one year from the date of its issue, as the Secretary of the Treasurer may prescribe: Provided, That the sum of such certifi creased. cates outstanding shall at no time exceed two hundred Laws as to millions of dollars; and the provisions of existing law

counterfeiting,

etc., applicable. respecting counterfeiting and other fraudulent practices are hereby extended to the bonds and certificates of indebtedness authorized by this Act."

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Approved, August 5, 1909. (5.05 p. m.)

[PUBLIC-No. 33.]

An act prescribing certain provisions and conditions under which bonds and certificates of indebtedness of the United States may be issued, and for other purposes.

Proviso.

Amount in

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That any bonds and certificates of indebtedness of the United States hereafter issued shall be payable, principal and interest, in United States gold coin of the pres

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