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the Treasury of the United States, and taken up on the books of said divisions, respectively, accounts relating to the reserve fund for the redemption of United States notes and Treasury notes, the gold coin held against outstanding gold certificates, the United States notes held against outstanding currency certificates, and the silver dollars held against outstanding silver certificates, and each of the funds represented by these accounts shall be used for the redemption of the notes and certificates for which they are respectively pledged, and shall be used for no other purpose, the same being held as trust funds.

Sec. 5. That it shall be the duty of the Secretary of the Treasury, Cancellation of as fast as standard silver dollars are coined under the provisions of Treasury notes for

silver dollars cointhe Acts of July fourteenth, eighteen hundred and ninety, and June ed, etc. thirteenth, eighteen hundred and ninety-eight, from bullion purchased under the Act of July fourteenth, eighteen hundred and ninety, to retire and cancel an equal amount of Treasury notes whenever received into the Treasury, either by exchange in accordance with the provisions of this Act or in the ordinary course of business, and upon the

Issue of silver cancellation of Treasury notes silver certificates shall be issued against certificates. the silver dollars so coined.

SEC. 6. That the Secretary of the Treasury is hereby authorized and Gold certificates directed to receive deposits of gold coin with the Treasurer or any to be issued on deassistant treasurer of the United States in sums of not less than twenty

posits of gold. dollars, and to issue gold certificates therefor in denominations of not less than twenty dollars, and the coin so deposited shall be retained in the Treasury and held for the payment of such certificates on demand, and used for no other purpose.

Such certificates shall be receivable for customs, taxes, and all public to be counted dues, and when so received may be reissued, and when held by any as bank reserve, national banking association may be counted as a part of its lawful etc. reserve:

Provided, That whenever and so long as the gold coin held in the Suspension of reserve fund in the Treasury for the redemption of United States notes authority to issue and Treasury notes shall fail and remain below one hundred million certificates. dollars the authority to issue certificates as herein provided shall be suspended:

Ånd provided further, That whenever and so long as the aggregate amount of United States notes and silver certificates in the general fund of the Treasury shall exceed sixty million dollars the Secretary of the Treasury may, in his discretion, suspend the issue of the certificates herein provided for: And provided further, That of the amount of such outstanding cer

Denomination of tificates one-fourth at least shall be in denominations of fifty dollars or certificates. less:

And provided further, That the Secretary of the Treasury may, in his discretion, issue such certificates in denominations of ten thousand dollars, payable to order. (2) And section fifty-one hundred and ninety- Repeal of. three of the Revised Statutes of the United States is hereby repealed. R. S., $ 5193.

Sec. 7. That hereafter silver certificates shall be issued only of denominations of ten dollars and under, except that not exceeding in silver certificates.

Denomination of the aggregate ten per centum of the total volume of said certificates, in the discretion of the Secretary of the Treasury, may be issued in denominations of twenty dollars, fifty dollars, and one hundred dollars; and silver certificates of higher denomination than ten dollars, except as herein provided, shall, whenever received at the Treasury or redeemed, be retired and canceled, and certificates of denominations --on reissue. of ten dollars or less shall be substituted therefor, and after such substitution, in whole or in part, a like volume of United States notes of

Note.—(2) R. S., $ 5193 provided for the reception from national banks of certain notes on deposit by the Secretary of the Treasury, upon which certificates were to be issued, but such notes were not to be counted as a part of the lawful money reserve.

notes.

less denomination than ten dollars shall from time to time be retired and canceled, and notes of denominations of ten dollars and upward shall be reissued in substitution therefor, with like qualities and

restrictions as those retired and canceled. Silver bullion Sec. 8. That the Secretary of the Treasury is hereby authorized to may be used for use, at his discretion, any silver bullion in the Treasury of the United subsidiary

States purchased under the Act of July fourteenth, eighteen hundred age.

1890, July 14, and ninety, for coinage into such denominations of subsidiary silver ch. 708 (1 Supp. R. coin as may be necessary to meet the public requirements for sucb S., 774).

coin: -limit.

Provided, That the amount of subsidiary silver coin outstanding shall not at any time exceed in the aggregate one hundred millions of

dollars. -cancellation of Whenever any silver bullion purchased under the Act of July four

teenth, eighteen hundred and ninety, shall be used in the coinage of subsidiary silver coin, an amount of Treasury notes issued under said Act equal to the cost of the bullion contained in such coin shall be

canceled and not reissued. Recoinage of un- SEC. 9. That the Secretary of the Treasury is hereby authorized and current silver coin. directed to cause all worn and uncurrent subsidiary silver coin of the

United States now in the Treasury, and hereafter received, to be --reimbursement recoined, and to reimburse the Treasurer of the United States for the of loss from face difference between the nominal or face value of such coin and the amount value.

the same will produce in new coin from any moneys in the Treasury not

otherwise appropriated. Substitute for Sec. 10. That section fifty-one hundred and thirty-eight of the R. S., 5138.

Revised Statutes is hereby amended so as to read as follows: National banks.

(3) “Section 5138. No association shall be organized with a less -capital.

capital than one hundred thousand dollars, except that banks with a capital of not less than fifty thousand dollars may, with the approval of the Secretary of the Treasury, 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 population of which does not exceed three thousand inhabitants. No association shall be organized in a city the population of which exceeds tifty thousand persons with a capital of less than two

hundred thousand dollars." Redemption of SEC. 11. That the Secretary of the Treasury is hereby authorized to bonds.

receive at the Treasury any of the outstanding bonds of the United States bearing interest at five per centum per annum, payable February first, nineteen hundred and four, and any bonds of the United States bearing interest at four per centum per annum, payable July first, nineteen hundred and seven, and any bonds of the United States bear

ing interest at three per centum per annum, payable August first, -reissue of 2 per nineteen hundred and eigbt, and to issue in exchange therefor an equal cent bonds.

amount of coupon or registered bonds of the United States in such form as he may prescribe, in denominations of fifty dollars or any multiple thereof, bearing interest at the rate of two per centum per annum, pay. able quarterly, such bonds to be payable at the pleasure of the United States after thirty years from the date of their issue, and said bonds to 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 by or under State,

municipal, or local authority: -valuation. Provided, That such outstanding bonds may be received in exchange

at a valuation not greater than their present worth to yield an income of two and one-quarter per centum per annum; and in consideration of the reduction of interest effected, the 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 aforesaid, and their par value, and the payments

NOTE.—(3) The amendment of this section consists in the addition of the matter between the words "six thousand inhabitants" and "no association."

R. S. $ 3694. to be made hereunder shall be held to be payments on account of the sinking fund created by section thirty-six hundred and ninety-four of the Revised Statutes:

And provided further, That the two per centum bonds to be issued Bonds to be isunder the provisions of this Act shall be issued at not less than par, and sued at par. 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

Interest to cease any of the outstanding bonds are called for payment interest thereon

on bonds called for shall cease three months after such call; and there is hereby appropri- payment. ated out of any money 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.

Sec. 12. That upon the deposit with the Treasurer of the United Issue of circulatStates, by any national banking association, of any bonds of the United ing notes to banks.

R. S. $$ 5159, States in the manner provided by existing law, such association shall 5160, 5223.

, be entitled to receive from the Comptroller of the Currency circulating 1890, July 14, notes in blank, registered and countersigned as provided by law, equal ch.708, $ 6(1Supp. in amount to the par value of the bonds so deposited; and any national R. S., 775). banking association now having bonds on deposit for the security of circulating notes, and upon which an amount of circulating notes has value of nonds per

-to equal

debeen issued less than the par value of the bonds, shall be entitled, upon posited. due application to the Comptroller of the Currency, to receive additional circulating notes in blank to an amount which will increase the circulating notes held by such association to the par value of the bonds deposited, such additional notes to be held and treated in the same way as circulating notes of national banking associations heretofore issued, and subject to all the provisions of law affecting such notes:

Provided, That nothing herein contained shall be construed to modify Additional deor repeal the provisions of section fifty-one hundred and sixty-seven tion of bonds.

posit on depreciaof the Revised Statutes of the United States, authorizing the Comp

R. S., $ 5167. troller of the Currency to require additional deposits of bonds or of lawful money in case the market value of the bonds held to secure the circulating notes shall fall below the par value of the circulating notes outstanding for which such bonds may be deposited as security:

And provided further, That the circulating notes furnished to national Circulating notes banking associations under the provisions of this Act shall be of the furnished banks. denominations prescribed by law, except that no national banking asso- - denominaciation shall, after the passage of this Act, be entitled to receive from tions. the. Comptroller of the Currency, or to issue or reissue or place in circulation, more than one-third in amount of its circulating notes of the denomination of five dollars:

And provided further, That the total amount of such notes issued - not to exceed to any such association may equal at any time but shall not exceed the capital. amount at such time of its capital stock actually paid in:

And provided further, That under regulations to be prescribed by Substitution of 2 the Secretary of the Treasury any national banking association may per cent bonds to substitute the two per centum bonds issued under the provisions of secure circulation.

Substitute for this Act for any of the bonds deposited with the Treasurer to secure 1882, July 12, "ch. circulation or to secure deposits of public money; and so much of an 290, ' $ 9 (1 Supp. Act entitled “An Act to enable national banking associations to extend R. S., 3:6). their corporate existence, and for other purposes," approved July twelfth, eighteen hundred and eighty-two, as prohibits any national

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bank which makes any deposit of lawful money in order to withdraw its circulating notes from receiving any increase of its circulation for the period of six months from the time it made such deposit of lawful money for the purpose aforesaid, is hereby repealed, and all other Acts or parts of Acts inconsistent with the provisions of this section are

hereby repealed. Tax on circulat- SEC. 13. That every national banking association having on deposit, ing notes.

as provided by law, bonds of the United States bearing interest at the R. S., § 5214.

rate of two per centum per annum, issued under the provisions of this Act, 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 of said two per centum bonds; and such taxes shall be in lieu of existing taxes on its notes in circulation imposed by section fifty-two hundred and fourteen

of the Revised Statutes. International bi

Sec. 14. That (4) the provisions of this Act are not intended to premetallism not clude the accomplishment of international bimetallism whenever conaffected.

ditions shall make it expedient and practicable to secure the same by concurrent action of the leading commercial nations of the world and at a ratio which shall insure permanence of relative value between gold and silver. [March 14, 1900.]

NOTE.-(4) By 1893, November 1, ch. 8 (2 Supp. R. S., 150), it is declared that the efforts of the Government should be directed to the establishment of a system of bimetallism to maintain the equal power of every dollar. See also 1890, July 14, ch. 708, § 2 (1 Supp. R. S., 775).

ery.

March 23, 1900. CHAP. 89.An Act To constitute South Manchester, Connecticut, a port of delivery. (1) 31 Stat. L., 50. South Manches

Be it enacted, &c., That South Manchester, Connecticut, be, and is ter, Conn. hereby, constituted a port of delivery in the customs collection district --port of deliv- of Hartford, Connecticut, and that the privileges of the seventh section

of the Act approved June tenth, eighteen hundred and eighty, entitled R. S., 2533

granted imme- “ An Act to amend the statutes in relation to the immediate transpordiate transporta- tation of dutiable goods, and for other purposes,” (2) be, and they are tion privileges. hereby, extended to said port of South Manchester. [March 23, 1900.]

NOTES. — (1) The ports of entry and delivery of Connecticut are defined by R. S., $ 2533, and as amended as to the district of Hartford by 1887, March 3, ch348 (í Supp. R. S., 558).

By 1890, September 25, ch. 911. (1 Supp. R. S., 805), certain additional cities are included within the customs district of Hartford, Conn.

By 1891, March 3, ch. 525 (1 Supp. R. S., 908), Enfield, Conn., is made a port of delivery, with privileges of immediate transportation.

By 1894, August 3, ch. 197 (2 Supp. R. S., 222), Manchester and Vernon are made a part of the Hartford district, and Rockville was made a port of delivery.

By 1896, April 6, ch. 90 (2 Supp. R. S., 456), Stamford, Conn., is made a subport of entry.

(2) For a review of laws relating to immediate transportation privileges see 1880, June 10, ch. 190 (1 Supp. R. S., 293, 294), and 1892, February 26, ch. 10 (2 Supp. R. S., 3).

Immediate transportation privileges are extended to Bridgeport, Conn., by 1887, February 9, ch. 123 (1 Supp. R. S., 537); to Enfield, Conn., by 1891, March 3, ch. 525 (1 Supp. R. S., 908); to Rockville, Conn., by 1894, August 3, ch. 197 (2 Supp. R. S., 222).

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CHAP. 90.-An Act To amend section forty-four hundred and forty-five, of title fifty-two, March 23, 1900. of the Revised Statutes of the United States relating to the licensing of officers of steam

31 Stat. L., 50. vessels. (1) Be it enacted, &c., That section forty-four hundred and forty-five, Steam vessels.

R. S., $ 4445. of title fifty-two, of the Revised Statutes, be, and is hereby, amended by adding thereto the following paragraphs: * Every applicant for license as either master, mate, pilot, or engi- oath of appli

cant for license as neer under the provisions of this title shall make and subscribe to an oath or affirmation, before one of the inspectors referred to in this master, mate, etc. title, to the truth of all the statements set forth in his application for such license.

"Any person who shall make or subscribe to any oath or affirmation Penalty for false authorized in this title and knowing the same to be false shall be deemed oath. guilty of perjury. “Every licensed master, mate, pilot, or engineer who shall change, -for changing

license. by addition, interpolation, or erasure of any kind, any certificate or license issued by any inspector or inspectors referred to in this title shall, for every such offense, upon conviction, be punished by a fine of not more than five hundred dollars or by imprisonment at hard labor for a term not exceeding three years." SEC. 2. That this Act shall take effect immediately. [March 23,

Effect. 1900.]

NOTE.-(1) R. S., $ 4445, to which this is a supplemental provision, provides for an oath to perform all the duties required to be administered to the applicant before entering upon the duties of the position.

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CHAP. 91.–An Act Appropriating, for the benefit and government of Porto Rico, revenues March 24, 1900.

collected on importations therefrom since its evacuation by Spain, and revenues hereafter collected on such importations under existing law. (1)

31 Stat. L., 51. Be it enacted, &c., That the sum of two million and ninety-five

Porto Rico. thousand four hundred and fifty-five dollars and eighty-eight cents, amount of customs

Appropriation of being the amount of customs revenue received on importations by the revenue. United States from Porto Rico since the evacuation of Porto Rico by at disposition the Spanish forces on the eighteenth of October, eighteen hundred of President for

of and ninety-eight, to the first of January, nineteen hundred, together ment, etc.

governwith any further customs revenue collected on importations from Porto Rico since the first of January, nineteen hundred, or that shall hereafter be collected under existing law, shall be placed at the disposal of the President, to be used for the government now existing and which may hereafter be established in Porto Rico, and for the aid and relief of the people thereof, and for public education, public works, and other governmental and public purposes therein until otherwise provided by law; and the revenues herein referred to, already collected and to be collected under existing law, are hereby appropriated for the purposes herein specified, out of any moneys in the Treasury not otherwise appropriated. [March 24, 1900.]

NOTE.-(1) For act making provisions for the civil government of Porto Rico, soe 1900, April 12, ch. 191, post, p. 1128.

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