two hundred dollars, besides the additional penalty and forfeitures provided in other cases. § 3416. [U. S. Comp. Stat. 1901, p. 2251.] Whenever any State bank or banking association has been converted into a national banking association, and such national banking association has assumed the liabilities of such State bank or banking association, including the redemption of its bills, by any agreement or understanding whatever with the representatives of such State bank or banking association, such national banking association shall be held to make the required return and payment on the circulation outstanding, so long as such circulation shall exceed five per centum of the capital before such conversion of such State bank or banking association. § 3417. [U. S. Comp. Stat. 1901, p. 2251.] The provisions of this chapter, relating to the tax on the deposits, capital and circulation of banks, and to their returns, except as contained in sections thirty-four hundred and ten, thirty-four hundred and eleven, thirtyfour hundred and twelve, thirty-four hundred and thirteen, and thirty-four hundred and sixteen, and such parts of sections thirtyfour hundred and fourteen and thirty-four hundred and fifteen as relate to the tax of ten per centum on certain notes, shall not apply to associations which are taxed under and by virtue of title " National Banks." 1. United States securities are exempted from local taxation by the following section of Title XLII. U. S. R. S., entitled "The Public Debt:" § 3701 [U. S. Comp. Stat. 1901, p. 2480.] All stocks, bonds, treasury notes, and other obligations of the United States shall be exempt from taxation by or under State or municipal or local authority. 45 ADDITIONAL ACTS. Act of June 20, 1874. An act fixing the amount of the United States notes, providing for a redistribution of the national bank currency, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the act entitled "An act to provide a national currency secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof," approved June third, eighteen hundred and sixty-four, shall hereafter be known as "the National Bank Act." § 2. That section thirty-one1 of "the National Bank Act" be so amended that the several associations therein provided for shall not hereafter be required to keep on hand any amount of money whatever by reason of the amount of their respective circulations; but the moneys required by said section to be kept at all times on hand shall be determined by the amount of deposits in all respects, as provided for in said section. § 3. That every association organized, or to be organized, under the provisions of the said act, and of the several acts amendatory thereof, shall at all times keep and have on deposit in the Treasury of the United States, in lawful money of the United States, a sum equal to five per centum of its circulation, to be held and used for the redemption of such circulation; which sum shall be counted as a part of its lawful reserve, as provided in section two of this act; and when the circulating notes of any such associations, assorted or unassorted 1 This "section thirty-one" refers to the old division by sections in the Act of June 3, 1864; it refers to " reserve and was incorporated in U. S. Rev. Stat., §§ 5191, 5192. The "section thirty-two" hereinafter referred to was incorporated in U. S. Rev. Stat., § 5195. The U. S. Rev. Stat. were enacted 1874, and embraced the laws in force Dec. 1, 1873. |