ow to levy them so as to be just
to all. Much progress has been made, but entirely satisfactory answers
have not yet been wrought out to the questions: What are the proper things
to tax? For what purposes should taxes be levied?
HOW THE GOVERNMENT BORROWS.
When an individual wishes to borrow money, he looks around for some one
who has the money to spare and who has confidence enough in him to let him
have it. He gives his note or bond, and gets the money. Similarly the
United States borrows. The secretary of the treasury looks for lenders in
the money-centers of the world, consults great banking-houses, and
sometimes advertises in newspapers.
A private borrower pays for the use of the money, and similarly the debt
of the United States is largely interest-bearing. The notes called
"greenbacks" bear no interest, because, being legal tender, they circulate
as money, as do also the gold and silver certificates of deposit.
HOW NATIONAL BANKS ARE ESTABLISHED.
Organization.--Associations for carrying on the business of banking may be
formed by any number of natural persons not less than five. A signed and
certified copy of the articles of association is forwarded to the
comptroller of the currency; also a certificate giving the name of the
association, its place of business, its capital, the number of shares and
their owners.
Capital.--The minimum capital required is: in cities of less than 6000
inhabitants, $50,000; less than 50,000 inhabitants, $100,000; others,
$200,000.
Powers.--Such associations have the usual corporate and banking powers. In
addition, they may issue their notes to circulate as currency on the
following conditions: Upon depositing with the U. S. Treasurer registered
bonds of the United States, to an amount not less than $30,000 nor less
than one-third of its capital, the bank receives from the comptroller of
the currency blank notes of face value not to exceed ninety per cent of
the par value of the bonds. These notes, after being signed by the
president and the cashier of the bank, may circulate as money, but are not
legal tender for private debts.
HOW TO OBTAIN A COPYRIGHT.
[By A. R. Spofford, Librarian of Congress]
Every applicant for a copyright must state distinctly the name and
residence of the claimant, and whether right is claimed as author,
designer, or proprietor. No affidavit or formal application is required.
A printed copy of the title of the book, map, chart, dr
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