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States.  Such  bonds  shall  be  exempt  from
all  taxation  by  or  under  state  authority,
and  be  payable  at  the  pleasure  of  the
United  States.  "  Provided,  That  the  bonds
herein  authorized  shall  not  be  called  in  and
pail  so  long  as  any  bonds  of  the  United
States  heretofore  issued  bearing  a  higher
rate  of  interest  than  three  per  centum,  and
wilich  shall  be  redeemable  at  the  pleasure
of  ths  United  States,  shall  be  outstanding
and  uncalled.  The  last  of  the  said  bonds
originally  issued  and  their  substitutes
under  this  act  shall  be  first  called  in  and
this  order  of  payment  ehall  be  followed
until  all  shall  have  been  paid."

The  money  deposited  under  this  act
shall  be  promptly  applied  solely  to  the  re
demption  of  the  bonds  of  the  United  States
bearing  three  and  a-half  per  centum  in
terest,  and  the  aggregate  amount  of  de
posits  made  and  bond?  issued  under  this
act  shall  not  exceed  the  sum  of  two  hun
dred  million  dollars.  Ths  amount  of  law
ful  money  so  received  on  deposit,  as  afore
said,  shall  not  exceed,  at  any  time,  the
sum  of  twenty-five  million  dollars  Be
fore  any  deposits  are  received  at  any  pos
tal  money  office  under  this  act,  the  post
master  at  such  office  shall  file  with  the
Secretary  of  the  Treasury  his  bond,  with
satisfactory  security,  conditioned  that  he
will  promptly  transmit  to  the  Treasury  of
tha  Unite!  States  the  money  received  by
him  in  conformity  with  regulations  to  be
prescribed  by  such  secretary ;  and  the  de
posit  with  any  postmaster  shall  not  at  any
time,  excesd  the  amount  of  his  bond.
