Charles City intelligencer. [volume] (Charles City, Floyd County, Iowa) 1864-1866, 1864-08-18


any other notes to circulate as mon
ey than such as are authorized by the
foregoing provisions Of this act.
Sec. "a. And be it further enacted
That it shall be the duty of the Comp.
troller Of the Currency to receive
worn out or mutilated circulating notes
issued by any such banking associa.
tion, and also, on due proof of the dc.
struction Of any such circulating
notes, to deliver in place thereof tc
such association other blank circula
ting notes to an equal amount. And
such worn-out or mutilated notes, af
ter memorandum shall have been
entered in the proper books, in &C.
cordance with such regulations as
may be established by the Comptrol-
lcr. as well as all circulating notes
which shall have been paid or surren-
dered to be cancelled, shall be burned
to ashes in presence of four persons,
one to be appointed by the Secretary
of the Treasury, one 10y the Comptrol.
Ter Of the Currency, one by the Treasu-
rer Of the United States, and one by
the association, under such regula-
tions as the Secretary Of the Treasu.
ry may prescribe. And certificate
of such burning, signed by the parties
so appointed, shall be made in the
books of the Comptroller, and dupli-
cate thereof forwarded to the associa.
tion whose notes are thus cancelled.
Sec. 25. And be it further enacted,
That it shall be the duty Of every
banking association having bonds de-
posted in the Office Of the Treasurer
Of the United States, once or oftener
! in each fiscal year, and at such time
or times during the ordinary business
hours as said officer or officers may
select, to examine aud compare the
bonds SO pledged with the books of
the Comptroller and the accounts Of
the association, and, If found correct,
to execute to the said Treasurer GER
titicate setting forth the different
kinds and the amounts thereof, and
that the same are in the possession
and custody of the Treasurer at the
date of such certificate. Such exami-
nation may be made by an officer or
agent of such association, duly ap-
pointed in writing for that purpose,
whose certificate before mentioned
shall be Of like force and validity as
if executed by such president or cash.
ier and duplicate signed by the
Treasurer shall he retained by the
association.
Sec. &C. And be it further enacted,
That the bonds transferred to and de-
posted with the Treasurer Of the Uni
ted States, as hereinbefore provided,
by any banking association for the Sc
curity of its circulating ties, shall be
held exclusively for that purpose, un-
til such notes shall be redeemed, ex-
cept as provided in this act but the
Comptroller of the Currency shall give
to any such banking association pow
ers of attorney TO receive and appro-
pirate to its own use the Interest on
the bonds which it shall have so trans.
| ferred to the Treasurer but such
powers shall become imperative when
ever such banking association shall
! fail to redeem its circulating notes as
aforesaid. Whenever the market or
cash value Of any bonds deposited
with the Treasurer of the United
States, as aforesaid, shall be reduced
below the amount of the circulation
issued for the same, the Comptroller
of the Currency is hereby authorized
to demand and receive the amount Of
such depreciation in other United
States bonds at cash value, or in mon
ey, from the association receiving said
bills, to be deposited with the Treasu-
rer of the United States as long as
such depreciation continues. And
said Comptroller, upon the terms pre-
scribed by the Secretary of the Trasu-
ry, may permit an exchange to be
made OF amy Of the bonds deposited
with the Treasurer by an association
| for other bonds of the United States
authorized by this act to be received
as security for circulating notes, if he
tshall be of opinion that such an ex-
change can be made without preju-
dice 10 the United States, and he may
direct the retnrn Of any of said bonds
to the banking association which trans
ferred the same, in sums of not less
than one thousand dollars, upon the
surrender to him and the cancellation
Of proportionate amount Of such cir.
culating notes :RProridei, That the re-
naming bonds which shall have been
transferred by the banking associa-
! tion offering to surrender circulating
notes shall be equal to the amount re-
! quired for the circulating notes not
SURRENDERED by such banking associa-
tion. and that the amount of bonds in
the hands of the Treasurer shall not be
diminished below the amount required
to be kept on deposit with him by this
act I: Aad procided, That there shall
have been no failure by such associa-
tion to redeem its circulating notes,
and no other violation by such associ-
alton Of the provisions OF this act. and
that the market or cash value of the
remaining bonds shah not be below
the amount required for the circula-
ton issued for the same. tsa 81 81
| Sec. 81. Aud be it further enacted,
That it shall be unlawful for any off,
Ger acting under the provisions of this
act to countersign or deliver to any
association, or " any other company
or person, any circulating notes con-
ltemplated by this act, except AZ here
inbefore provided, and in accordance
with the true intent and meaning of
this act. Aud any officer who shall
violate the provisions of this section
shall be deemed guilty of q high mis-
demeanor. and on conviction thereof
shall be punished by 6nesnot exceed
ing double the amount SO countersign-
ed and delivered, and imprisonment
not less than one year and not exceed
lug fifteen years, at the discretion Of
the court in which he shall be tried.
! See. 50. And be it further enacted,
That it shall be lawful for any such
association to purchase, hold, and con-
vey real estate as follows