Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1865-07-06
Approved March II, 1864.
LPrBLIc-Nn. ST.

porting nerchanulse INTO Flttsburg, Wheeling,
Approved March H. 1864.
fPUBLIc-No, S5.I
AN ACT TO provide national currency secured
by pledge of the United States bonds, and
TO provide for the circulation and redemption
thereof
Be it enatsd bylths Scnate'a and House of Repre-
seRtdtives Of the Uaitsd States IF America an Con-
greSs asSslCbted
CONTINUED.
SEC. q. And be it further enacted, That upon
the trasfer and deliver of bond to the Treasurer
as provided IN the foregoing section, the associa
tIon making the same shall be entitled to receive
from the Comptrol er of the Currency cireula.
ting notes OF different denominations, in blank,
registered and countersigned as herein provided
equal IN amount 10 ninety per centum ofthe cur
rent market value of the United States bonds
so transferred and delivered, but not exceeding
ninety per oentum OF the amount Of said bonds
at the par value thereof, il bearing interest at
rate not less than five per oentum per annum,
and at no time shall the total amount of such
notes, issued to any assoCi alton, exceed the
amount at such time actually paid in of its cap.
tia stock.
SEc. %. And be 1t further sudcted That the en-
tire amount OF notes for circulation to be issued
under this act shall not exceed three humid red
millions of dollars Ia order to furnish suitable
notes for circulation the Comptroller Of the Cur.
rency is hereby authorized and required, under
the direction If the Secretary of the Treasury 10
cause plates and dies TO be engraved, in the best
manner to guard against count erf.iting and
fraudulent alterations, and to have printed
theretrom, and numb cred, such quantity of cir
oula;ing notes, in blank, of the denominations Of
one dollar, two dollars, three dollars, five dol
lars, ten dollars, twenty dollars, hftv dollars
one hundred dollars, five hundred dollars, aud
one thousand dollars, as may be required to sup
ply, under this act, the associations entitled to
receive the same; which notes shall express upon
their face that they are secured by United States
bonds, despOsjt wit n thu nfy ho {raI
States by the written or Ell grave1 signatures of
the Treasurerand Register and BE- the imprint
of the ssalof the Treasury; and shall also ex-
press upon their face the prom Sc of the associa-
ton receiving the sam7 TO pay demand, at
tested by the signatures of the president or vice
president and cashier. And the said notes shall
bear oh devices and such other statements, and
shall be IN such form rs the Secretary of the
Treasury shall, by regulation direct: Prorfdsd,
That not more than one ixth part of the notes
and that after specie payments shall be resumed
no association shall be furnished With notes Of a
less denomination than 1--WE dollars.
SEE. 20 And be IL further enacted, That fer
any such association shall have caused its prom
| Use to pay such notes on demand to be signed by
| the president or vice-president and cash er
| thereof, IN such manner as TO make them obi
| gatory promisssry notes, payab on demnnd,
at his place OF business such association Is hereby
| authorized TO issue AMI circulate tn same as
money; and the same shall be received at par in
all Psat of the Ulited States in Jayment of taxes
exclses, public lands, and all other dues to the
So ~ 1" ~ 6 oxoent for du les on Imports and
also ioL all salaries and other debts AMI demands
OWING by the United States 10 indiyidusis cor
porato~s, aud associations within the u tied
| States, except interest on TIE public debt and ip
reaem oNon OF the national currency. And 'no
suca association shall issue post note any other
| notes or circulate as money than such as are au
| thorlzed BY he foreg ing provisions of this act
SEC ~ AHd be 1t further ef,dccd, That il shall
| De the duty OF the Comptroller Of the Currer CIV
| 10 receive WORKOUT or muti.ated circulatin
notes issued by any such banking association, and
| also, on due proof of the dastruction of any such
circulating notes, to deliver in place thereof TO
sucn assoc auon other blank circulating notes
| TO an equal amount. And such worn out or mu
tilated notes, after a memorandum ahall have
| oeen entered IN the proper book in accordance
| W tn suea regulations as may be established by
the Comptroll er, well as all circuIat ng notes
which shall have been raid or surren erred to he
| cancelled, shall be burned TO ashes in presence
OF Tour persons, one to be appointed by the Sec
| te'a5y q the treasury, one by the Comptroller
| OF the currency, one by the Treasurer of the
United States, and one by the assoc alton under
| such regulations the Secretary # the Treasury
may prescribe. And Ger sficate of such burn
ing, signed by the parties so appointed, shall be
made in the books OF the Comptroller and a d1 b.
llcate thereof for Earded the association whose
| notes are thus cancelled.
SEC. IS. And be At FURTHER saacted That it
| shall be the duty of every banking ass1 iatiOu
| having bonds deposited in the Office OF the
| Treasurer of the United States, OF ce or oftener
| in each fiscal year, and at such time or times dur
ing the ordinary business hours said off 2eT or
officers may select, to examine and compare the
| bonds so pledged with the books of the Comptro-
Her and the accounts of the association, and if
| found correct, to execute to the said Treasurer
| certificate setting forth the different kinds aud
| the amounts thereof, aud that the same are in
the poses ion and custody Of the Treasurer at the
| date OF such certificate. Such examination may
be made by an officer or agent of such association
| duly appointed in writing for that purpose,
| whose certificate before mentioned shall be oil
| like forCa and validity If NV a1Iob
| president or cashier, and duplicate signed by
the Treasurer shall be retained by the association
| SIC. e. And be IL further enacted, That the
| bonds transferred to and deposited with the
| Treasurer of the United States, as hereinbefere
| provided, by any banking association for the Sc
curity of its circulating notes shall be held ex-
caslvely for that purpose, until such notes shall
| be r, deemed, except as provided in this act; but
the Comptroller of the Currency shall give to any
| such banking association powers of attorney to
receive appropriate to its own use the inter-
est on the bonds which it shall have SO transfer
| red to the reasuTer; but such powers shall be-
| come imperative whenever such banking associ-
alton shall fan to redeem its circu Atng 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 money, from
the association receiving said bills, to be depo-
| sited with the Treasurerxf the United States as
long as such depreciation continues. And said
| Comptroller, upon the terms prescribed by the
| Secretary OF the Treasury, may permit an ex-
change to be made of any Of the bonds deposited
| with the Treasury, may permit an exchange to
be made Of any of the bonds deposited with the
Ire suJer by an association for other bonds of
| the United Sta es authorized by this act to be
received as security for circulating notes, if be
| shall be of opinion that such an exchange can be
made without prejudice TO the United States,
| ami he may direct the return of any OF said
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 circulating notes: Pror5dsd That the re-
| naming bonds which shall have been transferred
by the banking association off ring to surrender
| circulating notes thall be equal to the amour,
required for the circulating notes not surrendered