The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1868-04-04

secure The rsyimnp1ion uf ths ulrculntin
7. 1tes u such banking association. Houid
Il 81, That In case any such banking sssocis
ton shau neglect or fan to return 10 is,
treasury departments tbs whole or any par
OF the circulating noses delivered 10 sucl
association within six months from the pas
sage OF this act then, and In every such cas-
OF neglect or failure. ir crest shall cease /,
accrue on all stocks = bonds deposited By
any such ASSOCIATION } secure the redemp.
ton Of the circuit NJ notes delivered X
such association: J ovited, also, That II
case any sach baDtiag association shall ne
glect or fail TO ret - 10 the treasury de-
pariment the whole " -.y part of the cir
cnlating notes delivered 70 such association
within two years from the passage or this
act wen, and In every such case, it shall be
tne duty Of the secretary or the treasury to
declare the stocks or bonds remaining in the
possession Of the government deposited BY
such association forfeited to the govern
mens, and TO redeem the outstanding notes
q circulation Of any such association In the
treasury certificates authorized BY this act
Sac. .. ind b 10 further enacted, That it
shall be unlawful for any banking associa-
tion organised under either Of said acts OF
which this act 10 amendatory, after six
months from the passage Of this act, TO pay
out or put In circulation any circulating me-
dium or currency which 10 not made legal
tender and declared lawful money OF the
United States by act Of congress; and in
case any such banking association shall vio-
late the provisions Of this section, it shall
be the duty Of the secretary Of the treasury
TO declare the stocks Or bonds remaining in
the possession Of the government, deposited
oy such association, forfeited 60 she United
States, and to redeem the outstanding notes
OF circulation Of such association.
SIC. 10. And be IL further enacted, That
after ninety days from the passage Of this
act IL shall not be lawful for the secretary OF
the treasury, or other dIsbursing officer or
agent OF the government, to pay cut the cir
culatiuR notes OF any banking association
under the acts TO which this 10
or the United States legal-ten-
der notes heretofore issued but shall dis
charge or pay all the bonded and other in
debtedness OF the United States, Of every
kind and nature, Incurred or contracted to
be paid since the first day Of July, 1861, or
which may hereafter be incurred, in the
certificates authorised to be issued
and declsr,i 10 be lawful money bv this
act, or give in exchange for all such indebt-
sdness the interest bearing bonds authorized
% be Issued by this act, at the pleasure of
he owner or holder Of such indebtedness,
except where il has been by law expressly
provided that payment shall be made in
,oin.
SEC. ii. And be IL further enacted, That !
! shall De the duty Of the secretary, or such |
'ther officer or officers az may be authorized
" law. to keep a correct record OF all the /
reasury certificates and interest bearing /
'onds issued under or in pursuance of this i
ct, describing the same by their numbers
nd denominations also Of all the bonds
nd other evidences OF debt of the United
'tates, and Of the United States legal-tender
otes redeemed, and the circulating notes Of
anking associations returned to the trsasu
y department, describing the same in like
manner, and publish monthly reports show
ng the amount Of treasury certificates and
nterest-bearing bonds issued, and he
mount of bonds and other evidsnces of /
ebt, and United States LEGAL tender notes
edeemed, and Of the circulating notes Of
ankiug associations returned to the trea-
ury department and shall cancel and des-
roy all such bonds and other evidences Of
eot, and United States legal-tender notes
redeemed, and circulating notes OF bank
~ associations go Withdrawn from sircula.
ION, and shall make annual reports thereof
0 congress, as now is, or hereafter may be,
rovlded by law. If0rided, That the trea-
ury certificates and bonds authorised to be
'sued By this act shall not be % destroyed
xcept they shall be mutilated or rendered
Unit for use.