The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1869-02-19
The RRnkinrR iII.

6NtTN ndIlOudI UduhluA dS5OCldtlOu So
lected as depository of public monies
under the provision of section As of the
act entitled an act to provide nation
al currency, &c, shall deposit United
States bonds with the Treasurer of the
United States as security for such de-
posits, aud whenever the public moneys
deposited in such association shall ex-
coed 90 per cent of the bond so held by
the Treasurer as security, it shall be
the duty of the Treasurer forthwith by
draft or otherwise to reduce the
amount of such amount not ex-
ceedding 90 per cent. of the
bonds deposited as hereinafter spec
flied; and national banking associa-
tions i'll the city of Washington, or In
any city or town where there is an AS
sistant Treasurer of the United States,
or depository of public money desig-
mated uDde The act of August 9th, 1864,
shall not be selected as public deposit
tories, and the Secretary of the Treasury
shall require all public moneys collected
insuch city or town to be deposited by the
officers having the custody of such
money, with the Treasurer or Assist
ant Treasurer, OF depository in such
city or town, under such regulations as
he may from time to time prescribe; and
if any officer or agent of any associa-
tion designated as q depository of pub
lie moneys, shall pay or offer to pay any
money or other valuable consideration,
directly or indirectly, for the purpose of
obtaining or retaining deposits of pub
lie moneys, or if any officer or agent of
the Government shall receive any money
or other valuable consideration, direct
ly or indirectly, for making such depos
its of public moneys, such officer or
agent shall be deemed guilty of INSIDE
meanor, and on conviction in any Court
having Jurisdiction, shall be punished
by fine -Of not less than one
thousand dollars, or imprisoned for not
less than one year nor more than five
years, or both, in the discretion of the
Court.
SEC. :. Ind be ii further enacted, That
Section AZ of said act be so amended
as to provide that, within ninety days
from the date of the notice served upon
the Comptroller of the Currency by any
national banking association, that its
shareholders have voted to go into
liquidation as provided in said section,
the said association shall pay over to
the Treasurer of the United States the |
amount of its outstanding netes in the |
lawful money of the United States, and |
take up the bonds which the said asso-
citation has on deposit with the Treas
urer for the security of its circulating
notes, which bonds shall be assigned
the bank in the manner specified in the
10Th section of said act, in default OF
which the Currency Comptroller shall
sell said bonds to the highest bidders
at public auction at the Stock Exchange
in the city of New York, and from the
proceeds thereof shall pay over to the
Treasurer of the United States, in law
full money, an amount equal to the out
standing circulation of such association,
and shall pay over any surplus remain
ing to the officers of the association;
and any association that has heretofore
gone into liquidation under the provl-
siOus of the section TO which this Is an
amendment, shall pay to the Treasurer
lawful money, equal to It's outstand-
standing circulation, within ~ days
from the date of the passage of this act,
in default of which its bonds shall be
sold as above provided, and from that
time the outstanding notes shall be re-
deemed at the Treasury, and said assO-
citation, and the shareholders thereof
shall be discharged from all liability
therefor provided, that any association
winding up its affairs for consolidation
with another bank, shall not be
compelled to pay 10 the Treasurer the
amount of its outstanding circulation,
in lawful money, nor shall its bonds DO
sold as above provided.
Section 3 refers Il the appointment,
duties, &c, of receivers.
SEC 4. and be l. further enacted, To
insure better distribution of the ma
tional banking currency, that there may
be issued circulating notes to the oank-
ing associations organized in the States
and Territories having less banking
circulation than the pro rata above, as
herein authorized, shall, within three
years, If required, be withdrawn pro
rata, from banks organized in States
having circulation exceeding that
provided for by the act entitled an act to
amend az act entitled an act TO pre-
vide for a national currency secured by
pledge of United States bonds and TO
provide for the circulation and redemp-
ton thereof, approved March Sd, 1865,
to ascertain which the Comptroller of
the Currency shall, under direction of
the Secretary of the Treasury, make Il
statement showing the amount of cir
culatiOn to be retired by each of such
banks, and shall, when the circulation
is required, make requisition on such
banks. commencing with banks in
States having the largest excess
of circulation, and reducing only
the circulation of those having
nrnnnrfinn IN
leaving undisturbed those having
smaller proportion until those in great
er excess have been reduced, and thus
continue to make the reduction, leaving
an excess, until the circulation of such
banks shall be as nearly as possible
equalized among the States and Terrific.
ries, according to the appraised value of
all property, real and personal, within
such States and Territories, the same to
be ascertained by the certified state
ments of the Governors of such States
AID Territories, made by the Secretary
fthe Treasury; provided that this act
shall not apply TO over Sl50,000, 900 of
said circulation, which shall be dis
tributed according to tbs representation
in Congress, and upon the failure of
such bank to retuIo the amount so re-
QulIeu Nltulu QUO year, is dlOTesdluJ III
shall be the duty of the Comptroller of
the Currency to sell at public auction,
having given twenty days notice in
newspaper printed in Washington and
New York City, an amount of the bonds
deposited by said bank as security for
its circulation equal to the circulation
to be withdrawn from such bank, and
with the proceeds to redeem so many
notes of said bank as may come into the
Treasury as will equal the amount re-
quired from it, provided the circulation
herein authorized shall be issued as the
circulation is withdrawn, so that the
. coed S:'OO,OOO,OOO.
From Chicago.
CHICAGO, February lS.-Tbe Illinois
Legislature re-assembled Mt S,O,;,-esrS