New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-09-25
TPTBLlC-No. lGl,i
TFTBLlC-NO. IbI.J
AN ACT to provide for the redemption Of the three
per cent temporary loan certificates, and for all
increase Of national bunk notes.

AN &C. to provide FOR the redemption Of the three
per cent temporary loan certificates, and for all
increase of national bank notes.
Be it enacted by the Senate and House of Repre-
sentatives OF the United States Of America in Con-
gress assembled, That tfty-four millions of dollars
in notes for circulation NAV he issued to national
bankin. associations III addition to the three
hundred millions of dollars authorized by
the twenty-second section OF the Act 10 provide a
national currency secured Nv a pledge OF United
States bonds. and to provide for the circulation and
redemption thereof" approved june three. eisli-.
teen hundred and sixty-foUr; and the amount OF
notes SO provided shall he furnished TO Rankin. as
sociations organized or To be organized III those
States and Territories having less than their pro
portion under the apportiOnment contemplated by
the provisions OF the Act to amend an act to pro
vide q national currency secured by a pledge OF
United States bonds, and to provide for the eircu-
lation and redemption thereof approved March
three, eighteen hundred and sixty-iive. and the
bonds deposited with the Treasurer OF the United
States. to secnre the additional circulating notes
herein authorized shall be of any description of
bonds'of the United States bearing interest i'll coin.
but Il rev apportiormeut of the increased circula-
ton herein provided for shall be made as soon as
practicable, based upon the census of eighteen hun
1red and seventy: Provided, that if applications
for the circulation herein authorized shall not DE
made within one year after the passage OF this act,
by banking associations organized or to be organ
lied in States having less than their proper ton, it
to issue such circulation to banking associations
applying for the same i'll other States or Territories
having less than their proportion, giving the pre-
And provided further. that TO banking association
hereafter ORGANIZED slal nave q circulation III t4-
cess Of five hundred thousand dollars.
SEC. 2, And be it further enacted, That at the
end of each month after the passage OF this act it
shall he the duty OF the Controller OF the Cur
rency to report to the Secretary of the Treasury
the amount OF circulating notes issued. under the
provisions Of the preceding section, to national
banking associations during the previous month;
whereupon the Secretary OF the Treasury shall re-
deem and cancel an amount of the three per centun
Temporary loan certificates issued under the acts OF
March two, eighteen hundred and sixty-seyen. and
J,fy 1Weuty-nyp, eighteen hundred and SlXty-elgnI,
not less than the amount Of circulating notes so
reported, and may, il necessary, IN order TO procure
the presentation of such temporary loan cert!fl-
Gates for rede mption, give notice to the holders
thereof, by publication or Otherwise, that certain
of said certificates, (Which shall be designated by
number, date. and amount shall cease to bear in
terest from and after q day to be designated i'll such
notice, and that the certificates 30 designated shall
no longer be available as any portion OF the lawful
| money reserve in possession of any national bank
ing association, and after the day designated in
such notice no interest shall be paid on such certif.
| Gates. and they shall not thereafter be counted as
a part of the reserve of any banking association.
SEC. 3. And be it further enacted, That upon the
| deposit OF any United States bonds, bearing inter
est PAYABLE i'll gold, with the Treasurer Of the
United States, in the manner prescribed i'll the
| nineteenth and twentieth sections Of the national
| currency act. il shall be lawful for the Controller of
the Currency to issue TO the association making the
same. circulating notes of different denominations
| not less than five dollars, not exceeding i'll amount
posted. which notes shall bear upon their face the
promise of the association to which they are issued
to pay them, upon presentation at the office OF the
| association, in god coin of the United States, and
shall be redeemable upon such presentation i'll such
coin: Provided, That no banking association organ
lied under this section shall have q circulation in
| excess OF one million OF dollars.
| SIC. 4. And be it further enacted. That every
national banking association formed under the
provisions OF the preceding section OF TINS act
five per centuW OF its outstanding circulation in
gold or silver coin of the United States, and SHAH
receive at par in the payment of debts the gold
notes OT every other such banking tSSDtlltlOn
which at the time of such payments shall be re-
deeming its circulating notes III gold com OF the
SEC. S. And be it further enacted. That every as
sociation organized for the purpose OF issuing gold
notes as provided III this act shall be subject to all
the requirements and provisions OF the national
currency act, except the first clause OF section
twenty-five. which limits he circulation of national
banking associations to three hundred millions OF
dollars; the first clause of section thirty-1wo which
taken in connection with the preceding section,
would require national banking associations or
| gauized in the city of San Francisco TO redeem
their circulating notes at par i'll the city OF New
York; and the last clause of section tliirty-twO,
to receive i'll payment Of debts the notes OF every
other national banking association at par: Pro
vided, That in applying the provisions and re-
uuirements OF said act to the banking associations
| herein provided for tie terms lawful money" and
Lawful money OF the United States shall be held
and construed to mean gold or silver coin of the
United States. =
SEC. G. And be it further enacted, That to secure
a more equitable distribution OF TIE national bank.
inc currency there NAV he issued circulating !iOtes
to banking associations organized il States and
Territories having less than Their proportion rs
herein set forth. And the amount OF circulation i'll
this section authorized shall, under the direction Oi
the Secretary Of the Treasury, as it may be re.
ouired for this purpose, lie withdrawn, as herein
provided, from banking associations organized i'll
States having Il circulation exceeding thar provided
for by the act entitled AN act to amend an act en-
titled An act 10 provide for a national banking eur
rency secured by pledge of United States bonds
and TO provide for the circulation and redemption
thereof approved March three, eighteen hundred
and sixty-ive, but the amount so withdrawn shall
not exceed twenty-five million dollars. The Con
troler OF the Currency shall, under the direction OF
the Secretary of the Treasury, make "a statement
showing the amount of circulation in each State
and Territory, and the amount to be retired by
each banking association in accordance with
this section, and shall, when such redistribution
of circulation is required, make a requisition
for such amount upon such banks, commencing
with the banks having a circulation exceed
ing one million OF dollars in States having
an excess OF circulation, and withdrawing
their circulation in excess Of one million of dollars
and then proceeding pro rata with other banks
having a circulation exceeding three hundred
Thousand dollars in States having the largest ex
cess of circulation, and reducing the circulation O
such banks in states having the greatest proper
| ton in excess, leaving undisturbed the banks in
States having a smaller proportion. until those in
greater excess have been reduced to the same
grade. and continuing thus to make the reduction