The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1870-09-22


neclicu with he preceding section, would
require national banking associations or
Iranired Is tie city Of San Francisco to re-
deem Eheir circulating notes at par IN the
city Of New York; aud the last clause Of
section thirty-two, which requires every
nationai banking association to receive IN
payment of debts the notes ofevery other
national banking, association at par: tro.
vidtsd, That ID applying the provisions and
requirement. Of eaid act, to the banking
associations herein provided for the terms
.olaWfal money" aud lawful money Of
The United States shall Be held and con-
strucd to mean, gold or silver coin Of the
United States. -.
81 6. And Be Il further enacted, That
o "a iro reequitablc distribution OF
Ilio Alional banking currency there may
NJ susd circulating notes 70 banking as;
lsociations organized in States and Terrific
ries having less than their proportion as
herein sct forth. And the amount Of cir
culation in this section authorized shall,
under the direction Of the Secretary Of the
Treasury, as Il may DO required for this
purpose, bewithdrawn, as herein provided,
from banking associations organized in
States having circulation exceeding that
provided for BY tho act entitled can ad
10 amend IN act entitled An act to provide
A for a national banking currency secured
BY pledge Of United States bonds, aud to
provide for the circulation aud redemption
thereof" approved March three, eighteen
hundred and sixty,fvO, but the amount so
withdrawn shall not exceed twenty-five
million dollars Tho Comptroller Of the
Currency shall, under the direction Of the
Secretary of the Treasury, make state
ment showing the amount Of circulation in
each State and Territory, aud the amount
to be retired by each banking association
Id sceordance with this section, and shall
,wheh such redistribution of circulation is
required, make q requisitioh for such
amount upon such banks, commencing
with the banks having q circulation ex.
ceedine one million Of dollars in States
having an excess Of circulation, and with
drawing theif circulation in excess Of one
million dollars, and then proceeding pro
ratio With other banks shaving q circulation
exceeding. three. hundred thousand dol.
lars ID States having the largest excess Of
eircalatioas and reducing the eifcuhtion Of
such bsnks ID States having tile smaller
proportion, until those in grereater ex.
cess have been reduced to the same grade,
and continuing thus4o make the reduction
spF5gide fog 81 tlais act until the sfull
amount Of twenty-five millions, hereinprp-
Isyidcd foF,s shall bO Withdrawn; and the
circulation 80 Withdrawn shall bedistrihu-
ted among tle States and Territories having
| less ihan their proportion. SO as to- equal
ize the same And il shall DO the duty
Of the Comptroller Of the Currency, under
the direetin Of the Secretary-of the Treas.
ury, forthwith to make requisition for
the amount thereof upon the banks above
indicated as herein prescribed. And upor
failure Of such associations, or any ofthem
to return the amount so required within
4 ono year, it shall be the duty Of the Comp
troller Of the Currency to sell at public
auction, having given twenty days notict
thereof in ono daily newspaper printed il
Washington and one in New, York city,
an amount Of bonds deposited by said as
ISOLATION, as security for said circulation,
equal to the circulation TO be Withdrawn
from said association and not returned in
compliance With such requisitiop; aud the
Comptroller Of tho Currency shall with the
proceeds redeem so many Of the notes Of
said banking association, as they come into
Erthe treasury, as will equal the amount re-
uuired and not SO returned. and shall pay
tte balance, ifany, to such banking asso-
citation: Proptded, That no circulation
shall be Withdrawn under the provisions
| Of this section until after the tifty-four
millions granted in the first section shall
have been taken up.
SEQ. Z. And De itjivtltcr e,iaetcd, That
after the expiration Of six months from tho
passage Of this act any banking association
located in any State having moro than it's
proportion Of circulation may be. removed
70 any State having less than its proportion
Of circulation, under such rules aud regn-
lations rs the Comptroller Of the Currency.
with Cue approval Of the Secretary Of The,
Treasury, may require: Prorided, That
the amount Of the issue ofsaid banks shall
not 30 deducted from the amount Of new
issue provided for in thisact.
Approved, July 10, 1870.
[PuDIc-NO. 1921
AN ACT 70 extend the time for presenting
claims for additional bounties.
IL Il o.. III n..s.