, 1870-06-16

Tue Dill Us PASSED.. Ii 8S 1O0WS.
THAT 81. ecu, 900 in notes Tor circulation may
be Issued to National Bank1ng associations in add
i ton to $500 ,ooo, GEO authorized By the twenty
currency, secured bT pledge OF United States
bonds, and to provide for the circulation and re-
demption 1heIeof,' approved June >, 1861; and the
amount Of notes so provided shal be furnished to
banktng Institutions organized, OF to he organ
ized, tn those States and Territories having less
Ian tneE 20 to- Under TIE
secured by pledge Of United sta,es bonds, and
'0s 1ns go Ss
bonds deposited with the Treasurer Of the United
States, to secure the additional circulating notes
herein authorized shall be Of any description OF
bonds Of the United States bearing interest In
G91 nsr Tat TO- for The so efs
one year after the passage of this act, By banking
associations organized or to be organized In States
having les than the!s proportion II shall be Lawful
circulation to banking associations In other
States or Territories not In excess, applying for
q ha1e ihe e5 aesesy G p T,osaa Ssd
further, That no banking association hereafter
organized shall have ! circulation In excess Of
s5A",00
"SEc-2 2 And BE- it Ifurther enacted, That at the
end OF each month after the passage Of this act it
shall be the duty Of the Comptroller Of the Cur
the amount Of circulated notes Issued, under tho
provisions Of the preceding section, to National
1he1enpon % the stcretsry ii IT tie ef Treasury sha
redeem and cancel an amount Of per centum
temporary loan certificates Issued under the acts
s ihan the amount at; IT, Of c:rculsiins ~ notes Ss
60 reported and may, If necessary, In order to pro
cErr the presentation Of such temporary loan Ger
thereof, By publication OF otherwise, that certain
Sss!spa:sa ey number: date % aad amoust., shall
designated ln such notice, and that the certificates
SO designated shall no longer be available as any
portion Of the lawful money reserye In possession
uf cny nattona! banking association, and after the
ay designated In such notice no interest shall be
paid on such certificates and they shall not
thereafter be counted rs part Of the reserve Of
SEC. 3. And be Il further enacted. That to secure
more equitable distribution Of the natIonal bank
noies to banking associations organized il
Sates and Territories h4g!ng less than their pro-
rort!on IS herein set forth. And the amount oi
the direction Of The Secretary Of the Treasury, as
it may he required for this purpose, be withdrawn
snIsed "a d'I IL ststes aVng e efenatop eIceedins
that provided for y The act entitled "A1 act to
amend an act entitled An act to provide for
United States bonds, and 10 provide tor the ctr
cual!on and redemption thereof,'" approved |
March 3, 1865; bat the amount 50 withdrawn shall
Currency shall under the direction OF the Secretary
cf the Treasury, make a statement showing the |
amount Of circulation in each State and Territory,
and the amount to lie retired by each banking as-
Eoctauon In accordance Nth this section, and |
shall, when such redistribution Of circulation Il re-
such banks, commencing with the lanka having
circulation exceeding s1,0oo coo IN States having
an excess Of circulation, and Withdrawing theIF
circulation IN excess Of s, 900, and then pro-
ceeding pro rata with other banks having circu-
laiion exceeding 500, 600 in States having the
largest excess q circulation and reducing The cir
est proportion In exces, leaving undistuEbed the
banks IN States having Smaller proportion, until