New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-09-13

AN ACT TO provide for the redemption OF the three
PER cent temporary loan certificates, and for an
Increase OF national bank notes.
Be it enacted by the Senate and House Of Repre-
scIltatlves OF the United States America in Con
III notes Tor circulation NAV he issued national
banking associations i'll addition to the three
hundred millions of dollars authorized bv
the invent yseCoud section OF the Act 10 prov Idle
national currency secured by pledge OF United
States bonds and II provide for the circulation ard
redemption thereof, approved June three .ici-
teen hundred and sixty ana the amount Of
notes provided shall be furnished 10 h;.l king
socia1ions organized or TO be organized II those
States and Territories having less than their pro-
portion under the aprortionnlent contemplated hy
the provisions OF the Act To nd pro-
vide national currency secured by pieCtr. al
United States bonds, ana to provide tor ne CIrcu-
latlun and redemption thereof" approved March
three, eighteen hundred and siXty-tvr and Tie
bonds deposited with the Treasurer OF tbs United
States, to secure the additional circulating notes
herein authorized shall he OF any Gescu.p;io ut
bordyot the United States bearing interest in cuii
bat Il new aprortiouieut OF the increased circula-
ton herein provided for shall bc made IT. soon
practicable based upon the census 81 eighteen hiin
dicd and seventy: Provided that ii Applications
Tor the circulation herein authorized shan not lie
made within one ear after the passage OF this act,
by banking associations orgauizcd 20 tic organ
led II States having less than their proper ton. il
Shall he lawful Tor the Controller OF tie Currency
to issue such circulation to banking associations
applying ior ia" sali, III other States or Territories
having less than their proportion. giving the pre-
ference 10 such as have the greatest deficiency:
And provided further. that banking ass uciittiru
hereafter organized shall have circulation il ex-
cess OF five hundred thousand dollars.
81, < an" nc II inlth.t enacteu NAY az me
gu % e"cl IHohth alte! the passage oi us a'' IL
sl"''t NC tii' oulN oi in' Nohtioll'i {" tlie lux
rency to report to the Secretary OF the Treasury
the aliouht OF circulating notes ISSUED, uhc'I ll,
provisions OF the preceding section, to national
n'ilhlu- sS',ialols turing Iiie previous II"!lh;
whereupon the Secretary of the Treasury shal! re-
,'cii anu cancer an amount OF the three per ceiuh
tIApoIaiN lo ceitlLieat Issutu unuer 'Ne acIs o;
March two eighteen hundred and siXtY-sevcn. and
july t"eniS-hNt' eShleeh hundred AKA SKIN elGit,
lsGE ..f stsr
hoy - man 'iie '!iiot ol ciieulai-.s NOES 30
the presentation Of such temporary loan cert5ti-
catts ioI Resumption, give no'ice 10 li4c hooters
tieltoi' ny PupiIca'ioI or oihGi"lse tnat certain
ol s'td ctrIlhcatts, t"hth siali De designated DN
l'ihpc, ut't, anu amount - siiali CEASE 20 taT u
tertst from aud after day to be designated III such
not1ce ana that the certlhcates so designated sa!!
no longer be aFi,llahe as any portion oi the l"l III
money reserve III possession OF any national bank-
ing ASSOCIATION ana ;iter lle Jay designated III
such notice no interest sh;il be PAD Oh sIch cel
Gates. aud they shall mol thereafter be counted as
Il part OF tie reserve OF any banking association
SEC. ,. And be it further enacted That upon the
d,nosit ot an \ limited States bonds bearno inter.
est payable in gold with the Treasurer of the
United States in the manner prescribed in the
niuetecuth and twentieth s,ctions OF the national
currency act it shall be lawful for the Controller OF
the Currency to issue to thc he
same circulating notes of diftrrcnt denominations
NOT less than I'VE IoiIars nor rycrclinr in r,ornt
niolt "f & ,iu. i ~ h Wv
positcd which notes shall hear i,uon their face, le
irnu,is, of tIn ssnciat ion IN xybirb ,h,v r "a
to nav them upou prrsrntatiou M the once OF HE
associat on in rold coin of the limited states and
sfai he. redrnIbc unou snch prrs.ntat;nr In g. Oh
cuu. Provided THAT NJ, $50 rrnu ,r.s,,
lied under This section shall hSy ,.irrr1iatiuT II
excess OF one million OF dollars
SlC l. And be IT further enacted. That every
national banking association formed under tie
provisions of the ,rrcpdinr s,,.tiuu Of mis- ,c-
Shall ut all times keen ON hand moi les -Lar ,ylIty
five per crntum OF its outstanding circulation in
cold or silver roi, of the Tnitrd Sf,1.s and sa1
receive ut par in the payment of debts the -ol3
notes of every Other such banking :.ssocitt-ol
which at the time OF such payments shan lie