New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-10-02
'PURLlC-No. ISL.

AN ACT to provide for the redemption Of the three
per cent temporary loan certificates, and Tor an
! increase OF national bank notes.
| Be it enacted by the Senate and House OF Repre-
sentatives or the United States of America i'll Con
gress assembled That fifty millions of dollars
III notes for circulation may be issued TO national
| banking associations i'll addition to the three
hundred millions of dollars authorized by
the twentvsecond section of the Act 20 provide a
+, national currency scared by a.piedge OF United
States bonds and 20 provide for the circulation and
| redemption thereof approved Jnne ,h:ee. eigh-
| teen hundred and sixty-foUr and the amount Of
notes provided shall be furnished 10 banking as
sociations organized or to he organized IN those
States and Territories having less than their pro
portion under the apportiollnent contemplated by
the provisions OF the Act TO amend an act 10 pro
| vide a national currency secured by pledge Of
United States bonds and TO provide ior the clrcu
! lation and redemption thereof" approved March
| three, eighteen hundred and sixty-dve, and the
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 COIN
| but new apportionment OF the increased circUla
| ton herein provided for shall be made as
practicable, based upon the census OF eighteen hun
! bred and seventy: Provided. that il applications
Tor the circulation herein authorized shall not he
made within year after the passage of this act,
by banking associations organized or 70 he organ
lied in States having less than their proper ton, II
shall be lawful Tor the Controller of the Currency
| to issue such circuat on TO banking associations
applying for the III other States Territories
having than their proportion giving the pre-
ference TO such as have the greatest deficiency:
And provided further that no Banking association
| cess OF five hundred thousand dollars.
! SEC. ?. And be it further enacted. That at the
end of each month after the passage OF this act it
| shall DE 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
deem and cancel an amount OF the three per centum
temporary loan certificates issued under the acts of
March two. eighteen hundred and sixty-seven and
July TWENTY-FIVE. eighteen hundred and sxty-eight
not less than the amount of circulating notes so
reported and may II necessary Ill order TO procure
the presentation of such temporary loan certif-
| thereof by publication otherwise, that certain
of said certificates, (which shall De designated by
| number, date and amOunt,) shall cease to bear in
terest from and after day 10 be designated i'll such
notice, and that the certificates designated shall
no longer be available 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 shah be paid such certif
Gates and they shall not thereafter be counted as
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 in gold. with the Treasurer of the
! United States in the manner prescribed in the
nineteenth and twentieth sections of the national
currency act it shall be lawful for the Controller of
the Currency to issue to the association makipg the
same, circulating notes Of different denominations
not less than five dollars not exceeding in amount
eighty per centum of the par value of the bonds de-
posted which notes shall bear upon their face the
promise of the association to which they issued
to pay them upon presentation at the office OF the
association, in gold coin of the United States, and
shall he redeemabe upon such presentation in such
coili Provided, That no banking association organ
lied under this section shall have circulation il
excess OF one million OF dollars.
SEC 4. And be it further enacted That every
national banking association formed under the
provisions of the preceding section of this act
snaA AZ all times Keep ON maud not les than twenty
gold or silver coin of the United States, and SHAH
receive at par in the payment of debts the gold
notes of every other such banking association
which at the time of such payments shall be
deenns its circulating notes III gold coin Of the
SEC s. And be it further enacted, That every as
socaton organized for the purpose of issuing gold
notes provided in this act shall be subject 10 all
| the requirements and provisions OF the national
| currency act. except the first clause of section
twenty-five, which limits the circu.atio OF national
| banking associations to three hundred millions Of
doliars the first clause of section thrtytwo, which
| taken i'll connection with the preceding section,
would require national banking associations or
ganized i'll the city of San Francisco to redeem
their circulating notes at par il the city OF New
| York; and the last clause of section thirty-two
which requires every national banking assocation
to receive in payment Of debts the notes of every
other NATIONAL banking association ut par: Pro-
vlded- That IN applying the provisions and re-
aurements OF said act to the banking associations
herein provided for the terms lawful money! and
lawful money of the United States" shall! be held
ana construed to mean gold silver coin OF the
United States.
SEC o. And be II further enacted, That to secure
mere equitable distribution OF the national bank
ing currency there may he issued circulating notes
to banking associations organized IN states and
ierri,ories having less than their proportion
herein set FORTH Ard the amount Of circulaio in
tins section authorized SHALL under the direction of
the secretary OF the Treasury, il may be re-
CURED Tor this purpose be withdrawn, as herein
pIoNluei from banking associations organized in
Sttes having circulation exceeding that prov iGcd
or by the act entitled IAN act 10 amend act
Tilted An act to provide for national banking
rency secured by pledge of United States bonds
anu to provide for the circulation and redclApton
thereof" approved March three, eighteen hundred
and slNty-tive, but the amount so withdrawn shat,
not exceed twenty-five million dollars. The Con
roller 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 Inv
each banking association in accordance vitb
this section, and shall, when such redistribution
OF circulation IS required. make a reoUisition
for such amount upon such banks comncncno
with the banks having a circulation exceeG
ing one million Of dollars in States having
an excess OF circulation, and withdrawinS
their circulation IN excess of one million of dollars
and then proceeding pro rata with other hanks
having circulation exceeding three hundrcd
Thousand uoliars IN States having the largest ex.
cess OF crcuaton, and reducing the circula, lion of
such banks IN States having the greatest proper.
non IN excess, leaving uudisturbed the banks ip
STATES having smaller proportion until those in
greatef excess have been reduced to the same
gra0e and continuing thus to make the reduction
provided for by this act until the full amount of
twenty i've millions, ktsela provided for, shall be