New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-09-10
tPUBLIC-NO. l6l.
AN ACT 10 provide for the redemption Of he three
per cent temporary loan certificates, and for al
increase OF national bank notes.

AN ACT 10 provide for the redemption OF The three
per cent temporary loan certificates, and ior al
increase OF national bank notes.
Be il enacted by the Senate and House of Reprs-
scntatives 81 the United States @! america i'll
gress assembled, That fft -four millions Of dollar,
i'll notes for circulation may be issued 10 nat;Cua!
banking associations III addition 10 the three
hundred millions OF dollars authorized By
III" twenty second section OF the ''Ac. 10 provide
national cnrr,HtS secured by pledge of United
States bonds, ami to provide for the circulation and
redemption thereof" approved June thrce, eIgh-
teen hundred and siXty-iour; aud tbs amount OF
notes so provided shall be- furnished 10 banking
soclations organized OR 10 De organized III those
States and Territories having less than their pro
portion under the appOr'ionmenr contemplated by
the prov Isions ot the Act 10 amend act 10 pro-
vide a national currency secured ny - pled.r. OF
United states bonds and TO provide FOR the c1rcu-
lation and redemption thereof approved March
three, eighteen hundred and siy1y-Iiyc. and the
bonds deposited with the Treasurer OF the United
herein authorized shall be- OF any description OF
bonds s0f the United States bearing coin,
hut u new apporti"umcut OF the increased cirruia-
ton herein provided ior shall De made sooll
practicable, based upon the census of eighteen INN
dred and seventy: Provided, that il applications
Tor the circulation herein authorized shall not he
made within one year after the passage OF This act,
by banking associations organized or To be organ
led in STATES having less than their prouor ton il
shah be lawful for the Controller of th, Currency
10 issue such circulation to banking associations
applying tor the same in other States Territories
having less than their proportion giving the pre-
ference to such as have the greatest dtticrilcv:
Aud provided further that no banking association
Z
cess OF i've hundred thousand dollars.
SEC ,. And be it further enacted, That nj the
end of each month after the passage OF this act il
Shall be tie duty of the Controller OF the Cur
r.ncv 10 report TO the Secretary OF the Treasury
the amount OF circulating notes issued. under the
provisions OF the preceding section, 10 national
banking associations during the previous month;
Hhrreupnn The Secretary OF the Treasury shall re-
deem and cancel anamount OF the three per ccntUm
temporary loan cer:cat, issued under the Of
March TWO, eighteen hundred and sAtFsesen aiie
July twenty five" eighteen hundred and siNtA eight
not less than the amount of circulating notes
reported and may if necessary. i'll order procure
the presentation OF such temporary loan c.rtit-
Gates 1or redemption, give notice to the holders
thereof. by publication otherwise, that certain
Of said certificates. (which shall be designated by
number, date and amOu!t,l shall cease TO bear in
tertst from and after day TO be designated il such
notice. and that the certificates 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 interest shall be paid slcn ctrtiti
Gates ard they shall not thereafter he counted
part OF the reserve OF any banking association.
SIC. ,. 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, i'll the manner prescribed i'll the
nineteenth and twentieth sections OF the national
currency act it shall be lawful for the Controller OF
the Currency 10 issue TO the association making the
same. circulating notes Of different denominations
not less than five dollars not exceeding in amount
eighty per ccntum of the par value ri tue bonds de-
posted which noTes shall bear upon their face the
promise OF the association to which they are issued
~ t'S'i, uI', pa ~ -
ASSOCIATION III "oid com OF iie .hii'o HtatrS' "iG
shall be feuttlhabie upon such presentation hNuch
com: PROVIDED, mat no paiisin. assoc l:oiol organ
lIed udtr TINS section S:iii hiNca circulation iii
excess OF one lliilioh Oh collars. ,r
SIC, !. ana ne II lurliier elit''of maj every
NATIONAL banking ASSOCIATION l"Iii'eh uiItT inc
provisions OF inc preceding sectl"n OF 'hls act
shall III AL Times Keep on 'id hot les man i"eutN-
ave per tthtnhl Oh rs 'iiuiH@ 'l!culd'ion III
soid OF SILVER com oi me thlleo n"e9, ana sh'l
receive al par III me payment OF dtpts iIie @oN
notes Ut every other snch ""hkIhS ASSOCIATION
winch AT the time on shch payments snail ne re-
dtenlng It's circulating notes III SuIu CON OF the
Omitted states
SEC -. and ne II furtiicr enacted mat every as
sociaton organized Tor me purpose OF lsslin@ T"d
notes provided i'll this act shall b. subject to all
tie requirements and PROVISIONS OF the national
currency act. except tnc hit~ y lals' OF section
twenty-five. winch nnlS me clfCu!itlon OF national
marking associations IL three hundred mlliloES nf
dollars: The first clause of section tiirIytwn, which
taken in connection with the preceding section,
Wnlild require national banking associations Or
ganiz"d III the city OF san Francesca to redeem
their circulating notes at par III the city OF View
York: ANA the last clause OF section thnty-t"o,
which requires every national barking association
to rcct i've IN payment of debts the notes II" cyeIH
other natioIai bInElu@ iSSo'iafl"n at par: FRO
Nidcd, That III apply in% the PROVISIONS aiit To-
4rirtmcats 81 sad act To the bahhiI@ "s>ori"t1"NS
herein prov ided tor The terms R"fu money anu