New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-09-20
IPCBLrC-Eo. l6l.
AN ACT to provide for the redemption OF the three
per cent temporary loan certificates, and for
increase OF national bank notes.

AN ACT to provide for the redemption OF the three
per cent temporary loan certificates, and for an
increase OF national bank notes.
Be il enacted by the Senate and House of Repre-.
scntatives OF the United States OF America in Con-
gress assembled That fifty four millions of dollars
III notes for circulation NAV be- issued national
banking associations in addition to the three
hundred millions of dollars authorized by
the twenty second section OF the Act TO provide
national currency secured by II pledge OF United
States bonds and to provide for tn" circulation and
redemption thereof" approved June three, ei.sil-
teen hundred and -utv-four; and the amount Of
notes so prov idcd shall be furnished to banking
srciations organized or to be organized III those
States and Territories having less than their pro-
portion undcg the apportionneut contemplated by
the provisions OF tn. Act to amend act to pro
vide n national currency secured by n peds, of
United States bonds, and TO provide for the cirru-
latiun and redemption thereof" approved March
three eighteen hundred and sixty five, and the
bonds deposited with the Treasurer Of the United
StateS, I" secure the additional circulating notes
ncrcln authcIih'd shdI! bt 81 aiy description OF
bolids'n: the United States bearing interest in coin
hut II new apportIonm"nt Of the increased circtiia
ton herein pIo, ided for shall lie made ;,a soon as
practicable, based upon the census of eighteen hun
died and seventy: Provided, that II applications
Tor the circulation herein authorized shall not be
made within one year after The passage OF this act
by banking associations OfgliiiZed or to BE- organ
lied i'll States having less t!an their proper ton il
shall be lawful for The Controller of the CrlTency
TO issue such circulation To banking associations
applying TOR the sane in other States or Territories
having less than their proportion. giving the pre-
ference to such As have the greatest deficiency:
And provided further, that no banking ASSOCIATE
hereafter organized shall have circuiation IL tx
cess of FIVE hundred Thousand dollars.
SEC. ?. And he it 1urt her enacted That at the
end OF each month after the passage OF this act it
shall be the duty of the Controller OF the tul-
rency 10 report 10 the Secretary Of the Treasury
the amount OF circulating notes issued. under the
provisions OF the preceding section. 20 national
banking associations during the prcyious month;
whereupon the Secretary oI ihe Treasury shall re-
deem and cancel IN amount OF the three per ccnJun
temporary loan certificates issued under the acts OF
March two, eighteen hundred and siNty-scven and
July twenty tvc, eighteen hundred and ~iSt weight,
not less than the amount Of circulating notes So
reported, and may ii necessary, i'll order 10 procure
the presentation OF such TEN porary loan certiti
Gates for redemption, give notice to the holders
thereof, by publication otherwise. that certain
OF said certificates, (Which shall be designated By
number date and ;nlouut.) shall cease to bear in
tercst from and after day be designated in 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 interest shall be paid such certiii
Gates, and they shall not thereafter be counted IA
a part OF the reserve OF any banking association.
SEC. g. 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
nineteenth and twentieth sections OF the national
currency act shall be lawful for the Controller of
the Currency to issue to the association making the
same circulating notes of different denominations
not less than fl dollars, not exceeding i'll amount
eighty per ccntum OF the par value of I'll" bonds de-
posted, which notes shall bear upon their face the
promise OF the association TO which they issued
to pay them, upou presentation at the office The
association, in gold coin OF the United States, and
shall he redccmable upon such presentation III such
coin: Provided That no banking association organ
lied under this section shall have circulation i'll
excess OF one million OF dollars.
SIC. (. And be it further enacted, That every
national banking association formed under the
provisions Of the preceding section OF this act
shall at all times keep hand not les than twenty
five per ccntum of It's outstanding circulation in
gold or silver coin Of the United States, and shall
receive at par i'll the payment Of debts the gold
notes OF every other such banking association
which at the time of such payments shall he
Eeemlng it3 circulating notes III gold co.l OF The
SIC. ) And be ii further enacted That every as
SocIat ion organized tor the pupo-e of issuing gold
notes rs provided in this acT slGdi be subject 10 al
the requirements and pro'lr;eHs OF tie national
currency act, except the first clll!gr nj section
twenty-five which limits IL" circulation ofi.a .nna
banking dissertations To three hiiudrc,, I,lii ~ ~
dollars: the inst clause Of section TART y'. which
taken IN connection with the preceding sect !ou.
would Require national banking RESERVATIONS
"luiZed in the city OF san Francisco 10 redeem
their circula ing notes al par III til" city Of New
York: and tnc iaSJ clause pt section thirty-t No.
which cqIiTcs every national banking as7"cI1tlun
TO RECEIVE in payment OF debts the uotc, cl cI'ry
othcr national banking association at pay: Pro-
yidtd. That III appiSEg the provisions and re-
qurcments 81 said act IT, Che banking asSori.;joa,
her,in provided for til" terms 'l}wful none, ani
lawful money of tle United States" shall ur lr't
and construed to mean gold or silver com OF tie
aIted States.
SEC. g. AHd he it further enacted. That u -pa.ITe
cii1 ' ilstE Dlli Nl OF me liIIN-
M. currency thcge HAY ~ issued cIcrill,i. .,.e
10 banking associations organized ia %ta..'a and
Territories hnEIuL iU.s tLiIl tH.ir }lropnrl
herein set forth. And the amount II C!rcH.ai.rr n
his section authorized hall under he ire. tlu.L II
the Secretary OF tNc Treasury, u u'i.y hr
quired !Ur this purpose, be Withdrawn, as heron
provided, from banking assoc at!0ns organized III
states having Il circulation exceeding that PROVIDED
Tor by he act entitled An act TO amend at en-
titled An act TO provide Tor national banking chr
rcncy secured by pledge of Uijted States ionas,
and to provide tor me circulation and redemption
thereof approved March three, eighteen hundred
and sNty-iiyc, but the amount withdrawn sha.
not exceed twenty-five million dollars. Inc Con
troller Of The Currency shall under the direction OF
the Secretary of the Treasury. n!ahc'& statement
showing the amount Of circulation III sarl State
and Territory, and the amount to bc retired by
each banking association in accordance with
this section and shah. when such redistribution
OF circulation is required, make IL uqu1sltiou
for such 'amui,nt upon slich banks, commencing
with the banks having n circulation exceed
ing million OF dollars III States having
an excess Of circulation, and Withdrawing
their circulation III excess OF one million OF dollars
and then proceeding pro rata with other banks
having a circulation exceeding three hundred
Thousand dollars in states having the largest ,.y
cess OF circulation and reducing the circulation of
such banks in States having the greatest yropor
ton in excess leaving undisturhed the banks in
States having 4 smaller proportion until those in
greater excess have been reduced 10 the same
grade, and continuing thus to make the reduction
provided for by this act until the full amount Of
twenty-five millions, herein provided for, shall be