Wyandot County Republican. [volume] (Upper Sandusky, Ohio) 1869-1903, 1870-02-11

ment OF the interest, ana TO the re
dhction of the principal of the pub
lie debt; and the United States
bonds now held as a sinking fund,
and the United States bonds now
held in the Treasury, shall be can
celled and destroyed, a detailed rec
ord thereof being first made in the
books of the Treasury Department;
and the bonds hereafter purchased
under this section shall, in like
manner, be cancelled and destroyed,
and full and detailed account of
the application of money herein ap-
propriated shall be made by the
Secretary of the Treasury to Con-
gress, with his annual report, and
the aggregate amount of bonds can
celed and destroyed shall be stated
in the monthly statement ofthe pub
lie debt.
"SEC. S. That on and after the 1st
Of October, 1870, registered bonds
Of any denomination not less than
one thousand dollars, issued under
the provisions of this act, and no
others, shall be deposited with the
Treasury Of the United States as Sc
curity for notes issued to National
Banking Associations, for ciicula-
ton, under the act entitled can act
to provide National Currency, Sc
cured by the pledge of the United
States bonds, and to provide for cir
culatlon and redemption thereof
approved June 3, 1864, and all Ma
tional Banking associations organ
lied under any amendments thereof
are required to deposit bonds issued
under this act as security for their
circulating notes within one year
from the date of the passage Of this
act, in default Of which their right
to issue notes for circulation shall
be forfeited, and the Treasurer
and Comptroller of the Currency
shall be authorized and required to
take such measures as may be ne
cessary to call in and destroy their
outstanding circulation, and to re-
turn the bonds held as security
therefor to the association by which
they we're deposited, in sums of not
less than one thousand dollars /:
Provided, that every such associa-
ton now in existence may, upon Civ
ing thirty days notice to the Comp
troller Of the Currency, by resclu-
ton of its Board of Directors, de-
posit legal tender notes with the
| Treasurer of the United States to
the amount Of their outstanding cir
culation, and take up the bonds
pledged for its redemption; and pro
vided, further, that not more than
one third of the bonds deposited by
any bank as such security should be
of either OF the classes Of bonds
hereby authorized, in which the
maximum rate Of interest is fixed at
four and one fourth or five per cen
tum per annum.
SEC. 8. That the amount of cir
culating notes which any bank may
receive from the Comptroller of the
Currency, under the provisions OF
Section 81 of said act, may equal
but not exceed eighty per cent. @;
par value Of the bonds deposited, i,
but shall not exceed the aggregate
amount of which such bank may be
entitled under said section.
"SEC. 10. That any banking asso-
citation organized or to be organic
ed under the National Currency Act
and the acts amendatory thereof
may, before depositing with the
Treasurer notes to the amount Of
not less than one hundred thousand
'lollkrs, receive an equivalent of reg
istered bonds of the United States
of the kind and description provid-
for by Section of this act, and
may deposit the same as security OF
circulating notes; and thereupor
such banking associations shall be
entitled to and shall receive circulat
ing notes upon the terms and con
ditions and to the extent provided
in said currency acts, and without
respect to the limitation of the ag
gregate condition of the Natio ma
currency prescribed by said acts
provided, however, that as circulat
ing notes are issued under this sec
ton, an equal amount of United
States notes shall be Cancelled an6
destroyed"