New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-07-09

deficiency, am provided further. that thanking ssso
citation hereafter organized shall have circulation IN
SIC 2 And be IL further enacted That at tho end OF
each month after the passage OF this act 1t shall " the
Secretary of the Treas ury the amount Of circulating
notes Issued under the provisions cf he preceding 80
ton To national king airing the previous
month"; whereupon the Secretary OF tie Treasury shall
redeem ana cancel an amount OF te cree Ptr centrum
temporary loan certificates tSucu uhdsf the hcts oi
March 1867 and July 25 1863 not less i1n the amount
OF circulating notes reported qua may necessary
loan certificates for redemption, give notice To me
holders thereof, by publication or otherwse that certain
be) and they shall not be counted a. part oil tho re-
serve Of any banking association. u,- -. A., =,
SIC 3. and be IL further enGcted, That upon the de-
post Of United states bonds, bearing interest
able in gold with the Treasurer Of the United states IN
the prescribed the 18th and 2Oh sections OF
the National Currency act, IL slal I've laWlu TOT the 'o-
iIOler OF the currency % issue 10 te ih-
ing the same circulating notes OF different denomna-
cent1m of the par yaiue Of the bonds Deposited which
shall boar upon their face the promise Of the asso-
citation 10 which they issued to pay them upon
presentation at the Office Of the assoc aton IN goih com
Of The United states and shall be rcdccmahc upon such
presentation IN such CON- provided tnt no Danhg as
ISOLATION organized under this section shall have cou-
latiOn in excess of 100000
SIC. l. And De Il rther enacted That every national
banking association formed under the provisions OF the
preceding section of this act shall az all times keep on
hand not less than % per centm OF it, outstanding CIR
cuatonin gold coin OF the United States, and shall
ceiye par the pa ment of debts the gold notes Of
every other such banking association which, at the time
OF such payments, shall be redeemlng us circulating
notes I'm gold coin of the United states.
SEC s. And be IL fiDtcr enacted That every assocla-
ton organized for the purpose of issuing gold notes
provided in this act shall be subject to all the require
ments and provisions OF the National currency act ex-
ccpt the first clause OF section 90 which limits the ccu
latiOn OF national banking associations To SjOOoO the
first clause of section 49, which, taken in connection with
associations organized in the city Of San Francisco 10
deem their circulating notes at par IN the city OF New
York; and the last clause OF section -, when requires
every national banking association To receive IN payment
of debts the notes OF every other national Dankg asso
citation at par IrOrlded, Tnat IN applying the pfOvs-
and requirements OF said act to the banking assoc
tons herein provided Tor the terms la"in money
and lawful money of the United States, shall De held
and construed to mean gold or silver com OF the united
SIC g. And be il further enacted That to
equitable distribution OF the national banking currency
Citations organized in the states ana Iet0rles haNihS
less than their proportion herein set forth Ana ne
amount circulation i'm this section SHALL under the d.
recOn Of the Secretary OF the treasury as may ne
qurcd for this purpose lie withdrawn as herein PROVIDED
from banking associations organized IN states having
circulation exceeding that provided for by the act en-
titled An act to amend an act entitled, An act TO pro
vide for national banking currency secured by pledge
OF United states bonds ana TO provide ior inc crcn-
ton and redemption thereof approved March j. 1860,
The Cofrocr of the Currency shall under the direction
of the Secretary OF the Treasury, make statement
Territory and the amount to be retired by each banking
association in accordance with the section, and
shall, when such redistribution OF circulation Is
required make a requistOn for such amount
upon such banks, commencing with the banks having
cess of circulation and withdra their circulation in
excess of slOOOJO and then proceeding pro rata WIN
I
States having the largest OF circulation and re-
ducng the circulation of such banks in states having the
greatest proportion in excess leaving unulStmDtd he
banks States having smaller proportion untll thOSe
i'm greater have been reduced 10 the same grdde
and continuing make the reduction provided Tor
by this act until the full amount Of SjOOUJ herein pro
yidcd for shall Dee withdrawn and the CIRCULATION 50
Withdrawn shall be distributed among the states ard
Territories having less than their proportion, 40 % To
equaze the same And shall be the duty of the Con
roer of the Currency under the direction of the Sece
tary Treasury, forthwith To make lequstlo TOT
the amount thereof upon the banks above Indicated as
herein described, andpOn failure of such ASSOCIATIONS,
or anv Of them 10 return the amount required within
Currency TO sell at public auction having given tvty
DAYS notice thereof I'm daily newspaper printed IN
and one in NcwNork city, an amount OF
bonds deposited by said association rs security Tor
said circulation equal to the circulation % be WlthdtaWh
from said association and not returned IN compliance
with such rcdusiOn and the Controller OF the Currency
shall with the proceeds redeem many OF the notes OF
/ said banking association as they come mo the
Treasury as will equal the amount required ana not so
returned and shall pay the balance any, 10 such BANK
ING association; provided that circulation shall DE
after the S4OOOO granted in the first section shall have
been taken up -, . ~ a.. III.
alton OF six months the passage of TINS act any
banking association, located in any state, having more
than It's proportion OF circulation, may be removed to
anv state having less than lis proportion oil clciOn
under such and regulation, the Controller OF te
Currency with the approval Ot the Secretary Of tc
Treasury may require; provided that the amount OF the
Issue of said banks shall net be- deducted from the amount
of new issue provided for i'll this act