The Albany register. [volume] (Albany, Or.) 1868-18??, 1870-03-12
A Bill.

To provide o national currency of coin notes, and
to equaiize the distribution Of circulating notes
Be IL resoyred 6y tie Senate and House Of Repre-
sentatires of tie United States Of America in
| Congress assembled,
| That forty-five millions of dollars in notes for
circulation may be issued to national banking as
| sociations in addition to the three hundred mil
! lions of dollars authorized by the twenty-second
section of the ''Act to provide national currency
secured by pledge Of United States bonds, and
| to provide for the circulation and redemption
/ thereof" approved June three, eighteen hundred
and sixty-fou and the amount of notes so pro-
vided shall be furnished to banking associations
organized or to be organized in those States and
Territories having less than their proportion un-
| der the apportionment contemplated by the pro-
visions of the "Act to amend act to provide
national currency secured by pledge of United
States bonds, and to provide for the circulation
and redemption thereof approved March three,
eighteen hundred and sixty-ive but ap-
portonment of the circulation hereinbefore pro-
vided for shall be made as soon as practicable,
based upon the census of eighteen hundred and
seventy.
SEC .. And be 1t further enacted, That
at the end of each month after the passage of this
act it shall be the duty of the Comptroller nf the
Currency to report to the Secretary of the Treas
ury the amount of circulating notes issued to
tional banking associations during the previous
month whereupon the Secretary of the Treasury
shall redeem and retire amount of the three
per centum temporary loan certificates issued un-
der the acts OF March two, eighteen hundred and
sixty-seven, and July twenty-five; eighteen hun
dred and sixty-eight, not less than the amount of
circulating notes SO reported ahd may, If neces-
sary III order to procure the presentation of such
temporary loan certificates for redemption, give
notice to the holders, by publication or otherwise
that certain of said certificates, (Which shall be
designated by number, date, and amount, shall
cease to bear interest from and after the date of
such notice, aud that the certificates dosi gnated
shall no longer be available any portion of the
lawful money reserve in the possession Of any
national bank, and after such notice no interest
shall be paid such certificates, and they shall
i not hP O le O
banking association.
SEC. 3. And be At further enacted, That
| after the expiration of six months from the pas
sage of this act, any banking association located
in any State having more than its proportion of
| circulation may be removed to any State having
less than its proportion Of circulation under such
| rules and regulations as the Comptroller of Cur
reHey, VIII the apprcvaI of the Secretary of the
Treasury, may require: Provided, That the
amount of the Issue of said banks shall not be de-
Quoted from the amount of new issue provided for
] in this act.
SEC. 4. And be 1t further enacted, That
upon the deposit of any United States bonds,
bearing interest payable in gold, with the Treas
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
Comptroller of the Currency to issue to the
citation making the same, circulating notes of diff
ferent denominations not less than five dollars not
exceeding in amount eighty per centum of the
par value of the bonds deposited which notes
shall bear upon their face the promise of the as
sociation to which they issued to pay them
upon presentation at the Office of presentation, in
gold silver coin of the United States, and shall
be redeemable upon such presentation in such coin.
Sec. 5. And be 1t further enacted, That
cry national banking association formed under the
provisions of section onr of this act shall at all
times keep on hand not less than twenty-five per
centum in gold silver coin of the United States,
and shall receive at par in the payment of debts
the gold notes of every other such banking asso-
citation which at the time of such payments shall
be redeeming its circulating notes in gold or silver
cni nnffh hl InSra
Sec. 6. And be 1t further enacted, That
every association organized for the purpose of is
suing gold notes, provided in the preceding
section, shall be subject to all the requirements
and provisions of the national currency act, ex-
cept the first clause of section twenty-five, which
limits the circulation of national banking associa-
tons to three hundred millions of dollars the
first clause of section thirty -two which, taken in
connection with the preceding section, would re-
quire national banking associations organized in
the city of San Francisco to redeem their circu-
lating notes at par in the city of New York; and
/ the last clause of section thirty-two, which
quires every national banking association to
/ ceive in payment of debts, the notes of every
other national banking association at par: Pro-
| rided, That in applying the provisions and re-
qurements of said act to the banking associations
herein provided for, the terms ''lawful money!"
| and '1awful money of the United Statcs.'' shall
be held and construed to mean gold silver coin
of tho United States.
/ SEC. z And be It further enacted, That to
secure better distribution of the national bank
| ing currency, there may be issued circulation
notes to banking associations organized in States
and Territories having a less banking circulation
than their pro share, herein set forth.
| And the circulation in this section authorized
shall within year, if required, be Withdrawn,
as herein provided, from banks organized in States
haviIg g circulation exceeding that provided for
by the act entitled IAN act to amend act enti-
i tied IAN act to provide for national banking
currency secured by pledge of United States
/ bonds,'' and to provide for the circulation and
| redemption thereof approved March third,
/ eighteen hundred and sixty five; but the amount
/ to be so Withdrawn shall not exceed twenty mil
lions The Comptroller of the Currency shall,
under the direction of the Secretary of the Treas
ury, make a statement showing the amount OF
circulation in each State and the amount to be re-
| tired by each bank in accordance with this sec
/ tien and SHALL when circulation is required, make
a requsition for such amount upon such banks,
commencing with the banks having circulation
exceeding one million of dollars in States having
an excess of circulation, and withdrawing one
third of their circulation in excess OF one-mliIon
! of dollars and then proceeding pro rata with
| banks having articulation exceeding one hundred
i thousand dollars in States having the largest ex-
/ cess of circulation, and reducing the circulation
/ of banks in States having the largest proportion
in excess leaving undisturbcd the banks in States
having smaller proportion, until those IN greater
excess have been reduced to the same grade, and
continuing thus to make the reduction provided
/ for by this act until the full amount of twenty
millions, herein provided for, shall be withdrawn;
and the circulation Withdrawn shall be distrib-
uted among the Statos and Territories having less
| than their proportion, and to equalize the
distribution of such circulation among such States
| and Territories uptn the basis provided by this
act. And upon failure of snch bank to return
the amount required within ninety days after
said requisiton, it shall be the duty of the Comp
troller of Currency to sell at public auction, hav
/ ing given twenty days notice in newspaper pah-
/ lished in Washington city and New York city, an
! amount of bonds deposited by said bank as secu-
rity for its circulation equal to the circulation to