The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1870-09-22
[OrTiorAl.3
LAWS OF THE UNITED STATES,
PASSED At THE SECOND SESSION (
o. EllF iie.s,
FoRTY-FIRsT CONGRESS.
fPUpLIc-No. 1911


AN ACT TO provide for the redemption Of shs
three per cent temporary loan cerinsates'
and for an increase otnauoaal oank NOES
Be Il enacted b. thc Senate aud House
of Representatives of tho United iStates of
1n,ertea IN Congress assembled, That
lfifty.four millions Of dollars in notessfcr
circulation may DO issued to national banks
ing associations In addition to tho three
hundred millions Of dollars authorized ~
the twentyssscond section Of the 8 Act to
provide a national currency secured BY .
pledge Of United States bonds, and TO pro-
vide for the circulation and redemption
thereof" approved juno three, eighteen
hundred and sixty-four; and the amount
Of notes so provided shall DO furnished to
banking associations organized or to be or
eanized in those States and Territories
having less than their proportion under tho
apportionment contemplated by the pro-
visions Of the "Act to amend an act to
provide q national currency secured by q
pledge Of United States bonds, and to pro-
vide for the circulation aud redemption
thereof" approved March three, eighteen
hundred and sixty-fye, aud the bonds de-
posted with the Treasurer Of The United
States, to secure tie additional circulating
notes herein authorized, shall be Of any
description Of bonds Of the United States
bearing interest in coin, but . new app99r-
tionment Of the increased circulation here:
in provided for shall be made as soon aS
practicable. based upon tho census Of eigh-
teen hundred aud seventy: PROVIDED,
That if- applications for the circulation
herein authorized shall not be made within
one year after the passage ofthis act, by
banking associations organized or to be or
eanized in States having less than their
proportion, it shall be lawful for the
Comptroller of The Currency to issue such
circulation to banking associations apply
lug for the same in other States or Tefrt-
tories having. less than their. proportion
giving the preference to suchIa s haseilho
greatest deficiency: Ind prorided further,
That no.baukiug association hereafter or
ganized shall have q circulation in excess
T 81 ilse shandfeJ tl1onsand dollars 4 =, g
SEc. 2. dAtELe It further enacted, That
Lat the end Of each month after the passage
of This. act .itshall be the duty Of the
Comptroller Of tho Currency to report to
The Secretary Of the Treasury the amount
Of circulating notes issued, under the pro
visions Of the proceeding section, to ma
tional banking associations during. the pre-
yious month; whereupon the Secretary Of
the Treasury shall redeem and cancel an
amount of the three per centdm Temporarily
loan certificates issued under the acts Of
March two, eighteen hundred and sixty
seven, and July twenty-five, eighteen
hundred and sixty-eight. notices. than The
amount Of circulating notes so reported,
and may, Unnecessary, in order to procure
the presentation Of such temporary LOAF
certificates for redemption, give notice e
holders thereof, by publication or other
wise, that certain Of said certificates
(Which shall be designated by number
date, and amouut,) shall cease to beal
interest from and after q day to be deslg-
mated in such notice. and that the certia'
Gates SO designated shall no longer be
available as any portion of the Lawful
money reserve in possession Of any national
banking association, and after the day des'
Iignated in such notice no interest shall DC =,
paid on such certificates, and they slial
not thereafter bo counted as apart OF the
reserve of any banking association.
SEC. 8. 4ad5 It further resolred, That
upon the deposit Of any. United States
bonds, bearing interest payable IN gola.
with the Treasurer of the United States, IN
Ithe manner prescribed in the nineteenth
anu ,VSantiett sections Of the national cur
tency act; It shan Bo- lNsful for the Comp
trollcr of the Currency to issue 70 Cue 81
ISOLATION making the same, circulating
notes Of different denominations ret. 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 tEeptonise Of tie assccia-
ton to which they arelissued to pay them,
Upon presentation at the Office Of the assoc
citation, in gold coin Of the United States,
and shall be redeemable upon such presen-
tation in such coin: Provided, That no
banking association organized under this
section shall have circulation id excess
of one million Of dollars.
SEQ. 4. Afd Be Il further enacted, That
every national banking association formed
under the provisions Of the preceding
on hand not less than twenty-five per
centum Of its outstanding circulation in
gold or silver coin Of the United States,
and shall receive Of par in The payment Of
debts the gold notes Of evcry other such
banking association which Of the time Of
such payments shall DO redeeming Tits or.
culating notes in gold coin Of the United
SIC. S. And Be L further enacted, That