New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-09-28
TPrBLlC-No. lGl.I
AN ACT 20 provide for the redemption Of the three
per cent temporary loan certificates, and Tor an
increase OF national bank notes.

per cent Temporary loan certificates, and Tor AL
increase OF national bank notes.
Be il enact ed by the Senate and House of Repre-
sentarives Vi the United States of America IN Con-
gress assembled That h1tytour millions OF dollars
N notes t0r circulation may he issued TO national
banking associations IN addition 10 the three
hundred millions Of dollars authorized by
the twenty-second section OF the Act to provide
National currency secured. by a.piedse OF United
States nods and to provide tOr TIE circulation ard
redemption thereof" approved June three. elgh-
teen hundred and siytv-fou,: and the amount of
notes prov :,c,i sal be furnished 10 banking as
sociatlous organized or 70 he organized III those
States and Territories having less han their pro
port:on under The superintendent contemplated by
The provisions of the Act TO amend an act 10 pro
vide a national currency secured pN a pledge OF
United States bonds. and to provide for the tlrcli-
lation and redemption thereof, approved Harch
three. eighteen hundred and sixiy-Iive. and the
bonds deposited with tie Treasurer OF the United
States To secure the additional circulating notes
herein authorized shall be OF any description OF
bords'cf the United States bearing interest in coin,
but a new apportionrnent of the increased crcua-
ton herein provided for shall i've made
practicable. based upon tine census OF eighteen hun
bred AID serenity: Provided, that il applications
for the circulation herein authorized shall not he
made within after the passage OF this act
by banking associations organized or 10 be organ
zed States having less than their proportl on it
shall he lawful for the Controller OF the Currency
to Issue such circulation to banking associations
applying the same i'll Other States or Territories
having less than tie!r proportion, IlNlnS tile pre-
ference 10 sUCI as have the greatest dehclencN:
And provided further, that no banking association
hereafter rganiZed shall have circulation i'll eN
OF five hundred thousand dollars
SEC D. And be it further enacted That AT the
end OF each month after the passage ot This act II
shall he the dIty OF the Controller OF the Cur
rency 70 report 10 the Secretary OF tie Treasury
the amount OF circulating notes issued under the
provisions OF the preceding section. to national
banking associations during the previous month;
wereupon tine Secretary OF the Treasury shall re-
deem aud cancel amount OF the three per cenuln
Temporary loan certificates issued under the acts of
| March two eighteen hundred and sixty-scyen. and
July twenty-five. eighteen hundred ana slXty-eiGht,
not less than the amount OF circulating notes so
reported and may If necessary. in order 10 procure
the prese ntation Of such temporary loan ccrtiii-
| Gates for redemption, give notice 20 the holders
Of said certificates (which shall be designated by
number date<and amount.) shall cease to bear IN
from and a1tera day 10 he designated IN such
notice aud that the certificates so designated siiil
no longer be available any portion OF the lawful
money reserve in possession of any national bank
| inc association and after the day designated in
such notice interest shall be paid OF such certif-
Gates aud they shall not thereafter be counted as
| 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 il gold, with the Treasurer OF the
| United States, III the manner prescribed III the
nineteenth and twentieth sections of the national
the Currency issue to the association making the
same circulating notes of different denominations
not less than five dollars, not exceeding III amount
eighty per centum of the par value OF the bonds de
post ed which notes shall bear upon their face the
promise OF the association to which they are ISSUED
10 paw them, upon presentation at the Office OF the
association, i'll gold coin OF the United States, and
shall he redeemable upon such preseltat on IL such
| coin Provided That no banking ASSOCIATION organ
lied under this section shall have circulation III
| excess Of one million OF dollars
SEC 4. And lie it further enacted. That every
national banking association formed un'tcr the
| provisions OF The preceding section ot this act
Shall all times keep On hand not les thsiii twenty
| five per cenum OF its outstanding ere ulatrn u
gold or silver coin OF the United states, aud sinai
Receive at par i'll the payment of debts the gold
| notes Of every other such banking association
| which at the Tine of sl.ch payments shall be re-
| ,,inOI
| United States.
social ON organized Tor The purpose OF issuing gold
note, as provided in this act shall he subject 10 all
the requirements and provisions OF the national
! currency act, except tine first clause OF section
invent 1.-TWO, which limits The circulation of national
banking associations TO three hundred millions OF
dollars the first clause OF section th!rtytwo. winch
| taken IN connection with the preceding section
| would require national banking associations or
ganized in the city OF San Francisco 10 redeem
| TIrir circulating notes at par The city OF New
YORK. and the last clause of section thirty-two
which requires every national banking association
10 receive i'll payment OF debts the notes OF every
other national banking association AT pax: FRO
viGed That in Giving the provisions and re
ouireinents OF said act to the banking associations
herein provided Tor the terms lawful money and
..Ia,ytI,i money OF the United States shall be held
and construed TO mean gold or silver coin OF The
United States.
SIC. 6. And he If further enacted Tha. 10 secur,
n more, equitable distribution OF the national bank
ing currency there may be issued circulating note
to ban.ing associations organized il states an,
|
herein set forth. And the amount OF circulation il
this section authorized shall under the direction o
the Secretary OF the Treasury, rs il may be re
ouired for this purpose, be Withdrawn. as herein
| provided, from banking associations organized il
States havin. circulation exceeding that provided
for by the act entitled An act to amend en-
| titled An act to provide for national banking cur
1yhcy secured by pledge of United States bonds
and to provide for the circulation and redemption
| thereof" approved March three, eighteen hundred
| and sixty-tive but the amount SO withdrawn shall
not exceed twent y-tive million dollars. The Con
troller OF the Currency shall under the direction
the Secretary of the Treasury make "a statemen
| showing the amount of circulation in each Stat
and Territory, and the amount to be retired b,
| each banking association in accordance witt
this section, and shall, when such redistribution
of circulation is required, make a requisitiol
for such amount upon such banks, commencing
| with the banks having a circulation exceed
ing one million of dollars in States havn
| an excess OF circulation, and withdrawing
their circulation in excess of one million OF dollars
and then proceeding pro rata with other bank
| having circulation exceeding three hundre
| thousand dollars in States having the largest ex
cess of circulation and reducing the circulation
such banks in States having the greatest proper
ton in excess, leaving undisturbed the banks il
States having a smaller proportion, until those il
| greater excess have been reduced to the sam
| grade and continuing thus to make the reduction
| prov ided for by this act until the full amount Q
| twenty five millions herein provided for shau b