New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-10-01
1PuBLIC-No. ISL.
AN ACT to provide tor the redemption Of The thre
per cent temporary loan certificates, and for a
Increase OF national bank notes.

AN ACT to provide tor the redemption of the three
| per cent temporary loan certificates, and for an
| increase OF national bank notes.
| Be il enacted by the Senate and House of Repre-
sentatives OF the United States OF America in Con
| gress assembled. That tift yfollr millions of dollars
III notes for circulation may be issued 10 national
hundred millions OF dollars authorized by
the twenty-seco,d section OF the Act provide
/ national currency secured by pledge OF United
States bombs and to provide for tie circulation ans;
redemption thereof" approved june three, eigiI-
teen hundred and siyty-tour; and the amount of
notes so provided shall be furnished 10 banking as.
sociaIous organized or to be organized in those
States and Territories having less than their pro
portion under the apportionment contemplated by
the provisions OF the Act TO amend act pro
| vide a national currency secured by a pledge OF
United States bonds, and to provide FOR the crcu-
| lati0n and redemption thereof" approved March
| three, eighteen hundred aud siXty-tye. and the
bonds deposited with the Treasurer of the United
States, secure the additional circulating notes
herein authorized shall be OF any description OF
bonds OF the United States bearing interest in CON-
but new apportiopment of the increased cireula-
| ton herein provided for snail he made soon as
practicable, based upon the census OF eighteen mum
dred and seventy. PROVIDED, that II applications
fOr the circulation herein authorized shall not be
made within one wear after the passage OF this act,
by banking associations organized To nc organ
lied III States having less than their proper ton, il
shall be lawful for the Controller or the Currency
TO issue such Circulation 10 banking associations
applying for the in other states or Territories
having less than their proportion. giving the pre-
ference TO such as have the greatest deficency
And provided further. that no banking association
hereafter organized shall have circulation i'll eX-
cess of five hundred Thousand dollars
SEC. 2. and be it further enacted. That at the
end OF each mouth after tie passage OF this act ii
shall be the duty OF the CdntrOller of the Chr
rency to report to the Secretary OF the Treasury
the amount OF circulating notes issued, under the
provisions of the preceding section. 10 national
banking associations during the previous month;
WhereGpon the Secretary of the Treasury shall re-
deem and cancel an amount ofIthe three per centum
temporary loan certif, ates sSied under the acts
March two eighteen hundred and sixty-seycp and
r.aG
not less than the amount Of circulating notes SO
reported, and may, if necessary in order procure
the presentation of such temporary loan certiti-
Gates Tor redemption, give notice to the holders
thereof, by publication or otherwise, that certain
of said certificates, (Which shall be designated by
number, date, and amOunt,) shall 10 bear in
terest from and after day to be designated in such
notice, and that the certificates designated shall
no longer be available any portion OF the lawful
money reserve III possession of any national bank
ing association, and after the dav designated in
such notice no interest shall be paid such certit
Gates ard they shall not thereafter he counted
part OF the reserve of any banking association.
SEC. 8. And be it further enacted That upon the
deposit OF any United States bonds bearing inter-
est payable in gold, with the Treasurer of the
United States, III the manner prescribed in the
nineteenth and twentieth sections of the national
currency act it shall be lawful for the Controller of
the Currency to issue to the association making the
same. circulating notes Of different denominations
not less than five dollars not exceeding in amount
eighty per centum of the par value OF the bonds de-
posted, which notes shall bear upon their face the
promise OF the association to which they issued
to pay them upon presentation az the Office OF the
association, in gold coin of the United States and
shan be redeemable upon such presentation il such
coin: Provided, That no banking association organ
lied under this section shall have circulation III
excess of one million of dollars.
SEC. T. And be it further enacted That every
national banking association formed under the
provisions OF the preceding section OF this act
shall at all times keep on hand not les than twenty
hve per centum OF its Outstandin. circulation in
gold OF silver coin of the United States and shah
receive at par in the payment of debts the gold
notes OF every other such banking association
which at the time of such payments shall he re-
deeIning its circulating notes III gold coin OF the
United States.
SEC. 5, And be it further enacted. That every as
soclatlon organized for the purpose OF issuing gold
notes as provided in this act shall be subject to all
the requirements and PROVISIONS OF the national
currency act, except the first clause of section
twenty-five which limits the circulation of national
banking associations to three hundred millions OF
dollars: the first clause of section thirt y-two which
taken in connection with the preceding section.
would require national banking associations or
gained in the city of San Francisco TO redeem
their circulating notes at par in the city of New
York: and the last clause of section t!lirtv-two
winch requires every national banking association
10 receive III payment OF debts tie notes of every
other national banking asSoclat .on nj par Pro-
Nlded, That IN applying the provisions and re-
quiremcnts of said act to the baj king assoriJtious
herein provided for the lawful money and
lawful moneN Of the United States" shall be held
and construed to mean gold silver coin OF the
United States.
SEC. g. And he il further enacted That to secure
more equitable distribution OF tie national bank
ing currency there may bc issued circulating notes
to banking associations organized in States ard
Territories having less than their proper ion as
herein set forth. And the amcunt of circulation in
this section authorized shall under the direction of
the Secretary of the Treasury, as 1t NAV be IT,
qured for this purpose, he Withdrawn. as herein
provided, from banking Associations organized in
States having circulation exceeding that prov iled
for by the Act entitled IAN act 10 amend an act en-
titled An act provide for national banking eur
rency secured by pledge Of United States bonds
and to provide for the circulation and reden ption
thereof approved March three, eighteen hundred
and sixIyfve, but the amount 30 withdrawn shall |
not exceed invent -tive million dollars. The Con
troller of the Currency shall under the direction of
the Secretary OF the Treasury make "a statement
showing the amount of circulation i'll each state |
and Territory, and the amount 10 be retired by |
each banking association in accordance with |
tins section, and shall, when such redistribution |
OF circulation is required, make requisiton |
FOR such amount upon such banks commencing |
with the banks having circulation exceed |
ing one million of dollars in States having |
an excess of circulation, and withdrawing !
tneir circulation in excess of million of dollars
a. ana then proceeding pro rata with other banks
c1ss dollars in States having the largest
OF circulation and reducing the circulation of
sucn banks IN states having the greatest proper
y Sion IN excess, leaving undisturbed 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