New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-09-09
iPUBLiC-No. 1911
an ACT 70 provide Tor the redemption OF tfN1thres
per cent temporary loan certificates, and for al
increase OF national bank notes.

IN az / 70 provide Tor the redemption OF tlDthree
per cent temporary loan certificates and for
increase of national bank notes.
BE il enacted by the Senate and House OF Repre-
sentatives of the United States of America il Con
gress assembled Thar fifty millions OF dollars
III notes FOR circulation may be issued TO national
banking associations i'll addition To The ti.ree
hundred millions OF dollars authorized by
the twenty second section of tie Act 10 provide
national currency secured by pledge OF United
states bonds and to provid, FOR the circulation and
redemption thereof" approved Jun. three. ci-H-
teen hundred and siX1 four: and the amount Of
notes provided shall be furnished 70 laIlhih"
sociatioris organized To be organized in thos,
States and Territories having less than their pro-
portion under the superintendent contemplated hy
the provisions OF the Act to amend ac. pro-
vide a national currency secured by u pledge OF
United States bonds. and TO provide tor the ciru-
lation and redemption thereof" approved March
three, eighteen hundred and sixty -tive. and the
bonds deposited with the Treasurer 81 the Utited
States. to secure the additional circulating notes
Herein authorized shall be- OF any description Of
bOndsof the United States barring interest IN Coiu.
put q new apportiounent of the increased circula-
tioll herein provided for shall be made as
practicable based upon the census of e ghtcen hum
bred and seventy: PROVIDED. that if applications
Tor the circulation herein authorized small not he
made within one year after the passa4c Of this ac,
by banking associations organized OF To be organ
lied III States having less than their proper ton
shall be lawful tor the Controller OF the Currency
TO Lssu" sHch circulation to UarNlnG associaii"ns
applying Tor III" same i'll other States or Territories
having less than their proportion. living the pre-
ference to such - have the greatest detcicncE:
And provided further, thai banking association
hereafter organized shah have circulation il
cess of i've hundred thousand dollars.
SEC. ?. And be il further enacted That at the
end o. each month after the passage Q; th!s aer
shall be the duty of the Controller O; thc uI-
rency to report to the Secretary OF III. Treasury
the amount of circulating notes issued, under the
provisions OF the preceding section, to national
banking associations during the Previous month:
whercupoi the Secretary OF the Treasury shall re-
deem and cancel III amount of tic three per c-utln
temporary loan certificates issued udeT the acts -
March two. eighteen hundred and ski v-seN Ven. sni
July twenty eighteen hIndred and sixty eight.
not less than the amount of circulating notes 50
reported and may If necessary in order 20 procure
the presentation of such temporary loan ~ertii
Gates for redemption give notice to the holders
thereof, by puhllraion or otherwise. that certain
of said certificates. (Which Shall be designated by
number date. and ainou!t) SHAH ccasa to bear i'll
from and after day b. designated in sncl
notice, and that the certificates designated shall
no longer be available as any portion of the lawful
money reserve III possession of any national bank
ing association. and after the day dtsi gnatcu in
such notice no interest shall hc raid Oh such ccrt
Gates. and they shall not thereafter he counted as
part OF the reserve OF any banking association.
SEC. 3. And be ii further enacted, That upon the
deposit OF any United States bonds. bearing inter
est payable i'll gold, with the Treasurer OF the
United States. in the manner prescribed in the
nincteeIiIh 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 dcnoniuat ems
not less than i've dollars. not exceeding III amount
eight, per centun Of the par value OF the bonds de-
posted, which notes Shall bear upon their lace the
promise of the SOltiOn to which they Issued
tG pay them, upon presentation ut the office OF the
ASSOCIATION, i'll gold coin of the United States, and
shall he rrdecmablc upon such presentation il such
coin: Provided That no banking association organ
lied under this section shall have circulation il
excess of enc million of dollars.
SEC. l. 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 hand not les than twenty
i've per ccntum OF ITS outstanding circulation in
gold or silver coin of the United States, and shall
receive at par i'll the payment of debts the gold
notes of every other such banking association
which AT the time OF such payments shall he
decming its circulating notes III gold coin OF the
United States.
SEC. 5 And be il further enacted, That every as
sociation organized for the purpose OF issuing gold
notes provided i'll This act shall be suffice; 10 all
the requirements and PROVISIONS OF the nat.oHi.
currency act except the trst clause of sector.
TWENTY-FIVE which limits the circulation oi mai ional
banking associations to three hundred millions OF
dollars: the first clause o! section trty-tWo, which
taken in connection with the preceding section.
would require national banking associations or
gailizcd III the "liN OF san fli!n'lSco 10 tcdcrlH
their circulating notes II par in the city OF New
York: aud the last clause of section thirty-tuU.
which requires ever national banking association!
to receive al iavncrt of tcUts the notes ut every
other national banking association nj par: Pro
vided. Thai i'll Amply wing the provisions and rc-
quirenrntS Of SAID act to the banking ssacia hons
her,,iu provided for the terms lawful money and
lawful money OF the United States shall We held
and construed to mean gold or silver coin OF the
United States.
SEC. T.. Aud he il further enacted That 20 secure
a more equitable Distribution OF the national bank
in. currency there may he issued circulating notes
TO banking. ;ssoti;ttlous organized in States and
Territories having less than their pToI urtion as
herein forth And the amount Of circulation in
this section authorized shall under the direction Of
the Secretary OF the Treasury. il may be re-
quired for this purpose be Withdrawn. as I4ercin
provided, from banking assoc ations organized III
States having circulation exceeding that provided
for by the act entitled An act to amend act
tilted An act to provide for national banking cur
rency secured by pledge Of United States bonds,
and to provide tor the circulation and redemption
thereof" approved March three, eighteen hundred
and sixty five hut the amount so withdrawn shall
NOT exceed twenty-five million dollars. The Con
trocr of the Currency shall under the direction OF
the Secretary Of the Treasury, make "A statement
showing the amount of circulation in each State
and Territory and the amount TO he retired by
each banking association in accordance with
this section, and shall, when such redistribution
of circulation is required, make a requisiton
for such amount upon such hanks, commencing
with the banks having circulation exceed
ing one million of dollars in States having.
an excess of circulation. and withdrawing
their circulation in excess of one million of dollars
and then proceeding pro rata with other banks
having u circulation exceeding three hundred
thousand dollars in States having the largest
cess OF circulation, and reducing the circulation OF
snch banks III States having the greatest proper
ton in excess, leaving undisturbed the banks in
States having smaller proportion until those III
greater excess have been reduced to the same