New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-09-11
|PUBLIC-N0. l6l.I


AN ACT TO provide for the redemption OF the three
per cent temporary loan certificates, and for al
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 fifty -four millions Of dollars
i'll notes tor circulation may he issued 10 at;olal
banking associationS in addition To the three
hundred millions OF doms authorized by
the tvcnty-second section OF the Act TO provide
national GGirtuty secured tv pledge Of United
States bonds. aud TO provide Tor the circulation ana
redemption thereof" approved June three. c!gh-
teen hundred and siVty-four; and tine anIo'ut of
notes So provided shall he furnished to banking
sociatious organized 10 he organized III those
States and Territories having less than their PRO
portion under tie apportionInent contemplated by
the provisions OF the Act TO amend an act u pro-
vide a national currency secured DIV p'euSe ol
United States bonds and to provide for the circu-
iatlon anu f,Hrlitpii9h thelSoi, appfoFcu MatGh
BOMBS deposited with the Treasurer of the United
States. TO secure the additional circulating notes
herein authorized shall he OF any description OF
bondssof the Unrcd States bearing interest in coin
but new apportonment OF the increased circula-
ton herein provided for shall he made a soon as
practicable based upon the census OF eighteen hum
bred and seventy Provided. that if Applications
the circulation herein authorized shall not be
AIDE within year after the passage Of this act,
bY banking associations organized or to he organ
lied i'll States having less than their rropor ton, it
shall he law tul Tor the Controller Of the Currency
to iss}" such circulation to banking associations
applying tor the i'll other States or Territories
having less than their proportion. giving the pre-
ference to such as have the greatest deficiency:
And provided further, that 40 banking association
hereafter organized shall have circulation il cx-
of five hundred thousand dollars.
SEC. ?. And he it further enacted, That at the
end OF each month after the passage OF this act il
shall he the duty OF the Controller OF the Cur
rency To repor; to the Secretary Of the Treasury
the amount vi circulating notes issued. uudtr the
provisions Of the preceding section. TO national
banking associations during the previous month;
wlcreupon the Secretary OF the Treasury shall re-
deem and cancel an amount of the three per centVm
Temporary loan certificates issued under the of
March two ighteen hundred and sixty-seven and
t1ID IrnI H,iN
not less than the amount ot circulating notes so
reported, and NAY, il necessary III order TO procure
the presentation of such temporary loan oerriti
Gates tor redemption give notice to the holders
thereof. by publication otherwise, that certain
OF said certificates, (Which shall be designated by
number date, and alnount shall cease TO bear IN
tcrest from and after day 10 he designated i'll such
notice and that the certificates so designated shall
longer be available any portion OF the lawful
money reserve i'll possession OF any national bank
ing association. and after the day designated i'll
such notice no interest shall be paid on such cert
Gates. and they shall not thereafter he counted as
a part OF the reserve of any bankin" association.
SEC. B. And be it further enacted, That upon the
deposit OF amy United States bonds, bearing inter
est payable i'll 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 to the association making the
same, circulating notes of different denominations
not less than five dollars, not exceeding III amount
eighty per ceutlim OF the par value OF the bonds de-
posted, which notes shall bear upon their face the
promise OF the association to which they are issued
TO them upon presentation at the office of the
association, ill gold coin OF the United States, and
shall he redeemable upon such presentation in such
COIN Provided. That no banking association organ
lied under this section shall have circulation i'll
excess OF million of dollars.
SEC 4. 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
five per centun OF its outstanding circulation i'll
gold silver coin of the United States, and shah
receive at par in the payment of debts the gold
notes of every other such banking assoc iation
which al the time OF such payments shall be re-
,leemin2 It's circulating notes III gold com OF the
United States
SEC 5 and he it further enacted, That every as
sociatiou organized Ton the purpose OF issuing gold
notes as provided i'll this act shall lie subject 10 all
the requirements and pro- isious of the national
TWENTY-FIVE. which limits the circulation OF national
banking associations to three hundred millions OF
dollars; the first clause OF section t!irytWo which
taken i'll connection with The preceding s. elton,
would require national banking associations Or
.aniZed in the city OF san Francisco TO redeem
their circulating notes at par ii the city OF New
lmk; and The Last clause Of section thiItv-twO.
which requires every national banking association
to receive n payment Of debts the noes III every
other NATIONAL banking association at par Pro
| vidcd, That III applying tie i,ioysians and IT,
| 4uircmets Of said act to the banking associations
herein provided for the terms lawful MONEY! and
''.awtul moncy o: the United States.' shall he held
| and construed to mean gold OF silver coin OF the
| United Gates.
SIC. s. AID he it tilther enacted. That 10 secure
| 4 more oGOiIc distribution OF the national bank
sls currency There may BE- issued circulating notes
Territories having less than their pruOi ion as
herein set forth. And the amount uf circulation in
this section authorized shall under the direction Of
| the Secretary OF the Treasury, as il may be re-
CURED Tor this purpose, be Withdrawn, as herein
provided, from banking assoc iatious organized in
States having circulation exceeding that prov eti
for by the act entitled AN act to amend an act en-
titled An act to provide Tor a national banking c.r-
! rtncy secured by pledge of United States bonds,
and 10 provide ior the circulation and redemption
thereof, approved March three, eighteen hundred
and siXty-tve but the amount withdrawn shall
not exceed twenty-five million dollars. Tie Con
troer OF the Currency shall under the direction of
| the Secretar of the Treasury make 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 banks, commencing
! with the banks having a circulation exceed
| ing one million OF dollars i'll Stats 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 circulation exceeding three hundred
| Thousand dollars in States having the largest ex.
cess Of circulation, AMI reducing the circulation OF
| such banks in 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
Grade and continuing thus To mn ke the ret.uetio