The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1870-09-22

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neetion With The prececdibg section, would
require national ;bapkiDg associations Or
gained 10 The city Of San Francisco 70 re-
deem their circulating notes at par IN the
CITY of New York; and the last clause Of
scctioh, thirty-two, which requires every
national banking association to receive 10
payment Of debts the notes ofeyery other
national banking association at par: tfo.
Vidsd, That ID applying the provisions and
requirements Of said act. 70 che banking
ansociaticns herein provided for the terms
.olawfnl money" aud lawful money OF
the United States shall DO held and con-
strued to mean gold or silver coin OF the
United STATES. W
s Isl 6, And6eit further enacted. That
10 g 10 asmore equitable distribution OF
tha rllional banking currency there may
~ suaa circulating notes 70 banking as
.sociati6us organized in States aud Terrific
ries having less than their proportion as
herein set forth. And the amount Of cir
culation ih this section authorized shall,
under the direction Of the Secretary ofthe
Treasury, rs j may bc required for this
purpose, bewithdrawn, as herein provided, i,
from banking associations organized in
States having circulation exceeding that
provided for By tho act entitled IAN act
to amend an act entitled AN act to provide
for national banking currency secured
BY pledge Of United States bonds, aud TO
provide for tho circulation aud redemption
thereof" approved March three, eighteen
hundred and sixty.fyc, but the amount so
withdrawn shall not exceed twenty-five
million dollars. The Comptroller Of the
Currency shall, under the direction Of the
Secretary Of the Treasury, make state
ment showing the amount Of circulation in
each State and Territory, aud the amount
to be retired by each banking association
i'd sceordtuce with this section, and shall
when such redistribution Of circulation is
required, make requisition for such,
amount upon such banks, commencing
with the banks having circulation ex-
ceedine one million Of dollars in States
having an excess of circulation, and with-
drawing thsif circulation in excess ofonc
million dollars. and then proceeding pro
ratio withlother banks shaying. circulation
exceeding. threes hundred thousand dol
lars ID States having the largest excess Of
circulation. and reducing the eifcdhtion of
such banks in States having the smaller
proe6rtion, until those in grereater ex-,
cess have been reduced to the same grade,
aud Continuing thus 70 make the reduction
psSFiae ior 81 This aot until tic full
amount Of twenty-five millions, herein pro-
.yidcd for sshalf be Withdrawn; and the
circulation so withdrawn shall bedistrihu-
led among tie States and Territories having
less Than their proportion, SO as to. equal
ize the same: And il shall be the duty
Of the Comptroller of the Currency, under
the-dircetin ofthe Secrctary-of the Treas.
ury, forthwith to make q requisition for
the amount thereof upon the banks above
indicated as herein prescribed. And upon
failure Of such associations, or any oethem,
to return the amount so required within
ono year, it shall be the duty Of the Comp
troller Of the Currency TO sell at public
auction, having given twenty DAYS notice
thereof in one daily newspaper printed in
Washington and ono in New York city,
an amount Of bonds deposited by said as
sociation, as security for said circulation,
equal to the circulation to be, Withdrawn
from said association aud not returned 10
oonposF sonp5 d e hg = on1FsS eS = shall al with with. As