New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-09-15

est payable in gold, with the Treasurer Of 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 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 are issued
to pay them, upon presentation at the office of the
association in gold coin Of the United States, and
shai, be redeemable upon such presentation i'll such
coin: Provided That no banking association organ
lied under this section shall have circulation IN
excess of one million Of dollars
SIC. 4. And be it further enacted, That every
national banking association formed under the
provisions OF the preceding section of this act
shall al all times keep hand not les than twenty
i've per centiiin OF its outstanding circulation ~
gold or silver coin of the United States, and shall
receive at par III the payment OF debts the goa
notes OF every other such banking ASSOCIATION
which at the time of such payments shall DE re-
detminS its circulating notes in gold COIN OF the
CnltefaStatts.
SEC. 5 And be it further enacted That every as.
socation organized for the purpose OF issuing gold
notes provided in this act shall be subject 10 all
tle requirements and provisions OF the national
currency act, except the first clause of section
tYrnty twO which limits the circulation OF nation
banking associations to three hundred millions OF
dollars; the rrst clause OF section thlrty-two, "ch
taken in connection with the preceding section.
would require national banking associations or
ganizrd in the city of San Francisco to redeem
their circulating notes at par i'll tho city of New
York; and the last clause OF section thirty-two,
which requires every national banking association
10 receive. in payment of debts the notes of every
other national banking association at par: Pro
vdcd, That in applying the provisions and re-
quremelts OF said act to the banking associations
herein yrovid ed for the terms lawful money aud
lawful money OF the United States, shall be held
and construed to mean gold OF silver coin OF the
United States.
SEC t. And he it further enacted, That TO secure
n more equitable distribution of the national bank
ing currency there be issued circulating notes
to banking associations organized i'll States and
Territories having less than their proportion
herein set forth. And the amount of circulation in
hnrly hall
the Secretary OF the Treasury, as 1t may be re-
quireI for this purpose, be withdrawn. as herein
provided from banking associations organized i'll
states having circulation exceeding that provided
for by the act entitled An act to amend an act en-
titled An act to provide for national banking cur
rency secured by pledge OF United States bonds,
and TO provide for the circulation and, redemption
thereof" approved March three, eighteen hundred
and sixty live, but the amount withdrawn shall
not exceed twent y-tve million dollars The Con
tloller OF the Currency shall, under the direction OF
the Secretary OF the Treasury, make statement
showing the amount OF circulation i'll each State
and Territory, and the amount to be retired by
each bankin. association i'll accordance with
this section, and shall when such redistribution
OF circulation Is required make q reIusltlon
for such amount upon such banks, commencing
with the banks having "A circulation exceed
ing one million of dollars in States having
an excess OF circulation, and Withdrawing
their circulation in excess of million OF dollars
and then proceeding pro rata with other banks
having a circulation exceeding three hundred
thousand dollars i'll States having the largest ex
of circulation, and reducing the circulation of
such banks III States having the greatest proper
ton in excess leaving uudlsturbed the banks III
States having smaller proportion, until those III
greater excess have been reduced TO the same
grade and continuing thus to make the reduction
provided for by this act until the fun amount OF
ytive millions. herein provided for shall be
Withdrawn; and the circulation withdrawn
shall be distributed among the States and Terrific
rlcs having less than their proportion, so as 10
equaze til" same. And it shall be the duty OF the
Controller OF the Currency, under the direction OF
the Secretary of the Treasury, forthwith 10 make
renuisition for the amount thereof upon the banks
above Indicated as herein prescribed. And upon
failure of such associatens or any OF them to re
turn the amount required within one year II shall
be the duty OF the Controller of the Currency 10 sell
at pubic auction having given twenty days notice
thereof daily wspaper printed in Washing
ton and i'll New York city. an amount of bonds
deposited by said association as security Tor sad
crc ton equal 10 the circ uatOn to be withdrawn
from said association and not returned in Compli-
with such acquisitions: and the Controller OF
the Currency shall with the proceeds redeem SO
1iany Of the notes of said banking association As
they into the treasury will equal the
amount required and not returned, and shall pay
the balance, il any. 10 such banking association:
Provided, That circulation shall be withdrawn
under the provisions of this section until after the
ttyt0ur millions granted III the first section snail
have been taken up.
SECTION And he il further enacted. That after
the expirat ion OF six months from the passage of
this act any banking association located iii any
State having more than its proportion OF circulation
may be removed any State having less than lis
proportion of circulation under such rules and re-
.ulatons the Controller OF the Currency, with
the approval OF the Secretary OF the Treasury may
require Provided, That the amount of the issue of
said Dai.ks shall not be deducted from the amount
OF new sSlc provided Tor III this act.
Approved, July Il, 1870.