New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-09-14
fpUBLIC-No. ELL


AN ACT 20 provide ror the redemption Of lie -hree
per cent temporary loan certificates, and COZ IL
increase OF national bank notes.
Be il enacted nv the Senate and House Of Repre-
seutativcs o. The United States OF America III Ton
gress assembled That fifty-four mol., OF dollars
in notes toi circulation may be issued to nato.a-
banking associations III addition To tne tA-"c
hundred millions OF dollars authorized b.
IL" twenty second section OF tie ACT 20 iTUFC .
| national currency secured hy pledge VI United
States bonds, and TO provide Tor tn circulation and
redemption thereof approved June thee, 'i-h-
teen hundred and sixty-four: and the amo..l, u
notes provided shall he furnished 70 banking
sotiations organized or To be organized IL those
States and Territories having less than their pro-
portion under tAe apportl"rmcnJ contemplated b.
the provisions OF the Act TO amend a. ,cl 10 pro
| vide national currency secured by ii l4edg' Of
United states honds. ana 70 provide tUr tie crcu-
| ltion and redemption thereof approved March
three. eightecL hundred and siXty-tive. and the
bonds deposited wiki the Treasurer OF the United
States, TO secure tine additional circulating Lote.
| Herein authorized shall be OF any description OF
bonds,ot the United States bearing interest in coin,
but new appointment OF the increased c.rculs-
! ton herein provided tor shall he made sooa ~
practicable based upon the census Of eighteen hun
| bred and seventy: Provided, that If applications
for the circtla on herein authorized shall Lor ue
made within year after the passa." OF this act,
by banking associations organized 10 bc organ
lied in States having less than their proper 1nii. il
shall be lawful Tor die Controller of the ull. new
| to Issue such circulation 10 banking associations
applying for the in other States ~ Territories
having less than their proportion, giving The pre-
| ference 10 such as have the grc.test Crticiellet:
And provided further. that 10 banking association
| hereafter organized shah have circulation Il ex-
!
| SEC. ?. And be it further enacted That A. the
end OF each month after the passage Of this act Il
| shall be the duty OF the Controller OF the IT
rency 10 report TO the Secretary 81: the Treasury
| the amount OF circulating notes issued. under ihe
provisions OF the preceding section, 10 natiol,t,
| banking associations during the previous month;
whercupon tie Secretary OF the Treasury shall Tr
deem and cancel an amount OF the three per ccnti.,a
temporary loan certificates issued under Tie acts At
March Two, eighteen hundred and siyJy-stveu and
July twenty tlrc eighteen hundred and eity-eI-i.J,
| not less than the amount of cirCulat III" notes
reported ana may II necessary III oTuer % procure
| the presentation of such temporary loan certi,i-
Gates Tor redemption. give notice to the holders
thereof, by publication or otherwise, that certain
of said certificates (Which shall be designated ny
nuUlber date, ami aluountl shall 10 bear
terest from and after day to be designated Ill such
notice and that the certificates SO designated sinai
10 longer he available any portion uf The IawI
money reserve i'll possession Of any national bank
such notice no interest shall be paid such certi-
Gates. ana they shall not thereafter tie counted
| part OF the reserve OF any banking association
! SIC. g. And be il further enacted That upon the
deposit OF any United States bonds bearing inter
| cst payable III gold, with the Treasurer OF the
| United States, i'll the manner presc ribed in tllr
nineteenth and twentieth sections the national
currency act. ii shall be lawful for the Coutro!er OF
the Currency to issue to the association making the
same circulating notes of different dci,ul! Al ions
not less than live dollars. not exceeding amount
eighty per cenum of the par value OF the BONDS de-
posted, which notes sl!all bear upon their Iace the
promise OF the association to which tliev issued
to pay them. upon presentation at the Office III the
association, i'll gold coin Of the United States. and
shall he Tcdtchabie upon such presentation stIrn
coin: Provided That no banking assoc .iatlon organ
| lied under this section shall have Circulation il
| excess OF one million Of dollars.
| SEC. {. And be II further enacted. Thai everv
| national banking association formed under tie
| provisions Of the preceding section Of tins at
Shall at all times keep on hand not than Mt
five per ccutum OF its outstanding circu...t ion in
god or silver coin OF the United STATES, and sinai
receive at lar in the payment OF dcl,tS the g'1
notes OF every other such banking ASSOCIATION
| which at the time of such payments shan ~ 10
dechin@ its circulating E0ics III gold COZ! OF the
SEC ), And be it further enacted That ever, as.
sociation s;.ni.cd for lie purpose of is>Il god
notes provided i'll this act stall ne .t,j,ct 10 .,
the Requirements and pro- isous OF The Eat .oal
currency act except the first clrlIst. CT So, fiu
Twenty-Five. which limits the circulat ;ou Of .t:a
banking associations 10 three hundred millions ii
dollars the III st clause OF section tAilty-ty, vs. ,
| taken III correct on With the preceding section.
Would leollle national banking a>socii,. IONS or
gained II i.lt CITY Of san Francisco "a Tr,lc..a
Ihr!r circulating notes at par III tile G.. V of N,,v
| York; and lhc last clause O.. s.c7julI H. i,.rt--.o
Which requires g. cry national bankia. dissemination
t. receive III payment OF dchis tLc .lp-c~ I'll ..tr,
OtIer natIoiiai btn';iIS association lit pr: Pro-
| Vided. That il applying ihe provisions ..,.d re-
qurclnrnt- ~ ,aii act t" the banking .,s"r .t.u,,
hrrelt pro. idct tor tin" terms ''.aNtt luu .,v l
"lHNfu nlon"r o. the United States .ha-. IT,. -r.i
| ui.Ird States.
SIC t, and ic # further enacted. That 70 -,.c.re
more "liIt't - dlstt button OF tl.p ..,t-'4.
i%NnilcEcy There may he issued circl..atiIig a. 5
- ":thN!i as0otl;ti.o IONS organized iE States IA
ie:Eit"'l's La ing .rss t!ln ,l,ir proportion as
herein l'lIt And III. amount o. ciIc-.ati,,.1 -
this section authorized shah uI,el ,i4 direction cf
lie SECRETARY Oh the Treasury. 4 lray To- Ie-
CURED To- ti.1s purpose. be withdrawn herein
provided nom banking associations organized H.
STATES having Il circulation exceeding tal DO iced
fr D The act entitled An act 20 amend III ic; ca
tilted An act T. provide Tor national bi.Ik.f
| rtncy scared hv pledge OF United States bones
nd to provide iOr the circulation and REDEEM pio
| thereon, approved March ti!ree eighteen hundred
and siXty-iiTr Dut Che amount withdrawn SHAH
not exceed twenty-five million dollars. The Con
troiler OF the Currency shall under TIE direcrio, OF
the secretary OF The Treasury, make statement
| showing the amount OF circulation IN each State
| and Territory. and the amount 10 be retired DIV
| each banking association il accordance with
| this section, and shall, when such Redistribution
| OF Circulation is required, make q reouisir on
| Tor such amount upon such banks, commencing
! with the banks having circulation exceed
| ing one million OF dollars i'll States bayinr
| an excess Of circulation, and Withdrawing
their circulation in excess of million OF dollars
and then proceeding pro rata with OTHER bar ks
having circulation exceeding three hundred
Thousand dollars in States having the largest OK.
cess of CIRCULATION and reducing the circulation of
| such banks i'll States having the greatest propor-
ton in excess, leaving undisturbed the banks il,
| States having smaller proportion un.il those il
| greater excess nave been reduced to the same
] grade, and continuing thus TO make the reductio