The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1870-09-22
[orrlicIAL.l.
LAWS OF THE UNITED STATES,
PASSED AT THE SECOND SESSION I.
FoRTY-FIRsT CONGRESS.
THE
.rpun,1.,o-lNo. 161.l


AN ACT to provide for the redemption Of the
three per cent temporary loan certificates
and for an increase ofnatioaal bank notes.
Be Il enacted Jy tho Senate aud House
of Representatires of tho United States Of
america in Congress assenlbled' That
lfifty-four millions Of dollars in notessfor
/ circulation may DO issued to national bank
lug associations 10 addition to the three
hundred millions Of dollars authorized ~
the twehty.sscond section Of the .4lctiso
provide national currency secured BY .
pledge Of United States bonds, and 70 pro-
vide for the circulation and redemption
thereof" approved juno three, eighteen
hundred and sixty-fo1r; and the amount
Of notes SO provided shall bc furnished to
banking associations organized or to be or
gapized in those States and Territories
having less than their proportion under the
apportionment contemplated BY the pro-
visions Of the "Act to amend an act to
provide d national currency secured BY
pledge Of United States bonds, aud to pro-
vide for the circulation and redemption
thereof" approved March three, eighteen
hundred and sixty-fyo, and the bonds de-
posted with the Treasurer Of the United
States, to secure tGe additional circulating
notes herein authorized. shall be Of any
description Of bonds Of the United States
bearing interest in coin, but q new app9r-
tionment Of the increased circulation here!
in provided for shall bo made as soon as'
practicable. based upon the census of eigh-
teen hundred and seventy: Provided,
That if applications for the circulation
herein authorized shall not be made within
one year after tho passage Of this act, by
banking associations organized or to be or
ganized in States having less than their
proportion, it shall be lawful for tue
Comptroller Of the Currency to issue such
circulation to banking associations amply
ing for the same in Other. States or!refri=
tories having, less than their proportion
giving the preference to such.sas hayeslhoi
greatest. deficiency: adProritsed further,
That no obaukiug association hereafter Or
ganized shall have q circulation in excess
;.of ave haadfeyl tlionsand dollailss Z;
SRc. 2. ANtEbe 1t fftttstl,er enacted, That
at the end Of each month after the passage
Of this. act .itshail be the duty Of the
Comptroller Of tho Currency to report to
The Secretary Of the Treasury the amount
Of circulating notes issued, under the pro
visions Of the proceeding section, to ma
tional banking associations during. the pre-
yious month; #hereupon the Secretary Of
the Treasury shall redeem and cancel an
amount of the three per ccntdm temporary
loan certificates issued under the acts Of
March two, eighteen hundred and sixty
seven, and July twenty-five, eighteen
hundred and sixty-eight. not less than the
amount Of circulating notes SO reported,
and may, if necessary, in order TO procure
the presentation Of such temporary loan
certificates for redemption, give notice to
holders thereof, by publication or other
wise, that certain Of said certificates,
(Which shall be designated by number,
date, and amount shall cease to bear
interest from and after q day to be desig-
mated in such notice, and that the certif-
Gates SO designated shall no longer be
available as any portion Of the lawful
money reserve in possession Of any national,
banking association, and after the day des-
ignated in such notice no interest shall be
paid on such certificates, and they shall
not thereafter be counted as q part Of the
reserve of any banking association. !.
SEC. 8. And be IL further reso1ucd, That
upon the deposit Of any. United States
bonds, bearing interest payable in gold,
with the Treasurer Of the United States, in
the manner prescribed in the nineteenth
aud gSentieth sections Of the national cur
fency act; it shan DO lS~ful for the Comp
troller Of the Currency to issue 10 'clle %
sociation making 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 deposited 9sss lie Bh6jah BEh6jass 81 Tic assooa.
ton to which they are issued to pay them,
upor presentation ut the Office Of the asso-
citation, in gold coin of the United States,
and shall be redeemable upon such presen-
tation in such coin: Prouided, That no
banking association organized under this
section shall have o circulation in excess
Of one million Of dollars.
SEQ. 4. And be Il further enacted, That
every national banking association formed
under the provisions Of the preceding
...,:or 80 tL;s acL ehaiI ak all times Keen.
nm hand not less than twenty-five per
centum Of its outstanding circulation in
cold or silver coin Of the United States,
and shall receive OF par in The payment Of
debts the gold notes Of every other such
BANKING association which Of the time Of
such payments shall be redeeming Its cir.
culating notes in gOEd coin Of the United
ssc. S. And Do 4 further enacted That
every association organized for the purpose
of issuing gold notes as provided in this