New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-09-18
fPUBLIC-No. l6l. |
AN ACT to provide for the redemption of the three
per cent temporary loan certificates, and Tor an

per cent temporary loan certificates, and ior an
increase of national bank notes.
Be it enacted by the Senate and House OF Repre-
sentatives of the United States OF America il Con
reSs assembled. That fit ytour millions of dollars
notes for circulation may he issued TO naJio'a!
banking associations III addition to The three
hundred millions OF dollars authorized ny
the tweutYsecond section OF tie Act 20 provide
national currency secured By pledge OF United
States bonds, and 10 provide Ter The ci-ciaJl"n and
redemption thereof approved jun t4iTee eI-E-
teen hundred and sixty -ioUr; and The amount "
provided snail be furnished 70 banking As
sociations organized or 10 I've organized u those
States and Territories having less nan tle.r pro
portion under the superintendent contemplated ny
tie provisions OF tine Act 20 iIntnt az act - P4"
vide q national currency secured by & ledge 81
United States bonds, and 10 provide Tor the rire-
lation and redemption thereof approved Marcel.
three, eighteen hundred and sixty Five. and the
bonds deposited with the Treasurer OF the United
States to secure tie additional circulating notes
herein authorized shall be OF any description Of
bondsiot the United States bearing interest IL coin.
hu; new apporti1nnent Of the increased clrcuia-
ton herein provided fer shall he made soon as
practicable, based upon the census OF eighteen hun
dred and seventy: Provided. that if Applications
for the circulation herein authorized sl'al not 1t
made within year after the passage q ts act,
by banking associations organized or 10 ut organ
lied in States having less than their proror ton. il
shall he lawful for the Controller OF the Currency
to issue such circulation 10 banking associations
applying for the same III other States Territories
having less than their proportion GlHing the pre-
ference 10 such Us have the greatest deficiency:
And provided further. thai 10 ranking association
hereafter organized shall have circulation II e1-
SEC 2. And be il further enacted. That al the
end OF each month after the passage oi this act Il
shall be the duty OF the Controller a the Chr
rency to report to the Secretary Oh me Treasury
the amount OF circulating notes issued. under the
prov isions of the preceding section 10 rational
banking associations during the previous month;
whereupon the Secretary OF the Treasury shall re-
deem and cancel an amount OF The tlree per centunh
temporary loan certificates lssled under the acts OF
March two, eighteen hundred and siXty -seve12 and
July twenty tive eighteen hundred and SIXfvelGAI,
not less than the amount of circulating notes 50
reported and may il necessary. IN order 10 procure
the presentation OF such temporary loan Certif-
Gates for redemption, give notice TO the holders
thereof by publication or otherwise, that certain
OF said certificates (which shall be designated b.
number, date and amOuut,) shall cease 10 bear in
terest from and after day to ne designated i'll such
notice. and that the certificates so designated shall
no longer be available as any portion OF the lawful
money reserve III possession OF any national bank
i'll. association. and after the day designated in
such notice interest shall be paid on such certii-
Gates. and they shall not thereafter be counted as
Il part of the reserve of any banking association
SEC. 3. And be it further enacted, That upon the
deposit of any United States bonds, bearing inter
est payable i'll gold, with the Treasurer of the
United States, in the manner prescribed in the
nineteenth and twentieth sections of the national
currency act it shall be lawful for the Controller OF
the Currency issue TO the association making the
SAME circulating notes OF different denominations
not less than five dollars, not exceeding i'll amount
eighty Der cent,lm of the par value 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
shall be redeeInable upon such presentation such
coin: Provided That no banking association organ
lied under this section shall have circulation in
excess of one million of dollars.
SEC t. And he 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 centum of its outstanding circulation i'll
gold or silver coin of the United States, and shall
receive at par in the payment of debts the gold
notes of every other such banking association
which at the time of such payments Shall he re-
deeming its circulating notes Ill gold coin OF the
United States.
SEC. 5 And be it further enacted, That every as
ISOLATION organized for the purpose of issuing gold
notes us provided i'll this aci shall he subject ~ an
the requirements and PROVISIONS OF the national
currency act. except the first clause Of section
twenty-five. which limits the circulation OF ioal
banking associations to three hundred Iail Cons Of
dollars the inst clause of section thrjywG, which
taken in connection with the preceding tipu.
would require national banking associations or
gained in the city of San Francisco 10 rcdo IN
their circulating notes ut par i'll the city OF New
York and the last clause of section thirty-two,
which requires every national banking association
to receive in payHcn. OF debts the Eotes Of every
other national banking association at par Pro =
vided. That III applying the provisions and re-
Grements OF said act to the banking associations
herein provided Tor III" terms lawful money" and
'lawful money of the United States shall br nd
and construed to mean SOIu Or sIlTcr CON Gi the
United States.
SEC s. And be it further enacted, That TO secure
tguitahl" distribution OF lie rat Old bank
n currency there may he issued circulating notes
10 banking associations organized in States and
Territories hasi ing less than their proportion as
herein set forth. And the amount OF circulation in
this section authorized shall, tlCer tllc direction
the Secretary of the Treasury, as il may be re-
quircd FOR this purpose, ne V-lthdra WI. herein
provided frcm banking associations organized il
States having circulation exceeding Il at provided
for by the entitled An act to amend act en-
titled An to provide for national banking cur
rency secured by pledge OF United States bonds,
and provide for the circulation and redemption
thereof approved March three, eighteen hundred
and sixtv-fve but the amount so withdrawn shall
not exceed twenty-five million dollars The Con
troller of the Currency shall under the direction of
the Secretary of the Treasury, make Il statement
showing the amount OF circulation III each State
and Territory. and the amount to be retired by
each banking association IN accordance with
this section and shall. when such redistribution
of circulation is required, make ion
for such amount upon such banks, commencing
with the banks having a circulation exceed
inr one million of dollars in States having
an excess of circulation and WITHDRAW wing
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, and 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 the same
grade. and continuing thus TO make the reduction
provided for by this act until the full amount OF