, 1870-07-11

~ py tn6 committee OF conference. It ha
oeen approved and signed by the President
circulation, may be issued to National Bankint
Associations iuladdition to the a300, 900, ,001
authorized BY the twenty-second section O,
tho = Act to provide national currency 90
cured " pledge Of United States bonds, ani
70 PROVIDE Tor tie circulation and Redemption
Thereon, approved June j, 1861; and liz
amount Of notes 80 provided shall be fur.
nisaeo 10 banking associations organized NJ
TO DO organized in those States and Terri.
tones having less than their proportion
under the apportionment contemplated by the
provisions OF the Act to amend an act tc
pledge Of United States bonds, and to provide
for the circulation and redemption thereof, y
| approved March s, 1865; and tho bonds Je-
posted with tho Treasurer Of the United
States tosecu1e tho additional circulating notes
herein authorized shall be OF any description
or bonds OF the United Statea bearing interest
III com; but new apportionmcut OF the in
creased circulation herein provided for sltall
be made a. soon as practicable, based upop the
census OF 1870. Provided, that il application
for the circulation herein authorized Shall not
" made within one year after the passage OF
tnI u s acs, ~ banking associations organized or
70 ee orGnnlzod IN States having Iaas than
their proportion, it sball ba lawful for tho
comptroller Of the Currency to issue such cir
culation to banking associations applying for
the sa1no in other States or Territories haying
isss ~ t1an their proportion, giving preference
70 sncA as have tho grcat deficiency, and pro-
,sided further, that no banking association
hereafter organized shall hare circulation in
excess Of $500, 900.
SEC. 2. And 1e II further e1,acted, That at
the end of each month after the passage Of
this act, it shall be the duty OF the Compt1ol-
the Secretary Of the Treasury tho
amount Of circulating notes issued, un-
der the provisions Of tho preceding sec
ton to National Banking Associations during
tho previous month whereupon the Secretary
OF the Treasury shan redeem md cancel an
amount Of tho ) per cantum temporary loan
certificates issued under the acts OF March 2,
lso., anu July -. 1868, not loss than the
amount OF circulation notes 20 reported, and
may, II necessary, in ortae1 to secure the pro-
sentat!on OF such temporary loan certid-
cates Tor redemption, give notice to the hold
ers thereof, By publication or otherwise, TINT
certain OF said certificates (which shall be
designated by number), and they shall not be
counted as part Of the reserve OF any bank
ing association.
SEC. ;. and be il further enacted, That upon
the deposit OF any United States bonds. bear
ing interest payable in gold, with tho Treasu-
rer Of the United States, in tho manner pre-
Ecrbed IN the 18th and 20th sections Of the
National Currency net, it shall be lawful for
the Comptroller Of the Currency to issue to the
ass 0ciatlon making tho same circulating notes
OF different denominations, not less than IS,
not exceeding in amount Us per centum OF
tuu pat fa3ue Of 1ae ponoe deposited, which
netfe M 41 enall oca! upon their faco tho promise
o. o. me ASSOCIATION to which they are Issued
oftico OF the association, in gold coin
Of the United States, and shall be fsdeenable |
upon such presentation III such coin, provided |
hat no banking association organized under
thus section shall lave circulation in excess |
Of 81 ,ooo, 600.
SEC 3. anu De II tttrtat7' enacted, That every
,,a1ionai banking, Association formed under |
[ne pto[lslons o1 the preceding section of this |
act. ehall at all times keep on hand not less |
nan 20 per centum OF its outstanding circula-
ION IN gold com OF tho United States, and
:hall receive at par in tho payment Of debts
association which, at the time OF such pay
nents. shal be redeeming it's circulating
loteB III gold coin OF tho United States.
SEC. :. And te Il further enacted, That every
'ssoci3t,on organized Tor the purpose Of issu-
NJ gold notes, as provided in this act, shall bo
9 92}eet TO al the requirements and provisions
Z 7 the National Currency act. except the first
!ause q q Section ", which limlts the circnla-
ION of National Banking Associations to::3310,-
the first clause Of Section %, which,
aken in connection with tho preceding section,
'onla require National Banking associations
- - l4o 10y VI toaA ElauEi5cC ~ 70 !
een : e; their circulating notes at par in tho city
I I Now York; and the last clauso Of Section
:, which requires every National Banking AS
oclatlon to receive in payment OF debts the
otes OF every other National Banking Asso-
'ation at par: PTootded, That in applying
ae provisions and requirements OF said act to
ae banking associations herein provided for
ae terms 'iaWfnl money" and lawful money
the United States shall be held and con-
tf1eu 70 mean gold or silver coin OF tho
nited States:
SEC. q. dnd oe 1t furthe7 enacted, That to
ecare more equitable distribution Of the
s Ra4os oss e5sn e SsnIss 1IaFs
IN the States and Territories having
's4 than their proportion as herein set forth.
nd the amount OF circulation in this section
hall, under the direction Of tho Secre-
~ OF the Treasury, ny it vas be re-
uired for this purpose, be Withdrawn, as
eEein provided, from banking associations
rganized in States having circulation ex-
seding that provided by the act entitled,
an ect to amend an act entitled An act to
foF1de Tor national banking currency, Sc
'red bv Pledge of United States bonds, and
proEMo Tor the redemption and circulation |
lereott approved March 8, 1866, but tho
nolAs ~ M 30 withdrawn shall not exceed 325,-
'90O0. The Controller Of the Currency I
la1, under the direction OF the Sec
tary OF the Treasury, make q state-
ent ehoElng the amount of circulation
each State and Territory, aud the
Mount to DO retired by each banking
soclaton Ii accordance with the section, aud
laA, When such redistribution Of circulation
required maho fequlsltlon for such amount {
'on such banks, commencing With tho baukB !
wing, circulation exceeding ~ 900, 900 in
ates having an excess Of circulation, and +
! tndfaMlng naa 1Sg ther circulation IN excess Of
;,oUt,oVo and then proceeding pro rata with ]
her ae a banks having = circulation exceeding :
'ou,uVo IN STATES naFmg Tue largest excess Of | I