Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1874-06-30

| IN Who.e or III part, may, upon the de-
| post of lawful money with the Treas
urer of the United States, in sums OF
not less than $4,000, take up the bonds
/ of which said association has on de-
( posit with the Treasurer for the secu-
/ rity of such circulating notes, which
| bonds shall be assigned to the bank in
the manner specified in the nineteenth
! section of the national bank act; and
( the outstanding notes of said associa-
ton, 10 an amount equal to the legal
| tender notes deposited, shall be re-
| deemed at the Treasury of the United
| States, and destroyed, as now provided
by law; provided that the amount of
| the bonds OIL deposit for circulation
shall not be reduced below $500
Sec. 3. That the Comptroller of the
Currency shall, under such rules and
regulations as the Secretary of the
Treasury may prescribe, cause the
charter members of the association to
be printed upon all national bank
notes which may hereafter issued by
| him.
Sec. G. That the amount of United
States Eotes outstanding, and to be is
sued as part of the circulating me-
dunn, shall not exceed the sum Of
S3S2D00, 600, which said sum shall APP
pear in each monthly statement of the
public debt, and no part thereof shall
be held or used as a reserve.
Sec. Z. That so much of the act enti-
tied IAN act to provide for the redemp-
ton Of the three per centum temporary
loan certificates and for an increase of
national bank notes. as provides that
no circulation shall be withdrawn I'M
der the provisions of section of this
act until after. the $50, 600, 900 granted
in section l of said act shall have been
taken up, is hereby repealed !; and it
shall be the duty of the Com ptroller of
the Currency, under the direction of
the Secretary of the Treasury, to pro-
coed forthwith, and he is hereby au-
thOrized and required, from time 20
time, as application shall be made
therefor, and until the fell amount of
the s54 600, 600 shall be withdrawn, TO
make q requisitiOn on each of the ma
tional banks described in said section.
and in the manner therein provided,
organized in States having an excess
of circulation, to withdraw ana return
so much of this circulation as by said
act may be appOrtioned to be with
drawn from them, or in lieu thereof to
deposit in the Treasury Of the United
States lawful money sufficient to re-
deem such circulation, and upon the
return of the circulation required. or
the deposit of lawful money as herein
provided. prOpOrtionate amount of
the bonds held to secure the circula-
ton of such association as shall make
such return or deposit shall be surreE-
dCred to it.
Sec. s. That upon the failure of the
national banks upon which requisi-
tons for circulation shall be made, or
of any of them, to return the amount
required, or to deposit in the treasury
lawfulmoney to redeem the circulation
required in thirty days. the ComptIol-
Ter Of the Currency shall at once sell,
rs provided in section AZ of the national
currency act, approved June 4, 1854,
bonds held to secure the redemption Of
the circulation Of the association or
associations which shall SO fail, to an
amount sufficient to redeem the ciTcu-
latiun required of such association or
associations, and with the proceeds
which shall be deposited in the Treas
ury of the United States SO much of
the circulation ~of SAID association or
associations shall be redeemed as will
equal the amount required ond not re-
turned. and, if there he any excess Of
proceeds over the amount required for
such redemption it shall be returned to
the association or associations whose
bonds shall have been sold; and it
shall be the duty of the treasurer assis-
tant treasurer. designated repositories
and national bank Repositories of the
United States, who shall be kept in
formed by the Comptroller of the Cur
rcncy of such associations as shall fail
to return circulation as required, to as
sort and return TO the treasurer for re-
dempti0n the notes of such associations
as shall come into their hands until
the amount required is redeemed, and
in like manner TO assert and return to
the treasury for redemption the notes
Of such national banks as have failed
or gone into voluntary liquidation for
the purpose of winding up their affais,
of such as shall hereafter so fail or go
into liquidation.
Sec. 8. That from and after the pas
sage of this act it shall be lawful for
the Comptroller of the Currency, and
he is hereby ordered to issue circula-
ting notes without delay, as applica-
tons therefor are made, not to exceed
the sum of $50. 600 COO, to associations
organized or to be organized in those
States and Territories having less than |
their proportion of circulation under |
an apportion ent made on the basis |
of population and of wealth, as shown |
by the returns of the census of 1870, |
and every assoc alton hereafter organ /
lied shall be subject to and governed |
by the rules, restrictions and limita-
tions, and possess the rights, privile-
ges and franchises now or hereafter to |
be prescribed by law as national bank |
ing associations, with the same power |
to amend, alter and repeal provided by |
the national bank act, provided that |
the whole amount OF circulation with
drawn and removed from the banks !
business shall not exceed |
$50, 000, 900, and that such circulation /
shall be withdrawn and redeemed as
shall be necessary to supply the circu-
IatiOn previously issued tc the banks
In those States having less than their
pportionmeni; and, provided further,
hat not more than $50, 900, coo shall be
and redeemed as herein
during the fiscal year
ending June 80, 1870.
The title of the bill is amended to
'ead as follows:
"a act to fix the amount of United
States notes, provide for the redistri-
)ution of the national bank currency,
md for other purposes"
PEN PTTTLER ON THE LIT