The Cairo bulletin. [volume] (Cairo, Ill.) 1872-1878, 1874-06-28

deposit Of lawful money as herein pro-
vided, q proportionato amount of the
bonds held to secure the circulation of
such association as ehall mako such return
or deposit shall 10 surrendered TO it,
SEC 8. That upon tie failure of the ma
tional banks, upOh WIN. IA acquisitions for
circulation shall DO made, or OF any Of
thom, to return the amount require d. or
to deposit IN tho treasury lIwfui money
to redeem tho circulation lequired within
thirty days, the comptroller of the cur
rency shall at once sell, re provided In
section 40 of the national currency act,
approved June 8, ls64. bonds held to &C.
cure the redemption of tho association or
associations which shall 30 fail TO n
amount sufficient TO red en- the citcuh-
tion required uf such association or sssoei-
atoms, and with the pr ceeds, which shan
b, deposited in the treasuary OF me
United States, so much Of the circulation
of said association or associations shall be
redeemed as will equal the amount re-
quired and not returned and II there he
any excess OF proceeds over the amount
required for such redemption, 1t shall to
returned to such association or A-so5is-
tions whose bonds shall have been sold
and 1t shall bD the duty of the treasurer,
assistant tressurors, designated dopositc-
ries and national bank dppo tories Of the
United States, who ehall be- kept infOi med
by the comptroller OF the currency f
such associations rs shall iaii 10 retul
clrcu alton Us required, 20 assert and r.
turn to the treasurer Tor redemption the
otes OF such associations Ms snail come
into ,ha;- rondauutil tne amount required
shall be redeemed, ""a "a like manhor to
assvrt ana return TO the treasury Tor re-
demption the notes of such national banks
as have failed or gone into voluntary
liquidation for the purpUeo OF winding up
the affairs OF such as shall hereafter 20
fail or 90 into LIQUIDATION.
SIC. y. That from and after the
passage of this act it shall be lawful tor
the comptroller Of the currency, AMI he is
hereby ordered TO issue circulating notes
without delay, as applications therefor
are made, not to exceed the sum OF $780,
0O0, GOO, to associations organized or to be
organized in those states and territories
having less than their proportion OF circu-
lation, under an apportionment made ON
the basis OF population and wealth, as
shown by tho returns OF the census OF
1870, and every association hereafter o.
gained shall be subject to and governed
by the ruhs restrictions and limitations,
and posses the rights, privileges and
franchises now or hereafter TO DO pre-
scrbed by law as national banking asso-
Citations, with tho same power to amend,
alter, and repeal provided in the national
bank act; provided that the whole amount
Of circulation Withdrawn AMI removed
| from the banks tranfscting business shall
not exceed SIS, 100000, and that such
circulation shall be Withdrawn and re-
deemed IS shall be necessary to supply
tho circlhton previously issued to the
banks in those states having less than
their app,rtionment; and provided fur
thor, thstnot more than $4,000 900 shall
be Withdrawn and redeemed as herein
contemplso Cd during the fiscal year end
| inC June 80. 1875.