Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1874-08-28

tions ~ the Secretary OF the Treasury may
prescribe, cause the charter-numbets of
The association to be printed upon all ma
tional- bank notes which may be hereafter
issued by him.
SEC. 8. That the amount of United States
nutos outstanding and to he used as part
Of the circulating medium, shall not exceed
the sum of three hundred and eighlv-twO
million dollars, which said sum shall ap-
pear in each monthly statement of the
public debt, and no part thereof shall be
held or used az reserve.
SEC. 7. That go much Of the act entitled
"An &C: to provide for the redemption Of
the three per centum temporary loan certi-
ficatcs, and for an increase of national
bank notes" as provides that no circulation
shall he withdrawn under the provisions OF
section six of said act, until aller the hity-
four millions granted IN section one Of said
act shall have been taken up, Is hereby re-
peaied (; and ii shall be tue duty OF the
Comptr, Ter of the Currency, under the d
rectiOn # the Secretary of the Treasury, TO
proceed forthwith, and he is hereby uu
tu0rized and required, from time to time,
as applications snail be duly made there
for, and until the full amount of fiity-hve
million dollars shall be withdrawn, to make
requisitioDs upon each of the national
banks described in said section, and in the
manner therein provided, organized in
States having an excess Of circulation, TO
culaton as by said act may be apportioned
to be Withdrawn from them, or, in lieu
thereof, to deposit in the Treasury of the
United States lawful money sufficient to
redeem such circulation, and upon the re-
turn OF the circulation required, or tue de-
posit of lawful money, as herein provided,
q proportlonate amount of the bonds held
to secure the circulation of such association
as shall MAKE such return or deposit shall
be surrendered TO il.
SEC. 8. That upon the failure of the ma
tioual banks upon which requisition for
circulation shall be made, or of any of
them, 10 return the amount required, or To
deposit in The Treasury lawful money to
redeem the circulation required, within
thirty days, the Comptroller of the Curren-
cy shall at once sell, as provided in section
fOrty-nine OF the national-currency act ap-
proved June third. eighteen hundred and
siXty-four, bonus held TO secure the re-
demption of the circulation of the associa-
ton or associations which shall so fail, to
an amount sufficient to redeem the circula-
ton required of such association or asSo-
Citations, and with the proceeds, which
snail be deposited in the Treasury of the
United States, 50 much of the circulation o T
such association or associations shall he re-
deemed as viii equal the amount required
aud not returned and if there be any eX-
cess of proceeds over the amount required
for such redemption, ii shall be returned
to the association or associations whose
bonds shall have been sold. And it shall
be the duty OF the Treasurer, assistant
treasurers, designated deposiaries, and ma
tiOnal bank depusitaries OF the United
States, who shall be kept informed by the
Comptroller of the Currency of such asso-
Citations as shall fail to return circulation
as required, to assert and return to the
Treasury for redemption the notes of such
associations rs shall come into their hands
until the amount required shall be redeem
ed, and in like manner to assort 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 affairs, and of
such as shall GREATER so fail or go into
liquidation.
SEC. 9. That from and after the passage
Of this act it shall he lawful for the Comp
roller of the Currency, an2 he is hereby
required, TO issue circulating ne-notes without
delay, AS applications therefor are made, no.
TO exceed the sum of ttty-tive million dol
lars, to associations organized, or to be Or
ganized, in those States and Territories
having less than their proportion oi circu-
lation, under an apportionment made on
the basis of population and of wealth, as
shown by the returns of the census of
eighteen hundred and seventy; and every
association hereafter organized shall be
subject to, and be governed by, the rules,
restrictions, and limitations, and possess
the rights. privileges, and franchises, now
or herealteS to be prescribed by law as to
national banking associations, with the
same power to amend, alter, and repeal
provided by 1.-THE national bank act Pro-
pided, Tha. the whole amount of circula-
ton withdrawn and redeemed from bank s
transacting business shall not exceed fllv =
five million dollars, and that such cir
cuatioU shall he Withdrawn and redeem
ed as it shall he necessary to supply the
circulation previously issued to the banks
in those States having less than their ap-
not more than thirty million dollars shall
be withdrawn and redeemed as herein con-
tenplated during the fiscal year ending
June thrielh, eighteen hundred and sew
enty-tive.
ADnrovn1 Juua oO 1874