Wilmington daily commercial., 1874-09-01
OFFICIAL
OFFICIAL
LAWS OF THE UNITED STATES.
- =, tbs Flrst Session Of the Foffy~7 Third Con-
FasS'A " QreBs.
GENERAL NAruRE-No. 7O.l

fN' QffB4s
GENERAL NATuRE-No T0l
An ACT fixing the amount OF United states notes,
Pank currency, and for other purposes
n ~ e,,aeted bv the Senate and House Of representa-
.a'o ~ fIs Iged States Of Anieriea IN Congress
I,5 That the act entitled An act TO provide
national currency secured By pledge Oh United
Exemption thereof" approved Jsne thlrd, eighteen
hundred and sixty four shall hereafter be known as
@ tle That section thirty-one OF " the national
nanr actu be 80 amended that the several associa
ans therein provided for shall not hereafter be re-
uired 10 Keep on hand any amount oil money what
l,ar hy reason of the amount OF their respective
.'rcuaiions but the moneys required by said sec
lion 10 be kept at all timei on hand shall be deter
mined by the amount OF deposits In al respects, as
provided for in the said section.
sFc That every association organized or to be
organized, under the provisions Of me sad az sct,and
tineA Keep and have on deposit In the treasury OF
the United States, in lawful money OF the United
Satee a sum eq al to five per centum OF Its clrcu
l"tion TO he held and used for the redemption OF
surh circulation which sum shall be counted as
mart of It's lawful reserve, as provided IN section
,,vo of this act and when the circulating notes OF
anv snch associations, assorted or unassorted, shall
ne presented for redemption, In sums OF two thou
sand dollars or any multiple inereoi 10 tine Treas
urer Of the United States, the same shall be re-
deemed liz the United states uotes All notes so
redeemed shall becharged by the Treasurer OF the
limited States to tine respective associations issuing
Tho same and he shall notify them seyerny, on the
first day Of each month, or oftener at his dlscre
tIon. Of the amour Of such redemptions; and when
ave- such redemptions for any association shall
amount to the sum OF five hundred dollars such as
socatlnn notified shall forthwith deposit with the
treasurer of the United States a sum In United
states notes equal to the amount of its circulating
notes so red emed. And all notes of national
hanks worn, defaced, mutiated, or otherwise unit
circulation shall, when received by any assistant
treasurer or at any designated depository OF the
United States, be forwarded to the Treasurer OF the
United states for redemption as provided herein.
,nt tnflf faft nm hn. IN rQ I'm
hnred, the circulating notes 30 redeemed shall be
forwarded to t. e respective associations by which
they were issued !; but If any such notes are worm
mniIated, defaced or rendered otherwise unit for
use they shall be forwarded to the Comptroller OF
the Uurredcy and destroyed and replaced as now
provided by law: Provided That each of said as
socatlons shall reimburse to the Treasury the
charges for transportation, and the costs for assor
ing such notes and the associations hereafter or
ganlzed shall also BeYeray Reimburse to the 1rea-
fury the cost of engraving such plates as shall be
ordered by each associ ation respectively; and the
amount assessed upon each association shall be In
prupOrtion to the circulation redeemed, and to be
charged to the fund IN deposit with the TreaSuer:
And provided further, y hat 30 much of section
thirty two of said national bank act requiring Ur
permitting the redemption OF its circulating notes
elsewhere than at its own counter, except as pro-
ylded in this section, is hereby repealed
SIC THAT any association organized under this
aer or any of the acts OF which this is amendment,
deslTing TO withdraw its circulating notes. in whole
III part, may, upon the deposit Of lawful money
with the Treasurer OF the United States in sums OF
not less than nne Thousand dollars, take up the
bonds which said association has on deposit with
the treasurer for the security of such circulating
mates; 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
sald association, to the amount equal to the legal
tender notes deposited, shall be redeemed at the
Treasury Of the United states, and destroyed as
now provided by law Provided, That the amount
Of the bonds on deposit for circulation shall not be
reduced below fifty thousand dollars.
sEC5 That the Comptroller of the Currency shall,
under such rules and regulations as the Secretary
a Treasury
numbers OF the association to be printed upon all
national bank notes which may be hereafter Issued
by him
SIC That the amount of United States notes
outstanding and to be used as part of the clrcula-
ting medium, shall not exceed the sum OF three
hundred and eighty two million dollars, which sad
sum shall appear In each monthly statement of the
public debt, and no part thereof shall be held or
used as a reserve.
nEC That 30 much of the act emitted an An
act to provide for the redemption OF the turee per
cenum temporary loan certificates, and for an in
cit ase OF national bank notes as provides that no
circulation shall be withdrawn under the provisions
nj section six Of said act until after the fortyfour
millions granted In section one OF said act shall have
been taken up is hereby repealed. and II shall be
the duty Of the Comptroller OF the Currency, under
the direction OF the Secretary Of the Treasury, to
proceed forthwith, and he Is hereby authorized and
required, from time to time, as applications shall be
duly made therefor, and until The full amount of
nifty tive million dollars shall be Withdrawn, to make
r,qusltiOns upon each of the national banks des-
serbed In said section, and in the manner therein
provided. organized in States having an access of
circulation, to withdraw and return so much of
their circulation as by said act may be apportoned
% be Wthlrawn from them, er. In lieu thereof, 20
deposit IN the reasury of the United states lawful
money sufficient to redeem ktch circulation, and
upon the return of the circulation required, or the
deposit uf lawful money, as herein provided, pro-
portlonate amount of the bonds held to secure the
circulation OF such association as shall make such
return or deposit shall be surrendered to 1t,
SEC That npon the failure of the national banks
upon which requlsition for circulation shall be made,
Qr any OF them 10 return the amount requiree or to
deposit In the Treasury lawful money to redeem the
circulation required, within thirty days, the Comp
rOler of the Currency sla ut once sell as provided
IN section forty nine OF the national currency act
approved Jnne third, eighteen hundred and sixty
Tour, bends held to secure the redemption OF the
circulation OF the association or ASSOCIATIONS which
slall 80 al, to an amount sufficient TO redeem the
circulation required of such association or assocla-
Htl IN The treasury of the United Slate :, so much
o. ne circulation OF such association or associations
snall be redeemed as will equal the amount revured
amt hot returned; and If there he an excess OF
proceeds over the amount required for sued re-
uelnpll0n 1t shall be returned to the association or
associations whose bods shall have been sold. And
hha be the duty of the Treasurer, assistant trea-
surers designated depositaries, and national bank
enosltares Of the United States. who shall be kept
informed by the Comptroller of the Currency OF
suc associations as shall fail TO return circulation
as required, to assOrt and return to the Treasury ol
redemption tn notes of such associations as shal
rome into their hands until the amount Iequiret
snail he redeemed and In like to assort ant
telrn to the Treasure for redemption, the notes o
sncn national banks as have failed, or gone idto vol
lhelr AFFAIRS and OF such as shall hereafter so fai
~ go into liquidation
sEC9 That from and after the passage Of this ac
slall be lawful for the Comptroller OF the Curren
~ and ne Is hereby required. to issue circulating
notes with ut delay. as applications therefor arr
Male, not TO exceed the sum OF nfty-nye mioi
'lolais, TO associations arganized, IN those State
slaes and Territories having less than their pro
poruoh OF circulation, under an apportionmen
alade on the basis Of population and of wealth, a
slomn Dy The returns of the census OF elghteel
hundred and seventy; and every association here
siteI organized shall be subject TO, and be governe
ny, tne rules, restrictions, anu limitations, and pos
sess . me rights, privileges, and franchises, now
. WIN lhe same power TO amend, alter, and repea
hrloVueu by the national bank act :" Provided
lnat tRe whole amount of circulation withdraw
Snu redeemed from banks transacting busineH
slail not exceed nifty five million dollars, and tina
aluh circulation shall be Withdrawn and redeeme
@ ~ IL snail be necessary to supply the circulatlo
peElolsly issued to the banks in those States ha'
w., is iess than their apportionment And provide
shtl,Iier Ihat no more than thirty million dollar
l slal nc Withdrawn ant redeemed as herein col
w,npiaied dp during the fiscal year ending June thu
"e.l, eighteen hundred and seventy ive
approved, June 20, 1874
GENERAL NATURE-No. 9g.l
Az ACT to provide for the care and custody