The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1874-05-07

PROVISIONS 81 5alQ 6Ctt anu VI tnc eeV
eral acts in amendment thereof, shall q
all times keep snd have on deposit II
the Treasury OF the United States, il
lawful money Of the United States,
sum equal to five per cent. of it's circu-
lation, to be held and used only for tht
redemption OF such circulation, and
when circulating notes Of any such or
ganization or association shall be pre-
sented for redemption in sums Of one
thousand dollars, or any multiple
thereof, to the Treasurer OF the United
States. the same shall be redeemed in
United States notes. All notes
10 redeemed ehall be charged
BY the Comptroller Of the Cur
reucy to the respective associations
issuing the same, and he shall notify
them severally, on the first day OF each
month or oiteDer at his discretion, oI
the amount of such redemption, where
upon each association 80 notified shall
forthwi deposit with the Treasurer oI
the United States sum equal to the
amount OF its circulating notes 80 re.
deemed aud ali notes OF National
banks worn, defsced, mutilsted or 9TH
erwise unfit for circulation shall, when
received by any Assistant Treasurer or
at. any designated depository of the
United States, be forwarded to the
Treasury of the United States for re-
demption, as provided herein; and
when such REDEEM ptions have been re-
imbursed the circulating notes 30 re-
deemed shall be forwarded to the re-
spective associations by whom they
were issued; but il such notes are worn.
mutilated or rendered otherwise unfit
Tor use, they shall be forwarded 10 the
comptroller OF currency and destroyed,
and replaced as now provided by law.
Provided, that each OF said associations
shall reimburse to the treasury the
charges for transportations and the
cost OF asserting said notes, and that
associations hereafter organized shall
also severslly reimburse to the treasu-
nv the cost OF engraving such plates as
shall be ordered by each association
respectively, and the amount assessed
upon each association shall be in pro-
portion to the circulation redeemed,
and be charged to the fund on deposit
with the treasurer.
Section 9th That any association
organized nader this act, OF which this
is an amendment, desiring to withdraw
its circulating notes in whole or in
part may, on the deposit of lawful
moLey with the Treasurer Of the United
States in sums not less than $4,000,
take;up bonds which said association
has on deposit with the treasurer for
the security OF such clrculat-
ing notes, which bonds shall be
assigned to the bank in the man
ner epecified in the 10Th section
OF the act OF 1864, authorizing the notes
of said association to an 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 the
circulation shall not be reduced below
$4,000.
Section 7. The Comptroller of the
Currency shall, under such regulations
as the Secretary OF the Treasury may
prescribe, cause the charter and num-
Der of the association 10 be printed on
all National bank notes which may
hereafter he issued BY him.
Section s. That the entire amount
OF United States notes outstanding and
in circulation at any one time shall not
exceed the sum OF S3S2, 100000, and
within thirty days after the circulating
notes to the amount OF 81 100000 shall
from time 10 time be issued to National
banking associations under this
act, it shall be the duty Of the
Secretary OF the Treasury to retire
an amount OF United States notes equal
to 5 PEI cent. OF the circulating notes so
issued, which shall be in reduction OF
the maximum amount: OF $685., 600, 600
fixed by this section, and such reduc-
ton shall continue till the maximum
amount OF United States notes out
standing shall be $300,0O0,000, and
for that purpose he is authorized to
issue aud sell at public sale, after ten
DAYS notice oI the time and place OF
sale, a sufficient amount OF bonds OF the
United States OF the character and de-
scription prescribed in this act for
U uited States notes to be then retired
and cancelled.
Section 9. That on aud after the let
day OF January, 1877, any holder OF
United States notes TO the amount OF
81 900, or any multiple thereof, may
present them Tor payment at the office
OF the Treasurer OF the United States or
at the Office OF the Assistant Treasurer
at New York, aud thereupon the ssc-
retary OF the Treasury shall In ex-
char ge for the said notes deliver to
such holders, an equal amount
of coupon or registered bonds
OF the United States in such form as he
may prescribe. Of the denomination ol
fifty dollars or come multiple OF that
sum, redeemable in coin OF the present
standard value at the pleasure OF the
United States after ten years from the
date OF their issue, and bearing interest
payable quarterly at the rate OF 5 per
cent per sunum. The Secretary Of the
Treasury may issue United States notes
20 received, or il they are cancelled be
NAV Issue notes to the ssme amount,
either 10 purchase bonds
or redeem the public debt
at par in coin or to meet the cur
rent payments for public service, and
the said bonds aud interest thereon
shall be exempt from the payment Of
all taxes or duties in the United States
az we'll as from taxation In any form
by or under State, municipal or local
authority, and said bonds shall have
set forth and expressed upon their face
the above specified conditions. and shall