The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1874-07-09

culation as by said act may be appor-
toned to be Withdrawn from them, or IN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
return OF the circulation required, or the
deposit Of lawful money as herein provid.
ed, a proportionate amount of the bonds
held to secure the circulation of such asso.
ciatlon as shall make such return or
deposit shall be surrendered.
SEC. 8. That upon the failure Of the
national banks upon which requisitions
for circulation shall be made. or of any Of
them; to return the amount REQUIRED. or
to deposit IN the Treasury lawful money
to redeem the circulation required within
thirty days, the Comptroller of the Cur.
rency shall at once sell, as provided in
Section 49 Of the National Currency set.
approved June 8, 1854, bonds held TO
secure the redemption Of the circulation
OF the association or associations which
shall 50 tall to an amount sufficient to
redeem the circulation required of such
ASSOCIATION or associations aud with the
proceeds, which shall be deposited in the
treasury OF the United States, so much
OF the circulation of said association or
associations shall be redeemed IS viii
equeI tne amount required and not re-
turned ana, II there be any excess Of
proceeds over the amount required for
such redemption it shall be returned to
the association or ssSoeiafloas-- -,
bonds shall have been sod: and it shaIl
be the duty Of the Treasurar. Assistaut
TreasureEs, designated deposituriss. and
national bank Repositories Of the United
States, who shall be kept informed by
by the Comptroller OF the Currency Of
such associations as shall fail to return
circulation as required, to assort and re-
turn 10 the Treasurer for reclamation the
notes Of such associations as shall come
into their hands, until the amount re-
qolred shall be redeemed, and in like
manner to assort and return to the Trea-
sury for redemption the notes of such
national banks as have failed or gone into
voluntary liquidation for the purpose of
Wlndlng up their affairs or such ss shall
hereafter 30 fail or 60 into liquidation.
$50. y. That from and after the passage
Of this act 1t shall be lawful for the
ComPtroiler of the Currency and he is
hereby ordered to issue circulating notes
without delay, as applications therefor are
made, not TO exceed the sum of $55 OOO..
OOO, 70 associations organized or TO Be
organized Ia those States and Territories
having less than their proportion Of cir
cnlatlons under an superintendent made
on the basis of population and wea1th as
SHOWN by returns of the census of 1870 !
and every association hereafter organized
shall be subject to be governed bY the
rules, regulations and limitations and
possess the rights, privileges and fran
cnlses now or hereafter to be prescribed
by law as national banking associations,
With the same power to amend, alter and
repeal provided by the National Bank act;
provided shat the whole amount of cir
culGtlon Withdrawn and removed from the
banks transacting business shall not ex-
ceed $oo, ,O0O, 900, and that such circula-
ton shall be withdrawn and redeemed as
shaH be necessary to supply the circnla-
tion previously Issued to the banks IN
those States having less than their appor-
lonment and provided further, that no
more than $50, 900, 900 shall be withdrawn
9nG redeemed as herein contemplated
1878. - -