The weekly Oskaloosa herald. [volume] (Oskaloosa, Iowa) 1855-1885, 1874-07-02

ate amount of the bonds held to Sc.
cure the circulation of such associa-
tion as shall make such returns or
deposits shall be surrendered to it.
Sec. s. That upon the failure of
the National Banks npon which re-
quisitions for circulation shall be
made, or of any of them, to return
the amount required, or to deposit
in the Treasury lawful money to re-
deem the circulation required within
thirty days, the Comptroller of the
Currency shall at once sell, as provi-
ded in section 49 of the National
Currency act, approved June 8,
1864, bonds held to secure the re.
demption of the circulation of the as.
sociation or associations whish shall
so fail to an amount sufficient to re.
deem the circulation required of
such association or associations, and
with the proceeds which shall be de-
posted In the Treasurer of the
United States 80 much of the circula-
ton of said association or association
shall be redeemed as will equal the
amount required and not returned,
and if there be an excess of proceeds
over the amount required for such
redemption, it shall be returned to
the association or associations whose
bonds shall have been sold and it
shall be the duty of the Treasurer,
Assistant Treasurer, designated de-
posltors and National Bank deposit
ors of the United States, who shall
be kept Informed by the Comptroll-
er Of the Currency of such associa-
tlons as shall fail to return circula-
ton as required, to assort and return
to the Treasury for redemption the
notes of such associations as shall
come into their hands until the
amount required shall be redeemed,
and in like manner to assort and re.
turn to the Treasury for redemption
the notes of such National Banks as
have failed or gone into voluntary
liquidation for the pur,j ose of wind
ing up the affairs of such as shall
hereafter 80 fail or go into liquida-
ton.
SEC. o. That from and after the
passage of this act it shall be lawful
Tor the Comptroller 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 500 ,OOO,O 900, TO
associations organized, or to be OF.
ganized, in those States and Terrific.
ries having less than their proportion
of the circulation under an appor.
tionment made on the basis of popu-
lation and of wealth as shown by the
returns of the census of 1870, and
every association hereafter organized
shall be subject to be governed by
the rules, restrictions and limitations,
and possess the rights, privileges,
and franchises now or hereafter to be
prescribed by law as National Bank
ing Associations, with the same pow
er to amend, alter, and repeal provi-
ded by the National Bank act, pro-
vided that the whole amount of cir
culation withdrawn and removed |
from the banks transacting business
shall not exceed $55, 900, 900, and |
that such circulation shall be with
drawn and redeemed as shall be
necessary to supply the circulation
previously issued to the banks in
those States having less than their
aprortionment and provided furth-
er, that no more than $3O,OOO,OOO
shall be withdrawn and redeemed,
as herein contemplated, during the
fiscal year ending June 80, 1875.
The title of the bill is amended to
read as follows:
can act to fix the amount of United
States notes, providing for the re-
distribution of the National Bank
Currency, and for other purp oses."