The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-05-12

ordered by each association resnect;velv
and tie amount assessed upon each as,o-ia-
ton shall be in proportion to the circulation
redeemed, and be charged to the tund On
deposit with the treasurer.
section o. That any association organized
under the act of which this is an
amendment, desiring to withdraw lis
circulating notes in whole or in part NAV
on deposit of lawful money with The tres.
surer OF the nited States, in sums of not less
IMAM =, 200, take the bonds which the said
association has on deposit with the treasnrar
ior securit. OF such circulating notes. which
bonds shall be assigned to the bank in tho
manner speclhed in the 18th section of the
act or 1864. The outstanding notes of said
ASSOCIATION 10 an amount equal IN the lagaI
tender notes deposited shall be redeemed AZ
the treasury OF the United States. and de-
stIoyed as now provided by law, provided
that the amount of the bonds ON der,osit e.
co., ~ I, 'e'o" sOV'-
Section .. The comptroller of the currency
shall, under such regulations as the secre-
iary OF the treasury may prescribe. cause
me cnarIer number ofthe association TO be
printed upon all national bank notes which
may hereafter be issued by him
Section 5. That the entire amount OF
Onhed STATES notes outstanding and IN cir
euiation at any one time, shall moi exered
the sum OF SSS2 100000 and within 20 DAYS
2
slOO,SVo,0O0 shall from time to time
be issued to the NATIONAL banking asso-
cations under this act, it sbsa he
the DUTY of the secretary of The treasury
10 retire an amount of United States notes
e e9ua ; 10 % per cent of the circulating notes
SO issued, which shall be in reduction
OF the maximum amount of $3.50 OeN.0e0
nxed by this section and sach reduptSou
snail contlnne until the maximum amount
oi OnIted States notes outstanding shall be-
SOO,OOo,eoo, and for that purpose he is au.
thorized to issue and sell at public sale at
Ter ten days notice of the time and place Of
safe, a sujhclent amount Of bonds ofthe uni
Tea States or the character and descriptiou
prescriped IN this act, for Unite1State notes
70 be then retired and cancelled. =
section y. That on and after the
FIRST DAY OF JANUARY, 1877.
any holder of United States bonds to the
amount of one thousand dollars. or anv
multiple thereof may present them for paw
ment az the Office of the treasurer of thu
United States, or at the Office of the assistant
treasurer at the city Of New York. and
thereupon the secretary of the treasury
shall, in exchange for the said notes. de-
liver 70 such holders, an equal amount
OF coupons or registered bonds of
the United States in such form as he
may prescribe, of the denomination
OF SOe or some multiple of that sum, redeem
aole In coin of the present standard value at
the pleasure OF the United States, after 10
years from the date of their issue and hear
Ing interest payable quarterly in such coin
at the rate OF per cent. per annum and the
secretary OF the treasury may issue United
states notes so received, or il they are can
ceileo he may issue notes to-
Inc same amount, either to pur-
chase bonds or to redeem the public
debt at par in coin or to meet the cirrent
payne ats of the public service and the said
pond and interest thereon shall be EXEMPT
from the payment of all tax
es or duties of the United States.
as well as from taxation in any form by or
under state, municipal or local authority.
and the said bonds shall have set forth aid
ex pressed upon their face the above
spec lied conditions, and shall, with their
coupons be made payable at the treasury of
the United States, provided, however. that
the secretary of the treasury, in lieu of such
bonds, may redeem said notes in gold coin
ofthe United States
Section 10, That nothing i'm this act shall
be construed to authorize any increase of the
principle Oft the public debt Of the United
States.