The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-06-22

prescribe, cause the charter-numbers of the
association to he printed upon oil national
bank notes which may be hereafter issued by
him.
Section @. Tint the amount OF United
States notes outstanding and to be issued
Us part Of the circulating medium shall
not exceed the sum of 1882 600, 600, which
said sum shall appear in each monthly state
ment Of the public debt, and no part thereof
shall be held or used as reserve.
Section Z. That so much the act entitled
can act to provide for the redemption of the
three per centum temporary loan certificates
and for an increase of national bank notes, :"
as provides that no circulation shall be with
drawn under the provisions of section u OF
said act, until after the fifty-four millions
granted in section l of said act shall have
been taken up, is hereby repealed, and 1t
shall be the duty of the Comptroller OF the
Currency, under the direction of the Secre-
tary of the Treasury, to proceed forthwith,
and he is hereby authorized and required
from time to time, as application shall be
duly made therefor, and until the tllll
amount of tifty-four millions of dollars
shall be withdrawn, to make acquisitions on
each of the national banks described in said
section, and in manner therein provided Or
ganized, in States having an excess of circu-
lation, to withdraw and return so much OF
this circulation 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toned TO be withdrawn from them; or, in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 re-
deem such circulation and upon the return
of the circulation required, or the deposit of
lawful money as herein provided, proper
tonate amount Of the bonds held to secure
the circulation of such association as shall
make such return or deposit, shall be sur
rendered to it.
Section 8. That upon the failure of the
national banks upon which acquisitions Tor
circulation shall be made, or OF any OF them,
to return the amount required, or TO de-
post in the Treasury lawful money to re-
deem the circulation required within thirty
| days, the Comptroller OF the Currency shall
at oGce sell rs provided in section forty-nlne
of the national currency act, approved June
8, 1864, bonds held to secure the redemption
of the circulation of the association or asSo-
Citations which shall so fail, to an aino'nt
sufficient to redeem the circulation required
of such association or associations. and with
the proceeds which shall be deposited in the
| Treasury of the United States. 80 much OF
Citations shall be redeemed as will
equal the amount required and not
returned and il there be any eT.
cess of proceeds over The amount re-
uuired for such redemption, it shall be re-
turned to the association or associations
whose bonds shall have been sold. And it
shall be the duty of the Treasurer, Assistant
Treasures, designated depositaries of the
United States, who shall be kept informed
BY the Comptroller of the Currency of such
associations us shall fail to return circulation
as required, to assert and return to the Urea
surer for redemption the notes of such asso.
Citations as shall come into their hands until
the amount required shall be redeemed, and
in like manner to assert and return 10 the
Treasury for redemption the notes of such
national banks us have failed or gone into
voluntary liquidation for the purpose OF
winding up their affairs, and Of such as shall
hereafter so fail or go into liquidation.
Section o. That FIR IN and after the passage
of this act it shall be lawful fer the Comp.
tro!er 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 filty-hye millions of
dollars, to associations organized in those
States aud Territories haring.leSs than their
proportion OF circulation under an appor-
tonment made on the basis OF population
and wealth shown 10y the returns Of the GEN.
sus OF 1870, and every organization hereafter
organized shall be subject TO and be gov
erncd by the rules, restrictions, and lIEl-
tations, and possess the rights, prIvl-
leges and franchises now or hereafter TO be
prescribed by law rs to national banking as
sociationS, with the same power to amend:
alter, and repeal, provided by the national
bank act: P,ocided, That the whole amount
of circulation Withdrawn and received from
banks transactng business shall not exceed
tifty-iiye millions OF dollars, and that such
circulation shall be wit hdrawn and redeemed
rs shall be necessary TO supply the circula-
ton previously issued to the banks in those
States having less than their apportionment:
and pror'ded further, That net mere than
thirty million dollars shall DE withdrawn
and redeemed Us herein contemplated curing
the fiscal wear ending June 80, 1915.