The Portland daily press., 1874-09-28
LAWS
LAWS
OF THE
UNITED STATES
PASSED AT THE
First Session of the FOrty-Third Congress,
GENERAL NATURE-No, 7o.1
PASSED AT THE

AN ACT fixing THE amount of United States notes
providing for distribution of the national bank
currency, and for other purposes.
Be it enacted By the Senate and House of ReDre-
sentatiUes of the United States of Ame,ica in Con-
gress assembled, That the act entitled san act to
provide national currency secured by pledge Of
lation and redemption thereof" approved June
third, eighteen hundred and sixtyfour shall here
alter be known "the national bank act.''
SEC 2. That section thirty-one of ssthe national
bank act' be amended that the several associa-
tions therein provided for shall not hereafter be
quired to keep ON hand any amount of money what
ever, by reason of the amount of their respective
calculations; but the moneys required by said Sec
ton to be kept at all times hand shall be deter
mined by the amount of deposits in all respects, as
provided for in the said section.
SEC 3. That every association organized, or to be
several acts amendatory thereof, shall at all times
keep and have on deposit in the treasury of the
United States, sum equal to five per centum of its
crcuation to be held and usedor the redemption of
such circulation; which sum shall be counted as
part of its lawful reserve, provided in section two
of this act; and when the circulating notes of any
such associations assorted or unassorted shall be
presented tor 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 redeemed shall be
charged by the treasurer of the United States to the
notify them severally the first day of each month";
or oftener at his discretion, of the amount of such
redemptions and whenever such redemptions for
any association shall amount to the of FIVE hun
bred dollars such association notie1 shall forth
with deposit with the treasurer of the United States
sum in United States notes equal to the amount of
its circulating notes redeemed And all notes of
national banks, worn defaced, mutilated or other
wise unfit for circulation shall, when received by any
of the United States be forwarded to the treasurer
of the United States for redemption as provided
herein. And when such redempti0Ds have been so
reimbursed, its circulating notes redeemed shall
be forwarded to the respective associations by which
they were issued but if any of such notes are worn
muiiated, defaced or rendered otherwise unfit for
thew shall forwarded tro of
the Currency and destroyed and replaced as now
provided by law: Provided, That each of said asso-
for transportation, and the costs for asserting such
notes. and the associations hereafter organized shall
also severay reimburse to the treasury the cost of
engraving such plates shall be ordered by each as
ISOLATION respectively i and the amount assessed up
each association shall be in proportion to the cir
deposit with the Treasurer And provided further,
That SO much of section thirty-wo OF said national
bank act requiring or permitting the redemption of
its calculating notes elsewhere than at its coDnter
except as provided for in this section, is hereby re-
pealed.
Sec 4. That any association organized under this
act, or any of the acts of which this is amend
ment desiring to withdraw its circulating notes. in
whole or in part, may, upon the deposit of lawful
money with the treasurer of the United States in
sums of not less than nine thousand dollars, take up
the bonds which said association has on deposit with
the treasurer for the security of such Circulating
notes. which bonds shall be assig led to the bank in
the manner specified in the nineteenth section of the
national bank act and the outstanding potes of said
notes deposited shall be redeemed at the treasury of
the United States and destroyed now provided by
law; Proosded, That the amount of the bonds on
deposit Tor circulation shall not be reduced below
fifty thousand dollars.
SEC. s: That the Comptroller of the Currency
shall under such rules and regulations as the Secre
tary Of the Treasury may prescribe cause the char
ter numbers of the association to be printed upon all
national bank notes which may hereafter be issued
by him.
SEC G.. That the amount of United States notes
outstanding and to be used as part of the circu-
lating medium, shall not exceed the sum of three
hundred and eighty-two million dollars, which said
sum shall appear in each monthly statement of the
public debt and no part thereof shall be held used
SECT. That so much of the act entitled Gan act
to provide for the redemption of the three per CEN
t9m temporary loan cert fcates, and for increase
Oh national bank notes" as provides that crcula-
tion shall be withdrawn under the provisions of sec
ton six Of said act, until after the y-four millions
taken up, is hereby repealed; and it shall be the
duty of the Comptroller of the Currency under the
direction ct the re Of the Treasury to pro-
CURED, from time to TINE, applications shall be
duly made therefor, and until the full amount of
fifty-ive million dollars shall be withdrawn to make
acquisitions upon each of the national banks des-
cribed in said section, and in the manner therein
provided, organized in States having an excess of
circuianon, to withdraw end return much of their
circulation as by said act may be apportioned 70 be
withdrawn from them, or, in lieu thereof to depost
IN the treasury OF the United States lawful money
sufficient to redeem such circulation and upon ths
return OF the circulation required or the deposit of
lawful money, as herein provided, a proportionate
of such association shall make such return or de-
post shall be surrendered TO it.
banks UPON Which a for OF me national
made or OF any of them, to return the amount re-
qured, OF to deposit in the Treasury lawful money
days, the Comptroller of the Currency shall at once
SELL as provided in section forty. nine of the ma
nonai currency act approved june third, eighteen
hundred and yfour bonds held to secure the re-
uempton OF the circulation of the association or as
sociations which shall SO fail, to an amount SUFFICIENT
TO redeem the circulation required of such associa-
ton or associations, and with the proceeds Which
shall be deposited in the Treasury of the United |
States SO much OF the circulation of such associa
ilon or associations shall be redeemed as will equal
the amount required and not returned and If there
be any excess of proceeds over the amount reoired
stcn It shall be returned to the
Sold And it shall be the duty OF the Treasurer. as
sstant treasurers designated depositaries, and ma
tional bank depositares of the United States who
shall be kept informed by the Comptroller Of tbe
Currency OF such associations shall fail to return
Circulation as required, to assert and return to the
treasury Tor redemption the notes of such associa
tons as shall come into their hands until the amount
required shall be redeemed, and in like manner TO
assor. ana return TO the treasury for redemption,
gone into voluntary liquidation for the purpose Of
winding up their affairs and Of such as shall here
a1ter SO iall or go into liquidation,
SEC o.. That from and after the passage Of tbis |
act it shall be lawful for the Comptroller of The Cnr
rency and ne is hereby required to issue circulating
Hotes Wltnout deay, as applications therefor are
made, not to exceed the of fifty five million dol
TO associations organized to be organized in
those states and territories having less than their
proportion of circulation, under an apportionment
made on the basis Of population and wealth, as
py tne returns OF the census of eighteen hun
dred and seventy; and every association hereafter
organized shall be subject to- and be governed by the
the ruies restrictions, and limitations and possess
the rights, privileges and franchises now or here
after to be prescribed by law to national banking
with the same power to amend, alter
anu repeal provided by "the national bank act -
Withdrawn and redeemed fom banks transacting
business shall not exceed fifty-fve million dollars.
ana that such circulation shall be withdrawn and
deemed as it shall be necessary to supply the crcn
atlon previously issued to the banks in those states
aaving less than their apportionment And Prorided |
IaIher, Ihat not more than thirty million dollars
snail 1a pc withdrawn and redeemed as herein contem-
piated during the fiscal year ending June THIRTEEN.
eighteen hundred and seventy-fiye. e'A'
Approved, June 20, 1874.