The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1874-07-02

lawful money as herein provided, . proper
Tomato amount Of the bonds held 70 secure
the circulation Of such association IS shall
make such return on deposit shall be sur
rendered to It.
SIC. 8. That upon the failure Of the
national banks, upon which acquisitions 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 circulotion required within
thirty days, the Comptroller Of the Cur
rency shall ct once sell, as provided In sec
ton forty-nine Of the national currency act.
approved June 3, 1854, bonds held 10
secure the redemption Of the circulation OF
the association or associations which shall
50 fail, 20 an amount 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, so much of the circula-
ton of said association or associations shall
be redeemed as viii equal the amount re-
quired and not returned, and If there be
any excess Of proceeds over the amount re-
Qulred for such redemption. it shall be re-
turned to the association or associations
whose bonds shall have been sold. And it
tTeasuFers, designated depositaries and ma
tional bank depOsitaries of the United
States, who shall be kept informed by the
Comptroller Ct the Currency Of such asso-
Citations as shall fail, to return circulation as
required, to assert and return to the treas
urer for redemption the notes of such asso-
Citations Is shall come into their hands until
the amount required shall be redeemed, and
81 ~.
treasury for redemption the notes of such
national banks as have failed or gone into
voluntary Liquidation for the purpose of
winding up their affairs, and of such as
shall hereafter so fail or 60 into iquida-
ton.
SEC. Q. That from and after the passage
Of this act it shall be lawful for the Comp
troller 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 ffty-five millions
Of dollars, to associations organized, or to
be organized, in those States and Terrific
ries having less than their proportion of
circulation under an superintendent made
on the basis of population and Of wealth,
as shown by the returns of the census of
1870, and every association hereafter organ
lied shall be subject to, and be governed
by, the rules, restrictions and limitations,
and possess the rights, privileges and fran
chises, now or hereafter to be prescribed by
law as to national banking associations,
with the same power to amend, alter and
repeal provided by che national bank act
pr00ided, that the whole amount of circu-
lation withdrawn and removed from banks
transacting business shall not exceed fifty
five millions of dollars, and that such cir
culation shall be withdrawn and redeemed
as shall be necessary to supply the circula-
ton previously issued to the banks in those
States having less than their spportionments;
and prOUided further. that not more than
thirty million dollars shall be withdrawn
and redeemed, as herein contemplated, du-
ring the fiscal year ending June 80, 1875.
The title of the bill is amended to read
as follows:
An act to fix the amount of United States
notes, provides for the redistribution of the
national bank currency, and for other pur-
poses.