The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1874-07-03

un1b Tor use, they Shall be forWarfle
! to the Controller of the Cur-ene
and destroyed and replaced az no
provided by law. Provided, thz.
each of said associations shall REIN
/ burse to the Treasury the charges
for transportation and the costs for
asserting such noes, and the asso-
Citations hereafter organized shall al
so generally reimburse to the Treas
! ury the cost Of engraving such plates
as shall be ordered by each associs-
/ ton respectively, and the amount as
sessed upon each association shall be
IN proportion 20 the circulation re-
deemed, and be charged to the fand
on deposit with the Treas1rers and,
proYidedfarther. that so much Of SEC.
% Of said National Bank act recog-
nizing, or permitting the redemption
of its circulating notes elsewhere
than at its own counter, except as
provided for in this section, is hereby
repealed.
SEC. 4. That any assQeiation or
ganized under this act. or any Of tie
acts to which this is an amendment
desiring to withdraw its circulating
notes, in whole or in part, may upon
the deposit oflaEful money with the
Treasurer of the United States in
sums of not less than $4,000, take up
the bond which said association hiss
on deposit with the Treasurer for
the security Of the said circulating
notes, which bonds shall be assigned
to the banks in the manner specified
in the nineteenth section Of the
National Bank act, and the outstand-
ing notes of said association to an
amount equal to the legal tender
notes deposited, shall be redeemed
at the Treasury Of the United States
and destroyed, as now provided by
law; provided that the amount Of the
bonds on deposit for circulation
shall not be reduced below $4,000.
SEC. ). That the CoEtouer Of the
Currency shall, under such rules
and regulations as the Secretary Of
the Treasury may prescribe, cause
the charter numbers Of the associa-
tion to be printed upon all Nationsl
Bank notes which may hereafter be
issued by him.
SEC. 6. That the amount Of United
States notes outstanding, and to be IS
sued as a part of the circulating medi-
um, shall not exceed the sum Of 1892
100000, which said sum shall ap-
pear in each monthly statement Of
the public debt, and no psrt thereof
shall be held or used as 8 reserve.
SEC. Z. That so much Of the act
entitled an act to provide for the re-
demption Of the three per centum
temporary loan certificates, and for
an increase of national bank notes,
as provided, that no circulation shall
be withdrawn under the provisions Of
section 6 of said act, until after the
$54, 100000 granted in section Of
said act shall have been taken up, is
hereby repealed, and It shall be the
duty of the Controller Of the car
rency, under the Direction Of the
| Secretary of the Treasury, to pro
eeed forthwith, and he is hereby au-
thorized and required from time to
time, as application shall be duly
made therefor, and until the tull
amount Of the $54,eO00OO shall be
Withdrawn, to make a requisition on
each of the national banks described
in said section, and in the manner
therein provided, organized in States
having an excess of circulation, to
withdraw and return so much Of this
circulation as by said act may be
appOrtioned to be withdrawn from
them, or in lieu thereof to deposit
in the Treasury Of the United States
lawful money sufficient to redeem
such circulation, and upon the re-
turn Of the circulation required, or
the deposit of lawful money as here
in provided, a proportionste amount
Of the bonds held to secure the cir
culation of such association as shall
make such return or deposit, shall
be surrendered to it
SEC. 8. That upon the failure Of
the national banks upon which re-
| ouisitions for circulation shall be
made, or any Of them, to return the
amount rsquired, or to deposit in the
Treasury lawful money to redeem
the circulation required within thir
ty days, the Controller Of the Cur
rency shall at once sell, as provided
in section 40, of the national cur
rency act, approved June 3, 1854,
bonds held to secure the redemption
Of the circulation Of the association
or associations, and with the pro-
ceeds which shall be deposited in
the Treasury Of the United States
so much of the circulation Of said
association or associations shall be
redeemed as viii equal the amount
required and not returned; and II
| there be any excess Of proceeds ov-
er the amount required for such re
demption 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 Treasurers, designated de-
positaries, and National Bank de-
positaries Of the United States, who
shall be kept informed BY the Con
trolIer Of the Currency Of such as
sociations as shall fail to return Cir
culation as required, to assert and
return to the Treasurer for redemp-
ton the notes Of such associations
| as shall come into their kinds until
the amount required shall be re-
| deemed, and in like manner to as
sort and return to the Treasury Tor
redemption the noues Of such Ma
tiOnal Banks as have failed or gone
into voluntary liquidation for the
i purpose Of winding up their affairs
or such as shall hereafter 50 fail o.
90 into liquidation.
SEC. 9. That from aad after the
passage of this act, it shall be Lawful
for the Controller Of the Currency
and he is hereby ordered to issue cir
! culating notes without delay, as ap'
| plioations therefor are made, not e
exceed the sum Of $55,000000, tc
associations organized, or to be or
ganized, In those States and Terri
tories having less than their proper
ton Of circulation under an appor