Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1874-06-25

warded 10 the Comptroller OF the Currency an
destroyed and replaced now provided by law:
Pf0Cs8ed That each Of said associations shall re.
imbGTse 10 the Treasury the charges for transpor-
aton, and the costs for asserting such notes; aud
the ASSOCIATIONS hereafter organized shall also
severalN reimburse 10 the Treasury the cost
Of engraving such plates as stall be ordered
by each association respectively; and tine amount
assessed upon each association shall be in prGuor.
ton TO the circulation redeemed, aud be charged
TO the fund on dcpoeiI with the Treasurer: IsJ
proUtded f0i7her. That 80 much Of See. - Of said
National Bank act requiring or permitting the re-
demptlon OF It's circulating notes elsewhere than
at liz own counter, except as provided for in this
section Is hereby repealed.
SEC 5. That any association organized under
this act, or any of the acts OF which thi. il an
amendment, desiring to withdraw its circulating
notes, IL whole or in part, may, upon the depo,it
of lawful money.with the Treasurer of the United
States in sum. of not less than $4,000 take up rbe
bonds which said association has on deposit with
the Treasurer for the security of such crcuatipt,
notes which bonds shall be assigned 10 the banE
in the manner specified i'll the nineteenth section
of the National Bank act; and the OUTSTANDING
notes of said association, TO amount equal IA
the legaltender deposited, shall be redeemed
at the Treasury of the United States and de-
sroyed a. now provided by law: ProUided. Thar
the atauuut of bonds on deposit for circulation
shall not be reduced below $4,000.
SEC. o. Thai the Comptroller of the Currency
shall. under such rules and regulations as the
Secretary OF the Treasury may prescribe, cause the
character numbers of the association to be printed
upon all National Bank notes which may be here
after issued by him.
SEC T. That the entire amount Of United States
notes outstanding and in circulation at any time
shall not exceed the sum OF S3o2, O03,OUo, which
shall be retired and reduced in the following man
ner only, to-wt Within thirty days after clrcu-
lating notes To the amount Of $l.t00000 shall,
! from time to time, be issued TO national banking
associations under this act in excess of the highest
outstanding value thereof at any time prior TO such
issue it shall be the duty Of the Secretary Of the
Treasury to retire an amount of United States
notes equal TO three-eighths OF the circulating
notes so issued. which shall be in reduction of the
maXimum amount Of $3SI, 900 600 fixed by this sec
| ton; and such reduction shall continue
| I'll the maximum amount OF United States
notes outstanding shall be S3OO,0O0,C0O; and
| the United States notes so retired shall
! be Cancelled and carried to the account of
| the sinking fund provided for by the second
! slause of sec, Of the act approved on the 25th
| of February. 1862, entitled : An aci to authorize
! the Issue Of United States notes, and for the
| dempton and funding thereof, and for funding
the floating debt of the United States and shall
! constitute portion of said sinking fund. And
| the interest thereon computed at the rate of per
! centum shall be added annually to said sinking
fund. But if the surplus revenue be not sufficient
for this purpose, the Secretary of the Treasury IL
hereby authorized TO issue and sell, at pablo sale,
after len days notice of the time and place Of
sale, a sufficient amount of the bonds of the
! United States of the character and description
prescribed In This act for United States notes TO be
! then retired and Cancelled
! SEC s. That on and after the first day of Jaru-
! airy, 1875 any holder Of United States notes TO
| the amount or sou, or any multiple Thereon, may
| present them for payment at the office of the
! Treasurer of the United States, at the Office OF
! lhe Assistant Treasurer AT the city of New York;
ant thereupon he shall be entitled to receive, at
! his OF tion from the Secretary of the Treasury,
! who is authorized and required to issue
| in exchange for said notes an equal amount Of
either class of the coupon or registered bonds of
! the United States provided for in the first section
of the act approved on the 14th Of July, 1870 en-
! titled An act to authorize the refunding Of the
national debit and the act amendatory thereof,
| approved the Goth day Of January, 1871; which
| bonds shall continue to be exempt from taxation
as provided in said act; PrODided, h0WeUty, That
the Secretary of the Treasury, in lieu OF such
bonds, may redeem said notes in the gold coin Of
the United States. And the Secretary of the Treas
ury shall reissue the United States notes re-
ceved either in exchange for coin at par, or, with
the consent of the holder in the redemption of
bonds then redeemable at par, or in the purchase
of bonds at not less than par, or TO meet the cur
rent payments for the public service and when
used to meet current payments an equal amount
of the gold in the Treasury shall be applied in re-
demption of the bonds known as 500 bonds.
SEC, 8. That nothing in this act shall be con-
strued 70 authorize any increase of the principal of
the public debt of the United States