The Elk County advocate. [volume] (Ridgway, Pa.) 1868-1883, 1874-07-02


be the duty Of the Comptroller of the
Currency, under the directions of the
Secetary of the Treasury, to proceed
forthwith, and he is hereby authorized
aud required from time to time, as
applications shall be duly made therefor,
and until the full amount of S5I, 600,
600 shall be withdrawn, to make reqnisi-
tions upon each Of the national banks
described in said section, and in the
manner therein provided, organized 10
States having an excess Of circulation.
to withdraw and return so much of their
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toned to be withdrawn from them, or,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 sufli.
cient, to redeem such circulation, and
upon the return of the circulation re-
quired, or the deposit OF lawful money,
as herein provided, proportionate
amount of the bonds hed to secure the
circulation of such association as shall
make such return or deposit shall be
surrendered to it.
Sec, 8. Thas.upon the failure of the
national banks upon which requisitiou
Tor circulation shall be made, or any of
them, to return the amount required, or
to deposit 10 the Treasury lawful money
to redeem the circulation required
within thirty days, the Comptroller Of
the Currency shall at once sell as pro-
vided in section 40 of the national cul-
rency act approved June 3, 1864, bonds
held to SECURE the redemption of the
circulation of the associations which
shall so fall, to an amount sufficient to
redeem the circulation requited of such
association 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-
tion or associations shall be redeemed as
will equal the amount required and not
returned; and if there be an excess Of
proceeds, over the amount required for
such redemption, it shall be returned to
the association or associations whose
bonds shall have been sold. And it
shall be the duty OF the Treasury, assis-
tant treasurers, designated depositaries.
and national bank depositares of the
United States, who shall be kept inform.
ed by the Comptroller OF the Currency OF
such associations as shall fail to return
to the Treasury for redemption the no.
tes OF such associations as shall, come
into their hands until the amount requir-
ed shall be redeemed and in like man.
ner to assert and return to the Treasury
for redemption, the notes Of such ma
tional banks as have failed, of gone into
voluntary liquidation for the purpose of
winding no their affairs and of such as
shall hereafter so fail or go into liquidl-
ton
SEQ 9. That from and after the
passage of this act it shall be lawful for
the Comptroller of the Currency, and be
is hereby required, to issue. circulating
notes, without delay, as applications
therefor are made, not to exceed the
sum of S55. 100000, to associations or
gauized, Or 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 of wealth. as shown by
the returns of the census Of 1870; and
every association hereafter organized
shall be subject to, and be governed by
the rules, restrictions and limitations,
and possess the rights, privileges, and
franchises, now or hereafter to be pres
cribed by law as to national banking
associations, with the same power to
amend, alter, and repeal provided by
"the national bank act;" Pro rided,
That the whole amount of circulation
withdrawn and redeemed from banks
fransacting business shall not exceed
$4,000, 900, and that such circulation
shall be withdraw and redeemed as il
shall be necessary to supply the circula-
ton previously issued to the banks in
these States having less than their ap-
portionment; And Provided further
That no more than S30,000,000, shal,
be withdrawn and redeemed as contem.
plate during the fiscal year ending June
30, 1875.