Evening star. [volume] (Washington, D.C.) 1854-1972, 1874-07-28

be forwarded 90 the respective sssociAfoas bv
are worn, mntilated, faced, OF rendered
otherwise uDnt for use, they shall be forwarded
20 the Comptroller OF the Treasury and de-
stroyed and replaced ss now provided hy lau,
| Pro'Sdsi, That each OF said association shal
reimburse % the Treasury the charges Tor
notes; and the associations hereafter organized
shall also severslly re-imburSe % tire fressurV
the cost OF engraving such plates a. shall be or
smcr; .sss.sea mon Each 49, 800 sesIi ne
IN proportion 20 the circulation redeemed. aud
be charged 90 the fund on deposit with the
Treasurer; And rrorticd farther, That 80 much
OF section thirty-two OF sid national bank act
requiring or permitting the redemption OF its
circulating notes elsewhere than ~ lie own
counter, except Is provided for In this section,
SIC. l. That any ASSOCIATION organized under
this act, or any OF the acts of which this L. an
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 ssif
ASSOCIATION has on deposit with the Treasurer
for the security OF such acknowledgements: which
bonds shall be assigned TO the bank in the man
ner specified in the nineteenth section OF the
national hank act; and the outstanding notes OF
said association, 10 an smount equal 90 the
legal-tender notes deposited. hall be redeemed
81 tie Treasury Of the United States. aud de-
e-royed ss now provided by law: rrBrided, That
the amount Of the bonds on deposit tor cl1culs
ton shall not be reduced below atty thousand
dollars.
SIC 8. That the Comptroller OF the Cur
renCy shall, under such rules ana regulations
ss the Secretary OF the Treasury NAV pre-
scr be- cause the charter numbers OF the sss0cia-
ton 60 be printed upOn all national bank notes
which may be hereafter issued by him.
SIC. 9. That the amount of United States
notes outstanding and 20 be used a. a part OF
the circulating medium, shall not exceed the
sum Of three hundred and eighty-tws million
dollars, which said sum shall appear in esch
monthly statement OF the public debt. aud no
part thereof shall be held or used IS a reserve.
SEC. :. That 80 much OF the act entitled "Au
act 20 provide for the redemption Of the three
per centum temporary loan certificates, and Tor
an increase OF national bank notes" - provides
that no circulation shall be Withdrawn under
the provisions Of section six OF said act, until
after the fifty-four millions granted in section
one OF said act shall have been taken IN A.
hereby repealed; and IL shall be the dus OF the
| Comptroller OF the Currency, under the direc-
| ton OF the Secretary OF the Treasury, 20 pro-
coed forthwith, and he IL hereby anthsrized
ana reqnreas Iiom ums 20 TIME, sppiica-
full amount OF hfty-fve million dollars shall be
| withdrawn, TO make requistions upon each of
the national banks described in said section.
| and in the manner therein provided, organs 81
in States having an excess OF circulation, 10
| withdraw and return 20 much OF their crculs-
uTs a. U sA tIa s ,hn DC spPDOnea 70 pe
| deposit in the Treasury OF the United States
| lawful money sufficient % redeem such circula-
| ton, and upon the return OF the circulation re-
quired, or the deposit OF lawful money, as here
| In provided, a prOportionate amount of the
bonds held 20 secure the circulation OF such as-
| shall be surrendered To IL.
SEC. s. That upon the failure OF the national
| banks upon which reqaisition for circulation
| shall be made, or OF any Of them, 20 return the
| amount required, or TO deposit in the Treasury
| lawful money 70 redeem the circulation reQuir-
| ed, within thirty DAYS, the Comptroller OF the
| Currency shall st once sell, as provided in sec
ton forty of the national currency act ap-
| proved June third, eighteen hundred and sixty.
| four, bonds held 70 secure the redemption OF the
| circulation OF the association or associations
| which shall 80 fail, 70 an amount sufficient 60
| redeem the circulation required of such assO-
citation or associations, and with the proceeds,
| which shall be deposited in the Treasury of the
| United States 80 much Of the circulation OF ach
| association or associations shall be redeemed a.
| will equal the amount required and not return
| ed, and II there be any excess Of proceeds over
the amount required for such redemption, IL
| shall be returned 60 the association nssocis-
tons whose bonds shall have been sold. And IL
| shall Re the duty OF the Treasurer, assistant
| treasurers, designated depOsltaries, aud nstiOns
| bank depositaries of the United States, who
shall be kept informed by the Comptroller OF
| the Currency Of such associations a. shall fail
10 return circulation rs required, 20 assert and
return 20 the Treasury for redemption the notes
OF such associations as shall come into their
hands until the amount required shall be re-
| deemed. and in like manner 70 assert aud re-
turn 10 the Treasury, for redemption, the notes
OF such national banks a. have failed, or gone
into voluntary liquidation tor the purpose OF
winding up their affairs, and Of such a. shall
hereafter 30 fail or 60 into Liquidation.
SkC. =. That from and after the passage OF
this act II shall be lswfal tor the Comptroller OF
the Currency, ana he is hereby required, q
issue circulating notes without delay, a. -
cations therefor are made, not ., a,nas5f ~.
sum Of ffty-hve mlllio liars n sssocis,,Sn'
organized, OF 70 Ue Organized. in those State,
anu Ierritories having less than their proper
ton OF circulation, under an apportiOnmenl
made on the basis Of population and OF wealth,
as shown by the returns OF the census OF
eighteen huBdred and seventy; and every assO-
citation hereafter organized shall be subject 20,
and be governed by, the rules, restrictions, aud
limitations, and possess the rights, privileges,
and franchises, DOW or hereafter 20 be pre-
scTibed by law as 10 national banking associa-
tons, with the same power 10 amend, alter and
| repeal provided by "the national bank act:''
| fTDrided, That the whole amount of circulation
| withdrawn and redeemed from banks transact
ing business shall not exceed fifty i've million
dollars, and that such circulation shall be with
drawn and redeemed a. il shall be necessary 70
| supply the circulation previously issued 70 the
| banks in those States having less than their
spportioDDent: And pvorided further, That not
more than thirty million dollars shall be with
| drawn and redeemed a. herein contemplated
during the hscal year ending June thIrtieth,
| eighteen hundred and seventy-hye.
Approved, june 20, 1874.