Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1878-03-01

u
Hens anu Instructions 81 the following IL or
tNswii Isl. that the assistant trvasurvi.> sna
immediately aiter ne rcSe pt of >uSh Treasury
notes. ceaSe IL pay the disbursement OF pnhtit
lNndS hhoa any account VIVA ever circulatiur
notes ~ Tue natlonai banks then I'll thor several
offices. OF thereafter received nv thrm Nut shan
pay cut IN The riacc " such usti-aSl hans notes
AAd III substitution therefor the treasury notes
her III authorized until tho MaulA ,lrvulal. n.-
notes ~ the nati0nal hanks ShAl have hccu r,,.
tlttd, hut the assistant trCNSur r. may NJ aNy
.iae issue such iiraSurY noses i'll rNchangr NH
0auS 7 to- upon application "a amy person w
AallN shet. that tie assistant tg,asurvtH SNull.
every bi DAYS 1ifer thr process IN retiring ll
tiata hduk hutes shtll hNr bcen hc&Wn A. above
dttcttea. or otuleS II tile secretary the treas.
ury >lEl 50 tcqutle lrausmtt to the treasurer ~
tie tiled tntcs 1T MISuiugtutg, all nuttIG-t
bans neirs leeeAed rs hem up o. day, sBcN
transmission Of which said notes SaAll Ne r.
against Tie seNCtai assistant lrrHsurt'rS ON ne.
G. Uut vi Il asurS netc> aS herein pirVt. ru
>ectleu II shasi be The duty ~ the treasurer
rs rapidly ~ the les al the national banks are
received into his Office FRO v the assistant treas
Ettss II cause Them Ia b counted and assorted
dat The netts al each assoc Httuu cHreuly ascot
tam q, and whenever those at ANY H>soclNtinn
snail DC asccEt med - the amount OF me tauu.
sand dollars Or I he multiple OF dNr thousand
such associations shall he uStlird thereof. and
shall be entitled tu receive upon demand anG pay.
HSHt OF Il like su "a in Cgal tender notes Ol
treasury notes authorized hN this act or IN draft
or certificates OF deposit ofASs staut trvASurvrs "
0t such national banks Ms may he designated hN
the secretary nf the treasury for mat purpose ii
bonds on agposit With the tryA urvr Tor cirrua,
tinn - the amount Oi lts nCyrS rs soon as aScCr
tanned and notified, and rs that extent shall u,
discharged tom III taN on IL circulation; ana II
any national hailk SHAT iail or neglect iur lht
period Of slNtS days after notification, and being
directed, to make pnA mrnt III the redemption 81
tts bonds III accordance herewith, then To that
extent the interest ON its bonds bearing int crest
y high rate shall cease and be forfeited 10 III,
lhltcd States, during the whole period such
failure or neglect shall continue, and any bank.
ing association desiring 50 10 de-, may Withdraw
al It's bonds on payment into the Treasury of legal
tender notes, or o,cs authorized lay TINS act, IL
the amount of its circulating notes out Staudu
nj the date of such payment.
section The secretary OF the treasury is
hereby reqn red. from Tile tO time. as payments
are made by the national banks TN the Withdrawal
OF their bonds, or Ms the treasury notes may he
received III exchange for 1 per cent bon is Ms All
thur.2ed i'll the first section OF TINS act, Iu cNpeud
the sum of such rec, ipts either in treasury NOTES
or legal tender notes. rs mdv hc most vN
pedient, IN the purchase Of per ccutun
bonds OF tire nited STATES, rrdccmahlc at the
pl assure ol he government ur III the purchase nj
gold or silver coin. with which TO redeem and
nav such bonds.
Section :. tny rational bank desiring 10 tx
cnanse lis ncr centum bonds for treasury notes
authorized by this act, upon application To- the
tteneur,r Of the Emitted states ami upnn DAY.
meni into the treasury iii accordance with such
regulation Ms thu secretary shan cstab ish Of legal
ing circulation IT the ,inte d such nppl cation
81 i be entitled to receive treasury notes 10 IN
tpll market value I its Ter ccntum bonds ON
deposit With the treasury for the security of the
circulation III the time, md IN addition thereto
the amount OF sAccrued interest and premium
At tn market rate. All banking usSuciati ,n~ or
gantIed under existing avs with orders to issue
circulating notes redeem BILE iii gold coin shall
make monthly deposits in the treasury of the
United States III gold coin or their own circuMI
lhS notes. equal TO per cent of their circulation
outstanding Oh the day of the passage ofthis act
and when the amount equal 10 the outstanding
circulation of such gold banks shall have been
deposited With the treasurer in gold coin or their
own elreulat ny notes. the bonds of the United
States held by the treasurer tn secure the circu.
lating notes of the said gold banks shall be re-.
signed and delivered nj snid banks. and lhcreAi.
Ter the clrcn HtlnE notes of said haikS shall hV
redeemed al the treasury uf the United States
Circulating notes shall be issued TO any nat loual
ha1king association, q ter the passage of thu
act, but nothing herein contained shall lie con
Strued either 10 authorize or allow any contract
ing OF currency hy reason OF Its q crat ON. and
should any natlonal bank after Its passage. retire
its cremation i'll purS, nnce az the existing law
The secretary Of the casury Is hereby directed
70 Issue u purchase Il six PEI
ecntnm bonds of the United States treasury notes
authorized by the net 10 the full amount ~
the circulation retired hy such association and
all bank notes redeemed under The scyera pro.
Alons Of Thu net shall be cancelled md Il
strnycd under such RI ~ and rrgu atoms ~ the
secretary of the treasury shall prescribe, and
the monthly statement Of the condition ~ the
pub e debt made by secretary shall be IN
cluded an exhibit OF the amount OF treasury notes
hcrein provided fer outstanding ut the date ui
such statement. together with the annnnt nf ma
tlCua bank les which M to the game Cluit huvt
been redeemed and DESTROYED and held for cancel
ation The third section of the actr lilrd an ucr
Tor fixing The amount Of United Statc- notes pro
ydng Tor the cdisirhnilon ut national bank
{ rrcneS nd for other urposrs, approved Jun,
10th. ls1t equtrng national banks tn keep on
deposit with the treasurer uf The Uni ed SiAtc.
al W"shi etun, lnMiGl money equal 10 i per cent
nf Their cifeaatio To be held and used Tor r..
dempllon of such circulation, Is hereby repealed
aud all acts an parts of acts lcorSistant viii
the provisions at tpts act are hereby repealed