Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1878-02-27

ury shall go require transmit to the treasurer of
the United states at Washington, all national
bank notes received by hem up to day, such
transmission of which said notes shall be re-
| ceived by the treasurer in liquidation of charges
against the several assistant treasurers on &C
| count OF trt asury notes as herein proviaed
Section 3. 1t shall be the duty of the treasurer
as rapidly as the ties of the national banks are
received into his office from the assistant treas
| urera. to cause them to b" counted and assorted
and the notes OF each association carefully ascer
tain d, and whenever those of any association
shall be ascertained to the amount Of five thou
sand dollars or the multiple of five thousand.
such association shall be notified thereof, and
shall be entitled to receive upon demand and pay
ment OF like SUN in egal tender notes or
treasury notes authorized by this act or in drafts
or certificates Of deposit of ass slant reasurers
Of such national banks as may be designated by
the secretary of the treasury for that purpose it,
bonds on deposit with the trea urer for crcula
ton to the amount of it's notes as soon aScer-
tanned and notified and to that extent shall be
discharged from tn tax on :ts circulation; and if
any national bank shall fail or neglect, for the
period of sixty days after notification. and being
directed, to make pay ment in the redemption of
Its bonds ia accordance Herewith, then to that
extent the interest its bonds bearing interest
at high rate shall cease and be forfeited to the
United States. during the whole period such
failure or neglect shall continue, and any bank
ing ASSOCIATION desiring so to do, may withdraw
all lts bonds on payment into the treasury of legal
lender notes, or Lotes authorized by this act, TO
the amount Of its circulating notes outstanding
ut the date of such payment.
section The secretary OF the treasury ia
hereby requ red, from time to time, as payments
are made by the national banks on the withdrawal
OF 1nelr bonds, or as the treasury notes may be
received in exchange for per cent. bonds as au-
thOrizcd in the first section of this act to expend
the sum of such receipts, either in treasury notes
or legal tender notes, as may be most ex-
pedent, in the purchase Of per centum
bonds of the United States, redeemablc at the
pl asure Of The government ur in the purchase of
gold or silver coin, with which to redeem and
pay such bonds.
Section 5. Any national bank desiring to ex-
cnange its 6 per centum bonds for treasury notes
authorized by this act, upon application to the
treasurer OF the United States. and upon pay
ment into the treasury in accordance with such
regulation as the secretary shs establish of legal
tender notes or treasury notes equal to its stand
ing circulation at the date Of such application,
sh ii be entitled to receive treasury notes to the
I,Ill market value # it's Ter centum bonds on
deposit with the treasury for the security of the
circulation at the time and in addition thereto,
the amount of s accrued interest and premium
al tn market rate. All banking associations or
ganzed under existing laws. with orders to issue
circulating notes redeem Bile in gold coin, shall
make monthly deposits in the treasury of the
United States IN gold coin or their own crculat-
ing notes. equal to per cent. of their circulation
OUT standing on the day of the passage ofthls act
and when the amount equal to the outstanding
circulation of such gold banks shall have been
deposited with the treasurer in gold coin or their
own clrculat ng notes. the bonds of the United
States neld by the treasurer, to secure the crcu-
latlng notes of the said gold banks sha II be re-
signed and delivered at said banks, and thereaf-
ter the circn ating notes of said banks shall be
redeemed at the treasury of the United States
Circulating notes shall be issued TO any national
banking association, ter the passage of this
act, but nothing herein contained shall be con-
strued either to authorize or allow any contract
ing of currency by reason of its erat on. and
should any national bank after its passage, retire
lts circulation in pursuance Of the existing law,
the secretary of the t easury is hereby directed
to issue tn. purchase of six per
ccn'um bonds of the United States treasury notes
authorized by the act to the full amount of
the circulation retired by such association. and
all bank notes redeemed under the several pro-
sions of ihi- ACT shall be cancelled and de-
str0yed under such ru es and regu aions as the
secretary of the treasury shall prescribe, and Ia
the monthly statement of the condition. of the
pub lie debt made by tie secretary shall be in
cluded an exhibit OF the amount OF treasury notes
herein provided for outstanding at the date OF
such statement. together with the amount of ma
tional bank notes which up to the same date have
been redeemed and destroyed and held for cancel
laton The third section of the act 81 titled an act
tor fixing the amount of United States notes pro-
viding for the redistribution Of national bank
'rrency nd for other purposes, approved June
Both, 1874, 'equlring national banks to keep on
deposit with the treasurer of the Uni ed States
at Washi qton, lawful money equal to per cent.
of their circulation to be held and used for re-
demption Of such circulation. is hereby repealed.
and all acts an parts OF acts Inconsistent with
the provisions Of this act are hereby repealed.