The Leavenworth weekly times., 1878-02-21


national banking associations on the fir,
day Of February, 1873, being tire sum {
1876 ca ,6yc, which shall be used in the II
iemp,icn aud retirement, in the way here
insfIer provided, OF the circulating notes {
national bonds, which notes shall be in
TIE FOLLOWING FORM:
Washington, u. C., The United States c
America are indebted TO the bearer in III
sum OF blank dollars" and shall be signe
countersigned by the register of the treas
ury, or their signature be thereto engraved
and shall contain such devices ard super
scriptions As the Secretary OF the Treasur
shall direct, and the denominations of suc
notes and the general simiiitude thereo
shall conform as near as may be 10 thos
of the United States notes conmunl
known as legal tender NOTES; they sIai
he receivable in payment OF all taxes, Gus
toms, debts and demands of every kind du
To The United States and Of ali
CLAIAIs AND DEMANDS
against the United States, except for obi
CATIONS made payable in coin by exisiin;
laws, and shall be received by the Secre
tary Of the Ire ,sury at par for four per cen
tum bonds of the United States authorizes
TO be issued by the act entitled, AN act {,
authorize the refunding of the nationa
debt" approved July 14th, 1870.
TREASURY NOTES.
Immediately after the treasury
notes provided for by the preceding sec
ton shall be ready for circulation, the Sec
retary of the Treasury shall cause them to bt
forwarded to the associate treasurers of the
United States at New York, Boston, Phila-
delphia Baltimore, Cincinnati, Chicago, St
Louis, and New Orleans, in amounts pro-
portioned to the receipts and disbursements
of their several offices, with regulations and
instructions TO the following tenor, to Wit
That the said assistant treasurers shall
Immediately after the receipt OF such treas
ury notes cease TO pay in
DISBURSEMENT OF PUBLIC FUNDS
upon any account whatever the circulating
notes Of the national banks then in their
several offices or there ifter received, but
shall pay out in place and instead of such
national bank notes and in the sui s.itution
therefor the treasury notes herein author
lied until the whole circulating notes OF the
national banks shall have b en- retired, and
the assistant treasurer NAV at any time
issue such treasury notes in exchange for
bank notes upon application of any person
or bank, and that assistant treasurers shall
thirty days after the process OF
RETAINING NATIONAL BANK NOTES
shall have begun, as above directed, OF
oftener if ;he Secretary of the Treasury shall
so require, transmit TO the treasurer of the
United States, at Washington, all nati0nsl
bank notes held by them up to the date oi
such transmission, which said notes shall be
received by the treasurer in liquidation ol
the charges against the several assistant
treasurers OF the
ACCOUNT OF TREASURY NOTES
as herein provided. 1t shall be the duty
OF the treasurer as rapidly as the notes OF
national banks are received into his Office
from the assistant treasurers to cause them
to be counted and assorted and notes oi
each association carefully ascertained, and
whenever those of any association shall bt
ascertained to amount to 5000 or any
multiple OF 5000, such association
SHALL BE NOTIFIED THEREOF
and shallbe entitled 10 receive upon De
maud and payment of like sum IN lega
tender notes and treasury notes authorize
by this act, or in drafts or certificates O
deposits of any assistant treasurer or O.
such national banks as may be designated
by the secretary Of the treasury Tor tha
nur-ose, its bonds on deposit with the trea
surcr Tor the
SECURITY OF CIRCULATION
TO the amount of its notes SO ascertained
and notified, and to that extent shall b,
discharged from the tax on its circulation
and If any national bank shall fail or neg
lect for period of sixty days after the no
tification above directed to make payment
In REDEMPTION OF ITS BONDS
in accordance Herewith, then to that ex
tent the int. rest on its bonds bearing inter
est at the highest rate shall cease and bs
fortified to the United States during the
whole period that such failure or neglect
shall continue, and any banking association
desiring so to do may withdraw all il.
bonds on payment into the treasury OF legal
tender notes or notes
AUTHORIZED By THIS ACT
to the amount Of its circulating notes out
standing at the date of such payment. The
Secretary of the Treasury is hereby re-
quired, from time to time, as payments are
made by national banks on the withdrawal
of their bonds or as treasury notes may be
received in exchange for four per cent
bonds as authorized in the first section ol
this act. to expend the sum OF such receipts
either in treasury notes or
LEGAL-TENDER NOTES,
as may be most expedient in the purchase
of per centum bonds Of the United States
redeemable at the pleasure Of the govern
ment, or in the purchase of gold or silver
coin with which to redeem and pay such
bonds. Any national bank desiring to ex,
change its per centum bonds for treasury
notes authorized by this act upon applica
tion to the treasurer OF the United States
and upon payment into the treasury in ac
cordance with such regulations as
THE SECRETARY SHALL ESTABLISH
OF legal tender notes or treasury note:
equal to its outstanding circulation at the
date OF such application, shall be entitled tc
receive treasury notes to the full market
value of its per centum bonds on deposit
with the treasury for the security of circu
lation at the time and addition thereto oi
the amounts of its accrued interest and
premium at the market rate;
ALL BANKING ASSOCIATIONS
organized under existing loans with power
to issue circulating notes redeemsble in
gold coin shall make monthly deposits in the
treasury of the United States in gold COR
or their own circulating notes equal to
per centum OF their circulation outstandin.
at the date of the passage Of this act, an
when an amou1t equal TO the outstanding
circulation of such gold banks shall have
been deposited with the treasurer in gold
coin or in their own circulating notes, the
bonds of the United States held by the
treasurer to secure the circulating notes o.
SAID GOLD BANKS
shall be re-assigned and delivered to said
banks, and thereafter the circulating note:
treasury Of the United States. No circula.
ting notes shall be issued to any national
banking association after the passage ofthii
act but nothing herein contained shall b
construed either to authorize or allow any
contraction of the currency BY reason of it
operation and should any national bank.
after its passage, retire its circulation il
pursuance of the existing law, the Secretary
of the Treasury is hereby directed to issu,
in purchase OF
PER CENTuN BONDS OF THE UNITED STATE
the treasury notes authorized by this act t.
the full amount of the circulation retiret
by such association, and all national banl
notes redeemed u der the several provis
ions of this ac; shall be cancelled and des
troyed under such rules and regulations a,
IL Ii