The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1878-02-20

"An act to authorize the refundIng Of tht
National debt" Approved July IA
1870. Immediately after the Treasury
notes provided for in the preceding sec
tion shall be ready for circulation, the
Secretary Of the Treasury shall Gauss
them to be forwarded to the Assistant
Tressurers of the United States at New
York, Boston, Phiisdelphis, Baltimore
Cincinnati, Chicago, st. Louis and New
Orleans in amounts IN proper
tion to the receipts and disbursements
of their several offices, with regulations
and instructions TO the following tenor
to wit: First That the Assistant Treas
urer shall, Immediately after the receipt
of such treasury notes, cease TO psy IN
disbursement of the public funds upon
any account whatever circulating notes
OF the National banks then in their sew
eral offices, or thereafter received into
them, but shall pay out in place and
intent OF such National bank notes, and
in substitution therefor, the treasury
notes herein authorized until the whole
of the circulating notes of the National
banks shall have been retired, and the
Assistant Treasurers may a. the
time issue such treasury notes
in exchange for bank notes on
the application of any person or bank.
Second, That the Assistant Tressurers
shall, every thirty days, after the process
of retiring National bank notes shall
have been begun, as above directed, or
ottener if the Secretary OF the Treasury
shall require, transmit to the Treasurer
of the United States all National bank
notes received by them up to date OF
such Transmission, which notes will be
received by the Treasurer in liquidation
of the charges against the several Assist
ant Treasurers on account of treasury
notes, as herein provided. 1t shall be
the duty of the Treasurer, as rapidly as
the notes of the National banks are re-
ceived into his Office from the Assistant
Tressurer's, TO cause them to be count
ed and assorted and the notes of each
association carefully ascertsined, and
whenever those Of any association shall
be sstertsined to the amount OF $1,000 or
any multiple thereof such, association
shall be notified, and shall be entitled TO
receive on demand and the payment Of
8 like sum in legal tender notes or
treasury notes authorized by this act, or
in drafts or certificates of deposit OF the
Assistant Treasurer, or OF such national
banks as may be designated by the Sec
retary of the Treasury for that purpose,
It's bonds on deposit with the Treasurer
for the security Of its circulation TO the
amount of its notes SO ascertsined
and notified, and 10 that extent shall be
discharged from taxation on its circuls-
ton, and if any National bank shall fail
or neglect, for the period OF sixty days
stterter the notification above directed, 10
make payment in redemption OF its
bonds in accordance Herewith, then 10
that extent the interest on its bonds bear.
ing interest a. the highest rates shall
cease and be forfeited 10 the United
States during the whole period such tall
ure or neglect shall continue, and any
backing association desiring so TO do may
withdraw al its bonds on the 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
REQUIRED from time 10 time as payments
are made by the National banks on the
withdrawal of their bonds, or rs Treasu-
ry notes may be received in exchange
for tour per cent. bonds as authorized in
the First Section OF this act 10 expend the
sum Of such receipts, either in Treasury
notes or legal tenders, rs may be the
most expedient in the purchase ot gold
or silver coin with which 10 redeem and
pay such bonds.
ANY National bank desiring TO eI-
change its per cent. bonds for the
Treasury notes authorized by this sct,
upon application TO the Treasurer OF the
United States, and upon payment into
the Treasury, in accordance with such
regulations rs the Secretary may estab.
lish, of legal tender notes or Treasury
notes equal TO its outstanding circulation
at the date of such application, shall be
entitled 10 receive Treasury notes TO the
full market value Of its g per centum
bonds on deposit with the Treasurer
for the security Of the circulation NJ the
time and in addition thereto the amount
of its accrued interest and premium at
the market rate. All banking assOcia-
tions organized under existing laws with
mower 70 issue circulating notes redeem
able in gold coin, shall make monthly
deposit in the Treasury OF the United
States in gold COIN or their OWE
circulating notes, equal TO per
cent of their circulation outstanding
at the date OF the passage Of this act, and
when sn amount equal TO the outstsnd.
ing circulation Of such gold banks shall
have been deposited with the Treasurer,
in gold coin or in their swn notes, the
honts of the United States held by the
Treasurer 10 secure their circulating
the notes OF said gold banks shall be re-
assigned and delivered 10 said banks, an
thereafter the circulating notes Of said
banks shall be received 81 the treasury
of the United States No circulating
notes 70 be Issued 70 any National ban king
association after the passage OF this act,
bot nothing herein contained shall be
construed either 20 authorize or allow
Apv contraction Of the currency by reason
OF its operation, and should any Nsiioosi
bank after Iu passage retire iu circuis-
ton in pursuance OF the exiting lsw,
the Secretary of the Treasury
is hereby directed 70 issue in pur-
chase OF six per cent. bonds
of the United States the trealu '
notes authorized BY this &C 10 the iu ]
amount OF the circulstIoH retired by sucu
association. And sll National bank
notes redeemed under the several pro
visions et this Ac., shall be cancelled and
DESTROYED under sGch rules snd reguls-
lstiouf, ss the Secretary Of tie Treasury
,bsll prescribe. And 10 the monthly
statement Of the c-ndi!ion 0: the public
deb. made by the Secretary, he shall IL
clude Al exhibit Of the amount ot
Treasury notes herein provided fol
outstandidg st the ds:s oi
such statement with the amount oi
National bAnk notes which, up 20 ibt
same dG.e, have been redeemed AID De-
s,royed or held for cAncsllstioo. Tk'
third sec.Ion Of tee sct entitled "An %