Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-06-23

notes, providing for the redistribution of
national bank currency, and for other pur-
poses,n or az provided in this act, is author
lied to deposit lawful money and withdraw
proportionate amount Of the bonds held as
securitv for its circul ating notes in the order
Of such deposits, and no national bank which
makes any deposit of lawful money in order
to withdraw its circulating notes shall be
entitled to receive any increase of its cir
culatlon for period of six months from the
time it made such deposit of lawful money
Tor the purpose aforesaid; provided that not
more than 100000 of lawful money shall
be deposited during one month for this
purpose.
Sec. 10. That upon the deposit of bonds as
described by sections 5159 and 5160 of the
rexised statutes Except az modified by sec
ton of The act entitled "An act hxlrg
the amount of United States notes, providing
for the redistribution of national currency,
and for other purposes" approved June ~,
1874, and as modified by section OF this
act), the association making the same shall
be entitled to receive from the comptroller
of currency circulating notes OF dltferei .
denominations in blank, registered and
countersigned as hereafter provided, equal
in amount to ninety per cent. OF the cur
rent market value, not exceeding par OF
United States bonds SO transferred and
delivered; and at no time shall the
total amount of such notes issued to any
such association exceed ninety per cent. OF
the amount at such time actually paid ID oil
its capital stock; and the provisions OF sec
tions 5l70 and 5l76 of the revised statutes
are hereby repealed.
Sec. IL. That the secretary of the treasury
is hereby authorized to receive at the treas
ury any bonds of the United States bearing
three and half per cent. interest, and 10
issue in exchange therefor the actual amount
of registered bonds of the United States OF
the denominations OF $50, 500, $500, $1,000
and $4,000 of such form as he may pre-
scribe, bearing interest at the rate OF three
per cent per annum, payable quarterly at
the treasury of the United States. Such
| bonds shall be exempt from ali taxation by
| or under State authority, and be payable at
| the pleasure of the United States; procided,
that the bonds herein authorized shall not
| be called in and paid so long as any bonds oil
| the United States heretofore issued bearing
| a higher rate of interest than three per cent,
and which shall be redeemable at the pleas
ure of the United States, shall be outstand-
| ing and uncalled. The last OF said bonds
| originally issued and their substitutes shall
be frat called in, and this order of payment
| shall be followed until all shall have been
paid.
Sec. II. That the secretary of the treasury
| is authorized and directed to receive deposits
of gold coin with the treasurer OF assistant
| treasurers of the United States, in sums OF
not less than $40, and to issue certificates
| therefor in denominations of not less than
| $40 each, corresponding with the denomina-
| tons of United States notes. The coin de-
posted for or representing the certificates OF
! deposit shall be retained in the treasury tor
| the payment of the same on demand. Said
| certificates shall be receivable for customs
taxes and all public dues, and when 30 re-
| ceived may be reissued; and such certificates,
as also silver certificates, when held by any
national banking association, shall be count
ed as part of its lawful reserve, and no bank
| ing association shall be a member OF any
clearinghouse in which such certificates shall
not be receivable in settlement of clearing
| house balances; prOrided, that the secretary
| of the treasury shall suspend the issue OF
| such gold certificates whenever the amount
of gold coin and gold bullion in the treasury
reserved Tor the redemption OF United States
| notes falls below $780, 900 600; and the pro-
visions of section 5207 of the revised statutes
shall be applicable to the certificates herein
| authorized and directed to be issued.
Sec 10. That any officer, clerk or agent, OF
any national banking association, who shall
wilfully violate the provisions OF the act en-
titled, "An act in reference to certifying
checks by the national banks" approved
March s. 1869, being section 52OS OF the re-
vised statutes OF the United States, or who
shall resort to any device, or receiving hcti-
| tious obligations direct, or collateral, in or
| der to evade the provisions thereof, and who
! shall certify checks before the amount there
of shall have been regularly entered to the
| credit of the dealer upon the books of the
| banking association, shall be deemed guilty
OF misdemeanor, and shall, on conviction
thereof in any circuit or district court in the
| United States, be fined not more than
$4,000, or shall be imprisoned not more than
five years, or both, in the discretion OF the
| court.
Sec. IA. That Congress may at any time
! amend, alter or repeal this act, and acts OF
which this is amendatory.