Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-05-20

prior to such extension, shall be redeemed
at the treasury of the United States az pro-
| vided in section 8, of the act of June 20,
| 1874, entitled IAN act fixing the amount OF
| United States notes and providing for the re-
distribution OF national bank currency and
for other purposes" and such notes, when
redeemed, shall be forwarded to the
comptroller of the currency and destroyed as
now provided by law; and when the amount
| of such notes shall be reduced to FIVE per
| cent. OF the capital stock of the bank Issuing
| the same, the association so extended shall
deposit lawful money with the treasurer of
/ the United States sufficient to redeem all its
| tions 5222, 1924 and 5225 of the Revised
Statutes, and any gain that may
arise from failure to present such
| circulating notes for redemption shall
inure to the benefit of the United States;
and from time to time such notes are re-
deemed, or lawful money deposited therefor,
as provided by law, such notes shall be
replaced by new circulating notes, bearing
such Devices to be approved by the
comptroller of the currency, as shall
make them readily distinguishablc from
the circulating notes heretofore issued. Pro-
vided, however, that each banking associa-
ton which shall obtain the benefit of this
act shall pay the cost of preparing plate, or
plates, for such new circulating notes as
incident to the substitution of such new cir
eulating notes for old, in addition to those
now imposed on banking associations by
Law.
Section has reference to such banks as
do not desire to extend their charters, and
extends franchises to such associations for
the sole purpose of liquid ating their affairs
until such affairs are finally closed.
Section is in the following words: "That
the national banks now organized or here
after organized having a capital of $50, 900
or less shall not be required to keep or de-
posit with the treasurer of the United States
bonds in excess of $4,000 as security for
their circulating notes, and such of those
banks having on deposit bonds in excess of
that amount are authorized to reduce their
circulation by the deposit of lawful money,
as provided by law"
Section 10 provides that any national
banking association now organized or here
after organized, desiring to withdraw its cir
culating notes, upon the deposit OF lawful
money with the treasurer of the United |
States, as provided in section of the act of |
June 20, 1874, entitled an act fixing the |
amount of United States notes, providing |
for the redistribution of national bank cur |
reucy, and for other purposes, shall be re-
quired to give ninety days notice to the sec |
Rotary of the treasury of its intention to de- |
posit lawful money and withdraw its circu- |
Iatlng notesi PROVIDED tnat not more tnan |
S., 100000 lawful money shall be deposited |
during any calendar month for this purpose,
and provided, further, that the provisions of |
this section shall not apply to bonds called
for redemption by the secretary of the treas
ury +; bat when bonds are called for redemp-
ton the banks holding such called bonds
shall surrender them within thirty days after
the maturity of their call.
Section IL provides that on the deposit of
bonds the association making the same shall
be entitled to receive from the comptroller
of the currency circulating notes equal in
amount 10 ninety per cent. of the current
market value, not exceeding par, of United
States bonds so transferred and delivered,
and repeals sections 5171 and 5176, Revised
The concluding section reserves the right
to Congress at any time to repeal this act and
acts of which it is amendatory.