The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1882-07-01

now organized or hereafter organizing desirs
ing 10 Withdraw its circulating notes upon de-
post OF lawful money with the Treasurer of
the United States, as provided in Sec. of the
act or June ~, 1874, entitled IAN act II KING
the amount of United States notes, providing
10, ,o,o REDISTRIBUTION str of National-Bank cur,
Iencyl ana Tor ether purposes" or rs provided
In this act, Is authorized to deposit lawful
money m Iy and Withdraw .proportlonate amount
notes in the order of such deposits, and no
National-Bank which makes such deposits OF
lawful money in order to Withdraw its cir
culating notes shall be entitled to receive any
increase of its circulation for period Of six
months from the time it made such deposit
Oh ,,i lawful money for the purpose aforesaid;
P0ohIed, that not more than $4,000, 600 of law
ful money shall be deposited during any cal
endar month for this purpose.
SEC 10 That, upon deposit of bonds as de-
SCrlDeu by secs D, l59 and 5,160 of the Revised
Statutes Except as modified by the sections of
the act entitled An act fixing the amount of
United States notes, providing for aredistribu-
uon OF the NatonalBank currency, and for
other purposes, approved June 20, 1874, and as
modif1ed by Sec. of this act,) the association
making application shall be entitled to receive
from the comptroller of the Currency circulat-
ing notes of different denominations in blank,
registered and cOuntersgned az hereafter pro-
ylded, equal in amount to 80 per cent. of the
current mark let value, not exceeding par, of the
united States bonds so transferred and deliv-
cred, and Mt no time shall the total amount of
coed W per cent. of the amount at such time
actually paid in of its capital stock, and the
provisions of Secs. 5,l70 and 5,l76 of the Re
Wis d Statutes are hereby repealed. -"H.
SEC. III. That the Secretary of the Treasury
is hereby authorized to receive at the Treas
lry any bonds of the United States bearing 3h
per cent. interest, and to issue in eX-
change therefor an equal amount of regis
tered bonds of the. United States of the de
nomination of $50 SOD, $500, Sl,O0Oand $4,000,
OF such form as he may prescribe, bearing in
terest at the rate Of three per cent per an
mum, payable quarterly at the Treasury of the
United States such bonds shall be exempt
y rr,dnr Sfatn ftfNr.f
and be payable at the pleasure of the United
States; prOUided that the bonds herein au-
thorized shall not be called and paid so long as
any bonds of the United States heretofore is
sued bearing a higher rate of interest than
three per cent, and which shall be redeema-
BILE at the pleasure of the United States, shall
be outstanding and uncalled. The last of said
bonds originally issued and their substitutes
shall be first called in. and this order of pay
ment shall be followed until all shall have
1 SEC. II. That the Secretary of the Treasury
Is authorized and directed to receive deposits
OF gold coin with the Treasurer or Assistant
Treasurers of the United States in sums not
less than $50, and to issue certificates therefor
m denominations OF not less than $40 each cor
responding with the denominations OF United
States notes The coin deposited for or repre-
senting the certificates of deposit shall be re-
tanned In the Treasury for the payment of the
same on demand. Said certificates shall be re-
ceivable for customs, taxes, and all public
dues, and when so received may be reissued,
and such certificates, as also silver certificates,
ton, shall 10 counted as part of its lawful re-
serve; and no banking association shall be a
member of any clearinghouse in which such
certificates shall not be receivable in settle
ment of clearinghouse balances; proUi1ed
that the Secretary of the Treasury shall sus-
pend the issue of such certificates whenever
the amount of gold coin and gold bull on in the
Treasury reserved FOR the redemption of
United States notes falls below 100000 900,
and the provisions of See 5,207 of the Revised
Statutes shall be applicable to certificates
herein authorized AMI directed to be issued
SEC: IL. That any officer, clerk, or agent Of
any. MISUNDERSTANDING association who shall
willfully violate the provisions of the act en-
titled An, act in reference to certifying
checks by National Banks" approved March
x 1863, being Section sos of the Revised Stat
utes. or who shall resort to any device of re-
ceiving fictitious obligation, direct or collat-
eral, in order to evnde any provisions thereof,
or who shall certify checks before the amount
shall have been regularly entered to the credit
of the dealer upon the books of the banking
association SHAH be deemed guilty of INSIDE
meanor, and shall on conviction thereof in any
Circuit or District Court of the United States
be fined not more than $1,000, or shall be inn
prisoned 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 the acts
OF which this is amendatory.