Year: 1868

WlInln Que year aILer Ino passage OF


this act, exchange all bonds heretofore


deposited with or transferred to the
] Treasury of the United States by such


association as security for circulating


notes for bonds authorized by the first


section of this act; and every associa-


ton failing to make such exchange


within the time herein limited, shall


cease to do business as such banking as


sociation, and the Comptroller of the


Currency, with the concurrence of the


Secretary of the Treasury, shall forth


with appoint receiver to wind up the


business of such association, as provided


in said act.


SECTION 4. And be 1t further en-


acted, That so much of section twenty


two of the act entitled Gan act to pro-


vide a national currency secured by
pledge of United States bonds, and to


provide for the circulation and redemp-


ton thereof" approved June Sd, 1854,


as limits the entire amount of notes for


circulation to be issued under said act


to three hundred millions of dollars, be,


and the same is hereby repealed. But


the entire amount of notes for circula-


ton to be issued under said act shall


not exceed foul hundred millions of


dollars, and the same shall be appor-


toned to the several States and Terri


tories and the District of Columbia in


amounts proportionate to the population


thereof respectively, as near as the


same can be determined by the Comp


troller of the Currency. That upon the


transfer and delivery to the Treasurer


of the United States, in manner and


form as provided in said act, of the


bonds of the United States authorized


by the first section of this act, the asso-


citation making the same shall be en-


titled to receive from the Comptroller


ofthe Currency circulating notes of diff


ferent denominations, in blank, register


ed and couutersigned as provided in


said act, equal in amount to eighty per


cent. of the current market value of the


United States bonds so transferred aud


delivered, but not exceeding eighty per


centum Of the amount of said bonds at


the par value thereof; and the amount


of said circulating notes to be furnished


to each association shall be in proper
ton to its paid-up capital as follows, and
no more: To each association whose
capital shall not exceed five hundred
thousand dollars, eighty per cent. of
such capital; to each association whose
capital exceeds five hundred thousand
dollars but does not exceed one million
dollars, seventy per centum ofsuch cap
ital; to each association whose capital
exceeds one million dollars, sixty per
centum of such capital; but not more
than one million of dollars of circulating
notes shall be furnished to any one oil
such associations. And any associa-
ton having more circulating notes than
above provided, heretofore furnished by
the Comptroller of the Currency, shall, |
within one year from the passage of
this act, return the excess to the Comp
troller of the Currency, to be by him
cancelled and destroyed; and if any as
sociation shall failto return such excess,
as above provided, the Secretary of the
Treasury shall retain for the use of the
United States the interest on the bonds
by such association with the
Treasurer as security for such circulat-
ing notes, to the amount of such excess,
and until the same shall be returned.


SECTION 5. And be it further en-
acted, That section thirty of the act en-
titled "An act to provide national cur
rency, secured by pledge of the
United States bonds, and to provide for
the circulation and redemption there
Of" be 50 amended that said section
shall read as follows:


SECTION 80. ind be IL further en-
acted, That every association may take,
receive, reserve, and charge on any
loan or discount made, Or upon any
note, bill of exchange or other evidences
of debt, interest at the rate of seven per
centum per annum, and no more, ex-
cept that when the laws of the State or
where such association is To-
Gated allow greater rate of interest to
be taken by banks organized under
State laws, or by individuals, the rates
allowed in such State shall be allowed
for associations organized in such State
under this act; and the knowingly
taking, receiving, reserying, or charging
by any such association rate Of inter-
est greater than aforesaid, shall be held
and adjudged forfeiture of the entire
debt on which such greater rate of in
terest shall be charged, and in case any
part of the principal or interest of the
debt on which greater interest has
been charged, shall have been paid, the
person or persons paying the same, or
their legal representatives, may recover
back in any action of the debt the
amount of the principal and interest
thus paid from the association taking or
receiving the same: Progided That
such action is commenced within two
years from the time the usurous trans
action occurred. But the purchase, dis
count, or sale of bona fide bill of ex-
change, payable at another place than
the place of such purchase, discount, or
sale, at not more than the current rate
of exchange for sight drafts, in addition
to the interest, shall not be considered
as taking or receiving greater rate of
interest.


The Use OF PEPPER.-Pepper is an
almost universal condiment. Black pep
per irritates and inhames the coating of
:he stomach. Red pepper does not If
ritate, consequently it should be used
instead of black pepper. 1t was known
% the Romans. and has been in the