Year: 1874

thls is an amendment, desiring to withdraw
It's circulating notes, in whole or in part.
may upon the deposit of lawful money with
the Treasurer of the United States, in sums
of not less than $4,000, take up the bonds
which said association has on deposit with
the Treasurer for the security of such cir
culating notes, which bonds shall be assigned
to the banks in the manner specified in the
nineteenth section of the National banks
act, and the outstanding notes of said as
sociation to an amount equal to the legal
tender notes deposited, shall be redeemed at
the Treasury of the United States and
destroyed, as now provided by law provid-
ed that the amount of the bonds on depsit
for circulation shall not be reduced below
$4,000


Sec, 5. That the Controller of the Cur
rency shall, under such rule and regulations
as the Secretary of the Treasury may pre-
scribe, cause the charter numbers of the
association to be printed upon all national
bank notes which may be hereafter issued
by him.


SEC. g. That the amount of United
States notes outstanding, and to be issued
as part of the circulating medium, shall
not exceed the sum of S382, 900, 900 which
said sum shall appear in each monthly
statement Of the public debt, and no part
thereof shall be held or used as a reserve.


SEC. T. That so much of the act, enti-
tied an act to provide for the redemption
OF the three per centum temporary loan
certificates, and for an increase of national
bank notes, as provided, that no circulation
shall be withdrawn under the provisions of
section 6 of said act, until after the S54,-
100000 granted in section l of said act
shall have been taken up, is hereby repealed,
and 1t shall be the duty of the Controller
of the Currency under the direction of the
Secretary of the Treasury to proceed forth
with, and he is hereby authorized and re-
quired, from time to time, as application
shall be only made therefor, and until the
full amount of the S54 100000 shall be
withdrawn, to make a requisition on each
of the national banks described in said sec
ton, and in the manner therein provided,
organized In States having an excess of
circulation, to withdraw and return so much
of this circulation as by said act may be
opportioned to be withdrawn from them,
or in lieu thereof to depsit inthe
Treasury of the United States lawful
money sufficient to redeem such cir
culation, and upon the return of the circu-
lation required, or the deposit of lawful
money as herein provided, proportionate
amount of the bonds held to secure the cir
culation of such association as shall make
such return or depot, shall be surrendered
to it.


Sec. s. That upon the failure Of the
national banks upon which acquisitions for
circulation shall be made, or of any of them,
to return the amount required, or to deposit
in the Treasury lawful money to redeem
the circulation required within thirty days,
the Controller of the Currency shall at once
sell, as provided in section 40 of the
National Currency Act, approved June 3,
1864, bonds held to secure the redemption
of the circulation of the association or as
sociations which shall so fail to an amount
sufficient to redeem the circulation required
of such association or associations, and with
the proceeds which shall be deposited in the
Treasury of the United States so much of
the circulation of said association or associa-
tions shall be redeemed as will equal the
amount required and not returned; and if
there be any excess of proceeds over the
amount required for such redemption it
shall be returned to the association or as
sociations whose bonds shall have been sold;
and it shall be the duty of the Treasurer,
Assistant Treasurers, designated depositaries
and national bank depositaries Of the United
States, who shall be kept informed by the
Controller of the Currency of such asso-
Citations as shall fail to return circulation
as required, to assort and return to the
Treasurer for redemption the notes of such
associations as shall come into their hands
until the amount required shall be redeemed,
and in like manner TO assort and return to
the Treasury for redemption the notes of
such national banks as have failed or gone
into voluntary liquidation for the purpose
of winding up their affairs of such as shall
hereafter so fail or go into liquidation.


SEC. 9. That from and after the passage
of this act it shall be lawful for the Con-
troller of the Currency, and he is hereby
ordered to issue circulrting notes without
delay, as application therefor are made,
not to exceed the sum of S55, 600, 900, to
associations organized, or to be organized,
in those States and Territories having less
than their proportion of circulation under
an apportionment to be made on the basis
of population and of wealth as shown by
the returns of the census of 1870, and ev-
cry association hereafter organized shall be
subject to and be governed by the rules,
restrictions, and limitations, and posses the
rights, privileges and franchises now or
hereafter to be prescribed by law as nation
al banking associations, with the same power
to amend, alter, and repeal provided by the
National Bank act, provided that the whole
amount of circulation withdrawn and re-
moved from the banks transacting business
I'LL Mt ovcond Sh5 900 600 and that such