252 FORTY-FIRST CONGRESS. Sxss. IL C11. 252. 1870. _N°***¤ mm four; and the amount of notes so provided shall be furnished to banking £::c"i;§<;S_ associations organized or to be organized in those States and Territories having less than their proportion under the apportionment contemplated 1865, ch. 82. by the provisions of the “Act to amend an act to provide a national cur- V¤\- 1>·498· rcncy, secured bya pledge of United States bonds, and to provide for Wh b d to gba Sircgzlatiou and redemption thereof? approved March three, eighteen M _<>¤ 5 un re and sixt -6ve, and the bonds de osited with the treasurer of the 2Q3f.??;;?;; United States, to {acura the additional cirgulating notes herein authorized, cumiou. shall be of any description of bonds of the United States bearing interest New apportion- in coin, but a. new apportionment of the increased circulation herein pro-
ff?" vided for shall be made as soon as practicable, based upon the census of
1870. eighteen hundred and seventy: Provided, That if applications for the fc535E1g2x3? circulation herein authorized shall not be made within one year after the tionmnotmme passage of this act by banking associations organized or to be organized iu one year, in in States having less than their proportion, it shall be lawful for the comp- 2“{z;’f""s“°d troller of the currency to issue such circulation to banking associations ’N° bank haw applying for the same in other States or Territories having less than their atm organized proportion, giving the preference to such as have the greatest deficiency: ?6%%V:O8V§;rcu_ And provided further, That no banking association hereafter organized 1m,,,; shall have a circulation in excess of five hundred thousand dollars. _ Comptroller of Sec. 2. And be it further enacted, That at the end of each month after xgozggil? the passage df this act it shall be the duty of the comptroller of the cyrgrgrgsssgqw of rcncy lm report to the Secrctayy of the Treasury tly-: amount of circulating nmoumif (Ecu- notes- nssued, gnglcr the provisions of the preceding section, to natxonal hung mm b_ banking associations during the previous month; whereupon the Secretary sued,&c. of the Treasury shall redeem and cancel an amount of the three per ¤a§:§{*;*;r’?Ii£° cgxattxm tiimpcéranéy loaén geitificates issuseg ninder the zcts of; lxfarch {two, thm er glenn mg 1 een un re an su; -seven, an u twenty- ve cn teen uu- Mmpvgv-ry1¤¤¤ dred and sixty-eight, not les; than the amou;t of cigzulatgnggnotcs so rc- °°fQf;‘;°§§}y ported, and may, if necessary, in order to procure the presentation of such hqldersthat thpy temporary loan certificates for redemption, give notice to the holders
- ‘;£s*€°;£°g; m` thereof, by publication or otherwise, that certain of said certificates (which
{angel! pm of shall be designated by number, date, and amount) shall cease to bear inmonay-reservo tcrest from and after a day to be designated in such notice, and that the °f b““k°‘ certificates so designated shall no longer be available as any portion of the lawful money-reserve in possession of any national banking association, ixzeflsggttggz time s1nc1haftcr_ aha day designated in such notice no interest shall be paid on be Pm. Gm. suc cert: cakes, and- they shqll pot. thereafter be counted as a. part of the reserve of any banking association. n£;cuJ;S£§ S Sec. 3. And be {tfujthar enacted, Thgt upon tlfc deposit of any United in gokfwin may taltcs bonds, bisamug mmresi: payable nn. gold, vsexth the treasurer of the 2?J$‘$2“¤%L%§?t‘f ??“3.’2’A2éZ‘§»‘f‘ZS“°’ ’“°s°£‘$°‘$.L?1‘£€I“"`?“i°}`“` é"" "”““H“‘ . rranc ac 1 s e aw u or t c com tro er
· _ _ _ _ , vc dollars, no excee mv M€°:;l':';?`”é*$}'s IH gmount eighty per centum of the par value of the bonds depositsé sw, m;,,,_ whfch notes shall bear upon th’§ir face the promise of the association to WING!} @6)* gre issued to pay them, upon presentation at the office of the Cimumionm. ¤SS0¤1M10¤,1n gold c0in of the United States, and shall be redeemable my ,,1,,;, bank \{P0¤ S¤ch_presentation in such coin: Provided, That no banking associa-
- <>;g80¤a¢gg¤d ;<];;i0l‘gu?1g6g under this section shall have a circulation in excess of one
· » · 1 on o dollars. ticigig zwsx i Sec. 4. And be it further enacted, That every national banking associand not lm tron foymcd under the provisions of the preceding section of this act shall
- 2 f3_1;?: I at alljnmcg keep. on hand not less than twenty-five per centum of its outmu En 801 d°gn”5 standing cuculfmon in gold or silver coin of the United States, and shall
Bangxcom at acciéye at par_1q the payment of Qebts the gold notes of every other such Pu gm mm of _ an mg_ass0c1g.tion whngh at the tfme of such payments shall be redeemggmswh mg us cxrculating nhtcs m gold com of the United States.
