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Bonds to be held to secure circulation.

p. 165.

.

association, and, if they are found correct, to execute to the Treasurer a certificate setting forth the different kinds and the amounts thereof, and that the same are in the possession and custody of the Treasurer at the date of the certificate.

Such examination shall be made at such time or times, during the ordinary business hours, as the Treasurer and the Comptroller, respectively may select, and may be made by an officer or agent of such association, duly appointed in writing for that purpose; and his certificate before mentioned shall be of like force and validity as if executed by the president or cashier. A duplicate of such certificate, signed by the Treasurer, shall be retained by the association.

SEC. 5167. The bonds transferred to and deposited with

the Treasurer of the United States, by any association, for Ibid , s. 26, ante, the security of its circulating notes, shall be held esclu

sively for that purpose, until such notes are redeemed, exInterest on cept as provided in this Title. The Comptroller of the bonds, how col. Currency shall give to any such association powers of attor

ney to receive and appropriate to its own use the interest on the bonds which it has so transferred to the Treasurer; but

such powers shall become inoperative whenever such associaIf bonds depre- tion fails to redeem its circulating notes. Whenever the ciate, deposit to be increased. market or cash value of any bonds thus deposited with the

Treasurer is reduced below the amount of the circulation issued for the same, the Comptroller may demand and receive the amount of such depreciation in other United States bonds at cash value, or in money, from the association, to

be deposited with the Treasurer as long as such depreciaExchange or tion continues. And the Comptroller, upon the terms prereturn of bondo. scribed by the Secretary of the Treasury, may permit an

exchange to be made of any of the bonds deposited with the Treasurer by any association, for other bonds of the United States authorized to be received as security for circulating notes, if he is of opinion that such an exchange can be made without prejudice to the United States; and he may direct the return of any bonds to the association wbich transferred the same, in sums of not less than one thousand dollars,

upon the surrender to him and the cancellation of a proporLimitation on tionate amount of such circulating notes: Provided, That

the remaining bonds which shall have been transferred by

the association offering to surrender circulating notes are post, p. 209.

equal to tbe amount required for the circulating notes not surrendered by such association, and that the amount of bonds in the hands of the Treasurer is not diminished below the amount required to be kept on deposit with him, and that there has been no failure by the association to redeem its circulating notes, nor any other violation by it of the

withdrawal of bonds.

Seo act of June 20. 1874, sec. 4,

provisions of this Title, and that the market or cash value of the remaining bonds is not below the amount required for the circulation issued for the same.

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183.

SEC. 5171. Upon a deposit of bonds as prescribed by sec. Delivery of cir

culating votes to tions fifty-one hundred and fifty-nine and fifty-one hundred associations. and sixty, the association making the same shall be entitled , See actof March

3, 1865. to receive from the Comptroller of the Currency circulating notes of different denominations, in blank, registered and countersigned as hereinafter provided, equal in amount to ninety per centum of the current market value of the Uni. ted States bonds so transferred and delivered, but not exceeding ninety per centum of the amount of the bonds at the par value thereof, if bearing interest at a rate not less thau fire per centum per annum: Provided, That the Ratio to capital amount of circulating notes to be furnished to each associa- notes issued. tion sball be in proportion to its paid up capital, as follows, and no more:

First. To each association whose capital does not exceed five hundred thousand dollars, ninety per centum of such capital.

Second. To each association whose capital exceeds five bundred thousand dollars, but does not exceed one million of dollars, eighty per centum of such capital.

Third. To each association whose capital exceeds one million of dollars, but does not exceed three million[s] of dollars, seventy-five per centum of such capital.

Fourth. To each association whose capital exceeds three millions of dollars, sixty per centum of such capital. SEC. 5172. In order to furnish suitable notes for circu. Form, denomi.

nations, and lation, the Comptroller of the Currency shall, under the printing of'cireu

lating notes. direction of the Secretary of the Treasury, cause plates and dies to be engraved, in the best manner to guard against 22, ante, p. 163. counterfeiting and fraudulent alterations, and shall have printed therefrom, and numbered, such quantity of circulating notes, in blank, of the denominations of one dollar, two dollars, three dollars, five dollars, ten dollars, twenty dollars, fifty dollars, one hundred dollars, five hundred dollars, and one thousand dollars, as may be required to supply the associations entitled to receive the same. Such notes shall express upon their face that they are secured by United States bonds, deposited with the Treasurer of the United States, by the written or engraved signatures of the Treas. urer and Register, and by the imprint of the seal of the Treasury; and shall also express upon their face the promiso of the association receiving the same to pay on demand,

3 June, 1864, s.

Control

of

attested by the signatures of the president or vice-president and cashier; and shall bear such devices and such other statements, and shall be in such form, as the Secretary of the Treasury shall, by regulation, direct.

SEC. 5173. The plates and special dies to be procured by plates and dies and expenses of the Comptroller of the Currency for the printing of such Ibid., 8.41, ante, circulating notes shall remain under his control and direc

tion, and the expenses necessarily incurred in executing the laws respecting the procuring of such notes, and all other expenses of the Bureau of the Currency, shall be paid out of the proceeds of the taxes or duties assessed and collected on the circulation of national banking associations under this Title.

p. 171.

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Issue of notes under fire dol. lars, limited.

Ibid., 8.22, ante,

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Circulation of certain banks limited $500,000

amount of circu

SEC. 5175. Not more than one-sixth part of the notes furnished to any association shall be of a less denomination than five dollars. After specie payments are resumed no association shall be furnisfied with notes of a less denomi. nation than five dollars.

SEC. 5176. No banking association organized subsequent to to the twelfth day of July, eighteen hundred and serenty, shall

lave a circulation in excess of five hundred thousand dollars. Aggregate SEC. 5177. The aggregate amount of circulating notes laving notes. issued under the act of February twenty-five, eighteen hun.

See act of Jany. dred and sixty-three, and under the act of June three, eightary 14, 1875, E. 3, ante, p. 144.

een bundred and sixty-four, and under section one of the Ante, p. 1.3. Ante p. 81. act of July twelve, eighteen hundred and seventy, and under

ibis Title, shall not exceed three bundred and fifty-four

millions of dollars. Apportionment Sec. 5178. One hundred and fifty millions of dollars of of circulating

the entire amount of circulating notes authorized to be is. 3. Mars 1865, sued shall be apportioned to associations in the States, in nite Joly 1870, the Territories, and in the District of Columbia, according ante, p. 81.

to representative population. One bundred and fifty mil14 Jan., 1875, lions shall be apportioned by the Secretary of the Treasury ante, p. 143.

among associations formed in the several States, in the Territories, and in the District of Columbia, having due regard to the existing banking capital, resources, and business of such States, Territories, and District. The remaining fiftyfour millions shall be apportioned among associations in States and Territories baving, under the apportionments above prescribed, less than their full proportion of the ag. gregate amount of notes authorized, which made due application for circulating notes prior to the twelfth day of July, eighteen hundred and seventy-one. Any remainder of such fifty-four millions shall be issued to banking associations

notes.

See act of June

208.

of

applying for circulating notes in other States or Territories having less than their proportion.

SEC. 1579. In order to secure a more equitable distribu-a Equalizing the tion of the national banking currency, there may be issued circulating notes. circulating notes to banking associations organized in States See act of Janu.

ary 14, , , and Territories having less than their proportion, and the p. 143. amount of circulation herein authorized shall, under the direction of the Secretary of the Treasury, as it may be required for this purpose, be witbdrawn, as herein provided, from banking associations organized in States having more than their proportion, but the amount so withdrawn shall not exceed twenty-five million dollars: Provided, That no cir- 20, 1874, post, p. culation shall be withdrawn under the provisions of this section until after the fisty-four millions granted in the first Ante, p. 81. section of the act of July twelfth, eighteen hundred and seventy, shall have been taken up. SEC. 5180. The Comptroller of the Currency sball, under cedure in withi:

drawing xcess of the direction of the Secretary of the Treasury, make a circulatio.. statement showing the amount of circulation in each State See act of Janu

ary 14, 1875, ante, and Territory, and the amount necessary to be withdrawn p. 143. from each association, and shall forth with make a requisition for such amount upon such associations, commencing with those having a circulation exceeding one million of dollars, in States having an excess of circulation, and withdrawing their circulation in excess of one million of dollars, and then proceeding proportionately with other associations having a circulation exceeding three hundred thousand dollars, in States having the largest excess of circulation, and reducing the circulation of such associations in States having the greatest proportion in excess, leaving undisturbed the associations in States having a smaller proportion, until those in greater excess have been reduced to the same grade, and continuing thus to make such reductions until the full amount of twenty-five millions has been withdrawn; and the circulation so withdrawn shall be distributed among the States and Territories having less than their proportion, so as to equalize the same. Upou failure of any association Sale of bonds to return the amount of circulating notes so required, witbin association to reone year, the Comptroller shall sell at public auction, having given twenty days' notice thereof in one daily newspaper printed in Washington and one in New York City, an amount of the bonds deposited by that association as security for its circulation, equal to the circulation required to lie withdrawn from the association and not returned in compliance with such requisition; and he shall, with the proceeds, redeem so many of the notes of such association,

turn notes.

associations from

Ibid.

notes, when may

sociation.

mands shall be received.

as they come into the Treasury, as will equal the amount required and not returned ; and shall pay the balance, if any,

to the association. Removal of

SEC. 5181. Any association located in any State having State having an more than its proportion of circulation may be removed to tion to ou hav-any State having less than its proportion of circulation, in, a deficiency.

under such rules and regulations as the Comptroller of the Currency, with the approval of the Secretary of the Treas. ury, shall prescribe: Provided, That the amount of the issue of said banks shall not be deducted from the issue of fiftyfour millions mentioned in section five thousand one hun.

dred and seventy-eight. Circulating SEC. 5182. After any association receiving circulating toe issued by as- note3 under this Title has caused its promise to pay such

notes on demand to be signed by the president or vice3 June, 1864, s. 93, onte, p. 163. president and cashier thereof, in such manner as to make

them obligatory promissory notes, payable on demand, at its

place of business, such association may issue and circulate For what do the same as money. And the same shall be received at par

in all parts of the United States in payment of taxes, excises, public lands, and all other dues to the United States, except duties on imports; and also for all salaries and other debts and demands owing by the United States to individuals, corporations, and associations within the United States, except interest on the public debt, and in redemption of the national currency.

Sec. 5183. No national banking association shall issue notes prohibited.

See act of Feb. post-notes or any other notes to circulate as money than 18, 1875, correcting Rer. Stat., such as are authorized by the provisions of this Title. post, p. 213.

3. June, 1865, s. 23, ante, p. 163.

Destroying and SEC. 5184. It shall be the duty of the Comptroller of the replacing wornout and mutilated Currency to receive worn-out or mutilated circulating notes

issued by any banking association, and also, on due proof of the destruction of any such circulating notes, to deliver in place thereof to the association other blank circulating notes to an equal amount. Such worn-out or mutilated notes, after a memorandum has been entered in the proper books, in accordance with such regulations as may be established by the Comptroller, as well as all circulating

notes which shall have been paid or surrendered to be can. See act of June celed, shall be burned to ashes in presence of four persons, 23, 1874. post, p.

one to be appointed by the Secretary of the Treasury, one by the Comptroller of the Currency, one by the Treasurer of the United States, and one by the association, under such regulations as the Secretary of the Treasury may prescribe A certificate of sucb burning, signed by the parties so ap

Issny of other

notes.

Ibid.

211.

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