tersigned and delivered, and imprisoned not less than one year and not more than fifteen years. Penalty for imitating nationbank notes, &c. SEC. 5188. It shall not be lawful to design, engrave, print, or in any manner make or execute, or to utter, issue, dis- al tribute, circulate, or use, any business or professional card, notice, placard, circular, hand-bill, or advertisement, in the likeness or similitude of any circulating note or other obligation or security of any banking association organized or acting under the laws of the United States which has been or may be issued under this Title, or any act of Congress, or to write, print, or otherwise impress upon any such note, obligation, or security any business or professional card, notice or advertisement, or any notice or advertisement of any matter or thing whatever. Every person who violates this section shall be liable to a penalty of one hundred dollars, recoverable one-half to the use of the informer. SEC. 5189. Every person who mutilates, cuts, defaces, disfigures, or perforates with holes, or unites or cements together, or does any other thing to any bank-bill, draft, note, or other evidence of debt, issued by any national banking association, or who causes or procures the same to be done, with intent to render such bank-bill, draft, note, or other evidence of debt unfit to be re-issued by said association, shall be liable to a penalty of fifty dollars, recoverable by the association. Penalty for mubank notes, &c. tilating national Ibid., e. 58, ante, p. 180. notes, drafts, &c., of closed associa tions. SEC. 5437. In all cases where the charter of any corpo-, Penalty for un lawfully putting ration which has been or may be created by act of Congress in circalation the has expired or may hereafter expire, if any director, officer, or agent of the corporation, or any trustee thereof, or any agent of such trustee, or any person having in his possession or under his control the property of the corporation for the purpose of paying or redeeming its notes and obligations, knowingly issues, re-issues, or utters as money, or in any other way knowingly puts in circulation any bill, note, check, draft, or other security purporting to have been made by any such corporation whose charter has expired, or by any officer thereof, or purporting to have been made under authority derived therefrom, or if any person knowingly aids in any such act, he shall be punished by a fine of not more than ten thousand dollars, or by imprisonment not less than one year nor more than five years, or by both such fine and imprisonment. But nothing herein shall be construed to make it unlawful for any person, not being such closed associa tions may circudirector, officer, or agent of the corporation, or any trustee late the notes of thereof, or any agent of such trustee, or any person having tions. in his possession or under his control the property of the Persons not officers or agents of such associa corporation for the purpose herein before set forth, who has received or may hereafter receive such bill, note, check, draft, or other security, bona fide and in the ordinary transactions of business, to utter as money or otherwise circulate the same. June 20, 1874. Vol. XVIII, p. 123. bank act.' Ante, p. 153. AMENDMENTS AND ADDITIONAL ACTS. CHAP. 343.-AN ACT FIXING THE AMOUNT OF UNITED STATES NOTES Be it enacted by the Senate and House of Representatives of "The national- the United States of America in Congress assembled, That the act entitled “An act to provide a national currency secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof," approved June third, Eighteen hundred and sixty-four, shall hereafter be known as the "national-bank act." Lawful money reserve on circu except as to na SEC. 2. That section thirty-one of the "national-bank act" lation abolished, be so amended that the several associations therein provided tional gold- for shall not hereafter be required to keep on band any See sec. 5191, amount of money whatever by reason of the amount of their banks. ante, p. 197. Redemption fund to be depos urer. as lawful reserve. ative to redemp Treasurer. respective circulations; but the moneys required by said section to be kept at all times on hand shall be determined by the amount of deposits in all respects, as provided for in the said section. SEC. 3. That every association organized, or to be organited with Treas- ized, under the provisions of the said act, and of the several acts amendatory thereof, shall at all times keep and have on deposit in the Treasury of the United States, in lawful money of the United States, a sum equal to five per centum of its circulation, to be held and used for the redemption of such May be counted circulation; which sum shall be counted as a part of its lawful reserve, as provided in section two of this act; and Provisions rel- when the circulating notes of any such associations, assorted tion of notes by or unassorted, shall be presented for redemption, in sums of one thousand dollars or any multiple thereof, to the Treasurer of the United States, the same shall be redeemed in United States notes. All notes so redeemed shall be charged by the Treasurer of the United States to the respective associations issuing the same, and he shall notify them severally, on the first day of each month, or oftener, at his discretion, of the amount of such redemptions; and whenever such redemptions for any association shall amount to the sum of five hundred dollars, such association so notified shall forthwith deposit with the Treasurer of the United States a sum to be returned by urers. in United States notes equal to the amount of its circulating notes so redeemed. And all notes of national banks, worn, Mutilated notes defaced, mutilated, or otherwise unfit for circulation, shall, assistant treas when received by any assistant treasurer at any designated depository of the United States, be forwarded to the Treasurer of the United States for redemption as provided herein. And when such redemptions have been so re-imbursed, the circulating notes so redeemed shall be forwarded to the respective associations by which they were issued; but if any of such notes are worn, mutilated, defaced, or rendered otherwise unfit for use, they shall be forwarded to the Comptroller of the Currency and destroyed, and replaced as now provided by law: Provided, That each of said associations shall Associations to re-imburse to the Treasury the charges for transportation, Treasury for cost of redemption, and the costs for assorting such notes; and the associations new plates, &c. hereafter organized shall also severally re-imburse to the Treasury the cost of engraving such plates as shall be ordered by each association respectively; and the amount assessed upon each association shall be in proportion to the circulation redeemed, and be charged to the fund on deposit with the Treasurer: And provided further, That so much of Redemption section thirty-two of said national-bank act requiring or abolished. permitting the redemption of its circulating notes elsewhere. See secs. 5192 than at its own counter, except as provided for in this sec- ante, pp. 198,199. tion, is hereby repealed. reimburse the agents in cities and 5195, R. S., SEC. 4. That any association organized under this act, or Provisions for retiring circulaany of the acts of which this is an amendment, desiring to tion and withdrawing bonds. withdraw its 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 nine thousand dollars, take up the bonds which said association has on deposit with the Treasurer for the security of such circulating notes, which bonds shall be assigned to the bank in the manner specified in the nineteenth section of the nationalbank act; and the outstanding notes of said association, 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: Provided, That the amount, Limit of with of the bonds on deposits for circulation shall not be reduced below fifty thousand dollars. Ante, p. 162 drawal of bonds The charter numbers of banks on their notes: SEC. 5. That the Comptroller of the Currency shall, under such rules and regulations as the Secretary of the Treasury to be printed upmay prescribe, cause the charter numbers of the association to be printed upon all national-bank notes which may be hereafter issued by him. SEC. 6. That the amount of United States notes outstand amount of U. S. ing. Maximum ing and to be used as part of the circulating medium shall notes outstand- not exceed the sum of three hundred and eighty-two million dollars, 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. Provisions rel ative to with 000,000 of circula tion. ante, p. 195. turned to associa SEC. 7. That so much of the act entitled "An act to prodrawal of $55- vide for the redemption of the three per cent. temporaryloan certificates, and for an increase of national-bank notes," See sec. 5179, as provides that no circulation shall be withdrawn under the provisions of section six of said act, until after the fiftyfour millions granted in section one of said act shall have been taken up, is hereby repealed; and it shall be the duty of the Comptroller of the Currency, under the direction of the Secretary of the Treasury, to proceed forthwith, and he is hereby authorized and required, from time to time, as applications shall be duly made therefor, and until the full amount of fifty-five million dollars shall be withdrawn, to make requisitions upon each of the national banks described in said section, and in the manner therein provided, organized in States having an excess of circulation, to withdraw and return so much of their circulation as by said act may be apportioned to be withdrawn from them, or, in lieu thereof, to deposit in the Treasury of the United States lawful Bonds to be re- money sufficient to redeem such circulation; and upon the tion in proportion return of the circulation required, or the deposit of lawful money, as herein provided, a proportionate amount of the bonds held to secure the circulation of such association as shall make such return or deposit shall be surrendered to it. SEC. 8. That upon the failure of the national banks upon ciation to return which requisition 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 Comptroller of the Currency shall at See sec. 5231, once sell, as provided in section forty-nine of the nationalcurrency act, approved June third, eighteen hundred and sixty-four, bonds held to secure the redemption of the circulation of the association or associations 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 such association or associations shall be redeemed as will equal the amount required and not returned; and if there be an excess of proceeds over the amount required for such redemption, it shall be returned to the association or associations whose bonds shall have been sold. And it shall be the duty of to circulation withdrawn. Bonds to besold on failure of associrculation. ante, p. 204. urers and deposi and return notes the Treasurer, assistant treasurers, designated depositaries, Assistant treasand national bank depositaries of the United States, who taries to assort shall be kept informed by the Comptroller of the Currency to Treasury. of such associations as shall fail to return circulation as required, to assort and return to the Treasury for redemp tion 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, and of such as shall hereafter so fail or go into liquidation. Providing for notes in place of the issue of new $55,000,000 with 14, 1875, sec. 3, to be subject to act. SEC. 9. That from and after the passage of this act it shall be lawful for the Comptroller of the Currency, and he is hereby required, to issue circulating notes, without delay, drawn. as applications therefor are made, not to exceed the sum of, See act of Jan. fifty-five million dollars, to associations organized, or to be ante, p. 144. organized, in those States and Territories having less than their proportion of circulation, under an apportionment made on the basis of population and of wealth, as shown by the returns of the census of eighteen hundred and seventy; and New associations every association hereafter organized shall be subject to, national-bank and be governed by, the rules, restrictions, and limitations, and possess the rights, privileges, and franchises, now or hereafter to be prescribed by law as to national banking associations, with the same power to amend, alter, and repeal provided by "the national-bank act:" Provided, That the Provisos relawhole amount of circulation withdrawn and redeemed from drawal of circubanks transacting business shall not exceed fifty-five million Ibid. dollars, and that such circulation shall be withdrawn and redeemed as it shall be necessary to supply the circulation previously issued to the banks in those States having less than their apportionment: And provided further, That not more than thirty million dollars shall be withdrawn and redeemed as herein contemplated during the fiscal year ending June thirtieth, eighteen hundred and seventy-five. Approved, June 20, 1874. tive to with lation. EXTRACT FROM AN ACT MAKING APPROPRIATIONS FOR SUNDRY Notes to be destroyed by maceration instead of For the maceration of national-bank notes, United States notes, and other obligations of the United States authorized to be destroyed, ten thousand dollars; and that all such See secs. 5184, issues hereafter destroyed may be destroyed by maceration 5225, R. S. by burning. |