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 state ment 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certificates, and for an increase of national-bank notes," See sec. 5179, as provides that no circulation shall be withdrawn under the provisions of section six of said act, until after the fiftyfour millions granted in section one of said act shall have been taken up, is hereby repealed; and it shall be the duty of the Comptroller of the Currency, under the direction of the Secretary of the Treasury, to proceed forthwith, and he is hereby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to time, as applications shall be duly made therefor, and until the full amount of fifty-five million dollars shall be withdrawn, to make requisitions upon each of the national banks described in said section, and in the manner therein provided, organized in States having an excess of circulation, to withdraw and return so much of their circulation as by said act may be apportioned to be withdrawn from them, or, in lieu thereof, to deposit in the Treasury of the United States lawful Bonds to be re- money sufficient to redeem such circulation; and upon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 asso circulation. ante, p. 204. and return notes the Treasurer, assistant treasurers, designated depositaries, Assistant treasurers and deposiand 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 the issue of new 14, 1875, sec. 3, act. SEC. 9. That from and after the passage of this act it shall be lawful for the Comptroller of the Currency, and he notes in place of $55,000,000 withis 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 to be subject to 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 end. ing June thirtieth, eighteen hundred and seventy-five. Approved, June 20, 1874. tive to with lation. EXTRACT FROM AN ACT MAKING APPROPRIATIONS FOR SUNDRY June 23, 1874. Vol. XVIII, p. 206. 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. 173. instead of burning to ashes as now provided by law; and Ante, pp. 164 that so much of sections twenty-four and forty-three of the national-currency act as requires national-bank notes to be burned to ashes is hereby repealed. Approved, June 23, 1874. Jan. 19, 1875. Vol. XVIII, p. 302. Repeal of limit upon amount of circulation of na See sec. 5185, ante, p. 197. CHAP. 19.-AN ACT TO REMOVE THE LIMITATION RESTRICTING THE Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That tional gold-banks. so much of section five thousand one hundred and eightyfive of the Revised Statutes of the United States as limits the circulation of banking associations, organized for the purpose of issuing notes payable in gold, severally to one million dollars, be, and the same is hereby, repealed; and each of such existing banking associations may increase its circulating notes, and new banking associations may be organized, in accordance with existing law, without respect to such limitation. Approved January 19, 1875. Feb. 8, 1875. Vol. XVIII, p. 307. Tax on bank checks. R. S. CHAP. 36.-AN ACT TO AMEND EXISTING CUSTOMS AND INTERNAL * * * * * SEC. 15. That the words "bank-check, draft, or order for See sec. 3418, the payment of any sum of money whatsoever, drawn upon any bank, banker, or trust-company, at sight or on demand, two cents," in schedule B of the act of June thirtieth, eighteen hundred and sixty-four, be, and the same is hereby, stricken out, and the following paragraph inserted in lieu thereof: Tax on notes of persons or State See secs. 3412, "Bank-check, draft, order, or voucher for the payment of any sum of money whatsoever, drawn upon any bank, banker, or trust-company, two cents." * SEC. 19. That every person, firm, association other than banks paid out. national bank associations, and every corporation, State 3414, ante, pp. 188, bank, or State banking association, shall pay a tax of ten per centum on the amount of their own notes used for cir culation and paid out by them. 189. Tax on notes of persons, State cities, &c., used for circulation. SEC. 20. That every such person, firm, association, corbanks, towns, poration, State bank, or State banking association, and also every national banking association, shall pay like tax of ten per centum on the amount of notes of any person, firm, association other than a national banking association, or of See secs. 3412 3413, R. S. any corporation, State bank, or State banking association, or of any town, city, or municipal corporation, used for circulation and paid out by them. Returns to be missioner of In made to the Com ternal Revenue. ante, p. 189. SEC. 21. That the amount of such circulating notes, and of the tax due thereon, shall be returned, and the tax paid at the same time, and in the same manner, and with like See sec. 3414, penalties for failure to return and pay the same, as provided by law for the return and payment of taxes on deposits, capital, and circulation, imposed by the existing provisions of internal revenue law. Approved February 8, 1875. CHAP. 80.-AN ACT TO CORRECT ERRORS AND TO SUPPLY OMISSIONS Feb. 18, 1875. Vol. XVIII, p. 316. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That for Purpose of act. the purpose of correcting errors and supplying omissions in the act entitled "An act to revise and consolidate the statutes of the United States in force on the first day of December, anno Domini one thousand eight hundred and seventythree," so as to make the same truly express such laws, the following amendments are hereby made therein: * * Section three hundred and thirty is amended by adding Seal of office of Comptroller. thereto the following: "A description of the seal, with an impression thereof, and a certificate of approval by the Secretary of the Treasury, shall be filed in the Office of the Secretary of State." Annual report of Comptroller. Ante, p. 188. Section three hundred and thirty-three is amended by inserting, after the word "Congress," in the second line, the words "at the commencement of its session." * * Section six hundred and twenty-nine is amended by strik. Suits by banks. ing out, in the first line of paragraph eleven, the words against." * * * * 66 or Ante, p. 190. Annual report of Comptroller. Section three thousand four hundred and seventeen is Tax on deposits, capital, and amended by inserting, in the fourth line, after the word circulation. "twelve," the words "thirty-four hundred and thirteen." * Section three thousand eight hundred and eleven is amended by striking out "Secretary of the Treasury," and inserting "Comptroller of the Currency;" also, by adding, after the word "banks," in the second line, the words "and banks under State and territorial laws." Section five thousand one hundred and eighty-three is amended by inserting, after the word "issue," in the second line, the words "post-notes or." * * The corrections indicated have been made in the text. * Where suits against associa Section five thousand one hundred and ninety-eight is tions may be had. amended by adding thereto the following: "That suits, actions, and proceedings against any association under this Title may be had in any circuit, district, or territorial court of the United States held within the district in which such association may be established, or in any State, county, or municipal court in the county or city in which said associa tion is located having jurisdiction in similar cases." Bonds of closed banks to be sold notes. Ante, p. 202. Section five thousand two hundred and twenty-four is for failure to de- amended by adding thereto the following: "And if any such posit legal-tender bank shall fail to make the deposit and take up its bonds for thirty days after the expiration of the time specified, the Comptroller of the Currency shall have power to sell the bonds pledged for the circulation of said bank, at public auction in New York City, and, after providing for the redemp. tion and cancellation of said circulation and the necessary expenses of the sale, to pay over any balance remaining to the bank or its legal representative." Failure to redeem circulating notes. Ante, p. 203. Defining national currency. Ante, p. 135. Section five thousand two hundred and twenty eight is amended by striking out, in the third line, the words "of forfeiture of the bonds," and inserting the word "thereof." Section five thousand four hundred and thirteen is amended by inserting, in the third line, after the word "national," the word "bank." Approved February 18, 1875. * * * Feb. 19, 1875. Vol. XVIII, p. 329. compensation of aminers. CHAP. 89.-AN ACT TO AMEND SECTION FIVE THOUSAND TWO HUN- Be it enacted by the Senate and House of Representatives Defining the of the United States of America in Congress assembled, That national-bank ex-section five thousand two hundred and forty of the Revised Statutes of the United States be so amended that the latter clause of said section, after the word "Comptroller" in the eighth line of said section, be amended so that the same shall read as follows, namely: "That all persons appointed to be examiners of national banks not located in the redemption-cities specified in section five thousand one hundred and ninety-two of the Revised Statutes of the United States, or in any one of the States of Oregon, California, and Nevada, or in the Territories, shall receive compensation for such examination as follows: For examining national banks having a capital less than one hundred Ante, p. 198. * This amendment has been incorporated into the text. |