for such circula &c. If applications thorized shall not be made within one year after the pas tion are not made sage of this act by banking associations organized, or to in one year, it may be issued to, be organized, in States having less than their proportion, it shall be lawful for the Comptroller of the Currency to issue such circulation to banking associations applying R. S., 5176, post, for the same in other States or Territories having less than their proportion, giving the preference to such as have No bank here- the greatest deficiency: And provided further, That no after organized to have over $500,- banking association hereafter organized shall have a circulation in excess of five hundred thousand dollars. p. 194. 000 circulation. amount of circu sued, &c. cancel certain Ante, p. 77. Ante, p. 79. holders that they Comptroller of SEC. 2. And be it further enacted, That at the end of Currency to report monthly to each month after the passage of this act, it shall be the Secretary of the Treasury the duty of the Comptroller of the Currency to report to the lating notes is-Secretary of the Treasury the amount of circulating notes issued, under the provisions of the preceding section, to national banking associations, during the previous month; Secretary to whereupon the Secretary of the Treasury shall redeem and three per cent. cancel an amount of three per centum temporary loan certemporary loan tificates issued under the acts of March two, eighteen certificates. hundred and sixty-seven, and July twenty-five, eighteen hundred and sixty-eight, not less than the amount of circuMay notify lating notes so reported, and may, if necessary, in order to will not bear in-procure the presentation of such temporary loan certificates ger part of money for redemption, give notice to the holders thereof, by publication or otherwise, that certain of said certificates (which shall be designated by number, date, and amount), shall cease to bear interest from and after a day to be designated in such notice; and that the certificates so designated shall no longer be available as any portion of the lawful money reserve in possession of any national banking association; After that time and, after the day designated in such notice, no interest shall be paid on such certificates, and they shall not thereafter be counted as a part of the reserve of any banking association. terest nor be lon reserve of banks. interest not to be paid, &c. July 14, 1870. Vol. XVI, p. 272. Secretary of the sue not over pon or registered CHAP. CCLVI.-AN ACT TO AUTHORIZE THE REFUNDING OF THE NATIONAL DEBT. Be it enacted by the Senate and House of Representatives of Treasury may is- the United States of America in Congress assembled, That the $200,000,000 cou-Secretary of the Treasury is hereby authorized to issue, in five per cent. a sum or sums not exceeding in the aggregate two hundred ble after ten million dollars, coupon or registered bonds of the United nation; principal States, in such form as he may prescribe, and of denominaand interest pay- tions of fifty dollars, or some multiple of that sum, redeem bonds, redeema years; denomi able in coin; cember 17, 1873, $300,000,000 four cent. bonds, re fifteen years; redeemable after able in coin of the present standard value, at the pleasure See act of Deof the United States, after ten years from the date of their 8. 2, post, p. 140. issue, and bearing interest, payable semi-annually in such coin, at the rate of five per cent. per annum; also a sum or also, not over sums not exceeding in the aggregate three hundred million and a half per dollars of like bonds, the same in all respects, but payable deemable after at the pleasure of the United States, after fifteen years from the date of their issue, and bearing interest at the rate of four and a half per cent. per annum; also a sum or also, not over $1,000,000,000 four sums not exceeding in the aggregate one thousand million per cent. bonds, dollars of like bonds, the same in all respects, but pay- thirty years; able at the pleasure of the United States, after thirty years from the date of their issue, and bearing interest at the rate of four per cent. per annum; all of which said all to be exempt from Unitseveral classes of bonds and the interest thereon shall be ed States or State taxes. exempt from the payment of all taxes or duties of the United States, as well as from taxation in any form by or under State, municipal, or local authority; and the said Bonds to set bonds shall have set forth and expressed upon their face when payable. the above specified conditions, and shall, with their coupons, be made payable at the Treasury of the United States. But nothing in this act, or in any other law now in force, Bonded debt shall be construed to authorize any increase whatever of creased. the bonded debt of the United States. R. S., 3701, post, p. 133. forth what and not to be in sell bonds at not See act of June 142. or may exchange for five SEC. 2. And be it further enacted, That the Secretary of Secretary may the Treasury is hereby authorized to sell and dispose of below par for coin, and apply any of the bonds issued under this act, at not less than proceeds, &c.; their par value for coin, and to apply the proceeds thereof to the redemption of any of the bonds of the United States 20, 1874, post, p. outstanding, and known as five-twenty bonds at their par value, or he may exchange the same for such five-twenty bonds, par for par; but the bonds hereby authorized shall twenties at par. be used for no other purpose whatsoever. And a sum not exceeding one-half of one per cent. of the bonds herein authorized is hereby appropriated to pay the expense of Appropriation preparing, issuing, advertising, and disposing of the same. SEC. 3. And be it further enacted, That the payment of Payment of any of the bonds hereby authorized after the expiration of to be in what the said several terms of ten, fifteen, and thirty years, how determined. shall be made in amounts to be determined from time to time by the Secretary of the Treasury, at his discretion, the bonds so to be paid to be distinguished and described by the dates and numbers, beginning for each successive payment with the bonds of each class last dated and numbered, of the time of which intended payment or redemption the Secretary of the Treasury shall give public notice, thereof. R. S., 3689, post, p. 131. amounts and Public notice to cease. Interest, when and the interest on the particular bonds so selected at any time to be paid, shall cease at the expiration of three months from the date of such notice. five-twenty bonds. p. 132. Secretary may SEC. 4. And be it further enacted, That the Secretary of pay at par and cancel certain the Treasury is hereby authorized, with any coin of the Treasury of the United States which he may lawfully apply to such purpose, or which may be derived from the sale of any of the bonds, the issue of which is provided R. S., 3697, post, for in this act, to pay at par and cancel any six per cent. bonds of the United States of the kind known as fivetwenty bonds, which have become or shall hereafter become Particular redeemable by the terms of their issue. But the particular how to be indi- bonds so to be paid and cancel[l]ed shall in all cases be indicated and specified by class, date, and number, in the orde[r] of their numbers and issue, beginning with the first Public notice. numbered and issued, in public notice to be given by the Secretary of the Treasury, and in three months after the Interest to date of such public notice, the interest on the bonds so selected and advertised to be paid shall cease. bonds to be paid, cated. cease after, &c. Secretary may, within two years, on deposit and issue certificates therefor, bearing over two and a annum. SEC. 5. And be it further enacted, That the Secretary of receive gold coin the Treasury is hereby authorized, at any time within two years from the passage of this act, to receive gold coin of interest at not the United States on deposit for not less than thirty days, half per cent. per in sums of not less than one hundred dollars, with the Treasurer or any Assistant Treasurer of the United States, authorized by the Secretary of the Treasury to receive the same, who shall issue therefor certificates of deposit, made in such form as the Secretary of the Treasury shall prescribe, and said certificates of deposit shall bear interest at a rate not exceeding two and a half per cent. per anDeposits, when num; and any amount of gold coin so deposited may be and how may be withdrawn. withdrawn from deposit at any time after thirty days from the date of deposit, and after ten days' notice, and on the Interest to return of said certificates: Provided, That the interest on cease, when, &c. all such deposits shall cease and determine at the pleasure Gold so received of the Secretary of the Treasury. And not less than to be applied. twenty-five per cent. of the coin deposited for or represented by said certificates of deposits shall be retained in the Treasury for the payment of said certificates; and the excess beyond twenty-five per cent. may be applied, at the discretion of the Secretary of the Treasury, to the payment or redemption of such outstanding bonds of the United States, heretofore issued and known as the fivedeposit, &c., re- twenty bonds, as he may designate under the provisions ceived in payment of bonds of the fourth section of this act; and any certificates of hereby authordeposit issued as aforesaid, may be received at par with on deposit, how Certificates of ized. the interest accrued thereon, in payment for any bonds authorized to be issued by this act. bonds purchased to be first made. to be likewise re SEC. 6. And be it further enacted, That the United States, United States bonds purchased and now held in the Treasury in accord. and now held in the Treasury to ance with the provisions relating to a sinking fund, of be destroyed. section five of the act entitled "An act to authorize the Ante, p. 44. R. S., 3695, post, issue of United States notes, and for the redemption or fund- p. 132. ing thereof, and for funding the floating debt of the United States," approved February twenty-fifth, eighteen hundred and sixty-two, and all other United States bonds which have been purchased by the Secretary of the Treasury, with surplus funds in the Treasury, and now held in the Treasury of the United States shall be cancel[l]ed and destroyed, a detailed record of such bonds so cancelled Record thereof and destroyed, to be first made in the books of the Treasury Department. Any bonds hereafter applied to said, Such bonds so hereafter pur. sinking fund, and all other United States bonds redeemed chased and held or paid hereafter by the United States, shall also in like corded and destroyed. manner be recorded, cancel[l]ed, and destroyed, and the amount of the bonds of each class that have been cancel[1]ed and destroyed shall be deducted respectively from the amount of each class of the outstanding debt of the United States. In addition to other amounts that may be applied to the redemption or payment of the public debt, an amount equal to the interest on all bonds belonging to the aforesaid sinking fund shall be applied, as the Secretary of the Treasury shall from time to time direct, to the payment of the public debt as provided for in section five. of the act aforesaid. And the amount so to be applied is Amount to be annually approhereby appropriated annually for that purpose, out of the priated. receipts for duties on imported goods. Approved July 14, 1870. An amount equal to interest on all bonds be longing to sinking fund to be applied to payment of public debt. R. S., 3696 post, p. 132. CHAP. XXIII.-AN ACT TO AMEND AN ACT ENTITLED "AN ACT TO Jan. 20, 1871. Vol. XVI, p. 399. per cent. bonds to $500,000,000 made payable Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Amount of five amount of bonds authorized by the act approved July may be increased fourteen, eighteen hundred and seventy, entitled "An act and interest to authorize the refunding of the national debt," to be quarterly. issued bearing five per centum interest per annum, be, and Ante, p. 82. the same is, increased to five hundred millions of dollars, and the interest of any portion of the bonds issued under said act, or this act, may, at the discretion of the Secretary of the Treasury, be made payable quarter-yearly: Provided, Proviso. R. S., 3689, post, p. 131. Total amount however, That this act shall not be construed to authorize not to exceed, &c. See act Dec. 17, any increase of the total amount of bonds provided for by 1873, s. 2, post, P. the act to which this act is an amendment. 140. Approved January 20, 1871. March 3, 1871. Vol. XVI, p. 600. Treasury may is lost or destroyed upon proof, &c. R. S., 3704, post, p. 133. No. 49.-JOINT RESOLUTION TO ENABLE OWNERS TO OBTAIN DUPLI- Resolved by the Senate and House of Representatives of the Secretary of the United States of America in Congress assembled, That the sue duplicates of Secretary of the Treasury be, and hereby is, authorized registered bonds and directed, whenever it is proved by clear and satisfactory evidence that any duly registered bond of the United States, bearing interest, issued for valuable consideration in pursuance of law, has been lost or destroyed, so that the same is not held by any person as his own property, to issue a duplicate of said registered bond, to be so marked, of like amount, and bearing like interest as the bond so Owner to file proved to be lost or destroyed: Provided, That the owner nity to United of such missing bond shall file in the Treasury a bond in a penal sum equal to the amount of said missing bond, and the interest which would accrue thereon, until the principal thereof is due and payable, with two good and sufficient sureties, residents of the United States, to the approval of the Secretary of the Treasury, with condition to indemnify and save harmless the United States from any laim because of the said lost or destroyed bond. Approved March 3, 1871. bond of indem States. March 3, 1871. Vol. XVI, p. 580. deemed in sums CHAP. CXXIV.-AN ACT TO PROVIDE FOR THE REDEMPTION OF COP- Be it enacted by the Senate and House of Representatives of All copper and the United States of America in Congress assembled, That the base-metal coinage to be re- Secretary of the Treasury is hereby authorized and required of not less than to redeem in lawful money, under such rules and regulatwenty dollars. tions as he may from time to time prescribe, all copper, bronze, copper-nickel, and base-metal coinage of every kind heretofore authorized by law, when presented in sums of Such coinage not less than twenty dollars; and whenever under this autinued when, &c. thority these coins are presented for redemption in such quantity as to show the amount outstanding to be redundant, the Secretary of the Treasury is authorized to discontinue or diminish the manufacture and issue of such coinage until otherwise ordered by him. may be discon Approved, March 3, 1871. |