Page:United States Statutes at Large Volume 16.djvu/287

 FORTY—FIRST CONGRESS. Sess. II. CB. 252. 1870. 253 Sec. 5. And be it further enacted, That every association organized For _ Such ¤§S°¤l¤· the purpose of issuing gold notes as provided in this act shall be subject gggzsbblgiiw to all the requirements and provisions of the national currency act, except rency act, exthe first clause of section twenty-two, which limits the circulation of na- °°P”• &°· tional banking associations to three hundred millions of dollars; the first clause of section thirty-two, which, taken in connection with the preceding section, would require national banking associations organized in the city of San Francisco to redeem their circulating notes at par in the city of New York; and the last clause of section thirty-two, which requires every national banking association to receive in payment of debts the notes of Terms **1awevery other national banking association at par: Provided, That in apply- f§;ff,‘f;‘1°I{1;¤;"‘d ing the provisions and requirements of said act to the banking associations or nm United y herein provided for, the terms " lawful money," and "lawful money of the S*=**°€" **9** United States," shall be held and construed to mean gold or silver coin of Zggztggtignlzem the United States. with. Sec. 6. And be it further enacted, That to secure a more equitable dis- _I<Iquimb1e distribution of the national banking currency there may be issued circulating ;;:°c';';’;:it:*;;` notes to banking associations organized in States and Territories having lcss secured. than their proportion as herein set forth. And the amount of circulation in EXPN 0*** this section authorized shall, under the direction of the Secretaryot the  mtu- Treasury, as it may be required for this purpose, be withdrawn, as herein $25,900,000 to provided, from banking associations organized in States having a circulation gf¤‘K'{;‘:5;w“ exceeding that provided for by the act entitled "An act to amend an act en- ` titled ‘An act to provide for a national banking currency, secured by pledge of' United States bonds, and to provide for the circulation and redemption thereof? " approved March three, eighteen hundred and sixty-five, but the _ amount so withdrawn shall not exceed twenty-five million dollars. The _Staterne¤tof comptroller of the currency shall, under the direction of the Secretary of the g;;‘i)“g*g;’;' $:,1 Treasury, make a statement showing the amount of circulation in each State Tm-jmry to be and Territory, and the amount to be retired by each banking association ¤¤¤<l¢· and ¤f in accordance with this section, and shall, when such redistribution of cir- $;fi°;:§t§:,}°° culation is required, make a requisition for such amount upon such banks, 1 commencing with the banks having a circulation exceeding one million of process or m. dollars in States having an excess of circulation, and withdrawing their <U$"ib¤*i°¤· circulation in excess of one million of dollars, and then proceeding pro rata with other banks having a circulation exceeding three hundred thousand dollars in States having the largest excess of circulation, and reducing the circulation of such banks in States having the greatest proportion in excess, leaving undisturbed the banks in States having a smaller proportion, until those in greater excess have been reduced to the same grade, and continuing thus to make the reduction provided for by this act until the full amount of twenty·Iive millions, herein provided for, shall he with— drawn; and the circulation so withdrawn shall be distributed among the States and Territories having less than their proportion, so as to equalize g:>¤¤¥;¤‘°}l<?;*¤ the same. And it shall be the duty of the comptroller of the currency, }:,th%t§°f;Q Km under the direction of the Secretary of the Treasury, forthwith to make a amount, &c. requisition for the amount thereof upon the banks above indicated as here- l in prescribed. And upon failure of such associations, or any of them, to s0ga:>$;l;*}*5l¤¤- return the amount so required within one year, it shall be thenduty of the within 3 wig, comptroller of the currency to sell at public auction, having giyen twenty to mugnfnne days} notice thereof in one daily newspaper prmted in Washington and ;’l`\ZE"r€gu€;;$?‘ one in New York city, an amount of bonds deposited by said association, wnpuoum- to as security for said circulation, equal to the circulation to be withdrawn :<;h0~;§::¤(lftheir from said association and not returned in compliance with such requisi— bonds, &c_ tion; and the comptroller of the currency shall with the proceeds redeem so many of the notes of said banking association, as they come into the treasury, as will equal the amount required and not so returned, N 1 1 and shall pay the balance, if any, to such banking association: Provzded, ti°n‘;;’;g“w?;h_ That no circulation shall be withdrawn under the PYOVISIOHS of this sec- mm until. gw_