Page:United States Statutes at Large Volume 18 Part 3.djvu/155

 FOR.TY~THIRD CONGRESS: Sess. l. Ch. 343, 344. 1874. 125 bonds held to secure the redemption of the circulation of the association or associations which shall so foil, to an amount suincient to redeem. the circulation required of such association or associations; and with the proceeds, which shell 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 any 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 the Treasurer, DMU of f¤¢¤¤¤¤‘<*P» assistant treasurers, designated depositeries, and national bank depos- “““Q“"?*S» ‘“"1 ‘l°‘ itariet of the United States, who shall be kept informed by the Comp- pw °m°S° troller f the Currency of such associations as shall fail to return circulation as required, to assert and return to the Treasury for redemp- Redem ption of - tion the notes of such associations as shall come into their hands until *¥¤*¤ cy witheirculating-notes without delay, as applications therefor are made, not “"*‘”“· to exceed the sum of fifty-five million dollars, to associations organized, or to be 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 every association hereafter organized shall be subject to, 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, und repeal provided by “ the na.- tional bank aet:" Provided, That the whole amount of circulation with- _ _ _ drawn and redeemed from banks transacting business shall not exceed d L*$_¤* °° WMP fifty-fwe million dollars, and that such circulation shall be withdrawn ""' anu redeemed as it shell he necessary to supply the circulation previously issued to the banks in those States having less than their apportionment :‘And provided further, That not more than thirty million p,(,,,,m_ dollars shall be withdrawn and-redeemed us herein contemplated during the tiscal year ending June thirtieth, eighteen hundred and seventy- five ` Approved, June _20, 187 4. CHAP. 344.-Au act to provide for the establishment of lifesaving {ations and J11M 20»l874· _ houses of refuge upon the sea. and luke coasts of-the United States, and to promote the emciency of the lifesaving service. Be it enacted by the Senate and .House of Rqpresentatives of the United _ States of America in. Congress assembled, That the Secretary of the 1, f¤*°·‘2h°b”:f’2F °f Treasury is hereby antliorized to establish lifesaving station, life-bout &:‘E"'"‘$ S " ’°"°’ stations, a.ud‘houses of refuge, for the better preservation of life and property from shipwreck, at or in the vicinity of the thllowing named points upon the sea. and lake coasts of the United States, namely: ON THE COAST OF DELAWARE. D0" ’°b° °°¤”` °f elnwnre; Cape Henlopen, a. complete life-saving station; Indian River, a. complete lifesztving station. ON THE COAST OF MARYLAND. Mnrylauel; Green Run Inlet, a. complete life-sawing station.