8/3/2019 18Stat123[1] Banking Act

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Citation: 18 Stat. 123 1778-1875

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FORTY-THIRD CONGRESS. Smss. I. OH. 342,343. 1874. 123CHXAP. 342.-An act to create the Bozeman land distict in the Territory of Montana. Juno 20,1674.

Be it enacted by the Senate and House of Representativesof the UnitedStates of America in Congress assembled, That all that portion of the Bozeman land dis-Territory of Montana, lying east of the range line between ranges two tri t in Montanaand three west of the principal meridian and south of the first standard esBoundaries.parallel north of the base line, of the public land surveys of said Terri-tory, shall be constituted a separate land district, to be known as theBozeman land district, the office of which shall be located at Bozeman, Location ofbut may be changed from time to time, by the direction of the President e"of the United States, as the interests of the public service may re-quire.SEc. 2. That the President shall appoint, by and with the consent of Register and re-the Senate, a register and a receiver of the public moneys of the United ceiver.States for said district; and said officers shall reside in the place wherethe land office is located, and they shall have the same powers and re-ceive the same emoluments as are or may be prescribed by law in rela-tion to land officers of the United States in other Territories.Approved, June 20, 1874.

CHAP. 343.-An act fixing the amount of United States notes, providing for a re- June 20, 1874.distribution of the nutional-bank currency, and for other purposes. 1864, ch . 106, vol.

Be it enacted by the Senate an d House of Representatives of the United xiii,. 9.States of America in Conqress assembled, That the act entitled "An act The nat i on a 1-to provide a national currency secured by a pledge of United States bank act.bonds, and to provide for the circulation and redemption thereof," ap-proved June third, eighteen hundred and sixty four, shall hereafter beknown as "the national-bank act."SEc. 2. That section thirty one of the "the national-bank act" be So S. 31, ch . 106, Vol.amended that the several associations therein provided for shall not xlii , P- 08.hereafter be required to keep on band any amount of money whatever, Releaseofreservesby reason of the amount of their respective circulations; but the moneys on circulation.required by said section to be kept at all times on hand shall be deter- Reserves o d e-mined by the amount of deposits in all respects, as provided for in the posits retained.said section.Sm. 3. That every association organized, or to be organized, under Five per cent, onthe provisions of the said act, and of the several acts amendatory ciculation to be do-thereof, shall at all times keep and have on deposit in the treasury oftoP.redemption oythe United States, in lawful money of the United States, a sum equal circulation.to five per centum of its circulation, to be held and used for the redemp-tion of such circulation; which sum shall be counted as a part of its To be counted aslawful reserve, as provided in section two of this act; and when the part of reserve.circulating notes of any such associations, assorted or unassorted, shallbe presented for redemption, in sums of one thousand dollars, or any Notes to be re -multiple thereof, to the Treasurer of the United States, the same shall deemed on presenta-btion to Treasurer.be redeemed in United States notes. All notes so redeemed shall be To be rarged tocharged by the Treasurer of the United States to the respective associa- respective assoc i a -tions issuing the same, and he shall notify them severally, on the first tions.day of each month, or oftener, at his discretion, of the amount of such Monthly notice ofredemptions; and whenever such redemptions for any association shall redemptions.amount to the sum of five hundred dollars, such association so notified Deposit 'V it h.. TiTreasurer am oishall forthwith deposit with the Treasurer of the United Stats a sum Teal to nii r tin United States notes equal to the amount of its circulating-notes so d emed, when.redeemed. And all notes of national banks worn, defaced, mutilated7 Assistant tr e a sor otherwise unfit for circulation shall, when received by any assistant ur r and deposita-treasurer, or at any designated depository of the United States, be ries to forward mu-Itltdnoteus toforwarded to the Treasurer of the United States for redemption as Treasurer for r e -provided herein. And when such redemptions have been so re-imbursed, domption.the circulating-notes so redeeumedshall be forwarded to the respective Notes redeemed toassociations by which they were issued; but if any of such notes are be forwarded to as-sociatiolns.

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124 FORTY-THIRD CONGRESS. SESS. L: CH. 34. 1874.Worn, mutilatedworn, mutilated, defaced, or rendered otherwise unfit for use, they shall&c., notea to be for- be forwarded. to the Comptroller of the Currency and destroyed andwarded to Comp-troller of Currency replaced os now provided by law : Provided That each of said associa-destroyed a nd re tilons shall remburse to the Treasury the charges for transportation,placed. toand the 'costs for assorting such notes; and the associations hereafterAssoataions t organized shall also severally re-imburse to the Treasury the cost ofay tost'ortraimspor- "" "ting and asso t ng. engraving such plates as shall be orderec, by each association respect-Associations here- ively; and the amount assessed upon each association shall be in pro-after organized t o portion to the circulation redeemed, an d be charged to the fund onpay eost of eongrav- deposit with the Treasurer': .And provided further, That so much ofiplates.roportionate as - section thirty-two of said national-bank act requiring or permitting thesessment of charges. redemption of its circulating notes elsewhere than at its own counterRepeal of part of0 except as provided fo r in this section, is hereby repealed.2,ch. 106,vol.xiii, p.109. N'o redemptionelsewhere than as,berei.providedfor.Withdrawal of SEa. 4. That any association-organized under this act, or any of thecirculation, acts-of which this is an amendment, de siring to withdraw its circulatingnotes, 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 thou-sand dollars, take up the bonds which said association has on depositSec. 19, ch. 106, with the Treasurer for the security of such circulating-notes; whichVol. Xiii, P. 105. bonds shall be assigned to the bank in the manner specified in the fiine-Redemption anddestruction of ont- teenth section of the national-bank act; and the outstanding notes ofstanding notes. said association, to an amount equal to the legal-tender notes deposited,Limit to reduo- shall be redeemed at the Treasury of the United States, and destroyedtion of bonds on as now provided by law: Provided, That the amount of the bonds ondeposir.... deposit for circulation shall not be reduced below fifty thousand dollars.harter numeers -hof associations to be SEO. 5. That the Comptroller of the Currency shall, under such rulesprinted on national- and regulations as the Secretary of the -Treasury may prescribe, causebank notes. the charter-numbers of the association to be printed upon all national-bank notes which may be hereafter issued by him.Limit to amount SEa. 6. That the amount of United States notes outstanding and toof outstandinUnied Saan'otc be used as a part of the circulating-medium, shall not exceed the sumof three hundred and eighty-two million dollars, which said sum shallNo part to beheld appear in each monthlytatement of the public debt, and no part thereofas reserve, shall be held or used as a reserve.

Repeal of part of SEc. 7. That so much of the act entitled "An acz to provide for thech. 252, vol. xvi, p. redemption of the three per centum temporary loan certificates, and251. for an increase of national bank notes" as provides that no circulationshall be withdrawn under the provisions of section six of said act, untilafter the fity-four millions granted in section one of said act shall havebeen taken up, is hereby repealed; an d it shall be the duty of theComptroller of the Currency, under the direction of the Secretary ofthe Treasury, to proceed forthwith, and he is hereby authorized and re-quired, from time to time, as applications shall be duly madetherefor,Wit'id ra .val of and until the full amount lf fifty-five million dollars shall be withdrawn,currency to secure to make requisitions upon each of the national banks described in saidequitable distribu- section, and in the manner therein jrovided; organized in States having'tin. an excess of circulation, to withdraw and return so much of their cir-culation 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 law-ful money sufficient to-redeem such circulation, an d upon the return ofthe circulation required, or the deposit of lawful money, as herein pro-vided, a proportionate amount of the bonds held to secure the circula-tion of such association as shall make, such return or deposit shall besurrendered to it.Wjh en national SEC. 8. That upon the failure of the national banks upon which requi-banks fail to con- sition for circulation shall be made, or of any of them, to return thepi , with requisi-tions, duty of Coip- amount requiied, or to deposit in the Treasury lawful money to redeemtroler, the circulation required, within thirty days, the Comptroller of the Cur-See. 49, ch. 106, rency shall at once sell, as provided iu section forty-nine of the national-vol. x, p. 114. currency act approved June third, eighteen hundred and sixty.four,

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