United States Statutes at Large/Volume 4/23rd Congress/1st Session/Chapter 174

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United States Statutes at Large, Volume 4
United States Congress

Public Acts of the Twenty-Third Congress, First Session, Chapter 174

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3254091United States Statutes at Large, Volume 4 — Public Acts of the Twenty-Third Congress, First Session, Chapter 174United States Congress

June 30, 1834.

Chap. CLXXIV.—An Act to prohibit the corporations of Washington, Georgetown, and Alexandria, in the District of Columbia, from issuing promissory notes or bills of any denomination less than ten dollars after the period therein mentioned, and for the gradual withdrawal from circulation of all such notes or bills.

Notes of a less denomination then ten dollars not to be issued after March 1, 1839.
Proviso.Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That it shall not be lawful for the corporations of Washington, Georgetown, or Alexandria, in the District of Columbia, or either of them, after the first day of March, eighteen hundred and thirty-nine, to issue any promissory note or bill of a less denomination than ten dollars: Provided, That it shall not be lawful for either of the corporations aforesaid to make or issue any new promissory note or bill, after the passage of this act, of a less denomination than ten dollars.

One-fifth of the small notes to be taken, annually, from circulation.Sec. 2. And be it further enacted, That each and all the corporations aforesaid shall annually withdraw from circulation and destroy promissory notes or bills respectively issued by either of them or a less denomination than ten dollars, so as to effect a reduction of one-fifth per annum of the amount which each corporation may have in circulation of the said notes or bills; and render an account at each session to Congress, showing the amount withdrawn and extinguished as aforesaid, and the balance still in circulation.

Notes less than ten dollars not to be issued, if 2d section of act be not complied with.Sec. 3. And be it further enacted, That, on failure of either or all of the corporations aforesaid to comply with the requirements of the second section of this act, it shall not thereafter be lawful for the corporation or corporations so failing, to issue any promissory note or bill of a less denomination than ten dollars.

Approved, June 30, 1834.