Page:United States Statutes at Large Volume 18 Part 1.djvu/1073

Trru; 1.x1x.—NAT1ONAL BANKS.eCh. 2. 1001 Sec. 5177. [The aggregateamountofoire·uZati11g notes issuedunder the awt U'”"*°¤99*`<*9<*" cgfflehruary twenty-]‘1·2:e, eighteen hundred and sixty-three, and under the act €""°“",t °f "°""‘l"f of June three, eighteen hundred and sixty-four, and under section one of the !i¥)u%;—,86_, _ act of (H13; twelve, eighteen hundred and seventy, and under this Zitle, shall 106, s_ gg; v_ 13’ gi not excee three hundred and_]iji‘y;four millions of dollars.] 105. _ i The limitation upon the circulation of national bank notes was {l3l§{{,Sj6?,’,%g1f removed by the statute of January 14, 1875, c. 15, s. 3, v. 18, p. 296. 252,S_1,`,l 36,,).2%,: 20 June, 1874, c. 343, r. 18, p. 123. Repealed by 14 Jem., 1875, c. 15, s. 3, r. 18, p. 296. Sec. 5178. One hundred and fifty millions of dollars of the entire APP°'*l°m“€¤*°f amount of circulating notes authorized to be issued shall be apportioned 2%gri€it$,,i?€i"§t to associations in the States, in the '[`erritories, and in the District of notes; g Columbia, according to representative pulation. One hundred and r ··~ fifty millions shall be apportioned by dn; Secretary of the Treasury 823,M?§" lag? °` among associations formed in the several States, in the Territories, and ig ju1{·%)ig7o_` ¤_ in the District of Columbia, having due regard to the existing banking 252,s.1,vi16,p.251. capital, resources, and business of such States, Territories, and District. 20 =l”""’ 187% "· The remaining fifty-four millions shall he ap ortioncd among associa- f 18’M)' ]24’ tions in States and Territories having, under the apportionments above ` prescribed, less than their full proportion of the aggregate amount of notes authorized, which made due application for circulating notes prior to the twelfth day of July, eighteen hundred and seventy-one. Any remainder of such fifty-four millions shall be issued to banking associations applying for circulating notes in other States or Territories having less than their proportion. _ _ Sec. 5179. In order to secure a more equitable distribution of the Eq‘;€‘l‘““g tm? national banking currency, there may be issued circulating notes to ggggialgggfgmsé banking associations organized in States and Territories having less -——; than their proportion, andthe amount of circulation herein authorized 25;2él“éy¤ ,18;,% °· shall, under the direction of the Secretary of the Treasury, as it may 253:’l` ’p' be required for this purpose, be withdrawn, as herein provided, from 20 June, 1874, e. banking associations organized in States having more than their pro— 343w- 18,1* 12* portion, but the amount so withdrawn shall not exceed twenty-five milion dollars: Provided, That no circulation shall be withdrawn under the provisions of this section until after the fifty-four millions granted in the first section of the act of July twelfth, eighteen hundred and seventy, shall have been taken up. SBC. 5180. The Comptroller of the Currency shall, under the direc- HOW the m*€€S· tion of the Secretary of the Treasury, make a statement showing the amount of circulation in each State and Territory, and the amount drawn necessary to be withdrawn from each association, and shall forthwith ·~·~,;Te18,0ej make a requisition for such amount upon such associations, commenc- 252 ,,76) ’,,_ 1G';' ing with those having a circulation exceeding one million of dollars, in 253i V i ’ ` States having an excess of circulation, and withdrawing their circulation in excess of one million of dollars, and then proceeding proportionately with other associations having a circulation exceeding three hundred thousand dollars, in States having the largest excess of circulation, and reducing the circulation of such associations in States having the reatest proportion in excess, leaving undisturbed the associations in States having a smaller proportion, until those in greater excess have been reduced to the same grade, and continuing thus to make such reductions until the full amount of twenty-five millions has been withdrawn; and the circulation so withdrawn shall be distributed among the States and Territories having less than their proportion, so as to equalize the same. Upon failure of any association to return the amount of circulating notes so required, within one year, the Comptroller shall sell at public auction, having given twenty days’ notice thereof in one daily newspa er printed in Vashington and one in New York City, an amount of the bonds deposited by that association as security for its circulation, equal to the circulation required to be withdrawn from the association and not returned in compliance with such requisition; and he shall, with the proceeds, redeem so many of the notes of such associa-