FORTY-SEVENTH CONGRESS. Sess. I. GH. 290. 1882. 165 money and withdraw a proportionate amount of the bonds held as se- m¤¤¤y therefor in curity for its circulating notes in the order of such deposits; and no “‘°. °’d"' °f d°‘ national bank_wh1ch makes any deposit of lawful money in order to P°f:;mm of ch, withdraw its circulating; notes shall be entitled to receive any increase culntiou, when. oi its circulation lor the period of six months from the time it made such Limit W d<>l¤>qi¤ deposit of lawful money for the purpose aforesaid: Provided, That not °f’““"f“l ”“°‘Ef’ “* more than three millions of dollars of lawful money shall be deposited °'°{»,.°;:§,:°° during any calendar month for this purpose: And provided further, ` That the provisions of this section shall not apply to bonds milled for Bonds called for redemption by the Secretary of the Treasury, nor to the withdrawal of r¤d¤¤¤P¤¤¤ q!- circulating notes in consequence thereoil €"“P* ;'°“? P’°“" Sec. 10. That upon a deposit of bonds as described by sections fifty- mfg; gg; $ one hundred and fifty-nine and fifty-one hundred and sixty, except as 12.8:5160; 997: modified by section four of an act entitled “An act tixing the amount of 18 SWF-. 12%- United States notes, providing for a redistribution of the nationabbauk currency, and for other purposes,” approved June twentieth, eighteen , , hundred and seventyfour, and as modilied by section eight, of this act, u A:"fl‘;""?:°:} the association making the same shall be entitled to receive from the bg:dg’ tmcoiv, Comptroller of the Currency circulating notes of dilferent elenomina- circulating notes tions, in blank, registered and countersigued as provided by law, equal *¤ U°·¤k· QW- in amount to ninety per eentum of the current market value, not exceed- mC:;;‘;:5‘°:iu';:° ing pur, of the United States bonds so transferred and delivered, and pu- .,,,,,;;,1,,, 0% at no time shall the total amount of such notes issued to any such asso- pam-in e s pit al ciatiou exceed ninety per centum of the amount at such time actually °“i’·k- paid in of its capital stock; and the provisions of sections fifty-one hun- m a&d5U1• 999* dred and seventyonc and fiftyone hundred and seventy-six of the Be- s. 53176, 1000, vised Btatutu are hereby repealed. repeals:. 81:0. ll. That the Secretary of the Treasury is hereby authorized to U*'°*;**;*:?bh*u` receive at the Treasury any bonds of the United States bearing three E?,?:; il'} cf: and a half per oentum interest, and to issue in exchange therefor an emmge for three ` equal amount of registered bonds of the United States of the denomi- per cent. regis— nationsbf fifty, one hundred, five hundred, one thousand, and ten thou- °°’°d b°¤d°· sand dollars, of such form as he may prescribe, bearing interest at the » rate of three per eentum per annum, pgiable quarterly at the Treasury · of the United States. Such bonds sh V be exempt from alltaxzntiun Exemptioufmm by or under State authority, and be payable at the pleasure of the United we We V States: Provided, That the bonds herein authorized shall not be called PMN- iu and paid so long as any bonds of the United States heretofore issued bearing a higher rateof interest than three per eentum, and which shall be redeemable at the pleasure of the United States, shall be outstanding and unealled. The last of the said bonds originally issued under this act, and their substitutes, shall be first called in, and this order of _ Gold eminelme payment shall be followed until all shall have been paid. ¤¤¤¤<><li¤ ¤x<51¤¤¤g<> ‘ Sec. 12. That the Secretary of the Treasury is authorized and directed f‘;d‘z‘;£]° ° ‘ * “ °f— to receive deposits of gold coin with the Treasurer or assistant treas~ 8 6,,],, ',,,,,,,,d urers of the United States, in sums not less than twenty dollars, and to held for redempissue certillcates therefor in denominations of not less than twenty dol wm ¤{%¤r•e¤¤¤¤¢¢¤~ lurs eaeh, corresponding with the denominations of United States notes. b c‘{:·;k‘§;;" :23 The eoin deposited for or representing the eertitleates of deposits shall ,,,5;,,,,,,, ,,0,,,,,,,; be retained in the Treasury for the payment of the same on demand. •• part or lawful Said certificates shall be reeeivable for customs, taxes, and all public Mmeb _ dues, and when so received may be reissued; and such certificates, as him? also silver certilicates, when held by any natnonabbanking association, b,,,;,,,, in ,;,,,,. shall be counted as part of its lawful reserve; and no national-banking lug houses not ue assoeiation shall be a member of any clearinghouse in which such cer- °$V1¤8 s¤gi<}h::: tiileates shall not be receivable in the settlement of clearing-house bal- {‘u"‘;;“f;'¤mt of ences: Provided, That the Secretary of the Treasury shall suspend the b,;,,,c,,,_ issue of such gold certillcates whenever the amount of gold coin and gold rmmo. _ bullion in the Treasury reserved for the redemption of United States m§`*;¤l;¢;¤¤*l•5¤ notes falls below one hundred millions of dollars; and the provxsxons of umm section lllty two hundred und seven of the Revised Statutes shallhe ap- R g_ wm, ;w;,__ plleable to the certificates herein authorized and directed to be issued.
