WARNING Every person who maliciously cuts, tears, defaces, breaks or injures any book, map, chart, picture, en- graving, statue, coin, model, apparatus, or other work of literature, art, mechanics, or object of curiosity, de- posited in any public library, gallery, museum or collection is guilty of a misdemeanor. Penal Code of California, 1915, Section 623. V t 9 o THE LIBRARY OF THE UNIVERSITY OF CALIFORNIA RIVERSIDE LAWS OF THE UNITED STATES CONCERNING MONEY, BANK- ING, AND LOANS, 1778-1909. Compiled by A. T. Hunt- ington, Chief of Division of Loans and Currency, United States Treasury, and Robert J. Mawhinney, law clerk, office of the Solicitor of the Treasury. (34 pages.) Senate Document 580. Price, 70 cents. This compilation contains all of the federal laws pertinent to these subjects which have been passed since the institution of the Federal Government. It is divided into four parts: Finance, Banking, Coinage, and Paper Money, and has been edited with marginal summaries, references, explanatory notes, and a complete index. ( - S, PUBLICATIONS OF NATIONAL MONETARY COMMISSION VOL. II FINANCIAL LAWS OF THE UNITED STATES 1778-1909 WASHINGTON 1911 I !! 61ST CONGRESS \ SENATE -I Sd Session I \ No. 580 NATIONAL MONETARY COMMISSION LAWS OF THE UNITED STATES CONCERNING MONEY, BANKING, AND LOANS, 1778-1909 COMPILED BY A. T. HUNTINGTON CHIEF OF DIVISION OF LOANS AND CURRENCY UNITED STATES TREASURY ROBERT J. MAWHINNEY LAW CLERK. OFFICE OF SOLICITOR OF TREASURY If Washington : Government Printing Oilier : 1910 NATIONAL MONETARY COMMISSION. NELSON W. ALDRICH, Rhode Island, Chairman. EDWARD B. VREELAND, New York, Vice-Chairman. JULIUS C. BURROWS, Michigan. JOHN W. WEEKS, Massachusetts. EUGENE HALE, Maine. ROBERT W. BONYNGE, Colorado. PHILANDER C. KNOX, Pennsylvania. SYLVESTER C. SMITH, California. THEODORE E. BURTON, Ohio. LEMUEL P. PADGETT, Tennessee. HENRY M. TELLER, Colorado. GEORGE F. BURGESS, Texas. HERNANDO D. MONEY, Mississippi. ARSKNE P. PUJO, Louisiana. JOSEPH W. BAILEY, Texas. ARTHUR B. SHELTON, Secretary. A. PIATT ANDREW, Special Assistant to Commission. ii ~R 3 3 2 - \ TABLE OF CONTENTS. Pages. FINANCE .__ 1-266 BANKING 269^70 COINAGE 471-624 PAPER MONEY 625-725 INDEX 727-812 ill FINANCE. Under this subject are grouped the statutes relating to loans and other interest- bearing obligations, the subtreasury system, the status of foreign coins, and other statutes not relating specifically to banking, paper money, or coinage. ARTICLES OF CONFEDERATION OF JULY 9, 1778. i stat. L., i. ARTICLE 9. SEC. 5. The United States, in Congress assembled, shall have authority * * * to borrow money or emit bills on the credit of the United States, transmitting every half year to the respective States an account of the sums of money so borrowed or emitted ; * * *. SEC. 6. The United States, in Congress assembled, shall i stat. L., s. never engage in a war, * * * , nor coin money, nor regulate the value thereof, * * * , nor emit bills, nor borrow money on the credit of the United States, * * *, unless nine States assent to the same, * * *. ARTICLE 12. All bills of credit emitted, moneys borrowed, and debts i stat. L., s. contracted by or under the authority of Congress, before the assembling of the United States, in pursuance of the present confederation, shall be deemed and considered as a charge against the United States, for payment and satisfaction whereof the said United States and the pub- lic faith are hereby solemnly pledged. THE CONSTITUTION OF THE UNITED STATES. ARTICLE 1. SEC. 8. The Congress shall have power i stat. L., is. To lay and collect taxes, duties, imposts, and excises, to TO lay taxes, , -I < i T and Provide for pay the debts, and provide tor the common defence and the common de fcncG find wcl- general welfare of the United States ; but all duties, im- fare. Duties to posts, and excises shall be uniform throughout the United States : e To borrow money on the credit of the United States : m j e *? r r w To regulate commerce with foreign nations, and among co ' the several States, and with the Indian tribes : To establish * * * uniform laws on the subject Bankruptcies. of bankruptcies throughout the United States: To coin monev, regulate the value thereof, and of for- To coin mpn- > ' = ey. To fix the eign coin, and fix the standard of weights and measures : standard of weights and measures. ish To provide for the punishment of counterfeiting the TO p u n i s i . \ counterfeiters. securities and current coin of the United States : To make all laws which shall be necessary and proper TO make laws for carrying into execution the foregoing powers, and all into Execution other powers vested by this Constitution in the govern- vested n W Gov S ment of the United States, or in any department or unkeVstates officer thereof. SEC. 10. No State shall * * * ; coin money ; emit bills of credit; make any thing but gold and silver coin a tender in payment of debts; * * *. ACT OF JULY 31, 1789. CHAP. V. An act to regulate the collection of the duties i stat. L., 29. imposed by law on the tonnage of ships or vessels, and on goods, wares and merchandises imported into the United States. * * * * * SEC. 18. And be it further enacted. That all foreign Rates of for- , elfjn coin and coins and currencies shall be estimated according to the currency. following rates: Each pound sterling of Great Britain, at four dollars forty-four cents; each livre tournois of 3 4 NATIONAL MONETARY COMMISSION. France, at eighteen cents and a half; each florin or guilder of the United Netherlands, at thirty-nine cents; each mark banco of Hamburgh, at thirty-three cents and one third; each rix dollar of Denmark, at one hundred cents; each rix dollar of Sweden, at one hundred cents; each ruble of Russia, at one hundred cents; each real plate of Spain, at ten cents; each milree of Portugal, at one dollar and twenty-four cents; each pound sterling of Ireland, at four dollars ten cents ; each tale of China, at one dollar forty-eight cents; each pagoda of India, at one dollar ninety-four cents; each rupee of Bengal, at fifty-five cents and a half; and all other denomina- tions of money in value as near as may be to the said invoices to be rates ; and the invoices of all importations shall be made in currency of . , _c -i i p u the place from out in the currency of the place or country from whence P o r t a 1 1 o n the importation shall be made, and not otherwise. comes. ***** Rates of coins SEC. 30. And be it further enacted, That the duties duties and fees, and fees to be collected by virtue of this act, shall be received in gold and silver coin only, at the following rates, that is to say, the gold coins of France, England, Spain and Portugal, and all other gold coin of equal fineness, at eighty-nine cents for every pennyweight. The Mexican dollar at one hundred cents ; the crown of France at one dollar and eleven cents; the crown of England at one dollar and eleven cents ; and all silver coins of equal fineness at one dollar and eleven cents per ounce. * * * * * Approved, July 31, 1789. [Further provisions fixing the rates and status of for- eign coins and currency are as follows: 1 Stat. L., 167, 173, 215, 262, 300, 539, 073, 080; 2 Stat. L., 121, 173, 374; 3 Stat. L., 322, 525, G45, 777, 779; 4 Stat. L., 593, 681, 699, 700; 5 Stat. L., 496, 607, 625, 740; 9 Stat. L., 14; 11 Stat. L., 163. Former acts making foreign coins a cur- rency or legal tender, repealed, 11 Stat. L., 163; 12 Stat. L., 207; 17 Stat. L., 602 (sees. 3564-3565, R. S.)] ACT OF SEPTEMBER 2, 1789. i stat. L., 05. CHAP. XII. An act to establish the Treasury Depart- ment. SECTION 1. Be it enacted by the Senate and House of Representatives of the United tit,aten of America in Con- axttenibled, That there shall be a Department of LAWS CONCERNING MONEY, BANKING, AND LOANS. Treasury, in which shall be the following officers, namely : A Secretary of the Treasury, to be deemed head of t department ; a Comptroller, an Auditor, a Treasurer, a T Register, and an Assistant to the Secretary of the Treas- to te secretar tant ury, which assistant shall be appointed by the said Secretary. SECT. 2. And be it further enacted, That it shall be Se ^^ y of the the duty of the Secretary of the Treasury to digest and prepare plans for the improvement and management of the revenue, and for the support of public credit ; to pre- pare and report estimates of the public revenue, and the public expenditures ; to superintend the collection of the revenue; to decide on the forms of keeping and stating accounts and making returns, and to grant under the limitations herein established, or to be hereafter provided, all warrants for monies to be issued from the Treasury, in pursuance of appropriations by law; to execute such services relative to the sale of the lands belonging to the United States, as may be by law required of him; to make report, and give information to either branch of the legislature, in person or in writing (as he may be required), respecting all matters referred to him by the Senate or House of Representatives, or which shall ap- pertain to his office; and generally to perform all such services relative to the finances, as he shall be directed to perform. SEC. 3. (Prescribes the duties of the Comptroller.) SEC. 4. And l>e it further enacted. That it shall be the D utles of the ' _ Treasurer. duty of the Treasurer to receive and keep the monies of the United States, and to disburse the same upon war- rants drawn by the Secretary of the Treasury, counter- signed by the Comptroller, recorded by the Register, and not otherwise; he shall take receipts for all monies paid by him, and all receipts for monies received by him shall be endorsed upon Avarrants signed by the Secretary of the Treasury, without which warrant, so signed, no acknowl- edgment for money received into the public Treasury shall be valid. And the said Treasurer shall render his accounts to the Comptroller quarterly (or oftener if re- quired), and shall transmit a copy thereof, when settled, to the Secretary of the Treasury. He shall moreover, on the third day of every session of Congress, lay before the Senate and House of Representatives, fair and ac- curate copies of all accounts by him from time (to time) rendered to, and settled with the Comptroller as afore- 6 NATIONAL MONETARY COMMISSION. said, as also, a true and perfect account of the state of the Treasury. He shall, at all times, submit to the Secre- tary of the Treasury, and the Comptroller, or either of them, the inspection of the monies in his hands; and shall, prior to the entering upon the duties of his office, give bond, with sufficient sureties, to be approved by the Secre- tary of the Treasury and Comptroller, in the sum of one hundred and fifty thousand dollars, payable to the United Act of Mar. 3, States, with condition for the faithful performance of 1800 ch 28 sec.'i. 'the duties of his office, and for the fidelity of the persons to be by him employed, which bond shall be lodged in the office of the Comptroller of the Treasury of the United States. (For additional duties imposed on the Treasurer see 1 Stat. L., 280.) SEC. 5. (Prescribes the duties of the Auditor.) Duties of the SEC. 6. And l>e it further enacted, That it shall be the duty of the Register to keep all accounts of the receipts and expenditures of the public money, and of all debts due to or from the United States; to receive from the Comptroller the accounts which shall have been finally adjusted, and to preserve such accounts with their vouch- ers and certificates; to record all warrants for the receipt or payment of monies at the Treasury, certify the same thereon, and to transmit to the Secretary of the Treasury, copies of the certificates of balances of accounts adjusted as is herein directed. (Section 7 provides that the Assistant Secretary shall have charge of the records, etc., in case of vacancy in the office of the Secretary.) (Section 8 forbids any person appointed to any office instituted by this act to be concerned in trade, commerce, navigation, or the purchase of public property or public securities, or to take any emolument for transacting busi- ness in the department, other than is allowed by law.) Approved. September 2, 178!) (1 Stat. L., 05). ACT OF MARCH 2(5, 1700. istat.L.,105. ('HAP. IV. An ' f f">'tt'i' enacted, That out of the afore- aulh'oriztd! for sa ^ appropriation of one hundred and forty-seven thoii- eertain p u r - poses. LAWS CONCERNING MONEY, BANKING, AND LOANS. sand one hundred and sixty-nine dollars and fifty-four cents, the payment of the following sums, not heretofore provided for by law, and estimated in the aforesaid re- port of the Secretary of the Treasury of the first of March instant, is hereby authorized and intended to be made, to wit : * * * : For paying the interest due on the loans made by the Secretary of the Treasury, two thousand four hundred and fourteen dollars, and sixty-one cents. SEC. 7. And be it further enacted, That the President of the United States be authorized to empower the Secretary t" t ^nake 'good of the Treasury, if he shall deem it necessary, to niake * ^ t ? e ns appro ' such loans as may be requisite to carry into effect the foregoing appropriations, for the repayment of which the aforesaid duties on imports and tonnage shall be, and are hereby pledged. Approved, March 20, 1790. ACT OF AUGUST 4, 1790. CHAP. XXXIV. An act making provision for the [po>y-\$&. Stat ' L '' ment of the] debt of the United States. Whereas, justice and the support of public credit re- quire, that provision should be made for fulfilling the engagements of the United States, in respect to their foreign debt, and for funding their domestic debt upon equitable and satisfactory terms: SECTION 1. Be it enacted by the Senate and House of Representatives of the United States of America in Con- gress assembled, That reserving out of the monies which have arisen since the last day of December last past, and which shall hereafter arise from the duties on goods, wares and merchandise imported into the United States, and on the tonnage of ships or vessels, the yearly sum of 5 annually for support of six hundred thousand dollars, or so much thereof as may Government. be appropriated from time to time, towards the support of the Government of the United States, and their com- mon defence, the residue of the said monies, or so much thereof, as may be necessary, as the same shall be received in each year, next after the sum reserved as aforesaid, shall be. and is hereby appropriated to the payment of the interest which shall from time to time become due on the loans heretofore made by the United States in foreign countries: and also to the payment of interest on such 8 NATIONAL, MONETARY COMMISSION. further loans as may be obtained for discharging the arrears of interest thereupon, and the whole or any part of the principal thereof ; to continue so appropriated until the said loans, as well those already made as those which may be made in virtue of this act, shall be fully satisfied, pursuant to the contracts relating to the same, any law to the contrary notwithstanding. And provided, That noth- ing herein contained, shall be construed to annul or alter any appropriation by law made prior to the passing of this act. For payment And as new loans are and will be necessary for the pay- instaiiments of ment of the aforesaid arrears of interest, and the instal- ments of the principal of the said foreign debt due and growing due, and may also be found expedient for effect- ing an entire alteration in the state of the same : (Section 2 authorizes the President of the United States to cause not exceeding twelve millions of dollars to be bor- rowed, for the discharge of said arrears and installments or for paying off the whole foreign debt, and to make such further contracts respecting said debts as may be expedient, provided that no contrac^ shall preclude the United States from reimbursing within fifteen years any sum borrowed.) Domestic debt SEC. 3. Be it therefore further enacted. That a loan to to he loaned to . its fun amount, the full amount of the said domestic debt be, and the same and subsrrip- . / . tions thereto, is hereby proposed ; and that books for receiving: subscrip- howtobemade; J J L tions to the said loan be opened at the Treasury of the United States, and by a commissioner to be appointed in each of the said States, on the first day of October next, to continue open until the last day of September following, inclusively; and that- the sums which shall be subscribed in what pay- thereto, be payable in certificates issued for the said debt, able. . according to their specie value, and computing the interest upon such as bear interest to the last day of December next, inclusively; which said certificates shall be of these several descriptions, to wit: Those issued by the Register of the Treasury. Those issued by the commissioners of loans in the sev- eral States, including certificates given pursuant to the act of Congress of the second of January, one thousand seven hundred and seventy-nine, for bills of credit of the several emissions of the twentieth of May, one thousand seven hundred and seventy-seven, and the eleventh of April, one thousand seven hundred and seventy-eight. LAWS CONCERNING MONEY, BANKING, AND LOANS. 9 Those issued by the commissioners for the adjustment of the accounts of the quartermaster, commissary, hos- pital, clothing, and marine departments. Those issued by the commissioners for the adjustment of accounts in the respective States. Those issued by the late and present Paymaster-Gen- eral, or commissioner of Army accounts. Those issued for the payment of interest, commonly called indents of interest. And in the bills of credit issued by the authority of the United States in Congress assembled, at the rate of one hundred dollars in the said bills, for one dollar in specie. SEC. 4. And be it further enacted, That for the whole subscribers or any part of any sum subscribed to the said loan, by cipai of domes- IT V.L- 1 ' 1 1, 11 1 J tiC deM > What any person or persons, or body politic, which shall be paid proportions of * in the principal of the said domestic debt, the subscriber of interest, and or subscribers shall be entitled to a certificate, purporting m e n t entitled that the United States owe to the holder or holders there- of, his, her, or their assigns, a sum to be expressed there- in, equal to two-thirds of the sum so paid, bearing an interest of six per centum per annum, payable quarter yearly, and subject to redemption by payments not ex- ceeding in one year, on account both of principal and interest, the proportion of eight dollars upon a hundred of the sum mentioned in such certificate; and to another certificate purporting that the United States owe to the holder or holders thereof, his, her, or their assigns, a sum to be expressed therein, equal to the proportion of thirty- three dollars and one-third of a dollar upon a hundred of the sum so paid, which after the year one thousand eight hundred shall bear an interest of six per centum per annum, payable quarter yearly, and subject to re- demption by payments not exceeding in one year, on ac- count both of principal and interest, the proportion of eight dollars upon a hundred of the sum mentioned in such certificate: Provided, That it shall not be under- stood that the United States shall be bound or obliged to redeem in the proportion aforesaid ; but it shall be under- stood only that they have a right so to do. SEC. 5. And be it further enacted, That for the whole or any part of any sum subscribed to the said loan by any person or persons, or body politic, which shall be paid in the interest of the said domestic debt, computed >r interest. and to the. said last day of December next, or in the said nent entitled laying in inter- >st of domestic )or'tio'n's of 10 NATIONAL MONETARY COMMISSION. certificates issued in payment of interest, commonly called indents of interest, the subscriber or subscribers shall be entitled to a certificate purporting that the United States owe to the holder or holders thereof, his, her, or their assigns, a sum to be specified therein, equal to that by him, her, or them so paid, bearing an interest of three per centum per annum, payable quarter yearly, and subject to re- demption by payment of the sum specified therein, when- ever provision shall be made by law for that purpose. er C< to 1D be S9l a I )~ SEC. ^' ^ n( ^ ^ e ^ f ur ^ er ^nacted^ That a commissioner tee^o receive b fi a PP m ted for each State, to reside therein, whose duty subscriptions, ^ shall be to superintend the subscriptions to the said loan; to open books for the same; to receive the certifi- cates which shall be presented in payment thereof; to liquidate the specie value of such of them as shall not have been before liquidated ; to issue the certificates above mentioned in lieu thereof, according to the terms of each subscription ; to enter in books to be by him kept for that purpose, credits to the respective subscribers to the said loan for the sums to which they shall be respectively en- titled; to transfer the said credits upon the said books from time to time as shall be requisite ; to pay the interest thereupon as the same shall become due, and generally to observe and perform such directions and regulations as shall be prescribed to him by the Secretary of the Treas- ury, touching the execution of his office. (Section 7 provides that the stock created in pursuance of this act shall be transferable only on the books of the Treasury or of the commissioners in which it is recorded at the time of transfer, by the owner or by his attorney; but stock may be transferred by the Secretary of the Treasury from the books of one office to those of another, by request of the owner.) (Section 8 provides for the payment of the interest, to be made quarterly on the last days of March, June, September, and December in each year. (Sections <) and 10 provide that nothing in this act shall impair the rights of creditors who do not subscribe to the loan, but that they shall receive to the end of 1791 the same rate of interest as is paid to subscribing cred- itors, and payable at the same times and places. Hut as some of the certificates outstanding have not t)een liquidated to specie value, and as some have been coun- terfeited, such creditors as do not hold certificates issued by the Register of the Treasury, in order to be entitled LAWS CONCEBNING MONEY, BANKING, AND LOANS. 11 to interest, are required to present them before June 1, 1791, to be exchanged .for new certificates specifying the specie amounts of debt and otherwise like those heretofore issued by the Register, and made transferable like those issued to subscribers under this act. (Sections 11 and 12 prescribe the salaries to be paid to the commissioners, and provide for their oath of office and official bonds.) SEC. 12 (2nd paragraph). And whereas a provision state debts for the debts of the respective States by the United States, would be greatly conducive to an orderly, eco- nomical and effectual arrangement of the public finances: SEC. 13. Be it therefore further enacted, That a loan be amount of ?2i proposed to the amount of twenty-one million and five a i o a n pV^ - hundred thousand dollars, and that subscriptions to the Pn^certffieates said loan be received at the same times and places, and by the same persons, as in respect to the loan herein before proposed concerning the domestic debt of the United States. And that the sums which shall be sub- scribed to the said loan, shall be payable in the principal and interest of the certificates or notes, which prior to the first day of January last, were issued by the respective States, as acknowledgments or evidences of debts by them respectively owing, except certificates issued by the commissioners of Army accounts in the State of North Carolina, in the year one thousand seven hundred and eighty-six. Provided, That no greater sum shall be received in the ""r'tah certificates of any State than as follows ; that is to say : each- In those of New Hampshire, three hundred thousand dollars. In those of Massachusetts, four million dollars. In those of Rhode Island and Providence Plantations, two hundred thousand dollars. In those of Connecticut, one million six hundred thou- sand dollars. In those of Xew York, one million two hundred thou- sand dollars. In those of Xew Jersey, eight hundred thousand dollars. In those of Pennsylvania, two million two hundred thousand dollars. In those of Delaware, two hundred thousand dollars. In those of Maryland, eight hundred thousand dollars. 1573 2 '10 2 12 NATIONAL MONETAKY COMMISSION. In those of Virginia, three million five hundred thou- sand dollars. In those of North Carolina, two million four hundred thousand dollars. In those of South Carolina, four million dollars. In those of Georgia, three hundred thousand dollars, what certm- And provided, That no such certificate shall be received, cates shall not be received. which from the tenor thereof, or from any public record, act, or document, shall appear or can be ascertained to have been issued for any purpose, other than compensa- tions and expenditures for services or supplies towards the prosecution of the late war, and the defence of the United States, or of some part thereof during the same. Subscriptions g EC> 14. Provided also, and be it further enacted. That exceeding the ' / ' sum allowed to if the total amount of the sums which shall be subscribed any State, what proportion to the said loan in the debt of any State, within the time shall be paid. . . J limited for receiving subscriptions thereto, shall exceed the sum by this act allowed to be subscribed within such State, the certificates and credits granted to the respective subscribers, shall bear such proportion to the sums by them respectively subscribed, as the total amount of the said sums shall bear to the whole sum so allowed to be subscribed in the debt of such State within the same. And every subscriber to the said loan shall, at the time of subscribing, deposit w T ith the commissioner the certifi- cates or notes to be loaned by him. Subscribers SEC. 15. And l>e it further enacted^ That for two-thirds to said loan, ' -i i what proper- or any sum subscribed to the said loan, by anv person or tion of prlnci- . " . ; pai, rate of in- persons, or boclv politic, which shall be paid in the prm- t e r e s t , and .,',.*' torms of pay-cipal and interest or the certificates or notes issued as m e n t entitled * . to. aforesaid by the respective States, the subscriber or sub- scribers shall be entitled to a certificate, purpor/ting that the United States owe to the holder or holders thereof, or his, her or their assigns, a sum to be expressed therein, equal to two-thirds of the aforesaid two-thirds, bearing an interest of six per centum per annum, payable quarter yearly, and subject to redemption by payments, not ex- ceeding in one year, on account both of principal and interest, the proportion of eight dollars upon a hundred of the sum mentioned in such certificate; and to another certificate, purporting that the United States owe to the holder or holders thereof, his. her or their assigns, a sum to be expressed therein, equal to the proportion of thirty- three dollars and one third of a dollar upon a hundred of the said two thirds of such sum so subscribed, which LAWS CONCERNING &EONEY, BANKING, AND LOANS. 13 after the year one thousand eight hundred shall bear an interest of six per centum per annum, payable quarter yearly, and subject to redemption by payments, not ex- ceeding in one year, on account both of principal and interest, the proportion of eight dollars upon a hundred of the sum mentioned in such certificate; and that for the remaining third of any sum so subscribed, the sub- scriber or subscribers shall be entitled to a certificate, pur- porting that the United States owe to the holder or hold- ers thereof, his, her or their assigns, a sum to be expressed therein, equal to the said remaining third, bearing an in- terest of three per cent, per annum, payable quarter yearly, and subject to redemption by payment of the sum specified therein whenever provision shall be made by law for that purpose. SEC. 16. And be it further enacted, That the interest interest, how . ' . . to be comput- upon the certificates which shall be received in payment ed, and payable of the sums subscribed towards the said loan, shall be computed to the last day of the year one thousand seven hundred and ninety-one, inclusively; and the interest upon the stock which shall be created by virtue of the said loan, shall commence or begin to accrue on the first day of the year one thousand seven hundred and ninety- two, and shall be payable quarter yearly, at the same time, and in like manner as the interest on the stock to be created by virtue of the loan above proposed in the do- mestic debt of the United States. SEC. IT. And Tie it further enacted. That if the whole Sum allowed . . to anv State, sum allowed to be subscribed in the debt or certificates of not being sub- scribed the any State as aforesaid, shall not be subscribed within the state to receive . , . . , interest on time for that purpose limited, such State shall be entitled amount of defi- ciency. to receive, and shall receive from the United States, an interest per centum per annum, upon so much of the said sum as shall not have been so subscribed, equal to that which would have accrued on the deficiency, had the same been subscribed in trust for the non-subscribing creditors of such State, who are holders of certificates or notes is- sued on account of services or supplies towards the prose- cution of the late war, and the defence of the United States or of some part thereof, to be paid in like manner as the interest on the stock which may be created by vir- tue of the said loan, and to continue until there shall be a settlement of accounts between the United States and the individual States; and in case a balance shall then 14 NATIONAL, MONETARY COMMISSION. appear in favour of such State, until provision shall be made for the said balance. But as certain States have respectively issued their own certificates, in exchange for those of the United States, whereby it might happen that interest might be twice payable on the same sums : state certifl- SEC. 18. Be it further enacted, That the payment of neiof 8 th U ose of interest whether to States or to individuals, in respect to s h t% t L es! pay- the debt of any State, by which such exchange shall have st nt cm, ln sus- been made, shall be suspended, until it shall appear to the satisfaction of the Secretary of the Treasury, that certifi- cates issued for that purpose by such State, have been re- exchanged or redeemed, or until those which shall not have been re-exchanged or redeemed, shall be surrendered to the United States. states SEC. 19. And be it further enacted, That so much of with amount of the debt of each State as shall be subscribed to the said loan, and the monies (if any) that shall be advanced to the same pursuant to this act, shall be a charge against such State, in account with the United States. Further ap- SEC. 20. And be it further enacted, That the monies monies arising arising under the revenue laws, which have been or during from the reve- nue laws to the the present session or Congress may be passed, or so much purposes of. , i ' n i j i i this act; thereof as may be necessary, shall be and are hereby pledged and appropriated for the payment of the interest on the stock which shall be created by the loans aforesaid, pursuant to the provisions of this act, first paying that which shall arise on the stock created by virtue of the said first mentioned loan, to continue so pledged and appro- priated. until the final redemption of the said stock, any law to the contrary notwithstanding, subject nevertheless to such reservations and priorities as may be requisite to satisfy the appropriations heretofore made, and which during (he present session of Congress may be made by law. including the sums herein before reserved and appro- priated : and to the end that the said monies may be in- violably applied in conformity to this act. and may never be diverted to any other purpose, an account shall be kept of the receipts and disposition thereof, separate and dis- tinct from the product of any other duties, imposts, ex- cises and taxes whatsoever, except such as may be here- after laid, to make good any deficiency which may be found in the product, thereof towards, satisfying the interest aforesaid. LAWS CONCERNING MONEY, BANKING, AND LOANS. 15 SEC. 21. And be it further enacted. That the faith of the ? T n( L l a \$ h ot ' United States United States be, and the same is hereby pledged to pro- pledged to ' . J r to make good defl- vide and appropriate hereafter such additional and per- manent funds as may be requisite towards supplying any such deficiency, and making full provision for the pay- ment of the interest which shall accrue on the stock to be created by virtue of the loans aforesaid, in conformity to the terms thereof respectively, and according to the tenor of the certificates to be granted for the same pursuant to this act. SEC. 22. And 'be it further enacted, That the proceeds of tr sg o the sales which shall be made of lands in the western ter- , e ^ a ] |^s, ritory, now belonging, or that may hereafter belong to the in sfu n <*. United States, shall be, and are hereby appropriated towards sinking or discharging the debts, for the pay- ment whereof the United States now are, or by virtue of this act may be holden, and shall be applied solely to that use until the said debts shall be fully satisfied. Approved, August 4, 1790. NOTE By a series of acts, beginning with that of May 8, 1792 (1 Stat. L., 279), the time allowed for subscriptions under sections above was extended to December 31, 1797, giving to nonsubscrib- ing creditors a rate of interest equal to that which would be pay- able to them as subscribing creditors. (See the act of March 3, 1797, 1 Stat. L., 510.) The time for receiving upon loan the debts of the States under section 13 above was also extended by the act of May 8, 1792, to March 1, 1793, ''Provided always, That the commissioners of loans for North Carolina shall not be allowed to receive any certificate issued by Patrick Travers, commissioner of Cumberland County, or by the commissioners of army accounts at Warrenton." ACT OF AUGUST 5, 1790. CHAP. XXXVIII. An act to provide more effectually i s t a t . L., for the settlement of the accounts between the United State* and the individual States. SECTION 1. Be it enacted, * * *, That a board, to consist of three commissioners, be, and hereby is estab- lished to settle the accounts between the United States, and the individual states; and the determination of u majority of the said commissioners on the claims sub- mitted to them, shall be final and conclusive; and they shall have power to employ such number of clerks as they may find necessary. 16 NATIONAL MONETARY COMMISSION. (Section 2 provides for the oath of office to be taken by the commissioners, and for their payment, at the rate of two thousand two hundred and fifty dollars per annum for each.) Mode of pro- EC 3 And be it further enacted. That it shall be the cedure i n ex- ' amining claims, duty of the said commissioners to receive and examine all claims which shall be exhibited to them before the first day of July, one thousand seven hundred and ninety- one, and to determine on all such as shall have accrued for the general or particular defense during the war, and on the evidence thereof, according to the principles of general equity (although such claims may not be sanc- tioned by the resolves of Congress, or supported by regu- lar vouchers), so as to provide for the final settlement of all accounts between the United States and the states individually; but no evidence of a claim heretofore ad- mitted by a commissioner of the United States for any state or district, shall be subject to such examination ; nor shall the claim of any citizen be admitted as a charge against the United States in the account of any state, unless the same was allowed by such state before the twenty-fourth day of September, one thousand seven hundred and eighty-eight. to Tpe"e u vaful SEC. 4 ' Aml ^' ^ f' /r ^ er enacted, That it shall be the debus' It cer d ^ ut ^ ^ ^ ie sa "l commissioners to examine and liquidate tain states. ( o specie value, on principles of equity, the credits and debits of the states already on the books of the treasury for bills of credit subsequent to the eighteenth of March, one thousand seven hundred and eighty. set?ieit. fl ! kSEC ' 5 ' Af>d *"'' ^ f' /rther enacted, That the commis- the g baTanoes a to s i ners shall debit each state with all advances which !fet a w ) ee t u I tLe Iiave 1)0( ' U ' or nia > r l ' )e ma(le to ^ ky tne United States, states. JU1( ] w jth the interest thereon to the last day of the year one thousand seven hundred and eighty-nine, and shall credit each state for its disbursements and advances on the principles contained in the third section of this act, with interest to the day aforesaid, and having struck the bal- ance due to each state, shall find the aggregate of all the balances, which aggregate shall be apportioned between the states agreeably to the rule hereinafter given; and the difference between such apportionments, and the respec- tive balances, shall be carried in a new account to the debit or credit of the states respectively, as the case may be. LAWS CONCEBNING MONEY, BANKING, AND LOANS. 17 SEC. 6. And be it further enacted, That the rule for ap J ^. e tlo r ^ e en t ( apportioning to the states the aggregate of the balances first above mentioned, shall be the same that is prescribed by the constitution of the United States, for the appor- tionment of representation and direct taxes, and accord- ing to the first enumeration which shall be made. SEC. 7. And ~be it further enacted, That the states who sta ^ e t Q l ^ v l shall have balances placed to their credit on the books ^ ed balances of the treasury of the United States, shall, within twelve months after the same shall have been so credited, be entitled to have the same funded upon the same terms with the other part of the domestic debt of the United States ; but the balances so credited to any state shall not be transferable. (Section 8 relates to the compensation of the clerks employed by the commissioners.) SEC. 9. And be it further enacted. That the powers of Continuance 11/1 f the commis- the said commissioners shall continue until the first day sioners'powers. of July, one thousand seven hundred and ninety-two, un- less the business shall be sooner accomplished. Approved, August 5, 1790. NOTE. The time for settling the accounts under this act was extended to July I, 1793, by the act of January 23, 1792 (1 Stat L., 229). ACT OF AUGUST 12, 1790. CHAP. XLVII. An act making provision for the reduc- lg | stat L -> tion of the public debt. It being desirable by all just and proper means, to effect 3 f-gj ^ 1 *-' a reduction of the amount of the public debt, and as the -^ of May 8, J. ( \iZ, CD. oo. application of such surplus of the revenue as may remain Recital. after satisfying the purposes for which appropriations shall have been made by law. will not only contribute to that desirable end, but will oe beneficial to the creditors of the United States, by raising the price of their stock c and be productive of considerable saving to the United State : SECTIOX 1. Be it enacted by the Senate and House of t Representative* of the United States of America in Oon-* grew assembled, That all such surplus of the product of the duties on goods, wares and merchandise imported, and on the tonnage of ships or vessels to the last day of December next, inclusively, as shall remain after satisfy- 18 NATIONAL MONETARY COMMISSION. ing the several purposes for which appropriations shall have been made by law to the end of the present session, shall be applied to the purchase of the debt of the United States, at its market price, if not exceeding the par or true value thereof. By whose di- SEC. 2. And be it further enacted. That the purchases rection pur- '. ini chases are to to be made of the said debt, shall be made under the direction of the President of the Senate, the Chief Jus- tice, the Secretary of State, the Secretary of the Treasury, and the Attorney-General for the time being; and who, of any three of whom, with the approbation of the Presi- dent of the United States, shall cause the said purchases to be made in such manner, and under such regulations as shall appear to them best calculated to fulfill the intent ii n er what man "of this act: Provided, That the same be made openly, and with due regard to the equal benefit of the several States: And provided further. That to avoid all risk or failure, or delay in the payment of interest stipulated to be paid for and during the year one thousand seven hundred and ninety-one, by the act, intituled "An act making provision for the debt of the United States," such reservations shall be made of the said surplus as may be necessary to make good the said payments, as they shall respectively become due, in case of deficiency in the amount of the receipts into the Treasury during the said year, on account of the duties on goods, wares and mer- chandise imported, and the tonnage of ships or vessels, after the last day of December next. of T1 l?urS"ns SEC - 3 - Anfl l)e tt further enacted, That accounts of "* tne application of the said monies shall be rendered for settlement as other public accounts, accompanied with returns of the amount of the said debt purchased there- with, at the end of every quarter of a year, to be com- puted from the time of commencing the purchases afore- c&ed?nK8 fo pl be sa ^ ' an( ^ that a ^ u ^ anc ^ exact report of the proceedings 1 '\'-i'.s.s >1 ' lt f"'>'th ( 'r enacted, That the President powia.000,000. O f t] u . (;,,it(.,l States be, and he is hereby authorized to cause to be borrowed, on behalf of the United States, a LAWS CONCERNING MONEY, BANKING, AND LOANS. 10 sum or sums not exceeding in the whole two millions of dollars, at an interest not exceeding five per cent, and that the sum or sums so borrowed, be also applied to the * be app , lied 4 ' _ *~ the purchase of purchase of the said debt of the United States, under th< ^ t eb - f Ma the like direction, in the like manner, and subject to the ^1792, eh. 38, like regulations and restrictions with the surplus afore- 3 ^Eg^ * a "^ said: Provided, That out of the interest arising on the sec -7. debt to be purchased in manner aforesaid, there shall be appropriated and applied a sum not exceeding the rate of eight per centum per annum on account both of prin- cipal and interest towards the repayment of the two millions of dollars so to be borrowed. Approved, August 12, 1790. ACT OF DECEMBER 27, 1790. CHAP. I. An act supplementary to the act intitled "An^ stat> L<> act making further provision for the payment of the debts of the United States." Whereas no express provision has been made for ex- Recf^f* 6 '- 1 tending the act, intitled "An act to provide more effect- ually for the collection of the duties imposed by law on goods, wares and merchandise imported into the United States, and on the tonnage of ships or vessels," to the collection of the duties imposed by the said "Act making further provision for the payment of the debts of the United States," doubts concerning the same may arise: Therefore, Be it enacted l>y the Senate and House of Representa- tives of the United States of America in Congress assem- bled. That the act, intitled "An act to provide more Provisions of the act for col- effectually for the collection of the duties imposed bv lection f du - . . . ties, extended law on goods, wares and merchandise imported into the to the act mak- TT j o i ing further pro- United States, and on the tonnage of ships or vessels, vision for the doth and shall extend to, and be in force for the collec- debts of the tion of the duties specified and laid in and by the act, intitled "An act making further provision for the pay- ment of the debts of the United States," as fully and effectually, as if every regulation, restriction, penalty, provision, clause, matter and thing therein contained, had been inserted in and reenacted by the act last aforesaid. Approved. December 27, 1790. 20 NATIONAL MONETARY COMMISSION. ACT OF FEBRUARY 25, 1791. 191 Stat ' L " CHAP. X. An act to incorporate the subscribers to the Bank of the United States. g EC> 2. And ~be it further enacted, That it shall be law- ful for any person, co-partnership, or body politic, to sub- scribe for such or so many shares, as he, she, or they shall think fit, not exceeding one thousand, except as shall be f Pr goid ti and nerea ^ ter di recte d relatively to the United States; and public dbt l to tnat ^ ie Sums 5 respectively subscribed, except on behalf of b e^ subscribed tne United States, shall be payable one fourth in gold and silver, and three fourths in that part of the public debt, which, according to the loan proposed in the fourth and fifteenth sections of the act, entitled "An act making pro- vision for the debt of the United States," shall bear an accruing interest, at the time of payment, of six per centum per annum, and shall also be payable in four equal parts, in the aforesaid ratio of specie to debt, at the dis- whentobepaid. tance of six calendar months from each other; the first whereof shall be paid at the time of subscription. ***** Articles of SEC. 7. And l)e it further enacted. That the follow- constitution. _ ..... ing rules, restrictions, limitations and provisions, shall form and be fundamental articles of the constitution of the said corporation, viz. ***** HOW and for XL Xo loan shall be made by the said corporation, for what objects to > make loans. the use or on account of the government of the United States, to an amount exceeding one hundred thousand dol- lars, or of any particular state, to an amount exceeding fifty thousand dollars, or of any foreign prince or state, unless previously authorized by a law of the United States. u Jy"V n0 ad y SEC - 9 - An (> '8 it further enacted, That the unappro- ated surplus, . , , . . , ,, , ' . . how to be ap-pnated surplus, it any there shall be, ot the revenue aris- ing under this act, at the end of this and every succeed- ing year, shall be applied to the reduction of the public debt, in like manner as is directed by the act, intituled 1790, ch. 34. ' An act making provision for the reduction of the pub- mo, ch. 47. lie: debt," arid provided by the act. intituled " An act making provision for the debt of the United States;" un- less the said surplus, or any part thereof, shall be required for the public exigences of the United States, and shall, by special acts of Congress, be appropriated thereto. inI$S, h h r o l w SE( '' (; -' A ''" f h( ' ' f f ">'*!"''' fii'-arted. That the several tinue 8 * cn - 4( - not exceed the said rate of four and a half per centum, shall, iu like manner, be deemed and construed to be with- in the true intent and meaning of the said act. Approved, March 3, 1791. 24 NATIONAL MONETARY COMMISSION. 22 i s t a t . L., ACT OF MARCH 3, 1791. Repealed. CHAP. XXVIII. An act for raising and adding another regiment to the military establishment of the United States, and for making farther provision for the pro- tection of the frontiers. ***** which may be g EC . 16. Be it further enacted. That it shall be lawful borrowed If . ' necessary. f or the President to take on loan the whole sum by this act appropriated, or so much thereof as he may judge requisite, at an interest not exceeding six per centum per annum ; and the fund established for the above-mentioned appropriation, is hereby pledged for the repayment of the principal and interest of any loan to be obtained in manner aforesaid ; and in case of any deficiency in the said fund, the faith of the United States is hereby also pledged to make good such deficiency. Approved, March 3, 1791. ACT OF MAY 2, 1792. 06 stat - L -CHAP. XXVII. An act for raising a farther sum of money for the protection of the frontiers, and for other purposes therein mentioned. ***** T'nu r ed sl( s e t n ates ^ EC ' 16 ' An(l b e ^ further enacted, That the President from k t e he n ban a k n ^ ^ ie United States be empowered to take on loan, on sum of money 1 accolin t ^ the United States, from the President, direct- ors and company of the bank of the United States, who arc hereby authorized and empowered to lend the same, from any other body politic or corporate within the United States, or from any other person or persons, the whole or any part of the aforesaid sum of five hundred and twenty-three thousand five hundred dollars, to be applied to the purpose to and for which the same is above appropriated, and to be reimbursed out of the aforesaid surplus of the duties by this act imposed, which surplus is, accordingly, appropriated to the said reim- bursement. Provided, That the rate of interest of such loan shall not exceed five per centum per annum, and that the principal thereof may be reimbursed at the pleasure of the United States. ***** Approved. May 2, 1792. LAWS CONCEKNING MONEY, BANKING, AND LOANS. 25 ACT OF MAY 8, 1792. CHAP. XXXVIII. An act supplementary to the act i s t a t . L., making provision for the debt of the United States. (Sections 1, 2, 3, and 4 provide for extending the time allowed for receiving on loan the domestic debt of the United States and the debt of the respective States under the act of August 4, 1T90.) (Section 5 authorizes the President of the United States to discharge the principal and interest of the debt due to foreign officers out of any monies borrowed under the aforesaid act and not needed to fulfil its purposes.) SEC. 6. And be it further enacted. That the President certain per- ' . . sons appointed of the Senate, the Chief Justice, the Secretary of State, commissioners ' ^ ' to pu r c base the Secretary of the Treasury, and the Attorney-General, debt of the for the time being, shall be commissioners, who, or any etc - three of whom, are hereby authorized, with the approba- tion of the President of the United States, to purchase the debt of the United States, at its market price, if not exceeding the par or true value thereof; for which pur- chase the interest on so much of the public debt, as has already been, or may hereafter be purchased for the United States, or as shall be paid into the Treasury, and so much of the monies appropriated for the payment of the interest on the foreign and domestic debt, as shall exceed what may be sufficient for the payment of such interest to the creditors of the United States, shall be and are hereby appropriated. And it shall be the duty Account to ~ , , . -, . , . , . , be rendered an- or the said commissioners to render to the legislature, nuaiiy. within two months after the commencement of the first session thereof in every year, a full and precise account of all such purchases made, and public debt redeemed, in pursuance of this act, SEC. 7. And whereas it is expedient to establish a fund Ol ] t i >f , afu JJ d created for the for the gradual reduction of the public debt: Be it fur- purpose; ther enacted, That the interest on so much of the debt of the United States, as has been or shall be purchased or re- deemed for or by the United States, or as shall be paid into the Treasury thereof in satisfaction of any debt or demand, and the surplus of any sum or sums appropri- ated for the payment of the interest upon the said debt, which shall remain after paying such interest, shall be. and hereby are appropriated and pledged firmly and in- violably for and to the purchase and redemption of the 26 NATIONAL MONETAKY COMMISSION. pned to ** ai> sa *d debt, to be applied under the direction of the Presi- dent of the Senate, the Chief Justice, the Secretary of State, the Secretary of the Treasury and the Attorney General for the time being, or any three of them, with the approbation of the President of the United States, for the time being, in manner following, that is to say : First, to the purchase of the several species of stock constituting the debt of the United States, at their respective market prices, not exceeding the par or true value thereof, and as nearly as may be, in equal proportions, until the annual amount of the said funds, together with any other pro- visions which may be made by law, shall be equal to two per centum of the whole amount of the outstanding funded stock bearing a present interest of six per centum. Thenceforth, secondly, to the redemption of the said last mentioned stock, according to the right for that purpose reserved to the United States, until the whole amount thereof shall have been redeemed. And lastly, after such redemption, to the purchase, at its market price, of any other stock consisting of the debt of the United States, which may then remain unredeemed : and such purchase, as far as the fund shall at any time extend, shall be made within thirty days next after each day, on which a quar- terly payment of interest on the debt of the United States *hall become due, and shall be made by a known agent, to be named by the said commissioners. Purchases, k ^ ECp g. And be it further enacted. That all future pur- h o w to be chases of public debt on account of the United States, shall be made at the lowest price, at which the same can be obtained by open purchase, or by receiving sealed pro- posals, to be opened in the presence of the commissioners, or persons authorized by them to make purchases, and the persons making such proposals. .oun?s r r,7app ^ EC - 9 ' Anfl be it further enacted, That quarter yearly funrtVbe ron 1 (1 <-"ts of the application of the said fund shall be ren- dered for settlement, as other public accounts, accompanied with returns of the sums of the said debt, which shall have been from time to time purchased or redeemed; and a full and exact report of the proceedings of the said commissioners, including a statement of the disburse- ments, which shall have been made, and of the sums which shall have been purchased or redeemed under their direction, and specifying dates, prices, parties, and places, shall be laid before Congress, within the first fourteen LAWS CONCERNING MONEY, BANKING, AND LOANS. 27 days of each session which may ensue the present, during the execution of the said trust. Approved, May 8, 1792. ACT OF MAY 8, 1792. CHAP. XLI. An act making certain appropriations i stat. L., therein specified. ***** SEC. 3. And be it further enacted, That a sum of fi% c? urseifthfo r r: thousand dollars in addition to the provision heretofore ei s n nations - made be appropriated to defray any expense which may be incurred in relation to the intercourse between the United States and foreign nations, to be paid out of any monies, which may be in the treasury, not otherwise ap- propriated, and to be applied under the direction of the President of the United States who, if necessary, is au- President thorized to borrow, on the credit of the United States, the $50,000. said sum of fifty thousand dollars; an account of the expenditure whereof as soon as may be, shall be laid be- fore Congress. Approved, May 8, 1792. ACT OF FEBRUARY 28, 1793. CHAP. XVIII. An act making appropriations for the t i stat. L., support of Government for the year one thousand seven hundred and ninety-three. ***** SEC. 3. And be it further enacted, That the President of ma V^r o n w the United States be authorized to borrow, on account of J?gy QQ0 eeding the said States, any sum or sums, not exceeding, in the \vhole, eight hundred thousand dollars, at a rate of in- terest not exceeding five per centum per annum, and reim- bursable at the pleasure of the United States, to be ap- plied for the purposes aforesaid, and to be repaid out of the said surplus of the duties on imports and tonnage, to on what * terms and of the end of the present year, one thousand seven hundred whom. and ninety-three: And that it shall be lawful for the th j n r f ^ Bank of the United States to lend the said sum. And the t() bc liaid <)IT - President of the United States shall cause so much of the loan, made of the Bank of the United States, pursuant to the eleventh section of the act, by which it is incorporated, to be paid off, in sums not less than fifty thousand dollars, as, in liis opinion, the state of the Treasury may, from 28 NATIONAL MONETARY COMMISSION. time to time, admit, out of any monies which may be in the Treasury, having clue regard to the exigencies of Gov- ernment, and the appropriations made and to be made by law. Approved. February 28, 1793. ACT OF MARCH 2, 1793. 338 St!lt ' L "'CH,\p. XXV. An act providing for the payment of the [Obsolete.] fi^f instalment due on a loan made of the Bank of the United States. Be it enacted l>y the Senate and House of Representa- tircs of the United States of Ameriea in Congress as- vresiaentxembled. That the President of the United States be. and ta?n moneysYo he hereby is authorized and empowered to apply two ment r ?o *Bank hundred thousand dollars, of the monies which may states" have been borrowed, in pursuance of the fourth section ''of the act, intituled "An act making provision for the reduction of the public debt/' in payment of the first instalment, due to the Bank of the United States, upon a loan made of the said bank, in pursuance of the eleventh section of the act for incorporating the subscribers to the said bank. Approved, March 2, 1793. ACT OF MARCH 2, 1793. i stnt. L., CHAP. XXVI. An act for extending the time for reeeiv- B38. [Obsolete.] ui'j "it loan tlmt part of the domestic debt of the United States, ti'hich may not he subscribed, prior to the first- day of March, one thousand seren hundred and ninety- three. SECTION 1. Be it enacted l>y the Senate and House of Representatives of t/ie United States of America in C'on- DO most i c y/Y-.sx (/xxr//i/ded. That the term for receiving on loan that reiving '"" part of the domestic debt of the United States, which ;i n extended June, 1794. shall not have been subscribed, in pursuance of the act. I'of ' Ma V'K' intituled "An act supplementary to the act making pro- vision for the debt of the United States," be extended, from and after the first day of March, one thousand seven hundred and ninety-three, until the last day of June, one thousand seven hundred and ninety-four inclusively, on the same terms and conditions, as are contained in the act, intituled u An act making provision for the debt of the United Slates: I'rocidcd, That the books for receiving the LAWS CONCERNING MONEY, BANKING, AND LOANS. 29 said subscriptions shall be opened only at the Treasury of the United States. SEC. 2. And be it further enacted, That such of the Pm-iiese of creditors of the United States, as have not subscribed, and creditors, shall not subscribe to the said loan, shall nevertheless re- ceive, during the year one thousand seven hundred and ninety-three, a rate per centum on the amount of such of their demands, as shall have been registered, conformable to the directions contained in the said act, on or before the last day of June, one thousand seven hundred and ninety-four, equal to the interest, which would be payable to them, as subscribing creditors. Approved, March 2, 1793. ACT OF MARCH 20, 1794. CHAP. VIII. An act authorizing a loan of one 'million \ stat. L., J 77 ' 545 - Of dollars. [Obsolete.] Be it enacted ~by the Senate and House of Representa- tives of the United States of America in Congress assem- bled, That the President of the United States be, and he President of hereby is authorized and empowered to borrow, on the authorized' t o -,., ,1 T- -4. J 04. ' i ji iv borrow if 1,000,- credit or the united States, if, in his opinion, the public ooo. service shall require it, a sum not exceeding one million of dollars, at an interest not exceeding five per centum per annum, reimbursable at the pleasure of the United States, to be applied to such public purposes, as are authorized by law, and to be repaid out of the duties on imports and tonnage to the end of the present year : And that it shall be lawful for the Bank of the United States, and the said bank hereby is authorized and empowered to make the loan aforesaid. Approved, March 20, 1794. ACT OF APRIL 21, 1794. CHAP. XXI. An. act limiting the time for presenting ^i s t n t . L., claim* for destroyed certificates of certain descriptions. [Obsolete.] SECTION 1. Be it enacted by the Senate and House of Representative* of the United States of America in, Con- gress assembled. That all claims for the renewal of cer- Limitation of lificates of the unsubscribed debt of the United States, ^f ,? f >r ."i: of the descriptions commonly called "Loan Office Cer- [.jltes. COI>1 30 NATIONAL MONETARY COMMISSION. tificates,'' or " Final Settlements," which may have been accidentally destroyed, shall be forever barred and pre- cluded from settlement or allowance, unless the same shall be presented at the treasury, on or before the first day of June, in the year one thousand seven hundred and ninety-five. Proceedings SEC. 2. And be it further enacted. That no claim shall to be had for establishing be allowed for the renewal of loan office certificates de- stroyed before the fourth day of March, one thousand seven hundred and eighty-nine, unless the destruction of the same was advertised, according to the resolution of Congress, of the tenth day of May, one thousand seven hundred and eighty; or before that time, was notified to the office from which the same was issued, nor shall claims be allowed for the renewal of loan office certifi- cates destroyed on or after the said fourth day of March, one thousand seven hundred and eighty-nine, nor of final settlement certificates destroyed at any time, unless the destruction of the same was so far made public, as to be known to at least two credible witnesses, soon after it happened, and shall have been before the presentation of the claim, as hereinafter provided, advertised for at least six weeks successively, in some one of the news- papers of the state in which the destruction happened; and also, in some one of the newspapers of the state in which the certificate issued, if that was another state; the advertisement or advertisements, in such case, ex- pressing with as much precision as possible, the number, date and amount of the certificate alleged to have been destroyed, and the name of the person to whom the same was issued, together with the time when, the place where, and the moans by which the same was destroyed. By whom and SKC. }. And l>c it further enacted, That all claims for received?* be tlie renewal of destroyed certificates, of either of the descriptions aforesaid, not precluded by this act, shall be receivable, with the evidence in support of the same, by the Auditor of the Treasury, until the said first day of June, one thousand seven hundred and ninety-five, and shall, by the accounting officers of the treasury, be duly examined; and if satisfactorily supported, the claimants shall be entitled to receive certificates of registered debt, equal to the specie value of the loan office or final settle- ment certificates .-o proved to have been destroyed. Approved. April iM. 175)4. LAWS CONCERNING MONEY, BANKING, AND LOANS. 31 ACT OF MAY 30, 1794. CHAP. XXXVI. An act further extending the time for 3/0 s * a * L - receiving on loan the domestic debt of the United [Obsolete.] States. SECTION 1. Be it enacted by the Senate and House of Representatives of the United States of America in Con- gress assembled. That the term for receiving on loan that , Domestic y . debt, term for part of the domestic debt of the United States which shall subscribing ex tended to 31st not have been subscribed in pursuance of the act, entituled D ?c., 1794. * ' 1(93, oh. 20. "An act for extending the time for receiving on loan that i7j>5, ch. 13. part of the domestic debt of the United States which may not be subscribed prior to the first day of March, one thousand seven hundred and ninety-three," be, and the same is hereby further extended from and after the last day of June ensuing, until the last day of December next inclusively, on the same terms and conditions as are con- o n what terms. tained in the act, intituled "An act making provision for the debt of the United States." Provided, That the books for receiving the said subscriptions shall be opened only at the treasury of the United States. SEC. 2. And be it further enacted, That such of the Provisions creditors of the United States as have not subscribed and scribing cred- shall not subscribe to the said loan, shall nevertheless re- _ ceive during the year one thousand seven hundred and ninety-four, a rate per centum on the amount of such of their demands, as have been registered or as shall be reg- istered at the treasury conformable to the directions in the act, intituled "An act making provision for the debt 1790 ' ch - 34 - of the United States," equal to the interest which would be payable to them as subscribing creditors. Approved, May 30, 1794. ACT OF MAY 31, 1794. CHAP. XXXVII. An act making provision for the pay- n ^ stat. L. , ment of the interest on the balances due to certain States, upon a final settlement of the accounts between the United States and the individual States. SECTION 1. Be it enacted, * * *, That interest upon the balances reported to be due to certain states, by the commissioners for settling accounts between the United States and individual states, be allowed, from the last day of December, one thousand seven hundred and eighty- 32 NATIONAL MONETARY COMMISSION. nine, and to be computed to the last day of December, one thousand seven hundred and ninety-four, at the rate of four per centum per annum : And that the amount of such interest be placed to the credit of the state, to which the same shall be found due, upon the books of the treasury of the United States, and shall bear an interest of three per centum per annum, from and after the said last day of December, one thousand seven hundred and ninety-four. (Section *2 provides for the quarterly payment of the interest due to any state, beginning on the last day of March, 1795; and pledges for the payment of the interest so much of the duties arising from imports and tonnage, after December 31, 1794, as may be necessary and not otherwise appropriated, also pledging the faith of the United States to provide for any deficiency.) Approved, May 31, 1794. NOTE. By the act of January 2, 1795 (1 Stat. L., 409), any State is authorized, within two years, to transfer stock thus cre- ated to creditors of the State who were such prior to July 1, 1793. This authority was continued to March 4, 1799, by the act of July 6, 1797. ACT OF JUNE 4, 1794. i stat. L., CHAP. XL. .In act proridiiKj for the payment of the [obsolete.] xecod instalment due on "' ^"^ ^ c ^ f l/r ^ tcr enacted, That a sufficient sum Jo'. 1 ,',', 1 '''* 1 "" sahl f tn(> dividends, which have accrued, or which shall here- after accrue, on the stock owned by the United States, in the Hank of the United States, be. and the same is hereby appropriated to the payment of the interest, which has. or shall become due, on the loan obtained, as aforesaid. Approved, June 4, 1794. LAWS CONCERNING MONEY, BANKING, AND LOANS. 33 ACT OF JUNE 5, 1794. CHAP. XLVI. An act to authorize the President of the 37 | stat - Li> United States during the recess of the present Congress, to cause to be purchased or built a number of vessels to be equipped as Galleys, or otherwise, in the service of the United States. ***** SEC. 3. And be it further enacted, That there be appro- t 4 p r B rIatIon priated for the purpose aforesaid, the sum of eighty thou- sand dollars to be paid out of the proceeds of any revenue of the United States, which now are, or hereafter during the present session shall be provided, not being otherwise appropriated. And that the President of the United i ^.^^. States be authorized to take on loan of the Bank of the row $80,000. United States, or of any other body politic or corporate, person or persons, the said sum of eighty thousand dol- lars, to be reimbursed, principal and interest, out of the said proceeds, appropriated as aforesaid, according to such contract or contracts, which shall be made concern- ing the same. Approved, June 5, 1794. ACT OF JUNE 9, 1794. CHAP. LXIII. An act making appropriations for cer- i stat. L., tain purposes therein expressed. * * * * * SEC. 2. And be it further enacted, That the President President of of the United States be empowered to borrow, on behalf states to bor- row a sum. of the United States, of the Bank of the United States (which is hereby authorized to lend the same), or of any other body or bodies politic, person or persons, any sum not exceeding in the whole, one million of dollars, to be N ot exceeding applied to the purposes aforesaid, and to be reimbursed, as well interest as principal, out of the proceeds of the said revenues. SEC. 3. Provided always, and be it further enacted, certain sum 7 ' J to be reserved. That there shall be reserved out of the proceeds of the said revenues, a sum sufficient to pay the interest of what- ever monies may be borrowed pursuant to the act, inti- tuled "An act making further provision for the expenses 1794, c-b. i attending the intercourse of the United States with for- eign nations; arid further to continue in force the act, 34 NATIONAL MONETARY COMMISSION. intituled " An act providing the means of intercourse be- tween the United States and foreign nations;" and such sum is hereby pledged and appropriated for that purpose, according to the terms of the contract or contracts which shall or may be made concerning the said monies. And the faith of the United States is hereby pledged to make such further provision therefor, as may be necessary. Approved, June 9, 1794. ACT OF DECEMBER 18, 1794. ^i stat. L., CHAP. IV. An act authorizing a loan of two million of [Expired.] dollars, SECTION 1. Be it enacted ~by the Senate and House of Representatives of the United States of America in Con- rresident otgress assembled, That the President of the United States T'nited States' to borrow be empowered to borrow, on behall of the United States, $2,000,000. any sum not exceeding two million or dollars, at an in- terest not exceeding five per cent, per annum, reimburs- able at the pleasure of the United States, to be applied to such public purposes, as are authorized by law, and to be repaid out of the duties on impost and tonnage, to (he end of the year one thousand seven hundred and ninety- five. un?ted n stateJ SEC - ~ And ^ ' d father enacted, That it shall be law- may loan saidf u i f or t } ie ]} an k o f tne United States, and the said bank hereby is authorized and empowered to loan the said sum, or any part thereof. Approved. December 18, 1794. ACT OF JANUARY 8, 1795. 40 8tat L " CHAP. XT. An act pro riding for the payment of certain, instalments of foreign debts,' and of tlie third instal- ment due on a loan made of the Bank of the United States. Be it enacted by the Senate and House of Representa- tives of the United States of America, in Congress asxem- fvrtain in-/, ch - i- of the act for incorporating the subscribers to the said bank, to be paid out of the proceeds of any foreign loans heretofore made. Approved, January 8, 1795. ACT OF JANUARY 28, 1795. CHAP. XIII. An act further extending the* time for re- 1 stat. L., ceiving on loan the domestic debt of the United [Obsolete.] States. SECTION 1. Be it enacted by the Senate and House of Representatives of the United States of America, in Con- gress assembled, That the term for receiving on loan that Time for re- part of the domestic debt of the United States which has the domestic ,-,-! e .-. . . -. debt extended not been subscribed in pursuance or the provisions here- tin the sist tofore made by law for that purpose, be and the same is ^1790, ch. 34! hereby further extended until the thirty-first day of De- cember next, on the same terms and conditions as are con- tained in the act, entitled "An act making provision for the debt of the United States." Provided, That the books for receiving the said subscriptions shall be opened only at the Treasury of the United States. SEC. 2. And be it further enacted, That such of the. Non-snbscrib- ' . injj creditors of creditors of the United States as have not subscribed and United states to receive for shall not subscribe to the said loan shall nevertheless re-ono year five . 11-11 l' el- cent, on ceive during the year one thousand seven hundred ana their demands. ninety-five a rate per centum on the amount of such of their demands as have been registered or as shall be reg- istered at the Treasury conformable to the directions in the act, entitled "An act making provision for the debt 1700, ch. 34. of the United States," equal to the interest which would be payable to them as subscribing creditors. Approved, January 28, 1795. ACT OF FEBRUARY 21, 1795. CHAP. XXV. An act for the reimbursement of a loan 41 jJ, Sfnt - L - authorized by an act of the last session of Congress. SECTION 1. Be it enacted by the Senate and House of Representatives of the United States of America in Con- gress assembled, That the Bank of the United States be, rn ^' d n | t and the same is hereby authorized to lend to the United i 1 l ( :; i t , 1 , lori/CHl 36 NATIONAL MONETARY COMMISSION. States, the whole, or any part of the sum of eight hun- dred thousand dollars (remaining unapplied) in 'pur- suance of the authority granted to borrow one million 1-94, ch. 7. dollars, by the act, intituled " An act making further provision for the expenses attending the intercourse of the United States with foreign nations; and further to continue in force the act, intituled " An act providing the means of intercourse between the United States and foreign nations. f nuM & KC ' - Ai><1 1>C ^ father enacted. That after reserving ed. ^ndi simis as in;1 y b e sufficient to satisfy prior appropria- tions, there be further appropriated, in aid of the provision heretofore made, out of the proceeds of the duties which have arisen, or may arise upon carriages for the convey- ance of persons: upon licenses for selling wines and for- eign distilled spirituous liquors by retail; upon snuff and refined sugar; and upon property sold at auction; which were imposed by acts passed during the last session, and which may be further continued, the present session of Congress, or from the proceeds of such duties or revenues as may be established in lieu thereof, a sum sufficient to the reimbursement, before the year one thousand eight hundred and one, of any loan or loans, which have been, or which may hereafter be made, in virtue of the act aforesaid: And that the faith of the United States be, and the same is hereby pledged, to make good any defi- ciency of the said duties. Approved. February 'Jl, 175)5. ACT OF AIAKCII :*. 1795. ' I '-( 1 n.\r. XLV. J/> act making fiirtlicr provision for the Hii/>j>ort of public credit, and for the redemption of the public debt. (Section 1 authorizes the commissioners of the sinking fund to borrow not exceeding one million dollars in any one year, in anticipation of the revenue, for the payment of interest on (lie public debt, and appropriates for the interest on >uch temporary loan the proceeds of duties on ^oods imported, on tonnage, and upon spirits distilled within the I'nited States, and stills. (Sections -2. '>'>, and 1 authorize a loan to be issued in ex- change for equal amounts of tlu foreign debt, to bear an interest equal to the interest payable on the foreign LAWS CONCERNING MONEY, BANKING, AND LOANS. 37 debt exchanged, with an addition of one-half of 1 per cent per annum, and the principal to be reimbursable at pleasure. The new loan is to be entered on the books of the treasury in like manner as the domestic funded debt, and to be transferable in like manner; and the interest and principal of loans authorized by this act are to be payable at the treasury only, so far as relates to the prin- cipal and interest of the domestic debt. (Section 5 provides that so much of the duties on goods imported, on tonnage, and upon spirits distilled and stills as may be set free by subscriptions to the new loan, with such further part of the proceeds as may be necessary, shall remain appropriated for the payment of interest on the said loan until the principal thereof is reimbursed; provided that nothing herein contained shall alter any existing contract concerning the foreign debt except as to such holders as may subscribe to the new loan.) SEC. 6. And be it further enacted. That the several and dut ^| \^ ^.f respective duties laid and contained in and by the act, in- 00 be col ~ tituled " An act laying additional duties on goods, wares and merchandise imported into the United States." passed the seventh day of June, one thousand seven hundred and ninety-four, shall, together with the other duties hereto- fore charged with the payment of interest on the public debt, continue to be levied, collected and paid, until the whole of the capital or principal of the present debt of the United States, and future loans which may be made, pursuant to law, for the exchange, reimbursement or re- demption thereof, or of any part thereof, shall be reim- bursed or redeemed, and shall be, and hereby are, pledged and appropriated for the payment of interest upon the said debt and loans, until the same shall be so reimbursed or redeemed. (Section 7 annuls the reservation made by section 4 of the act of August 12. 1790, and makes other provision for the same purpose.) SEC. 8. And be it further enacted. That the following appropriations, in addition to those heretofore made, be ( ' ( made to the fund constituted by the seventh section of the act. intituled ' ; An act supplementary to the act m;ik- ing provision for the debt of the United States," passed the eighth day of May. one thousand seven hundred and ninety-two, to be hereafter denominated "The sinking c 38 NATIONAL MONETAKY COMMISSION. fund,"' to wit : First, so much of the proceeds of the duties on goods, wares and merchandise imported; on the ton- nage of ships or vessels, and on spirits distilled within the United States and stills, as, together with the monies which now constitute the said fund, and shall accrue to it, by virtue of the provisions herein before made, and by the interest upon each instalment, or part of principal, which shall be reimbursed, will be sufficient, yearly and every year, commencing the first day of January next, to reimburse and pay so much as may rightfully be reim- bursed and paid, of the principal of that part of the debt or stock, which, on the said first day of January next, shall bear an interest of six per centum per annum, re- deemable by payments on account both of principal and interest, not exceeding, in one year, eight per centum, excluding that which shall stand to the credit of the com- missioners of the sinking fund, and that which shall stand to the credit of certain States, in consequence of the balances reported in their favour, by the commissioners for settling accounts between the United States and indi- vidual States : Secondly, The dividends, \vhich shall be, from time to time, declared on so much of the stock of the Bank of the United States, as belongs to the United States (deducting thereout such sums, as will be requi- site to pay interest on any part remaining unpaid of the loan of two millions of dollars, had of the Bank of the United States, pursuant to the eleventh section of the act, Appropria-by which the said bank is incorporated) : Thirdly, So tlons made f ',,,. . . certain funds, much of the duties on goods, wares and merchandise im- ported, on the tonnage of ships or vessels, and on spirits distilled within the United States and stills, as, with the said dividends, after such deduction, will be sufficient, yearly and every year, to pay the remaining instalments of the principal of the said loan, as they shall become due, and as, together with any monies, which, by virtue of pro- visions in former acts, and herein before made, shall, on the first day of January, in the year one thousand eight hundred and two, belong to the said sinking fund, not otherwise specially appropriated; and with the interest on each instalment, or part of principal, which shall, from time (o time, be, reimbursed, or paid, of that part of the debt or stock, which, on the first day of January, in the year one thousand eight hundred and one, shall begin to bear an interest of six per centum per annum, will be sufficient, yearly and every year, commencing on the first LAWS CONCERNING MONEY, BANKING, AND LOANS. 39 day of January, in the year one thousand eight hundred and two, to reimburse and pay so much, as may rightfully be reimbursed and paid, of the said principal of the said debt or stock, which shall so begin to bear an interest of six per centum per annum, on the said first "day of Jan- uary, in the year one thousand eight hundred and one, ex- cluding that, which shall stand to the credit of the com- missioners of the sinking fund, and that, which shall stand to the credit of certain States as aforesaid: Fourthly, The net proceeds of the sales of lands belong- ing, or which shall hereafter belong to the United States, in the western territory thereof: Fifthly, All monies, which shall be received into the Treasury, on account of debts clue to the United States, by reason of any matter prior to their present constitution : And lastly. All sur- pluses of the revenues of the United States, which shall remain, at the end of any calendar year, beyond the amount of the appropriations charged upon the said rev- enues, and which, during the session of Congress next there after, shall not be otherwise specially appropriated or reserved by law. SEC. 9. And be it further enacted, That as well the Moneys acom- 11 -!! / illS t0 the Slnk ' monies which shall accrue to the said sinking iiind. by ing fund, to he , . , . , under the di- virtue of the provisions of this act, as those which shall rection and . . . management of have accrued to the same, by virtue or the provisions otthecommissioa- any former act or acts, shall be under the direction and management of the commissioners of the sinking fund, or the officers designated in and by the second section of the act, intituled ''An act making provision for the re- duction of the public debt," passed the twelfth day of August, one thousand seven hundred and ninety, and 1790 ch 4T their successors in office; and shall be, and continue appro- priated to the said fund, until the whole of the present debt of the United States, foreign and domestic, funded and unfunded, includinc: future loans, which may be made now ions to ,. . , . ' i . i < b e appropri- tor reimbursing or redeeming any instalments or parts orated. principal of the said debt, shall be reimbursed and re- deemed; and shall be. and are hereby declared to be vested in the said commissioners, in trust, to be applied, according to the provisions of the aforesaid act of the eighth day of May. in the year one thousand seven hun- dred and ninety-two, and of this act, to the reimburse- ment and redemption of the said debt, including the loans aforesaid, until the same shall be fully reimbursed and re- deemed. And the faith of the United States is hereby 40 NATIONAL MONETARY COMMISSION. pledged, that the monies or funds aforesaid, shall invio- lably remain and be appropriated and vested, as afore- said, to be applied to the said reimbursement and re- demption, in manner aforesaid, until the same shall be fully and completely effected. m?nt lmb of rs tho ^ EC> 10. And l>e it further enacted, That all reimburse- apitai of debt men t s o f ti ie capital, or principal of the public debt, for- o be under the L ' " * ~ to ico of "the e ^ n anc ^ domestic, shall be made under the superintend- commissioners, ence o f the commissioners of the sinking fund, who are who may bor- row. hereby empowered and required, if necessary, with the approbation of the President of the United States, as any instalments or parts of the said capital or principal be- come due, to borrow, on the credit of the United States, the sums requisite for the payment of the said instalments or parts of principal: Provided. That any loan which may be made by the said commissioners, shall be liable to reimbursement at the pleasure of the United States: and that the rate of interest thereupon, shall not exceed six per centum per annum ; and for greater caution, it is n W ood S ^xecuh nere ^y declared, that it shall be deemed a good execution 'owe" "to Vor^ ^ ^ ie sa '^ P ower * () borrow, for the said commissioners, row - with the approbation of the President, to cause to be con- stituted certificates of stock, signed by the Register of the Treasury for the sums to be respectively borrowed, bear- ing an interest of six per centum per annum, and re- deemable at the pleasure of the United States; and to cause the said certificates of stock to be sold in the market for pp fhp rla i!i f the riterl States, or elsewhere; Provided, That no mont ucr- sllcn stock be sold under par. And for the payment of interest on any sum or sums which ma} 7 be so borrowed, either by direct loans, or by the sale of certificates of stock, the interest on the sum or sums which shall be reim- bursed by the proceeds thereof (except that upon the funded stock, bearing and to bear an interest of six per centum, redeemable by payments, not exceeding in one year, eight per centum on account both of principal and interest), and so much of the duties on goods, wares and merchandise imported, on the tonnage of ships or vessels, and upon spirits distilled within the United - States, and upon stills, as may be necessary, shall be, and hereby arc pledged and appropriated. Mu^lmYnSY s '- H- Ami be it further enarted, That it shall be the I'lll'ya'niiuji'iiy! 'duty of the commissioners of the sinking fund, to cause to be applied and paid, out of the said fund, yearly and everv vear, at the Treasury of the United States, the sev- LAWS CONCERNING MONEY, BANKING, AND LOANS. 41 eral and respective sums following, to wit: First, such sum and sums as, according to the right for that purpose reserved, may rightfully be paid for, and towards the reimbursement or redemption of such debt or stock of the United States, as, on the first day of January next, shall bear an interest of six per centum per annum, redeemable by payments, not exceeding in one year, eight per centum, on account both of principal and interest, excluding that standing to the credit of the commissioners of the sinking fund, and that standing to the credit of certain States, as aforesaid, commencing the said reimbursement or redemp- tion, on the said first day of January next : Secondly, such sum and sums as, according to the conditions of the afore- said loan, had of the Bank of the United States, shall be henceforth payable towards the reimbursement thereof, as the same shall respectively accrue : Thirdly, such sum and sums as, according to the right for that purpose re- served, may rightfully be paid for and towards the reim- bursement or redemption of such debt or stock of the United States as, on the first day of January, in the year one thousand eight hundred and one, shall begin to bear an interest of six per centum per annum, redeemable by payments, not exceeding in one year, eight per centum, on account both of principal and interest, excluding that standing to the credit of the commissioners of the sinking fund, and that standing to the credit of certain States, as aforesaid, commencing the said reimbursement or redemp- tion, on the first day of January, in the year one thousand eight hundred and two ; and also to cause to be applied all such surplus of the said fund, as may at any time exist, after satisfying the purposes aforesaid, towards the fur- ther and final redemption of the present debt of the United States, foreign and domestic, funded and un- funded, including loans for the reimbursement thereof, by payment or purchase, until the said debt shall be com- pletely reimbursed or redeemed. SEC. 12. Provided always, and be if further enacted, Thnt nothing in this act shall be construed to vest in the fommipsion- .Ll 1 1 1 ^ Jl elS 11rico< value of the funded debt of the United States: And pro- iovoYn vided also, That if, after all the debts and loans aforesaid, i> now due, and that shall arise under this act, except ing Ihen'i (;i said debt or slock, bearing an interest of three per cent. 42 NATIONAL MONETAEY COMMISSION. shall be fully paid and discharged, any part of the prin- cipal of the said debt or stock bearing an interest of three per cent, as aforesaid, shall be unredeemed, the Govern- ment shall have liberty, if they think proper, to make other and different appropriations of the said funds. Priorities in SEC. 13. And be it further enacted, That all priorities * heretofore established in the appropriations by law, for t n to ceas n o e ? r sthe interest on the debt of the United States, as between itors! the different parts of the said debt, shall, after the year one thousand seven hundred and ninety-six, cease with re- gard to all creditors of the United States, who do not, before the expiration of the said period, signify, in writ- ing, to the Comptroller of the Treasury, their dissent therefrom ; and that thenceforth, with the exception only of the debts of such creditors who shall so signify their dissent, the funds or revenues charged with the said ap- propriations, shall, together, constitute a common or con- solidated fund, chargeable indiscriminately, and without priority, with the payment of the said interest. (Section 1-i requires that all outstanding loan-office certificates, final settlements, and indents of interest shall be presented before January 1, 1707, to the Auditor of the Treasury, to be exchanged for new certificates, or registered and returned, at the option of the holder; and all certificates not so presented shall be forever barred. (Section 15 enacts that any transfer of stock standing to the credit of a State, made after December 31, 1795, shall be upon condition that it shall be lawful to reim- burse so much of the principal of the stock transferred as will make its reimbursement equal to that of the same stock transferred previous to the said day.) sum of money SKC. 1(5. And l>c it further enacted, That in regard to I'MK remaining any sum which shall have remained unexpended upon any '' rtain appropriation other than for the payment of interest on \ "to f the the funded debt; for the payment of interest upon, and reimbursement, according to contract, of any loan or loans made on account of the United States; for the pur- poses of the sinking fund; or for a purpose, in respoci to which, ;i longer duration is specially assigned by law. for more than two years after the expiration of the calen- dar year in which the act of appropriation shall have been parsed. M;''h appropriation shall be deemed to have ceased and been determined; and the sum so unexpended shall be earned to ;m account <>n the books of the Treasury, to be denominated "Tin-; Suuru s FUND." I3ul no ap- LAWS CONCERNING MONEY, BANKING, AND LOANS. 43 propriation shall be deemed to have so ceased and been determined, until after the year one thousand seven hun- dred and ninety-five, unless it shall appear to the Secre- tary of the Treasury, that the object thereof hath been fully satisfied, in which case, it shall be lawful for him to cause to be carried the unexpended residue thereof, to the said account of " the surplus fund." (By sections IT, 18, and 19 the Treasury is required to establish rules for the execution of this act; all restric- tions and regulations heretofore imposed by law upon the commissioners of the sinking fund are made appli- cable in analogous cases under this act, and an account of all sales of stock or loans made is required to be laid before Congress within fourteen days after its next meet- ing; and in every case it is made lawful to borrow from the Bank of the United States, whatever the amount of the loan. (Section 20 continues acts laying duties on carriages, licenses for selling wines and liquors, duties on snuff and sugar, and property sold at auction.) Approved, March 3, 1795. ACT OF FEBRUARY 19, 1796. CHAP. II. An act further extending the time for receiv- i stat. L., ing on loan the domestic debt of the United States. [Obsolete.] SECTION 1. Be it enacted by the Senate and House of 3 Representatives of the United States of America in Con- gress assembled. That the term for receiving on loan that Extension of the term for re- part of the domestic debt of the United States, which has ceiving on loan . . . the domestic not been subscribed, in pursuance of the provisions here- debt. tofore made by law for that purpose, be, and the same is hereby further extended, until the thirty-first day of De- cember next, on the same terms and conditions, as are con- tained in the act. intituled "An act making provision for the debt of the United States : " Provided, That the books Proviso. for receiving the said subscriptions shall be opened only at the Treasury of the United States. SEC. 2. And be it further enacted. That it shall be law- Rpimburse- . i ment ? f i? art of till to reimburse so much or the principal or the debt or the principal. stock, which may be subscribed, pursuant to this act, as will make the reimbursement thereof equal in proportion and degree, to that of the same stock subscribed ante- cedent to the present year; and the said reimbursement shall be made at the expiration of the quarter in which 15712 10 - 4 44 NATIONAL MONETARY COMMISSION. 1795, ch. 45. sucn debt or stock shall be subscribed, and pursuant to the rules and conditions prescribed by the act, intituled u An act making further provision for the support of public credit, and for the redemption of the public debt." Provision for SEC. 3. And be it further endcted, That such of the interest to non- creditors of the United States, as have not subscribed, and shall not subscribe to the said loan, shall, neverthe- less, receive, during the year one thousand seven hundred and ninety-six, a rate per centum on the amount of such of their demands as have been registered, or as shall be registered at the Treasury, conformably to the directions in the act, intituled, "An act making provision for the debt of the United States," equal to the interest which would be payable to them as subscribing creditors. Approved. February 19, 1796. ACT OF APRIL 28, 1796. _i stat . L., CHAP. XVI. An act in addition to an act intituled "An [Obsolete.] act i/t/iL'iiif/ further provision for the support of public credit* and for the redemption of the public debt" SECTION 1. Be it enacted by the Senate and House of Representatives of the United States of America in Con- com mission- qress assembled. That it shall be lawful for the commis- ers of the sink- ' . . . ins fund to pay sinners ot the sinking tuna, ana they are hereby required, the funded , , i , i TT * -in stock bearing to cause the luiided stock or the United States bearing a an interest of . P (j per cent by present interest ot six per centum per annum, to be renn- dividends. . . / n v T-- i bursed and paid, in manner following, to Avit : rirst, by dividends to be made on the last days of March. June and September for the present year, and from the year one thousand seven hundred and ninety-seven, to the year one thousand eight hundred and eighteen inclusive, at the rate of one and one half per centum upon the original capital. Secondly, by dividends to be made on the last day of December for the present year, and from the year one thousand seven hundred and ninety-seven, to the year one thousand eight hundred and seventeen inclusive, at the rate of three and one half per centum upon the orig- inal capital : and by a dividend to be made on the last day of December, in the year one thousand eight hundred and eight"ci:. of such a sum. as will be then adequate, accord- ing to {]>> contract, for the final redemption of the said stock. LAWS CONCERNING MONEY, BANKING, AND LOANS. 45 (Section 2 makes similar provision for the reimburse- 45 | stat. L., ment of the stock bearing six per cent after the year 1800, by a like series of dividends beginning March 31, 1801, and ending December 31, 1824. (Section 3 extends these provisions to all balances of stock, bearing a present or deferred interest of six per cent, standing to the credit of the States, under the act of May 31, 1794; and section 4 appropriates, in addi- tion to sums already appropriated, such a sum of the duties on goods imported, on tonnage, and on spirits distilled in the United States and on stills, as shall be sufficient, with monies already applicable, to reimburse the said balances, in the manner directed.) SEC. 5. And be it further enacted, That it shall be The commis- i *_ i j.i f ,i i f i sioners may ap- lawrul for the commissioners or the sinking fund, to point a secre- appoint a secretary, whose duty it shall be, to record and preserve their proceedings and documents, and to certify copies thereof, when thereunto duly required; and the said secretary shall be allowed a compensation not exceeding 1 two hundred and fifty dollars, annually, His compen- . fc J ^'sation. tor his services. Approved, April 28, 1796. ACT OF MAY 6, 1790. CHAP. XXI. An act authorizing a loan for the use of 46 1 1 stilt - L -> the city of Washington, in the District of Columbia, and for other purposes therein mentioned. (XoTE. This act provided that the Commissioners of the city of Washington might borrow certain sums of mone} T to carry into effect the act establishing the seat of government; certain lots were made chargeable with the. repayment of such Joans, and if the proceeds of the lots should be insufficient the United States should be liable for the balance: and the act of April 18, 1798 (1 Stat. L., 551) authorized the President to cause to be loaned to said commissioners the sum of one hundred thousand dol- lars; which sum was declared to be in full of the monies which the said commissioners were authorized to borrow under the act of May 0, 1790.) 46 NATIONAL MONETARY COMMISSION. ACT OF MAY 30, 1796. 48 ^ stat - L " CHAP. XLL An act making further provision for the expense attending the intercourse of the United States icith foreign nations; and to continue in force the act, intituled "An act providing the means of inter- course betiveen the United States and foreign nations" President of g EC> 5. ^ nc i ^ e {f further enacted. That the President the t n i t e u . ' ro a w S n t ot' ) ex ^ * ne United States be authorized to borrow, on the 53o d oe s $32 ^'~ cre dit of the United States, if, in his opinion, the public service shall require it, a sum not exceeding three hun- dred and twenty-four thousand five hundred and thirty- nine dollars and six cents, at an interest not exceeding six per centum per annum, reimbursable at the pleasure of the United States, to be applied to the purposes of this act. and to be repaid out of the duties on imports and tonnage accruing during the present year, and not otherwise appropriated : and it shall be lawful for the Bank of the United States to lend the same. Approved, May 30, 1790. ACT OF MAY 31, 1796. 48 | s l a t L -- CHAP. XLIV. An act making provision for the pay- [Expired.] ment of certain debts of the United States. (Sections 1 and 2 authorize the commissioners of the sinking fund to borrow a sum not exceeding five millions of dollars, to be used in paying the capital of any debt due by the United States to the Bank of the United States, or to the Bank of New York, or any instalment of foreign debt, the loan to bear an interest of six per rent, payable quarter yearly, and to be redeemable at the pleasure of the United States after the close of the year 1819. The Bank of the United States is authorized to lend the whole sum and to sell the stock received therefor. Credits for the sums borrowed are to be entered on the books of the Treasury, and certificates 'for sums not less than one hundred dollars" are to be issued by the Register, and are to be transferable and the interest thereon is to be payable, as provided in sec- tions 7 and 8 of the act of August 4, 1790.) SK( '- 3 - ! " (/ l>(> !f f>"'^<^' enacted. That it shall bo f l (>e 'Tied a good execution of the power to borrow, herein LAWS CONCERNING MONEY, BANKING, AND LOANS. 47 granted, for the said commissioners of the sinking fund, to cause to be constituted, certificates of stock of the description herein mentioned, and to cause the same to be sold in the United States, or elsewhere: Provided, That no more than one moiety of the said stock shall be sold under par : And it shall be lawful for the commissioners of the sinking fund, if they shall find the same to be most advantageous, to sell such and so many of the shares of the stock of the Bank of the United States, belonging to the United States, as they may think proper ; and that they apply the proceeds thereof to the payment of the said debts, instead of selling certificates of stock, in the manner prescribed in this act. And such of the revenues of the Appropria- United States, heretofore appropriated for the payment pent of P tife of interest of debts, thus discharged, shall be, and the m same are hereby pledged and appropriated, towards the payment of the interest, and instalments of the principal, which shall hereafter become due, on the loan obtained of the Bank of the United States, pursuant to the eleventh section of the act for incorporating the subscribers to the said bank. SEC. 4. And be it further enacted. That such of the Funds appro- f -t TT i rt 1 f priated for pay- revenues or the United States, heretofore appropriated ment of mter- for the payment of interest on such debts as may be pal. liberated or set free, by payments from the proceeds of the loan herein proposed, together with such further sums of the proceeds of the duties on goods, wares and mer- chandise imported; on the tonnage of ships or vessels; and upon spirits distilled in the United States, and stills ; as may be necessary, shall be, and the same are hereby pledged and appropriated for the payment of the interest which shall be payable upon the sums subscribed to the said loan; and shall continue so pledged and appropri- ated, until the principal of the said loan shall be fully reimbursed and redeemed. SEC. 5. And be it further enacted, That the principal of ^emlS 1 uu- the said loan, bearing interest as aforesaid, shall remain jlj 19 the y e a r fixed and irredeemable by the United States, until the close of the year one thousand eight hundred and nine- teen; after which period, the said loan shall be redeemed, at the pleasure of the United States: and the funds which shall be liberated by the discharge of the stock of the United States, bearing a present interest of six per cen- tum, or so much thereof, as may be necessary, shall be, 48 NATIONAL MONETARY COMMISSION. and the same are hereby pledged and appropriated for the said redemption. treasur/ de* SEC. 6> ^ n ^ ^ e lt father enacted, That the department partment here- o f the treasury, according to the respective duties of the officers thereof, shall, and they are hereby directed to establish such forms and rules of proceeding, touching the execution of this act, as shall be conformable with the provisions thereof. Approved, May 31, 1796. ACT OF JUNE 1, 1T96. * stat - L -CHAP. LI. An act making appropriations for the sup- [Obsoiete.] port of the military and naval establishments for the year one thousand seven hundred and ninety -six. Out of what (Section 2 makes reference to authority of Bank of funds payable. . * the United States to make a loan.) President of SEC. 3. And be it further enacted, That the President of I nited States J ?}?- y l ' 1 : row the United States be empowered to borrow, at an interest $650,000 to sat- ' isfy this act. j )O t exceeding six per centum, of the Bank of the United States, which is hereby authorized to lend the same; or of any body or bodies politic, person or persons, any sum or sums not exceeding in the whole, six hundred and fifty thousand dollars, and to be applied to the purposes afore- said, and to be reimbursed, as well interest as principal, out of the funds aforesaid. Approved, June 1, 1796. ACT OF MAliCH 3, 1797. _ ( i s t a t . L., CHAP. X. An act for raising a further sum of money, by additional duties on certain articles imported, and for ti..n l (fr r '.iuti i j!s" ^ E< ' (>> ' ^ n< ^ ^ )C ^ further enacted, That the proceeds of (lie duties laid by this act, shall be solely appropriated to the following purpose; that is to say: First, for the pay- ment of the principal of the present foreign debt of the United States : Secondly, for the payment of the principal of the debt now due by the United States to the Bank of the United States. Approved, March )i, 1797. LAWS CONCERNING MONEY, BANKING, AND LOANS. 49 ACT OF MARCH 3, 1797. CHAP. XIV. An act to authorise the receipt of evidence* i s t a t . L., of the public debt, in payment for the lands of the [Obsolete.] United States. Be it enacted by tlie Senate and House of Representa- tives of the United States of America in Congress assem- bled , That the evidences of the public debt of the United States, shall be receivable in payment for any of the lands which may be hereafter sold in conformity to the act, em lands, intituled "An act providing for the sale of the lands of the United States, in the territory northwest of the river Ohio, and above the mouth of Kentucky River.'' at the following rates, viz. : the present foreign debt of the United States, and such debt, or stock, as, at the time of payment, shall bear an interest of six per centum per annum, shall be received at their nominal value ; and the other species of debt, or stock, of the United States, shall be received at a rate bearing the same proportion to their respective market price, at the seat of Government, at the time of payment, as the nominal value of the above men- tioned six per centum stock shall, at the same time, bear to its market price at the same place; the Secretary of the Treasury, in all cases, determining what such market price is. Approved. March 3, 1797. (Section 5 of the act of May 10. 1800, chapter 55 (2 Stat. L., 73), contains a similar provision. (Section 1 of the act of April 18. ' 180(5, chapter 50 (2 Stat. L., 405), repeals the acts authorizing the receipt of evidences of the public debt in payment for land after the 30th of April, 1800.) NOTE. This provision is also made applicable under the act of May 10, 1800, amending the acts providing for the sale of public lauds. (2 Stat. L., 74.) ACT OF MARCH 3, 1797. CHAP. XXV. An act extending the time for receiving r A i&t - L - on loan t/ie domestic debt of the f'nitcd States. [obsolete. i Be it enacted by the Senate and Hoiixe of ttt'prcxentit- tires of the United State* of America in Contjrcxx ^W'//'- C( ] T /" 1P i,f,{ C dJJ! bled, That all the several provisions of the act. intituled mt ' stlc (lobt - 50 NATIONAL MONETARY COMMISSION. "An act further extending the time for receiving on loan the domestic debt of the United States," passed the nine- 1796, ch. 2. teenth day of February, one thousand seven hundred and ninety-six, be, and they are hereby continued in force, until the thirty-first day of December next, and no longer : Provided, That nothing herein contained, shall be con- strued to extend to any evidence of public debt, which may be barred by any act of limitation. Approved, March 3, 1797. ACT OF JULY 8, 1797. i s t a t . i. ' [Obsolete.] CHAP. XVI. An act authorizing a loan of money. $80oooo >an paid. SECTION 1. Be it enacted by the Senate and House of Representatives of the United States of America in Con- gress assembled, That the President of the United States be, and he is hereby empoAvercd to borrow on the credit of the United States, a sum not exceeding eight hundred thousand dollars, at an interest not exceeding six per centum per annum, reimburseable at the pleasure of the United States, or at such period as may be stipulated by contract not exceeding five } T ears from the time of obtain- ing the loan, to be applied to such public purposes as are w to be or may be authorized by law, and to be repaid out of the revenues accruing to the end of the present year and such further revenues as have been, or may be provided during the present session of Congress; and it shall be lawful for the Bank of the United States to lend the said sum. fichMu-vTaiu^of SEC. 2. And be it further enacted, That in case the ex- st'j/t.-s- "iwisfed isting revenues of the United States, together with such skn" ! for \"" yl ' further revenues as have been or may be provided, during the present session, shall be insufficient to discharge and reimburse the said loan, the faith of the United States is hereby pledged to make such further provision therefor, as may be necessary. Approved, July 8, 1797. ACT OF JUXE 12, 1798. r lC> .} Slat ^'('H.M'. LT. -An act respecting loan office and final settle- ment certificate*, indents of interest^ and the unfunded or registered debt credited in the books of the Treasury. (By section 1 the time fixed by section 14 of the act of March 8. 1705, for the presentation of loan office cer- LAWS CONCERNING MONEY, BANKING, AND LOANS. 51 tificates, final settlements, and indents of interest, is ex- tended for one year. ( Sections 2 and 3 provide that on the settlement of such certificates and indents of interest, the creditors may re- ceive three per cent stock of the United States, to the amount of the indents and of arrearages of interest on certificates accruing prior to January 1, 1791; and that the principal sums of the certificates, with interest since January 1, 1791, shall be discharged by reimbursement equal to the sum which would have been payable if the certificates had been subscribed, and by payment of the market value of the remaining funded stock which would have been created by such subscription. (The remaining sections forbid the officers of the Treas- ury to issue any further certificates of registered or un- funded debt ; require the commissioners of the sinking- fund to reimburse the principal sums of the unfunded or registered debt; and authorize the creditors of the un- funded or registered debt to receive three per cent stock equal to the arrearages of interest due to them prior to January 1, 1791.) Approved, June 12, 1798. ACT OF JULY 9, 1798. CHAP. LXIX. An act limiting the time, within which 530. claims against the United States, for credits on the books of the Treasury, may be presented for allowance. Be it enacted by the /Senate and House of Representa- tives of the United States of Am.erica in Congress as- sembled, That all credits on the books of the Treasury of the United States, for transactions during the late war, which, according to the course of the Treasury, have hitherto been discharged by issuing certificates of regis- tered debt, shall be forever barred and precluded from settlement or allowance, unless claimed by the proper creditors, or their legal representatives on or before the first day of March, in the year one thousand seven hun- dred and ninety-nine. And the Secretary of the Treas- ury is hereby required to cause this act to be published in one or more of the public papers of each State. Approved. July 9, 1798. 52 NATIONAL MONETARY COMMISSION. ACT OF JULY 16, 1798. i s t n^t . L., CHAP. LXXIX. An act to enable the President of the [Obsolete.] United States to borrow money for the public service. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress as- T h e r*i- semblcd, That the President of the United States shall be, dent may bor- . row five mil- anc i h ere b v is authorized to borrow, on behalf of the lions of dollars. - ' . United States, from the Bank of the United States, which is hereby authorized to lend the same, or from any other body or bodies politic or corporate, or from any person or persons and upon such terms and conditions as he shall judge most advantageous for the United States, a sum not exceeding five millions of dollars, in addition to the monies to be received into the Treasury of the United States, from taxes, for making up any deficiency in any appropriation heretofore made by law, or to be made during the present session of Congress; and defraying the expenses which may be incurred, by calling into actual service, any part of the militia of the United States, or by raising, equipping and calling into actual service any regular troops, or volunteers, pursuant to authorities vested or to be vested in the President of the United Rpservati o n States, by law: Pronded, that no engagement nor con- reimburse after tract shall be entered into, which shall preclude the fifteen years. . United States from reimbursing any sum or sums bor- rowed at any time after the expiration of fifteen years from the date of such loan. surplus o f SEC. 2. And be it further enacted. That so much as mav the duties on ' ' imports and he necessary of the surplus of the duties on imports and I o n n a x e - . pledged for the tonnage, beyond the permanent appropriations hereto- l> a y in e n t of principal a n d fore charged upon them by law, shall be and hereby is pledged and appropriated for paying the interest of all such monies as may be borrowed, pursuant to this act. according to the terms and conditions on which the loan or loans, respectively, may be effected; and also for pay- ing and discharging the principal sum or sums of any -udi loan or loans, according to the terms and conditions ~ perm:, ne n r ( } )( > fixed, ns aforesaid. And the faith of the United revenues I n r ,'-'"^^1^ i instates shall be and hereby is pledged, to establish suffi- esiai.iished. dent permanent revenues for making up any deficiency LAWS CONCERNING MONEY, BANKING, AND LOANS. 53 that may hereafter appear in the provisions for paying the said interest and principal sums, or any of them, in manner aforesaid. SEC. 3. And be it further enacted, That the sums to be ro |eT s to be borrowed, pursuant to this act, shall be paid into the T^Lury? et^ e Treasury of the United States, and there separately ac- Approp r i a - J f , tionofthe counted for ; and that the same shall be and hereby are same. appropriated in manner following: First, to make up any deficiency in any appropriation heretofore made by law, or to be made, during the present session of Con- gress; and, secondly, to defray the expenses which may be incurred before the end of the next session of Congress, by calling into actual service, any part of the militia of the United States, or by raising, equipping and calling into actual service, any regular troops, or volunteers, pursuant to authorities vested or to be vested in the Presi- dent of the United States, by law. Approved, July 16, 1798. * ACT OF JULY 16, 1798. CHAP. LXXXIV. An act making certain appropria- istat.b., tions- and to authorize the President to obtain a. loan on the credit of the direct tax. SEC. 2. And be It farther enacted, That the President de t h ., r \^: of the United States shall be, and he is hereby authorized w two m \i - lions on the to borrow of the Bank of the United States, who are e '; edl t pf the direct tax. hereby enabled to lend the same, or of any other corpora- tion, persons or person, the sum of two millions of dollars, upon the credit, and in anticipation of the direct tax, laid and to be collected within the United States; which tax shall be, and is hereby pledged for the repayment of any loan w-hich shall be obtained thereon, as aforesaid; and the faith of the United States shall be, and is hereby pledged to make good any deficiency : Provided, that the interest to be allowed for such loan, shall not exceed six per centum per annum; and that the principal shall be reimbursed at the pleasure of the United States. Approved, July 16, 1798. 54 NATIONAL MONETARY COMMISSION. ACT OF FEBRUARY 15, 1799. i stat. L., CHAP. III. An act respecting balances reported against [Expired.] certain States, by the commissioners appointed to settle the accounts between the United States and the several States. SECTION 1. Be it enacted by the Senate and House of Representatives of the United States of America in Con- Debtor states qress assembled. That if any state, against which a balance assuming to*' * pay or to ex- was reported bv the commissioners appointed to settle the pend in fortifl- A cations a sum accO unts between the United States and the several states, in money or in . stock equal to shall, on or before the first day of April, one thousand eight their debts, . 7i may obtain a hundred, by a legislative act, engage to pay into the ' treasury of the United States within five years after pass- ing such legislative act, or to expend, within the time last mentioned, in erecting, enlarging or completing any forti- fications for the defence of the United States at such place or places the jurisdiction whereof, having been, previously to such expenditure, ceded by such state to the United States, with reservation that process civil and criminal issuing under authority of such state, may be served and executed therein, and according to such plan or plans as shall be approved by the President of the United States, a sum in money, or in stock of the United States, equal to the balance reported as aforesaid, against such state, or to the sum assumed by the United States in the debt of such state, such payment or expenditure, when so made, shall be accepted by the United States as a full discharge of all demands on account of said balance ; and the President of the United States, shall be, and hereby i> authorized to cause credit to be given to such state on the books of the treasury of the United States accord - Limitation ingly; Provided however, that no more than one third of the descrlp- tions of stock part or the whole payment or expenditure that mav be to be paid or L . expended. made by any such state shall be made in three per cent stock, nor more than one third part of the remaining two may 11 obtafn at a thirds shall be made in deferred stock: And provided ?ne C pnyment b or ! ^ so ? that any such state may obtain a full discharge, as expenditure o * a f O resaid, by the payment or expenditure of a sum of money, sufficient in the opinion of the Secretary of the Treasury, to purchase, at market price, the different species of stock, the payment or expenditure of which would b<- accepted as a full discharge, as aforesaid. LAWS CONCERNING MONEY, BANKING, AND LOANS. 55 SEC. 2. Provided always, and be it further enacted, Inc ^ing sl e x n That if any such state as is aforesaid shall have expended, ^ortlflcat^ons since the establishment of the present Government of the ^ e e ss f ^ n r e to th ^, United States, any sum of money in fortifying any place united states, since ceded by such state to the United States, or which may be so ceded, within one year after the passing of this act, such expenditure having been ascertained and proved to the satisfaction of the Secretary of the Treasury, shall be taken and allowed as part of the expenditure intended by this act. Approved. February 15, 1799. ACT OF MARCH 2, 1799. CHAP. XXXI. An act (jiving eventual authority to the _ i stat. L., President of the United States to augment the army. "Repealed 1802, ch. 9. (Sections 1 to 8 provide for augmenting the military force, including volunteers, etc.) SEC. 9. And be it further enacted, That for the execu- Appropria- tion of this act, if it shall be found necessary to carry it.pur poses of ' . n> !! 'this act, and or any part of it into effect, there be appropriated the authority to . . i> -i i -i i borrow money. sum of two millions of dollars, and that the President be authorized to borrow, on behalf of the United States, the said sum. or so much thereof as he shall deem necessary (which the Bank of the United States is hereby em- powered to lend) and upon such terms and conditions as he shall judge most advantageous to the United States. Provided, That such terms and conditions shall not re- strain the United States from paying off the sum which may be borrowed, after the expiration of fifteen years. SEC. 10. And be it further enacted. That so much as certain d u - ties ol edged to mav be neeessarv of the surplus of the duties on imports r e d e e m the loan. and tonnage, beyond the permanent appropriations here- tofore charged upon them by law, shall be, and hereby is pledged and appropriated for paying the interest of all such monies as may be borrowed pursuant to this act, ac- cording to the terms and conditions on which the loan or loans, respectively, may be effected; and also for paying, by discharging the principal sum or sums of any such loan or loans, according to the terms and conditions to be fixed as aforesaid. Approved. March 2. 1799. 56 NATIONAL MONETARY COMMISSION. ACT OF MAY 7, 1800. 2 stat. L., 60. CHAP. XLII. An act to enable the President of the [Obsolete.] , United states to borrow money for the public service. SECTION 1. Be it enacted ~by the Senate and House of Representatives of the United States of America in Con- rrosident an- rm?.y,9 assembled, That the President of the United States thorlzed to bor- -111- 1-1 row $3,500,000. shall be, and hereby is authorized to borrow on behalf of Vol. i, 194. the United States, from the Bank of the United States, which is hereby authorized to lend the same, or from any other body or bodies politic or corporate, or from any per- son or persons, and upon such terms and conditions, as he shall judge most advantageous for the United States, a sum not exceeding three millions five hundred thousand dollars, in addition to the monies to be received into the Treasury of the United States from taxes, for making up any deficiency in any appropriation heretofore made by law, or to be made during the present session of Congress, and defraying the expenses which may be incurred by calling into actual service any part of the militia of the United States, or by raising, equipping and calling into actual service any regular troops or volunteers, pursuant to authorities vested, or to be vested in the President of the United States by law: Provided, That no engagement nor contract shall be entered into, which shall preclude the United States from reimbursing any sum or sums borrowed, at any time after the expiration of fifteen years from the date of such loan. Appropria SEC. 2. And be it further enacted, That so much as may paympnt of in- b e necessary of the surplus of the duties on imports and tpmst. ami ox- ^ . t i n f-'iiisiimcnt tonnage, beyond the permanent appropriations heretofore of tlio princi- J , . pal. charged upon them by Jaw, shall be and hereby is pledged and appropriated for paying the interest of all such monies as may be borrowed pursuant to this act, accord- ing to the terms and conditions on which the loan or loans respectively may be effected; and also for paying and dis- charging the principal sum or sums of any such loan or loans, according to the terms and conditions to be fixed as aforesaid. And the faith of the United States shall be, and hereby is pledged to establish sufficient permanent revenues for making up any deficiency, that may here- after appear in the provisions for paying the said interest and principal sums, or any of them, in manner aforesaid, t ion P of pI ihV. SK( '- ;>K Alt(J J>e *t further enacted, That the sums, to be kl"-l > n eefls " f ''"'''f'l't'owed pursuant to this act, shall be paid into the Treas- LAWS CONCERNING MONEY, BANKING, AND LOANS. 57 ury of the United States, and there separately accounted for; and that the same shall be, and hereby are appro- priated in the manner following: First, to make up any deficiency in any appropriation heretofore made by law, or to be made during the present session of Congress : and, secondly, to defray the expenses which may be incurred before the end of the next session of Congress, by calling into actual service any part of the militia of the United States, or by raising, equipping and calling into actual service any regular troops or volunteers, pursuant to authorities vested or to be vested in the Presi- dent of the United States by law. Approved, May 7. 1800. ACT OF MAY 10, 1800. CHAP. LVIII. An act supplementary to the act entitled 2 stat. L., 79. "An act to establish the Treasury Department ." a Be it enacted ~by the Senate and House of Representa- tives of the United States of America, in Congress assem- bled, That it shall be the duty of the Secretary of the Duty of the , ~ Secretary of the Treasury to digest, prepare and lay before Congress at Treasury to J . J lay before Con- tile commencement of every session, a report on the sub-gress estimates G ... . * ,, UT of the revenue. ject or nuance, containing estimates or the public revenue and public expenditures, and plans for improving or increasing the revenues, from time to time, for the pur- pose of giving information to Congress in adopting modes of raising the money requisite to meet the public expenditures. Approved, May 10, 1800. ACT OF APRIL 29, 1802. CHAP. XXXII. An act making provision for the re- 16 | stat L - dcmption of the whole of the public debt of the United [Obsolete.] States. P>e it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- bled. That so much of the duties on merchandise and ton- Appropria- tions for the nage as, together with the monies, other than surplusesextinuishment ,, fe . . , . of the public or revenue, which now constitute the sinking; fund, or debt. See vol. I, p. shall accrue to it by virtue of any provisions heretofore 138, 21 . 270, J . J L 338, 370, -110, made, and together with the sums annually required to 432, 4ss, r,i:>, . . ">'!- Debts to discharge the annual interest and charges accruing on ind i vid u ai States, vol. i, p. Q Act of September 2, 17S9, chan. 12. -W, 17.S, Glfi. 58 NATIONAL MONETARY COMMISSION. the present debt of the United States, including tempo- rary loans heretofore obtained, and also future loans which may be made for reimbursing, or redeeming, any instalments, or parts of the principal of the said debt, will amount to an annual sum of seven millions three hun- dred thousand dollars, be, and the same hereby is yearly ap- propriated to the said fund ; and the said sums are hereby declared to be vested in the commissioners of the sinking fund, in the some manner as the monies heretofore appro- priated to the said fund, to be applied by the said com- missioners to the payment of interest and charges, and to the reimbursement or redemption of the principal of the public debt, and shall be and continue appropriated until the whole of the present debt of the United States, and the loans which may be made for reimbursing or redeeming any parts or instalments of the principal of the said debt shall be reimbursed and redeemed : Pro- Baiances of ridecL That after the whole of the said debt, the old six unexpended ap- nropriation, per cent, stock, the deferred stock, the seventeen hundred how d i s p osed L ' ot - and ninety-six six per cent, stock and three per cent, stock excepted, shall have been reimbursed or redeemed, any balance of the sums annually appropriated by this act, which may remain unexpended at the end of six months next succeeding the end of the calendar year to which such annual appropriation refers, shall be carried to the surplus fund, and cease to be vested by virtue of this act in the commissioners of the sinking fund, and the appropria- tion, so far as relates to such unexpended balance, shall cease and determine. tions p amo r u 1 n a t SEC. 2. And be it further enacted, That it shall be the eaW and* every duty ^ * ne Secretary of the Treasury annually, and in sTc'Venirv^of eacn year, to cause to be paid to the commissioners of the thV 1 c 6 o m VnVs- s ^ n ^i ]1 ^ f ull( l the said sum of seven millions three hundred siukinK fimd he thousand dollars, in such payments, and at such times, in each year as the situation of the Treasury will permit: Provided, That all such payments as may be necessary to enable the said commissioners to discharge, or reimburse, any demands against the United States, on account of the principal or interest of the debt, which shall be actu- ally due. in conformity to the engagements of the said States, shall be made 'at such time and times, in each year as will enable the said commissioners faithfully and punctually lo comply with such engagement. SEC. ?>. And be it further enacted, That all reimburse- ments of the capital, or principal of the present debt of LAWS CONCERNING MONEY, BANKING, AND LOANS. 59 the United States, including future loans which may made for reimbursing or redeeming any instalments, or Resent dbt th f parts of the same, and all payments on account of the|^ tefi interest and charges accruing upon the said debt shall kethat utl made under the superintendence of the commissioners sinking fund. And it shall be the duty of the said ^ mt et f i te b r e commissioners to cause to be applied and paid out of the J^^t h^e ^di- said fund, yearly and every year, at the Treasury of the ommi8s^on rs United States, the several and respective sums following, fu d j - eclflc to wit: first, such sum and sums as by virtue of any a-ctP^ P ria 1 t i i ^ ns u ^ or acts, they have heretofore been directed to apply an ^ d f r no t f t^ecom- to pay : secondly, such sum and sums as may be annually missioners. wanted to discharge the annual interest and charges ac- cruing on any other part of the present debt of the United States, including the interest and charges which may accrue on future loans which may be made for reimburs- ing or redeeming any instalments, or parts of the prin- cipal of the said debt : thirdly, such sum and sums as may annually be required to discharge any instalment or part of the principal of the present debt of the United States, and of any future loans which may be made for reim- bursing, or discharging the same, which shall be actually due and demandable, and which shall not by virtue of this, or any other act. be renewed or prolonged, or reim- bursed, out of the proceeds of a new loan : and also it shall be the duty of the said commissioners to cause to be ap- plied the surplus of such fund as may at any time exist, after satisfying the purposes aforesaid, towards the fur- ther and final redemption, by payment, or purchase, of the present debt of the United States, including loans for the reimbursement thereof, temporary loans heretofore obtained from the Bank of the United States, and those demands against the United States, under any treaty, or convention, with a foreign power, for the payment of which the faith of the United States has been, or may hereafter be pledged by Congress: Provided, however. Demands un- That the whole, or any part, of such demands, arising etc., m^y Ife under a treaty, or convention, with a foreign power, and othe^moneys * of such temporary loans, may, at any time, be reimbursed, either out of the sinking fund, or, if the situation of the Treasury will permit, out of any other monies which have been, or may hereafter be, appropriated to that purpose. (Section 4 empowers the commissioners to borrow, at home or abroad, the sums requisite for payment of the 15712' 10 - 5 60 NATIONAL MONETARY COMMISSION. instalments of the Dutch debt, falling due in the years from 1803 to 1806, and requires that a like sum shall be laid out in the payment or redemption of the present debt of the United States, so as to effect the annual payment of seven million three hundred thousand dollars, agree- ably to the provision made above ; but any loan thus made shall be reimbursable within six years from its date, and the rule of interest thereon shall not exceed five per cent, nor shall the charges exceed five per cent of the capital borrowed. The power thus given is not to diminish or affect the power to borrow given to the commissioners by section 10 of the act of March 3, 1795, or the power to sell the shares of the Bank of the United States belonging to the Government, given by section 3 of the act of May 31. 17DG. (Sections 5 and 6 authorize the commissioners, with the approbation of the President, to contract with any bank or individual for the payment, in Holland, of any part of the Dutch debt and its interest, or to employ an agent for procuring remittances for the discharge of said debt or its interest, allowing therefor a compensation not ex- ceeding one-fourth of one per cent on the remittances pro- cured. And the commissioners are empowered, in like manner, to employ an agent in Europe, for the. trans- action of any business relative to the discharge of the Dutch debt, or of any loan authorized for the discharge thereof.) this*act n fo a" SEC. T - An(1 1 }C it further enacted, That nothing in this v?si t <>ns h of 'for- at 't contained shall be construed to repeal, alter, or affect ing r th C e t8 fait1?of an . v ^ * ne provisions of any former act pledging the faith suucs. 1 ' niteil of the United States to the payment of the interest, or principal, of the public debt; and that all such payments shall continue to be made at the time heretofore pre- scribed by law; and the surplus only of the appropria- tions made by this act beyond the sums payable by virtue of the provisions of any former act, shall be applicable to the reimbursement, redemption, or purchase of the pub- lic debt in the manner provided by this act. ; uHh^ui'mons S > S KC. 8 - And !><> it further enacted, That all the restric- ?Si B r h< ?ct3i[ tions !iml mruh.tioiis heretofore established by law. for riH-'romni'ission i'<'g"lat i rig the execution of the duties enjoined upon the pr8 . under ' thlH ; commissioners of the sinking fund, shall applv to and be Account of . . the sales of jn as full force for the execution of the analogous duties stocks, etc.. to . . i.<- in id before on joined bv this ad, as if the.v were herein particularly < onirross. ' ' 1705, cii. -45. repented and reenacted. Provided, however, That the par- LAWS CONCERNING MONEY, BANKING, AND LOANS. 61 ticular annual account of all sales of stock, of loans, and of payments, by them made, shall, hereafter, be laid be- fore Congress on the first week of February, in each year; and so much of any former act as directed such account to be laid before Congress within fourteen days after their meeting, is hereby repealed. Approved, April 29, 180-2. ACT OF FEBRUARY -46, 1803. CHAP. VIII. An act making further provision for the ^ stat. L., expenses attending the intercourse between the United [obsolete.] States and foreign nation*. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- bled. That a sum of two millions of dollars, in addition Further ap- . propriation for to the provision heretofore made, be, and the same is foreign inter- course hereby appropriated for the purpose of defraying any extraordinary expenses which may be incurred in the intercourse between the United States and foreign na- tions, to be paid out of any money in the treasury, not otherwise appropriated, and to be applied under the direc- tion of the President of the United States, who shall cause an account of the expenditure thereof to be laid before Congress, as soon as may be. SEC. 2. And be it further enacted, That the President President au- ^ . ' tnorized tobor- of the United States may, if he shall deem it necessary, row the money. .' The terms and he hereby is authorized to borrow the whole, or any i/ the Senate and House of Representa- tive* of tJic United States of America in Congress assem- of Th the eC T e rea f'l ( ' delivered France, or to such person or persons as shall be author- to the (Jovern- . . ; men t of France, i zed to receive them, in three months at most, after the exchange of the ratifications of the treaty aforesaid, and after Louisiana shall be taken possession of in the name of stork'" 1 t!, s be * ne Government of the I'nited States; and credit, or JliH'ooii! of '-i^dits, to the proprietors thereof, shall thereupon be the Tn.-asury. ( > n t em i an( { - i>e shortened. ' ^ded' however, That the Secretary of the Treasury may. LAWS CONCERNING MONEY, BANKING, AND LOANS. 63 with the approbation of the President of the United States, consent to discharge the said stock in four equal annual instalments, and also shorten the periods fixed by the convention for its reimbursement : And provided also, That every proprietor of the said stock may, until otherwise directed by law, on surrendering his certifi- cate of such stock, receive another to the same amount, and bearing an interest of six per centum per annum, payable quarter-yearly at the Treasury of the United States. SEC. 2. And be it further enacted. That the annual in- interest pay- ' . . able in Europe. terest accruing on the said stock, which may, in conform- ity with the convention aforesaid, be payable in Europe, cha ^f ^^ shall be paid at the rate of four shillings and sixpence at ^j^ and sterling for each dollar, if payable in London, and at the rate of two guilders and one half of a guilder, current money of Holland, for each dollar, if payable in Amster- dam. SEC. 3. And be it further enacted, That a sum equal to vi ^ n ^ er ^r P r t what will be necessary to pay the interest which may ^ ^ n ^ ry in accrue on the said stock to the end of the present year, be, and the same is hereby appropriated for that purpose, to be paid out of any monies in the Treasury not other- wise appropriated. SEC. 4. And be it further enacted, That from and after 29 A ct 18 f 2 , Ap c r " the end of the present year, (in addition to the annual ^ d seven hu^ sum of seven millions three hundred thousand dollars 8 to the yearly appropriated to the sinking fund, by virtue of sinking fund. the act, intituled " An act making provision for the re- demption of the whole of the public debt of the United States,'') a further annual sum of seven hundred thou- sand dollars, to be paid out of the duties on merchandise and tonnage, be. and the same hereby is, yearly appropri- ated to the said fund, making in the whole, an annual sum of eight millions of dollars, which shall be vested in e r ^ om ^ f issi fh e the commissioners of the sinking fund in the same man- to^redeem" the ner, shall be applied by them for the same purposes, and stock - shall be, and continue appropriated, until the whole of the present debt of the United States, inclusively of the stock created by virtue of this act, shall be reimbursed and redeemed, under the same limitations as have been provided by the first section of the above-mentioned act, respecting the annual appropriation of seven millions three hundred thousand dollars, made by the same. 64 NATIONAL MONETARY COMMISSION. ... secretary ? f SEC. 5. And be it further enacted. That the Secretary the 1 reasury to ' J pay to commis- o f { ne Treasury shall cause the said further sum of seven s i o n e r s . w h o hundred thousand dollars to be paid to the commissioners charge of debt. o f tj ie sinking fund, in the same manner as was directed by the above-mentioned act respecting the annual appro- priation of seven millions three hundred thousand dol- lars; and it shall be the duty of the commissioners of the sinking fund to cause to be applied and paid out of the said fund, yearly, and every year, at the Treasury of the United States, such sum and sums as may be annually wanted to discharge the annual interest and charges ac- cruing on the stock created by virtue of this act, and the several instalments, or parts of principal of the said stock. as the same shall become due and may be discharged, in conformity to the terms of the convention aforesaid, and of this act. Approved, November 10, 1803. ACT OF NOVEMBER 10, 1803. - stat. L - CHAP. ITT. An act making prorision for the payment of [obsolete.] claims of citizens of the United States on the Govern- 'incnt of France, the payment of u-hich ha* been ax- sumed by the United States, by rirtue of the convention of the thirtieth of April, one thousand' eight hundred and three, between the United State* and tlie, French Republic. H= * * # # ^ jYosijioin or Si-:c. 3. And be 'it further enacted. That the President *' s ' '"' "f l ' 1(1 United States be. and he hereby is authorized to l"'iTo\v, on the credit of the United States, to be applied to the purposes authorized by this act, a sum not exceed- ing one million seven hundred and fifty thousand dollars. ;it a rate of interest, not exceeding six per centum per annum: reimbursable out of the appropriation made by virtue of the first section of this act. at the pleasure of the I'niled States, or at such period, not exceeding live y<-ar> from the time of obtaining the loan, as may be stipulated by contract: and it shall be lawful for the Bank of the I'nited States to lend the same. J Sr.r. -1. And lie il further enacted. That so much of the , duties on merchandise and tonnage as may lie necessary. ."be, and the same hereby is appropriated for the purpose paying the interest which shall * * :): Approved. November K). 1S03. row :iiii| liflv thoi t-r< iil.ii loni.s. :ii.i- on cus- f paying the interest which shall accrue on the said loan. LAWS CONCERNING MONEY, BANKING, AND LOANS. 65 ACT OF FEBRUARY 24, 1804. CHAP. XIII. An act for laying and collecting duties on _2 stat. L., imports and tonnage within the territories ceded to the United States, ~by the treaty of the thirtieth of April, one thousand eight hundred and three, between the Ignited States and the French Republic, and for other purposes. SEC. 1. * * * and the following acts, that is to Act of sept. '2, 1789 ch 12 say, the act, intituled, ''An act to establish the treasury"' department." ***** ''An act to establish a mint and to regulate the coins of 2 A 7r,o of c Ap 1 r " the United States." "An act regulating foreign coins, and for other pur- Act of Feb- ruary 9, 1793, poses. ch. 5. And the act supplementary to, and amendatory of the two last-mentioned acts, or so much of the said acts as is now in force, * * *, shall extend to, and have full force and effect in the above-mentioned territories: ***** Approved. February 24, 1804. ACT OF MARCH 2(5, 1804. CHAP. XLVI. -An act further to protect the commerce ^2 stat. L., (md seamen, of the United States af/ahtst the Barbary [Expired.] powers. SEC. 4. * or if necessary the President of the President nu- -r i n -11 i ' -i thorlzed to hor- United States is hereby authorized to borrow the said row this sum. sum, or such part thereof as he may think proper, at a rate of interest not exceeding six per centum per annum, from the Bank of the United States, which is hereby i*ank of the iii .. . , I'nited States empowered to lend the same, or ironi any other body authorized to ITT,- ,. " lend. or bodies politic or corporate, or rrom any person or persons; and so much of the proceeds of the duties laid by this act. as may be necessary, shall be and is hereby pledged for replacing in the treasury, the said sum of t *' ( ' ) '' ( one million of dollars, or so much thereof ;is shall have j^. 1 , ' been thus expended, and for paying the principal and interest of the said sum, or so much thereof as may be borrowed, pursuant to the authority given in this section ; 66 NATIONAL MONETARY COMMISSION. be A iSd "before an( ^ an accoun ^ ^ t ne several expenditures made under congress. fai s ac ^ shall be laid before Congress during their next session. Approved, March 26, 1804. ACT OF FEBRUARY 13, 1806. 2 stnt. L., CHAP. V. An act making provision for defraying any [Obsolete.] extraordinary expenses attending the intercourse be- f tree/i the United States a/id foreign nations. ***** President au- SEC. 2. And l)e it further enacted, That the President cau r se e the of the United States be, and hereby is authorized, if money to be . ,, -, , , ,. borrowed. necessary, to borrow the said sum, or any part thereot, Rates of in- in behalf of the United States, at a rate of interest not exceeding six per centum, per annum, redeemable at the will of the Congress of the United States. And it shall be lawful for the Bank of the United States to lend the whole, or any part of the same. Fund made SEC. 3. And be it further cwcted. That so much as subject to the . , , , , ' , . reimbursement may be necessary ot the surplus or the duties on imports of princi p a 1 , 1 . ' . , ... and tiie paying and tonnage, beyond the permanent appropriation nere- tofore charged upon them, by law, shall be, and hereby is pledged and appropriated for the payment of the inter- est, and reimbursement of the principal, of all such monies as may be borrowed in pursuance of this act. according to the terms and conditions on which the loan di' loans may be effected. Approved, February 13, 1SO<>. ACT OF APRIL 18, 1800. 2 st:it. L., ('MAP. L. An (i<-t to r<'j>cal NO much of an;/ act or acts as authorize, the receipt of evidences of the public debt, in t for /(OH/* of tJie I 'ulted titatc.*; and for other xcx, relative to the public debt. lie it enacted by tlie ticnate and House of Representa- tive^ <>f tlie I nited XtatcN of America in Congress asNein- /y/rY/ 5 Tliat S() lllll(>l1 ()i ' all . v :lct ()1 " acts as authorize the '<'' i'l't^of '<.vi P 11(1( ' ( 'ipt f evidences of the public debt, in payment for ;;';;[ i"|J;>;.'; the lands of the Unite,! Slates, shall from and after !!ri"r [','. mi! 11 "' l>i'l'''ll (l; '.v of April, one thousand eight hundred ""' !lll(l six ' be 1'q^al^: I'rocidcd, That the riht uf all LAWS CONCERNING MONEY, BANKING, AND LOANS. 67 persons who may have purcliasecl public lands previous to the passage of this act, to pay for the same in stock, shall in no wise be affected or impaired: And provided further. That there shall be allowed on every payment made in money, at or before the same shall fall due, for lands purchased before the thirtieth day of April, one thousand eight hundred and six. in addition to the dis- counts now allowed by law, a deduction equal to the difference at the time of such payment, between the mar- ket price of six per cent, stock and the nominal value of its unredeemed amount, which market price shall, from time to time, be stated by the Secretary of the Treasury to the officers of the several land-offices. SEC. "2. And lie it further enacted, That the commis- W hh e pu** sioners of the sinking fund shall not be authorized to^f^ 8 ^ ay t bl purchase any of the several species of the public debt,^ 1 ^ 1 ^^ 6 ^^ at a higher price than at the rates following, that is to states - say; they shall not pay more for three per cent, stock than sixty per cent, of its nomjnal value; nor for any other species of the public debt more than the nominal value of its unredeemed amount, the eight per cent, stock only excepted; for which they shall be authorized, in addition thereto, to give at the rate of one half of one per cent, on the said nominal value, for each quarterly dividend which may be payable on such purchased stock, from the time of such purchase to the first day of Janu- ary, one thousand eight hundred and nine. SEC. 3. And be it further enacted. That so much of any^.^ 6 ^ 6 ;; 11 ^* act as directs that (purchasers) purchases of the public "tHctimT' th e e debt, by the commissioners of the sinking fund, shall be as U ttlieraode made within the thirty days next ensuing after each day j^rchas* 1 f on which a quarterly payment of interest on the debt of the United States shall become due; and also so much of any act as directs that the said purchases shall be made by open purchase or by sealed proposals, be, and the same hereby is repealed. And the said commissioners are hereby authorized to make such purchases, under the re- strictions laid by the preceding section, in such manner, and at such times and places as they shall deem most 17 7 n ^ f clK ;{S- eligible; and for that purpose to appoint a known agent or agents, to whom they may allow a commission, not ex- ceeding one- fourth of one per cent, on the respective purchases of such agents. Approved, April 18. 1800. 68 NATIONAL MONETARY COMMISSION. ACT OF FEBRUARY 11, 1807. 2 stat. L., CHAP. XII. An- act supplementary to the act, intituled "An act making provision for the redemption of the "hole of the pi/Hie debt of the United States.'' tiono e f t'he'pTib- Choreas it is desirable to adapt the nature of the pro- oni be b done C f)v y i s i n f r the redemption of the public debt to the present voluntary sub- circumstances of the United States, which can only be scription. done by a voluntary subscription on the part of the cred- itors : Be it enacted by the Senate and House of Representa- tive* of the United States of America in Congress assem- ^^isu^cii 1 Mi'd-: That a subscription to the full amount of the old six per cent, deferred and three per cent, stocks be, and the Subscription * books to the same i s hereby proposed: for which purpose books shall full amount of J L i J. i the old <; per k e opened at the Treasury of the United States, and by cent, deferred l _ and 3 per cent, the several commissioners of loans, on the first day of stock, to be opened at thej u ly next, to continue open until the seventeenth day of I reasury and 1 ... the several March next following, inclusively, the fourteen last days loan offices. ' ' Mode of ef-of each quarter excepted, for such parts of the above meu- fectinj,' the sub- . . . * scription. tioned descriptions or stock, as shall, on the day of sub- scription. stand on the books of the Treasury, and of the several commissioners of loans, respectively; which sub- scription shall be effected by a transfer to the United States, in the manner provided by law for such transfers, of the credit or credits standing on the said books, and by a surrender of the certificates of the stock subscribed. Credits to bo SKC. '2. . I ltd l>e it fnri JKT enacted, That for the whole or given for any ' sumssubsrribed any part of any sum which shall thus be subscribed, in old in old . ch. 4.>. the sinking fund, by the tenth section of the act to which, , IVw(1 '' s ? f the comniis this act is a supplement, shall extend to all the cases of*j<^ ( j- f n '^ reimbursement of any instalments or parts of ihe capital. ( ' xtended - <>r principal, of (he public debt now existing, which may become, payable according to law. And in every case in which a loan may be made accordingly, it shall be lawful 72 NATIONAL MONETARY COMMISSION. for such loan to be made of the Bank of the United States, any thing in any act of Congress to the contrary notwithstanding. Approved, June 28, 1809. ACT OF MAY 1, 1810. 2 stat. [Obsolete.] ize ^ oan L.. CHAP. XLV. An act authorizing a loan of money, for a x"" 1 ' n t exceeding the amount of the principal of the public debt, reimbursable during the year one thousand cif /Jit h>t /t (I red and ten. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress ax- KemlAcd. That the President of the United States be, and he is hereby empowered to borrow, on the credit of the United States, a sum not exceeding the amount of the principal of the public debt, which will be reimbursed, according to law. during the present year, by the com- missioners of the sinking fund, at a rate of interest, pay- able quarter yearly, not exceeding six per centum per annum, and reimbursable at the pleasure of the United States, or at such period as may be stipulated by contract. not exceeding six years from the first day of January next; to be applied, in addition to the monies now in the Treasury, or which may be received therein from other sources during the present year, to defray any of the public expenses which are. or may be authorized by law. Tne st()rk thereby created, shall be transferable in the same manner as is provided by law for the transfer of the Guided debt. It shall be lawful for the Bank of the |y n j tec ] States to lend the said sum, or any part thereof; an( j j t j s f, ir th<>r hereby declared, that it shall be deemed a good execution of the said power to borrow, for the 1790, ch. 34. Secretary of the Treasury, with the approbation of the President of the United States, to cause to be constituted certificates of stock, signed by the Register of the Treas- ury. or by a commissioner of loans, for the sum to be borrowed, or for any part thereof, bearing an interest of six per cent, per annum, transferable and reimbursable as aforesaid; and to cause the said certificates of stock to be sold : I'rni'!c it enacted ~by the ticn-cite and House of Representa- tives of the United Xtate* of America in Congress assem- president to /f c( f That the President of the United States be. and cause Treasury notes to issue. ] ie j s hereby authorized to cause Treasury notes for such sum or sums as he may think expedient, but not ex- ceeding- in the whole the sum of five millions of dollars, to be prepared, signed and issued in the manner herein after provided. t<, Sai i!o B reim S Srx '- - A n ' J fi<> '** /"'''*?"''' cuftctcff. That the said Treas- bursed. U1 .y I10 t(..s shall be reimbursed by the United States, at such places, respectively, as may be expressed on the face of the said notes, one year, respectively, after the day on which the same shall have been issued : from which day of issue they shall bear interest, at the rate of five and two-fifths per centum a year, payable to the owner and owners of such notes, at the Treasury, or by the proper commisisoner of loans, at the places and times respectively designated on the face of said notes for the payment of principal. (Section } provides for the signing and countersign- ing of the notes, and for the compensation of the persons employed for this purpose.) tiH*Tr<>-!s"urv f ^ KC - ^ ' ^ "^ ^ ( "' f l" 1 '^"' 1 ' deleted. That the Secretary un Treasury be. and he is hereby authorized, with the rcctioti of the ' I'rcsi.i.-nt. I "Approbation of the President of the United States, to cause a port ion ' <>r said notes > cause to be issued such portion of the said Treasury notes he Issued, etc. ' as the President may think expedient in payment of sup- plies, or debts due by the United States, to such public creditors, or other person^, as may choose to receive such note- in payment, as aforesaid, at par: and the Secretary of the Treasury is further authorized, with the appro- bation of the President of the I'nited States, to borrow. LAWS CONCERNING MONEY, BANKING, AND LOANS. 77 from time to time, not under par, such sums as the Presi- dent may think expedient, on the credit of such notes. And it shall be a good execution of this provision to pay such notes to such bank or banks as will receive the same at par and give credit to the Treasurer of the United States for the amount thereof, on the day on which the said notes shall thus be issued and paid to such bank or banks respectively. SEC. 5. And be it further enacted, That the said Treas- tr ^| er bie by ury notes shall be transferable by delivery and assign- als/gnment an ^ ment endorsed thereon by the person to whose order the same shall, on the face thereof, have been made payable. SEC. 6. And le it further enacted, That the said Treas- Jpayment^of ury notes, wherever made payable, shall be every where taxes! e s a n received in payment of all duties and taxes laid by the authority of the United States, and of all public lands sold by the said authority. On every such payment, credit shall be given for the amount of both the principal and the interest which, on the day of such payment, may appear due on the note or notes thus given in payment. And the said interest shall, on such payments, be com- puted at the rate of one cent and one half of a cent per day on every hundred dollars of principal, and each month shall be computed as containing thirty days. (Section 7 provides that any public officer who may receive such Treasury notes shall, on payment of the same into the Treasury or into any bank where public monies are deposited, be credited with the principal of the notes so paid in, and the interest which may then have accrued, and shall be charged with the interest accruing on the notes while in his hands. But no such charge for accru- ing interest shall be made against any bank receiving payment for the United States from individuals or pub- lic officers, which shall receive such notes as specie and shall credit the Treasurer of the United States with the amount thereof, including the interest due on the day of receipt.) SEC. 8. And l>e it further enacted. That the commis- ..^"^'S^ (IS <>!_ S 1 II K 1 II J^ sioners of the sinking fund be, and they are hereby an- [..""o'prim'lpai thori/ed and directed to cause to be reimbursed and paid :!."',', j"/ t '^ st of the principal and interest of the Treasury notes which may be issued by virtue of this act, at the several time and times when the same, according to the provisions of this art. should be thus reimbursed and paid. And the. said commissioners are further authorized to make pur- 78 NATIONAL MONETAKY COMMISSION. chases of the said notes, in the same manner as of other evidences of the public debt, and at a price not exceeding par, for the amount of the principal and interest due tion ?o P r r sa?d i re a * * ne ^ me ^ purchase on such notes. So much of the imbursement. f un ds constituting the annual appropriation of eight mil- lions of dollars, for the principal and interest of the pub- lic debt of the United States, as may be wanted for that purpose, after satisfying the sums necessary for the pay- ment of the interest and such part of the principal of the said debt as the United States are now pledged annually to pay and reimburse, is hereby pledged and appropriated for the payment of the interest, and for the reimburse- ment or purchase of the principal of the said notes. And so much of any monies in the Treasury not otherwise ap- propriated as may be necessary for that purpose is hereby appropriated for making up any deficiency in the funds thus pledged appropriated for paying the principal and interest as aforesaid. (Sections 9 and 10 provide for the expense of prepar- ing the notes for issue, and fix the penalties for counter- feiting and for uttering counterfeited notes.) Approved, June 30. 1812. ACT OF JULY 1. 181-2. _2 stat. L., C IIAP . CXV. Ait act to facilitate the transfer of the ntock create fJ under an act pawd on the tenth of November^ one thousand eight hundred and three. Be it enacted l>y the Senate and Honxc of Representa- tives of the T^nited States of America in Congress a$- lo*i(& t ,<5?l'.8emWed, That the stock created under the act, entitled feraWe as^ther " An act authorizing the creation of a stock to the amount bo'ok so? tile of eleven millions t\vo hundred and fifty thousand dol- those SU of 5 anylar s for the purpose of carrying 1 into effect the convention and mi from 0n th r eof the thirtieth of April, 'one thousand eight hundred commissioner and three 1 , between the United States of America and the o?her? S etc! French Republic, and making provision for the payment of the same.'' from and after the passing of this act shall be transferable in the same manner as the other stocks of the United States arc or shall be transferable from the books of the treasury to the hooks of any commissioner, and from the books of one commissioner to those of another commissioner or to those of the treasury. Approved. July 1. 1812. LAWS CONCERNING MONEY, BANKING, AND LOANS. 79 ACT OF JULY 6, 1812. CHAP. CXXXV. An act authorising a subscription for __ 2 stat. L., the old six per cent, and deferred stocks, and providing for an exchange of the same. (By section 1 a subscription to the full amount of the old six per cent and deferred stocks is proposed, to remain open from October 1, 1812, to March 17, 1813, inclusively, the last fourteen days of each quarter excepted, in terms identical with those of section 1 of the act of February 11, 1807.) SEC. 2. And l>e it further enacted. That for such part Terms upon ' L which subscrip- of the amount of old six per cent, or deferred stock, thus tions may be made. subscribed, as shall remain unredeemed on the day of such subscription, credits shall be entered to the respective subscribers, on the books of the Treasury or of the com- missioners of loans where such subscription shall have been made, and the subscriber or subscribers shall be enti- tled to receive a certificate or certificates purporting that the United States owe to the holder or holders thereof, his, her, or their assigns, a sum to be expressed therein, equal to the unredeemed amount of the principal of the old six per cent, or deferred stocks, subscribed as afore- said, bearing an interest of six per centum per annum, payable quarter yearly, from the first day of the quarter during which such subscription shall have been made, transferable in the same manner as is provided by law for the transfers of the stock subscribed, and subject to redemption at the pleasure of the United States at any time after the thirty-first day of December, one thousand eight hundred and twenty-four': Prodded, That no reim- Proviso. bursement shall be made except for the whole amount of the stock standing at the time, to the credit of any proprietor, on the books of the Treasury or of the com- missioners of loans respectively, nor till after at least six months' previous public notice of such intended re- imbursement. (Section '} is identical with section of the act of Feb- ruary 11. 1807. except that, in the concluding sentence, only " such part of the annual sum of eight millions as may be necessary and wanting for the above 1 purposes/' to wit. the payment of interest and reimbursement of principal of the stock now to be created, is to continue appropriated until the redemption of the stock.) 80 NATIONAL MONETAKY COMMISSION. SEC. 4. And be it further enacted, That nothing in this act contained shall be construed in anywise to alter, abridge or impair the rights of those creditors of the United States who shall not subscribe to the loan to be opened by virtue of this act. Approved, July 0, 1812. ACT OF JULY 6, 1812. 2 stat. i... CHAP. CXXXVL An act supplementary to the act en- "lObsoiete.j titled "An act authorizing a loan for a sum not exceed- ing eleren millions of dollars" Be it enacted ~by the Senate and House of Representa- tives of the United States of America in Congress assent - beafpointed a by bled. That the Secretary of the Treasury be, and he is of Ihe Treasury hereby authorized to employ, with the approbation of g'tVc k of e the the President of the United States, an agent or agents f or Act of Mal-c'h the purpose of selling, in conformity with the provisions 41; ~" c ' of the act, entitled "An act authorizing a loan for a sum not exceeding eleven millions of dollars." any part of the stock created by virtue of the said act. A commission not exceeding one-eighth of one per cent, on the amount thus sold, may by the Secretary of the Treasury be al- lowed to such agent or agents; and a sum not exceeding five thousand five hundred dollars, to be paid out of any monies in the Treasury not otherwise appropriated, is hereby appropriated for paying the amount of such commission or commissions as may be thus allowed. Approved, July 0. 1812. ACT OF FEBRUARY 8. P813. i.., CHAT. XXI. An act authorizing a loan for a sum not exceeding sixteen millions of dollars. (Section 1 empowers the President to borrow, on the credit of the I'nited States, a sum not exceeding sixteen millions of dollars, to be applied to defray expenses au- thorized during the present session of Congress; but no engagement is to be entered into 'which shall preclude the reimbursement of the loan at any time after twelve years from January 1. 181-1.) iid SEC - - - ' " <] l( ' ;f f "*!"' enacted, That the President of Hn ao'om;Tof th( ' United States do cause to be laid before Congress, on obtaYncT U by tll(> first Monday in February, eighteen hundred and four- c S uty the Senate and House of Representa- tives of the United States of America in Congress assem- bled. That the President of the United States be, and he Act of May is hereby authorized to cause Treasury notes for such 'TY"e"a C siiry sum or sums as he may think expedient, but not exceed- ooo?oooto v be ing in the whole the sum of five millions of dollars, to Issued. 16 be prepared, signed, and issued, in the manner herein after provided. SEC. 2. And be it further enacted, That the President Additional of the United States be, and he is hereby authorized, in ooo to be bor- addition to the amount authorized by the next preceding T r e a's u r y section of this act, to cause Treasury notes, for such sum or sums as he may think expedient, but not exceeding in (he whole the further sum of five millions of dollars, to be prepared, signed, and issued in the manner herein after provided: Provided, that the amount of money borrowed Proviso. or obtained, by virtue of the notes which may be issued by virtue of this section, shall be deemed and held to be in part of the sum of sixteen millions of dollars, authorized 1*1:;, ch. _i. 82 NATIONAL MONETARY COMMISSION. to be borrowed by virtue of the act to that effect, passed during the present session of Congress. Terms and SEC. 3. And be it further enacted. That the said Treas- places of reim- ini i 11 i TT -i o bursement. ury notes shall be reimbursed by the United States, at such places respectively as may be expressed on the face of the said notes, one year respectively after the day on which the same shall have been issued; from which day of issue they shall bear interest, at the rate of five and two-fifths per centum a year, payable to the owner and owners of such notes, at the Treasury, or by the proper commissioner of loans, or by the officer designated for that purpose, at the places and times respectively designated on the face of said notes, for the payment of principal. (Sections 4 and 5, providing for the signing of the notes and authorizing their issue in any of several methods, are nearly identical with sections 3 and 4 of the Treasury note act of June 30, 1812; but to section f> of the present act is added a provision that the Secre- tary may " sell, not under par. such portion of the said notes as the President may think expedient." (Section G authorizes the employment of agents for the purpose of selling any of the notes now to be issued, and allows a commission not exceeding one-quarter of one per cent on the amount thus sold. (Sections 7, 8. and 1). relating to the transfer of the notes, their receipt for public clues, and the manner of crediting public officers and banks with the interest ac- cruing on them, are identical with the sections 5. (>, and 7 of the act of June 30, 1812.) commission- SK( . 10. A ad l>c 'it fi.'/'f/icr c/n/rffd. That the corn- ers of the sink- . ... iim fund m a y HI issioiHTs of the sinking fund he. and tlu'V are hereby cause the re- imbursement to Authorized and directed to cause to be reimbursed and be made, and . . . . purchases of paid the principal ami interest oi the 1 reasurv notes t li e Treasury . . . notes to be ef- which uiav be issued l>v virtue or this act, at the several feeted. . ' . time and times when the same, according to the provi- sions of this act. -hould be thus reimbursed and paid ; and the said commissioners are further authorized to make purchases of the said note-, in the same manner as of other evidences of the public debt, and at a price not ex- ceeding par, for the amount of the principal and interest due at the time of purcha>c of such notes So much of the funds constituting the annual appropriation of eight millions of dollars, for the payment of the principal and interest of the public debt of the Knited States, as may be wanted for that purpube. after satisfying the sums LAWS CONCERNING MONEY, BANKING, AND LOANS. 83 necessary for the payment of the interest and such part of the principal of the said debt, as the United States are now pledged annually to pay and reimburse, including therein the interest and principal which may become payable upon any loan or loans which may be contracted by virtue of any law passed during the present session of Congress, is hereby pledged and appropriated for the payment of the interest, and for the reimbursement or purchase of the principal of the said notes; and so much of any monies in the Treasury not otherwise appropri- ated, as may be necessary for that purpose, is hereby ap- propriated for making up any deficiency in the funds thus pledged and appropriated, for paying the principal and interest as aforesaid ; and the Secretary of the Treas- ury is hereby authorized and directed for that purpose to cause to be paid to the commissioners of the sinking fund such sum or sums of money, and at such time and tidies as will enable the said commissioners faithfully and punctually to pay the principal and interest of the said notes. (Sections 11 and 12 providing for the expense of pre- paring the notes for issue, and fixing the penalties for counterfeiting, and for uttering counterfeited notes, fol- low closely the corresponding sections of the act of June 80, 1812.)' Approved, February 25, 1813. ACT OF AUGUST 2, 1813. CHAP. LI. An act authorizing a loan for a sum not ex- ceeding seven millions five hundred thousand dollars. (Section 1 empowers the President to borrow on the,.. 3 stat L -> credit of the United States a sum not exceeding seven million five hundred thousand dollars, to be applied to defray expenses for the years 1813 and 1814. but provides that no contract shall be entered into precluding the re- imbursement of the sum thus borrowed, at any time after twelve years from January 1, 1814. (Section 2 authorizes the sale of certificates of the stock thus to be created: "Provided, That no such certifi- cate shall be sold at a rate less than eighty-eight per cen- tum, or eighty-eight dollars in money for one hundred dollars in stock;" and requires that an account of moneys obtained by such sales and a statement of the rate ob- tained shall be laid before Congress on the first Monday 84 NATIONAL MONETARY COMMISSION. in February, 1814. or as soon thereafter as Congress shall be in session. (Section 3, authorizing the employment of agents in disposing of the stock, follows the terms of section 3 of the act of February 8, 1813. (Section 4, pledging for the support of this loan the requisite amount of the sinking fund and prescribing the duties of the commissioners of the sinking fund, is iden- tical with section 3 of the act of March 14, 1812.) B a n k s in SEC. 5. And l>e it further enacted, That it shall be law- i u m i) i a may ful for anv of the banks in the District of Columbia to lend the money, , . . . -. , , , , or any part lend any part or the sum authorized to be borrowed by virtue of this act. any thing in any of their charters of incorporation to the contrary notwithstanding. Approved. August 2, 1813. ACT OF MARCH 4, 1814. KM? Stat ' L "Ci-iAr. XVIII. An act to authorize the issuing of Treas- [ obsolete.] ,, r ,j no f (Jf! j or f/ ie .yctTtce of the year one thousand eight hundred and fourteen. Be it enacted by the Senate and House of Representa- tives of the United States of America in Cony re, ax- A sum notsembled. That the President of the United States be. and exceeding.. 7 . $~i.ooo.uoo inhe is hereby authorized to cause Ireasury notes, tor a Treasury notes, /-in" to be prepared, sum not exceeding Jive millions or dollars, to be pre- pared, signed, and issued, in the manner hereinafter pro- vided. Additional SEC. i>. And be it further enacted. That the President S'l.OOO.OOO In. . i n Treasury notes of the United States be, and lie is hereby authorized to n ion of Congress. wiuTp, wbon, SF.C. ''>. A /id be it furl her enacted. That the said Treas- ,-ind terms on i 11 i i i ,1 TT , i oj which to be re- ury notes shall be reimbursed by the United States at imliurscd. ( , , ,' , . ,, such places respectively, as may be expressed on the face of such note-, one year respectively after the day on which the same shall have been issued; from which day LAWS CONCEBNING MONEY, BANKING, AND LOANS. 85 of issue they shall bear interest at the rate of five and two-fifths per centum a year, payable to the owner or owners of such notes, at the Treasury, or by the proper commissioner of loans, or by the officer designated for that purpose, at the places and times respectively desig- nated on the face of said notes for the payment of prin- cipal. (Sections 4. 5. and 6, providing for the signing of the notes and for their issue or sale, and for the employment and compensation of agents in their sale, follow the lan- guage of the corresponding sections 4. 5. and 6 of the act of February 25. 1813. (Sections 7, 8, and !). relating to the transfer of the notes, their receipt for public dues, and the manner of crediting public officers and banks with interest accruing on them, are identical with the sections 5, 6. and 7 of the Act of June 30. 1812. (Section 10, containing the sinking fund provisions, is identical with section 10 of the Treasury note act of Feb- ruary 25. 1813. (Sections 11 and 12, providing for the expense of pre- paring the notes for issue and fixing the penalties for counterfeiting and for uttering counterfeited notes, fol- low the language of the corresponding sections of the act of June 30. 1812.) Approved. March 4. 1814. ACT OF MARCH 24. 1814. (Section 1 empowers the President to borrow, on the credit of the United States, a sum not exceeding twenty- five millions of dollars, to be applied to defray any ex- penses authorized by law, during the present year: Pr<>- I'/f/ed, that no contract shall be made to preclude the re- imbursement of the sum thus borrowed, at any time after twelve years from December 31. 1814. (Section 2 authorizes the sale of the stock thus to be created, but fixes no limit as to the rate, and require- the Secretary of the Treasury to lay before Congress during the fii>t week of February, IS] 5. an account of the moneys procured by sale of the stock and a statement of the rate obtained. 86 NATIONAL MONETARY COMMISSION. (Section 3, authorizing the employment of agents in disposing of the stock, follows the terms of section 3 of the act of February 8, 1813. (Section 4, containing the sinking fund provisions, is identical with section 3 of the act of March 14, 1812.) Approved, March 24, 1814. ACT OF NOVEMBER 15, 1814. r. stat. L., CHAP. IV. An act to authorize a loan for a sum not ex- 144. ceeding three millions of dollars. (Section 1 authorizes the President to borrow, on the credit of the United States, a sum not exceeding three millions of dollars, to be applied to defray any expenses authorized by law during the present year: Provided* that no contract shall be entered into precluding the reim- bursement of the sum thus borrowed at any time after twelve years from December 31. 1814. (Section 2 authorizes the Secretary of the Treasury to sell the stock thus to be created, but fixes no limit as to the rate of sale, requiring him to lay before Congress an ac- count of the moneys thus procured and the rate obtained. (Section 3, authorizing the employment of agents in disposing of the stock, follows the terms of section 3 of the act of February 8. 1813.) Treasury SEC. 4. And le it further enacted, That it shall be law- notes due be- fore January ful to receive in payment of anv loan obtained under r e c e Ivable in payment of this this act, or under any other act of Congress authorizing or any other ' J * loan - a loan, Treasury notes which have been issued according to law, and which shall become due and payable on or before the first day of January next, at the par value of such Treasury notes, together with the interest thereon accrued, at the time of the payment on account of the loan. . F nd appro- SEC. 5. And l>e it further enacted. That so much of priated for the payment of in- the lunds constituting the annual appropriation of eie;ht terest and re- imbursement of nilllions of dollars, for the pavment of the principal and p r i n c ipal of stock created interest of the public debt of the United States as may by virtue ol this act. be wanted for that pnrpo.se, after satisfying the sums necessary for the payment of the interest and such part of the principal of said debt, as the United States are now pledged annually to pay or reimburse, is hereby pledged and appropriated for the payment of the inter- est, and for the reimbursement of the principal of the LAWS CONCERNING MONEY, BANKING, AND LOANS. 87 stock which mav be created by virtue of this act. It P u ,t? ot com - ' missioners o t shall accordingly be the duty of the commissioners of sinkin s fund " . accordingly. the sinking fund, to cause to be applied and paid out of the said fund, yearly, such sum and sums as may be annually wanted to discharge the interest accruing on the said stock, and to reimburse the principal, as the same shall become due, and may be discharged in con- formity with the terms of the loan; and they are further authorized to apply, from time to time, such sum or sums out of the said fund, as they may think proper, towards redeeming, by purchase, and at a price not above par, the principal of the said stock, or any part thereof. SEC. 6. And be it further enacted, That in addition Permanent to the annual sum of eight millions of dollars, heretofore provided and appropriated to the sinking fund, adequate and perma- in addition to nent funds shall during the present session of Congress, ready appro- be provided and appropriated, for the payment of the sinking fund. e interest and reimbursement of the principal of said stock created by this act. SEC. 7. And be it further enacted. That an adequate . A U adequate ' ' sinking fund and permanent sinking fund, gradually to reduce and f r paying the . *=> J war debt to be eventually to extinguish the public debt, contracted and created. to be contracted during the present war. shall also be established during the present session of Congress. SEC. 8. And be it further enacted. That it shall be T . B a n k s * n ' ' District of Co- lawful for any of the banks in the District of Columbia, lumbia author- 1 z e d to con- to lend anv part of the sum authorized to be borrowed by tribute to the loan. virtue of this act, any thing in any of their charters to the contrary notwithstanding. Approved, November 15, 1814. ACT OF DECEMBER 15, 1814. CHAP. XII. An Act to provide additional revenues for 14 | stat - L " defraying the expenses of government, and maintain- ing the public credit, by duties on carriages, and the harness i/scd therefor. e n u e s SEC. 10. And be it further enacted, That towards en- ,! { ,. ov .' tablishing an adequate revenue to provide for the pav-ti>' ~ ( 'plied... ,,..., nient of the expenses of government, for the punctual men t of ex- ]i <> n s o s 1 n - payment of the public debt, principal and interest, con- cun-ed during . . ,, present, war. tracted and to be contracted, according to the terms or 88 NATIONAL MONETARY COMMISSION. the contracts respectively, and for creating an adequate sinking fund, gradually to reduce and eventually to ex- tinguish the public debt, contracted and to be contracted, the internal duties laid and imposed by this act, (and 4 Ac isi3 J cb y th se ^i^ an( ^ imposed by the "Act laying duties on carriages for the conveyance of persons," passed twenty- fourth July, one thousand eight hundred and thirteen, so far as the name are not hereby abolished.) shall be laid, levied, and collected, during the present war between the United States and Great Britain, and until the pur- ir with-poses aforesaid shall be completely accomplished, any adequate rele^ thing in any act of Congress to the contrary thereof in tute'd? any wise notwithstanding. And for effectual applica- tion of the revenue to be raised by and from the said in- ternal duties to the purposes aforesaid, in due form of law. the faith of the United States is hereby pledged ; Proviso. Provided ahrayx. That whenever Congress shall deem it expedient to alter, reduce, or change the said internal duties, or any or either of them, it shall be lawful so to do. upon providing and substituting by law, at the same lime, and for the same purposes, other duties which shall be equally productive Avith the duties so altered, reduced, or changed: And. Provided further. That nothing in this act contained shall be deemed or construed in any wise to rescind or impair any specific appropriation of the said duties, or any or either of them, heretofore made by law. but such appropriation shall remain and be carried into effect according to the true intent and meaning of the laws making the same, any thing in this act to the contrary thereof in any Avise notwithstanding. -; : :- :<: ;k ;fc Approved. December l-">. ISM. XOTK. This provision, willioul substantial change, is embodied in section i;:; of the act of December L.M. 1x14. chapter 1.~ ( :> Slat. J... 1 .")!_') : in section .". of the act of December I'.",. 1x14. chapter 1C, 05 Stat. L.. I.V.n : in section 41 of the act of January '.. 1X1 r,. chapter L'1 < '.'> Slat. L.. KM): and in all these cases was made applicable to previous ads on (he same subject-matter. It is also embodied in section u:; ni" th ( net uf .January 1.x. l.xir,. chapter '2- (.'! Stat. I,.. Ixiii ; ;ind in section 'IT, of another act of the same day. chapter >u ((j Slut. L., LAWS CONCERNING MONEY, BANKING, AND LOANS. 89 ACT OF DECEMBER 21, 1814. CHAP. XV. An act to provide additional revenues for s stat. L., 158 defraying the expenses of government and maintaining the public credit, by laying duties on spirits distilled icithin the United States, and Territories thereof, and by amending the act laying duties on licenses to distil- lers of spirituous liquors. (Section 25 authorizes the anticipation of the duties laid by this act, by a loan upon the pledge of the said duties for its reimbursement, for an amount not exceed- ing six millions of dollars and at a rate not above six per cent, the money so obtained to be applied only to the pur- poses to which the duties pledged are applicable by law. The same provision is embodied in the act of January 9, 1815. laying a direct tax. See 3 St. L., 179.) Approved, December 21, 1814. ACT OF DECEMBER 20. 1814. CHAP. XVII. An- act supplementary to the acts author- -| stat. i... izing a loan for the several sums of firenty-fre million* [obsolete.] of dollars and three millions of dollar*. Be it enacted by the Senate and Ilouxe of Represent'!- no ' r r e !! e t o s b " l \l fives of the United States of America* in Congress #s- deficient 1 ' in 8 sembled, That the Secretary of the Treasury be and he is* an. horlzed hereby authorized, with the approbation of the President of the United States, to cause Treasury notes to be pre- pared, signed and issued, for and in lieu of so much of the sum authorized to be borrowed on the credit of the United States, by the act of Congress, entitled "An act to author- M; ^.,.h 4.1814* ize a loan for a sum not exceeding twenty-five millions of Hl - dollars.'' passed on the twenty-fourth day of March, in the year one thousand eight hundred and fourteen, and also for. and in lieu of so much of the sum authorized to be borrowed on the credit of the United States by the act of Congress, entitled "An act authorizing a loan for _A<-t <>r NOV. |a) sum of three millions of dollars." passed on the fifteenth day of November, in the year one thousand eight hundred and fourteen, as has not been borrowed or other- wise employed in the issue of Treasury notes according to law: Provided alirtn/s* That the, whole amount of Trcas- The timonni t u f T ri'?i su ry urv notes issued bv virtue of this act. for and in lieu ofnotos \yiiich limy In' issued the residue of the said two sum.- as aforesaid, shall not*""'" "_"' << reed 7,i)UO,OOU exceed the sum of seven millions five hundred thousand ic.ihu-s. 90 NATIONAL MONETARY COMMISSION. dollars: and further, that the Treasury notes so issued shall be applied to the same uses to which the said two loans authorized as aforesaid were respectively by law made applicable. secretary of SEC. 2. And be it further enacted, That the Secretary to cause a fur- of the Treasury be, and he is hereby authorized, with the Treasury notes approbation of the President of the United States to cause Treasury notes to be prepared, signed, and issued, for a further sum of three millions of dollars, to defray the expenses of the War Department, for the year one thousand eight hundred and fourteen, in addition to the sums heretofore appropriated by law for those purposes respectively. (Section 3 provides that the Treasury notes issued under this act shall be prepared and issued in the same form, and reimbursable, transferable, and receivable in the same manner as the notes issued under the act of March 4, 1814; and that the Secretary of the Treasury shall have the same powers to sell or pay out the notes, or to borrow money on the pledge thereof, and to employ agents for the purpose of making sales of the same.) Sum pledged SEC. 4. And l>c it further enacted. That a sum equal to Treasury notes, the whole amount of the. Treasury notes issued by virtue of this act. to be paid out of any money in the Treasury not otherwise appropriated, shall be and the same is hereby appropriated, for the payment and reimbursement of the principal and interest of such Treasury notes, ac- cording to contract, and the faith of the United States is hereby pledged to provide adequate funds for any defi- ciency in the appropriation hereby made. (Sections 5 and provide, as in previous acts, for the expense of preparing the notes, and for the punishment of counterfeiting or uttering counterfeited notes.) Approved, December 20, 1814. ACT OF JANUARY <), 1815. :>, stat. L.. (< IIAP . XXI. An act to prur'ide additional reroute* fur * ' , . . [Repealed.] defrcu/iny the c.r/H'nxcx of (lorcrinncnt, and maintain- in f/ the i>nli!/c credit* // la >/'/ IK/ a direct ta.c upon f/> f'nifcd 'S'/Wr.v, and t<> /iru^iih- fur assessing and rof/rr-f h'lff tin 1 xautr. * * * * Loans author- CJ Fr j\-) ,!//,/ / /'/ fmiJlc'r cnarfcd. That it sllilll lie I / e d 1 n a n - . ticipation "f lawful for the, President of the United States to authorize the taxes. LAWS CONCERNING MONEY, BANKING, AND LOANS. 91 the Secretary of the Treasury to anticipate the collection and receipt of the direct tax laid and imposed by this act, and by the said act of Congress, entitled "An act to Act of Aug. 2 1S1 ^ oh H7 lay and collect a direct tax within the United States," by obtaining a loan upon the pledge of the said direct taxes, or either of them, for the reimbursement thereof, to an amount not exceeding six millions of dollars; and at a rate of interest not exceeding six per centum per annum. And any bank or banks now incorporated, or which may hereafter be incorporated, under the authority of the United States, is, and are hereby authorized to make such loan: Provided always, and it is expressly declared, That E rov . is , d the money so obtained upon loan, shall be applied to the act of Dec. 23, purpose aforesaid, to which the said direct taxes so to be pledged are by this act applied and appropriated, and to no other purposes whatsoever. Approved, January 9, 1815. ACT OF FEBRUARY 24, 1815. CHAP. LVI. An act to authorize the issuing of Treasury t 3 stat. L., notes for the service of the year one thousand eight hundred and -fifteen. 213. Be it enacted by the Senate and House of Rcpresenta- tatives of the United States of America, in Congress assembled, That the Secretary of the Treasury, with \\\ issue of the approbation of the President of the United States, be, authorized, and he is hereby authorized to cause Treasury notes for a sum not exceeding twenty-five millions of dollars, to be prepared, signed, and issued at the Treasury of the United States, in the manner hereinafter provided. (Section 2 provides for the signing and countersign- ing of the notes.) SEC. 3. And le it further enacted, That the said Treasury tio 8 en f m ' t n h a e notes shall be prepared of such denominations as the Sec- notes - retary of the Treasury, with the approbation of the Presi- dent of the United States, shall, from time to time, direct ; and such of the said notes as shall be of a denomination less than one hundred dollars, shall be payable to bearer and be transferable by delivery alone, and shall bear no interest; and such of the said notes as shall be of the denomination of one hundred dollars, or upwards, may bo made payable to order, and transferable by delivery and assignment, endorsed on the same, and bearing an interest from the day on which they shall be issued, at the rate of 15712 10 7 92 NATIONAL MONETARY COMMISSION. five and two-fifths per centum per annum; or they may be made payable to bearer, and transferable by delivery alone, and bearing no interest, as the Secretary of the Treasury, with the approbation of the President of the United States, shall direct. HOW holders SEC. 4. And l>e it further enacted, That it shall be law- ury notes bear- ful for the holders of the aforesaid Treasury notes, not an^ "not te bear- bearing an interest, and of the Treasur}' notes bearing an m a y f e un S d interest at the rate of five and two-fifths per centum per annum, to present them at any time, in sums not less than one hundred dollars, to the Treasury of the United States, or to any commissioner of loans; and the holders of the said Treasury notes not bearing an interest, shall be en- titled to receive therefor, the amount of the said notes, in a certificate or certificates of funded stock, bearing inter- est at seven per centum per annum, and the holders of the aforesaid Treasury notes bearing an interest at the rate of five and two-fifths per centum, shall be entitled to receive therefor the amount of the said notes including the interest due on the same, in a like certificate or certifi- cates of funded stock, bearing an interest of six per centum per annum, from the first day of the calendar month next ensuing that in which the said notes shall thus be respectively presented, and payable quarter-yearly, on the same days whereon the interest of the funded debt is now payable. And the stock thus to be issued shall be transferable in the same manner as the other funded stock of [the] United States; the interest on the same, and its eventual reimbursement, shall be effected out of such fund as has been or shall be established by law for the payment and reimbursement of the funded public debt contracted Faith of the s * nce ^ ne declaration of war against Great Britain. And pi"d^,i foMh hR thp failh of tho ^"ited States is hereby pledged to estab- c'erTmV^te's^^h sufficient revenues and to appropriate them as an fnfSstl' anci 'i - ^ n(J 1 )C ' lt f urt l> f>r rnar.ted, That it shall bo law- over i-pfiopmod f u l f or the Socrctarv of tho Treasurv to cause the Troas- m a y b e rcls- u ry notes which, in pursuance of tho preceding section, shall 1)0 delivered up and exchanged for funded stock, and also the Treasury notes which shall have been paid to LAWS CONCERNING MONEY, BANKING, AND LOANS. 93 the United States for taxes, duties, or demands, in the manner hereinafter provided, to be re-issued, and applied anew, to the same purposes, and in the same manner, as when originally issued. SEC. 6. And be it further enacted. That the Treasury Treasury ,., ,. ,, ,. i 11 i * notes made notes authorized to be issued by this act, shall be even* every where re- where received in all payments to the United States. On public dues. every such payment the note or notes shall be received for the amount of both the principal and the interest, which. on the day of such payment, may appear due on such of the notes as shall bear interest, thus given in payment; and the interest on the said notes bearing an interest, shall, on such payments, be computed at the rate of one cent and one half of a cent per day, on every hundred dollars of principal; and each month shall be computed as containing thirty days. (Section 7 provides for crediting collectors and other receivers of public moneys with the principal of the notes received by them in payment, and makes the same pro- visions for crediting and charging interest, in case the notes so received bear interest, as are made in the Treasury note act of June 30, 1812, and in subsequent acts.) SEC. 8. And be it further enacted, That the Secretary Notes not to of the Treasury be, and he is hereby authorized, with the united spates approbation of the President of the United States, tovaiuJ. cause the said Treasury notes to be issued at the par value thereof, in payment of services, of supplies, or of debts, for which the United States are or may be answerable by law, to such person and persons as shall be willing to accept the same in payment ; and to deposit portions of the said notes in the loan offices, or in State banks, for the Money nay i> ,1 i T T, be borrowed on purpose ot paying the same to the public creditors as Treasury notes. aforesaid ; and to borrow money on the credit of the said notes : or to sell the same, at a rate not under par ; and it shall be a good execution of this provision, to pay such notes to such bank or banks as will receive the same at par, and give credit to the Treasurer of the United States for the amount thereof, on the day on which the said notes shall thus be issued and paid to such bank or banks respectively. SEC. 9. And lie it further enacted, That it shall and may r- rioinrrs <>f be lawful for the holder of any Treasury notes issued, or receive from authorized to be issued, under anv laws heretofore passed. ma \ nmvor't them into Pind- to convert the same into certificates ot funded debt, upon r>c it further enacted* That it shall be law- lumhia author- fill for any of the banks of the District of Columbia, to lend any part of the sum authorized to be borrowed by virtue of this act, any tiling in any of their charters to the contrary notwithstanding. Treasu ry SEC'. (5. And l>c it further enacted* That it shall be law- notes Issued previous to ful for the Secretary of the Treasury to accept in pav- this act may ',.,. . i be received. incut ot any loan obtained in virtue of this act, such Treasury notes ;is have been actually issued, before the passing of this act. and which were made by law a charge upon the sinking fund, such Treasury notes to be credited for the principal thereof, and the amount of interest actu- ally accrued at the time of the payment. LAWS CONCEBNING MONEY, BANKING, AND LOANS. 95 SEC. 7. And be it further enacted. That it shall be law- rp interest o n ' Treasury notes fill for the Secretary of the Treasury to cause to be paid, due, to be paid, the interest upon Treasury notes which have become due, and remain unpaid, as well with respect to the time elapsed before they become due, as with respect to the time that shall elapse after they become due, and until funds shall be assigned for the payment of the said Treasury notes, and notice thereof shall be given by the Secretary of the Treasury. Approved, March 3, 1815. RESOLUTION, APRIL 30, 1816. VIII. -4 Resolution relative to the more effectual collec- 34 | stat - L " ft on of the public revenue. Resolred by the Senate and House of Representatives of the United States of America, in Congress assembled, That the Secretary of the Treasury be, and he hereby is, th f ""venue. f required and directed to adopt such measures as he may deem necessary to cause, as soon as may be, all duties, taxes, debts, or sums of money, accruing or becoming pay- able to the United States, to be collected and paid in the legal currency of the United States, or treasury notes, or notes of the Bank of the United States as by law pro- vided and declared, or in notes of banks which are pay- able and paid on demand in the said legal currency of the United States, and that from and after the twentieth day of February next, no such duties, taxes, debts, or sums of money accruing or becoming payable to the United States as aforesaid, ought to be collected or received otherwise than in the legal currency of the United States, or treas- ury notes, or notes of the bank of the United States, or in notes of banks which are payable and paid on demand in the said legal currency of the United States. Approved, April 30, 1810. ACT OF MARCH 3, 1817. CHAP. XXXVIII. An act transferring the duties of .^ S(at - L " commissioner of loans to the Hank of the United /States, and abolishing the office of commissioner of loans. Be it enacted by the Senate and II o use of Representa- tives of the United States of America, in, (Ion grew assem- bled, That the Bank of the United States, and its several 96 NATIONAL, MONETARY COMMISSION. t h T e he u^i a u ed branches, shall be, and they are hereby, required to do and S e a r e f S o rm"the P er f rm the several duties of commissioners of loans for mi"1onersTf the several States; and the Bank of the United States Ioa i836 ch so and its several branches, and such State banks as the Bank of the United States may employ in those States where no branch bank shall be established, shall observe and con- form to the directions which have been or may hereafter be prescribed by the Secretary of the Treasury, with the approbation of the President of the United States, touch- ing the execution of the duties aforesaid. SEC. 2. And be it further enacted, That all such duties and acts as are now done and performed by the commis- sioners of loans, in transferring stock from the books of one loan office to another, or to the books of the Treasury, or from the books of the Treasury to the books of the loan offices, shall be done and performed by the president of the Bank of the United States, the president of the sev- eral branches of the said bank, and by the president of such State banks as the Bank of the United States may employ, (in States where no branch of the United States Bank shall be established:) and the acts of the presidents aforesaid shall be countersigned by the cashiers of those banks, respectively. tai-y h o e f Se t e h e e SEC, 3. And be it further enacted, That it shall be the notifv U t'he res ( ^ ll ty ^ the Secretary of the Treasury to notify the presi- il'fk o f f ^tCe dent of the Bank ()f tlie ^ nite( l States, that the duties T tc itLd statesi ' now performed by the commissioner of loans will be transferred to the Bank of the United States, and he shall direct (he commissioners of loans and the agents for military pensions, where there is no commissioner, re- spectively, in the several States, to deliver to the presi- dent of the Bank of the United States, or to the presi- dent of a branch thereof, or to the president of such State bank as the Bank of the United States may employ, on such day or days as he may designate, the register, and all the records and papers of their respective offices; and it shall be the duty of the said commissioners of loans and agents for pensioners to comply with the said direction, and also to take duplicate receipts for the deliv- ery of the records and papers herein described, one of which shall be transmitted, without delay, to the Sec- iToyiso;asto lv t ar y o f the Treasui'v: Provided, however. That the the time, He. J Secretary of the Treasury may designate such time be- fore the first day of January, one thousand eight hundred LAWS CONCERNING MONEY, BANKING, AND LOANS. 97 and eighteen, for the performance of the duties afore- said, as the public convenience will permit: And P- t ostateswhere vided also, That this act shall not be construed to ex- ^ tend to any agent for military pensions in any State Iaw - where there is no bank established by law. SEC. 4. And be it further enacted, That the office of commissioner of loans, upon the delivery of the records | s ^ d | tc abo1 - and papers, as herein required, to the Bank of the United States, or its branches, or to the State banks employed by the Bank of the United States in those States where there may be no branch, shall be, and hereby is, abolished ; and the pay and emoluments of the said commissioners of loans, and the clerks and persons employed by them, after such delivery, shall respectively cease and determine. SEC. 5. And be it further enacted, That the act, enti- thP A ro f n c * t s f e t r tied "An act for the prompt settlement of public ac- [JeTccoimts"'^ counts," shall commence, and be in force, on and after j^Vr'M-u- 6 the third day of this instant, March, any thing in the 18 A 7 c ' t of M . aforesaid act to the contrary notwithstanding. 3 - 1817 > ch - 45 - Approved, March 3, 1817. ACT OF MARCH 3, 1817. CHAP. LXXXV. An act to repeal so much of any acts . * stat. L., now in force as authorize a loan of money, or an issue of treasury notes. (Sections 1 and 2 repeal so much of any acts of Con- gress as authorizes the President to borrow money on the credit of the United States, and to cause certificates of stock to be issued therefor, or to cause treasury notes to be prepared and issued: Prodded, That no securities for money already borrowed shall thus be invalidated, nor shall the right of the holders of treasury notes already issued be affected.) SEC. 3. And l>e it further enacted, That so much of so much of 1 the act men- the act, entitled ' An act to authorize the issuing of tionwi, as au- thorizes a re- Treasury notes for the service of the year one thousand ig sue f the " " Treasury notes, eight hundred and fifteen, as makes it lawful for the repealed'. , . Kel>. 1M, IHlo, Secretary of the Treasury to cause the Treasury notes, ( ' h - J ' 5 - [in] cases therein mentioned, to be re-issued and applied anew to the same purposes, and in the same manner, as when originally issued, be, and the same is hereby repealed. 98 NATIONAL MONETARY COMMISSION. notes e now? r or SEC - 4 - And ^ e ^ fartJier enacted, That all Treasury come h the a p'rop- n t es which are now, or shall hereafter become, the prop- unfted 'states 6 ert y ^ the United States, (from reimbursement, pur- to be canceled. c hase, exchange, or receipts, on account of taxes, duties, and demands,) shall be cancelled or destroyed at such times, and under such regulations and securities, as the commissioners of the sinking fund, with the approba- tion of the President, shall establish and determine. Approved, March 3, 1817. ACT OF MARCH 3, 1817. 3 stat. L., CHAP. LXXXVII. An act to provide for the redemp- t Obsolete.] tion of the public debt. Be it enacted by the /Senate and House of Representa- tives of the United States of America, in Congress assem- appSpriatlon^^' ^hat so much of any act or acts of Congress, as cbase th etc pU of ma ^ es appropriations for the purchase or reimburse- debt f etc d re* 1 men ^ ^ the principal, or for the payment of the interest, peaied o f the funded debt of the United States be, and the same is hereby repealed. sulV n $ n io al - SEC. 2. And be it further enacted, That from the pro- prfated to PP the ceeds of the duties on merchandise imported, and on the sinking fund, tonnage O f vessels, and from the proceeds of the internal duties, and of the sales of western lands, now belonging, or which may hereafter belong, to the United States, the annual sum of ten millions of dollars be, and the same of^oie 1 mone n ls y ear ty} appropriated to the sinking fund; and the said sum is hereby declared to be vested in the commis- sioners of the sinking fund, in the same manner as the moneys heretofore appropriated to the said fund, to be applied by the said commissioners to the payment of interest and charges, and to the reimbursement or pur- tary h o e f S tb e e cllasc ^ tnc principal of the public debt; and it shall pay ea t 8 he r ^io^ e ^ ne duty o "f tnc> Secretary of the Treasury annually (o'mm' issioners ^ callHe to be paid to the commissioners of the sinking fund he slnking f ull( l? the said sum of ten millions of dollars, in such payments, and at such times in each year, as the situa- to \he v um : e of tion of the treasury will host admit : Prodded, That all such payments as may be, necessary to enable the said commissioners to discharge or reimburse any de- mands against the United States, on account of the principal or interest of the debt which shall be actually due in conformity to the engagements of the said United LAWS CONCERNING MONEY, BANKING, AND LOANS. 99 States, shall [and] may be made at such times in each year as will enable the said commissioners faithfully and punctually to comply with such engagement: Provided to Pro 3 T a \ s .^ : ei ^| also, That any money which may -have been paid, be- "^^ issiunera fore the passage of this act, to the commissioners of the heretofore. sinking fund for the year one thousand eight hundred and seventeen, as a part of the annual appropriation heretofore made by law to that fund, shall be held it) be a payment for the year one thousand eight hundred and seventeen, on account of the appropriation of ten millions hereinbefore directed. SEC. 3. And be if further enacted, That in addition to $9,000,000 _ additional ap- the sum of ten millions of dollars, hereinbefore annually propriated to the sinking appropriated to the sinking fund, there shall be appro- f und igv; * * e priated for the year one thousand eight hundred and seventeen, to the sinking fund, the further sum of nine millions of dollars, to be paid out of any moneys in the treasury not otherwise appropriated, at such time within the year as the Secretary of the Treasury shall deem most conducive to the public interest, to be applied by the com- missioners of the sinking fund to the purchase or redemp- tion of the public debt: and it shall be lawful for the Secretary of the Treasury, at any time during the year one thousand eight hundred and seventeen, if he shall deem it expedient to do so, to cause to be paid to the com- missioners of the sinking fund a further sum, not exceed- ing four millions of dollars, which shall be considered as A *, r ( ther sum of $4.000,- an advance to that amount, on the appropriation of ten 000 during .... . . 181", in a rt - millions, payable in the next year, and the said amount vauce, if, etc. shall also be applied by the said commisisoners to the purchase or redemption of the public debt, and the com- , Pm-cimse of 1 * / ' the debt holden missioners aforesaid are authorized and directed to apply '>>' tlu ' bauk ' * e t- the sums by this act appropriated to the purchase and redemption of the public debt, holden by the Bank of the United States, if not otherwise to be obtained on the terms stated in this act. Si-:r. 4. And le it further enacted, That after the year one thousand eight hundred and seventeen, whenever u there shall be, at any time after an adjournment of Con- a gress, in any year, a surplus of money in the treasury, t above the sums appropriated for the service of such year, s the payment of which to the commissioners of the sinking fund, will yet leave in the treasury, at the end of the year, a balance equal to two millions of dollars, then 100 NATIONAL MONETARY COMMISSION. such surplus shall be, and the same is hereby, appro- priated to the sinking fund, to be paid at such times as the situation of the treasury will best permit ; and shall be applied, by the commissioners thereof, to the purchase or redemption of the public debt, when there SEC. 5. And be it further enacted. That whenever, in is a surplus in ' ' t^ sink ingany year, there shall be a surplus in the sinking fund, fund, the com- J J ' . x t inissioners may beyond the amount of interest and principal, which may purchase the- L i debt at the be actually due and payable to the United States, in such market price. . . . . year, in conformity with their engagements, the commis- sioners of the sinking fund shall be, and they are hereby, authorized, with the approbation of the President of the United States, to purchase the debt of the United The price not States, at its market price, if such price shall not exceed to exceed the ' L rates specified, the following rates, viz : for stock of the United States, bearing an interest of three per centum per annum, there shall not be paid more than sixty-five dollars for every hundred dollars of the principal thereof: for stock bear- ing an annual interest of six per centum per annum, there shall not be paid more than the par or true value thereof; and for stock bearing an annual interest of seven per centum, there shall not be paid an advance above the par value thereof, which shall exceed, for every hun- dred dollars of stock, the computed value of an annuity of one dollar for a number of years, equal to that during which the stock so purchased will not be reimbursable at the pleasure of government, estimating, in such com- putation, the interest of mone} r at six per centum per annum. certificates SEC. G. And l>e it further enacted. That all certificates of the public- debt which be- o f public debt which, by payment or purchase, have be- eome the prop- . i . V'- r . ty ,^ the come, or hereafter shall become, the property of the I nited States, ' to be cancelled. United States, shall be cancelled or destroyed, at such times, and under such regulations and securities, as the commissioners of the sinking fund, with the approba- x o interest tion of the President, shall establish and determine. And certificates can- no interest shall be considered as accruing, and no fur- ther payment shall be made, on account of such debt, the certificates of which have been so cancelled and de- stroyed. xothins in SEC. 7. And l>e it further enacted. That nothing in this prevent r o n - act contained shall be construed to prevent the Congress gross from ap- ,,,, TT ., -, ,,, /. 111 -ii j plying surplus of the United States, it war shall occur with any foreign jects in case of power, from applying, to any object of public service, war, etc. LAWS CONCERNING MONEY, BANKING, AND LOANS. 101 any surplus of the amount herein appropriated to the sinking fund, which may be left in any year after pay- ing the interest and principal which may be actually due and payable by the United States, in conformity with their engagements. Nor shall any thing in this act be fec ^ ed ^ eg a ^j construed to repeal, alter, or affect, any of the provisions^ 61 ' aets . of any former act, pledging the faith of the United States to the payment of the interest or principal of the public debt, but all such payments shall continue to be made at the time heretofore prescribed by law, excepting only as Exception. before provided, that no payments shall be made on cer- tificates which have become the property of the United States. Approved, March 3, 1817. ACT OF MARCH 3, 1817. CHAP. XCIII. An act to incorporate the subscribers to ^.j 5 stat - L - certain banks in the District of Columbia, and to pre- vent the circulation of the notes of unincorporated as- sociations within the said district. SEC. 14. And be it further enacted, That the hank shall, on !S t 5S! 2S in no case, buy and sell the funded debt of the United [ n g^feS States, or of any State, or be owners of any ships or ves- etc ' sels, or directly or indirectly be concerned in trade, or the importation, exportation, purchase or sale of any goods, wares, or merchandise whatever, except bills of exchange, or bullion, and such ships, vessels, goods, wares, or mer- chandise, as shall be truly pledged to them by way of security, for debts due, owing, or growing due to the said bank, or purchased by it to secure such debts: Provided, rroviso; as nevertheless, That the said bank may sell and dispose of debt now held either the whole or any part of the funded debt of the United States, which it now holds. (Sections 23, 24, 25. 20, 27 apply same provisions to other banks in Washington, Georgetown, and Alexan- dria.) Approved, March 3, 1817. 102 NATIONAL MONETAKY COMMISSION. ACT OF APRIL 13, 1818. 4 o| stat< L-> CHAP. LVI. An act to authorise the payment of certain certificates. (This act suspends for the term of two years from its passage so much of the acts of March 3, 1795, and June 12, 1798, as bar from settlement loan office and final set- tlement certificates and indents of interest ; and provides that, upon the presentation at the Treasury and adjust- ment of such claims, they shall be paid, with interest at the rate of six per cent from the date of the last payment of interest indorsed thereon.) Approved, April 13, 1818. NOTE. By the act of May 7, 1822, having the same title as the above the provisions of the acts of 1795 and 1798 are further suspended for the term of two years and from thence until the end of the next session of Congress. (3 ibiiL, 697.) And by the act of July 14, 1832, the act of 1822 is revived and continued in force for the term of four years and from thence until the end of the next session of Congress. (4 ibid., 002.) ACT OF FEBRUARY 4. 1819. 3 stat. L., CHAP. XIII. An act to authorize the payment, in cer- tain cases, on account of Treasury notes which have been lost or destroyed. Be it enacted by the Senate and House of Representa- tives of the United States of A in erica, in Congress assem- On pi'j'of, bled* That whenever proof shall be exhibited to the satis- etc., of the loss of f a Treasury faction of the Secretary of the Treasury, of the loss or note, the Score- - 7 . f a ry , upon destruction of any Treasury note, issued under the liond, etc., to J J pay the amount authority of any act of Congress, it shall be lawful for the said Secretary, upon receiving bond, witli sufficient security to indemnify the United States against any other claim on account of the Treasury note alleged to be so lost or destroyed, to pay the amount due on such note, to the person who had lost it. or in whose possession it has been destroyed. On proof of SEC. 2. And be it further enacted, That, whenever proof the loss or de- . ., . . .. . . .' ... st ruction of shall be exhibited, to the satisfaction of the Secretary of any certificate f \ i i , * ,-n of Mississippi the treasury, or the loss or destruction of any certificate certificate may of Mississippi stock, it shall be lawful to issue to the per- be issued. i i i i A * i , i son who had lost it. or in whose possession it was de- stroyed, a new certificate of the same value with the one LAWS CONCERNING MONEY, BANKING, AND LOANS. 103 lost or destroyed ; the person claiming such renewal com- plying with the rules and regulations at present estab- lished at the Treasury Department, for the renewal of certificates of stock lost or destroyed. Approved, February 4, 1819. ACT OF MAY 15, 1820. CHAP. CIII. An act to authorize the President of the j* stat. L., oo*. United States to borrow a sum not exceeding three millions of dollars. (Section 1 empowers the President to borrow, on the credit of the United States, a sum not exceeding three millions of dollars, at a rate not exceeding five per cent and reimbursable at any time after January 1, 1832, or at a rate not exceeding six per cent, and reimbursable at pleasure, to be applied in defraying any public expenses authorized by law. (Section 2 authorizes the Bank of the United States to lend the sum, or any part thereof, and further authorizes the sale of certificates of the stock, "Provided, That no stock shall be sold under par." (Section 3, authorizing the employment of agents in dis- posing of the stock, follows the terms of section 3 of the act of February 8, 1813. (Section 4 makes the same sinking-fund provisions as section 3 of the act of March 1-1, 1812, with the substi- tution of " ten millions of dollars " for eight millions, as the amount of the total annual appropriation for the public debt.) Approved, May 15, 1820. ACT OF MARCH 3, 1821. CHAP. XXXVIII. An act to authorize the President of r ,2 Slat - L - ' 635. the United State* to borrow a sum not exceeding five millions of dollars. (Section 1 empowers the President to borrow, on the credit of the United States, a sum not exceeding five millions of dollars, at a rate not exceeding five per cent, and reimbursable at any time after January 1, 1835, to be applied in defraying any public expenses authorized by law. 104 NATIONAL MONETAKY COMMISSION. (Sections 2. 3, and 4 are identical -with sections 2, 3, and 4 of the act of May 15, 1820, above.) Approved, March 3, 1821. ACT OF FEBRUARY 19, 1822. _3 stat. i,., CHAP. VIII. An act authorizing the transfer of certain [Obsolete.] certificates of the funded debt of the United States. Be it enacted ~by the Senate and House of Representa- tives of the United States of America, in Congress as- Cermc&tesotsembled. That the certificates of the funded debt of the thefunded debt, issued to United States, which, upon the assumption of the debts creditor States ' L upon the as- or the several creditor States, were issued m their favour, sumption of . their debts, respectively, be, and hereby are, made transferable, ac- made transfer- L * \ ' * . ' . able. cording to the rules and forms instituted for the purpose of transfers of the public debt. Approved, February 19, 1822. ACT OF APRIL 20, 1822. stat. L., CHAP. XXVIII. An act to authorise the Secretary of the Treasury to exchange a stock bearing an interest of five per cent, for certain stocks bearing an interest of six and seven per cent. Be it enacted by the Senate and House of Representa- tives of the United States of America, in Congress as- '^mbled, That a subscription, to the amount of twelve tvreiv" Vmion m illins of dollars, of the seven per cent, stock, and of the six per cent, stock of the year eighteen hundred and twelve, and also for fourteen millions of the six per cent, stock of the years eighteen hundred and thirteen, four- teen, and fifteen, be, and the same is herein-, proposed: u eMed kS atthe^ or wn ' ( '^ pui'pose books shall be opened at the Treasury io1fn U o y ffl a c s^ tu<> l ' n ' t( ' ( l Slates, and at the several loan offices, on j ln -j s !;., tilljllly the first day of May. one thousand eight hundred and twenty-two, to continue open until the first day of July next thereafter, for such p;irts of the above-mentioned description of stocks as shall, on the day of subscription, stand on the books of the Treasury, and on those of the Subscript! o n several loan offices, respectively: which subscription shall to IIP effected * ^ . by a tnmsfprbe effected bv a transfer to the United States, in the of credits :m and redeem the annually wanted to discharge the interest accruing on the principal, etc. stock which may be created by virtue of this act. The said commissioners are hereby authorized to apply, from time to time, such sum and sums, out of the said fund, as they may think proper, towards redeeming, by purchase or by reimbursement, in conformity with the provisions 106 NATIONAL MONETARY COMMISSION. act, the principal of the said stock. And such part t e i s mied et appro- ^ the annual sum of ten millions of dollars, vested by law t'helnterest et 12 stat - L - CHAP. C. An act authorizing the Secretary of the Treas- ury to borrow a sum not exceeding twelve millions of dollars, or to exchange a stock of four and one-half per cent, for a certain stock bearing an interest of six per cent. Be it enacted ~by the Senate and House of Representa- tirex of the United States of America, in. Congress assem- That the President of the United States be. and he not'exceedlng ' s hereby, authorized to borrow, on or before the first JflSfaS! 111011 " tl{ y of January next, on the credit of the United States, a sum not exceeding twelve millions of dollars, at a rate of interest payable quarterly, not exceeding four and one- half per centum per annum, six millions whereof reim- bursable at the pleasure of the Government, at any time after the thirty-first day of December, in the year eight- een hundred and twenty-eight ; and six millions at any time after the thirty-first day of December, in the year eighteen hundred and twenty-nine, to be applied, in ad- dition to the moneys which may be in the Treasury at the time of borrowing the same, to pay off and discharge such part of the six per cent, stock of the United States, of the year one thousand eight hundred and thirteen, as may be redeemable after the first day of January next. (Section 2 is identical with section 2 of the act of May 20, 18-24, above. (Sections 3 and 4 provide that a subscription to the, amount of twelve million dollars of the six per cent stock of 1813 shall be opened on April 1, 1825, to continue open until October 1 following, all thus subscribed to be con- sidered as part of the twelve million dollars authorized by ^'ction 1; and that for so much as shall be thus sub- scribed, the subscribers shall be entitled to an equal LAWS CONCERNING MONEY, BANKING, AND LOANS. 113 amount of stock bearing interest not exceeding four and one-half per cent and payable quarterly from December 31, 1825, and redeemable at the pleasure of the United States, one-half after December 31, 1828, and one-half after December 31, 1829: Provided, that no reimburse- ment shall be made of any new certificate except for its whole amount, nor until after six months' notice. (Sections 5 and 6 contain the same provisions for the sinking fund, and for saving the rights of nonsubscribing creditors, as those contained in sections -1 and 5 of the act of April 20, 1822.) Approved, March 3, 1825. ACT OF APRIL 24, 1830. CHAP. LXXVIII. An act to authorize the commissioners 4 stat. L., 39o. of the sinking fund to redeem the public debt of the United States. Be it enacted by the Senate and House of Representa- tives of the United States of America, in Congress assem- bled, That whenever in the opinion of the Secretary of _ secretary of 7 r -Treasury au- the Treasury, the state of the Treasury will admit of the thomed. under ^ ' J certain circum- appkcation of a greater sum than ten millions of dollars stances to ap- , * * propriate more in any one year, to the payment of interest and charges, than 310.000,- J J . ' - J to '000. annually, and to the reimbursement or purchase of the principal of to the sinking the public debt, it shall be lawful for him, with the ap- probation of the President of the United States, to cause such surplus to be placed at the disposal of the commis- sioners of the sinking fund, and the same shall be applied by them to the reimbursement or purchase of the princi- pal of the public debt, at such times as the state of the Treasury will best admit. SEC. 2. And be it further enacted, That, whenever, any year, there shall be a surplus in the sinking beyond the amount of interest and principal of the debt j?^ ^ f n ^ h which may be actually due and payable by the United { States in such year, in conformity with their engage- ments, it shall be lawful for the commissioners of the sinking fund to apply such surplus to the purchase of any portion of the public debt, at such rates as, in their opinion, may be advantageous to the United States: any thing in any act of Congress to the contrary notwith- standing. 114 NATIONAL MONETARY COMMISSION. and e 5 C ofa n ct of SEC. 3 - ^nd be it further enacted, That the fourth and uarch g 3,^ isrr, fifth sections of the act, entitled "An act to provide for peaied. the redemption of the public debt," approved on the third of March, one thousand eight hundred and seven- teen, are hereby repealed. tj,7said und d r oi d SEC - 4 - And be it further enacted, That the sum of two p a r r o S pHated S for himdred thousand dollars, being the balance of the sums to be1>assed u to heretofore appropriated for the expenses of taking the surplus fund. nex t census, and which will not be required for that pur- pose, be, and the same is hereby, directed to be passed to the surplus fund upon the last day of the year one thou- sand eight hundred and thirty, any law to the contrary notwithstanding. Approved, April 2-i, 1830. ACT OF JULY 14, 1832. 4 stat. L., CHAP. CCXLV. An act to revive and continue in force "An act authorizing the payment of certain certifi- cates" approved seventh May, one thousand eight hun- dred and twenty-tiro. Be it enacted by the Senate and House of Representa- tives of the United States of America, in Congress assem- ress* of f Ma 1 " ^ c ' ( ^ That the "Act authorizing the payment of certain i v"e(] h 'aiui ( ' G1 'tificates," approved on the seventh May, one thousand force 'for 6 four ( '^ nt hundred and twenty-two, be, and the same is hereby, years. revived and continued in force for the term of four years from and after the passing of this act, and from thence to the end of the next session of Congress there- after, a notification of which revival and continuance shall be published by the Secretary of the Treasury, for the information of the holders of the certificates, the payment of which is authorized by said act, in one or more of the public papers printed in each of the United States. SEC> o. And Ic it further enacted, That, for carrying this act into effect , the sum of forty thousand dollars be, and hereby is, appropriated, out of any money in the treasury of the United States not otherwise appropriated. Approved, July 11. Ib&i. LAWS CONCERNING MONEY, BANKING, AND LOANS. 115 ACT OF APRIL 11, 1836. CHAP. L. An act to repeal so much of the act entitled 5 stat. L., s. "An act transferring the duties of Commissioner of Loans to the Bank of the United /States, and abolish- ing the office of Commissioner of Loans" as requires the Bank of the United States to perform the duties of Commissioner of Loans for the several States. (Section 1 repeals the provisions of the act of March 3, 1817, which transfer the duties of commissioner of loans to the United States Bank, its branches, and state banks employed by it, and requires the immediate transfer of all papers and records relating to said duties to the Secre- tary of the Treasury.) SEC. 2. And be it further enacted, That the Bank of Banks to pay the United States and its several branches, and the State the Treasury Banks employed by the Bank of the United States, per- months. forming the duties of Commissioners of Loans, shall be, and they are hereby required to pay into the Treasury of the United States, within three months after the passing of this act, all the money in their possession for the re- demption of the public debt of the United States, and the interest thereon remaining in their hands, which has not been applied for by the person or persons entitled to re- ceive the same. SEC. 3. And be it further enacted, That it shall be the duty of the Secretary of the Treasury to pay over to the person or persons entitled to receive the same, the amount so received into the Treasury, by virtue of the second sec- tion of this act, out of any money in the Treasury not otherwise appropriated. SEC. 4. And be it further enacted, That nothing con- tained in this act shall be construed to authorize the ap- pointment of a Commissioner or Commissioners of Loans in any State, District, or Territory of the United States. Approved, April 11, 1836. NOTE. By the act of April 20, 1836 (5 Stat. L., 16), it is also provided that all acts and parts of acts enabling the Bank of the United States or its branches to pay pensions granted under tho authority of the United States are repealed, and that payments of pensions shall be made by such persons and corporations as the Secretary of War may direct. 116 NATIONAL MONETARY COMMISSION. ACT OF JUNE 7, 1836. 5 stat. L., CHAP. LXXXVII. An act to carry into effect a conven- tion between the United States and Spain. (Section 1 authorizes the appointment of a commis- sioner to receive and examine all claims growing out of the convention between the United States of America and her Catholic Majesty the Queen of Spain, concluded at Madrid on the 17th day of February, 1834. (Sections 2 to 6, inclusive, prescribe the duties of the commissioner and the compensation of himself and his secretary. The duties of the Secretary of the Treasury in the matter, who is required to receive and account for at Paris any moneys paid in pursuance of said conven- tion and to remit the same to the United States for de- posit in the Treasury of the United States. Said moneys are appropriated to be distributed and paid to those authorized to receive them.) commission- SEC. 7. And be it further enacted. That the commis- er to report. . . ' ' sioner aforesaid shall report to the Secretary of State a list of all the several awards made by him, a certified copy of which shall be by the said Secretary of State transmitted to the Secretary of the Treasury, who shall thereupon distribute in ratable proportions, among the persons in whose favor the award shall have been made, such moneys as may have been received into the Treas- ury in virtue of this act, according to the proportions which their respective awards shall bear to the whole amount then received; first deducting such sums of money as may be due the United States from said persons in whose favor said awards shall be made; and shall cause certificates to be issued by the Secretary of the Treasury, in such form as he may prescribe, showing the proportion to which each may be entitled of the amount that may thereafter be received; and on the presentation of the said certificates at the Treasury, as the nett proceeds of the general instalments, payable by the Government of Spain, shall have been received, such proportions thereof shall be paid to the legal holders of the said certificates. * * * * * Approved, June 7, 183(5. LAWS CONCERNING MONEY, BANKING, AND LOANS. 117 ACT OF JULY 4, 1836. CHAP. CCCLIII. An act in addition to the act entitled 5 stat. L., " An act making appropriations, in part, for the sup- fbbsoiete.] port of Government, for the year eighteen hundred and thirty-six, and for other purposes. ***** SEC. 10. And be it further enacted, That the duties and po ^ es of a t n h ^ powers of the commissioners of the sinking fund are Commissioners hereby suspended until revived by law, and that the* e r to tL ' a t n h s e records of the commissioners be transferred to the cu tody of the Secretary of the Treasury, who is hereby authorized and directed to pay out of any money in the Treasury not otherwise appropriated any outstand- ing debts of the United States and the interest thereon. ***** Approved, July 4, 1836. ACT OF OCTOBER 12, 1837. CHAP. II. An act to authorize the issuing of Treasury 20 stat - L -> notes. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- bled, That the President of the United States is hereby & L cause authorized to cause Treasury notes for such sum or sums to rea be as the exigencies of the Government may require, but notf^f n exceeding, in the whole amount of notes issued, the sum ^ ^^1^ of ten millions of dollars, and of denominations not less ^ ion * h a u than fifty dollars for any one note, to bo prepared, signed, and issued in the manner hereinafter provided. SEC. 2. And be it further enacted, That the said Treas- v ^m**$B& ury notes, authorized to be issued by the first section of {^dee^ed^ after this act, shall be reimbursed and redeemed by the United of one J" ear - States, at the Treasury thereof, after the expiration of one year from the dates of the said notes respectively; from which said dates, for the term of one year, and no longer, thev shall bear such interest as shall be expressed Notes to bear such interest upon the face of the said notes; which rate of interest as is expressed upon each several issue of the said notes shall be fixed by the Secretary of the Treasury, by and with the advice and approbation of the President; but shall in no case ca ^ te t r CS ex"ee ^nd le it further enacted, That the Secretary "ortioVof'said ^ ^ e Treasury is hereby authorized, with the approba- notes to be is-tion of the President of the United States, to cause to be sued in pay- ment of debts issued such portion of the said Treasury notes as the tosuchas r " ceive 8 them etc P res ^ent may think expedient, in payment of debts due by the United States to such public creditors or other persons as may choose to receive such notes in payment, o7 h t e he eC T e re a a r s y as a ^ oresa id, at par. And the Secretary of the Treasury ury authorized, is further authorized, with the approbation of the Presi- etr., to borrow ' on the credit dent of the United States, to borrow, from time to time, of the notes, ' not under par, such sums as the President may think expedient, on the credit of such notes. transferable* by S]EC - 5> And ^ e ii} f urther enacted, That the said Treas- aVsi V g e nmen n t d ur ^ notes sna ^ ^e transferable by delivery and assignment ete - endorsed thereon, by the person to whose order the same shall, on the face thereof, have been made payable. noTes C to re be si r r e y - ^ EC> C * And ^ 6 ^ f urther enacted, That the said Treas- m'p'n't 'of I1 d y r ur ^ notes sna ^ be received in payment of all duties and pS>n c t ia X nds' taxes laid ky tne authority of the United States, of all etc - ' public lands sold by the said authority, and of all debts to the United States, of any character whatsoever, which may be due and payable at the time when said Treasury m?n n tof PI Trea y - notes may be so offered in payment. And on every such "n-cJir n to te beP a ymcnt, credit shall be given for the amount of the cipaTnnd inter- principal and interest which, on the day of such payment, may be due on the note or notes thus given in payment. (Section 7 provides for the accounts to be kept by col- lectors and other receivers of the public moneys, of Treas- ury notes received by them, and for the charging and crediting of accrued interest on such notes when paid out by them.) LAWS CONCEKNING MONEY, BANKING, AND LOANS. 119 SEC. 8. And be it further enacted, That the Secretary of t secretary of the Treasury be, and he is hereby, authorized and directed authorlzed to J <7 ' a . cause to be re- to cause to be reimbursed and paid the principal and in- imbursed and 1 r paid the prin- terest of the Treasury notes which may be issued by virtue J'P* 1 . and ln - J . . J terest of the of this act, at the several time and times when the same. Treasur y note s. according to the provisions of this act, should be thus re- imbursed and paid. And the said Secretary is further authorized to make purchases of the said notes, at par, for the amount of the principal and interest due at the time of purchase on such notes. And so much of any un- t it n P to P p r a a y~ appropriated money in the Treasury as may be necessary Treasurynotes - for that purpose, is hereby appropriated, for paying the principal and interest of said notes. (Section 9 appropriates for expense of preparing, etc. (Section 10 prescribes punishment for forging notes. (Section 11 prescribes punishment for engraving, etc. (Section 12 authorizes Secretary to make and issue rules and regulations: "Provided, That nothing herein contained shall be so construed as to authorize the Secre- tary of the Treasury to reissue any of said notes, but upon the return of the said notes or any of them to the Treas- ury, the same shall be cancelled.") SEC. 13. And ~be it further enacted, That it shall be, and secretary of the Treusurv hereby is, made the duty of the Secretary of the Treasury to cause a. .,..., f monthly state- to cause a statement to oe published monthly, or the ment to be pub- i i lished. amount of all Treasury notes issued or redeemed, in pur- suance of the provisions of this act: and that the power to . rower c o n - ferred by this issue Treasury notes conferred on the President of the ac t to deter- J m i n e on the United States bv this act, shall cease and determine on sist December, looo. the thirty-first day of December, eighteen hundred and thirty-eight. Approved. October 12, 1837. ACT OF OCTOBER 10, 1837. CHAP. X. An act making farther appropriations for tlic ^ st:lt - L - year eighteen hundred and thirty-seven. L Obsolete, j SEC. 3. And le it further enacted, That the Secretary of the Treasury be, and he is hereby authorized, to ar- ^ y ar 'J. l ^^ ri . range and settle any of the outstanding transfer drafts j^ '^[ ; |. n ( (1 given to transfer moneys to the States under the act of^njo^tran^s twenty-third of June, 183(5, and which have not been)/';/!;'/.';* ^ paid by the depositories upon which they were drawn, ]] L 1 c ' c 1 t :{0> <>h 120 NATIONAL MONETARY COMMISSION. or otherwise arranged and settled by the United States, by receiving such drafts at par in payment of any debts due to the United States, without any allowance of in- terest for the time the drafts have been outstanding and unpaid, or any other allowance for interest or damages of any description. Approved, October 16, 183T. ACT OF MAY 21, 1838. O o| stat - L -> CHAP. LXXXII. An act to authorize the issuing of Treasury notes to meet the current expenses of the Government. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress as- i2, A i837? f ci?2; sembled, That the Secretary of the Treasury, with the approbation of the President of the United States, is notes to b" \l hereby authorized to cause Treasury notes to be issued, to^thT% r rovi? accol> ding to the provisions of, and subject to, all the con- oct ns 12 "ISST! ditions, limitations and restrictions contained in an act of' et'c' n place entitled "An act to authorize the issuing of Treasury notes," approved the twelfth day of October last, in place of such notes as have been, or may be, issued under the authority of the act aforesaid, and which have been, or may hereafter lie, paid into the Treasury and cancelled. Approved, May 21, 1838. ACT OF MARCH 2, 1839. j stat. L., c 1IAPt XXXVII. An act to revise and extend "An act to authorize the issuing of Treasury notes to meet the 2i, A i838, M d^ current expenses of the Government" approved the twenty-first of May, eighteen hundred and thirty - eigh 1 . Be it enacted l>y the Senate and House of Representa- tives of the United States of America in Congress as- r Secret ftry-semWee?, That the Secretary of the Treasury, with the cause' to be is- approbation of the President of the United States, is maimier of the hereby authorized to cause to be issued the remainder of Treasury uoles . fiuthorimi by the Ireasiiry note's authorized to be issued by the act to :ict of May til, .... J 1838, ch. 82, authorize the issuing of treasury notes to meet the cur- rent expenses of the Government," approved the twenty- first day of May, eighteen hundred and thirty-eight, ac- cording to the provisions of said act, at any time prior to the thirtieth day of June next, any limitation in the act LAWS CONCERNING MONEY, BANKING, AND LOANS. 121 aforesaid or in the act " to authorize the issuing of Treas- ury notes," approved the twelfth day of October, eight- 1837 ' <=h. 2. een hundred and thirty-seven, to the contrary notwith- standing. Approved, March 2, 1839. ACT OF MARCH 31, 1840. CHAP. V. An act additional to the act on the subject of 37 o stat- L-> Treasury notes. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress as- sembled, That the regulations and provisions contained 12 Ac i837 c C h' in the act passed the twelfth day of October, in the year newed te " re one thousand eight hundred and thirty-seven, entitled "An act to authorize the issuing of Treasury notes," and in the subsequent acts in addition thereto, be, and the same are hereby, renewed, and made in full force, except- ing the limitations concerning the times within which such notes may be issued, and restricting the amount thereof as hereafter provided. SEC. 2. And be it further enacted. That under the regu- Treasury , . . . . . , . . , notes may be lations and provisions contained in said act, Treasury issued in iieu notes may be issued in lieu of others hereafter or hereto- deemed, fore redeemed, but not to exceed in the amount of notes outstanding at any one time, the aggregate of five millions of dollars; and to be redeemed sooner than one year, if the means of the Treasury will permit, by giving notice sixty days of those notes which the Department is ready to redeem ; no interest to be allowed thereon after the expiration of said sixty days. SEC. 3. And be it further enacted, That this act shall continue in force one year and no longer. Approved, March 31. 1840. ACT OF JULY 4, 1840. CHAP. XLI. An act to provide for the collection, safe n > stat. L., keeping, transfer, and disbursement of public revenue. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- bled. That there shall be prepared and provided, within pI .,^[ ) l |!J 1 s in f ^ the new Treasury building now erecting at (he seat of ^ v^iTs-Vmi Government, suitable and convenient rooms for the use*'^ c ^ r ! n 122 NATIONAL MONETARY COMMISSION. of the Treasurer of the United States, his assistants and clerks: and sufficient and secure fire-proof vaults and safes for the keeping of the public moneys in the posses- sion and under the immediate control of the said Treas- urer; which said rooms, vaults, and safes, are hereby constituted and declared to be, the Treasury of the United States. And the said Treasurer of the United States shall keep all the public moneys which shall come to his hands in the Treasury of the United States, as hereby constituted, until the same are drawn therefrom accord- ing to law. (Section 2 provides that the mint at Philadelphia and the branch mint at New Orleans, and the vaults and safes thereof, shall be places of deposit, and that the treasurers of the said mint and branch mint, respectively, shall have custody of all public moneys deposited therein and per- form all the duties prescribed by this act relating to such moneys. (Sections 3 and 4 require that in the custom-houses of New York and Boston and at the cities of Charleston and St. Louis, suitable rooms and sufficient and secure fireproof vaults and safes shall be prepared for the use of the receivers-general of public money, who shall have the custody of all public moneys deposited therein and shall perform all the duties prescribed by this act relating to such moneys.) M-s-""iH.raV' ol t V o Sl ' :r - 5 - And l)G it farther enacted, That the President (?ne PI Yt in xew sna ^ nominate, and by and with the advice and consent lioston "ne at ^ t ' 1(> ^ cn:l ^' appoint four officers, to be denominated and a one C at t( st f " lvcl? ^ vers "S ellerjl ^ ^ public money," which said officers Louis shall hold their respective offices for the term of four years, unless sooner removed therefrom; one of which shall be located at the city of New York, in the State of New York; one other of which shall be located at the city of Boston, in the State of Massachusetts; one other of which shall be located at the city of Charleston, in the State of South Carolina ; and the remaining one of which shall be located at the city of St. Louis, in the State of tot-iUTomiT 1 Mi^o'H'i : and all of which said officers shall give bonds to the United States, with sureties according to the pro- vsions hereinafter contained, for the faithful discharge of the duties of their respective offices. H.a/J.i' '\viih SK(< - (; - A " (l bc !f f"*'tl"-'r cn United States, the treasurer of the Mint of the dut'i'.'.r ll "' ir United States, the treasurers, and those acting as such, LAWS CONCERNING MONEY, BANKING, AND LOANS. 123 of the various Branch Mints, all collectors of the customs, all surveyors of the customs acting also as collectors, all receivers-general of public moneys, all receivers of public moneys at the several land offices, and all postmasters, except as hereinafter particularly provided, be, and they are hereby, required to keep safely, without loaning or using, all the public money collected by them, or other- wise at any time placed in their possession and custody, till the same is ordered by the proper department or officer of the Government to be transferred or paid out; and when such orders for transfer or payment are re- ceived, faithfully and promptly to make the same as directed, and to do and perform all other duties as fiscal agents of the Government, which may be imposed by this or any other acts of Congress, or by any regulation of the Treasury Department, made in conformity to law ; and also to do and perform all acts and duties required by law, or by direction of any of the Executive Departments of the Government, as agents for paying pensions, or for making any other disbursements which either of the heads of those departments may be required by law to make, and which are of a character to be made by the depositaries hereby constituted, consistently with the other official duties imposed upon them. (Section 7 requires bonds to be given by the treasurers and receivers-general, etc. (Section 8 requires bonds to be given and renewed by the other depositaries constituted by this act. (By sections 9, 10. and 11 it is required that all col- lectors and receivers of public money shall, as often as may be directed, pay over the moneys collected by them, those in the District of Columbia to the Treasurer of the United States, those in Philadelphia and Xew Orleans to the treasurers of the mints, respectively, and those in Xew York, Boston. Charleston, and St. Louis to the receivers- general in their respective cities, and it is made the duty of the Secretary of the Treasury and Postmaster-General to direct such payments to be made as often as once in every week. Provision is made for the transfer of money from one depositary to any other, at the direction of the Secretary of the Treasury, and for the like transfer of moneys belonging to the Post-Office Department by the Postmaster-General; and every depositary is required lo keep his account of money belonging to that department separate from his account of other public moneys. And 1.7712 10 124 NATIONAL MONETARY COMMISSION. all moneys in the hands of any depositary are to be con- sidered as deposited to the credit of the Treasurer of the United States and to be, at all times, subject to his draft. (By sections 12 and 13, provision is made for the ex- amination of the accounts and money on hand of the several depositaries by special agents appointed for that purpose, and further for a like examination, at least once in every quarter, by public officers who are required to act as a check upon all receivers, collectors, treasurers, and persons acting as such. (Section 14 authorizes necessary expenses for clerks, fire-proof chests, etc.) The balances SEC. 15. And be it further enacted. That the Secretary remaining with . , the present de- of the Ireasurv shall, with as much promptitude as the positaries to be . ' . ,. , . . . , withdrawn. convenience or the public business, and the safety or the public funds will permit, withdraw the balances remain- ing with the present depositaries of the public moneys, and confine the safekeeping, transfer, and disbursement of those moneys to the depositaries established by this act. Payment* of SEC:. 1C. And l>e it further enacted. That all marshalls, public money to .. . j xi i UT the united district attorneys, and others, having public money to ments for pat- pay to the United States, and all patentees, wishing to ents to whom i i n i to be made. make payment tor patents to be issued, may pay all such moneys to the Treasurer of the United States, at the Treasury, to the Treasurer of either of the Mints, in Philadelphia or New Orleans, to either of the receivers- general of public money, or to such other depositary con- stituted by this act as shall be designated by the Secre- tary of the Treasury, in other parts of the United States, to receive such payments, and give receipts or certificates of deposite therefor. ( By section IT all officers entrusted with public moneys, except those connected with the Post-Office Department, are required to keep an accurate account of all receipts :ind payments, showing the kind of currency received or paid; and it is declared to be embezzlement and felony for any such officer or for any officer of the Post-Office Department to convert to his own use. or to use by in- vestment, or to loan any portion of the public moneys en- trusted to him.) other rooms SKC. 18. And be it further enacted. That until the to be procured. t . rooms, offices, vaults, and safes, directed by the first four sections of this act to be constructed and prepared for the use of the Treasurer of the United States, the treas- LAWS CONCEKNING MONEY, BANKING, AND LOANS. 125 urers of the mints at Philadelphia and New Orleans, and the receivers-general of public money at New York, Bos- ton, Charleston, and St. Louis, can be constructed and prepared for use, it shall be the duty of the Secretary of the Treasury to procure suitable rooms for offices for those officers at their respective locations, and to contract for such use of vaults and safes as may be required for the safekeeping of the public moneys in the charge and custody of those officers respectively, the expense to be paid by the United States. SEC. 19. And be it further enacted, That from and Duties, how after the thirtieth day of June, which will be in the year one thousand eight hundred and forty, the resolution of Congress of the thirtieth day of April, in the year one thousand eight hundred and sixteen, so far as it author- izes the receipt in payment of duties, taxes, sales of public lands, debts, and sums of money, accruing or becoming payable to the United States, to be collected and paid in the notes of specie-paying banks, shall be so modified as that one fourth part of all such duties, taxes, sales of public lands, debts, and sums of money accruing or be- coming due to the United States, shall be collected in the legal currency of the United States; and from and after the thirtieth day of June, which will be in the year one thousand eight hundred and forty-one, one other fourth part of all such duties, taxes, sales of public lands, debts, and sums of money, shall be so collected; and that from and after the thirtieth day of June, which will be in the year one thousand eight hundred and forty-two, one other fourth part of all such duties, taxes, sales of public lands, debts and sums of money, shall be so col- lected ; and that from and after the thirtieth day of June, which will be in the year one thousand eight hun- dred and forty-three, the remaining fourth part of the said duties, taxes, sales of public lands, debts, and sums of money, shall be also collected in the legal currency of the United States; and from and after the last-men- tioned day, all sums accruing, or becoming payable to the United States, for duties, taxes, sales of public lands, or other debts, and also all sums due for postages, or other- wise, to the General Post Office Department, shall be paid in gold and silver only. SEC. 20. And be it further enacted That from and after AH payments 7 fin account of the thirtieth day of June, which will be in the year one u. s. to i.e in J ' . sold and silver thousand eight hundred and forty-three, every officer or only. 126 NATIONAL MONETARY COMMISSION. agent engaged in making disbursements on account of the United States, or of the General Post Office, shall violations of make all payments in gold and silver coin only; and any preceding sec* receiving or disbursing officer, or agent, who shall neglect, evade, or violate, the provisions of this and the last pre- ceding section of this act, shall, by the Secretary of the Treasury, be immediately reported to the President of the United States, with the facts of such neglect, evasion, or violation, and also to Congress, if in session, and, if not in session, at the commencement of its session next after the violation takes place. (Section 21 forbids any disbursing officer to make any exchange of funds other than an exchange for gold and silver, and requires every such officer to make his pay- ments in the currency furnished him when legally re- ceivable under the provisions of this act, " unless * * * he can exchange the means in his hands for gold and silver at par, and so as to facilitate his payments, or otherwise accommodate the public service and promote the circulation of a metallic currency.'') Toiicnodif- SEC. 22. And l>e it further enacted. That it shall not tween t h e be lawful for the Secretary of the Treasury to make abic. s ^ or continue in force, any general order, which shall create any difference between the different branches of revenue, as to the funds or medium of payment, in which debts or dues accruing to the United States may be paid. (Sections 23 and 25 make it the duty of the Secretary of the Treasury to make regulations prescribing the time within which drafts on the depositaries shall be presented for payment, but require him "to guard, as far as may be. against those drafts being used or thrown into circulation, as a paper currency, or medium of exchange." The Treasurer of the United States, how- ever, is authorized to receive payments for public lands in advance, and to give therefor his receipts, which shall be receivable for public lands in the same manner as the currency authorized by la\v. provided, that such receipts shall not be negotiable or transferable by delivery or assignment, but -hall be in all cases presented in pay- ment by or for the person named therein. (Section '2\\ make> appropriation for purchase of sites and construction of ollices. etc. (Section 27 makes appropriation for other expenses authorized by this act.) LAWS CONCERNING MONEY, BANKING, AND LOANS. 127 SEC. 28. And be it further enacted, That all acts or Acts, etc., ,, , . , . a - . :, ji conflicting with parts or acts which come in conflict with the provisions this, repealed. of this act be, and the same are hereby, repealed. Approved, July 4, 1840. ACT OF FEBRUARY 15, 1841. CHAP. V. An act to authorise the issuing of treasury 5 stat. L., notes. [Obsolete.] Be it enacted ~by the Senate and House of Representa- tives of the United States of America in Congress assem- bled, That the President of the United States is herebv An emission ,.-,,, i f not exceed- authorized to cause Treasury notes to be issued lor such ing $5,000,000 . . P ,i /-i a t a n y o n e sum or sums as the exigencies ol the Irovernment may time outstand- require ; but not exceeding the sum of five millions of ized.' dollars of this emission, outstanding at any one time, to be reimbursed in the last quarters of the year, if the condition of the Treasury will permit it, and to be issued under the limitations and other provisions, contained in the act. entitled "An act to authorize the issuing of TO be issued Treasury notes," approved the twelfth day of October, of ii'th Oct., v j JL f \j ** v f \ OlRO one thousand eight hundred and thirty-seven, and as as m'odifled ( by modified by an act, entitled "An act additional to the act March, is4o, on the subject of Treasury notes," approved the thirty- first day of March, one thousand eight hundred and forty, except that this law shall expire in one year from This law to GxpirG in one and after its passage: Provided, That in case the Treas- year. ury notes outstanding and unredeemed, issued under former laws of Congress, added to the amount of such notes issued under this act, and actually expended or issued to meet payments due and payable before the fourth day of March next, shall, on the fourth day of March next, exceed the sum of five millions of dollars, then the President of United States shall be, and he is hereby, authorized to issue, by virtue of the provisions of this act, such further amount of the said notes as will make the whole amount issued under this act, and appli- cable to payments falling due after the third day of March next, the full sum of five millions of dollars. Approved. February 15, 1841. 128 NATIONAL MONETARY COMMISSION. ACT OF JULY 21, 1841. 5 stat. L., CHAP. III. An act authorizing a loan not exceeding the sum of twelve millions of dollars. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress as- rresident au-semMed, That the President of the United States is thorized to bor- . . . PI row $12.000,- hereby authorized, at anv time within one year from the 000 at 6 per ... -, * TT ^ cent. passage of this act, to borrow, on the credit 01 the United States, a sum not exceeding twelve millions of dollars, or so much thereof as in his opinion the exigencies of the Government may require, at a rate of interest, payable quarterly or semi-annually, not exceeding six per centum When reim- per annum, which loan shall be made reimbursable either bursable. at the will or the Secretary or the Ireasury, alter six months' notice, or at any time after three years from the The money first dav of January next; and said money so borrowed borrowed, how , ,, , " ...,.*,,.. to be applied, shall be applied, in addition to the money now in the Treasury, or which may be received therein from other sources, to the payment and redemption of the Treasury notes heretofore authorized, which are or may be out- standing and unpaid, and to defray any of the public expenses which have been heretofore or which may be stock, h o w authorized by law, which stock shall be transferable only transferable. on the books of the Treasury. (Sections 2 and 3 authorize the preparation and sale of certificates of the stock, " provided, that no stock be sold below par." and the employment of agents for the negotiation of the same, with a commission not exceeding one-tenth of one per cent on the amount so negotiated.) Secretary of SKC. 4. And he it further enacted. That the Secretary the Treasury . i i authorized toot the treasury is hereby authorized to purchase, at any prior 'to time of time before the period herein limited for the redemption of stock hereby authorized, such portion thereof as the funds of the Government may admit of. after meeting tion P tnerefSr la ~ a ^ ^ 1( ' ( l ( ' mail( ^ s on * nc Treasury, and any surplus in the Treasury is hereby appropriated to that object. Fa i t h of SKC. 5. And he it further eti/trfed. That the faith of the p I edge'd for United States be, and is hereby, pledged for the punctual punctual pay- / ., i . i ' i , /> i i ment of inter- payment or the interest and redemption ot said stock. t?st etc Approved, July 21, 18-11. LAWS CONCERNING MONEY, BANKING, AND LOANS. 129 ACT OF AUGUST 13, 1841. CHAP. VII. An act to repeal the act entitled "An act to ^ stat. L., provide for the collection* safe-keeping, transfer, and disbursement of the public revenue" and to provide for the punishment of embezzlers of public money, and for other purposes. Be it enacted, * * * That the act entitled "An act to provide for the collection, safe-keeping, transfer and disbursement of the public revenue," approved on the fourth day of July, A. D., one thousand eight hundred and forty, be, and the same is hereby, repealed : Provided, always, That offenders against section 17 of the repealed act may be prosecuted, and that all liabilities arising upon bonds or otherwise under the said act shall remain un- impaired. (Section 2 makes it felony for any officer entrusted with public moneys, or connected with the Post-Office Depart- ment, to convert to his own use, or to use by investment, or to loan any portion of the public mone} 7 s entrusted to him, and the neglect to pay over or transfer such moneys on legal requirement is declared to be prima facie evidence of conversion.) SEC. 3. And be it further enacted, That the act entitled 2 o Act 18 f P June "An act to regulate the deposites of the public money," us, excepting 1 " thirteenth and approved on the twenty-third day of June, eighteen nun- fourteenth sec- . . , tions, repealed. area and thirty-six, excepting the thirteenth and four- teenth sections thereof, be and the same hereby is re- pealed. (Section 4 repeals so much of the act of April 14, 1836, as forbids the offer of bank notes of less denomination than ten dollars, and after March 3, 1837, of less than twenty dollars, in payments by the United States or the Post-Office Department. ) Approved, August 13, 1841. ACT OF JANUARY 31, 1842. CHAP. II. An act to authorize an ixsue of Treasury r> stnt. u, ' w.\. notes. [obsolete.) Be it enacted by the Senate and Ilouxe of tives of the United States of America in, Conf/rexK axxcnt.- bled, That the President of the United States is hereby 130 NATIONAL MONETARY COMMISSION. of A Sot ei eiceed* authorized to cause Treasury notes to be issued for such ing $5,000,000 sum or sums as the exigencies of the Government may re- atanyone > time outstand- q u i re , and in place of such of the same as may be re- mg authorized. l -11 deemed to cause others to be issued, but not exceeding the sum of five millions of dollars of this emission outstand- TO be issued mg r a anv one time, and to be issued under the limitations under the pro- es J ...... visions of the an( j other provisions contained in the act entitled "An act act of 12th Oc- tober,i837,ch.2. t o authorize the issuing of Treasury notes, approved the twelfth of October, one thousand eight hundred and thirty-seven, except that the authority hereby given to issue Treasury notes shall expire at the end of one year from the passage of this act. Approved, January 31, 1842. ACT OF APRIL 15, 1842. .A stat L " CHAP. XXVI. An act for the extension of the loan of 473. ' ' ' eighteen hundred and forty-one, and for an addition of fire millions of dollars thereto; and for allowing inter- est on Treasury notes due. Be it enacted ~by the Senate and House of Representa- tives of the United States of America in Congress assem- t7in e ing r the^ e ^ That the time limite d by the first section of the act 10 Act e of end ui d y f Congress, entitled "An act authorizing a loan not ex- 21, i84i, ch. 3. cee( li n g the sum of twelve millions of dollars," approved July twenty-first, eighteen hundred and forty-one, for obtaining said loan, shall be, and the same is hereby, ex- tended for one year from the passage of this act. Loan r e i m - $ EC- 2. And J)C it further enacted. That so much of said bursable, when. / loan as may be obtained after the passage of this act shall be made reimbursable, as shall be agreed upon and de- termined at the time of issuing said stock, either at the will of the. Secretary of the Treasury, after six months' notice, or at any time not exceeding twenty years from the first day of January next. tiflcates. SKC. 3. And !><> it further enacted, That the certificates hereafter to be issued for said loan may, when required, be in such form as shall be proscribed by the Secretary transferable 1 ! w of the Treasury, so that the stock may be transferable by delivery of the certificate, instead of being assignable on the books of the Treasury. dfsp k osed o b f! Sl - ( '- 4 - At "t 1>( ' if f">'tl>cr enacted. That the Secretary how - of the Treasury be, and he hereby is, authorized to dis- LAWS CONCERNING MONEY, BANKING, AND LOANS. 131 pose of the stock hereafter to be issued, or any part thereof, at its par value, but no part thereof shall be dis- posed of under par until the same has been advertised a reasonable time, and proposals for subscription to said loan invited. And the said Secretary is hereby author- ized to accept such proposals, if he deem it for the in- terest of the United States so to do, as shall offer the highest price for said stock or any part thereof; or to appoint an agent or agents as provided in the third sec- tion of the act, approved July twenty-first, eighteen hun- dred and forty-one, before recited, to negotiate the same: Provided, That no stock shall be disposed of at a lower rate than the highest price offered in said proposals. SEC. 5. And be it further enacted, That the moneys arising from duties on goods, wares, and merchandise, which may be imported into the United States, or so^ e interest, much thereof as shall be equal to the payment, from time to time, of the interest, and to the ultimate redemption of the principal of the said stock, be, and the same are here- by, pledged for the payment and redemption of the stock hereafter to be issued under and by virtue of this act and the said act of July twenty-first, eighteen hundred and forty-one, hereby amended ; and so much thereof as may be necessary to pay the interest on said stock, and redeem the same when due, is hereby appropriated to that object, to be first applied by the Secretary of the Treasury to such payments and redemption. SEC. 6. And lie it further enacted, That it shall be the m *$ 01 ? ^ duty of the Secretary of the Treasury to report to Con-^ l 't ss of * tb ? v *> *J A a in o u D t o r gress, at the commencement of next session, the amount .j e ^ r ' of money borrowed under this act and the act hereby amended, and of whom and upon what terms it shall have been obtained, with an abstract or brief statement of all the proposals submitted for the same, distinguish- ing between those accepted and those rejected; and a de- tailed statement of the expense of making such loans. SEC. 7. And le it further enacted, That all the pro- slo '$ \K\:. visions of the said act, not hereby modified or changed, {."nnin'hifon-c' shall be and remain in force, and apply to this act. SEC. 8. And le it further enacted, That the President , ,;Vn (I mil'imr' of the United States is hereby authorized to borrow an ix< ' (1 - additional sum, not exceeding the sum of five millions of dollars, if. in his opinion, the exigencies* of the (lovern- rnent may require the same; which additional loan shall 132 NATIONAL MONETARY COMMISSION. be made within the time and according to the provisions of said act, as modified by this. notes e due "ami SEC. 9. And be it further enacted, That all Treasury beaf'e ' ercent notes heretofore issued under the act entitled "An act to interest. authorize the issuing of Treasury notes," approved the h* !' twelfth day of October, eighteen hundred and thirty- seven, and the acts subsequent thereto, and now outstand- ing and unredeemed, or which may hereafter be issued under and by virtue of the same, shall, if due and unpaid before the fifth day of March, eighteen hundred and forty-two, bear interest at the rate of six per cent, per annum from that day; and when they may become due hereafter, or may have become due since the said fifth day of March, eighteen hundred and forty -two, shall bear interest from the day of their so becoming due, at the rate of six per cent, per annum, until they shall be re- rroviso. spectively redeemed: Provided, That such interest shall cease at the expiration of sixty days' notice, to be given at any time, by the Secretary of the Treasury in one or more of the principal papers published at the seat of Government, of a readiness to redeem the same. And a bVe re semum- * ne sa ^ interest shall be payable semi-annually at the nuaiiy. Treasury of the United States, on the first days of Janu- ary and July in every year. Approved, April 15, 1842. ACT OF AUGUST 31, 1842. 5 stat. L..CHAP. CCLXXXVIL An act to limit the sale of the Jo A. public stock to par, and to authorize the issue of Treas- ury notes, in lieu thereof, to a certain amount. (Section 1 provides that no stock authorized under the act of July 21, 1841, and the amendatory act of April lf>, 1842, shall hereafter be sold below par; and the Secretary of the Treasury is authorized to issue Treasury notes in lieu of so much thereof as can not be negotiated at or above par, to an amount not exceeding six millions of dollars.) issK 'of" the Sl ' :c> 2 ' A nd 1>c ' lt f lirtllcr enacted, That the Treasury i 1 imfted ry n " tcsnotes Jiiilhorixed to be issued by virtue of this act shall not be issued after the time limited by said last mentioned act. being the fifteenth day of April, eighteen hundred and forty-three, for making said loan, and they shall be LAWS CONCERNING MONEY, BANKING, AND LOANS. 133 issued under the provisions and limitations contained in the act entitled "An act to authorize the issuing of Treas- 7 ury notes," approved the twelfth day of October, eighteen hundred and thirty-seven, and as modified by the act en "M titled "An act additional to the act on the subject of <-* h - Treasury notes," approved March thirty-first, eighteen hundred and forty : Provided, That the notes authorized P to be issued by virtue of this act may, when redeemed, be reissued, or new notes issued in lieu of such as may be re- deemed within the time above prescribed for issuing the same, provided that not more than six millions in amoimt shall be outstanding at any one time under the authority f^ eed $ G ' 000 >- of this act. SEC. 3. And l>e it further enacted, That nothing in the ^ e ^ ]j act contained, entitled an act authorizing the loan, above Certificates of referred to, and an act amendatory of the same, shall be so construed as to authorize the issue of certificates of stock, for debts now due or to become due by the United States, for any other purpose than a bona fide loan to the Government according to the original intention of that law, and that no certificate for any loan shall be issued for a less sum than one hundred dollars. Approved, August 31, 1842. ACT OF MARCH 3, 1843. CHAP. LXXXI. An act authorising the reissue of Treas- 01 5 4 stat - L -> ury notes and for other purposes. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- bled, That when any outstanding Treasury notes, issued in pursuance of the act of thirty-first August, one thou- sand eight hundred and forty-two, entitled "An act to o Act_ O^AUS. limit the sale of public stock to par, and to authorize the -'ST. issue of Treasury notes, in lieu thereof, to a certain amount," or any previous act of Congress, shall, after the passage of this act, be redeemed at any time before the first day of July, one thousand eight hundred and forty- four, the Secretary of the Treasury, should the wants of the public service require, may cause other notes, to the same amount, to be issued in place of such as mav be, ,, u '' ' ss '"' ," f I rcjisur.v notes redeemed, under the limitations and other provisions of authorizcd - the respective acts by which said notes were originally authorized and issued. 134 NATIONAL, MONETARY COMMISSION. i n't ee n st on SEC. 2 ' ^nd, *>e it further enacted, That, after maturity Treasury notes. O f the Treasury notes issued under the said act of thirty-first August, or of this act, interest may be paid thereon, in the same manner as on Treasury notes author- ized previous to the fifteenth April last, under the ninth 1842, ch. 26. sec tion of the act approved on that day, entitled "An act for the extension of the loan of one thousand eight hun- dred and forty-one, and for an addition of five millions of dollars thereto, and for allowing interest on Treasury notes due." issue of stock g EC . 3. And be it further enacted. That, in lieu of issu- I n 1 i e u o f J ' Treasury notes ing the Treasury notes in the manner authorized by the authorized. ~ . i -r /> first section of this act, the President, if in his opinion it shall be for the interest of the United States so to do, may cause any of said notes now outstanding, to be redeemed and cancelled as they become due, if the Secretary of the Treasury cannot redeem them out of the funds in the Treasury, by an issue of stock of the United States, for the amount thus redeemed, in the same form, for the same time, and under the same restrictions, limitations, and i^oo f ^'.'provisions, as are contained in an act approved April !.">, 1842, ch. 20. l . - fifteen, eighteen hundred and forty-two, entitled "An act for the extension of the loan of eighteen hundred and forty-one, and for an addition of five million of dollars thereto, and for allowing interest on Treasury notes due," except that no commissions shall be allowed or paid for the negotiation of such business ; and except also that said stock so to be issued, shall be redeemable at a period not longer than ten years from the issue thereof. Approved. March 3, 1843. ACT OK JULY 22, 1840. 9 stat. L., 39. CHAP. LXIV. An act to authorize an iwne of Treasury 'not ex and a loan. Be it en acted !>)/ the Ornate and Iloiixe of Represent a - u'ex of the I nitcd state* of America in Congress iflsnpofTr*>as-Z,/,Y/, That tlu' President of the United States is hereby ury notes an- . thori/od, n<> t authorized to cause Treasury notes to be issued for such exceeding MO,- ooo.ooo to IK-HUM or sums as the exigencies of the Government may outstanding nt . 1-1 any one time, require: and, in place ol such of the sani" as may be re- deemed, to cause others to be issued: but not exceeding TO be issued^ 16 sllni ^ ^ ( ' n millions of dollars of this emission out- iVa tions h of '[",0 stand ing at any one time, and to be issued under the lim- act of IB:',?, ch. Jtatioiis and other provisions coirained in the act entitled LAWS CONCERNING MONEY, BANKING, AND LOANS. 135 "An act to authorize the issue of Treasury notes," ap- proved the twelfth of October, one thousand eight hun- dred and thirty-seven, except that the authority hereby given to issue Treasury notes shall expire at the end of one year from the passage of this act. (Section 2 provides that the President, instead of issuing the whole amount of Treasury notes thus author- ized, may borrow by the issue of stock of the United States, in the form and under the provisions prescribed by the act of April 15, 1842: "Provided, That the sum thus borrowed, together with the Treasury notes issued, shall not exceed ten millions of dollars, that the stock created shall be redeemable at a period not longer than ten years from its issue, and that no commission shall be paid for the negotiation of this loan.'') SEC. 3. And l>e it further enacted. That the Treasury Not to bear a notes and the stock issued under the provisions of this act terest than 6 p G r cent shall not bear a higher rate of interest than six per centum per annum, and no part thereof shall be disposed of at less than par. SEC. 4. And be it further enacted, That no compensa- .NO compensa- tion shall be made to anv officer, w 7 hose salary is fixed by to any salaried , ,, . . . ' officer for pre- law, tor preparing, signing, or issuing Ireasury notes; paring. signing, nor shall any clerks be employed beyond the number au- said notes, &c. thorized by the act herein referred to. SEC. 5. And le it further enacted. That the sum of fifty Fifty thou- thousand dollars be, arid the same is hereby, appropriated, appropriated j> ,1 m .1 for paying the out or any money in the Ireasury not otherwise appropn- amount of cer- -i n *" . i j> ' , , . . tain purloined ated, tor the purpose ot paying the amount of certain Treasury notes. Treasury notes (which, having been received or redeemed by any authorized officer of the Government, were subse- quently purloined or stolen, and put into circulation with- out evidence on their face of their having been cancelled) to the respective holders, who may have received the same, or any of them, for a full consideration, in the usual course of business, without notice or knowledge of the same having been stolen, or cancelled, or altered, and without any circumstances to cast suspicion on the good faith or due caution with which they may have received the same. Approved, July 22. 1840. 136 NATIONAL MONETARY COMMISSION. ACT OF AUGUST 6, 1846. 9 stat. L., 59. C HAP . XC. An act to provide for the better organiza- tion of the Treasury, and for the collection, safe-keep- ing, transfer, and disbursement of the public revenue. Preamble. Whereas, by the fourth section of the act entitled "An ' act to establish the Treasury Department," approved September two, seventeen hundred and eighty-nine, it was provided that it should be the duty of the treasurer to receive and keep the moneys of the United States, and to disburse the same upon warrants drawn by the Secre- tary of the Treasury, countersigned by the comptroller, and recorded by the register, and not otherwise: and whereas it is found necessary to make further provisions to enable the treasurer the better to carry into effect the intent of the said section in relation to the receiving and disbursing the moneys of the United States: Therefore, Be it enacted l>y the Senate and House of Representa- tives of the United States of America in Congress assem- The treasury ~bled, That the rooms prepared and provided in the new of the United ... states desig- treasury building at the seat of government for the use of the treasurer of the United States, his assistants, and clerks, and occupied by them, and also the fire-proof vaults and safes erected in said rooms for the keeping of the public moneys in the possession and under the im- mediate control of said treasurer, and such other apart- ments as are provided for in this act as places of deposit of the public money, are hereby constituted and declared Moneys pnid to be the treasury of the United States. And all moneys into same, .sub- ject to the paid into the same shall be subject to the draft of the draft of the ' J . . treasurer. treasurer, drawn agreeably to appropriations made by law. (Sections 2, 3, and 4- establish as ''places of deposit'' the mint at Philadelphia and the branch mint at New Orleans, and the vaults and safes thereof; and the treas- urers of said mint and branch mint, respectively, are made assistant treasurers under the provisions of this act. and are to have custody of all public moneys deposited therein, and to perform all the duties required as to the receipt, safe-keeping, transfer, and disbursement of the same. The rooms, safes, and vaults, prepared in the custom-houses of New York and Boston and in the cities of Charleston and St. Louis, for the use of receivers- general under the act of July 4, 1840, are declared to be LAWS CONCERNING MONEY, BANKING, AND LOANS. 137 for the use of the assistant treasurers now to be appointed at those places, respecively ; and the said assistant treas- urers are to have custody of said rooms, vaults, and safes, and of public moneys therein deposited, and to perform all duties required in relation to such moneys. By sub- sequent acts the mints at San Francisco, Carson City, and Denver, and the assay office at Boise City are declared to be places of deposit, and the superintendents thereof are made assistant treasurers. See' Revised Statutes, sections 3592, 3594.) SEC. 5. And ~be it further enacted. That the President Four assist - ' ' ant treasurers shall nominate, and bv and with the advice and consent to be appoint- ed, \v h o shall of the Senate appoint, four officers to be denominated J? ld their of- fices for (our " assistant treasurers of the United States," which said years. officers shall hold their respective offices for the term of four years, unless sooner removed therefrom; one Location of of which shall be located at the cit of New York, in the State of New York; one other of which shall be located at the city of Boston, in the State of Massachu- setts; one other of which shall be located at the city of Charleston, in the State of South Carolina ; and one other at St. Louis, in the State of Missouri. And all s , ha11 s ive . . bonds. of which said officers shall give bonds to the United States, with sureties, according to the provisions here- inafter contained, for the faithful discharge of the duties of their respective offices. NOTE. The assistant treasurers mentioned in sections 3 and 5 of this act were, with others, provided for by section 3595 of the Revised Statutes. The act of August 15, 1876 (19 Stat. L., 155), abolished the position at Charleston, S. C. Additional assistant treasurers of the United States were pro- vided for by the following acts: At Denver, April 21, 18G2 (12 Stat. L., 382), the duties to be performed by the superintendent of the mint, but the act of July 12, 1870 (16 Stat L.. 241). abolished the office of such superintendent. At Baltimore. June 15, 1870 (16 Stat. L.. 151), section 3595, Revised Statutes. At Cincinnati, March 3, 1873 (17 Stat. L.. 543), section 3595. Revised Statutes. At San Francisco. February 12, 1873 (17 Stat. L., 435), section 3595, Revised Statutes. At Chicago, March 3. 1873 (17 Stat. L.. 543), section 3595, Revised Statutes. At Carson City, March 3. 1863 (12 Stat. L., 770). The duties to be performed by the superintendent of the mint. At Boise City, February 19, 1869 (15 Stat. L.. 270). The duties to be performed by the superintendent of the mint. 138 NATIONAL MONETARY COMMISSION. The act of June 8, 1878 (20 Stat. L., 102), empowered the Sec- retary of the Treasury to constitute any superintendent of a mint or assayer of an assay office an assistant treasurer of the United States to receive gold coin and bullion for the purposes provided for in section 254, Revised Statutes. urer be a*sfs e tant SEC. 6 - And be it further enacted, That the treasurer other u o e fficers of the United States, the treasurer of the mint of the tody n of tb p e ubHc United States, the treasurers, and those acting as such, of "dred 6 to 8 keep tne various branch mints, all collectors of the customs, all i v e et ? e a a n e d surveyors of the customs acting also as collectors, all pronfptfy a "o assistant treasurers, all receivers of public moneys at the m a e k n t s^a 1 "^' several land offices, all postmasters, and all public officers required 3 *to "be ^ whatsoever character, be, and they are hereby, required made, etc. to j {ee p sa f e ly. without loaning, using, depositing in banks, or exchanging for other funds than as allowed by this act, all the public money collected by them, or other- wise at any time placed in their possession and custody, till the same is ordered, by the proper department or officer, of the government, to be transferred or paid out; and when such orders for transfer or payment are re- ceived, faithfully and promptly to make the same as directed, and to do and perform all other duties as fiscal agents of the government which may be imposed by this or any other acts of Congress, or by any regulation of the Tonctaspen- treasurv department made in conformity to law; and sion agents. \ . also to do and perform all acts and duties required by law, or by direction of any of the Executive departments of the government, as agents for paying pensions, or for making any other disbursements which either of the heads of those departments may be required by law to make, and which are of a character to be made by the deposi- taries hereby constituted, consistently with the other offi- cial duties imposed upon them. (Sections 7 and 8 provide for the official bonds to be given by the Treasurer of the United States, the treasurer of the mint, the treasurer of the branch mint at Xew Orleans, the assistant treasurers and other depositaries, and for the renewal and increase of their bonds as occa- sion may require. (Sections 1) to 12 repeat without material change the provisions of sections 9 to 13 of the act of July 4. 1$40, substituting, however, the assistant treasurers for the receivers-general provided for by that act. (Section 13 authorizes the necessary expenses for clerks. vaults, etc. LAWS CONCERNING MONEY, BANKING, AND LOANS. 139 (By section 14 the Secretary of the Treasury is author- ized to transfer, at his discretion, balances remaining with any of the present depositaries to any other of them, and also to draw upon such balances in making payments as he may find advisable, but is not to transfer such balances to the depositaries constituted by this act before January 1, 1847.) SEC. 15. And be it further enacted. That all marshals, ^ Payments to ,.. .. ,,. 'theUnited district attorneys, and others having public money to states and for patents to pay to the United States, and all patentees wishing to whom to' be make payment for patents to be issued, may pay all such moneys to the treasurer of the United States, to the treasurer of either of the mints in Philadelphia or New Orleans, to either of the other assistant treasurers, or to such other depositary constituted by this act as shall be designated by the Secretary of the Treasury in other parts of the United States to receive such payments, and give receipts or certificates of deposit therefor. (Section 16 requires all officers intrusted with public moneys, except those connected with the Post-Office De- partment, to keep an accurate account of all receipts and payments; and if any such officer or any officer of the Post-Office Department ?hall convert to his own use, or use by investment, or loan, or deposit in any bank, or ex- change, except as herein allowed, any portion of the public moneys intrusted to him, the act is to be deemed an em- bezzlement, and is declared to be felony ; and any failure to pay over or produce such moneys is to be taken as prima facie evidence of such embezzlement.) SEC. IT. And be it further enacted. That, until the Until the ' - ' roems, etc., di- rooms, offices, vaults, and safes, directed by the first four rected to be . prepared by the sections of this act to be constructed and prepared for the first four sec- 1 tions of this use of the treasurer of the United States, the treasurers ct can be con- of the mints at Philadelphia and New Orleans, and the ers to be pro- cured. assistant treasurers at New York, Boston, Charleston, and St. Louis, can be constructed and prepared for use, it shall be the duty of the Secretary of the Treasury to procure suitable rooms for offices for those officers at their respective locations, and to contract for such use of vaults and safes as may be required for the safe-keeping of the public; moneys in the charge and custody of thoso officers respectively, the expense to be paid by the United States. And whereas, by the thirtieth section of the act en- !"*> < - r >- titled " An act to regulate the collection of duties imposed 15712 10 10 140 NATIONAL MONETAEY COMMISSION. by law on the tonnage of ships or vessels, and on goods, wares, and merchandises, imported into the United States," approved July thirty-one, seventeen hundred and eighty-nine, it was provided that all fees and dues col- lected by virtue of that act should be received in gold and 1800, ch. 55. silver coin only ; and whereas, also, by the fifth section of the act approved May ten, eighteen hundred, entitled u An act to amend the act entitled ' An act providing for the sale of the lands of the United States in the Territory Xprth-west of the Ohio, and above the mouth of Kentucky River,' " it was provided that payment for the said lands shall be made by all purchasers in specie, or in evidences of the public debt; and whereas, experi- ence has proved that said provisions ought to be revived and enforced, according to the true and wise intent of the constitution of the United States. Jfl On and after SEC. 18. Be it further enacted, That on the first day the duties, tax- o f Januarv, in the vear one thousand eight hundred and es, etc., accru- ins to the u.s. fort v-seveii, and thereafter, all duties, taxes, sales of pub- shall be paid . ' . in gold and li c lands, debts, and sums of monev accruing or bccom- silver coin, or _ e in treasury j ni r due to tlie United States, and also all sums due for notes. . ' postages or otherwise, to the general post-office depart- ment. shall be paid in gold and silver coin only, or in treasury notes issued under the authority of the United Monthly pub- States: l*rovi(h>(L That the Secretary of the Treasurv llcation. . . shall publish, monthly, in two newspapers at the city of Washington, the amount of specie at the several places of deposit, the amount of treasury notes or drafts issued, and the amount outstanding on the last day of each month. A ?" a i ml i n s47 r ^ E( ' 1!) ' "'"^ ^ ^ f> ir t nf>r enacted, That on the first an payments day of April, one thousand eight hundred and fortv- to l.f made in ' Koid and silver seven, and thereafter, every officer or agent engaged in roin.orin B i S Treasury notes, making disbursements on account of the United States, agrees t<- re- or of the general post-office, shall make all payments in ceive them. . . . . I gold and silver coin, or in treasury notes, if the creditor violations ol canc ' e ^ !U1 . V treasury notes issued by authority IIR c r ed i ted of law, has received, or shall receive, or has paid, or shall \v it.h their UI " OUIlt - P !l . v ;m . v treasury note which had been previously re- ceived or redeemed by any officer or agent having author- ity to receive or redeem such note, and which had subse- quently thereto been purloined and put into circulation, LAWS CONCERNING MONEY, BANKING, AND LOANS. 143 the Secretary of the Treasury, upon full and satisfactory proof that the same had been received or paid in good faith, and in the exercise of ordinary prudence, may allow a credit for the amount of such note to the officer or agent so receiving or paying the same; and all credits which to c ^ dlt s s a Te e have, before the passage of this act, been allowed in such tloned - cases, and under such circumstances, are hereby sanc- tioned. SEC. 3. And l>e it further enacted. That all acts and Repeal of ' ' a c t s supplied parts of acts heretofore enacted, which are supplied by ty this act if * not acted on ; this act. so far as the same may not have been acted on i f acted o n , ratified and are hereby repealed, and so far as they may have been confirmed. acted on, they are ratified and confirmed. Approved. August 10, 1816. ACT OF JANUARY 28, 1817. CHAP. V. An act authorizing the issue of Treasury notes, 9 stat. L., 1 1 o. a loan, and for other purposes. Be it enacted Ijy the Senate and House of Representa- tives of the United States of America in Congress assem- bled* That the President of the United States is herebv Twenty-three million dollars authorized to cause Treasury notes, for such sum or sums f Treasury J notes author- as the exigencies of the Government may require, but not ized - exceeding, in the whole amount of notes issued, the sum of twenty-three millions of dollars, and of denominations not less than fifty dollars for any one note, to be prepared, signed, and issued, in the manner hereinafter provided. SEC. 2. And l>e it further enacted. That the said Treas- when to be 1 paid. ury notes authorized to be issued by the first section of this act, shall be reimbursed and redeemed by the United States, at the Treasury thereof, after the expiration of one year or two years from the dates of the said notes respectively; from which said dates they shall bear such ter ^ s a t te of ln ~ interest, until they shall be respectively redeemed, as shall be expressed upon the face of the said notes; which rate of interest upon each several issue of the said notes shall be fixed by the Secretary of the Treasury, by and with the advice and approbation of the President ; but shall in no case exceed the rate of interest of six per centum per annum: Provided \ That after the maturity iiitwst to ,-(;] sr s 1 X t y of any of the said notes, such interest shall cease at the (1 :| > after expiration of sixty days' notice, to be given at any time 144 NATIONAL MONETARY COMMISSION. by the Secretary of the Treasury, in one or more of the principal papers published at the seat of Government, of a readiness to redeem the same. The reimbursement herein provided for shall be made at the Treasury of the United States to the holders of the said notes respectively, upon presentment, and shall include the principal of each note, and the interest which may be due thereon at the time of payment. For this reimbursement, at the time and times herein specified, the faith of the United States is hereby solemnly pledged. (Section 3, providing for the signing of notes, follows closely the language of section 3 of the act of October 12, 1837.) May be is- g EC . 4. And ~bc it further enacted. That the Secretary sued to credit- ' ' ors. of the Treasury is hereby authorized, with the approba- tion of the President of the United States, to cause to be issued such portion of the said Treasury notes as the President may think expedient in payment of debts due by the United States, to such public creditors, or other persons, as may choose to receive such notes in payment, May b eas aforesaid, at par. And the Secretary of the Treasury is further authorized, with the approbation of the Presi- dent of the United States, to borrow from time to time such sums as the President may think expedient on the But not for credit of such notes: Provided, however. That no Treas- less than par. ury notes shall be pledged, hypothecated, sold, or dis- posed of in any wise for any purpose whatever, directly or indirectly, for any sum less than the amount of such notes, including the principal and interest thereon when disposed of. trans " ^ EC> '* ^ 7I ^ ^ e ^ f n '' t ^ er mac-ted, That the said Treas- ury notes shall be transferable, by delivery and assign- ment endorsed thereon, by the person to whose order the same shall on the face thereof have been made payable. , Tf ;, b ? re n SEC. C. And l>e it further enacted, That the said Treas- ceivable for all public dues. urv notes shall be received in payment of all duties and taxes laid by the authority of the United States, of all public lands sold by the said authority, and of all debts to the United States of any character whatsoever, which may be due and payable at the time when said Treasury notes may be so offered in payment ; and on every such payment credit shall be given for the amount of the prin- cipal and interest which, on the day of such payment, may be due on the. note or notes thus given in payment. LAWS CONCERNING MONEY, BANKING, AND LOANS. 145 entry SEC. 7. And be it further enacted, That every collector. receiver of public moneys, or other officer or agent of the United States, shall, on the receipt of any Treasury notes in payment for the Government, take from the holder thereof a receipt on the back of each of said notes, stating distinctly the date, and the amount received; and shall keep, according to such forms as shall be prescribed by the Secretary of the Treasury, entries of whom received, the number, date, and respective amounts of principal and interest of each and every Treasury note thus received; and on delivering the same to the Treasury shall receive credit for the amount paid as prescribed by the last sec- tion: Provided, Xo error shall appear. (Sections 8 to 10, providing for the reimbursement or purchase of the notes, and for the punishment of counter- feiting and the like offenses, follow the language of sec- tions 9 to 11 of the act of October 12, 1837. (Section 11. authorizing the Secretary of the Treasury to make rules for the safe-keeping, return, and canceling of notes received by any officers for the United States, is nearly identical with section 12 of the same act, but omits the provision forbidding the reissue of notes.) SEC. 12. And be it further enacted, That, in lieu of the notes authorized by this act which may be redeemed, other notes may be issued: Provided, hotcever, The amount of ^ Amount ( ."? t -' ' to exceed .$23,- such notes outstanding, together with the stock issued by 000 - 000 - virtue of the thirteenth and sixteenth sections of this act. shall not exceed the sum of twenty-three millions of dollars. SEC. 13. And be it further enacted, That it shall be law- May be con- ful for the holders of the aforesaid Treasury notes to stock. present them, at any time, to the Treasury of the United States, or to any assistant treasurer, or to such collectors of the customs and receivers of public moneys as may be designated by the Secretary of the Treasury ; and the holders of the said Treasury notes shall be entitled to receive therefor the amount of the principal of the said notes in a certificate or certificates of funded stock, bear- ing i nt ere:- 1 at six per centum per annum, from the date of such presentment of said Treasury notes, and for the interest, shall be paid in money; and the stock thus to bo issued shall be transferable on the books of the Treasury: Provided, however, and be it further enacted. That it n MU]V>ursaWe.'' n shall be lawful for the United States to reimburse tin- Keissue. 146 NATIONAL MONETARY COMMISSION. stock thus created, at any time after the last day of De- cember, one thousand eight hundred and sixty-seven, same subject. g EC> i^ And be it further enacted, That it shall and may be lawful for the holder of any Treasury notes issued, or authorized to be issued, under this act or any laws heretofore passed, to convert the same into certificates of funded stock, upon the same terms and in the same man- ner hereinbefore provided in relation to the Treasury notes authorized by the first section of this act. ch Act 64 f 1 e1f- ^ EC> ^' ^ n ^ ^ e ^ f ur ther enacted, That the authority tended. ^ o iss ue Treasury notes authorized by the "Act author- izing an issue of Treasury notes and a loan," approved July twenty-second, one thousand eight hundred and forty-six, be and the same is hereby, extended to the same period fixed for the Treasury notes authorized by this act, and upon the same terms and conditions herein specified : Provided, That the Treasury notes authorized by this section shall not exceed five million of dollars. (Sections 16 to 18 authorize the President, in lieu of Treasury notes, to issue stock of the United States, bear- ing interest at a rate not exceeding six per cent, and re- deemable after December 31, 186T, provided, that the whole amount of Treasury notes and of stock together shall not exceed twenty-three millions of dollars, and "Provided further, That no stock shall be issued at a less rate than par.") Proceeds of SEC. 19. And be it further enacted. That for the pay- public lands / - \ pledged for ment of the stock which mav be created under the provi- redemption. sions of this act the sales of the public lands are hereby pledged, and it is hereby made the duty of the Secretary of the Treasury to use and apply all moneys which may be received into the Treasury for the sales of the public lands after the first day of January, eighteen hundred and forty-eight, first, to pay the interest on all stocks issued by virtue of this act ; and, secondly, to use the balance of said receipts, after paying the interest aforesaid, in the purchase of said stocks at their market value: Provided, No more than par shall be paid for said stocks. (The proviso to section 1!) was repealed by section 3 of the act of March 3, 1840 (0 Stat. L.. 3(5!)). (Section i^O makes an appropriation for preparing and issuing said notes and stock.) LAWS CONCERNING MONEY, BANKING, AND LOANS. 147 SEC. 21. And be it further enacted, That it shall be, and g n A e ou ^ ' r s ' hereby is, made the duty of the Secretary of the Treasury p 6 * 6 ^ s to he b ^ to cause a statement to be published monthly of the monthl y- amount of all Treasury notes issued or redeemed in pur- suance of the provisions of this act; and that the power to issue Treasury notes conferred on the President of the United States by this act shall cease and determine six months after the exchange and ratification of a treaty of peace with the Republic of Mexico. SEC. 22. And be it further enacted, That it shall be the r B n e g p r e r ss at duty of the Secretary of the Treasury to report to Con- each sesslon - gress at the commencement of each session the amount of Treasury notes which have been issued under the provi- sions of this act, the amount redeemed, and the manner in which redeemed, the amount purchased and of whom, and at what time purchased, and the amount reissued, stating in lieu of which redemption they are reissued, with the date of such reissue, during the preceding year. Approved, January 28, 1847. ACT OF FEBRUARY 9, 1847. CHAP. VII. An act to provide for the payment of any ^ stat L -> interest, falling due, on the public debt. Be it enacted by the Senate and House of Representa- . Payment o t y if interest on the fives of the United States of America in Congress assein- i )llblic debt - bled, That the Secretary of the Treasury be, and he is hereby, authorized and directed to cause to be paid, out of any money in the Treasury not otherwise appropriated, any interest falling due, or accruing on. any portion of the public debt authorized by law. Approved, February 9, 1847. ACT OF MARCH 31, 1848. CHAP. XXVI. An act to authorize a loan not to exceed .'?. stat - L - the Hum of sixteen millions of dollar*. (Section 1 authorizes the President to borrow on the credit of the United States, within one year from the passage of this act, a sum not exceeding sixteen millions of dollars, at a rate of interest not exceeding six per cent, and reimbursable at any time after twenty years from July 1, 1848.) 148 NATIONAL MONETARY COMMISSION. of C stock lflcates SEC. 2. And be it further enacted, That the Secretary of the Treasury be, and he is hereby authorized, with the consent of the President of the United States, to cause to be prepared certificates of stock, which shall be signed by the Register of the Treasury, and sealed with the seal of the Treasury Department, for the sum to be borrowed as aforesaid, or any part thereof, bearing an interest not to exceed six per centum per annum, and transferable and reimbursable as aforesaid, and to cause said certificates of now sold, stock to be sold: Provided, That no part of said stock be interest 008 for S W below par: And provided, also, That, whenever re- quired so to do, the Secretary of the Treasury shall cause to be attached to any certificate or certificates to be issued under this act, coupons of interest; and any certificate having such coupons of interest attached to it, may be certificates transferable by delivery of the certificate, instead of be- transferable by . . J , , i m delivery. ing assignable on the books of the ireasury; but no cer- tificate of stock shall be issued for a less amount than fifty dollars. (By section 3 the Secretary of the Treasury is directed, before disposing of this stock, to advertise for sealed pro- posals, to be handed in after not less than twenty nor more than sixty days, and in the advertisement to state the amount required and the conditions fixed for its pay- ment into the Treasury. (Section 4 pledges the faith of the United States for the provision of sufficient revenues to secure the payment of the interest and redemption of the principal.) rnrohnse of SEC. 5. And l>e it further enacted, That the Secretarv stock when,, . there ar<> sur- ot the I rcasurv be, and he is hereby, authorized to pur- plus funds in * ' -i i i- -j. i j? the Treasury, chase, at any time before the period herein limited for the redemption of the stock hereby created, such portion thereof at the market price, not below par, as the funds of the Government may admit of, after meeting all the demands on the Treasury; and any surplus that hereafter may be in the Treasury is hereby appropriated to that object. (Section (> provides for ;i report to be made to Con- gress of all transactions under this act, in language iden- tical with that of section (> of the act of April lf>, 184*2.) Approved, March 31, 1848. LAWS CONCERNING MONEY, BANKING, AND LOANS. 149 ACT OF SEPTEMBER 9, 1850. CHAP. XLIX. An act proposing to the State of Texas the 9 stat. L., establishment of her northern and western boundaries, the relinquishment by the said State of all territory claimed by her exterior to said boundaries, and of all her claims upon the United States, and to establish a territorial government for New Mexico. SECTION 1. Clause fourth. The United States, in con- ^ Ten minion . . dollars in stock sideration of said establishment of boundaries, cession of bearing 5 per i MI cent interest to claim to territory, and relinquishment of claims, will pay tP id to Texas to the State of Texas the sum of ten millions of dollars in a stock bearing five per cent, interest, and redeemable at the end of fourteen years, the interest payable half- yearly at the Treasury of the United States. Fifth. Immediately after the President of the United, stock to be Issued when States shall have been furnished with an authentic copy Texas sna11 - 1 - ^ have accepted of the act of the general assembly of Texas accepting the*e proposi- J . r & tlons, and these propositions, he shall cause the stock to be isued rnPresident of f * f United States favor of the State of Texas, as provided for in the fourth notified thereof. article of this agreement : Provided, also, That no more than five millions of said stock shall be issued until the creditors of the State holding bonds and other certificates of stock of Texas for which duties on imports were spe- cially pledged, shall first file at the Treasury of the United States releases of all claim against the United States for or on account of said bonds or certificates in such form as shall be prescribed by the Secretary of the Treas- ury and approved by the President of the United States : Approved, September 9, 1850. ACT OF AUGUST 31, 1852. CHAP. CVTII. An act making appropriations for the_JQ stat. L., civil, and diplomatic expenses of the Government for the year ending the thirtieth of June, eighteen hun- dred and fifty-three, and for other purposes. SEC. 10. And be it further enacted. That where anv rncxpondo 1 , ' ' appropriations moneys shall have remained unexpended upon anv appro- win-n to hecur J , . i'i ( ' (l '" " sur priations by law, other than for the payment or interest pins fund." on the funded debt, or the payment of interest and reim- 150 NATIONAL MONETARY COMMISSION. bursement according to contract of any loan or loans made on account of the United States, as likewise moneys appropriated for a purpose in respect to which a larger duration is specially assigned by law, for more than two years, after the expiration of the fiscal year in which the act shall have been passed, all and any such appropria- tions shall be deemed to have ceased and been determined, and the moneys so unexpended shall be immediately there- after carried, under the direction of the Secretary of the Treasury, to the account on the books of the Treasury denomianted the " surplus fund," to remain like other un- surpius fund appropriated moneys in the Treasury, and it shall not not to be ap- J J y plied to other be lawful, for any cause or pretence whatsoever, to trans- purposes. .-.I! 1 fer, withdraw, apply, or use for any purpose whatever^ any moneys carried as aforesaid to the surplus fund with- out further and specific appropriations by law. ***** Approved, August 81, 1852. ACT OF MARCH 2, 1853. 10 stat. L., CHAP. LXXXIX. An act to provide compensation to such persons as may be designated l>y the Secretary of the Treasury to receive and keep the public money, under the -fifteenth section of the act of sixth August, 1846, ch. 90. eighteen hundred and forty-six, for the additional services required under that act. (Provides compensation for designated depositaries for payments received by them from miscellaneous sources other than the transaction of the respective offices for which they were commissioned.) Approved, March 2, 1853. ACT OF MARCH 3. 1853. 10 stat. L., CHAP. XCVTI. An act mal\tn<><> authorized ; . i ii denninina- as the exigencies of the public service may require, but not ach. dollars, and of denominations not less than one hundred 152 NATIONAL MONETARY COMMISSION. dollars for any such note, to be prepared, signed, and issued in the manner hereinafter provided. HOW, when, SEC. 2. And l)e it further enacted, That such Treasury whom issued, notes shall be paid and redeemed by the United States at deemed an e the Treasury thereof after the expiration of one year from the dates of said notes, from which dates, until they shall be respectively paid and redeemed, they shall bear such rate of interest as shall be expressed in said notes, First issue w hich rate of interest upon the first issue, which shall not not to exceed * $6,000,000. exceed six millions of dollars of such notes shall be fixed by the Secretary of the Treasury, with the approbation Rate of in- of the President, but shall in no case exceed the rate of terest not over . 6 per cent. six per centum per annum. The residue shall be issued Residue, how * . ,. . issued. m whole or in part, after public advertisement of not less than thirty days, as the Secretary of the Treasury may direct, by exchanging them at their par value for specie to the bidder or bidders who shall agree to make such ex- change at the lowest rate of interest, not exceeding six Proviso. per centum, upon the said notes: Provided, That after when to cease! the maturity of any of said notes, interest thereon shall cease at the expiration of sixty days' notice of readiness to pay and redeem the same, which may at any time or times be given by the Secretary of the Treasury in one or more newspapers published at the seat of Government. The payment or redemption of said notes herein provided shall be made to the lawful holders thereof, respectively, upon presentment at the Treasury, and shall include the principal of each note and the interest which shall be due Faith of the thereon. And for such pavment and redemption, at the T nltod States l J L ' pledged for time or times herein specified, the faith of the United their redemp- . Iion - States is hereby solemnly pledged. (Section 3 provided for the signing of the notes, and the accounts to be kept of their preparation, redemption, and cancellation. (Sections 4 to 7. providing for the issue, transfer, re- ceipt, and payment of the notes, follow the language of sections 4 to 7 of the act of January 28. 1847. (Section 8 authorizes the establishment of rules for the custody and disposal of notes received; and section 9 makes the same provision for the redemption of the notes at maturity and their purchase at any time as section 8 of the act of October 12. 1837.) * * * * * M.i.v u- \-< SKC. 10. And l>c, it f>t/-f/u'r ctKirffd. That, in place of sued in til.'ico I r<> such Treasury notes as may have been paid and redeemed, LAWS CONCERNING MONEY, BANKING, AND LOANS. 153 other Treasury notes to the same amount may be issued : Provided, That the aggregate sum outstanding, under the gt ^o.t^a i out- authority of this act, shall at no time exceed twenty mil- s^o^ff ceed lions of dollars : And provided further. That the power to Not to be is- , . ^ / -i i -r. SUed ilfter Jan - issue and reissue Treasury notes, conferred on the Presi- *> 18 59. dent of the United States by this act, shall cease and de- termine on the first day of January, eighteen hundred and fifty-nine. * * * * * (Sections 12 and 13 provide for the punishment of counterfeiting and of the like offenses; and section 14 requires the publication of a monthly statement of the amount of Treasury notes issued, paid, redeemed, and outstanding under this act.) Approved, December 23, 1857. ACT OF JUNE 14, 1858. CHAP. CLXV. .In act to authorise a loan not exceeding .^^ stat - L - the sn?n of twenty millions of dollars. (Section 1 empowers the President to borrow on the credit of the United States, within one year from the passage of this act, a sum not exceeding twenty millions of dollars, provided that the loan thus made shall be reimbursable at any time after fifteen years from January 1, 1859.) SEC-. 2. And be it further enacted. That stock shall be stock issued ' . . therefor shall issued for the amount so borrowed, bearing interest not bear not OVv section 3 the Secretary of the Treasury is required before awarding the loan to advertise that sealed pro- posals for the stock will be received until a date not less than thirty days distant, and to " accept the most favor- able proposals offered bv responsible bidders; v and he is also required to report to Congress, at its next session, all 154 NATIONAL MONETARY COMMISSION. transactions under this act, "Provided, That no stock shall be disposed of at less than its par value.") Faith of the g EC . 4. And be it further enacted, That the faith of the United States ' pledged for its United States is hereby pledged tor the due payment or the interest and the redemption of the principal of said stock. (Section 5 appropriates for the expenses of preparing said certificates of stock, etc.) Approved. June 14, 1858. ACT OF MARCH 3, 1859. 11 stat. L., CHAP. LXXXII. An act making appropriations for sundry civil expenses of the Government for the year ending the thirtieth of June, eighteen hundred and sixty. Authority to SEC. 5. And be it further enacted. That the power to Issue and rcls- . < i i -r sue Treasury i^ue and reissue Treasury notes, conferred on the Presi- notes under act 7 of Dec. p. c l en t of the United States, bv the act entitled "An act to isr.i. extended ' to July 1,1860. au thorize the issue or Treasury notes, approved the twenty-third December, eighteen hundred and fifty-seven, be, and the same hereby is, revived and continued in force from the passage of this act until the first day of July E x pe n s e s eighteen hundred and sixtv; and to defrav the expenses thereof. . ' proviso. thereof the sum of five thousand dollars is hereby appro- priated : Provided, That the said notes may be issued bearing an interest not exceeding six per centum per an- num : and that it shall not be necessary, as directed by the original act, aforesaid, after advertisement to exchange them for specie to the bidder or bidders who shall agree to make such exchange at the lowest rate of interest upon said notes; and that in all other respects the reissue of said Treasury notes shall be subject to the terms and conditions of the act aforesaid. r o H p o n or SKC. 0. .-1 /it/ be it fu/'f/ir/' cti of the act of June 14. 1858: "Provided, That no stock shall be dis- posed of at less than its par value.'') 15712 10 11 156 NATIONAL MONETARY COMMISSION. united 1 statel SEC " 4 ' And ^ e U f urther enacted, That the faith of the pledged. United States is hereby pledged for the due payment of the interest and the redemption of the principal of said stock. Approved, June 22, 1860. ACT OF DECEMBER 17,1860. 1-2 stat. L., CHAP. I. An act to authorize the issue of Treasury notes, and for other purposes. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- no5s. e So S w r t5 ft ^ That the President of [the] United [States] be amount, 8 Yn'd hereby authorized to cause Treasury notes, for such sum denomination. O1> sums as the exigencies of the public service may re- quire, but not to exceed at any time the amount of ten millions of dollars, and of denominations not less than fifty dollars for any such note, to be prepared, signed, and issued in the manner hereinafter provided. TO be ro- SEC. 2. And lie it further enacted, That such Treas- year from their nrv notes shall be paid and redeemed by the United States d fl 1 6 " at the Treasury thereof after the expiration of one year from the date of issue of such notes; from which dates,-> until they shall be respectively paid and redeemed, they shall bear such rate of interest as shall be expressed in such notes, which rate of interest shall be six per centum Kate or in- per annum : Provided, That, after the maturity of any of when interest said notes, interest thereon shall cease at the expiration of sixty days' notice of readiness to redeem and pay the same, which may at any time or times be given by the Secretary of the Treasury in one or more newspapers at who to re- the seat of government. The redemption and payment ceive payment. of said notes, herein provided, shall be made to the law- ful holders thereof respectively upon presentment at the Treasury, and shall include the principal of each note and the interest which shall be due thereon. And for the pay- raith <>r the ment and redemption of such notes at the time and times I in tod Sf *it os pledged. therein specified, the faith of the United States is hereby solemnly pledged. (Section 3 provides for the signing of the Treasury notes and the accounts to be kept thereof.) iss^d'%T y pnr SEC. 4 ' Al> if f" >'*!"">' <'''f<'y the Senate and House of Representa- tives of the United States of America in Congress as- m\mm Aoiiiusembled) That the President of the United States be, and !zed n he l f t or r e hereby is, authorized, at any time before the first day of ' July next, to borrow, on the credit of the United States, a sum not exceeding twenty-five millions of dollars, or so much thereof as, in his opinion, the exigencies of the public service may require, to be used in the payment of Purpose of the current demands upon the Treasury and for the re- demption of Treasury notes now outstanding, and to re- place in the Treasury any amount of said notes which shall have been paid and received for public dues. (Section 2 provides that stock shall be issued, bearing interest not exceeding six per cent, and " to be reimbursed within a period not beyond twenty years and not less than ten years.'' the stock being transferable on the books of the Treasury, arid no certificate being issued for less than one thousand dollars. (Section 3 provides for sealed proposals, to be received for a period of not less than ten clays, for the acceptance of the most favorable offers made by responsible bidders, and for a report of all transactions to Congress.) unTt n ed h state! SEC - 4 - A " (1 l)C ' d f >irtner enacted, That the faith of the pledged. United States is hereby pledged for the due payment of the interest and the redemption of the principal of said stock. (By section 5 the residue of the loan authorized by the act of June '2 - 2. 1800. is to be applied to the redemption of Treasury notes issued under the act of December IT, 1860; and bonds authorized by said first-mentioned act may be exchanged at par for said Treasury notes and their accrued interest. (Section 6 makes appropriation for expense of prepar- ing said stock, etc.) Secretary of SEC. 7. Ami he it further enacted. That the Secretary the Treasury in peed not accept of the Treasurv shall not bo obliged to accept the most bids unless, etc. . . . favorable bids as hereinbefore provided, unless he shall consider it advantageous to the United States to do so. but for any portion of such loan, not taken under the first advertisement, he may advertise again at his dis- cretion. Approved. February 8. 1861. LAWS CONCERNING MONEY, BANKING, AND LOANS. 159 ACT OF MARCH 2, 1861. CHAP. LXVIII. An act to provide for the payment of 12 stat. L., outstanding Treasury notes, to authorize a loan to regu-. late and fix the duties on imports, and for other purposes. Be it enacted by the Senate and House of Representa- tires of the United States of America in Congress as- within twelve months not semNed, That the President of the United States be, and over $10,000,- hereby is, authorized, at any time within twelve months from the passage of this act, to borrow, on the credit of the United States, a sum not exceeding ten millions of dollars, or so much thereof as, in his opinion, the ex- igencies of the public service may require, to be applied & HOW to be to the payment of appropriations made by law, and the balance of Treasury notes now outstanding, and no other purposes, in addition to the money received, or which may be received, into the Treasury from other sources: Provided, That no stipulation or contract shall be made to prevent the United States from reimbursing any sum borrowed under the authority of this act at any time after when to be rodGGIDGCl the expiration of ten years from the first day of July next, by the United States giving three months' notice, to be published in some newspaper published at the seat of Government, of their readiness to do so; and no con- tract shall be made to prevent the redemption of the same at any time after the expiration of twenty years from the said first day of July next, without notice. (Section 2 provides for the issue of either registered or coupon certificates as may be required, bearing interest not exceeding six per cent, in language identical with that of section 2 of the act of February 8, 1801, omitting, however, any provision as to the time of reimbursement. (Section 3 provides for sealed proposals, to be received within a period of not less than thirty days, for the ac- ceptance of the most favorable offers made by responsible bidders, and for a report of all transactions to Congress: "Pi'oi-ided, That no stock shal] be disposed of at less than its par value: And provided further, That no part of the loan hereby authorized shall be applied to the service of the present fiscal year.") SEC. 4. And be 'it further enacted, That in case the pro- for lf }? a l posals made for said loan, or for so much thereof as thej 1 " exigencies of the public service shall require, shall not be j^ 160 NATIONAL MONETARY COMMISSION. satisfactory, the President of the United States shall be, and hereby is, authorized to decline to accept such offer if for less than the par value of the bonds constituting the said stock, and in lieu thereof, and to the extent and amount of the loan authorized to be made by this act, to issue Treasury notes for sums not less than fifty dollars, bearing interest at the rate of six per centum per annum payable semi-annually on the first days of January and Juh r in each year, at proper places of payment to be pre- scribed by the Secretary, with the approval of the Presi- dent: and under the like circumstances and conditions, the President of the United States is hereby authorized to substitute Treasury notes of equal amount for the whole or any part of any of the loans for which he is now by Amount, law authorized to contract and issue bonds. And the when payable, . TIT etc. 1 reasury notes so issued under the authority herein given shall be received in payment for all debts due to the United States when offered, and in like manner shall be given in payment for any sum due from the United States, when payment in that mode is requested by the person to whom payment is to be made, or for their par Faith of the value in coin. And the faith of the United States is pledged. ' ' hereby pledged for the due payment of the interest and the redemption of the principal of the stock or Treasury notes, which may be issued under the authority of this act ; and the sum of twenty thousand dollars is hereby appro- " tlon for-. . penses. priated. out or any money in the I reasury not otherwise appropriated, to pay the expenses of preparing the certifi- cates of stock or Treasury notes herein authorized, to be done in the usual mode and under the restrictions as to employment and payment of officers contained in the laws authorizing former loans and issues of Treasury notes; and May i>e ex- |( shall he at the option of holders of the Treasury notes c li a n ged for _ ' bonds, etc. hereby authorized by this act, to exchange the same for the stock herein authorized at par. or for bonds, in lieu proviso. of which said Treasury notes were issued: I* ro ruled, That no certificate shall be exchanged for Treasury notes, or Notes no! io bonds, in sums less than five hundred dollars: .{//e issued there for. per annum, payable semi-annually. irredeemable for 162 NATIONAL MONETARY COMMISSION. ir hen twenty years, and after that period redeemable at the Treasury pleasure of the United States ; and the Treasury notes to notes, denomi- F , / i i_ ru a j>j.i. nation, inter- be of any denomination fixed by the {secretary or the est, when pay- _, n ,, -, , -, -, able. Treasury, not less than fifty dollars, and to be payable three years after date, with interest at the rate of seven and three-tenths per centum per annum, payable semi- CertainTreas- annually. And the Secretary of the Treasury may also ury notes may . " . , , , , be issued i n issue in exchange lor coin, and as part 01 the above loan, coin, etc. or may pay for salaries or other dues from the United Revised Stat- _, J, < i j ,- ,1 c. > utes, 3589. States, Treasury notes of a less denomination than fitty dollars, not bearing interest, but payable on demand by the assistant treasurers of the United States at Philadel- phia, New York, or Boston, or Treasury notes bearing interest at the rate of three and sixty-five hundredths per centum, payable in one year from date, and exchangeable at any time for Treasury notes for fifty dollars, and up- wards, issuable under the authority of this act, and bear- Proviso. ing interest as specified above: Provided, That no ex- change of such notes in any less amount than one hundred Proviso. dollars shall be made at any one time: And provided fur- ther, That no Treasury notes shall be issued of a less denomination than ten dollars, and that the whole amount of Treasury notes, not bearing interest, issued under the authority of this act, shall not exceed fifty millions of dollars. bond's* a bo\v SEC. 2. And be it further enacted, That the Treasury signed, etc. notes and bonds issued under the provisions of this act shall be signed by the First or Second Comptroller, or the Register of the Treasury, and countersigned by such other officer or officers of the Treasury as the Secretary of the Treasury may designate; and all such obligations, of the denomination of fifty dollars and upwards, shall be ferabie w trans " is.sued under the seal of the Treasury Department. The registered bonds shall be transferable on the books of the Treasury on the delivery of the certificate, and the coupon bonds and Treasury notes shall be transferable by deliv- ery. The interest coupons may be signed by such person or persons, or executed in such manner as may be desig- nated by the Secretary of the Treasury, who shall fix the compensation for the same. (Section 3 authorizes the Secretary of the Treasury to open books for subscriptions for the Treasury notes at such places as he may select; and. if he thinks expedient, before opening such books, to pay out for public dues, or for coin or for the public debt, any amount of said Treas- ury notes not exceeding one hundred millions of dollars. LAWS CONCEKNING MONEY, BANKING, AND LOANS. 163 (Section 4 provides for the issue of proposals in the United States for such portion of the loan in bonds as the Secretary may determine: "Provided, That no offer shall be accepted at less than par." (Section 5 authorizes the Secretary of the Treasury to negotiate any part of the loan, not exceeding one hun- dred millions of dollars, in any foreign country; to make the principal and interest payable either in the United States or in Europe; and to fix the rate of exchange at which the principal shall be received, which rate shall also be the rate of exchange for the payment of the princi- pal and interest in Europe.) SEC. C. And be it further enacted, That whenever any Treasury , , .., r./Tn notes under Treasury notes of a denomination less than fifty dollars, $50 may be re- .' . . issued prior to authorized to be issued by this act. shall have been re- December si, 1862 deemed, the Secretary of the Treasury may reissue the same or may cancel them and issue new notes to an equal amount : Provided, That the aggregate amount of bonds Proviso. and Treasury notes issued under the foregoing provisions of this act shall never exceed the full amount authorized by the first section of this act ; and the power to issue or reissue such notes shall cease and determine after the thirty-first of December, eighteen hundred and sixty-two. SEC. 7. And be it further enacted. That the Secretary Treasury ' ' J notes may be of the Treasury is hereby authorized, whenever he shall issued in ex- . c h a n g e f o r deem it expedient, to issue in exchange for coin, or in coin ' etc - payment for public dues, Treasury notes of any of the denominations hereinbefore specified, bearing interest not exceeding six per centum per annum, and payable at any time not exceeding twelve months from date, provided that the amount of notes so issued, or paid, shall at no time exceed twenty millions of dollars. SEC. 8. And be it further enacted. That the Secretary of t jfl^V*, the Treasury shall report to Congress, immediately after ^ ro P ()rt to to Congress. the commencement of the next session, the amount he has borrowed under the provisions of this act, of whom, and on what terms, with an abstract of all the proposals, des- ignating those that have been accepted and those that have been rejected, and the amount of bonds or Treasury notes that have been issued for the same. SEC. 0. And be it further enacted, That the faith of the rn 1 j'f ( ^ h & United States is hereby solemnly pledged for the pay- i>'ied. merit of the interest and redemption of the principal of the loan authorized by this act. 164 NATIONAL MONETAKY COMMISSION. p t SEC - 10 - And be it further enacted, That all the pro- b ' *' v i s i ns f the act entitled "An act to authorize the issue of Treasury notes," approved the twenty-third day of December, eighteen hundred and fifty-seven, so far as the same can or may be applied to the provisions of this act, and not inconsistent therewith, are hereby revived or re- enacted. (Section 11 makes an appropriation to defray the ex- penses attending this act.) Approved, July 17, 1861. ACT OF AUGUST 5, 1861. 12 stat. L., CHAP. XLVI. An act supplementary to an act entitled "An act to authorize a national loan, and for other purposes." (Section 1 authorizes the Secretary of the Treasury to issue bonds bearing interest at six per cent per annum, and payable at the pleasure of the United States after twenty years from date, to be given in exchange for such treas- ury notes, bearing interest at seven and three-tenths per cent, issued under the act of July 17, 1861, as the holders may present for exchange before or at the maturity thereof. Any part of the treasury notes payable on de- mand, authorized by said act, may be made payable by the assistant treasurer at St. Louis, or the depositary at Cincinnati.) Treasury SEC. 2. And Lc it farther enacted. That the Treasury notes, bow exe- . ... '"ted. notes issued under the provisions of the said act to author- ize a national loan, and for other purposes, or of any other act now in force authorizing the issue of such notes, shall be signed by the Treasurer of the United States, or by some officer of the Treasury Department, designated by the Secretary of the Treasury, for said Treasurer, and countersigned by the Register of the Treasury, or by some ^'eed not have officer of the Treasury Department, designated by the Secretary of the Treasury, for said Register, and no Treasury notes, issued under any act, shall require the seal of the Treasury Department. (Section \\ provides that the demand notes issued under |!u> previous act may be of denominations not less than five dollars. (Section 1 makes an appropriation for the expenses authorized by this act.) LAWS CONCERNING MONEY, BANKING, AND LOANS. 165 SEC. 5. And be it further enacted. That the Treasury N tes on d - 7 J mand, etc., notes authorized by the act to which this is supple- un er , f 50 J e - J . c e i v a b 1 e for mentary, of a less denomination than fifty dollars, pay- public dues. * ' 4 J . Revised Stat- able on demand without interest, and not exceeding in utes > 3473 - amount the sum of fifty millions of dollars, shall be re- ceivable in payment of public dues. SEC. 6. And be it further enacted. That the provisions K ,, 1 S r a ti s of f ouuLicHSury of the act entitled "An act to provide for the better act organization of the Treasury, and for the collection, safe- keeping, transfer, and disbursements of the public reve- nue,'' passed August six, eighteen hundred and forty-six, i46, ch. 90. be and the same are hereby suspended, so far as to allow the Secretary of the Treasury to deposit any of the ro ivent si B^eci moneys obtained on any of the loans now authorized by paying banks. law, to the credit of the Treasurer of the United States, in such solvent specie-paying banks as he may select ; and the said moneys, so deposited, may be withdrawn from such deposit for deposit with the regular authorized depositaries, or for the payment of public dues, or paid in redemption of the notes authorized to be issued under this act or the act to which this is supplementary, pay- able on demand, as may seem expedient to, or be directed by, the Secretary of the Treasury. SEC. 7. And be it further enacted. That the Secretary , s j* per cent - bonds due In of the Treasury may sell or negotiate, for any portion of twenty years " J ' may be issued the loan provided for in the act to which this is supple- for Certain 7 1 per cent bonds. mentary, bonds payable not more than twenty years from date, and bearing interest not- exceeding six per centum per annum, payable semi-annually, at any rate not less than the equivalent of par, for the bonds bearing seven per centum interest, authorized by said act. Approved, August f>. 1801. ACT OF FEBRUARY 25, 1802. CHAP. XXXI IT. Ail art to aiitliorize the issue of United i- stilt - L - . . 345. States note*, // the Senate and House of Representa- tives of the United States of America in Congress axsem- Ued, That the Secretary of the Treasury is hereby ^"'n/jTmn' authorized to issue, on the credit of iho United Stales, J,!^" 1 ^^ one hundred and fifty millions of dollars of United States !lutl '' orlicd - notes, not bearing interest, payable to bearer, at the Treas- ury of the United States, and of such denominations a* 166 NATIONAL MONETARY COMMISSION. $5 N each SS than ne ma y deem expedient, not less than five dollars each : ' Provided. however. That fifty millions of said notes shall dollars ^o"'^" ' Je * n ^ eu ^ ^ ie demand Treasury notes authorized to be mand" notes" i ssue ^ by the act of July seventeen, eighteen hundred and be h redeerned to s i x ty-one ; which said demand notes shall be taken up as utes vl flrf tat ra pidly as practicable, and the notes herein provided for Receivable in substituted for them : And provided further. That the payment or all ' dues to united amount of the two kinds of notes together shall at no time States except duties on im-^ exceed the sum of one hundred and fifty millions of dol- ports, and of J claims against l ars anc ] ^\\ c \\ notes herein authorized shall be receivable the U n i t e d states except i n payment of all taxes, internal duties, excises, debts, and interest, and a 7 ' legal tender in demands of everv kind due to the United States, except allcasesof. . . L de f - . . duties on imports, and of all claims and demands against Revised Stat- utes. 3r>88. the United States of every kind whatsoever, except for Holders. J , ... thereof may de- interest upon bonds and notes, which shall be paid in coin, posit any amount not and shall also be lawful money and a legal tender in pav- less than $;>0 J e \ . with the Treas- ment of all debts public and private, within the United urer or assist- . L ant treasurer. States, except duties on imports and interest as aforesaid. and receive cer- r < -i -r-r i o tiflcates con- And anv holders or said United States notes depositing vertible into i i * united states anv sum not less than fiftv dollars, or some multiple of bonds. - ' fifty dollars, with the Treasurer of the United States, or either of the assistant treasurers, shall receive in exchange therefor duplicate certificates of deposit, one of which may be transmitted to the Secretary of the Treasury, who shall thereupon issue to the holder an equal amount of bonds of the United States, coupon or registered, as may by said holder be desired, bearing interest at the rate of six per centum per annum, payable semi-annually, and redeemable at the pleasure of the United States after five years, arid payable twenty years from the date thereof. recei'vabhJtn ^ IK ' sucn ^ n ^ed States notes shall be received the same loan" 10 "* the !IS com< a ^ their par value, in payment for any IOPIIS that ''Re^ed'st'it' nia - v ^ )e nerea fter sold or negotiated by the Secretary of utes, :!."!>. t] ic Treasury, and may be reissued from time to time as the exigencies of the public interest shall require. Five hundred SEC. 2. And Ic it further enacted. That, to enable the million dollars ' of o per cent Secretary of the Treasury to fund the Treasury notes and bonds author- ized to fund floating debt of the United States, he is hereby authorized floating debt. to issue, on the credit of the United States, coupon bonds, or registered bonds, to an amount not exceeding five hun- dred millions of dollars, redeemable at the pleasure of the when pay- United States after five years, and payable twenty years able. . . from date, and bearing interest at the rate of six per centum per annum, payable semi-annually. And the LAWS CONCERNING MONEY, BANKING, AND LOANS. 16? bonds herein authorized shall be of such denominations, Denomination ' not less than not less than fifty dollars, as may be determined upon by $ 50 - the Secretary of the Treasury. And the Secretary of the Treasury may dispose of such bonds at any time, at the May be dis- market value thereof, for the coin of the United States, co'in or at or for any of the Treasury notes that have been or may hereafter be issued under any former act of Congress, or for United States notes that may be issued under the pro- visions of this act: and all stocks, bonds, and other securi- ^ Exempt from ' ... . taxation. ties of the United States held by individuals, corporations. Revised stat- or associations within the United States, shall be exempt from taxation by or under State authority. SEC. 3. And be it further enacted. That the United Form of notes ' and bonds. States notes and the coupon or registered bonds author- ized by this act shall be in such form as the Secretary of the Treasury may direct, and shall bear the written or engraved signatures of the Treasurer of the United HOW signed, States and the Register of the Treasury, and also, as evidence of lawful issue, the imprint of a copy of the .seal of the Treasury Department, which imprint shall be made under the direction of the Secretary after the said notes or bonds shall be received from the engravers and before they are issued ; or the said notes and bonds shall be signed by the Treasurer of the United States, or for the Treasurer by such persons as may be specially appointed by the Secretary of the Treasury for that purpose, and shall be countersigned by the Register of the Treasury, or for the Register by such persons as the Secretary of the Treasury may specially appoint for that purpose: and all the provisions of the act entitled a j' v 1 1 | 1 5 .? s c f "An act to authorize the issue of Treasury notes," ap- ^J^ 1 ' n> re ~ proved the twenty-third day of December, eighteen hun- dred arid fifty-seven, so far as they can be applied to this act. and not inconsistent therewith, are hereby revived and re-enacted ; and the sum of three hundred thousand dollars is hereby appropriated, out of any tio^of^Jso'cf- inoney in the Treasury not otherwise appropriated, to t ^ es f r f e e *; enable the Secretary of the Treasury to carry this act gravingi etc - into effect. SEC. 4. And l>e it further enacted, That the Secretary p^f^ 1 *^ of the Treasury may receive from any person or persons, y^J^J** or any corporation, United States notes on deposit for ^ '"^""t not less than thirty days, in sums of not less than one fixates" b hundred dollars, with any of the assistant treasurers or }^ er 5 es ^ e designated depositaries of the United States authorized therefor - 168 NATIONAL, MONETARY COMMISSION. by the Secretary of the Treasury to receive them, who Mar ee 2 a i867* sna U issue therefor certificates of deposit made in such form as the Secretary of the Treasury shall prescribe, and said certificates of deposit shall bear interest at the rate of five per centum per annum; and any amount of Deposits may United States notes so deposited may be withdrawn from be withdrawn. * deposit at any time after ten days' notice on the return of said certificates: Provided, That the interest on all such deposits shall cease and determine at the pleasure Aggregate of o f the Secretary of the Treasury : And provided further. deposits not to J L oooo e oo d ? " 5 ' "That the aggregate of such deposit shall at no time exceed the amount of twenty-five millions of dollars. Duties to i>e g ec . 5. ^ nc l fr e it further enacted. That all duties on received in coin . ...... and d e m a n d imported goods shall be paid in com, or m notes payable on demand heretofore authorized to be issued and by Revised stat- ] aw receivable in payment of public dues, and the coin so paid shall be set apart as a special fund, and shall be applied as follows: coin, how First. To the pavment in coin of the interest on the used to pay in- l " terest. bonds and notes of the United States. Revised Stat- utes. sfl4. Second. J o the purchase or payment or one per centum TO create a of the entire debt of the United States, to be made Revised stat- within each fiscal vear after the first day of July, eight- utes, 3G89. J . ; ' een hundred and sixty-two, which is to be set apart as a sinking fund, and the interest of which shall in like manner be applied to the purchase or payment of the public debt as the Secretary of the Treasury shall from time to time direct. Third. The residue thereof to be paid into the Treas- ury of the United States. (Sections and 7 prescribe penalties for forging, etc., Treasury notes or bonds, and for using, engraving, etc., plates in similitude: or for selling or bringing into the United States, or having plates or blank notes in pos- session, etc.) Approved. February 25. 18()2. ACT OF MARCH 1, 1802. 12 stat. L, CIIAI-. XXXV. An ii . checks, etc. authorized by an act entitled An act to authorize the Secretary of the Treasury to issue certificates of indebted- ness to public creditors," approved March first, eighteen hundred and sixty-two, to such creditors as may desire to receive the same, in discharge of checks drawn by disbursing-officers upon sums placed to their credit on the books of the Treasurer, upon requisitions of the proper Departments, as well as in discharge of audited and settled accounts, as provided by said act. SEC. 2. And be it further enacted. That the demand Demand notes notes authorized by the act of July seventeen, eighteen able' and c a ie- hundred and sixty-one, and by the act of February notes en is e sued twelfth, eighteen hundred and sixty-two, shall, in ad- February 25, ditiori to being receivable in payment of duties on imports, Revised stat be receivable, and shall be lawful money and a legal ten- der, in like mariner, arid for the same purposes, and to the same extent, as the notes authorized by an act entitled ' An act to authorize the issue of United States notes, and for the redemption or funding thereof, and for fund- 170 NATIONAL MONETARY COMMISSION. ing the floating debt of the United States," approved February twenty-fifth, eighteen hundred and sixty-two. thlTr e eaSury SEC. 3 * And be it further enacted, That the limitation auth . orlz 2. LAWS CONCEBNING MONEY, BANKING, AND LOANS. 171 ACT OF JULY 1, 1862. CHAP. CXX. An act to aid in the construction of a rail- 12 stat. L., road and telegraph line from the Missouri River to the Pacific Ocean, and to secure to the Government the use of the same for postal, military, and other purposes. (Section 1 creates the corporation of the " Union Pa- cific Railroad Company " and prescribes details of man- agement, etc. (Section 2 grants right of way. (Section 3 grants alternate sections of land on each side of railroad except mineral lands, etc. (Section 4 prescribes conditions upon which patents shall issue.) SEC. 5. And be it -further enacted, That for the pur- Government poses herein mentioned, the Secretary of the Treasury see sections, ' " act 1864 ; also shall, upon the certificate in writing of said commis- section 10. . Now 20 miles. sioners of the completion and equipment or forty con- section. 10, secutive miles of said railroad and telegraph, in accord- Revised stat- . . utes, 3689. ance with the provisions of this act, issue to said company bonds of the United States of one thousand dollars each, of se t e n f s ec *!, t n fo t payable in thirty years after date, bearing six per centum |||' QOO a per per annum interest (said interest payable semi-annually), mile - which interest may be paid in United States Treasury notes or any other money or currency which the United States have or shall declare lawful money and a legal- tender, to the amount of sixteen of said bonds per mile for such section of forty miles; and to secure the repay- ment to the United States, as hereinafter provided, of the amount of said bonds so issued and delivered to said company, together with all interest thereon which shall have been paid by the United States, the issue of said bonds and delivery to the company shall ipso facto con- stitute a first mortgage on the whole line of the railroad TT r ^ i ? n c ,, , of United States and telegraph, together with the rolling-stock, fixtures, b and property of every kind and description, and in con - 1 sideration of which said bonds may be issued; and on re- fusal or failure of said company to redeem said bonds or any part of them, when required to do so by the Secretary of the Treasury, in accordance with the provisions of this act, the said road, with all the rights, functions, immuni- ties, and appurtenances thereunto belonging, and also all lands granted to the said company by the United States, which, at the time of said default, shall remain in the l. r )Tl2 10 12 172 NATIONAL MONETARY COMMISSION. ownership of the said company, may be taken possession of by the Secretary of the Treasury for the use and bene- JSSiJtfon 5, fit of the United States: Provided, This section shall not act of 1864. apply to that part of any road now constructed. aiS on h d o S w W P aid n SEC - 6 - And be it further enacted, That the grants aforesaid are made upon condition that said company shall pay said bonds at maturity, and shall keep said rail- road and telegraph line in repair and use, and shall at all times transmit dispatches over said telegraph line, and transport mails, troops, and munitions of war, sup- plies, and public stores upon said railroad for the Gov- ernment whenever required to do so by any Department thereof, and that the Government shall at all times have the preference in the use of the same for all the purposes aforesaid, (at fair and reasonable rates of compensation, not to exceed the amounts paid by private parties for the same kind of service) ; and all compensation for services rendered for the Government shall be applied to the pay- ment of said bonds and interest until the whole amount transportation! ' s fully paid. Said company may also pay the United jn^cash he pald States, wholly or in part, in the same or other bonds. Treasury notes, or other evidences of debt against the United States, to be allowed at par: and after said road is completed, until said bonds and interest are paid, at least five per centum of the not earnings of said road shall also be annually applied to the payment thereof. ***** tS'ove^nle SK( '- 1L A>lf] &'' ''* further enarte 3. And be it further enacted. That the limitation posits of notes ' ' t-culfl oo rom l 'P on temporary deposits of United States notes with any $100,000,000. assistant treasurer, or designated depositary authorized by the Secretary of the Treasury to receive such deposits, to fifty millions of dollars be, and is hereby repealed; and the Secretary of the Treasury is authorized to re- ceive such deposits, under such regulations as he. may prescribe, to such amount as he may deem expedient, not exceeding one hundred millions of dollars, for not less than thirty days, in sums not less than one hundred dol- lars, at a rate of interest not exceeding five per centum per annum; and any amount so deposited may be with- drawn from deposit, at any time after ten days" notice on Fifty million (he return of the certificate of deposit. And of the dollars of notes . . reserved to pay amount of United States notes authorized by this act, not deposits. !! /iii 1111 i /> less than fifty millions or dollars shall be reserved for the purpose of securing prompt payment of such deposits when demanded, and shall be issued and used only when, in the judgment of the Secretary of the Treasury, the same or any part thereof may be needed for that purpose. AH certifl- And certificates of deposit and of indebtedness issued posit and of in- under this or former acts may be received on the same debtor! ness con- TT . , ,, '. < i i vertit.ie i n t o terms as United States notes in payment tor bonus re- deemable after five and payable in twenty years. Time of oh- SEC. 4. And l>c it further cmif-frd, That the Secretary authorized b y of (he Treasui'v mav, at any time until otherwise ordered act of July 17, 1.1.1' L i 11.1.1 1801, extended, by ( oiigress. and under the restrictions imposed by the art to authorize a national loan, and for other purposes," borrow, on the credit of the United States, such part of LAWS CONCERNING MONEY, BANKING, AND LOANS. 175 the sum of two hundred and fifty millions mentioned in said act as may not have been borrowed, under the pro- visions of the same, within twelve months from the pas- sage* thereof. ***** Approved, July 11, 1862. ACT OF MARCH 3, 1863. CHAP. LXXIII. An act to provide ways and means for 12 stat. L., the support of the Government. Be it enacted l>y the Senate and House of Representa- tives of the United States of America in Congress as- sembled. That the Secretarv of the Treasury be, and secretary of ' iii T -i i (. he is hereby, authorized to borrow, from time to time, on m a y borrow T 'p TT T not over $300,- the credit of the United States, a sum not exceeding three 000,000 for this v G it r n n d hundred millions of dollars for the current fiscal vear, and $000,000,000 ,,,.,,. 01 "i f r the next. six hundred millions for the next fiscal year, and to issue therefor coupon or registered bonds, payable at the pleas- Bonds. ure of the Government after such periods as may be fixed by the Secretary, not less than ten nor more than forty years from date, in coin, and of such denominations not Denomina- less than fifty dollars as he may deem expedient, bearing interest at a rate not exceeding six per centum per annum, interest on, B . L ' rate of, payable payable on bonds not exceeding one hundred dollars, in coin - annually, and on all other bonds semi-annually. in coin; and he mav. in 'his discretion, dispose of such bonds at Bonds may be disposed of. any time, upon such terms as he may deem most advisable, for lawful money of the United States, or for any of the certificates of indebtedness or deposit that may at any time be unpaid, or for any of the Treasury notes hereto- fore issued or which may be issued under the provisions of this act. And all the bonds and Treasury notes or TO be exempt . from taxation. United States notes issued under the provisions of this uevised star iite^. .'J7(il. act shall be exempt from taxation by or under State or municipal authority: Prorided, That there shall be out- ^d^ no't standing of bonds. Treasury notes, and United States .^i.ooo.ooo d notes, at any time, issued under the provisions of this act, no greater amount altogether than the sum of nine hun- dred millions of dollars. SEC. 2. And le it further enacted. That the Secretarv secretary m ;i y I n s u e of the Treasury be, and he is hereby, authorized to issue, $400.000,000 in T I'oa s u ry on the credit of the United States, four hundred millions notes. of dollars in Treasury notes, payable at the pleasure of when pny- * ' . able and rate the United States, or at such time or times not exceeding of interest. 176 NATIONAL MONETARY COMMISSION. three years from date as may be found most beneficial to the public interests, and bearing interest at a rate not exceeding six per centum per annum, payable at periods abie nt i e n e iawfui expressed on the face of said Treasury notes; and the interest on the said Treasury notes and on certificates of indebtedness and deposit hereafter issued, shall be paid tions en and 'how * n lawful money. The Treasury notes thus issued shall disposed of. ^ o f Suc j 1 denomination as the Secretary may direct, not frG. a less than ten dollars, and may be disposed of on the best terms that can be obtained, or may be paid to any creditor of the United States willing to receive the same at par. etc. egal ^ nc ^ Ra ^ Treasury notes may be made a legal tender to utes! V 3590 Stat * ne same extent as United States notes, for their face For what ex- value, excluding interest : or they may be made exchange- changeable. . . able under regulations prescribed by the Secretary of the Treasury, by the holder thereof, at the Treasury in the city of Washington, or at the office of any assistant treas- urer or depositary designated for that purpose, for United States notes equal in amount to the Treasury notes of- fered for exchange, together with the interest accrued and due thereon at the date of interest payment next pre- may tb te issued ce ^i n g s ut'h exchange. And in lieu of any amount of changed 86 "" sa ^ Treasury notes thus exchanged, or redeemed or paid at maturity, the Secretary may issue an equal amount of other Treasury notes; and the Treasury notes so ex- changed, redeemed, or paid, shall be cancelled and de- and"flft nn 'mn d stro . ve ^ as ^ ne Secretary may direct. In order to secure MOM dollars of certain and prompt exchanges of United States notes for notes may ho issued for ex Treasury notes, when required as above provided, the changes. l Secretary shall have power to issue United States notes to the amount of one hundred and fifty millions of dol- lars, which may be used if necessary for such exchanges: but no part of the United States notes authorized by this section shall be issued for or applied to any other pur- wh en issued poses than said exchanges: and whenever any amount how replaced. ' shall have been so issued and applied, the same shall be replaced as soon as practicable from the sales of Treasury notes for United States notes. The secretary Snc. .'5. Ami b<.- it ft/rf/tf'i 1 (iKictdl. That the Secretary if necessary to pa y til- army. o f tj )O Treasury be. and he is hereby, authorized, if re- etc.. may issue , 9150.000.000 In quired by the exigencies of the public service, lor the pav- notes without * interest. meiit of the Arniv and Xaw. and other creditors or the Revised Stat- . utes, 3571. Government, to issue on the credit 01 the I nited States the sum of one hundred and fifty millions of dollars of United States notes, including the amount of such notes LAWS CONCERNING MONEY, BANKING, AND LOANS. 177 heretofore authorized by the joint resolution approved January seventeen, eighteen hundred and sixty-three, in such form as he may deem expedient, not bearing interest, payable to bearer, and of such denominations, not less than tio? s en mlna " one dollar, as he may prescribe, which notes so issued shall be lawful money and a legal tender in payment of all debts, ex Je e p g t al foT d du- public or private, within the United States, except for^ 8 and inter - duties on imports and interest on the public debt ; and any ut ^ s eV 35g| stat " of the said notes, when returned to the Treasury, may be reissued from time to time as the exigencies of the public Devised stat- service may require. And in lieu of any of said notes, or ut jgg^'J^ lieu any other United States notes, returned to the Treasury, ^, e otes can - and cancelled or destroyed, there may be issued equal amounts of United States notes, such as are authorized by this act. And so much of the act to authorize the issue Repeal of of United States notes, and for other purposes, approved ch. r 33, ise-i; February twenty-five, eighteen hundred and sixty-two, stricting'nego- and of the act to authorize an additional issue of United ket value. States notes, and for other purposes, approved July eleven, eighteen hundred and sixty-two, as restricts the negotiation of bonds to market value, is hereby repealed. And the holders of United States notes, issued under and when former notes must be bv virtue of said acts, shall present the same for the pur- P re * ented for " exchange. pose of exchanging the same for bonds, as therein pro- vided, on or before the first day of July, eighteen hundred and sixty-three, and thereafter the right so to exchange the same shall cease and determine. SEC. 4. And le It further enacted. That in lieu of post- ln lieu of ' postage c u r - age and revenue stamps for fractional currency, and of [^"J y n O f c s fractional notes, commonly called postage currency, issued m! }J e ^ e d S st : at' or to be issued, the Secretary of the Treasury may issue "Xt 8 - 3">~-*, " 3o7o. fractional notes of like amounts in such form as he may deem expedient, and may provide for the engraving, preparation, and issue thereof in the Treasury Depart- ment building. And all such notes issued shall be ex- ch ^ e ^J*, 1 ^ changeable by the assistant treasurers and designated de- i- ;l - vablc - positaries for United States notes, in sums not less than three dollars, and shall be receivable for postage and reve- nue stamps, and also in payment of any dues to the United States less than five dollars, except duties on im- ports, and shall be redeemed on presentation at the Treas- ury of the United States in such sums and under such regulations as the Secretary of the Treasury shall pre- scribe: Provided, That the whole amount of fractional e ^ s e u d no $ ^ currency issued, including postage and revenue si a 178 NATIONAL MONETARY COMMISSION. issued as currency, shall not exceed fifty millions of dollars. may "receive SEC. 5. And ~be it further enacted, That the Secretary S osit d and n issue ^ * ne Treasury is hereby authorized to receive deposits th e erefor ficates ^ ^ co ^ n anc ^ Bullion with the Treasurer or any assist- utes eV 254 d Stat an ^ treasurer of the United States, in sums not less than twenty dollars, and to issue certificates therefor, in denom- inations of not less than twenty dollars each, correspond- ing with the denominations of the United States notes. The coin and bullion deposited for or representing the certificates of deposit shall be retained in the Treasury cafes Ch mav rti De ^' or ^ ne payment of the same on demand. And certifi- ( ' a ^ es representing coin in the Treasury may be issued in debt P a y men * ; ^ Merest on the public debt, which certificates, together with those issued for coin and bullion deposited, amount' 4 f sna ^ n t a t an y time exceed twenty per centum beyond i Rev i ? stat " the amount of coin and bullion in the Treasury : and the utes, 3473. . J ' certificates for coin or bullion in the Treasury shall be received at par in payment for duties on imports. Secretary to g EC . Q And l>e it further enacted, That the coupon or determine ' form of bonds re gistered bonds, Treasury notes, and United States notes and notes. te . . authorized by this act shall be in such form as the Secre- tary ^ the Treasury may direct, and shall have printed upon them such statements, showing the amount of ac- crued or accruing interest, the character of the notes, and the penalties or punishment for altering or counterfeiting them, as the Secretary of the Treasury may prescribe, and HOW signed. $\ VA \\ bear the written or engraved signatures of the Treasurer of the United States and the Register of the Treasury, and also as evidence of lawful issue, the im- nriii't of'soai'" 1 P r * n t ^ a c Py ^' the seal of the Treasury Department, which imprint shall be made, under the direction of the Secretary, after the said notes or bonds shall be received from the engravers and before they are issued; or the signature, said notes and bonds shall be signed by the Treasurer of the United States, or for the Treasurer by such persons as may be specially appointed by the Secretary of the Treasury for that purpose, and shall be countersigned by the Register of the Treasury, or for the Register by such persons as the Secretary of the Treasury may specially Provisions of appoint for that purpose. And all the provisions of tin 1 act 1H57, ch. 1, J . . ' revived. act entitled An act to authorize the issue of Ireasury notes," approved the twenty-third day of December, eighteen hundred and fifty-seven, so far as, they can be LAWS CONCEBNING MONEY, BANKING, AND LOANS. 179 applied to this act, and not inconsistent therewith, are hereby revived and re-enacted. ***** (Section 7, after providing for taxes to be laid upon the circulation of all banks and corporations, whether established under state laws or under the act of February 70 ^ 2 stat - L -> 25, 1863, directs that all banks, corporations, or indivi- duals issuing notes for any fractional part of a dollar after April 1, 1863, shall be taxed ten per cent per annum upon the amount of such fractional notes. (Section 8 makes penalties of former act against coun- terfeiting, etc., applicable, and provides an appropriation to carry this act into effect.) Approved, March 3, 1863. ACT OF MARCH 3, 1863. CHAP. LXXIV. An act to amend an act entitled "An _ 12 stat. L., 71o. act to provide internal revenue to support the Govern- ment and pay interest on the public debt" approved July first, eighteen hundred and sixty-two, and for other purposes. (Section 4, after prescribing that all contracts for the purchase or sale of coin or bullion, arid all contracts for loans upon the pledge thereof, if to be performed after a period exceeding three days, shall be in writing and shall be taxed, provides as follows: " And no loan of currency or money on the security of gold or silver coin of the United States, as aforesaid, or of any certificate or other evidence of deposit payable in gold or silver coin, shall be made exceeding in amount the par value of the coin pledged or deposited as security; and any such loan so made, or attempted to be made, shall be utterly void : Provided, That if gold or silver coin be loaned at its par value it shall be subject only to the duty imposed on other loans: Provided, however, That nothing herein contained shall apply to any trans- action by or with the government of the United States." (Section 5 declares that all transactions not in accord- ance with the preceding section shall be void, and provides for suits by any party to such contracts.) Approved, March 3, 1863. 180 NATIONAL MONETARY COMMISSION. ACT OF MARCH 3, 1864. isstat.L.,13. CHAP. XVII. An act supplementary to an act entitled "An act to provide ways and means for the support of the Government" approved March third, eighteen hun- dred and sixty-three. Be it enacted by the Senate and House of Representa- tives of the United State* of America in Congress assem- secretary otbled, That in licMi of so much of the loan authorized by may borrow not the act of March third, eighteen hundred and sixty-three, over ?JOO.OOO,- ,-,,,- i 1 a ' -n ooo and issue to which this is supplementary, the Secretary of the therefor five- . . L *. . . - . forty bonds. I reasury is authorized to borrow, irom time to time, on the credit of the United States, not exceeding two hun- dred millions of dollars during the current fiscal year, and to prepare and issue therefor coupon or registered bonds See section 3. of the United States, bearing date March first, eighteen hundred and sixty-four, or any subsequent period, re- deemable at the pleasure of the Government after any period not less than five years, and payable at any period Denomina-not more than fortv vears from date, in coin, and of such tions. . * /. T i denominations as may be found expedient, not less than interest not fifty dollars, bearing interest not exceeding six per centum over t) per cent, L payable in coin. a year, payable on bonds not over one hundred dollars, n7oi. . , under State or municipal authority. And the Secretary t it. ''/"for" ex- ^ '' u ' '' ''''rtH'y shall pay the necessary expenses of the exceed one-haVf l )re l )ara *' (;n - ' SSU(> - an( ^ disposal of such bonds out of any of i per ceut. in oney in the Treasury not otherwise appropriated, but the amount so paid shall not exceed one-half of one per centum of the amount of the bonds so issued and disposed of. (Section '2 authorizes the Secretary of the Treasury to issue bonds under the act of February 25. 18(>2. in excess of five hundred millions of dollars, to the amount of eleven millions, to such persons as subscribed for them on or before January 21. 1SC>4. and have paid for them.) Approved, March 3. 1804. LAWS CONCERNING MONEY, BANKING, AND LOANS. 181 JOINT RESOLUTION OF MAECH 17, 1864. [No. 20.] Joint resolution to authorize the Secretary of ^f stat - L - the Treasury to anticipate the payment of the interest on the public debt, and for other purposes. Be it resolved by the Senate and House of Representa- tives of the United States of America in Congress assem- bled. That the Secretary of the Treasury be authorized t secretary of ' J t h e Treasury to anticipate the payment of interest on the public debt, "jay anticipate , x . the interest on bv a period not exceeding one year, from time to time, the public debt. ' Revised Stat- either with or without a rebate of interest upon the con- utes, sooo. pons, as to him may seem expedient ; and he is hereby authorized to dispose of any gold in the Treasury of the United States not necessary for the payment of interest of the public debt: Provided, That the obligation to ere- Proviso. ate the sinking fund according to the act of February twenty-fifth, eighteen hundred and sixty-two, shall not 1862 > ch - 33 - be impaired thereby. Approved, March IT. 1864. ACT OF JUNE 3, 1864. CHAP. CVL An act to provide a national currency, sc- 09 13 stat L - cured by a pledge of United States bonds, and to pro- vide for the circulation and redemption thereof. ***** SEC. 45. And be it further enacted, That all associa- w A e s n so s c ia ^: tions under this act. when designated for that purpose by depositaries of the Secretary of the Treasury, shall be depositaries of |> u ^!ep t m0 etc. s ; public money, except receipts from customs, under such*f a g| nt | nan ' regulations as may be prescribed by the Secretary; and Ut ^ vl |i5 3t stat they may also be employed as financial agents of the Government ; and they shall perform all such reasonable duties, as depositaries of public moneys and financial agents of the Government, as may bo required of thorn. And the Secretary of the Treasury shall require of the associations thus designated satisfactory security, by the deposit of United States bonds and otherwise, for the safe-keeping and prompt payment of the public money deposited with them, and for the faithful performance of their duties as financial agents of the Government : Prodded, That every association which shall be selected and designated as receiver or depositary of the public money shall take and receive ut par all of the national 182 NATIONAL MONETARY COMMISSION. currency bills, by whatever association issued, which have been paid in to the Government for internal revenue, or for loans or stocks. ***** Approved, June 3. 1864. ACT OF JUNE 17, 1864. 132 Stat K * CHAP. CXXVII. An act to prohibit certain sales of gold and foreign exchange. Be it enacted, * * * That it shall be unlawful to make any contract for the purchase or sale and delivery of any gold coin or bullion to be delivered on any day sub- sequent to the day of making such contract, or for the payment of any sum. either fixed or contingent, in de- fault of the delivery of any gold coin or bullion, or to make such contract upon any other terms than the actual delivery of such gold coin or bullion, and the payment in full of the agreed price thereof, on the day on which such contract is made, in United States notes or national cur- rency, and not otherwise; or to make any contract for the purchase or sale and delivery of any foreign exchange to be delivered at any time beyond ten days subsequent to the making of such contract ; or for the payment of any sum, either fixed or contingent, in default of the delivery of any foreign exchange, or upon any other terms than the actual delivery of such foreign exchange within ten days from the making of such contract, and the immedi- ate payment in full of the agreed price thereof on the day of delivery in United States notes or national currency; or to make any contract whatever for the sale and de- livery of any gold coin or bullion of which the person making such contract shall not. at the time of making the same, be in actual possession. And it shall be unlawful to make any loan of money or currency not being in coin to be repaid in coin or bullion, or to make any loan of coin or bullion to be repaid in money or currency other than coin. SEC. 2. And !><' it further ena-f-tcd. That it shall be fur- ther unlawful for any banker, broker, or other person, to make any purchase or sale of any gold coin or bullion, or of any foreign exchange, any contract for any such pur- chase or sale, at any other place than the ordinary place of business of either the seller or purchaser, owned or LAWS CONCEKNING MONEY, BANKING, AND LOANS. 183 hired, and occupied by him individually, or by a partner- ship of which he is a member. SEC. 3. And be it further enacted, That all contracts made in violation of this act shall be absolutely void. SEC. 4. And be it further enacted ', That any person who shall violate any provisions of this act shall be held guilty of a misdemeanor, and, on conviction thereof, be fined in any sum not less than one thousand dollars, nor more than ten thousand dollars, or be imprisoned for a period not less than three months, nor longer than one year, or both, at the discretion of the court, and shall likewise be subject to a penalty of one thousand dollars for each offence. SEC. 5. And be it further en-acted, That the penalties imposed by the fourth section of this act may be recov- ered in an action at law in any court of record of the United States, or any court of competent jurisdiction, which action may be brought in the name of the United States by any person who will sue for said penalty, one half for the use of the United States, and the other half for the use of the person bringing such action. And the recovery and satisfaction of a judgment in any such action shall be a bar to the imposition of any fine for the same offence in any prosecution instituted subsequent to the recovery of such judgment, but shall not. be a bar to the infliction of punishment by imprisonment, as provided by said fourth section. SEC. 6. And be -it further enacted. That all acts and parts of acts inconsistent with the provisions of this act are hereby repealed. Approved. June 17, 1864. NOTE. The above act was repealed by the act approved July 2, 1864. (See V* Stat. L., 344.) ACT OF JUNE 30, 18G4. CHAP. CLXXII. .1?? aft to provide iraus and means f ( "\^ stat ' lj " tJie support of the. Government, and for other pur- poses. Be it enafted b>/ the Senate and House of Representa- tive* of the United 8tates of America in Con!><). . . . ,. . . Revised stat- their tare, value, excluding interest, and may be paid to any creditor of the United States at their face value, excluding interest, or to any creditor willing to receive T ro :i s.i r y them at par. inchidiiiir interest: and any Treasury notes notes to lie ron- vprtihie into issued under the authority of this act inav be made Ixinds. . _ convertible, at the discretion of the Secretary of the Treasury, into any bonds issued under the authority of stuuted'TorTilethis act. And the Secretary of the Treasurv may redeem "ions' issue.1" and cause to be cancelled and destroyed any Treasury notes or United States notes heretofore issued under authority of previous acts of Congress, and substitute, LAWS CONCERNING MONEY, BANKING, AND LOANS. 185 in lieu thereof, an equal amount of Treasury notes such as are authorized by this act, or of other United States notes: Provided, That the total amount of bonds and Amount of Treasury notes authorized by the first and second sec- not to exceed / . 1 . , , .,,. $400,000,000. tions 01 this act shall not exceed four hundred millions of dollars, in addition to the amounts heretofore issued; nor shall the total amount of United States notes, issued Notes not to . exceed, etc. or to be issued, ever exceed four hundred millions of dollars, and such additional sum, not exceeding fifty millions of dollars, as may be temporarily required for the redemption of temporary loan ; nor shall anv Treas- . interest-betir- J ' mg notes not urv note bearing interest, issued under this act, be a legal ' e p al tender for - . ' the redemp- tender in payment or redemption of anv notes issued by t|on of circuia- 1 i "' tion of banks. any bank, banking association, or banker, calculated or intended to circulate as money. (Section 3 authorizes the Secretary of the Treasury to exchange bonds heretofore issued on which the inter- est is payable annually, for others bearing interest pay- able semiannually. The treasury notes heretofore issued, bearing seven and three-tenths per cent interest, may be exchanged for the six per cent bonds heretofore author- ized, at any time within three months after notice of re- demption given by the Secretary, after which interest on such notes shall cease; and the interest on such notes after maturity shall be paid in lawful money. So much of the act of March 3. 1804, as limits the loan therein authorized to the current fiscal year, is repealed. The authority to issue bonds or notes, conferred by section 1 of the act of March 3, 1803, is to cease on the passage of this act, except so far as it may affect seventy-five millions of bonds already advertised.) SEC. 4. And l>c it further enacted. That the Secretary secretm-y of r A i rn it .LI j ' t: h c Treasury or the 1 reasury may authorize the receipt, as a temporary may r e < e i v <> T- / i oV i.- i temporary loan. loan, or united States notes or the notes of national banking associations on deposit for not less than thirty days, in sums of not less than fifty dollars, by any of the assistant treasurers of the United States, or depositories designated for that purpose other than national banking associations, who shall issue certificates of deposit in such form as the Secretary of the Treasury shall prescribe, I bearing interest not exceeding six per centum annually, and payable at any time after the term of deposit, and after ten days' subsequent notice, unless time and notice be waived by the Secretary of the Treasury: and the Sec- retary of the Treasury may increase the interest on de- 186 NATIONAL MONETARY COMMISSION. posits at less than six per centum to that rate, or, on ten days' notice to depositors, may diminish the rate of in- terest as the public interest may require; but the ag- to A llcefd t l50 * g re g a te of such deposits shall not exceed one hundred and 000,000. ' fifty millions of dollars ; and the Secretary of the Treas- ury may issue, and shall hold in reserve for payment of such deposits, United States notes not exceeding fifty millions of dollars, including the amount already applied in such payment ; and the United States notes, so held in Reserve for reserve shall be used only when needed, in his judgment, their payment. J . ' to ' for the prompt payment of such deposits on demand, and shall be withdrawn and placed again in reserve as the amount of deposits shall again increase. (Section 5 authorizes the Secretary of the Treasury to issue " notes of the fractions of a dollar as now used for currency," and to provide for their redemption when mutilated or defaced, and for their receipt in payment of debts to the United States, except for customs, in sums not over five dollars; but the whole amount of all notes or stamps less than one dollar issued as currency shall not exceed fifty millions of dollars.) reTste a red ^EC. ' ^nd l>c it further enacted. That the coupon and bonds, to be of registered bonds shall be in such form and bear such in- what form and ^ how signed. scriptions as the Secretary of the Treasury may direct, and shall be signed by the Register of the Treasury, or for the Register, by such person or persons as may be specially designated for that purpose by the Secretary of the Treasury, and shall bear as evidence of lawful issue, seal. the imprint of the seal of the Treasury Department, to t0 be ' :)e mac ^ e under the direction of the Secretary of the Treas- ury, in a room set apart especially and exclusively for that purpose, under the care of some person appointed coupons. directly by him. And the coupons attached to such bonds shall bear the engraved signature of the Register of the Treasury, and such other device or safeguard against counterfeiting as the Secretary may approve; and it is hereby declared that all bonds hereto[fo]re issued, bear- ing the signature of the Register, shall have the same force, effect, and validity as if signed also by the Treas- urer, and all bonds bearing the signature of the Register, erroneously described as Treasurer of the United States, shall have the same force, effect, and validity, as if his official designation had been correctly stated; and all coupons bearing the engraved signature of the Register of the Treasury in office at the time when such signatures LAWS CONCEENING MONEY, BANKING, AND LOANS. 187 were authorized and engraved, shall have full force, validity, arid effect, notwithstanding such Register may have subsequently ceased to hold office as such, when issued in connection with bonds duly authorized and signed by or for the successor or successors of said Regis- ter. And the Treasury notes and United States notes FormofTreas- authorized by this act shall be in such form as the Secre- tary of the Treasury shall direct and shall bear the writ- ten or engraved signatures of the Treasurer of the United States and the Register of the Treasury, and shall have printed upon them such statements, showing the amount of accrued or accruing interest and the character of the notes, as the Secretary of the Treasury may prescribe; and shall bear, as a further evidence of lawful issue, the imprint of the seal of the Treasury Department, to be made under the direction of the Secretary of the Treas- ury, as before directed. (Section 7 authorizes the issue of registered bonds in is stat. L., lieu of coupon bonds, already or hereafter to be issued.) ~ instructions, SEC. 8. And be it further enacted, That the Secretary officers receiv- of the Treasurv is hereby authorized and required to ing united , . " . . , . . S ta tcs notes, make and issue, from time to time, such instructions, rules, etc. , | . , in Revised Stat- and regulations, to the several collectors, receivers, de- utes, 251. positaries, officers, and others, who may receive Treasury notes, United States notes, or other securities in behalf of the United States, or who may be in any way engaged or employed in the preparation and issue of the same, as he shall deem best calculated to promote the public con- venience and security, and to protect the United States, as well as individuals, from fraud and loss. (Sections 9, 10, 11, and 12 provide for the expenses of preparing and issuing bonds, notes, etc., and pre- scribe penalties for counterfeiting, altering, uttering, using plates, for engraving, printing, bringing into the United States, etc., and retaining and using plates, etc.) SEC. 13. And be it further enacted. That the words \yorcis-obii- . . 7 Ration or other 'obligation or other security of the United States, used security," etc., to include in this act, shall be held to include and mean all bonds, what. . Revised Stilt- COUpOnS, national currency, United States notes, Treas- utes, 5413. u ry notes, fractional notes, checks for money of author- ized officers of the United States, certificates of indebted- ness, certificates of deposit, stamps, and other represen- tatives of value of whatever denomination, which have boon or may be issued under any act of Congress. Approved. June 30. 1804. 15712 10 13 188 NATIONAL MONETARY COMMISSION. ACT OF JUNE 30, 1864. 13 stat. L., CHAP. CLXXIIL An act to provide internal revenue to support the Government, to pay interest on the pub- lic debt, and for other purposes. ***** Act of 1846, SEC. 51. And be it further enacted. That the provisions ch. 90, sec. 16, . ' to apply to per- of the sixteenth section of the act approved August sixth, public moneys eighteen hundred and forty-six, entitled "An act to pro- under this act. & . J . vol. ix, p. 63. vide for the better organization of the treasury, and for the collection, safe-keeping, transfer, and disbursement of the public revenue," are hereby applied to, and shall be construed to include, all officers of the internal revenue, charged with the safe-keeping, transfer, or disbursement of the public moneys arising therefrom, and to all other persons having actual charge, custody, or control of moneys or accounts arising from the administration of the internal revenue. (Section 99 imposes a duty on brokers and bankers of one-twentieth of one per centum upon sales of gold and silver bullion and coin. etc. Section 99 was amended March 3, 1865. (13 Stat. L., 478.) (Section 116 levies a duty on incomes, including in- terest on notes, bonds, and other securities of the United States, and allows deductions up to six hundred dollars of moneys from dividends, etc., of banks, etc., provided for in section 120.) ***** Approved, June 30, 1864. (This act of June 30, 1864 (13 Stat. L.. 281), was amended July 4. 1864, by Joint Resolution No. 77 (13 Stat. L., 417); act of March 3, 1865 (13 Stat. L.. 479, 486) ; March 10. 1866 (14 Stat. L., 4) ; July 13, 180(1 (14 Stat. L., 136, 138) ; March 2. 1867 (14 Stat. L., 477).) ACT OF JANUARY 28. 1865. j3 stat. L.. CHAP. XXII. An act to amend cm fief entitled "An act to provide ways and mean* for the. support of the fror- ernment, and for other purposes" approved June thir- tieth, eighteen hundred and sixty-four. Be it enacted by the Senate and House of Representa- tives of the United States of America, in Congress as- LAWS CONCERNING MONEY, BANKING, AND LOANS. 189 sembled, That in lieu of any bonds authorized to be issued , M a y issue ' _ " * . . treasury notes by the first section of the act entitled "An act to provide of same cnar- J after of those wavs and means for the support of the Government/' authorized by 1 second section approved June thirtieth, eighteen hundred and sixty-four, ofj^ac* of that may remain unsold at the date of this act, the Secre- } n ,' l e u o f J bonds. tary of the Treasury may issue, under the authority of said act. Treasury notes of the description and character authorized by the second section of said act: Provided, noT h to ea exceed That the whole amount of bonds authorized as aforesaid, $400,000,000. and Treasury notes issued and to be issued in lieu thereof, shall not exceed the sum of four hundred millions of dollars; and such Treasury notes may be disposed of f or ccr \*fi^ at r e e s cei of lawful money, or for any other Treasury notes or certifi - ["ruficates 38 of cates of indebtedness or certificates of deposit issued ^ e e p n t sit in pay " under any previous act of Congress; and such notes sha be exempt from taxation by or under State or municipal "/o n pal t a x a " authority Revised Stat- utes, 3701. SEC. 2. And l>e it further enacted, That any bonds any 5-20 bonds , ~ ,. . -, -, ,-. t.'' not exceeding known as five-twenties, issued under the act or twenty- $4.000,000 re- ,,,. T_J. i 11 i x mainin.sr unsold him February, eighteen hundred and sixty-two, remain- of the act of ing unsold to an amount not exceeding four millions of 1862. dollars, may be disposed of by the Secretary of the Treas- ury in the United States, or. if he shall find it expedient, in Europe, at any time, on such terms as he may deem most advisable: Prorided, That this act shall not be so b ^^ g 86 ^ construed as to give any authority for the issue of any 01 Pp^. } p tates legal-tender notes, in any form, bevond the balance un- . Xo . fu . rthe , r e issue of legal- issued of the amount authorized by the second section of the act to which this is an amendment. Approved, January 28, 1805. ACT OF FEBRUARY 13. 1865. \p. XXXII. An ad to provide for acting (ixr.istan.t o i3 stat. L., eiiHitrcrx or depositaries of f/ie I.'nited Xtvtes in <'cr- CHAP. XXXIL An aft to t, tain f-a^efi. Be it enacted />?/ the, Senate and House of Representa- tive* of the United State* of Amerifa in Con (/rex* as- sembled. That in case of the sickness or unavoidable K .^thi absence of any assistant treasurer or deposit a rv positarii United States from his office, he ma.v. with the approval f. 1 ! '"' . , states. of the Secretary of the Treasury, authorize the chief clerk, or some other clerk employed therein, to act in his place, and to discharge all the duties required by law of 190 NATIONAL MONETARY COMMISSION. such assistant treasurer or depositary: Provided, That the Bond. official bond given by the principal of the office shall be held to cover and apply to the acts of the person ap- pointed to act in his place in such cases: And provided Acting offi- further. That such acting officer shall, for the time being, cers subject to ' ' ... . penalties. \ )e subject to all the liabilities and penalties prescribed by law for the official misconduct in like cases, of the assistant treasurer or depositary respectively for whom he shall act. Approved. February 13, 1865. ACT OF MARCH 3. 1865. 468 3 Stat ' L " CHAP. LXXVII. An act to provide u-ays and means for the support of the Government. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- t h S e eC Tr'eaLiy ^^> That the Secretary of the Treasury be, and he is authorized t o hercbv, authorized to borrow, from time to time, on the borrow sums ' seoo ooo WK) ns cre ^ ^ ^ ie United States, in addition to the amounts heretofore authorized, any sums not exceeding in the aggregate six hundred millions of dollars, and to issue therefor bonds or Treasury notes of the United States, in Bonds or such form as he mav prescribe : and so much thereof as Treasury notes .. i'iii-niii may be issued may be issued in bonds shall be or denominations not less than fifty dollars, and may be made payable at any period not more than forty years from date of issue, or may be made redeemable, at the pleasure of the Government, at or after any period not less than five years nor more than forty years from date, or may be made redeemable and payable as aforesaid, as may be expressed upon their face; and so much thereof as may be issued in Treasury notes may be made convertible into any bonds authorized by this act. and may be of such denominations not less than fifty dollars -and bear such dates and be made redeem- able or payable at such periods as in the opinion of the Secretary of the Treasury may be deemed expedient. And the interest on such bonds shall be payable senri- interest on ., nnuall v ; and on Treasurv notes authorized bv this act bonds payable semi-annuaiiy. t] 1( > interest may be made payable semi-annually, or an- nually, or at maturity thereof: and the principal, or in- terest, or both, may be made payable in coin or in other lawful money: /Vo/vV/'Y/. That the rate of interest on any such bonds or Treasury notes, when payable in coin shall not exceed six per centum per annum: and when not pay- able in coin shall not exceed seven and three-tenths per LAWS CONCERNING MONEY, BANKING, AND LOANS. 191 centum per annum; and the rate and character of interest shall be expressed on all such bonds or Treasury notes: And provided further, That the act entitled "An act to provide ways and means for the support of the Govern- ment, and for other purposes," approved June thirtieth, eighteen hundred and sixty-four, shall be so construed as to authorize the issue of bonds of any description au- thorized by this act. And any Treasury notes or other Treasury obligations bearing interest, issued under any act of Con- intereeTbear^ gress, may, at the discretion of the Secretary of the Treas- mfi y bf a con 8 ury, and with the consent of the holder, be converted into bonds author- any description of bonds authorized by this act; and no act? by bonds so authorized shall be considered a part of the amount of six hundred millions hereinbefore authorized. (Section 2 authorizes the Secretary of the Treasury to dispose of any of the obligations issued under this act, where and under such condition, and at such rates as he thinks best, for coin or other lawful money, Treasury notes, or certificates of indebtedness or of deposit, and the like; and to issue bonds or Treasury notes authorized by this act in payment of requisitions for materials or sup- plies, on receiving notice that the owner of the claim for which any requisition is made desires to subscribe for a portion of the loan ; " and all bonds or other obligations issued under this act shall be exempt from taxation by or under state or municipal authority.") (Section 3 contains a proviso, "That nothing herein contained shall be construed as authorizing the issue of legal-tender notes in any form.") Approved. March 3, 18C5. ACT OF APRIL 7. 186(5. CHAP. XXVTII. An act -making additional appropria- ., 5 14 * stnt - L - t ion ft, and to supply the deficiencies in the appropria - tions for sundry civil expenses of the Government for the fiscal year ending the thirtieth of June, eighteen hundred and sixty-six, and for other purposes. SEC:. 12. * : Provided, That no portrait or^N^* likeness of any living person hereafter engraved, shall be * e j^ o n s ravw placed upon any of the bonds, securities, notes, fractional or postal currency of the United States. * * =1: * * Approved, April 7. )M<>r>. 192 NATIONAL MONETARY COMMISSION. ACT OF APRIL 12, 1866. 14 stat. L., HAP> XXXIX. An act to amend an act entitled "An ol. act to provide ways and means to support the Govern- ment" approved March third, eighteen hundred and sixty -five. Be it enacted Inj the Senate and House of Representa- tives of the United States of America in Congress assem- secretary of UecL That the act entitled "An act to provide ways and the Treasury L J empowered to means to support the Government," approved March receive Treas- x . ' I:L ury notes, etc., third, eighteen hundred and sixty-five, shall be extended in exchange for ^ bonds and construed to authorize the Secretary of the Treasury, Revised Stat- . . . J " ' utes, ass:.'. at his discretion, to receive any Treasury notes or other obligations issued under any act of Congress, whether bearing interest or not, in exchange for any description of bonds, authorized by the act to which this is an amend- may meiit ; and also to dispose of any description of bonds be sold and i -i i " -TO t h e proceeds authorized bv said act, either in the United States or else- used only for l . retiring Treas- where, to such an amount, in such manner, and at such ury notes or . . other obiiga- rates as he mav think advisable, for lawful money or the tlons issued , -i cu rn ^ c under act of United States or for any Treasury notes, certificates of -indebtedness, or certificates of deposit, or other repre- sentatives of value, which have been or which may be issued under any act of Congress, the proceeds thereof to be used only for retiring Treasury notes or other obliga- Pubiic debt t ions issued under any act of Congress; but nothing herein not to be In- ,.,,,,, , . ,. creased. contained shall be construed to authorize any increase 01 Proviso. the public debt: Provided, That of United States notes not more than ten millions of dollars may be retired and cancelled within six months from the passage of this act, and thereafter not more than four millions of dollars in any one month: Ami i>r<>rl requires the Secretary of the Treasury to report to Congress at its next session all transactions under (his act and the act to which this is an amendment.) Approved. April 1^. 180(5. LAWS CONCEKNING MONEY, BANKING, AND LOANS. 193 ACT OF JUNE 14, 1866. CHAP. CXXII. An act to regulate and secure the safe- 14 stat. L., keeping of public money intrusted to disbursing officers of the United States. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- bled. That from and after the passage of this act it shall Disbursing officers to de- be the duty of every disbursing officer of the United posit P".' )lic States having anv public money intrusted to him for dis- the treasurer - ~ J or some assist- bursement, to deposit the same with the treasurer or somei int treasurer, to draw only one of the assistant treasurers of the United States, and as required. to draw for the same only as it may be required for pay- ments to be made by him in pursuance of law ; and all transfers from the treasury of the United States to a he ^ y a ^4 e ft s to disbursing officer shall be by draft or warrant on the treasury or an assistant treasurer of the United States: Provided, That in places where there is no treasurer nor Deposits assistant treasurer of the United States, the Secretary of made, if there . . * is no treasurer the Ireasury may, when he deems it essential to the publicor assistant. interest, specially authorize in writing the deposit of such public money in any other public depository, or, in writing, authorize the same to be kept in any other man- ner, and under such rules and regulations as he may deem most safe and effectual to facilitate the payments of public creditors. SEC. 2. And be it further enacted, That if any disburs- Depositing ing officer of the United States shall deposit any publicor converting. . , , . . , . or loaning, or money intrusted to him in any place or in anv manner, draw ing. or ..-.,, i 11 transferring except as authorized by law. or shall convert to his own the same e.\- cept as author- Use an any way whatever, or shall loan, with or without ized, to i>e em- . ' Mill bezzlement. interest, or shall for any purpose not prescribed by law withdraw from the treasurer or any assistant treasurer, or any authorized depository, or shall for any purpose not prescribed by law, transfer or apply any portion of the public money intrusted to him. every such act shall be deemed and adjudged an embezzlement of the money so deposited, converted, used, loaned, withdrawn, trans- ferred, or applied, and every such act is hereby declared a felony, and upon conviction thereof shall be punished ivnuity. by imprisonment for a term not less than one year nor more than ten years, or by fine not more than the amount embezzled nor less than one thousand dollars, or by both such fine and imprisonment, at the discretion of the court. 194 NATIONAL MONETARY COMMISSION. rec I eiving i ?r g om ^EC. 3. And be it further enacted, That if any banker, officer is or rs coi j> - broker, or any person, not an authorized depositary of public r money P u ^^ c moneys, shall knowingly receive from any disburs- on a e{ ioan' or in S officer, or collector of internal revenue, or other agent money ^fcfrYny ^ * ne United States any public money on deposit or by of loan or accomniodat ion , with or without interest, ,. F p ) 1 n to S be or otherwise than in payment of a debt against the United bezliement em ~ States ; or shall use, transfer, convert, appropriate or apply any portion of the public money for any purpose not prescribed by law; or shall counsel, aid, or abet any disbursing officer or collector of internal revenue or other agent of the United States in so doing, every such act shall be deemed and adjudged an embezzlement of the money so deposited, loaned, transferred, used, con- o f P offlce ne o l f ver ted, appropriated, or applied; and any president. Bating this act! cashier, teller, director, or other officer of any bank or banking association who shall violate any of the provi- sions of this act shall be deemed and adjudged guilty of embezzlement of public money, and punished as provided in section two of this act. Approved. June 14. 1866. ACT OF JULY 3, 1866. 14 stat. i... CHAP. CLIX. An act to amend an act entitled "J.?? act to t-O. amend an act entitled ''An act to aid in the construction of a railroad and telegraph line from the Missouri River to the Pacific Ocean , and to secure to the Govern- ment the iff* of the same for postal, military, and other purposes? approved July 1. 1802." appro red July % 2. 1864. lie it enacted Inj the Senate and House of Representa- tives of the United States of America in Con (/fens assem- ., Vi nlon r ?- clfic M f 'd< T n8lt the Vnion Pacific Kailwav Company, Eastern Hallway < om- ' puny to desig- Division, is hereby authorized to designate the general n a t o general . . v route of road, route of their said road, and to file a map thereof, as now etc., ho fore De- cember 1, 1806. ^quired by law, at any time before the first day of De- cember. eighteen hundred and sixty-six: and upon the of L ?oad To^be fi^ n S f ^ ne said map, showing the general route of said reserved from r() . l( ] ; t j, e ] a , ]( | s .,],,,, l]u , (>n , ilv ]j no thereof, so far as'tlu? same may be designated, sliall be reserved from sale by or- i,oT" n to f be ( l (>1> ( > f tlio Secretary of the Interior: I'ror'nlol. That"said Ibe same as if, ( . olnl)!inv s ] l;1 |] J )(1 ,,,, t i ( ] (M ] (() ()I ,1 V (),,, K ., n ,,, aiDOUllt of the bonds of the United States to aid in the construction of LAWS CONCERNING MONEY, BANKING, AND LOANS. 195 their line of railroad and telegraph as they would have been entitled to if they had connected their said line with the Union Pacific Railroad on the one-hundredth degree of longitude as now required by law : * * * ***** Approved, July 3, 1866. ACT OF JULY 26, 1866. CHAP. CCLXV. An act to authorize the issue of certain ^ * .iOi). bonds in denominations greater than one thousand dol- lars. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- bled, That hereafter the bonds of the United States au- ln thorized by the act of July first, eighteen hundred and ^m sixty-two, " To aid in the construction of a railroad and den telegraph line from the Missouri River to the Pacific thau S 1 - 000 - Ocean,'' and by all acts amendatory thereof, may be issued in denominations greater than one thousand dollars, at the discretion of the Secretary of the Treasury : Provided, igf&Icb.' 120 however, That it shall at all times be optional with any 439 XII> p railroad company whether they will receive bonds of a V oL 64 xin, 21 p larger denomination than one thousand dollars. Approved, July 26, 1866. ACT OF FEBRUARY 5, 1867. CHAP. XXVI. An act to punish certain crimes in rela- 38 ?, 4 stnt - L - tion to the public securities and currency, and for other purposes. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- bled. That if any person or persons shall buy. sell, ex-, V pnalt . v .,. for J l - buying, selling, change, transfer, receive or deliver, anv false, forged. f tc -, fo bonds, counterfeited or altered bond, bill, certificate of indebt-* -- ]^ th edness, certificate of deposit, coupon, draft, check, bill of shali '"' p o r used exchange, money order, indorsement, United States note, enulne - Treasury note, circulating note, postage stamp, revenue stamp, postage-stamp note, fractional note, or other obli- gation or security of the United State*, or circulating note of any banking association organized or acting under the laws of the United States, which has been issued or may hereafter be issued under any act of Congress heretofore passed, or which may hereafter be passed, with the intent. 196 NATIONAL MONETABY COMMISSION. expectation, or belief, that the same shall or will be passed, altered, published or used as true and genuine, such person or persons so offending shall be deemed guilty of felony, and on conviction thereof shall be im- prisoned not more than ten years, or fined not exceeding five thousand dollars, or both, at the discretion of the court. or T using m c a a k rds g SEC - 2 - And ^ e ** further enacted, That it shall not be ?n rc the rs 'simm- l aw ful to design, engrave, print, or in any manner make united * sta?es or execu te, or to utter, issue, distribute, circulate or use, efared ty uniaw- an y business r professional card, notice, placard, cir- ful - cular, handbill, or advertisement, in the likeness or simili- tude of any bond, certificate of indebtedness, certificate of deposit, coupon, United States note, Treasury note, cir- culating note, fractional note, postage-stamp note, or other obligation or security of the United States, or of any banking association organized or acting under the laws thereof, which has been or may be issued under or authorized by any act of Congress heretofore passed or Penalty, how w hi C n mav hereafter be passed. And any person or per- recovered and . " . . to whose use. sons offending against the provisions of this section shall be subject to a penalty of one hundred dollars, to be re- covered by an action of debt, one half to the use of the informer. The printing, $ EC 3 ^nd le it further enacted. That it shall not be etc., of a n y _ / business card} aw f u ] to write, print, or otherwise impress upon any or notice, etc., J J on any United bond certificate of indebtedness, or other instrument States security made uniaw- specified in the last preceding section, any business or professional card, notice or advertisement, or any notice or advertisement of any goods, wares, or merchandise, or of any drug or medicine, or of any invention or patent, penalty, how or of any other matter or thing whatsoever: and any per- recovered, and ,. . . . . ',, . . to whose use. son or persons offending against the provisions ot tins section, shall be subject to a penalty of one hundred dol- lars, to be recovered by an action of debt, one half to the use of the informer. renaity for SEC. 4. And be it fiirtltfr enacted. That if any person making, etc., . , ,, . impressions up- shall, without authority from the United States, take, on anv inateri- - ai by any tool, procure, make, or cause to be taken, procured or made, etc., used, etc., .' , , in printing, upon lead, toil, wax. plaster, paper, or anv other sub- etc., or in mak- . . . , / ing other tools, stance or material, an impression, stamp, or imprint ot, etc., to be used i-i illxll- r 11 in printing, from, or by the use of. any bed-plate, bed-piece, die, roll, (urity, etc., to plate, seal, type, or other tool, implement, instrument or for TheYu'm'd tiling, used, or fitted or intended to be used, in printing, States. . . . . , . ,, i i stamping or impressing, or in making other tools, unple- LAWS CONCERNING MONEY, BANKING, AND LOANS. 197 ments. instruments or things to be used, or fitted or in- tended to be used, in printing, stamping or impressing any kind or description of bond, bill, note, certificate, coupon, or other paper, obligation, security or instrument now authorized, or hereafter to be authorized, by law, to be executed, altered, delivered, given, issued or put in cir- culation by, for, or in behalf of the United States, such person shall be deemed guilty of felony, and, on convic- tion, be punished by imprisonment not more ten years, or by fine not exceeding five thousand dollars, or both, at the discretion of the court. SEC. 5. And l>e it further enacted. That if any person Penalty for i 11 -,i , T > TI i " having in pos- snall, with intent, to defraud, have in his possession, keep- session, witn- ing. custody, or control, without authority from the and with intent TT -, -i , , . to defraud, any United States, any imprint, stamp or impression, taken .or impression, etc., i i j -11 of any tool, made upon any substance or material whatsoever, ot any etc., used or tool, implement, instrument, or thing used or fitted, or in- printing, etc. 1 , j j , i -, < -,i _c ,, any security to tended to be used, tor any or either or the purposes men- be issued by or , n ,i i , " ,- f i n for the United tioned in the last foregoing section ; or if any person shall, states ; with intent to defraud, sell, give, or deliver any such im- print, stamp or impression to any other person ; such per- son, so offending, shall be deemed guilty of felony, and on conviction be punished by imprisonment not more than ten years, or by fine not exceeding five thousand dollars. SEC. 0. And le it further enacted. That if anv person, for secreting, , ,, , , , ,, T ^ ., T , T ,, carrying away, whether employed under the united States or not, shall, etc., without . . , '. . . . . authority from without authority from the United States, secrete within, any place of , T , ,' , i -i T deposit, any embezzle, or take and carry away rrom anv building, tool, etc., used , ,- ' . ' or intended for room, office, apartment, vault, sate, or other place where printing, etc., . . , Till , or for making the same is kept. used, employed, placed, lodged, or de- tools, etc., to posited by authority of the United States, any bed-piece, printing, etc., bed-plate, roll, plate, die, seal, type, or other tool, imple- currency, etc.; ,, . , ' ;. , , . . to be issued by ment. or thinir used, or fitted to be used, in stamping or or for the . . , . . 1-1 i T.'nited States; printing, or in making some other tool or implement used for taking, etc., ,, , , , , . . . . , . -, wi tb out au- or ntted to be used in stamping or printing, any kind ortiiority. any i -,- ,,, i i MI ,-n material pre- aescnption ot bond. bill, note, certificate, coupon, postage pared and in- P .- -i ,i tended to be stamp, revenue stamp, fractional currency note, or other used in mak- paper. instrument, obligation, device, or document, now stamps or "cur- authorized or hereafter to be authorized by law to be'ed^'etc.!" ^n printed, stamped, sealed, prepared, issued, uttered, or put part, and m in circulation by or on behalf of the United States; or circulation and shall, without such authority, so secrete, embezzle, or take currency, etc.; and carry away any paper, parchment, or other material prepared and intended to be used in the making of any or either of such papers, instruments, obligations, devices, 198 NATIONAL MONETARY COMMISSION. or documents; or shall, without such authority, so secrete, embezzle, or take and carry away any paper, parchment, or other material printed or stamped, in whole or in part, and intended to be prepared, issued, or put in circulation, by or on behalf of the United States, as one of the papers, instruments, or obligations hereinbefore named, or printed or stamped, in whole or in part, in the similitude of any such paper, instrument, or obligation, whether it be in- tended to issue or put the same in circulation or not ; such person or persons so offending shall, on conviction, be punished by imprisonment not exceeding ten years, or by fine not exceeding five thousand dollars, or both, at the discretion of the court. wYtnVuVau 8 SEC. 7. And be it further enacted, That if any person any r p t iace f ofde 1 - shall take and carry away, without authority from the perpi-epared P or United States, from the place where it has been filed, use 6 ?o%cure ldged. or deposited, or where it may for the time being money^rom, or actually be kept by authority of the United States, any cil\ ms a a n ga e in& t! certificate ' affidavit, deposition, written statement of states" n \vheth d facts, power of attorney, receipt, voucher, assignment, has S or\as a not or ther document, record, file, or paper, prepared, fitted, such ca1m d nas or intended to be used or presented in order to procure so Juow2a. been the payment of money from or by the United States, or any officer or agent thereof, or the allowance or pay- ment of the whole or any part of any claim, account, or demand against the United States, whether the same has or has not already been so used or presented, and whether such claim, account, or demand, or any part thereof, has or has not already been allowed or paid; renaity f o r or. if ariv person shall present or use or attempt to use u s 1 n g or at- , -f i , M , , i tempting to use anv sucli document, record, hie. or paper, so taken and any such paper. * . \ carried away in order to procure the payment of any money from or by the United States, or any officer or agent thereof, or the allowance or payment of the whole or any part of any claim, account, or demand against the United States: such person, so offending, shall be deemed guilty of felony, and on conviction be impris- oned not more than ten years, or fined not exceeding five thousand dollars, at the discretion of the court. Approved. February 5, Ib07. LAWS CONCERNING MONEY, BANKING, AND LOANS. 199 ACT OF MARCH 2, 1867. CHAP. CLXIII. An act supplemental to "An act to es- 43 * 4 stat - L -> tdblish the Treasury Department" approved the sec- yl? 9 'i ch ' el' ond of September, seventeen hundred and eighty-nine. Be it enacted ~by the Senate and House of Representa- tives of the United States of America in Congress assem- bled, That the Secretary of the Treasury shall have power, by an appointment under his hand and official seal, to delegate to one of the assistant secretaries of the treasury, authority to sign in his stead all warrants f or p^'money ,etc the payment of money into the public treasury, and all warrants for the disbursement from the public treasury of money certified by the proper accounting officers of the treasury to be due upon accounts duly audited and settled by them; and such warrants so signed shall be in all cases of the same validity as if they had been signed by the Secretary of the Treasury himself. Approved. March 2,' 1867. ACT OF MARCH 2, 1867. CHAP. CXCIV. An act to provide ways and means for 65 * stat L>> the payment of compound-interest notes. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- bled, That for the purpose of redeeming and retiring any Temporary . 1-1 ' p 1(>an certifi- compound interest notes outstanding, the Secretary of cates may be is- rr\ -11 i -IT i sued to redeem the .Treasury is hereby authorized and directed to issue com pound-in- , * . Mil terest notes. temporary loan certificates in the manner prescribed by section four of the act entitled '' An act to authorize the issue of United States notes and for the redemption or funding thereof, and for funding the floating debt of the United States," approved February twenty-fifth, eighteen hundred and sixty-two, boarinc: interest at a Rate of inter est. rate not exceeding three per centum per annum, principal and interest payable in lawful money on demand; and Principal mui J . Interest p a y - said certificates of temporary loan may constitute and be !ili!(> in 'awful held bv any national bank holding or owning the same. <^ hold li? a' a part of the reserve provided for in sections thirty-one banks as re- am! thirty-two of the act entitled " An act to provide a national currency secured by a pledge of United State:-; bonds, and to provide for the circulation and redemption thereof." approved Juno three, eighteen hundred and 200 NATIONAL MONETARY COMMISSION. Proviso. sixty-four: Provided, That not less than two-fifths of the entire reserve of such bank shall consist of lawful money of the United States: And provided further, That the amount of such temporary certificates at any time outstanding shall not exceed fifty millions of dollars. Approved. March 2, 1867. ACT OF FEBRUARY 4, 1868. 34 15 stat - L -CHAP. VI. An act to suspend further reduction of the currency. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- Powerof sec-&/e(7, That, from and after the passage of this act, the Treasury to re- authority of the Secretary of the Treasury to make any duce currency * . * by, etc., s u s - reduction or the currency, by retiring or cancelling United States notes, shall be, and is hereby, suspended ; Mutilated but nothing herein contained shall prevent the cancella- Unit 6(3 States notes may he lion and destruction of mutilated United States notes, Revised scat- and the replacing of the same with notes of the same utes, 3582. character and amount. SCHUYLER COLFAX, Speaker of the House of Representatives. B. F. WADE, President of the Senate pro t cm-pore. Indorsed by the President : " Received, January 23, 1868." NOTE BY THE DEPARTMENT OF STATE. The foregoing act having been presented to the President of the United States for his ap- proval, and not having been returned by him to the house of Congress in which it originated within the time prescribed by the Constitution of the United States, has become a law without his approval. ACT OF JULY 25. 1868. 183 5 Stat L "( IHAI> - CCXXXVIL An act to provide, for a further issue of temporary loan certificates, for the pnrpoxe of redeem) u f/ and retiring tlie remainder of the outstand- ing compound-interest notes. lie it enacted 1>1/ the Senate and Ilouxe of Representa- tives of the fruited State* of America in Conc/refts axxcm- Tempornry /,/ r/ y. That for the sole purpose of redeeming and retiring cates iimitedti ie remainder of the compound-interest notes otitstand- to ; authorized to redeem out- j nc r f np Secretary of the Treasurv is hereby authorized standing com- _ poumi- in t crest aiK j directed to issue an additional amount of temporary LAWS CONCERNING MONEY, BANKING, AND LOANS. 201 loan certificates, not exceeding twenty-five millions of dollars; said certificates to bear interest at the rate of es f ate of inter ~ three per centum per annum, principal and interest pay- able in lawful money on demand, and to be similar in all respects to the certificates authorized by the act en- titled "An act to provide w T ays and means for the pay- ment of compound-interest notes," approved March sec- ond, eighteen hundred and sixtv-seven : and the said cer- May form ' . -Til P art f the re - tincates may constitute and be held by any national bank serve of na- J / , tional banks. holding or owning the same as a part of the reserve, in accordance with the provisions of the above-mentioned act of March second, eighteen hundred and sixty-seven. Approved, July 25, 1868. ACT OF MARCH 3, 18G9. CHAP. CXXIII. An act making appropriations to sup- i| stat. L., ply deficiencies in the appropriations for the service of the Government for the -fiscal year ending June thirtieth* eighteen hundred and sixty-nine, and for other purposes. For necessarv expenses in carrving into effect the sev- , Expenses of e loans and treas- eral acts of Congress, authorizing loans and the issue of lir y notes. treasury notes, four hundred thousand dollars: Provided, That no work shall be done in the engraving and print- , No work to b . e done for pri- ing bureau for private parties. vate parties. Approved, March 3, 1869. ACT OF MARCH 18, 1869. CHAP. I. An act to strengthen the public credit. ie stat. L., i. Be it enacted ly the Senate and House of Representa- tives of the United States of America in Congress as- sembled, That in order to remove any doubt as to the The faith of purpose of the Government to discharge all just obliga- states pledged ,. , , ,. ,., , . ,. . .' to the payment, tions to the public creditors, and to settle conflicting in coin or its questions and interpretations of the laws by virtue ofa'i'i obligations which such obligations have been contracted, it is hereby states, etc., ex provided arid declared that the faith of the United States ' C Kcv|scd stat- is solemnly pledged to the payment in coin or its equiva- lent of all the obligations of the United States not bear- ing interest, known as United States notes and of all the 202 NATIONAL MONETARY COMMISSION. interest-bearing obligations of the United States, except in cases where the law authorizing the issue of any such obligation has expressly provided that the same may be paid in lawful money or other currency than gold and ing n o e b7i|at?o a ns silver. But none of said interest-bearing obligations not not a to e be " V pahi already due shall be redeemed or paid before maturity r?t f y, r untes a ,etc] im less at such time United States notes shall be convert- ible into coin at the option of the holder, or unless at such time bonds of the United States bearing a lower rate of interest than the bonds to be redeemed can be sold at of R thl ei rnitedpar ^ n c i n - -^- n d the United States also solemnly pledges cofnf 8 n tes m its faith to make provision at the earliest practicable period for the redemption of the United States notes in coin. Approved, March 18, 1809. ACT OF MARCH 25, 1870. 16 stat L., 77. CHAP. XXX. An act prescribing the duty of the Secre- tary of the Treasury in certain cases therein named. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress as- tromthevnit(!a 8em bled, That whenever any State shall have been, or | t *a e te t to a be ma y be, ^ n default in the payment of interest or principal irritate' is et( in on investments in stocks or bonds issued or guaranteed SfSt'oftnter-by such State and held by the United States in trust, it Tn stocks nc etc a .! * ha11 be the duty of the Secretary of the Treasury to itf'ami hei(i 'i'n retain the whole, or so much thereof as may be necessary. u'nTted ''states! ^ anv moneys due on any account from the United States to such State, and to apply the same to the payment of such principal and interest, or either, or to the reimburse- ment, with interest thereon, of moneys advanced by the United Slates on account of interest due on such stocks or bonds. Approved. March ^o. 1870. ACT OF JULY 8, 1870. ifi stnt L., CHAP. CCXXIX. An act proriding for refunding th<> 'mil-rest paid by the State of Massachusetts on money e.cpended by her on account of the irar of eighteen hundred and ttrclre to eighteen hundred and fifteen. (This act provides for the payment to Massachusetts of an allowance for interest on money expended by said LAWS CONCERNING MONEY, BANKING, AND LOANS. 203 State on account of the war of 1812-1815 with Great Britain by an issue of United States certificates of indebt- edness, of the denomination of one thousand dollars each, to run for five years, with interest at four per cent per annum, payable semiannually.) ACT OF JULY 14, 1870. CHAP. CCLVI. An act to authorise the refunding of the * Q stat - L - national debt. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress as- sembled. That the Secretary of the Treasury is hereby Secretary of , i . , , . . , . . , t h e Treasury authorized to issue, in a sum or sums not exceeding in the may issue not U J J "IV 1 Tl OVer *200,000,- aggregate two hundred million dollars, coupon or rems- ooo coupon or reels tered 5 tered bonds of the United States, in such form as he may per cent bonds, prescribe, and of denominations of fifty dollars, or some ter ten 1 years ; ,,. i j> ,1 i i -, " ,. ,-, ^denomination; multiple or that sum, redeemable in coin or the present principal and standard value, at the pleasure of the United States, after wekfcom 1 ^' ten years from the date of their issue, and bearing inter- C e e mb C er i7 6 ~ est, payable semi-annually in such coin, at the rate of five 'AI'SO, not over i -,. $300,000,000 per cent, per annum; also a sum or sums not exceeding ^ per cent in the aggregate three hundred million dollars of like able s 'after ee S- bonds, the same in all respects, but payable at the pleasure te of the United States, after fifteen years from the date of their issue, and bearing interest at the rate of four and a half per cent, per annum; also a sum or sums not exceed- * f 'ooVooVooo ing in the aggregate one thousand million dollars of like * p, er c ' ent bonds, redeem- bonds, the same in all respects, but payable at the pleasure ill)le after thir - . ., ty years. of the United States, after thirty years from the date of their issue, and bearing interest, at the rate of four per cent, per annum ; all of which said several classes of bonds AH to be ex- 1 e m p t fro in and the interest thereon shall be exempt from the pay- 'United states 1 - or state taxes. ment of all taxes or duties of the United States, as well Revised stat- utes, .iiOl. as from taxation in any form by or under State, munici- pal, or local authority: and the said bonds shall have set i:on at not les s than for coln w and t ^ ie ^ r P ar va l ue f or coin, and to apply the proceeds thereof apply proceeds, to t j ie redemption of any of the bonds of the United Jinfe e< >o a i874 0f States outstanding, and known as five-twenty bonds at cha^ge^cr five- their P ar v ^ ue > or ne ma 7 exchange the same for such twenties at par. five-twenty bonds, par for par; but the bonds hereby authorized shall be used for no other purpose whatsoever. t ion pr for r 'ex- And a sum not exceeding one-half of one per cent, of the pe Rev?sed stat- bonds herein authorized is hereby appropriated to pay the 89 ' expense of preparing, issuing, advertising, and disposing of the same. (Section 3 provides that, after the maturity of any of the bonds herein authorized, payment thereof shall be made at the discretion of the Secretary of the Treasury. the bonds to be called for by public notice specifying their dates and numbers, beginning with the bonds last dated and numbered, and the interest on bonds thus se- lected ceasing three months after the date of such notice. (Section 4 authorizes the Secretary, with any coin that is lawfully applicable, to pay at par and cancel any of the five-twenty bonds that may become redeemable by the terms of their issue; the bonds to bo called for by public notice as above, interest ceasing in like manner, and the bonds to be called in numerical order, beginning with the bonds first numbered and issued.) secretary g EC . 5, ^ n( [ j e it further enacted. That the Secretarv may, within ' . . . two years, re- o f the Treasurv is herebv authorized, at anv time within ceive gold coin " on deposit and two years from the passage of this act. to receive gold issue certifl- L rates therefor, co i n o f the United States on deposit for not less than bearing interest at m.t over i'i thirtv davs. in sums of not less than one hundred dollar.-. per cent per annum. \;\\\\ the Treasurer or any assistant treasurer of the United States, authorized by the Secretary of the Treas- ury to receive the same, Avho shall issue therefor certifi- cates of deposit, made in such form as the Secretary of the Treasury shall prescribe, and said certificates of de- posit shall bear interest at a rate not exceeding two and Deposits,,, l i;i ]f p ( .]. cent, per annum: and anv amount of gold coin when and how c'irnvn'" vvitll ~so (lcj)ositcd may be withdrawn from deposit at any time after thirty days from the date of deposit, and after ten << "HO r \vhen davs " notice. and on the return of said certificates: J*r<>- riffcf/. That the interest on all such deposits shall cease fi-iVi'-d (1 on" de- :md determine, at the pleasure of the -Secretary of the LTappiieT <0 Treasury. And not less than twenty-live per cent, of the coin deposited for or represented by said certificates of deposits shall be retained in the Treasury for the pay- LAWS CONCERNING MONEY, BANKING, AND LOANS. 205 ment of said certificates; and the excess beyond twenty- five per cent, may be applied, at the discretion of the Secretary of the Treasury, to the payment or redemption of such outstanding bonds of the United States, hereto- fore issued and known as the five-twenty bonds, as he may designate under the provisions of the fourth section of this act ; and anv certificates of deposit issued as afore- certificates of . ... .. deposit, etc.. re- said, may be received at par with the interest accrued ceived m pay . ,, , , . ment of bonds thereon, in payment tor anv bonds authorized to be issued hereby author- - " ized. by this act. SEC. 6. And be it further enacted. That the United united states ' , b o n d s p u r - States bonds purchased and now held in the Treasury in chased and now . . . . . . * n e 1 d in the accordance with the provisions relating to a sinking fund, Treasury to be destroyed. of section five of the act entitled "An act to authorize the Revised stat- utes, 369o. issue of United States notes, and for the redemption or funding thereof, and for funding the floating debt of the United States/' approved February twenty-fifth, eighteen hundred and sixty-two, and all other United States bonds which have been purchased by the Secretary of the Treas- ury, with surplus funds in the Treasury, and now held in the Treasury of the United States shall be cancel [l]ed and destroyed, a detailed record of such bonds so cancelled f K fo r be th flrst and destroyed, to be first made in the books of the Treas- made - u rv Department. Anv bonds hereafter applied to said such bonds so hereafter pur- sinking fund, and all other United States bonds redeemed Biased and held to bo I ikcwisc or paid hereafter by the United States, shall also in like recorded and clcst roved manner be recorded, cancel [l]ed, and destroyed, and the amount of the bonds of each class that have been can- cel [1 led and destroyed shall be deducted respectively from the amount of each class of the outstanding debt of the United States. In addition to other amounts that A n may be applied to the redemption or payment of the<-st public debt, an amount equal to the interest on all bonds nm t< 11 xi i i i i n i v i fmul to be ap " belonging to the aforesaid sinking fund shall be applied, plied to pay- rr. i men! <>f public as the Secretary ot the treasury shall from time to time debt, direct, to the payment of the public debt as provided forutes, :;;<><>. in section five of the act aforesaid. And the amount so Amount t<> i><> . . annually appro- to I)* 1 applied is hereby appropriated annually tor thatpriated. purpose, out of the receipts for duties on imported goods. Approved, July 14. 1870. 206 NATIONAL MONETARY COMMISSION. ACT OF JANUARY 20, 1871. 399 6 Stat ' L " CHAP. XXIII. An act to amend an act entitled "An act to authorize the refunding of the national debt." Be it enacted by the /Senate and House of Representa- tives of the United States of America in Congress assem- per^ent'bonds ~bled, That the amount of bonds authorized by the act rVa sVd ! "o approved July fourteen, eighteen hundred and seventy, fnd' interest entitled "An act to authorize the refunding of the national m u a rteri P ayal)le debt," to be issued bearing five per centum interest per utes V 3689 Stat annum ' ^e, anc ^ ^he same * s : increased to five hundred millions of dollars, and the interest of any portion of the bonds issued under said act, or this act, may, at the dis- cretion of the Secretary of the Treasury, be made payable : Provided* however, That this act shall not to exceed, no j. | De cons trued to authorize any increase of the total , _ Se 1 e C7 a ct o Dec. Amount of bonds provided for bv the act to which this act 1 t t Aoio, ScC. . is an amendment. Approved, January 20, 1871. ACT OF MAY 23. 1872. 17 stat. L..CHAP. CXCVII. An act defining and limiting the appro- priation of certain moneys for the preparation, issue, and reissue of the securities of the United States, and for other purposes. Be it enacted l>y the Senate and House of Representa- tives of the United States of America in Congress assern- ! S etc!^ ?C( A Tnat tne expenses of the issue, reissue, transfer, tobe delivery, redemption, and destruction of securities, legal- on t ^ en( ^ er n tes, fractional currency, checks, certificates. ceed " etc* **" commissions, and for any plate and seal engraving and u K| vi 3 s |^ 9 stat - printing required by the Treasury Department, shall be Repealed b ypaid from and shall not exceed the appropriation of one sec. 4. act June 1 :io. 1874. p er cen tum of the amount of legal-tender notes, frac- tional currency and securities issued during each fiscal year: Provided , That nothing herein contained shall be et ' m ' tation> construed to increase or enlarge' the appropriation con- see sec. 4. taiiied in the second section of the act entitled "An act (o authorize the refunding of the national debt." approved July fourteenth, eighteen hundred and seventy. Approved. May 23, 1872. LAWS CONCEBNING MONEY, BANKING, AND LOANS. 207 ACT OF JUNE 1, 1872. CHAP. CCLIV. An act to provide for the issue of bonds IT stat. L.. in lieu of destroyed or de fared bonds of the United States. Be it enacted by the /Senate and House of Representa- tives of the United States of America in Congress assem- bled, That whenever it shall appear to the Secretary of Bonds of the r . United States the ireasury, by clear and unequivocal proof, that any may be issued .,,., -it i in Hen of those interest-bearing bond of the United States has, without destroyed or defaced. bad faith upon the part of the owner, been destroyed, Revise^ stat- wholly or in part, or so defaced as to impair its value to the holder, and which bond shall be identified by number and description, the Secretary of the Treasury shall, under such regulations and with such restrictions as to time and retention for security or otherwise as he may prescribe, issue a duplicate of such bond, having the same time to run, bearing like interest as the bond so proved to have been destroyed or defaced, and so marked as to show the original number of the bond destroyed and the date thereof: Provided. That where, called bonds to be paid. such destroyed or defaced bonds shall appear to have been of such a class or series as has been or may, before such application, be called in for redemption, instead of issuing duplicates thereof they shall be paid, with such interest only as would have been paid if presented in accordance with such call. SEC. 2. That the owner of such destroyed or defaced st ^ ne e '^ of e f c e " bond shall surrender the same, or so much thereof as may b n d S /? d g ' ve remain, and shall file in the Treasury a bond in a penal ^ wifh sure - sum double the amount of said destroyed or defaced bond, and the interest which would accrue thereon until the principal thereof is due and payable, with two good and sufficient sureties, residents of the United States, to be approved by the Secretary of the Treasury, with condition to indemnify and save harmless the United States from any claim upon the said destroyed or defaced bond. Approved, June 1, 1872. NOTE. -A more restrict**! provision for the issuance of lost or destroyed bonds vv;ts contained in Joint Resolution No. 41), of March 3, 1871 (16 Stat. L., 000). 208 NATIONAL MONETARY COMMISSION. ACT OF MARCH 3, 1873. sol 7 Stat ' L " CHAP. CCXXVI. An act making appropriations for the legislative, executive, and judicial expenses of the Gov- ernment for the year ending June thirtieth, eighteen hundred and seventy- four, and for other purposes. ry to SEC. 2 - That the Secretary of the Treasury is directed me t ntsto P cer- to withhold all paj'ments to any railroad company and nies'fo r ^ ts assigns, on account of freights or transportation, over freight, etc. their respective roads, of any kind, to the amount of payments made by the United States for interest upon bonds of the United States issued to any such company, and which shall not have been reimbursed together with the five per cent, of net earnings due and unapplied as companies p r0 vided bv law: and such company may bring suit in may bring suit 1 ^ ' . . in court of the court of claims to recover the price of such freight Claims. _ . *. and transportation ; and in such suit the right of such company to recover the same upon the law and the facts of the case shall be determined and also the rights of the United States upon the merits of all the points presented by it in answer thereto by them and either party to such Appeal to su it mav appeal to the Supreme Court; and both said Supreme Court. ' Causes to cour ts shall give such cause or causes precedence of all have p r e < e - dence. other business. * * * * * Approved, March 3, 18T3. ACT OF MARCH 3. 1873. r>o! 7 Stat ' L " (" IIAP - CCLXI. An act for the creation of a court for flic adjudication and disposition of certain moneys receired Into the Treasury under an award made by the tribunal <>f arbitration constituted by rirtue of tJie first article of the treat. >/ concluded at Washington the eighth of May, anno Itaniini eighteen hundred and seventy- one, between the I'nited States of America and the Queen of (freat Britain. Be it enacted by the Senate and Houxe of Representa- tives of the l'nit(d States of America iti (,'ongress assent- bled, That immediately upon the payment of the sum of money awarded to the United Staves by the tribunal of LAWS CONCERNING MONEY, BANKING, AND LOANS. 209 arbitration at Geneva to be paid by the Government of e ^ money Great Britain, the same shall be paid into the Treasury, . Uni * ed s***?* r . - ' by Great Brlt- and used to redeem, so far as it may, the public debt of t^e^ribim-u at the United States, and the amount equal to the debt so e en u e s v e a' ' e to redeemed shall be invested in the five per cent, registered Tu ne e ->8 a i874^ bonds of the United States to be held subject to the future (J<* of April 11', disposition of Congress. Approved, March 3, 1873. ACT OF MARCH 3, 1873. CHAP. CCLXVIIL An act to establish the custom-house 17 stat. L., 602. value of the sovereign or pound sterling of Great Brit- ain, and to fix the Par of Exchange. Be it enacted by the Seriate and House of Representa- tives of the United States of America in Congress assem- bled. That the value of foreign coin as expressed in the . value of for- elgncoinln money of account of the United States shall be that of united states money of ac- the pure metal ol such coin of standard value: and the count, to be, etc. .... ' . Values of values or the standard coins in circulation of the various standard coins In circulation nations of the world shall be estimated annually by the to be estimated V. -I annually and director of the mint, and be proclaimed on the first day proclaimed. of January by the Secretary of the Treasury. SEC. 2. That in all payments by or to the treasury, , The sover- . " . . . eign, or pound whether made here or in foreign countries, where it be- sterling to be 5 . , . equal to what. comes necessary to compute the value or the sovereign or pound sterling, it shall be deemed equal to four dollars eighty-six cents and six and one-half mills, and the same rule shall be applied in appraising merchandise imported where the value is, by the invoice, in sovereigns or pounds sterling, and in the construction of contracts payable in sovereigns or pounds sterling; and this valuation shall This iua- be the par of exchange between Great Britain and the of exchange 1 Cont r a c t s United States: and all contracts made after the first day ?S* r Jan - J - '. 1S74, upon any of January, eighteen hundred and seventy-four, based oth | r P ar to be on an assumed par of exchange with Great Britain of fifty-four pence to the dollar, or four dollars forty-four and four ninths cents to the sovereign or pound sterling, shall be null and void. SEC. 3. That all acts and parts of acts inconsistent Repealing with these provisions be, and the same are hereby, re- pealed. Approved. March 3, 1873. XOTK. For previous determinations of the value of the pound sterling see the acts of July It, is:52 (4 Stat. L., film, and July 27, 1S41^ (5 ibid., 4%). 210 NATIONAL MONETARY COMMISSION. EEVISED STATUTES APPLICABLE TO THE SUBJECT OF FINANCE. tie^thl se SEC - 248 - The Secretary of the Treasury shall, from retary. time to time, digest and prepare plans for the improve- ment and management of the revenue, and for the sup- port of the public credit; shall superintend the collection of the revenue; shall, from time to time, prescribe the forms of keeping and rendering all public accounts and making returns ; shall grant, under the limitations herein established, or to be hereafter provided, all warrants for moneys to be issued from the Treasury in pursuance of appropriations by law; shall make report, and give in- formation to either branch of the legislature in person or in writing, as may be required, respecting all matters re- ferred to him by the Senate or House of Representatives, or which shall appertain to his office ; and generally shall perform all such services relative to the finances as he shall be directed to perform. SEC. 257. The Secretary of the Treasury shall make the following annual reports to Congress: First. A report on the subject of finance, containing estimates of the public revenue and public expenditures for the fiscal year then current, and plans for improving and increasing the revenues from time to time, for the purpose of giving information to Congress in adopting modes of raising the money requisite to meet the public expenditures. SEC - 34T: ^ A11 duties on imports shall be paid in gold silver coin only, [or coin certificates], or in demand paid ency to be Treasury notes, issued under the authority of the acts of bra cl^t s ds ii ^ u ty seventeen, eighteen hundred and sixty-one, chapter i^eb e ^7 >y i87 t 7 f ^ ve ' an d February twelve, eighteen hundred and sixly- ch 6 oo u sec 8 il' two ' cna Pter twenty; and all taxes and all other debts and v 23Dec 1857 demands than duties on imports, accruing or becoming ' voi n sec ' 6 ' d ue to the United States, shall be paid in gold and silver is?;/ ch" ' >r )' colu -> Treasury notes, United States notes, or notes of S(C; ' r i9 vo1 ' 12> national banks; and upon every such payment credit shall 5 Aug., 1861, b e given for the amount of principal and interest due on v 2 Feb P 'i8o'>' an - v T ]reasur y n te [or notes] not received in payment on ch - ~.V.',o vo1 ' ^P the day when the same are received. p. 338 ; 2o ' Pel) 18U, ch. :::'., sees. 1, r>, vol. 1L>, pp. 345, .",40; 11 July, 1SR2, ch. 14'' see 1 vol. lli, p. W2; 1 March, IKO.'i, ch. 7.''., sees. :*, 5, vol. \'2, pp. 710, 711. 147, 14!*; :', June, 18(14, ch. :'>0f>, see. '2'.',. vol. 1 :{, p. 100; :'.0 June, 1804, ch. \1'1, see. '2, vol. 13, p. 218. Amended and part repealed by act, Feb. '27, 1877. The words in ordinary romnn typo in bnifkots were added, and those in italics, were struck out by act of February 27, 1S7T. LAWS CONCERNING MONEY, BANKING, AND LOANS. 211 SEC. 3-476. Treasury notes bearing interest ma} T be paid no^es^Vivibie to any creditor of the United States at their face value, Jy r ., debts f J ' Lnited States. excluding interest, or to any creditor willing to receive ch 3 ^ ar - s ' 186 3, them at par, including interest. so" June^ilw' ch. 172, sec. 2, vol. 13, p. 218'. SEC. 3481. Whenever any State is in default in the m Detention ^o* payment of interest or principal on investments in stocks ^j^ 8 in de ~ or bonds issued or guaranteed by such State and held by 1S = 5 c \^^ the United States in trust, the Secretary of the Treasury 10 ' P- 77 - shall retain the whole, or so much thereof as may be neces- sary, of any moneys due on any account from the United States to such State, and apply the same to the payment of such principal and interest, or either, or to the re- imbursement, with interest thereon, of moneys advanced by the United States on account of interest due on such stocks or bonds. SEC. 3576. No portrait shall be placed upon any of the,. Portraits of " living persons bonds, securities, notes, fractional or postal currency of n , t , t b , e 1 ' placed on bonds the United States, while the original of such portrait is or _ n . tes - ,. i Apr. ,1866, vol. 14. . . SEC. 3591. The rooms provided in the Treasury Build- The Treasury of the Lnited mg at the seat of Government for the use of the Treasurer states. ^^ of the United States, his assistants, and clerks, and occu- 9 '_ 9 S -' 3 - v - pied bv them, and the fire-proof vaults and safes erected Cooke et al - i , ~ m v. T . S., 01 U. therein for the keeping of the public moneys in the pos- s -. 38 - session and under the immediate controll of the Treasurer, and such other apartments as are provided as places of deposit of the public money, shall be the Treasury of the United States. SEC. 3592. The mints at Carson City, and at Denver, an c d er .ti^ mi f ts and the assay-office at Boise City, shall be places of de- h jolfto*ies )e de posit for such public moneys as the Secretary of the -\ i'^ I 862 ' Treasury may direct. Mar p ' isoV C* 96. K. 5. v. 12, p. 770. 19 Feb., 1869. c. 33, s. 4, v. 15, p'.' 271. ' 12 Fob., 1873, c. 131, ss. 05, 66, v. 17, p. 435. SEC. 3593. All public moneys paid into any depository J'"' 1 ' 1 *: 'on- J " " eys subject to shall be subject to the draft of the Treasurer of the' 1 ,'" 1 " of the J 1 reasurer. United States, drawn agreeably to appropriations made ( . r; A ""-{ \ s4 f]' by law. i'- 5< J- SEC. 3594. The superintendent of the mint at Carson OT1 ? lI p f er ^ 1 1 | 1 c t n Jt City, and the superintendent of the assay-office at Boise ^\ sou of ! ii"e "at City, shall be assistant treasurers of the United States, aml/;;;'^','^'.^ shall respectively have the custody and care of all public tr . t ^ s A 1 ^. rs i 80 ., moneys deposited therein, and shall perform all the duties '^ '' ^.f'- ^ required of them in reference to the receipt, safe-keeping,^.' 11 '; 1 .-^'v''',^ p. 770. 19 Fct)., lH(!i), c. 33, s. 4, v. 1 f>, p. L'7I. 3 Mar.. ISTl.'c. 113,' a. 1, v, 10, p, 485. 12 Feb., 1873, c. 131, ss. 05, 00, v. 17, p. 435. 212 NATIONAL MONETARY COMMISSION. transfer, and disbursement of all such moneys, as pro- vided by law. et^ pp of n as e ist- SEC. 3595. There shall be assistant treasurers of the United States, appointed from time to time by the Presi- 9 p' 'eo 5 ' v f ^ en t? by and with the advice and consent of the Senate, 2^ r s i4 86 v ' 14' * serve f or the term of four years, as follows : is c l6 i4 n l : One at Boston. i'2 y 'Pel P 187l; One at New York ' v" i^'p.^i: One at Philadelphia. c L'-'i r " s s 87 ?' One at Baltimore. lV i5 P eated ' in (One at Charleston.} AuV l 1876 " One at New Orleans. 287," v. 19; P : One at Saint Louis- One at San Francisco. One at Cincinnati. One at Chicago. (By statute of August 15, 1876, c. 287, v. 19, p. 155, so much of this section as authorizes the appointment of an assistant treasurer at Charleston was repealed.) NOTE. -For list of acts providing for assistant treasurers of the United States, see note to section 5, act of August 0, 1S46 (9 Stat. L., 59). (Sec. 3596 prescribes the salaries of assistant treas- urers.) Receipt of 3 EC> 3597. The salaries named in the preceding section com m issions ! and perquisites shall be in full for the services of the respective officers, forbidden. ( 9tf "jf"" 1 ^ 4 ^' an< ^ none ^ them shall charge or receive any commission, 9 - v- 5 - P a y, or perquisite, for any official service of any character or description whatsoever. Every such officer who makes any such charge, or receives any such compensation, shall be deemed guilty of a misdemeanor, and shall be fined or imprisoned, or both. Roomsforuse SEC. 3598. The rooms assigned by law to be occupied by o f assistant J ' treasurers the ass i s tant treasurers, together with the lire-proof Aug., 1840, ' c. iMi, SB. 3, 4, vaults therein, or connected therewith, shall be appropri- v. it, p. ;>9. lu i'"' s ^ 870> 1 'ated to the use of the assistant treasurers, and for (he i'- 15 -- safe-keeping of the public moneys deposited with them, respectively. Their care k s K c. 3599. The assistant treasurers shall have the :md the use of ""('; r \T" s iK40 charge and care of the rooms, vaults, and safes assigned c. no, SH. :{, 4, to them, respectively, and shall there perform (he duties v. !), p. HO. 15 *- ' i'.V"'"s ^ 87 v'io m l l| i re( l f them relating to the receipt, safe-keeping, i'- 15 -' transfer, and disbursement of the public moneys. LAWS CONCERNING MONEY, BANKING, AND LOAWS. 213 (Sections 3000 and 3001 require the assistant treasurers to give bonds, and provide for subordinate officers, etc.) SEC. 3002. The assistant treasurer at New York may, Deputyas- with the approval of the Secretary of the Treasury, ap-u/er at New point from among his clerks a competent person to be c Mar.. isc>2, called the deputy assistant treasurer of the United States. ia, p.' 353. ' Such deputy assistant, treasurer, in addition to other duties performed by him, and the duties which he may be required to perform by the assistant treasurer, is author- ized to witness the execution of all transfers of Govern- ment stock and powers of attorney, and to sign all bullion- receipts, with like effect as if the same were witnessed or signed by the assistant treasurer in person. (Sections 3003 to 3012, inclusive, authorize the employ- ment of subordinate officers, etc., at various subtreas- uries.) SEC. 3013. In case of the sickness or unavoidable ab- Deputies i n . case of sick- sence of any assistant treasurer or depositary from his nessor absence. office, he may, with the approval of the Secretary of the c. 32, v. is, p! Treasury, authorize the chief clerk, or some other clerk employed therein, to act in his place, and to discharge all the duties required by law of such assistant treasurer or depositary. The official bond given by the principal of the office shall be held to cover and apply to the acts of the person appointed to act in his place in such cases. Such acting officer shall moreover, for the time being, be subject to all the liabilities and penalties prescribed by law for the official misconduct, in like cases, of the as- sistant treasurer or depositary, respectively, for whom he acts. SEC. 3015. All collectors and receivers of public money collectors of -i , -.I xi TV j. j_ .c /i i i public moneys of every description, within the District of Columbia, to pay over, shall, as often as they may be directed by the Secretary c. oo,"s'.' o, v. of the Treasury or the Postmaster-General so to do, pay ' 1*2 Feb., 1873, over to the Treasurer of the United States, at the Treas- VT, p.^s!'"' ury, all public moneys collected by them or in their hands. All such collectors and receivers of public moneys within the cities of New York, Boston, Philadelphia, New- Orleans, San Francisco, Baltimore, Charleston, and Saint Louis shall, upon the same direction, pay over to the assistant treasurers in their respective cities, at their offices, respectively, all the public moneys collected by them, or in their hands ; to be safely kept by the respect ive depositaries, until otherwise disposed of according to law. 214 NATIONAL, MONETARY COMMISSION. It shall be the duty of the Secretary and Postmaster- General, respectively, to direct such payments by the col- lectors and receivers at all the said places, at least as often as once in each week, and as much oftener as they may think proper. (See section 5490.) dfs" SEC. 3616. All marshals, district attorneys, and other ma / pay^nto persons than those mentioned in the preceding section, Ir 6 a lug y ,' 1846, having public money to pay to the United States, may 9, j)'62. lo> v ' P a J the same to any depositary constituted by or in pur- c. Jilo^ 1 !!!,' suance f 1 &W 5 which may be designated by the Secretary v. 16, p. 216. 'of the Treasury. (See sections 5504, 5505.) depSfteS* i?tS ^EC. 361 ^' The gross amount of all moneys received from U 3 liar Ct is49 wnatever source for the use of the United States, except 9 p 1( 398 lf v ' as otherwise provided in the next section, shall be paid e T^Ts 1 ? 5 *!'^ ^ ie ffi cer or a g en t receiving the same into the Treas- P. 507. Ur y 5 a t as early a day as practicable, without any abate- ment or deduction on account of salary, fees, costs, charges, expenses, or claim of any description whatever. But nothing herein shall affect any provision relating to the revenues of the Post-Office Department. buSS officer!! SEC. 3620. It shall be the duty of every disbursing c. 1 *?!?*.' 1 !??'. officer having any public money intrusted to him for dis- 14 27 P Feb' 1877 bursemcnt, to deposit the same with the Treasurer or 249 9 ' v ' 19> P ' some one f the assistant treasurers of the United States, and to draw for the same only as it may be required for payments to be made by him in pursuance of law [and draw for the same only in favor of the persons to whom payment is made:] and all transfers from the Treasurer of the United States to a disbursing officer shall be by draft or warrant on the Treasury or an assistant treas- urer of the United States. In places, however, where there is no treasurer or assistant treasurer, the Secretary of the Treasury may, when he deems it essential to the public interest, specially authorize in writing the de- posit of such public money in any other public depository, or. in writing, authorize the same to be kept in any other manlier, and under such rules and regulations as he may deem most safe and effectual to facilitate the payments to public creditors. (See section HISS.) (The words in brackets were added in accordance with the act of February 27, 1877.) LAWS CONCEBNING MONEY, BANKING, AND LOANS. 215 SEC. 3621. Every person who shall have moneys of the m P slt s e f United States in his hands or possession shall pay the same to the Treasurer, an assistant treasurer, or some public depositary of the United States, and take his re- ceipt for the same, in duplicate, and forward one of them forthwith to the Secretary of the Treasury. (See section 5492.) SEC. 3639. The Treasurer of the United States, all assistant treasurers, and those performing the duties of f^moneyi pub assistant treasurer, all collectors of the customs, all sur- c | A ^ g J f 4 g- veyors of the customs, acting also as collectors, all re- P- |j u] . 1852 ceivers of public moneys at the several land-offices, all - Q 54 ' s .j 7 > v - postmasters, and all public officers of whatsoever char- c \gf r ^ 1 2 83 ^- acter, are required to keep safely, without loaning, using, ^VA^ise* depositing in banks, or exchanging for other funds than c- 59> |g 9 5 ' v- as speciallv allowed bv law, all the public money collected ^ jviar., 1863, J - . J c. 96, s. u, v. by them, or otherwise at any time placed in their pos- 12- P- 77 - , * . . 4 July, 1864, session and custody, till the same, is ordered, by the proper c. 242, s. 5, v. Department or officer of the Government, to be trans- i8Feb.,i869, c 33 s. 4 v. ferred or paid out ; and when such orders for transfer is, 271. or payment are received, faithfully and promptly to make the same as directed, and to do and perform all other duties as fiscal agents of the Government which may be imposed by any law, or by any regulation of the Treas- ury Department made in conformity to law. The Presi- dent is authorized, if in his opinion the interest of the United States requires the same, to regulate and increase the sums for which bonds are. or may be. required by law, of all district attorneys, collectors of customs, naval officers, and surveyors of customs, navy agents, receivers and registers of public lands, paymasters in the army, commissary-general, and by all other officers employed in the disbursement of the public moneys, under the di- rection of the War or Xavy Departments. (See sections 5489-5197.) SEC. 3040. The Secretary of the Treasury may, except m j sf f ro * as provided in the next section, transfer the moneys in ^.^ i 1 i;"' ies a | 1 the hands of any depositary of public moneys to the tho ^f d ^ 1840 Treasury of the United States to the credit of the Treas- ;; ! ;%[-'' 10> ^ urer; and he may transfer moneys in (lie hands of one depositary to any other depositary, as the safety of the public moneys and the convenience of the public; service shall seem to him to require. SEC. 3041. The Postmaster-General may transfer monev TninKivr <>r sits. belonging to the postal service between th assistant treasurers, and designated depositaries, at hi 216 NATIONAL MONETARY COMMISSION. discretion, and as the safety of the public money and the convenience of the service may require. e s^in 10 Treas SEC. 3644. All moneys paid into the Treasury of the ury and depos- United States shall be subject to the draft of the Treas- itorles subject > to draft of urer> And for the purpose of payments on the public Treasurer. i i i Aug. 6, 1846, account the Treasurer is authorized to draw upon any of 9, p. ei. the depositaries, as he may think most conducive to the public interest and to the convenience of the public credit- ors. Each depositary so drawn upon shall make returns to the Treasury and Post-Office Departments of all moneys received and paid by him, at such times and in such forms as shall be directed by the Secretary of the Treasury or the Postmaster-General. Regulations g EC . 3645. It shall be the duty of the Secretary of the for present- . ^ ment of drafts. Treasury to issue and publish regulations to enforce the speedy presentation of all Government drafts, for pay- ment, at the place where payable, and to prescribe the time, according to the different distances of the deposi- taries from the seat of Government, within which all drafts upon them, respectively, shall be presented for payment ; and, in default of such presentation, to direct any other mode and place of payment which he may deem proper: but, in all these regulations and directions, it shall be his duty to guard, as far as may be, against those drafts being used or thrown into circulation as a paper currency or a medium of exchange. (See sections 5405. 5496.) Examination SEC. 3649. The Secretary of the Treasury is authorized of depositaries. . . ,' -, ., , , ' , Aug. 6, 1846, to cause examinations to be made of the books, accounts. ', p. '&>'. 'and money on hand, of the several depositaries: and for Mar. :5. 1875, ,. ' . . - -. c. 129, v. 18, p. that purpose to appoint special agents, as occasion may require, with such compensation, not exceeding six dollars per day and traveling expenses, as he may think reason- able, to be fixed and declared at the time of each appoint- ment. The agent selected to make these examinations shall be instructed to examine as well the books, accounts, and returns of the officer, as the money on hand, and the manner of its being kept, to the end that uniformity and accuracy in the accounts, as well as safety to the public moneys, may be secured thereby. Examination Sicr. 3(550. In addition to the examinations provided of accounts of . . ft custodians o f f or in the preceding section, it shall be the duty of each public moneys. Aug. <;, 1840, naval officer and surveyor, as a check upon the assistant ', i>. '.'.' ' treasurers, or the collector of the customs, of their respec- tive districts: of each register of a land-office, as u check LAWS CONCERNING MONEY, BANKING, AND LOANS. 217 upon the receiver of his land-office; and of the director and superintendent of each mint and branch-mint, when separate officers, as a check upon the treasurers, respec- tively, of the mints, or the persons acting as such, at the close of each quarter of the year, and as much oftener as they are directed by the Secretary of the Treasury to do so, to examine the books, accounts, returns, and money on hand, of the assistant treasurers, collectors, receivers of land-offices, treasurers of the Mint and each branch- mint, and persons acting as such, and to make a full, ac- curate, and faithful return of their condition to the Sec retary of the Treasury. SEC. 3651. Xo exchange of funds shall be made by any Exchange of disbursing officer or agent of the Government, of anv stricted. . . , '. , Aug. 6, 1S40, grade or denomination whatsoever, or connected with any c. oo, s. 20, v. branch of the public service, other than an exchange for 'Feb. 2i>, iso-j. gold, silver. United States notes, and national-bank notes; i2,' P .' 345. ' and every such disbursing officer, when the means for his c.' i42,_sl i, v! disbursements are furnished to him in gold, silver, United kaV. 3, ises, ' . c 73 s. '? v. States notes, or national-bank notes, shall make his pay- 1:>, p.' 710.^ ments in the moneys so furnished; or when they are f ur- c. 106, s/23, v.' nished to him in drafts, shall cause those drafts to be ' r P 's. ,-!>ity presented at their place of payment, and properly paid Lean, iho. according to law. and shall make his payments in the money so received for the drafts furnished, unless, in either case, he can exchange the means in his hands for gold and silver at par. And it shall be the duty of the head of the proper Department immediately to suspend from duty any disbur.-ing officer or agent who violates the provisions of this section, and forthwith to report the, name of the officer or agent to the President, with the fact of the violation, and all the circumstances accompanying the same, and within the knowledge of the Secretary, to the end that such officer or agent may be promptly re- moved from office, or restored to his trust and the per- formance of his duties, as the President may deem just and proper. SEC. -WoS. No officer of the United States shall, either iTominm <>n V j.1 i- ,1 11 -i n , sales of public directly or indirectly, sell or dispose 01 to any person, moneys to \- for a premium, any Treasury note, draft, warrant, or "".u'L. !;. islr,.' other public security, not his private property, or sell orf', j,. 05.' dispose of the avails or proceeds of such note, draft, war- rant, or security, in his hands for disbursement, without making ret urn of such premium, and accounting therefor bv char A11 funds held in trust b y the United States, 18 f j 6 ^ 25 1 g' and * ne annual interest accruing thereon, when not other- 2, v/5, p. 465. w i se required by treaty, shall be invested in stocks of the United States, bearing a rate of interest not less than five per centum per annum. Permanent SEC. 3689. There are appropriated, out of any moneys annual appro- L c ' J > m the Treasury not otherwise appropriated, for the pur- poses hereinafter specified, such sums as may be nec- essary for the same respectively ; and such appropriations shall be deemed permanent annual appropriations. UNDER THE TREASURY DEPARTMENT. Interest on the public debt: For payment of interest on the public debt, under the several acts authorizing the same. Bonds issued to Pacific Railway : i July 186 F r payment of interest on bonds issued by authority 120, sec. 5 O f j aw t() p. lc ifi c Railway. vol. 12, p. 402. J ch vo 2 July, T864, ch. 210. sees. 7, 8, vol. 13, p. 359. 23 May, 1872, Expenses of national loan: ch. 107, vol. 17, L . . P. 15G. lo pay the expenses of the issue, re-issue, transfer, de- livery, redemption, and destruction of securities, legal- tender notes, fractional currency, checks, certificates, com- missions, and for any plate and seal engraving and print- ing required by the Treasury Department, one per centum of the amount of legal-tender notes, fractional currency, and securities issued during each fiscal year. ,i! 4 25o y 'se< S . 7 2: Refunding the national debt: V( '>6 Va'n P 'i87i' **f on( '- n alf f <>ne per centum of the amount of bonds 'j'Noo' v ! ' lfif authorized under the act of July fourteen, eighteen hun- dred and seventy, to pay the expenses of preparing, issu- ing, and disposing of the same. HJ-'^fVr* ?/ Sinking fund : vol. 12, p. :;w. Qf olie p er centum of the entire debt of the United States, to be set apart as a sinking fund for the purchase or payment of the public debt, in such manner as the Sec- retary of the Treasury shall from time to time direct. ': <' :!- * '',- j-nymont in Si-:r. MW. The faith of the United States is solemnly plcd^.d to the payment in coin or its equivalent of all the obligations of the United States not bearing interest, LAWS CONCERNING MONEY, BANKING, AND LOANS. 219 known as United States notes, and of all the interest- bearing obligations of the United States, except in cases where the law authorizing the issue of any such obligation has expressly provided that the same may be paid in law- ful money or other currency than gold and silver. But none of the interest-bearing obligations not already due shall be redeemed or paid before maturity, unless at such time United States notes are convertible into coin at the option of the holder, or unless at such time bonds of the United States bearing a lower rate of interest than the bonds to be redeemed can be sold at par in coin. The faith of the United States is also solemnly pledged to make provisions at the earliest practicable period for the redemption of the United States notes in coin. SEC. 3694. The coin paid for duties on imported goods of ^ p i 'paid 1 for shall be i-.et apart as a special fund, and shall be applied duties - as follows: First. To the payment in coin of the interest on the in ^%^ e n npub f bonds and notes of the United States. lic debt - 25 Feb., 1862, ch. 33, sec. 5, vol. 12, p. 346. Second. To the purchase or payment of one per centum sinking fund of the entire debt of the United States, to be made within Mar - 3 * 1875 - each fiscal year, which is to be set apart as a sinking- fund, and the interest of which shall in like manner be applied to the purchase or payment of the public debt, as the Secretary of the Treasury shall from time to time direct. Third. The residue to be paid into the Treasury. SEC. 3605. All bonds applied to the sinking-fund, and cancellation T ^ i > 11 n ^ ' f bonds re- all other united States bonds redeemed or paid by the deemed or paid. TT . , Oj i 11 i 1111 i 14 July, 1870, united States, shall be canceled and destroyed. A de- ch. 256, sec._6, 11 i i> i i i 11 in iin v l- 16) P- -73. tailed record of the bonds so canceled and destroyed shall be first made in the books of the Treasury Department. The amount of the bonds of each class that have been canceled and destroyed shall be deducted respectively from the amount of each class of the outstanding debt. of the United States. SEC. 3696. In addition to other amounts that may be Addition to ,. .. , ,, , ,. ,, i i- i i_i sinking fund. applied to the redemption or payment of the public debt, an amount equal to the interest on all bonds belonging to the sinking-fund shall be applied, as the Secretary of the Treasury shall from time to time direct, to the pay- ment of the public debt. SEC. 3697. The Secretary of the Treasury is authorized. of R 6 ed ? p 3(593. -phe Secretary of the Treasury shall cause Interest. . " 9 Feb., 1847, to be paid, out of anv money m the Treasury not other- ch. 7, vol. 9. 1 / IT wise appropriated, any interest falling due, or accruing, on any portion of the public debt authorized by law. Anticipation g EC< 3G99. The Secretary of the Treasury may antici- of interest. . 17 Mar., 1SG4, pate the payment of interest on the public debt, bv a res. 20, vol. 13. L - J / . . , p. 404. period not exceeding one year, from time to time, either with or without a rebate of interest upon the coupons, as to him may seem expedient ; and he is authorized to dispose of any gold in the Treasury of the United States, not necessary for the payment of interest of the public debt. The obligation to create the sinking-fund shall not, however, be impaired thereby. Purchase of SEC. 3700. The Secretary of the Treasury may pur- 17 Mar., 1862, chase coin with any of the bonds or notes of the United vol. 12", p. 37o! States, authorized by law. at such rates and upon such terms as he may deem most advantageous to the public interest. from x t e a ?a p tion n SEr - s701 - A11 stock?, bonds. Treasury notes, anrl other obligations of the United States, shall be exempt from 1864* ch" "7"' taxation by or under State or municipal or local authority. sec. i, vol. i:;,'p. IMS: 2s .inn., isr.r., HI. 22. sec. 1. vol. i:\. p. -425; :; ch. 73, sec. 1, vol. 12, p. 710 ; 25 Feb., 18(52, ch. '.','.',, sec. 2, vol. 12, p. .S46 ; vol. 16, p. 272; :', Mar., ist;i. Hi. )7, sec. 1. vol. i:;. p. i:i; :: Mar.. 1 so:;, Mar., 1865, ch. 77, sec. 2, vol. 1.",, p. -Ii5!t ; 14 .lulv. ls70, ch. 2. "if,, sec. 1, Bank v. Supervisors, 7 Wall., 2(5. f r DU bonds a de e kSEC - 3 " 02 - ^'hcncver it appears to the Secretary of the str ij?me 187 Treasury, by clear and unequivocal proof, that any ^j 254, sec^i, i n terest-bearing bond of the United States has. without bad faith upon the part of the owner, been destroyed, wholly or in part, or so defaced as to impair its value to the owner, and such bond is identified by number and description, the Secretary of the Treasury shall, under LAWS CONCEKNING MONEY, BANKING, AND LOANS. 221 such regulations and with such restrictions as to time and retention for security or otherwise as he may prescribe, issue a duplicate thereof, having the same time to run, bearing like interest as the bond so proved to have been destroyed or defaced, and so marked as to show the orig- inal number of the bond destroyed and the date thereof. But when such destroyed or defaced bonds appear to have been of such a class or series as has been or ma} r , before such application, be called in for redemption, instead of issuing duplicates thereof, they shall be paid, with such interest only as would have been paid if they had been presented in accordance with such call. SEC. 3703. The owner of such destroyed or defaced d bond shall surrender the same, or so much thereof as may bonds remain, and shall file in the Treasury a bond in a penal sum of double the amount of the destroyed or defaced bond, and the interest which would accrue thereon until the principal becomes due and payable, with two good and sufficient sureties, residents of the United States, to be approved by the Secretary of the Treasury, with condi- tion to indemnify and save harmless the United States from any claim upon such destroyed or defaced bond. SEC. 3704. Whenever it is proved to the Secretary of the Duplicate of . , lost registered Ireasury, by clear and satisfactory evidence, that any pond may be dulv registered bond of the United States, bearing inter- 3 Mar., ISTI, . .. res. 49, vol. 16, est, issued for valuable consideration in pursuance of law. P. coo. has been lost or destroyed, so that the same is not held by any person as his own property, the Secretary shall issue a duplicate of such registered bond, of like amount, and bearing like interest and marked in the like manner as the bond so proved to be lost or destroyed. SEC. 3705. The owner of such missing bond shall first m ? s n s !?^ n ^ or file in the Treasury a bond in a penal sum equal to the amount of such missing bond, and the interest which would accrue thereon, until the principal thereof becomes due and payable, with two good and sufficient sureties, residents of the United States, to be approved by the Sec- retary of the Treasury, with condition to indemnify and save harmless the United States from any claim because of the lost or destroyed bond. SEC. 3700. The Secretary of the Treasury is hereby au- Exchange of . . -i-iii registered for tnorized to issue, upon such terms and under such regula- coupon bonds . fc ;{OJune, ISM, tions as he may from tune to tune prescribe, registered ch. 172, sec. 7, 11- u t i r * u i vo1 - 13 ' p -"- bonds in exchange tor and in lieu 01 any coupon-bonds which have been or may be lawfully issued ; such regis- 222 NATIONAL MONETARY COMMISSION. tered bonds to be similar in all respects to the registered bonds issued under the acts authorizing the issue of the coupon-bonds offered for exchange. officers** or SEC. 3707. When any officer or agent duly authorized st io Aug 0t i846 t receive, redeem, or cancel any Treasury notes issued by voi ^p^oj 2 ' authority of law, shall receive, or pay, any Treasury note which has been previously received or redeemed by any officer or agent having authority to receive or redeem such note, and which has subsequently thereto been purloined and put into circulation, the Secretary of the Treasury, upon full and satisfactory proof that the same has been received or paid in good faith, and in the exercise of ordinary prudence, may allow a credit for the amount of such note, to the officer or agent so receiving or paying the same. Section 3708, as codified in section 177 of the Penal Code of the United States, March 4, 1909 (35 Stat. L., 1122) : imitating se- It shall not be lawful to design, engrave, print, or in cu ri t ies or ' . L ' printing adver-any manner make or execute, or to utter, issue, distribute, tisements. 1 . : tbereon. circulate, or use, any business or professional card, notice, placard, circular, handbill, or advertisement, in the like- ness or similitude of any bond, certificate of indebtedness, certificate of deposit, coupon. United States note. Treas- ury note, gold certificate, silver certificate, fractional note, or other obligation or security of the United States which has been or may be issued under or authorized by any Act of Congress heretofore passed or which may here- after be passed ; or to write, print, or otherwise impress upon any such instrument, obligation, or security, any business or professional card, notice, or advertisement, or any notice or advertisement of any matter or thing Punishment whatever. Whoever shall violate any provision of this section shall be fined not more than five hundred dollars. ,, I',']-!?" an 1 &EC. 5153. All national banking associations, desig- liabihtles of associationsnated for that purpose bv the Secretary of the Treasury, when desig- /'IT . nated as depos- shall be depositaries or public money, except receipts from itaries of pub- l He moneys. customs, under such regulations as may be prescribed by :< .Tune, 1804, rh. 100, sec. 45, the Secretary: and they may also be employed as financial v. 1.3, p. 113. agents of the Government ; and they shall perform all .such reasonable duties, as depositaries of public moneys and financial agents of the Government, as may be re- quired of them. The Secretary of the Treasury shall re- quire the associations thus designated to give satisfactory security, by the deposit of United States bonds and other- LAWS CONCERNING MONEY, BANKING, AND LOANS. 223 wise, for the safe-keeping and prompt payment of the public money deposited with them, and for the faithful performance of their duties as financial agents of the Government. And every association so designated as re- ceiver or depositary of the public money shall take and receive at par all of the national currency bills, by what- ever association issued, which have been paid into the Government for internal revenue, or for loans or stocks. (See sees. 3639-3649, 5489.) SEC. 5158. The term "United States bonds," as used, united states 7 bonds denned. throughout this chapter, shall be construed to mean June 3, iscu, ! ' c. 106, s. 4, v. registered bonds of the United States. is, P- 100. SEC. 5260. The Secretary of the Treasury is directed secretary of . ., , Treas u r y to to withhold all payments to anv railroad company and withhold P ay- P . ' meats to cer- its assigns, on account of freights or transportation over tain railroads. . . i i Al3.r. 3, 1873, their respective roads ot any kind, to the amount of c. 226, s. 2, v. T Ti fSOfi payments made bv the United States for interest upon ^une22,i874, * * c414v!8 bonds of the United States issued to any such company, pi 200.' and which shall not have been re-imbursed, together with the five per centum of net earnings due and unapplied, as provided by law. SEC. 5413. as codified in section 147 of the Penal Code of the United States, March 4, 1909 (35 Stat. L., 1115) : The words " obligation or other security of the United "Obligation States" shall be held to mean all bonds, certificates ofcurity 'pY the indebtedness, national-bank currency, coupons. United defined. t$ States notes, Treasury notes, gold certificates, silver cer- tificates, fractional notes, certificates of deposit, bills, checks, or drafts for money, drawn by or upon authorized officers of the United States, stamps and other repre- sentatives of value, of whatever denomination, which have been or may be issued under any act of Congress. Section 5414, as codified in section 148 of the Penal Code of the United States, March 4, 1909 (35 Stat. L.. 1115) : Whoever, with intent to defraud, shall falsely make. F "^ 1 , n .K. or c o u Dteifeiting forge, counterfeit, or alter any obligation or other security securltles ' of the United States shall be fined not more than five; thousand dollars and imprisoned not more than fifteen years. Section 5415, as codified in section 149 of the Penal Code of the United States, March 4. 1909 (35 Stat. I,.. 1115) : Whosoever shall falsely make, forge, or counterfeit. <>i' i ^^""a'tfo'nai- cause or procure to be made, forged, or counterfeited, or banknotes - 224 NATIONAL MONETARY COMMISSION. shall willingly aid or assist in falsely making, forging, or counterfeiting, any note in imitation of, or purporting to be in imitation of, the circulating notes issued by any banking association now or hereafter authorized and act- ing under the laws of the United States ; or whoever shall pass, utter, or publish, or attempt to pass, utter, or pub- lish, any false, forged, or counterfeited note, purporting to be issued by an} 7 such association doing a banking busi- ness, knowing the same to be falsely made, forged, or counterfeited ; or whoever shall falsely alter, or cause or procure to be falsely altered, or shall willingly aid or assist in falsely altering, any such circulating notes, or shall pass, utter, or publish, or attempt to pass, utter, or publish as true, any falsely altered or spurious circulating note issued, or purporting to have been issued, by any such banking association, knowing the same to be falsely altered or spurious, shall be fined not more than one thousand dollars and imprisoned not more than fifteen years. Section 5430, as codified in section 150 of the Penal Code of the United States, March 4, 1909 (35 Stat. L., 1116) : rsing plates Whoever, having control, custody, or possession of any to print notes, . . without author- pi ate, stone, or other thing, or anv part thereof, from Ity, etc. . . . which has been printed, or which may be prepared by direction of the Secretary of the Treasury for the purpose of printing, any obligation or other security of the United States, shall use such plate, stone, or other thing, or any part thereof, or knowingly suffer the same to be used for the purpose of printing any such or similar obligation or other security, or any part thereof, except as may be printed for the use of the United States by order of the proper officer thereof: or whoever by any way. art, or means shall make or execute, or cause or procure to be made or executed, or shall assist in making or executing any plate, stone, or other thing in the likeness of any plate designated for the printing of such obligation or other security: or whoever shall sell any such plate, stone, or other thing, or bring into the United States or any place subject to the jurisdiction thereof, from anv for- eign place, any such plate, stone, or other thing, except under the direction of the Secretary of the Treasury or other proper officer, or with any other intent, in either case, than that such plate, stone, or other thing be used for the printing of the obligations: or other securities of LAWS CONCERNING MONEY, BANKING, AND LOANS. 225 the United States; or whoever shall have in his control, custody, or possession any plate, stone, or other thing in any manner made after or in the similitude of any plate, stone, or other thing, from which any such obligation or other security has been printed, with intent to use such plate, stone, or other thing, or to suffer the same to be used in forging or counterfeiting any such obligation or other security, or any part thereof; or whoever shall have in his possession or custody, except under authority from the Secretary of the Treasury or other proper officer, any obligation or other security made or executed, in whole or in part, after the similitude of any obliga- tion or other security issued under the authority of the United States, with intent to sell or otherwise use the same; or whoever shall print, photograph, or in any other manner make or execute, or cause to be printed, photographed, made, or executed, or shall aid in printing, photographing, making, or executing any en- graving, photograph, print, or impression in the likeness of any such obligation or other other security, or any part thereof, or shall sell any such engraving, photograph, print, or impression, except to the United States, or shall bring into the United States or any place subject to the jurisdiction thereof, from any foreign place any such engraving, photograph, print, or impression, except by direction of some proper officer of the United States; or whoever shall have or retain in his control or pos- Distinctive , . . , . ill;! Paper without session, after a distinctive paper has been adopted by the authority. Secretary of the Treasury for the obligations and other securities of the United States, any similar paper adapted to the making of any such obligation or other security, except under the authority of the Secretary of the Treas- ury or some other proper officer of the United States, shall be fined not more than five thousand dollars, or irn- Punishment for. prisoned not more than fifteen years, or both. Section 5431, as codified in section 151 of the Penal Code of the United States, March 1, 1909 (35 Stut. L., 1110) : Whoever, with intent to defraud, shall pass, utter, pub- f Jj^c^obiUa" lish, or sell, or attempt to pass, utter, publish, or sell, or tions - shall bring into the United States or any place subject to the jurisdiction thereof. Avith intent to pass, publish, utter, or sell, or shall keep in possession or conceal with like intent, any falselv made, forced, counterfeited, or 226 NATIONAL MONETARY COMMISSION. altered obligation or other security of the -United States, ^Punishment s } ia ]j b e fi ne( j no t more than five thousand dollars and imprisoned not more than fifteen years. Section 5432, as codified in section 152 of the Penal * Code of the United States, March 4, 1909 (35 Stat. L., 1117): Taking im- Whoever, without authority from the United States, p ressions of tool s, impie- shall take, procure, or make, upon lead, foil, wax, plaster, paper, or any other substance or material, an impression, stamp, or imprint of, from, or by the use of any bedplate, bedpiece, die, roll, plate, seal, type, or other tool, imple- ment, instrument, or thing used or fitted or intended to be used in printing, stamping or impressing, or in mak- ing other tools, implements, instruments, or things to be used or fitted or intended to be used in printing, stamp- ing, or impressing any kind or description of obligation or other security of the United States now authorized or hereafter to be authorized by the United States, or circulating note or evidence of debt of any banking asso- Punishment ciation under the laws thereof, shall be fined not more than five thousand dollars, or imprisoned not more than ten years, or both. Having \m- Section 5433, as codified in section 153 of the Penal lawful posses- sion of impres- Code of the United States, March 4, 1909 (35 Stat. L., sions. HIT) : Whoever, with intent to defraud, shall have in his possession, keeping, custody, or control, without author- ity from the United States, any imprint, stamp, or impression, taken or made upon any substance or ma- terial whatsoever, of any tool, implement, instrument, or thing, used or fitted or intended to be used, for any of the purposes mentioned in the preceding section; or who- ever, with intent to defraud, shall sell, give, or deliver punishment any such imprint, stamp, or impression to any other per- son, shall be fined not more than five thousand dollars, or imprisoned not more than ten years, or both. e.)im't"rfi.it B J" Section J ">434, as codifiod in section 154 of the Penal Code of the United States, March 4, 1909 (35 Stat. L., 1117) : Whoever shall buy. sell, exchange, transfer, receive, or deliver any false, forged, counterfeited, or altered obligation or other security of the United States, or circulating note of any banking association organized or acting under the laws thereof, which has been or LAWS CONCERNING MONEY, BANKING, AND LOANS. 227 may hereafter be issued by virtue of any Act of Con- gress, with the intent that the same be passed, published, or used as true and genuine, shall be fined not more fo Punishment than five thousand dollars, or imprisoned not more than ten years, or both. SEC. 5435. Every person who falsely personates any at F i n lse f p 1 er ?2 n " true and lawful holder of anv share or sum in the public / public J i stocks. stocks or debt of the United States, or any person entitled , 3 ^ ar -' ls '^, J J ch. 60, sec. IS, to any annuity, dividend, pension, prize-money, wages, or vo1 - 4 > P- 12 - other debt due from the United States, and, under color of such false personation, transfers or endeavors to trans- fer such public stock or any part thereof, or receives or endeavors to receive the money of such true and lawful holder thereof, or the money of any person really entitled to receive such annuity, dividend, pension, prize-money, wages, or other debt, shall be punished by a fine of not more than five thousand dollars, and by imprisonment at hard labor not more than ten years. (Amended, 35 Stat. L., 1095.) SEC. 5436. Every person who knowingly or fraudu- False demand \ " on fraudulent lentlv demands or endeavors to obtain anv share or sum power of attor- DGV. in the public stocks of the United States, or to have any ~IM39.) SEC. 5-191. Every officer or agent of the United States fi \] r ^ r who, having received public money which lie is not an- : "',' ; '"^"!,r ; i 1 ^40, c. !io, s. If,, v, y,' p. 6-'i. 230 NATIONAL MONETARY COMMISSION. 186-' c iggVtkorized * re tain as salary, pay, or emolument, fails to % V Mar , P ite7' renc l er his accounts for the same as provided by law, shall p e |- 71 48f v> 14> be deemed guilty of embezzlement, and shall be fined in a 1870, / 295 y s ' sum e( l ua l to the amount of the money embezzled, and 15, v. 16, p. 334. shall be imprisoned not less than six months or more than ten years. (Amended, 35 Stat. L., 1095.) P ol l l t re as rl- ( See sections 3622, 3633. ) QU 6 r l d ug 1846 SEC. 5492. Every person who, having moneys of the 9 p63 S ' 16> v ' United States in his hands or possession, fails to make c ii4 ar s 1 3 85 T > deposit of the same with the Treasurer, or some assistant 11, p. 249. treasurer, or some public depositary of the United States, when required so to do by the Secretary of the Treasury, or the head of any other proper Department, or by the accounting officers of the Treasury, shall be deemed guilty of embezzlement thereof, and shall be imprisoned not less than six months nor more than ten years, and fined in a sum equal to the amount of money embezzled. (Amended, 35 Stat. L.. 1105.) re(*ivin wf etc y ^ EC> ^497. Every banker, broker, or other person not ment em ^ ezzle " an authorized depositary of public moneys, who know- 1866 c' i f) V ^ n &l. v rece i ves fi'om any disbursing officer, or collector of 3, v. 14, p. 65. internal revenue, or other aent of the United States, an public money on deposit, or by way of loan or accommo- dation, with or without interest, or otherwise than in pay- ment of a debt against the United States, or who uses, transfers, converts, appropriates, or applies any portion of the public money for any purpose not prescribed by law, and every president, cashier, teller, director, or other officer of any bank or banking association, who violates any of the provisions of this section, is guilty of an act of embezzlement of the public money so deposited, loaned, transferred, used, converted, appropriated, or applied, and shall be punished as prescribed in section fifty-four hundred and eighty-eight. (Amended. 35 Stat. L.. 1106.) (See sections 3639, 3651.) ACTS SUBSEQUENT TO THE REVISED STATUTES. ACT OF DECEMBER 17, 1873. is stat. L., CHAT. \.--An art to itroeidc for the redemption of the i>t. .''., p. i. 2uan of eighteen hundred and "fifty-eight. Kortemption ft e if eiwf.ted l>u tJic Senate and House of Iiepresenta- of loan, 1S; ( 8, _ ' t ' V 1 , 1 ' 1(ir>i ., ,7"'- t'n'cfs of f/te United Kfnti-x of America in (Ion (ire NX assem- 11, p. .'> (i .> ; ' isr,!)^ HI ^^led. That for the purpose of redeeming the bonds issued p. 430! 'under the act entitled 'An act to authorize a loan not LAWS CONCERNING MONEY, BANKING, AND LOANS. 231 exceeding the sum of twenty millions of dollars,' ap- proved June fourteenth, eighteen hundred and fifty-eight, as amended March third, eighteen hundred and fifty-nine, called the loan of eighteen hundred and fifty-eight, it is hereby declared to be the pleasure of the United States to coupon bonds J . made payable pay all the coupon bonds of said loan on the first day of i 8 a 7 uary 1> January, eighteen hundred and seventy-four, at which interest to * . e . . cease, when. date the interest thereon shall cease, and coin in the Appropriation of com. Treasury sufficient to redeem said coupon bonds is hereby appropriated for that purpose. SEC. 2. That the Secretary of the Treasury may issue i, nds e niay^be' an equal amount, at par of principal and interest, of five- c s u s a U ng e /e allowed on exchanges. allowances whatever shall be paid for the exchange of bonds hereby authorized, and no interest shall be allowed on the new bonds for any time for which interest is paid on the bonds exchanged. Approved, December 17, 1873. ACT OF JUNE 20, 1874. CHAP. 328. An act making appropriations for the legis- lative, executive, and judicial expenses of the Govern- ment for the year ending June thirtieth, eighteen hun- dred and seventy -five, and for other purposes. * % % -Sf. * SEC. 4. That the act entitled "An act limiting the ap- m S t al Sl propriation of certain moneys, for the preparation, issue, n a 1 t a 1 uan a f n r and re-issue of certain securities of the United States, and for other purposes," approved May twenty-third, v ^ 87 ^' c ^' Jjj 7 .' eighteen hundred and seventy-two, and all other acts and parts of acts making permanent appropriations for the expenses of the national loan, except the second section s 1 2 87 ^, cb j| 3 ^ > of the act approved July fourteenth, eighteen hundred 272 - and seventy, entitled "An act to authorize the refunding of the national debt," are hereby repealed, this repeal to take place on the first day of July next; and hereafter 232 NATIONAL MONETARY COMMISSION. the Secretary of the Treasury shall annually submit to be unmted s detailed estimates of appropriations required annually. f or sa j(j expenses; and for the fiscal year ending June thirtieth, eighteen hundred and seventy-five, the follow- ing sums, or so much thereof as may be necessary, are nauonaiTo an nereD y appropriated to defray the expenses of the na- June e |o e 875 g ^ ona ^ ^ oan j ^ or ^ e following clerical and other employees, to wit : * * * * * * * * Approved, June 20, 1874. ACT OF JUNE 23, 1874. if s^t- L., CHAP. 459. An act for the creation of a court for PL. o, p. -i-io. ' ' the adjudication and disposition of certain moneys re- ceived into the Treasury under an award made by the tribunal of arbitration constituted by virtue of the 'first article of the treaty concluded at Washington the eighth of Jfay., anno Domini eighteen hundred and seventy- one^ between the United States of America and the Queen of Great Britain. out" of "wh^t SEC - 15 - That the Secretary of the Treasury is hereby money paid, authorized and required to pay the said respective judg- ments of said court, out of any such money in the Treasury secretary of not otherwise appropriated: and for that purpose he is the Treasury 1 L *- authorized to herebv authorized when necessarv to issue and sell at pub- sell bonds for . , . ' . ,, the purpose, lie sale, after ten days' notice of the time and place of sale, at not less than par in coin, a sufficient amount of A s fi e ii ac ic-fi f coll P on or registered bonds of the United States, in such form as he may prescribe, of denominations of fifty dol- lars, or some multiple of that sum. redeemable in coin of the present standard value, at the pleasure of the United States after ten years from the date of their issue, and bearing interest payable quarterly in such coin at the rate of five per centum per annum ; and upon the payment, from time to time, of the said respective judgments of said court as before provided, the bonds of the United 1873, ch. States mentioned in the act approved March third, soi! eighteen hundred and seventy-three, entitled "An act for the creation of a court for the adjudication and disposi- tion of certain moneys received into the Treasury under an award made by the tribunal of arbitration constituted r ,Y 01 - 17> P- by virtue of the first article of the treaty concluded at o7o. Washington the eighth of May, anno Domini eighteen LAWS CONCERNING MONEY, BANKING, AND LOANS. 233 hundred and seventy-one, between the United States of America and the Queen of Great Britain," shall be can- celed and extinguished to the amount of such payments; and when all such payments shall have been made, any certain such bonds remaining shall be also canceled and extin- canceled 10 and guished; and after the payment of the said judgments, and the re-imbursement of the expenses as herein pro- vided, if there shall remain any part of the said money, r the same shall be and remain a fund from which Congress ^ n^ft may hereafter authorize the payment of other claims fund) etc thereon. * * * Approved, June 23, 1874. ACT OF JANUARY 14, 1875. CHAP 15. An act to provide for the resumption of specie is stat. L., pt. 3, p. 296. payments. Be it enacted by the Senate and House of Representa- issue of sii- V6r col ns for fives of the United States of America in Congress as- the redemption sembled* That the Secretary of the Treasury is hereby currency au- authorized and required, as rapidly as practicable, to cause to be coined, at the mints of the United States, silver coins of the denominations of ten, twenty-five, and fifty cents, of standard value, and to issue them in re- demption of an equal number and amount of fractional currency of similar denominations, or, at his discretion, he may issue such silver coins through the mints, the sub- treasuries, public depositaries and post-offices of the United States; and, upon such issue, he is hereby author- ized and required to redeem an equal amount of such fractional currency, until the whole amount of such frac- tional currency outstanding shall be redeemed. SEC. 2. That so much of section three thousand five Repeal of au- hundred and twentv-four of the Revised Statutes of the charge a' per- c 6 ii I ii 6 for United States as provides for a charge of one-fifth of one conversion of n'-iiiii- .hullioninto per centum for converting standard gold bullion into coin coin. is hereby repealed: and hereafter no charge shall be made statutes! 3524. for that service. SEC. 3. That ,. TT seventy-seven of the Revised Statutes of the Umteda sr ega t , . . . . amount of cl SEC. 3. That section five thousand one hundred and Repeal of limitation of a t e , . . . . f clr- States, limiting the affgreirate amount of circulating notes cuiating notes. ,. ;.,,,. ,- i Soe Revised or national banking associations, be. and is hereby, re- statutes. 5177. pealed; and each existing bunking association may in- 234 NATIONAL MONETARY COMMISSION. ^ crease its circulating notes in accordance with existing law without respect to said aggregate limit; and new banking associations may be organized in accordance with Repeal of existing law without respect to said aggregate limit; and provisions for s . . / . . , , , , ,. . withdrawal the provisions of law for the withdrawal and redistri- and redistrlbu-, ,. , . , , , tion. bution of national bank currency among the several States statutes, 5181. and Territories are hereby repealed. And whenever, and so often, as circulating notes shall be issued to any such states notes in banking association, so increasing its capital or circu- ooo e ooo f fobe^ a ^ n S notes, or so newly organized as aforesaid, it shall a e certatn ratio ^ e ^ e duty of the Secretary of the Treasury to redeem nationa? as bank ^ ie legal-tender United States notes in excess only of circulation. three hundred million of dollars, to the amount of eighty per centum of the sum of national-bank notes so issued to any such banking association as aforesaid and to continue such redemption as such circulating notes are issued until there shall be outstanding the tion of d f nTted sum ^ three hundred million dollars of such legal- cofn e after te j s an n - tender United States notes, and no more. And on and uary i, 1879. after the first day of January, anno Domini, eighteen hundred and seventy-nine, the Secretary of the Treasury shall redeem, in coin, the United States legal-tender notes then outstanding on their presentation for redemption, at Appropria- the office of the assitant treasurer of the United States in the city of New York, in sums of not less than fifty dol- lars. And to enable the Secretary of the Treasury to pre- pare and provide for the redemption in this act author- ized or required, he is authorized to use any surplus reve- Saieofbonds nue.s. from time to time, in the Treasury not otherwise toprovide . . means of re- appropriated, and to issue, sell and dispose of, at not less deeming . united states than par. in coin, either of the descriptions of bonds of notes. see 1870, ch. the United States described in the act of Congress ap- 272. proved July fourteenth, eighteen hundred and seventy, entitled. "An act to authorize the refunding of the na- tional debt," with like qualities, privileges, and exemp- tions, to the extent necessary to carry this act into full effect, and to use the proceeds thereof for the purposes aforesaid. And all provisions of law inconsistent with the provisions of this act are hereby repealed. Approved, January 14, 1875. LAWS CONCERNING MONEY, BANKING, AND LOANS. 235 ACT OF MARCH 3, 1875. CHAP. 130. An act making appropriations for sundry is stat. L., civil expenses of the Government for the fiscal ' ending June thirtieth, eighteen hundred and seventy- six, and for other purposes. SEC. 3. That to carry into effect the provisions of sec- F ? rc * . to be J r employed mcar- tion three of the act entitled "An act fixing the amount r >: in g "t P r - "p . . visionsof 1874, of United States notes, providing for a redistribution of c - 34 3, s - 3. the national-bank currency, and for other purposes " ap- proved June twentieth, eighteen hundred and seventy- four, the Secretary of the Treasury is authorized to ap- point the following force, to be employed under his direc- tion, namely: * * * * * * * * And at the end of each month, the Secretary office of the m 111-1 i m i e 11 Comptroller of of the Treasury shall reimburse the Treasury to the full the currency. amount paid out under the provisions of this section by transfer of said amount from the deposit of the national banking-associations with the Treasury of the United States ; and at the end of each fiscal year he shall trans- fer from said deposit to the Treasury of the United States such sum as may have been actually expended under his direction for stationery, rent, fuel, light, and other necessary incidental expenses which have been in- curred in carrying into effect the provisions of the said section of the above named act. # * >;: :j: # SEC. 11. That the Secretary of the Treasury is hereby Red em p t5on of . r -i authorized, at such times as may be necessary, for the pur- K. _s., 3694 pose of obtaining bonds for the sinking-fund, in compli- ance with sections three thousand six hundred and ninety- four to three thousand six hundred and ninety-seven, in- clusive, of the Revised Statutes of the United States, to give public notice that he will redeem, in coin, at par, any bonds of the United States, bearing interest at the rate of six per centum, of the kind known as live-twenties; and in three months after the date of such public notice, the in- terest on the bonds so .selected and called for payment shall cease. * * * * # Approved, March 3, 1875. 15712 10 - 10 236 NATIONAL MONETARY COMMISSION. ACT OF MARCH 3. 1875. t 1 ! S 463 L '' CHAP. 134. An act making appropriations for the re- pair, preservation, and completion of certain public works on rivers and harbors, and for other purposes. ***** James B. SEC. 4. That James B. Eads, of Saint Louis, Missouri, ers to con -be, and he is hereby, authorized, with such others as may etc U , to Je ma'fn- be associated with him, on the conditions hereinafter between south mentioned, to construct such permanent and sufficient Pass of Missis- , i > i sippi River and ]ettees and such auxiliary works as are necessary to create lc ' and permanently maintain, as hereinafter set forth, a wide and deep channel between the South Pass of the Mississippi River and the Gulf of Mexico, and for that purpose he may construct, in the river, outlet, or pass, and likewise in the Gulf of Mexico, such Avails, jettees, dikes, levees, and other structures, & employ such boats, rafts, and appliances, as he may, in the prosecution of said work deem necessary : Provided, * o b i i g a - SEC. . That the option of discharging the obligations tions to be dis- . * . ' . , . charged i n herein assumed bv the united States, either in monev or moneyor. ' bonds. bonds, is expressly reserved ; and the Secretary or the Treasury is hereby directed to issue the bonds of the United States, bearing five per centum interest, of the character and description set out in the act entitled "An act to authorize the refunding of the public debt," ap- proved July fourteenth, eighteen hundred and seventy, to said Eads or his legal representatives, in payment at par of the aforesaid warrants of the Secretary of War, unless the Congress of the United States shall have previously provided for the payment of the same by the necessary United appropriations of money: Provided, That in no case shall We for n ?osses, the Government of the United States be liable for any losses incurred by said Eads and his associates in the performance of the work herein mentioned, nor shall any payments thereon be made in excess of the sums nor con- trary to the terms hereinbefore prescribed. Approved. March 3, IbTD. LAWS CONCERNING MONEY, BANKING, AND LOANS. 237 ACT OF MARCH 3, 1875. CHAP. 167. An act to authorize the Secretary of the * stat. L., pt. o, p. 507. Treasury to adjust and remit certain taxes and penal- ties claimed to be due from mining and other corpora- tions and for other purposes. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- bled. That the Secretary of the Treasury be, and he is certain pen- J . J ' alties on min- herebv. authorized and directed to settle and release anv in s and manu- i . !-! " lecturing cor- claims for tax on circulation of evidences of indebtedness porations re- . . mitted. made against any mining, manufacturing or other cor- porations other than against any national banking-asso- ciation, State bank, or banking-association, by such cor- porations paying the tax, without penalty, that shall have accrued thereon since Xovember first, eighteen hun- dred and seventy-three; and that the provisions of sec- f'il" C 3 on 2 - tion three thousand four hundred and twelve of the Re- strued - vised Statutes of the United States shall not be con- strued in pending cases, except as to national banking- associations, to apply to such evidences of indebtedness issued and reissued prior to the passage of this act, but said section shall be construed as applying to such evi- dences of indebtedness issued after the passage hereof. Approved, March 3, 1875. ACT OF APRIL 11, 1876. CHAP. 55. An act to enable the Secretary of the Treas- 32 10 stat L " nry to pay judgments provided for in an act approved February fifteenth, eighteen hundred and seventy-six, entitled "An act providing for the payment of judg- ments rendered under section 11 of chapter 4&9 of the laws of the first session of the Forty-third Congress" Be it enacted by the Senate and House of Representa- tit'cs of the United States of America in Congress assem- bled. That the Secretary of the Treasury, for the purpose Judgments ,. ,1 i i i < i of Alabama oi paving the judgments provided for in an act approved claims court, . , sale of bonds rebruary iiiteenth, eighteen hundred and seventy-six, en- for payment of. titled "'An act providing for the payment of judgments rendered under section eleven, of chapter four hundred I876,ch. 1C and fifty-nine of the laws of the first session of the Forty- third Congress," is hereby authorized to convert into coupon-bonds, and to sell, after live days' notice, so many 238 NATIONAL MONETARY COMMISSION. as may be necessary for this purpose of the five per centum registered bonds of the United States now held subject to the disposition of Congress under the provi- 1873, ch. sions of the act approved March third, eighteen hundred 60i.' and seventy-three, chapter two hundred and sixty-one. ^i 874 ' C -JV SEC. 2. That so much of section fifteen of the act ap- 4o9. sec. 15, is stat., 248. proved June twenty-third, eighteen hundred and seventy- four, chapter four hundred and fifty-nine, as conflicts with this act, is hereby repealed. Approved. April 11, 1876. ACT OF MAY 31, 1878. 87 20 stat - L - CHAP. 146. .1;; aft to forbid the further retirement of United States legal-tender notes. Be it enacted by the Senate and House of Representa- tive* of the United States of America in Congress assem- notlf 1 Vunher ^^' That f rom and after the passage of this act it shall f> not * )e hiwful f' 01 ' the Secretary of the Treasury or other Februar 4 ' f ffi c ' er under him to cancel or retire any more of the stafutes Re 358i* United States legal-tender notes. And when any of said notes may be redeemed or be received into the Treasury under any law from any source whatever and shall belong to the United States, they shall not be retired cancelled or destroyed but they shall be reissued and paid out Proviso. again and kept in circulation: Provided That nothing utes, 3582. herein shall prohibit the cancellation and destruction of mutilated notes and the issue of other notes of like denomination in their stead, as now provided by law. All acts and parts of acts in conflict herewith are hereby repealed. Approved, May 31. 1878. ACT OF JUNE 8, 1878. 20 stat. L., CHAP. 170. Art Aft to authorise Hie Secretary of the 102. ' ' Treasury to constitute. Superintendents of Mints or Assay cm in Amidy-offi^ex, Assistant Treasurer* of tJic United States. Be it enadcd // the Senate and House of Representa- tive* of the United, State* of America, in Congress awcm- ont s s up of rln m1nf 9 Ue(1 , Tnat tlu> Secretary of the Treasury be and he is may 1 i>e ls oonsti s hereby authorized to constitute any superintendent of a treasurers stant mm t or assayer of any assav-oflicc. an assistant treasurer obe!" What pur " of the United States without additional compensation, LAWS CONCERNING MONEY, BANKING, AND LOANS. 239 to receive gold coin and bullion on deposit for the pur- poses provided for in section two hundred and fifty- four of the Revised Statutes. Approved, June 8, 1878. ACT OF JUNE 11, 1878. CHAP. 180. An act providing a permanent form of 20 stat. L., wcnt for the District of Columbia. SEC. 7. That the offices of sinking-fund commissioners offices of sink- are hereby abolished, and all duties and powers possessed missionersaboi- .-.' .. ,, T , -i i n i ished and du- by said commissioners are transferred to, and shall be ties transferred exercised by the Treasurer of the United States, who united states. shall perform the same in accordance with the provisions of existing laws. Approved, June 11, 1878. ACT OF JANUARY 25, 1879. CHAP. 24. An act to facilitate, the refunding the na- 20 stat. u, ' , 77 , 265. t tonal debt. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- bled^ That the Secretary of the Treasury is hereby au- Public debt, thorized in the process of refunding the national debt under existing laws to exchange directly at par the E f ^. ha ^ ge * bonds of the United States bearing interest at four per wr >t bonds. centum per annum authorized by law for the bonds of the United States commonly known as five-twenties out- standing and uncalled, and, whenever all such five-twenty bonds shall have been redeemed, the provisions of this section and all existing provisions of law authorizing the refunding of the national debt shall apply to any bonds of the United States bearing interest at five per centum per annum or a higher rate, which may be re- deemable. Tn any exchange made under the provisions interest. of this section interest may be allowed, on the bonds redeemed, for a period of throe months. Approved, January 25, 1879. 240 NATIONAL MONETARY COMMISSION. ACT OF FEBRUARY 26, 1879. 20 stat. L., CHAP. 102. An act to authorise the issue of certificates of deposit in aid of the refunding of the public debt. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- Pubiic debt, bled, That the Secretary of the Treasury is hereby author- ized and directed to issue, in exchange for lawful money of the United States that may be presented for such ex- certiflcates change, certificates of deposit, of the denomination of ten funding. f e " dollars, bearing interest at the rate of four per centum per annum, and convertible at any time, with accrued interest, into the four per centum bonds described in the Proceeds. refunding act ; and the money so received shall be applied only to the payment of the bonds bearing interest at a rate of not less than five per centum in the mode pre- scribed by said act, and lie is authorized to prescribe suit- able rules and regulations in conformity with this act. Approved. February 20. 1870. ACT OF MARCH 3. 1879. 20 stat. L., CHAP. 182. An act making appropriations for sundry ciril expenses of the government for the fiscal year end- ing June thirtieth, eighteen hundred and eighty* and for other purposes, Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- tlo A g pproprIa ~ We<^, That the following sums be, and the same are hereby, expenses^ dvl1 appropriated for the objects hereinafter expressed, for the fiscal year ending June thirtieth, eighteen hundred and eighty, namely : MISCELLANEOUS OB.JKCTS T'XDKH THE TRKAST RY DEPARTMENT. * * * :i: * iKTft, HI. r',1^9. *; and so much of the act " making appropria- tions for the legislative, executive, and judicial expenses of the government for the fiscal year ending June thir- tieth. eighteen hundred and seventy-nine, and for other purposes." approved .June nineteenth, eighteen hundred and seventy-eight, as authorizes the Secretary of the Bullion rer-Treasurv to issue coin certificates in exchange for bullion tlflcatew. . . ' , . . , ,.. . . deposited tor coinage at mints and assay-oJliccs other than LAWS CONCEKNING MONEY, BANKING, AND LOANS. 241 those mentioned in section thirty-five hundred and forty- R. s., 3545. five of the Revised Statutes, be, and the same is hereby, repealed: said repeal to take effect at the end of the present fiscal year. ***** Approved, March 3, 1879. ACT OF MARCH 3. 1879. CHAP. 186. An act to promote the education of the blind. 20 stat. L., (This act provides an appropriation of $250,000 to be invested in 1 per cent bonds, the interest on said bonds to be paid over to the trustees of the American Printing House for the Blind; the trustees to make report to the Secretary of the Treasury.) Approved, March 3, 1879. ACT OF MARCH 3, 1881. CHAP. 133. An act making appropriations for sundry ^ stat - L -> civil expenses of the government for the fiscal year ending June thirtieth, eighteen hundred and eighty- two, and for other purposes. * * * :Jc * SEC. 2. That the Secretarj* of the Treasury may at any secretary of time apply the surplus money in the Treasury not other- pfy'^uT pi u P s wise appropriated, or so much thereof as he may con- Treasury to sider proper, to the purchase or redemption of United *? h ^tion r of States bonds: Provided, That the bonds so purchased or redeemed shall constitute no part of the sinking fund, but shall be canceled. * * '.- :j: * Approved, March 3. 1881. ACT OF JULY 12, 1882. CHAP. 200.- An act to enable national-banking associ- ^22 stat. L., at'ton.8 to extend their corporate existence, and for other purposes. ***** SEC. 11. That the Secretarv of the Treasurv is herebv Three and a ,1 . -i . , VT- ,' half per cent authorized to receive at the Treasury any bonds of the bonds received TT , i oj. ' n exchange for United States bearing three and a half per centum in- three per cent I* G ' r I S t O r G (1 terest, and to issue in exchange therefor an equal amount bonds. of registered bonds of the United States of the denomi- 242 NATIONAL MONETARY COMMISSION. nations of fifty, one hundred, five hundred, one thousand, and ten thousand dollars, of such form as he may pre- scribe, bearing interest at the rate of three per centum per annum, payable quarterly at the Treasury of the United States. Such bonds shall be exempt from all taxation by or under State authority, and be payable at Proviso. the pleasure of the United States: Provided, That the bonds herein authorized shall not be called in and paid so long as any bonds of the United States heretofore issued bearing a higher rate of interest than three per centum, and which shall be redeemable at the pleasure of the United States, shall be outstanding and uncalled. The last of the said bonds originally issued under this act, and their substitutes, shall be first called in, and this order of payment shall be followed until all shall have been paid. ***** Approved, July 12, 1882. ACT OF MAY 16, 1884. 29 23 stat L - CHAP. 52. An act to prevent and punish the oounter- f citing within the United States of notes, bonds, and other securities of foreign Governments. (This act provides penalties for counterfeiting within the United States the notes, bonds, or securities of foreign governments.) (This act was amended by the act of March 4. 1909 (chap. 321. 35 Stat. L., pp. Ill" to 1119). See sections 15G to 162 inclusive.) ACT OF MARCH 31, 1886. 24 stat. L., 9. CHAP. 41. An act to amend section three hundred and four of the Rer'mcd Statutes of the United States, au- thorizlixj the temporary appointment of an Acting Assistan t Treasurer. Be it enacted by the Senate ami House of Representa- tn'cs of the L nitfid States of America in Congrens axsem- >M S >" B 5i" ^ e ^i That section three hundred and four of the Revised amended. ' Statutes of the United. States be. and the same is hereby, amended so as to read as follows: Assistant ' Si-x\ '>04. The Treasurer mav. in his discretion, and Treasurer. with the consent of the Secretary of the Treasury, an- LAWS CONCERNING MONEY, BANKING, AND LOANS. 243 thorize the Assistant Treasurer to act in the place and discharge any or all the duties of the Treasurer of the United States; and in the event of the absence or illness of either the Treasurer or the Assistant Treasurer, or both, the Secretary of the Treasury may, on the recom- mendation of the Treasurer appoint for a term not exceed- ing thirty days at one time, from among the clerks in the Treasury, any one of said clerks to be Acting Assistant gigf^j. 08 tr * a s g ' Treasurer during such absence or illness: Provided. how-" rer . to .. P er : '. form duties of ever, That no such appointment shall be made until the official bond given by the principal of the office shall be made in terms to cover and apply to the acts and defaults of every such person so appointed from time to time. Such acting officer shall, moreover, for the time being, be subject to all the liabilities and penalties prescribed by law for the official misconduct in like cases of the Assist- ant Treasurer, for whom he acts/' Approved, March 31, 1886. ACT OF MARCH 3, 188T. CHAP. 345. An act authorising an investigation of the ^^ stat - L - books, accounts, and methods of railroads which have received aid from the United States, and for other purposes. (Sections 1, 2, and 3 provide for a commission to inves- tigate the books, workings, and consolidation, etc., of said railroads and to report whether the interests of the United States require any extension of the time for per- formance of their obligations to the Government.) SEC. 4. That whenever, in the opinion of the President. o^^u^ted it shall be deemed necessary to the protection of the inter- ^g 08 ^' prior ests and the preservation of the security of the United States in respect of its lien, mortgage, or other interest in any of the property of any or all of the several companies upon which a lien, mortgage, or other incumbrance para- mount to the right, title, or interest of the United States for the same property, or any part of the same, may exist and be then lawfully liable to be enforced, the Secretary of the Treasury shall, under the direction of the Presi- dent, redeem or otherwise clear off such paramount lien, mortgage, or other incumbrance by paying the sums law- fully due in respect thereof out of the Treasury: and the United States shall thereupon become and be subrogated to all rights and securities (heretofore pertaining to the 244 NATIONAL MONETARY COMMISSION. debt, mortgage, lien, or other incumbrance in respect of to P protect' n tIe w hich such payment shall have been made. It shall be united states' ^ e ^ u ^ ^ ^ ie Attorney-General, under the direction of the President, to take all such steps and proceedings, in the courts and otherwise, as shall be needful to redeem such lien, mortgage, or other incumbrance, and to protect and defend the rights and interests of the United States in respect of the matters in this section mentioned, and to take steps to foreclose any mortgages or liens of the United States on any such railroad property. of ln s?n t k n i e ii 1 g SEC. 5. That the sinking-funds which are or may be funds. \\Q\d in the Treasury for the security of the indebtedness of either or all of said railroad companies may, in addi- - tion to the investments now authorized by law, be in- vested in any bonds of the United States heretofore issued for the benefit of either or all of said companies, or in any of the first-mortgage bonds of either of said com- panies which have been issued under the authority of any law of the United States and secured by mortgages of their roads and franchises, which by any law of the United States have been made prior and paramount to the mortgage, lien, or other security of the United States in respect of its advances to either of said companies as provided by law. Approved, March 3. 1887. ACT OF MARCH 2, 1889. 25 stat. L., CHAP. 411. Ail act making appropriations for sundry ciril expenses of the Government for the fiscal year endinr/ June thirtieth, eighteen hundred and ninety, and for otlicr purposes. ,,omaus es n * * * : Awl provided further, That hereafter the name of each person whose portrait shall be placed upon any of the plates for bonds, securities, notes and silver certificates of the United States shall be inscribed below .such portrait : * * * Approved. March '2, 1889. LAWS CONCEBNING MONEY, BANKING, AND LOANS. 245 ACT OF OCTOBER 1, 1890. CHAP. 1246. An act to provide for the incorporation of 26 stat. L., trust, loan, mortgage, and certain other corporations ivithin the District of Columbia. Be it enacted l>y the Senate and House of Representa- District o f tives of the United States of America in Congress as- Corporations sembled. That corporations may be formed within the au District of Columbia for the purposes hereinafter men- tioned in the following manner: Any time hereafter any number of natural persons. Minimum citizens of the United States, not less than twenty-five, porators. may associate themselves together to form a company for the purpose of carrying on in the District of Columbia any one of three classes of business herein specified, to wit : First. A safe deposit, trust, loan, and mortgage busi- Safe deposit, etc., business. ness. Second. A title insurance, loan, and mortgage busi- Titl e lnsur ,- ance, etc., busi- ness, ness. Third. A security, guaranty, indemnity, loan, and, Security. etc., * ' e - * i business. mortgage business: Provided, That the capital stock of Provisos. any of said companies shall not be less than one million of dollars: Provided further. That any of said companies may also do a storage business when their capital stock Minimum fc J capital. amounts to the sum of not less than one million two hun- storage busi- ness. dred thousand dollars. (The remaining sections 2 to 34, inclusive, prescribe method of organization, etc.. establish rules for the con- duct of business, etc.) Approved, October 1, 1800. ACT OF FEBRUARY 10. 1891. CHAP. 127. An act farther to prevent counterfeiting 0/' 74 r, r> stat L " manufacture of dies, tools, or other implements used in counterfeiting, and providing penalties therefor, and providing for the issue of search 'warrants in certain cases. SEC. 4. That all counterfeits of any of the obligations or o f on ( 1 - t n r | ft te t d other securities of the United States or of any fo reign ^j^ Government, or counterfeits of any of the coins of tin- United States or of any foreign Government, and all ma- 246 NATIONAL MONETARY COMMISSION. terial or apparatus fitted or intended to be used, or that shall have been used, in the making of any such counter- feit obligations or other securities or coins hereinbefore mentioned, that shall be found in the possession of any person without authority from the Secretary of the Treas- ury or other proper officer to have the same, shall be taken possession of by any authorized agent of the Treasury Department and forfeited to the United States, and dis- posed of in any manner the Secretary of the Treasury may direct, issue of SEC. 5. That the several judges of courts established search w a r - ...... , . . . rants in such under the laws of the United States and the commission- ers of such courts may, upon proper oath or affirmation, within their respective jurisdictions, issue a search war- rant authorizing any marshal of the United States, or any other person specially mentioned in such warrant, to enter any house, store, building, boat, or other place named in such warrant, in the daytime only, in which there shall appear probable cause for believing that the manufac- ture of counterfeit money, or the concealment of counter- feit money, or the manufacture or concealment of counter- feit obligations or coins of the United States, or of any foreign government, or the manufacture or concealment of dies, hubs, molds, plates, or other things fitted or in- tended to be used for the manufacture of counterfeit money, coins, or obligations of the United States or of any foreign government, or of any bank doing business under the authority of the United States or of any State or Territory thereof, or of any bank doing business under the authority of any foreign government or of any polit- ical division of any foreign government, is being carried on or practiced, and there search for any counterfeit money, coins, dies, hubs, molds, plates, and other things, Seizures. and for any such obligations, and if any such be found to seize and secure the same, and to make return thereof to the proper authority: and all such counterfeit money, coins, dies. hubs, molds, plates, and other things and all such counterfeit obligations so seized shall be forfeited to the United States. Approved February 10. 1891. (This act was amended by the act of March 4. 1909 (chap. :Ji>l. :>>."> Slat. L.. pp. lli ; and lli>l). See sections 109 to 173, inclusive.) LAWS CONCERNING MONEY, BANKING, AND LOANS. 247 ACT OF AUGUST 13, 1894. CHAP. 281. An act to subject to state taxation national 28 stat. L., 97C bank notes and United States Treasury notes. Be it enacted by the Senate and House of Representa- statetaxation fives of the United States of America in Congress assem- currency ana blecL That circulating notes of national banking associa- notes author- ized tions and United States legal tender notes and other notes and certificates of the United States payable on demand and circulating or intended to circulate as currency and gold, silver or other coin shall be subject to taxation as money on hand or on deposit under the laws of any State or Territory: Provided, That any such taxation shall be Proviso. exercised in the same manner and at the same rate that To be taxed any such State or Territory shall tax money or currency ^ O s ne * h e r circulating as money within its jurisdiction. SEC. 2. That the provisions of this Act shall not be Existing laws, deemed or held to change existing laws in respect of the taxation of national banking associations. Approved, August J3, 1894. ACT OF AUGUST 15, 1894. CHAP. 290. An act making appropriations for current ^ 28 stat. L., and contingent expenses of the Indian Department and fulfilling treaty stipulations with various Indian tribes for the fiscal year ending June thirtieth, eighteen hun- dred and ninety-five, and for other purposes. ***** SEC. 19. *. And the Secretary of the Treasury Cherokee N.I- is hereby authorized to issue to the Cherokee Nation or to Bonds to be ., -, j?-iiji c;T TT-J-ILU issued for pay- its assigns evidences or indebtedness or the united Statesing instaii- of America, bearing interest at the rate of four per centum per annum, payable annually on the fourth day of March of each year, in amounts of one thousand and ten thousand dollars, respectively, for the respective amounts of the second, third, fourth, and fifth install- ments, maturing respectively on the fourth day of March, eighteen hundred and ninety-six, the fourth day of March, eighteen hundred and ninety-seven, the fourth day of March, eighteen hundred and ninety-eight, and the fourth day of March, eighteen hundred and ninety-nine, and amounting in the aggregate to six million six him- 248 NATIONAL MONETARY COMMISSION. dred and forty thousand dollars, as specified in said act of 64a L 27> P ' March third, eighteen hundred and ninety -three ; and this provision shall not be construed to extend the time nor to increase the amount of the liability of the Government as provided in section ten of the said Act of March third, eighteen hundred and ninety-three. Approved, August 15, 1894. ACT OF MAY 28, 1896. 29 stat. L-CHAP. 252. An act making appropriations for the legis- lative, executive, and judicial expenses of the Govern- ment for the fiscal year ending June thirtieth, eighteen hundred and ninety-seven, and for oilier purposes. ***** SEC. 5. That section thirty-six hundred and twenty-one of the Revised Statutes is amended to read as follows: Moneys to be "SEC. 3621. Every person who shall have moneys of deposited in J public deposi-the United States in his hands or possession, and disburs- taries. or.?, 1 ; s - -?? i'l^T officers having moneys in their possession not required .sO-l, p. 1 14, amended. f or current expenditure, shall pay the same to the Treas- urer, an Assistant Treasurer, or some public depositary of the United States, without delay, and in all cases within thirty days of their receipt. And the Treasurer, the Assistant Treasurer, or the public depositary shall issue duplicate receipts for the moneys so paid, trans- mitting forthwith the original to the Secretary of the Treasury, and delivering the duplicate to the depositor: Proviso. Provided. That nostal revenues and debts due to the Post- IV)stal rev- ,,,,.-, . , . . , . ( )Hice Department shall be paid into the Ireasury m the manner now required by law." ***** Approved. May 2S. lsiC.. ACT OF JUNE 1-",. 180ft. 30 stat. L..CHAP. -14ft. --.I// /u'oridi- irth< r imrpoxcx. * * * * * issue of cor- Srr. 32. That the Secretary of the Treasury is author- tilicntcs of in- . f]H)f<-(im'ss nu-ixed to borrow from time to tune, at a rate of interest not thori/cd. exceeding three per centum per annum, such sum or sums as, in his judgment, may be necessary to meet public ex- LAWS CONCERNING MONEY, BANKING, AND LOANS. 249 penditures, and to issue therefor certificates of indebted- ness in such form as he may prescribe and in denomina- tions of fifty dollars or some multiple of that sum; and each certificate so issued shall be payable, with the interest accrued thereon, at such time, not exceeding one year from the date of its issue, as the Secretary of the Treasury may prescribe: Provided, That the amount of such certificates _rroyiso. outstanding shall at no time exceed one hundred millions of dollars ; and the provisions of existing law respecting counterfeiting and other fraudulent practices are hereby . counterfeit- extended to the bonds and certificates of indebtedness authorized by this act. SEC. 33. That the Secretary of the Treasury is hereby issue of authorized to borrow on the credit of the United States cure loan 'au- from time to time as the proceeds may be required to defray expenditures authorized on account of the exist- ing war (such proceeds when received to be used only for the purpose of meeting such war expenditures) the sum of four hundred million dollars, or so much thereof as may be necessary, and to prepare and issue therefor, coupon or registered bonds of the United States in such form as he may prescribe, and in denominations of twenty d e n omina- " (ions, etc. dollars or some multiple of that sum, redeemable in coin at the pleasure of the United States after ten years from the date of their issue, and payable twenty years from such date, and bearing interest payable quarterly in coin at the rate of three per centum per annum ; and the bonds herein authorized shall be exempt from all taxes or duties of the United States, as well as from taxation in any form by or under State, municipal, or local authority: Provided, That the bonds authorized by this section shall Provisos. be first offered at par as a popular loan under such regula- Popular loan, tions, prescribed by the Secretary of the Treasury, as will. give opportunity to the citizens of the United States to participate in the subscriptions to such loan, and in allotting said bonds the several subscriptions of indi- viduals shall be first accepted, and the subscriptions for the lowest amounts shall be first allotted: Provided fur- ther. That any portion of any issue of said bonds not h d noVsub- subscribed for as above provided may be disposed of by st ' 1 ' ilicd for - the Secretary of the Treasury at not less than par, under such regulations as lie may prescribe, but no commissions shall be allowed or paid thereon; and a sum not exceed- ing one-tenth of one per centum of the iimount of the bonds and certificates herein authorized is hereby appro- 250 NATIONAL MONETARY COMMISSION. priated out of any money in the Treasury not otherwise appropriated, to pay the expense of preparing, advertis- ing, and issuing the same. ***** Approved, June 13, 1898. ACT OF JULY 1, 1898. 60 ? stat L -'CnAP. 546. An act making appropriations for sundry civil expenses of the Government for the -fiscal year ending June thirtieth, eighteen hundred and ninety- nine, and for other purposes. * " r Uer * * * further, That hereafter all bonds, notes, and checks shall be printed from hand-roller presses. * * * * Approved, July 1, 1898. ACT OF JULY 7, 1898. 659 Stat L " CHAP. 571. An act making appropriations to supply defi- ciencies in the appropriations for the fiscal year ending June thirtieth, eighteen hundred and ninety-eight, and for prior years, and for other purposes. - SETTLEMENT WITH THE CENTRAL PACIFIC AND WESTERN % (1 I s acificrail ~ PACIFIC RAILROADS: That the Secretary of the Treasury, to co s ^ ssi i n nhe Secretary of the Interior, and the Attorney-General, * an( ^ tn( '' r successors in office, be, and they are hereby, ap- pointed a commission with full power to settle the in- debtedness to the Government growing out of the issue of bonds in aid of the construction of the Central Pacific and Western Pacific bond-aided railroads, upon such terms and in such manner as may be agred upon by them, or by a majority of them, and the owners of said rail- I'rovisos. roads: Provided, That any and all settlements thus made tbe President, shall be submitted in writing to the President for his ap- proval or disapproval, and unless approved by him shall not be binding. Minimum That said commission shall not agree to accept a less sum to be ac- . 1 sum in settlement of the amount due the United States than the full amount of the principal and interest and LAWS CONCERNING MONEY, BANKING, AND LOANS. 251 all amounts necessary to reimburse the United States for moneys paid for interest or otherwise : And also pro- vided, That said commission are hereby empowered to ments. 8 f pay " grant such time or times of payment by installment, and at such rates of interest, to be not less than three per centum per annum, payable semiannually, and with such security as to said commission may seem expedient: Provided, however, That in any settlement that may be ch f r i g " al dls " made the final payment and full discharge of said indebt- edness shall not be postponed to exceed ten years and the whole amount, principal and interest, shall be paid in equal semiannual installments within the period so lim- ited, and in any settlement made it shall be provided that if default shall be made in any payment of either a D ^en" lt: In principal or interest or any part thereof then the whole sum and all installments, principal and interest, shall immediately become due and payable, notwithstand- ing any other stipulation of said settlement: Provided further, That unless the settlement herein authorized be perfected within one year after the passage of this Act the President of the United States shall at once proceed to foreclose all liens now held by the United States ln F J\F u 3 against said railroad companies and to collect the indebt- settlement. edness herein sought to be settled, and nothing in this Act contained shall be held to waive or release any right, NO waiver of " * existing liens, lien, or cause of action already held by the United Stages, etc. That there is hereby appropriated, out of any money Appropria- in the Treasury not otherwise appropriated, the sum of pensea of corn- twenty thousand dollars to defray the expenses of said m commission in making the said settlement. Approved, July 7, 1898. JOINT RESOLUTION, JULY 7, 1898. (No. 55.) Joint resolution to provide for annexing the so stat. L., Hawaiian Islands to the United States. The public debt of the Republic of Hawaii, lawfully united states to nssumo the existing at the date of the passage of this joint resolution, public t of Hawaii, including the amounts due to depositors in the Hawaiian Postal Savings Bank, is hereby assumed by the Govern- ment of the United States; but the liability of the United llml t. States in this regard shall in no case exceed four million 15712" 10 17 252 NATIONAL MONETARY COMMISSION. dollars. So long, however, as the existing Government and the present commercial relations of the Hawaiian Islands are continued as hereinbefore provided said Gov- interest. ernment shall continue to pay the interest on said debt. ***** Approved, July 7. 1898. ACT OF MARCH 14, 1900. _si stat. L., CHAP. 41. An act to define and fix the standard of value, Supp. R. s., to maintain the parity of all forms of money issued or coined by the United States, to refund the public debt, and for other purposes. standard of g e jf enacted Ini the Sertate and House of Rcpresenta- value nxed. ' ' -ffoid dollar tires of the United State* of America in Congress assem- K. 3., S 3511. ' . ' . 26 189 b' 945 P (i^ ' That th e dollar consisting of twenty-five and eight- Supp. R. s., tenths grains of gold nine-tenths fine, as established by parity of section thirtv-five hundred and eleven of the Revised v a 1 u e to be ^ " maintained. Statutes of the United States, shall be the standard unit of value, and all forms of money issued or coined by the United States shall be maintained at a parity of value with this standard, and it shall be the duty of the Secre- tary of the Treasury to maintain such parity. Treasury SEC. 2. That United States notes, and Treasury notes July 14. i-'ii ; issued under the Act of July fourteenth, eighteen hundred R.'S., "74) UpP 'and ninety, when presented to the Treasury for redemp- in~ r goid. en ' e tion. shall be redeemed in gold coin of the standard fixed in the first section of this act. and in order to secure the prompt and certain redemption of such notes as herein provided it shall be the duty of the Secretary of the Treas- Maintenanre urv to set apart in the Treasury a reserve fund of one of reserve fund, i i i i-xv ^-\- in ' 11 i i 11- hundred and ntty million dollars in gold coin and bullion, which fund shall be used for such redemption purposes only, and whenever and as often as any of said notes shall be redeemed from said fund it shall be the duty of the Secretary of the Treasury to use said notes so redeemed to restore and maintain such reserve fund in the manner by exchange following, to wit: First, by exchanging the notes so re- deemed for any gold coin in the general fund of the Treas- d^'no'sTt's'of U1 T? second, by accepting deposits of gold coin at the by procuring r ^ reasur y or a * an . v s "btreasury in exchange for the K ] l { 1- s s ;< 700 United States notes so redeemed : third, by procuring gold by bond is- ( . o j n ^y ^g 11S( , o f Ha j,| I1( ,tt>s. in accordance with the pro- visions of section thirty-seven hundred of the Revised Statutes of the United States. If the Secretary of the LAWS CONCERNING MONEY, BANKING, AND LOANS. 253 Treasury is unable to restore and maintain the gold coin in the reserve fund by the foregoing methods, and the amount of such gold coin and bullion in said fund shall at any time fall below one hundred million dollars, then it shall be his duty to restore the same to the maximum sum of one hundred and fifty million dollars by borrowing money on the credit of the United States, and for the debt thus incurred to issue and sell coupon or registered bonds of the United States, in such form as he may prescribe, in denominations of fifty dollars or any multiple thereof, bearing interest at the rate of not exceeding three per rate of in- 1 terest. centum per annum, payable quarterly, such bonds to be payable at the pleasure of the United States after one year from the date of their issue, and to be payable, prin- cipal and interest, in gold coin of the present standard value, and to be exempt from the payment of all taxes or duties of the United States, as well as from taxation in any form by or under State, municipal, or local authority ; and the gold coin received from the sale of said bonds Disposition of shall first be covered into the general fund of the Treasury of n bonds m ' and then exchanged, in the manner hereinbefore provided, for an equal amount of the notes redeemed and held for exchange, and the Secretary of the Treasury may, in his discretion, use said notes in exchange for gold, or to pur- chase or redeem any bonds of the United States, or for redemption any other lawful purpose the public interests may require. except that they shall not be used to meet deficiencies in the current revenues. That United States notes when redeemed in accordance with the provisions of this section shall be reissued, but shall be held in the reserve fund notes to he until exchanged for gold, as herein provided ; and the gold coin and bullion in the reserve fund, together with the Limit to re- redeemed notes held for use as provided in this section, shall at no time exceed the maximum sum of one hundred arid fifty million dollars. SEC. 3. That nothing contained in this act shall be con- (Duality of i , /v ,1 , i , i ,. . , .silver dollar. strued to a fleet the legal-tender quality as now provided. etc., unaffected, by law of the silver dollar, or of any other money coined or issued by the United States. SEC. 4. That there be established in the Treasury Do- Divisions of partment, as a part of the office of the Treasurer of the dom'ption es'- United States, divisions to be designated and known as the division of issue and the division of redemption, to which shall be assigned, respectively, under such regu- lations as the Secretary of the Treasury may approve, 254 NATIONAL MONETARY COMMISSION. all records and accounts relating to the issue and redemp- tion of United States notes, gold certificates, silver cer- duties. tificates, and currency certificates. There shall be trans- ferred from the accounts of the general fund of the Treas- ury of the United States, and taken up on the books of said divisions, respectively, accounts relating to the re- serve fund for the redemption of United States notes and Treasury notes, the gold coin held against outstanding gold certificates, the United States notes held against outstanding currency certificates, and the silver dollars held against outstanding silver certificates, and each of the funds represented by these accounts shall be used for the redemption of the notes and certificates for which they are respectively pledged, and shall be used for no other purpose, the same being held as trust funds, cancellation SEC. 5. That it shall be the duty of the Secretary of of Treasury notes for sii- ne Treasurv. as fast as standard silver dollars are coined ver dollars . coined, etc. under the provisions of the acts of July fourteenth, eight- een hundred and ninety, and June thirteenth, eighteen hundred and ninety-eight, from bullion purchased under the act of July fourteenth, eighteen hundred and ninety, to retire and cancel an equal amount of Treasury notes whenever received into the Treasury, either by exchange in accordance with the provisions of this act or in the ordinary course of business, and upon the cancellation ISSUP of sii- O f Treasurv notes silver certificates shall be issued against ver certificates. the silver dollars so coined, coid certifi- SEC. C. That the Secretary of the Treasury is hereby cates to be is- .. . . ." sued on de- authorized and directed to receive deposits or gold coin posits of tfold. . with the I reasurer or any assistant treasurer or the United States in sums of not less than twenty dollars, and to issue gold certificates therefor in denominations of not less than twenty dollars, and the coin so deposited shall be retained in the Treasury and held for the pay- ment of such certificates on demand, and used for no other to be count- purpose. Such certificates shall be receivable for customs, ed as hank re- -111,1-1 -, serve, etc. taxes, ana all public dues, and when so received may be reissued, and when held by any national banking associ- ation may be counted as a part of its lawful reserve: I'rovided, That whenever and so long as the gold coin held in the reserve fund in the Treasury for the re- demption of United States notes and Treasury notes shall fall and remain below one hundred million dollars the authority to issue certificates as herein provided shall be LAWS CONCERNING MONEY, BANKING, AND LOANS. 255 suspended : And provided further. That whenever and suspension of f ' . authority to is- so long as the aggregate amount of United States notes sue certificates. and silver certificates in the general fund of the Treasury shall exceed sixty million dollars the Secretary of the Treasury may, in his discretion, suspend the issue of the certificates herein provided for: And provided further, That of the amount of such outstanding certificates one- Denomination fourth at least shall be in denominations of fifty dollars or less: And provided further, That the Secretary of the Treasury may, in his discretion, issue such certifi- cates in denominations of ten thousand dollars, payable to order. And section fifty-one hundred and ninety-three Repea_i of of the Revised Statutes of the United States is hereby repealed. SEC. 7. That hereafter silver certificates shall be issued Denomination only of denominations of ten dollars and under, except cates. that not exceeding in the aggregate ten per centum of the total volume of said certificates, in the discretion of the Secretary of the Treasury, may be issued in denomina- tions of twenty dollars, fifty dollars, and one hundred dollars; and silver certificates of higher denomination than ten dollars, except as herein provided, shall, when- ever received at the Treasury or redeemed, be retired and canceled, and certificates of denominations of ten dollars or less shall be substituted therefor, and after such sub- on reissue, stitution, in whole or in part, a like volume of United States notes of less denomination than ten dollars shall from time to time be retired and canceled, and notes of denominations of ten dollars and upward shall be re- issued in substitution therefor, with like qualities and restrictions as those retired and canceled. SEC. 8. That the Secretary of the Treasury is hereby silver bui- 1 1 T " '11 IT ' I' 011 I1111V l>e authorized to use, at his discretion, any silver bullion in used for sub- i m f i -in 11 sidiary coinage the Ireasury or the United States purchased under the issu), July 1-1, Act of July fourteenth, eighteen hundred and ninety, forsu'pp. it. s., coinage into such denominations of subsidiary silver coin as may be necessary to meet the public requirements for such coin : Provided. That the amount of subsidiary silver- limit. coin outstanding shall not at anytime exceed in the aggre- gate one hundred millions of dollars. Whenever any silver bullion purchased under the act of July fourteenth, eighteen hundred and ninety, shall be used in the coinage- of subsidiary silver coin, an amount of Treasury notes issued under said act equal to the cost of the bullion con tained in such coin shall be canceled and not reissued. nf ( n f,",, < 8 '' 11 ' itlon 256 NATIONAL MONETARY COMMISSION. g EC . 9, That the Secretary of the Treasury is hereby ver coins. authorized and directed to cause all worn and uncurrent subsidiary silver coin of the United States now in the Treasury, and hereafter received, to be recoined, and to reimburse- reimburse the Treasurer of the United States for the dif- ment of loss . 1 . from face rerence between the nominal or race value of. such com and the amount the same will produce in new coin from any moneys in the Treasury not otherwise appropriated. of Redemption g EC . n. That the Secretary of the Treasury is hereby authorized to receive at the Treasury any of the outstand- ing bonds of the United States bearing interest at five per centum per annum, payable February first, nineteen hun- dred and four, and any bonds of the United States bear- ing interest at four per centum per annum, payable July first, nineteen hundred and seven, and any bonds of the reissue of United States bearing interest at three per centum per bonds. annum, payable August first, nineteen hundred and eight, and to issue in exchange therefor an equal amount of coupon or registered bonds of the United States in such form as he may prescribe, in denominations of fifty dol- lars or any multiple thereof, bearing interest at the rate of two per centum per annum, payable quarterly, such bonds to be payable at the pleasure of the United States after thirty years from the date of their issue, and said bonds to be payable, principal and interest, in gold coin of the present standard value, and to be exempt from the payment of all taxes or duties of the United States, as well as from taxation in any form by or under State, municipal, or local authority: Provided, That such out- valuation, standing bonds may be received in exchange at a valua- tion not greater than their present worth to yield an in- come of two and one-quarter per centum per annum; and in consideration of the reduction of interest effected, the Secretary of the Treasury is authorized to pay to the holders of the outstanding bonds surrendered for ox- change, out of any money in the Treasury not otherwise appropriated, a sum not greater than the difference be- tween their present worth, computed as aforesaid, and their par value, and the payments to be made hereunder shall be held to lx> payments on account of the sinking R. R., i 3694. f unc ] Created by section thirty-six hundred and ninety- four of the Revised Statutes: LAWS CONCEKNING MONEY, BANKING, AKD LOANS. 257 And pi^omded further. That the two per centum bonds, Bonds to be . , . . . issued at par. to be issued under the provisions of this act shall be issued at not less than par, and they shall be numbered consecu- tively in the order of their issue, and when payment is made the last numbers issued shall be first paid, and this order shall be followed until all the bonds are paid, and whenever any of the outstanding bonds are called for payment interest thereon shall cease three months after interest to such call; and there is hereby appropriated out of any^?ie e d money in the Treasury not otherwise appropriated, to m< effect the exchanges of bonds provided for in this act, a sum not exceeding one-fifteenth of one per centum of the face value of said bonds, to pay the expense of preparing and issuing the same and other expenses incident thereto. ***** Approved, March 14, 1900. NOTE. The act of May 2G, 1006 (34 Stat. L., 202), amends sec- tion of the above act to read as follows : " Provided, That whenever and so long as the gold coin held in Proviso, the reserve fund in the Treasury for the redemption of United if States notes and Treasury notes shall fall and remain below tiftv serve is below J $50,000,000. million dollars the authority to issue certificates as herein pro- vided shall be suspended, but the Secretary of the Treasury is directed to coin, within reasonable time, any and all gold bullion Bullion to be held in said reserve fund in excess of fiftv million dollars." coined. ACT OF JUNE 6. 1900. CHAP. 780. An act to create a commission to make settle- t> _ rnent and adjustment u'ith the Sion,r. City and Pacific Railroad Company of its indebtedness to the Govern- ment of the United States. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress as- sembled. That the Secretary of the Treasury, the Secre- siou* city ' _ * a n d P a c i n c tarv of the Interior, and the Attorney-General of the Railroad. 17 Commission United States are hereby authorized and empowered to to adjust in- . debtedness <> f,. make settlement and adjustment of the Sioux City and to <;ovornment Pacific Railroad Company's indebtedness to the Govern- ment of the United States: and to that end may receive -powers, and determine upon any proposition or propositions from said Sioux City and Pacific Railroad Company or from any other person or persons, corporation or corporations, and may sell or assign the mortgage given by said com- pany to the United States and do any and al 258 NATIONAL MONETARY COMMISSION. proper and necessary to effect such settlement and ad- justment and secure to the United States the largest sum possible in the payment of said indebtedness up to the Proviso. full amount thereof: Provided, That they deem the same tion, etc. for the best interests of the Government ; and when such settlement is approved by the President it shall become operative, and the Attorney-General shall make the nec- essary acquittances to said railroad company. Approved, June (>, 1900. ACT OF JUNE 0. 1900. si stat. L., CHAP. 797. An act to pro ride better facilities for the safe-keeping and disbursement of public moneys in the Philippine Islands and in the islands of Cuba and Porto Rico. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress as- Cuba. Porto sembled. That the Secretary of the Treasury is hereby Rico, and Phil- ,i i , -i 11*11 ippines. authorized to designate one or more banks or bankers in <,f depositories the Philippine Islands and in the islands of Cuba and for public mon- -n T> - 1-1 IT i i , -i eys. I orto Kico in which public moneys may be deposited : Provisos. Provided. That the banks or bankers thus designated shall Security de- . posit. give satisfactory security for the safe-keeping and prompt payment of the public moneys so deposited by depositing in the Treasury, United States bonds to an amount not less than the aggregate sum at any time on deposit with Application such banks or bankers: And prodded further^ That this to Cuba. * . ' / Act shall apply to Cuba only while occupied by the United States. Approved. June <',. 1900. JOINT RESOLUTION OF JUNE (>. 1900. :u stat. L., (No. -V2.} Joint resolution to authorize end an poircr the Bunco EspfJliol <]( PI/I rfn Run (Spanish //'////' of Porto. Rico] to n /n end it* btj-ldii'*. Rexoli'cd bi/ the tic )i ate and Ilonxc of Represe-nto.tii'cs of tin' United States of America /// Cumin 1 ** a-^xembled^ Banco Kspa- That the Hanco Fspafio] de Puerto Kico (Spani-h Hank IKil (lc I'lllTll) . ..... it i co may of Porto Rico) be. and the said institution is hereby, amend Its by- . . .' laws. authorized and empowered to amend article one of its by-law^, wliich ^\\(\ by-laws arc 1 referred to in. and pub- lished with, the royal (Spanish) decree dated May lifth, LAWS CONCERNING MONEY, BANKING, AND LOANS. 259 anno Domini eighteen hundred and eighty-eight, grant- ing a concession to said bank, so as to change its name to that of Bank of Porto Rico (Banco de Puerto Rico) and to substitute for its capital in pesos the equivalent in money of the United States at the ratio established by law, and to amend article thirty-one of said by-laws, so that to be a councilor of said bank it may not be necessary to be a Spaniard, and further to modify and amend said by-laws, but always in accordance with ex- isting law, and subject to the approval of the governor of Porto Rico : Provided, That nothing herein contained po^Ters 8 ^ 1 shall be held to enlarge or to permit the enlargement, enlar s ed - in any manner or to any extent, of any of the rights, powers, or privileges granted to said Banco Espanol de Puerto Rico (Spa*nish Bank of Porto Rico) by the Gov- ernment of Spain: And provided further, That nothing co 1 ^ t ^oVim- herein contained shall be held in any wise to limit or abrid s ed - curtail any power which the Government or the Con- gress of the United States possesses in respect of said bank, its powers, privileges, or franchises. Approved, June 0, 1900. ACT OF MARCH 3, 1901. CHAP. 871. An act to amend section -fifty-one hundred 14 || stat - L -> and fifty-three of the Rerised Statutes of the United States. Be it enacted l>y the Senate and House of Representa- tives of the United States of America in Congress assem- bled, That section fifty-one hundred and fifty-three of the Revised Statutes of the United States be amended to read as follows : "SEC. 5153. All national banking associations, desig- ^^ksdeposi 1 - nated for that purpose by the Secretary of the Treasury, ^j^ f ^'cept shall be depositaries of public money, except receipts e l | s t * m s rc ~ from customs, under such regulations as may be pre- scribed by the Secretary, but receipts derived from duties exception not 1 applicable to on imports in Alaska, the Hawaiian Islands, and other 11 a w a i i , islands under the "jurisdiction of the United States mav it. s., sec. 5) -).'{, p. !> !) (5 , be deposited in such depositaries subject to such regula- amended, (ions; and such depositaries may also be employed as financial agents of the Government; and (hey shall per- form all such reasonable duties as depositaries of public moneys and financial agents of the Government as may be required of them. The Secretary of the Treasury 260 NATIONAL MONETARY COMMISSION. shall require the associations thus designated to give satisfactory security, by the deposit of United States bonds and otherwise, for the safe-keeping and prompt payment of the public money deposited with them, and for the faithful performance of their duties as financial agents of the Government. And every association so designated as receiver or depositary of the public money shall take and receive at par all of the national currency bills, by whatever association issued, which have been paid into the Government for internal revenue or for loans or stocks/' Approved, March 3, 1901. ACT OF JUNE 28. 1902. * 32 stat. L., CHAP. 1302. An act to provide for the construction of a canal connecting the waters of the Atlantic and Pacific oceans. Bond issue SEC. 8. That the Secretary of the Treasurv is hereby au- autborized to . J TCI". defray ex- thonzed to borrow on the credit of the united States penses. from time to time, as the proceeds may be required to defray expenditures authorized by this Act (such pro- ceeds when received to be used only for the purpose of meeting such expenditures), the sum of one hundred and thirty million dollars, or so much thereof as may be neces- sary. and to prepare and issue therefor coupon or regis- tered bonds of the United States in such form as he may Denomina- prescribe, and in denominations of twenty dollars or some multiple of that sum, redeemable in gold coin at the pleas- use of the United States after ten years from the date of their issue, and payable thirty years from such date, and interest. bearing interest payable quarterly in gold coin at the rate of two per centum per annum; and the bonds herein au- ta *; m P tfrom t homed shall be exempt from all taxes or duties of the United States, as well as from taxation in any form by or Proviso. under State, municipal, or local authority: Provided. That said bonds may be disposed of by the Secretary of the Treasury at not less than par. under such regulations as he may prescribe, giving to all citixens of the United States an equal opportunity to subscribe therefor, but no com- missions shall be allowed or paid thereon: and a sum not exceeding one-tenth of one per centum of the amount of the bonds herein authorized is hereby appropriated, out " ' m u m LAWS CONCERNING MONEY, BANKING, AND LOANS. 261 of any money in the Treasury not otherwise appropriated, to pay the expense of preparing, advertising, and issuing the same. Approved, June 28, 1902. ACT OF JULY 1, 1902. CHAP. 1369. An act temporarily to provide for the ad- 32 stat. L., ministration of the affairs of civil government in the Philippine Islands, and for other purposes. SEC. 85. That the treasury of the Philippine Islands of and such banking associations in said islands with a money. paid up capital of not less than two million dollars and chartered by the United States or any State thereof as may be designated by the Secretary of War and the Secretary of the Treasury of the United States shall be depositories of public money of the United States, subject to the provisions of existing law governing such deposi- .tories in the United States : Provided, That the Treasury Proviso. of the government of said islands shall not be required to bonds, etc., not deposit bonds in the Treasury of the United States, or L to give other specific securities for the safe-keeping of public money except as prescribed, in his discretion, by the Secretarv of War. Approved, July 1, 1902. ACT OF DECEMBER 21, 1905. CHAP. 3. An act supplemental to an act entitled "An act 34 stat. L., 5. to provide for the construction of a canal connecting the waters of the Atlantic and Pacific oceans" approved June twenty -eighth, nineteen hundred and two, and making appropriation for Isthmian Canal construction, and for other purposes. l>e it enacted by the Senate and House of Representa- tives of the United States of America in Conarexs (tNseni- lled, That the two per cent bonds of the Fulled States authorized by section eight of the Act entitled "An Act to provide for the construction of a canal connecting the waters of the Atlantic and Pacific oceans,'' approved June twenty-eight, nineteen hundred and two, .shall have 262 NATIONAL MONETARY COMMISSION. * ne r ^hts and privleges accorded by law to other two 1 P er cent bonds of the United States, and every national banking association having on deposit, as provided by law, such bonds issued under the provisions of said sec- 4sl ' ' 32 ' p ' ^ on ei ght of said Act approved June twenty-eight, nine- teen hundred and two, to secure its circulating notes, shall pay to the Treasurer of the United States, in the months Taxes. o f January and July, a tax of one-fourth of one per cent each half year upon the average amount of such of its notes in circulation as are based upon the deposit of said two per cent bonds; and such taxes shall be in lieu of existing taxes on its notes in circulation imposed by 5?4 S "io s o8 ' sec tion fifty-two hundred and fourteen of the Revised Statutes. (Section 2 appropriates the sum of eleven million dol- lars to continue the construction of the Isthmian Canal : " Provided, That all expenditures from the appropriation herein made shall be reimbursed to the Treasury of the United States out of the proceeds of the sale of bonds 48 J * 32> P- authorized in section eight of the said act approved June twenty-eighth, nineteen hundred and two." (Section 3 requires reports from officers in Canal Zone, including an itemized account of all moneys received and expended, etc.) Approved, December 21, 1905. NOTE. The proviso in section 2 of the above net is repeated in the following acts: February 27, 1900 (34 Stat. I,., 33) ; June 30, 1900 (34 Stat. L., 702) ; March 4, 1907 (34 Stat. L., 1309) ; May 27, 1908 (35 Stat. L., 3SO) ; March 4, 1909 (35 Stat. L., 1025). ACT OF JUNE 25, 190G. 4GO. 34 stat. L., CHAP. 3530. An act to modify the requirements of the act entitled "An act to promote the education of the blind" approrcd March third, eighteen, hundred and seventy-nine. Be it enacted l>y the Senate and House .of Represcnta- tircH of the United State* of America in Congress axsem- thc?,iTnd tlon f /y/W ' Thut tno >um <)f two "iwlri'd :in( l fi% thousand dollars heretofore invested in United States registered matu r'wi Cd b'.rH]s f ur l )C ' r centlun bonds, funded loan of nineteen hundred f"nd de a tnist{in d seven, inscribed " Secretary of the Treasury, trustee-- interest to the Treasurer of the United States for credit of appropriation 'To promote the education of the blind,' " shall upon the maturity and redemption of said LAWS CONCERNING MONEY, BANKING, AND LOANS. 263 bonds on the first day of July, nineteen hundred and seven, in lieu of reinvestment in other Government bonds, be set apart and credited on the books of the Treasury Department as a perpetual trust fund; and the sum of ten thousand dollars, being equivalent to four per centum on the principal of said trust fund, be, and the same is hereby, appropriated, out of any moneys in the Treasury not otherwise appropriated, and such appropriation shall be deemed a permanent annual appropriation and shall Permanent i i i ii j -c j-i annual appro- be expended m the manner and lor the purposes author- pnation in ized bv the Act approved March third, eighteen hundred est.' , . . , u . +li Disposition. and seventy-nine, entitled An act to promote the educa- tion of the blind," approved March third, eighteen him- 46 ^ 01 - 20> p - dred and seventy-nine. Approved, June 25, 190(5. ACT OF MAY 30, 1908. CHAP. 229. An act to amend the national banking laws. _ .| 5 stat - L -> o46. ***** SEC. 15. That all national banking associations desig- interest pay- e , ' able on special nated as regular depositaries of public monev shall pav deposits of pub J _ i ' he moneys. upon all special and additional deposits made by the Secretary of the Treasury in such depositaries, and all such associations designated as temporary depositaries of public money shall pay upon all sums of public money deposited in such associations interest at such rate as the Secretary of the Treasury may prescribe, not less, how- ever, than one per centum per annum upon the average monthly amount of such deposits: Provided* hou*ere)\ Provisos. That nothing contained in this Act shall be construed to change or modify the obligation of any association or anv of its officers for the safe-keeping of public monev: safe-keeping not modified. Provided further. That the rate of interest charged upon ter I e I s n t iform In " such deposits shall be equal and uniform throughout the United States. * # * * * SEC. 17. That a Commission is hereby created, to be M^netaVycoin called the "National Monetary Commission," to be com- I," 1 ,!;?. 1011 '' r posed of nine members of the Senate, to be appointed by m ^ t the Presiding Officer thereof, and nine members of (he House of Representatives, to be appointed by the Speaker thereof: and any vacancy on the Commission shall be filled in the same manner as the original appointment. 264 NATIONAL MONETARY COMMISSION. SEC. 18 ' That ^ sha11 be the dut ^ of this Commission to system, inquire into and report to Congress at the earliest date practicable, what changes are necessary or desirable in the monetary system of the United States or in the laws relating to banking and currenc}', and for this purpose Authority, they are authorized to sit during the sessions or recess of Congress, at such times and places as they may deem desirable, to send for persons and papers, to administer oaths, to summons and compel the attendance of witnesses, officials. and to employ a disbursing officer and such secretaries, experts, stenographers, messengers, and other assistants as shall be necessary to carry out the purposes for which said Commission was created. The Commission shall have Powers. the power, through subcommittee or otherwise, to examine witnesses and to make such investigations and examina- tions, in this or other countries, of the subjects committed to their charge as they shall deem necessary. Appropria- k s EC- 19. That a sum sufficient to carry out the purposes of sections seventeen and eighteen of this Act. and to pay the necessary expenses of the Commission and its mem- bers, is hereby appropriated, out of any money in the Treasury not otherwise appropriated. Said appropria- immediateiy tion shall be immediately available and shall be paid out available. on the audit and order of the chairman or acting chairman of said Commission, which audit and order shall be con- Accounrs. elusive and binding upon all Departments as to the cor- rectness of the accounts of such Commission. of Termination c; KC- oo. That this Act shall expire by limitation on the thirtieth day of June, nineteen hundred and fourteen. Approved. May 30, 1908. ACT OF MARCH 4, 1909. ^35 stat. L., CHAP. 298. An ar-t malting appropriations to supply de- fi-ieneiex in fhe appropriations for the fixral year ending J line thirtieth, nineteen Imndred and nine, and for year*, and for other purposes. MO* et V (? m- r l n!lt th members of the National Monetary Commis- mission. sioii. who were appointed on the thirtieth day of May, nineteen hundred and eight, under the provisions of sec- tion seventeen of the Act entitled "An Act to amend the national banking laws." approved May thirtieth, nineteen continued, hundred and eight, shall continue to constitute the Na- tional Monetary Commission until the final report of said LAWS CONCERNING MONEY,' BANKING, AND LOANS. 265 commission shall be made to Congress ; and said National Monetary Commission are authorized to pay to such of compensa- its members as are not at the time in the public service and receiving a salary from the Government, a salary equal to that to which said members would be entitled if they were members of the Senate or House of Representa- tives. All Acts or parts of Acts inconsistent with this provision are hereby repealed. ***** Approved, March 4, 11)01). ACT OF AUGUST 5, 1909. CHAP. 6.- An act to provide revenue, equalize duties and encourage the industries of the United States, and for other purposes. ***** SEC. 39. That the Secretary of the Treasury is hereby Panama ca- authorized to borrow on the credit of the United States Additional is- sue of bonds from time to time, as the proceeds may be required to f o r constmc- defray expenditures on account of the Panama Canal and to reimburse the Treasury for such expenditures already made and not covered by previous issues of bonds, the sum of two hundred and ninety million five hundred and Amount. " . . Vol. 32, p. sixty-nine thousand dollars (which sum together with the 484. eighty-four million six hundred and thirty-one thousand nine hundred dollars already borrowed upon issues of two per cent bonds under section eight of the Act of June twenty-eighth, nineteen hundred and two, equals the estimate of the Isthmian Canal Commission to cover the entire cost of the Canal from its inception to its comple- tion), and to prepare and issue therefor coupon or regis- tered bonds of the United States in such form as he may prescribe, and in denominations of one hundred dollars, .nenomina- ( ions. five hundred dollars, and one thousand dollars, payable fifty years from the date of issue, and bearing interest raynbic in . fifty years. payable quarterly in gold coin at a rate not exceeding inion-si. three per centum per annum; and the, bonds herein au- thorized shall be exempt from all taxes or duties of t-lic fi . ( I ^{^.{ ) ,^ I < 1 )n United States, as well as from taxation in any form by or under State, municipal, or local authority: Provided, That said bonds may be disposed of by the Secretary of the Treasury at not less than par. under- such regulations as he mav orescribe. giving to all citi/ens of the United 266 NATIONAL MONETARY COMMISSION. States an equal opportunity to subscribe therefor, but no commissions shall be allowed or paid thereon ; and a sum not exceeding one-tenth of one per centum of the amount Appropriation of the bonds herein authorized is hereby appropriated, for expenses. . ", . out of any money in the Treasury not otherwise appro- priated, to pay the expenses of preparing, advertising, issue of 2 per and issuing the same; and the authority contained in sec- cent bonds re- . . < T i peaied. tion eiffht or the Act 01 June twenty-eighth, nineteen Vol. 3l!, p . . . 4*4. ' hundred and two, for the issue of bonds bearing interest at two per centum per annum, is hereby repealed. SEC. 40. That section thirty-two of an Act, entitled, "An Act providing ways and means to meet war expendi- tures, and for other purposes," approved June thirteenth, eighteen hundred and ninety-eight, be, and the same is hereby, amended to read as follows: certificates of - That the Secretary of the Treasury is authorized to indebtedness. * " Vol. : j .o. p. borrow from time to time, at a rate of interest not exceed- 4<;. (5.05 p. m.) | PUBLIC Xo. :tt.] An fift prescribing ccrlnin provisions arid conditions, un- der n'hicJi bond* and certificates of indebtedness of the United Ntatcx nuiy l>e iwiied * and for other purposes. Ji< it enacted bi/ the ticnate and House of Kejt're .x of the United States of America in Congress assem- bled, That any bonds and certificates of indebtedness of the United States hereafter issued shall be payable, prin- cipal and interest, in United States gold coin of the pres- LAWS CONCERNING MONEY, BANKING, AND LOANS. 267 ent standard of value ; and that such bonds may be issued in such denominations as may be prescribed by the Secre- tary of the Treasury. SEC. 2. That any certificates of indebtedness hereafter issued shall be exempt from all taxes or duties of the United States, as well as from taxation in any form by or under state, municipal, or local authority; and that a sum not exceeding one-tenth of one per centum of the amount of any certificates of indebtedness issued is hereby appropriated, out of any money in the Treasury not otherwise appropriated, to pay the expenses of prepar- ing, advertising, and issuing the same. SEC. 3. That all acts or parts of acts inconsistent with the provisions of this act are hereby repealed. Approved, February 4, 1910. 15712 10 18 BANKING 'BANKING. ACT OF FEBRUARY 25, 1791. CHAP. X. An act to incorporate the subscribers to the A- stat - L - Bank of the United States. [Expired.] Whereas, it is conceived that the establishment of a Preamble. Bank for the United States, upon a foundation sufficiently extensive to answer the purposes intended thereby, and at the same time upon the principles which afford adequate security for an upright and prudent administration thereof, will be very conducive to the successful conduct- ing of the national finances; will tend to give facility to the obtaining of loans, for the use of the Government, in sudden emergencies; and will be productive of consider- able advantage to trade and industry in general : There- fore, SECTION 1. Be is enacted l>y the Senate and House of Representatives of. the United States of America in Con- gress assembled, That a Bank of the United States shall be established; the capital stock whereof shall not exceed Hank of the Tinted States, ten millions of dollars, divided into twenty-five thousand*^ amount ;iml division or shares, each share being four hundred dollars; and that it* stock, and ; . . . time of sub- subscriptions. towards constituting the said stock, shall, scrlbln - on the first Monday of April next, be opened at the city of Philadelphia, under the superintendence of such per- sons. not less than three, as shall be appointed for that purpose by the President of the United States (who is hereby empowered to appoint the said persons accord- ingly) which subscriptions shall continue open, until the., ^-j)! *^ 1 " 1 whole of the said stock shall have been subscribed. SEC. 2. And be it further enacted, That it shall be law- ,/ !> sll ^cH l Vd ) ful for any person, co-partnership, or body politic, to subscribe for such or so many shares, as he, she. or they shall think fit. not exceeding one thousand, except as shall be hereafter directed relatively to the. United States: a ml ||() ' i ' is r ?/ ^ M that the sums, respectively subscribed, except on behalf ofjV.V.'pili.Vi'r '' the United States, shall be, payable one fourth in gold and ).;; , 1 ;;'J" lls< ' ril1 269 270 NATIONAL MONETARY COMMISSION. silver, and three fourths in that part of the public debt, which, according to the loan proposed in the fourth and fifteenth sections of the act, entitled "An act making pro- vision for the debt of the United States," shall bear an accruing interest, at the time of payment, of six per centum per annum, and shall also be payable in four equal parts, in the aforesaid ratio of specie to debt, at the when to be distance of six calendar months from each other; the first . whereof shall be paid at the time of subscription. (Section 3 makes the subscribers a corporation by the name of " the president, directors, and company of the Bank of the United States,'' to continue until March 4, 1811; and empowers them to hold property not exceeding fifteen millions of dollars, including the amount of their capital stock, and to make all convenient regulations, and to do all necessary things, subject to the limitations and provisions of this act. (Section 4 provides for the annual election of twenty- five directors, and requires the directors to choose one of their number as president. (Section 5 requires that as soon as four hundred thou- sand dollars, in gold and silver, shall have been received from the subscribers, a time shall be fixed for the election of directors, and the operations of the bank shall then begin at the city of Philadelphia. (Section G empowers the directors to employ the neces- sary officers, clerks, and servants, and to govern the affairs of the corporations.) f SEC- 7< A '" f t ^ ^ f"rther enacted, That the following rules, restrictions, limitations and provisions, shall form and be fundamental articles of the constitution of the said corporation, viz. hoidershow k to -^ ^ u ' n " in ' )01> <>f votes to which each stockholder shall Vn. f ) 'orHn Wh to ' )( ' (>n titled, shall be according to the number of shares he scribed S aii or * ne l an d g ? tenements, goods or chattels of the excess* time of same ? fi'om being also liable for and chargeable with the said excess. Such of the said directors, who may have been absent when the said excess was contracted or cre- ated, or who may have dissented from the resolution or act whereby the same was so contracted or created, may respectively exonerate themselves from being so liable, by forthwith giving notice of the fact, and of their ab- sence or dissent, to the President of the United States, and to the stockholders, at a general meeting, which they shall have power to call for that purpose. Corporation X. The said corporation mav sell anv part of the pub- may sell pub- II art deb of Vts^ ^ e ^ wnerc f i {s stock shall be composed, but shall not stock, i.ut not i )e a t liberty to purchase anv public debt whatsoever; nor purchase, etc. ... ' shall directly or indirectly deal or trade in any thing, ex- cept bills of exchange, gold or silver bullion, or in the sale of goods really and truly pledged for money lent and not redeemed in due time: or of goods which shall be the and tnk-p not produce of its lands. Neither shall the said corporation more than < 1 per cent pcrtake more than at the rate of six per centum per annum, annum. for or upon its loans or discounts. HOW iind for xi. No loan shall be made bv the said corporation, for w ha t objects t<. make loans. (j le uso or on Account of the ( loveriuneiit of the United States, to an amount exceeding one hundred thousand dollars, or of anv particular State, to an amount exceed- ing fiftv thousand dollars, or of ;inv foreign prince or state, unless previously authorized by a law of the United States. LAWS CONCERNING MONEY, BANKING, AND LOANS. 273 XII. The stock of the said corporation shall be assign- et( f n s d h ^ 1 1 a able and transferable, according to such rules as shall be instituted in that behalf, by the laws and ordinances of the same. XIII. The bills obligatory and of credit, under the seal of the said corporation, which shall be made to any person or persons, shall be assignable by indorsement be assignable, thereupon, under the hand or hands of such person or persons, and of his, her, or their assignee or. assignees, and so as absolutely to transfer and vest the property thereof in each and every assignee or assignees succes- sively, and to enable such assignee or assignees to bring and and maintain an action thereupon in his. her, or their own name or names. And bills or notes, which mav be issued bv order of thebiiis to be ob- . . , ligatory. said corporation, signed by the president, and counter- signed by the principal cashier or treasurer thereof, prom- ising the payment of money to any person or persons, his, her, or their order, or to bearer, though not under the seal of the said corporation, shall be binding and obligatory upon the same, in the like manner, and with the like force and effect, as upon any private person or persons, if issued by him or them, in his, her, or their private or natural capacity or capacities; and shall be assignable and negotiable, in like manner, as if they were so issued by such private person or persons that is to say. those which shall be payable to any person or persons, his, her, or their order, shall be assignable by indorsement, in like manner, and with the like effect, as foreign bills of ex- change now are; and those which are payable to bearer, shall be negotiable and assignable by delivery only. XIV. Half vearlv dividends shall be made of so much Dividends of profits made. of the profits of the bank, as shall appear to the directors advisable: and once in every three years, the directors shall lay before the stockholders, at a general meeting, for their information, an exact and particular statement of the debts, which shall have remained unpaid after the expiration of the original credit, for a period of treble the term of that credit; and of the surplus of profit, if any, after deducting losses and dividends. If there -hall be a failure in the payment, of any part of any sum, sub- scribed by any person, co-partnership, or body politic, the party failing shall lose the benefit of any dividend, which may have accrued, prior to the time for making such payment, and during the delay of the same. 274 NATIONAL MONETARY COMMISSION. offices may XV. It shall be lawful for the directors aforesaid, to be established T i ini-in i within united establish offices wheresoever they shall think fit, within States, for dis- . i> T count and de- the United States, for the purposes 01 discount and de- posit only, etc. . , , , . . posit only, and upon the same terms, and in the same manner, as shall be practised at the bank ; and to commit the management of the said offices, and the making of the said discounts, to such persons, under such agreements, and subject to such regulations as they shall deem proper; not being, contrary to law. or to the constitution of the bank. officer at the XVI. The officer at the head of the Treasury Depart- Treusm-y to be meiit of the United States, shall be furnished, from time furnished with statements. to time, as often as he may require, not exceeding once a week, with statements of the amount of the capital stock of the said corporation, and of the debts due to the same ; of the monies deposited therein; of the notes in circula- tion, and of the cash in hand; and shall have a right to inspect such general accounts in the books of the bank, Not of pri-as shall relate to the said statements. Provided. That vate nature. . . . this shall not be construed to imply a right of inspecting the account of any private individual or individuals with the bank, penalty for SEC. 8. And ~bc it further enacted, That if the said cor- buying or sell- . ing goods, etc. poration. or any person or persons for or to the use of the same, shall deal or trade in buying or selling any goods, wares, merchandise, or commodities whatsoever, contrary to the provisions of this act, all and every person and per- sons, by whom any order or direction for so dealing or trading shall have been given, and all and every person and persons who shall have been concerned as parties or agents therein, shall forfeit and lose treble the value of the goods, wares, merchandises, and commodities, in which such dealing and trade shall have been; one half thereof to the use of the informer, and the other half thereof to the use of the United States, to be recovered with costs of suit. m "r bp m ad y SK(< - - An(I 1>C li f''tl">r enurted, That if the said cor- vanced or lent. poi- ;l t ion shall advance or lend any sum, for the use or on account of the Government of the United States, to an amount exceeding one hundred thousand dollars; or of any particular State to an amount exceeding fifty thou- sand dollars; or of any foreign prince or state, (unless previously authorized thereto by a law of the United States.) all and every person and persons, by and with whose order, agreement, consent, approbation, or conniv- LAWS CONCEKNING MONEY, BANKING, AND LOANS. 275 ance, such unlawful advance or loan shall have been made, upon conviction thereof, shall forfeit and pay, for every such offence, treble the value or amount of the sum or sums which shall have been so unlawfully advanced or lent ; one fifth thereof to the use of the informer, and the residue thereof to the use of the United States ; to be dis- posed of by law and not otherwise. SEC. 10. And be it further enacted. That the bills or Bins or notes . ' 11 made receivable notes of the said corporation, originally made payable, orM; u n it ed which shall have become payable on demand, in gold and silver coin, shall be receivable in all payments to the United States. SEC. 11. And be it further enacted. That it shall be subscriptions ' ' madeby Lnited lawful for the President of the United States, at anv time states, how to be paid. etc. or times, within eighteen months after the first day of April next, to cause a subscription to be made to the stock of the said corporation, as part of the aforesaid capital stock of ten millions of dollars, on behalf of the United States, to an amount not exceeding two millions of dol- lars; to be paid out of the monies which shall be bor- rowed by virtue of either of the acts, the one entitled "An act making provision for the debt of the United 1790 > ch - 34 - States;" and the other entitled "An act making provision for the reduction of the public debt;'' borrowing of the ITOO, ch. 47. bank an equal sum, to be applied to the purposes, for which the said monies shall have been procured ; reim- bursable in ten years, by equal annual instalments; or at any time sooner, or in any greater proportions, that the Government may think fit. SEC. 12. And be it further enacted. That no other bank > T o other ' " . bank to be es- shall be established by any future law or the United tabiished. States, during the continuance of the corporation hereby created; for which the faith of the United States is hereby pledged. Approved, February 25, 1791. (Paragraph XI of section 7 of this act forbids the loaning of money by the Bank to the United States in a greater sum than one hundred thousand dollars: but sub- sequent acts giving authority for the borrowing of money authorize the bank to loan the amounts notwithstanding the said prohibition. (See act of February 28. 1703, chap. 18, sec. :i. vol. 1, Stat. L.. p. J-teJi); act of March 20, 171)1. chap. 8, sec. 1, vol. 1. Stat. L.. ]>. :-M5; act of .June i). 17!M. chap. ('.:}, sec. 2, vol. 1. Stat. L., p. 3!)5; act of December 18, 17JM. chap. 276 NATIONAL MONETARY COMMISSION. 4, sec. 2, vol. 1, Stat. L., p. 404; act of February 21, 1795, chap. 25, sec. 1, vol. 1, Stat. L., p. 418; act of March 3, 1795, chap. 45, sec. 19, vol. 1, Stat. L., p. 438; act of March 3, 1795, chap. 46, sec. 6, vol. 1, Stat, L., p. 439 ; act of May 30, 1796, chap. 41, sec. 5, vol. 1, Stat. L., p. 487; act of May 31, 1796, chap. 44, sec. 1, vol. 1, Stat. L., p. 488; act of June 1, 1T96. chap. 51, sec. 3, vol. 1, Stat. L., p. 494; act of July 8, 1T97, chap. 16, sec. 1, vol. 1, Stat. L., p. 534; act of July 16, 1798, chap. 79, sec. 1, vol. 1, Stat. L., p. 607; act of July 16, 1798, chap. 84, sec. 2, vol. 1, Stat. L., p. 609; act of March -2. 1799. chap. 31, sec. 9, vol. 1, Stat. L., p. 726; act of May 7, 1800, chap. 42, sec. 1, vol. 2, Stat. L., p. 60: act of February 26, 1803, chap. 8, sec. 2, vol. 2, Stat. L., p. 202 ; act of November 10, 1803, chap. 3, sec. 3. vol. 2, Stat. L., p. 247 ; act of March 26. 1804, chap. 46, sec. 4, vol. 2, Stat. L., p. 292 ; act of February 13, 1806, chap. 5, sec. 2, vol. 2, Stat. L., p. 350; act of June 28, 1809, chap. 10, sec. 1, vol. 2, Stat. L., p. 551 : act of May 1, 1810, chap. 45. sec. 1, vol. 2, Stat. L., p. 610.) ACT OF MARCH 2. 1791. i stat. L., CHAP. XI. An act supplementary to the act intituled "An act to incorporate the subscribers to the Bank of the United States."' SECTION 1. Be it enacted by the Senate and House of Representatives of the United States of America in Con- s ni> scrip- qress assembled, That the subscriptions to the stock of tions to bank '.',.. stock pro- the bank 01 the united States, as provided by the act, iT'.ti, cu. iu. intituled ''An act to incorporate the subscribers to the Bank of the United States/' shall not be opened until the first Monday in July next. Time of first SEC. 2. And be it further enacted, That so much of the payment. . . first payment as by the said act is directed to be in the six per cent, certificates of the United States, may be deferred until the first Monday in January next. Not more SEC. 3. And be it further cnacttd. That no person, cor- than thirty . ' . . . . shares to ix> porat ion. or bodv politic, except in behalf of the United subscribed at , one time. States, shall, lor the space of three months after the said first Monday in July next, subscribe in any one day. for more than thirty shares. Specie pro SEC. 4. And be it further cnacffd. That every sub- portion, when to be paid, and scriber shall, at the time of subscribing, pav into the failure in fu- . ture payments hands of the persons who shall be appointed to receive to forfeit sum * l first paid. the same, the specie proportion required by the sum act LAWS CONCERNING MONEY, BANKING, AND LOANS. 277 to be then paid. And if any such subscriber shall fail to make any of the future payments, he shall forfeit the sum so by him first paid, for the use of the corporation. SEC. 5. And ~be it further enacted. That such part of In what ' J manner public the public debt, including the assumed debt, as is funded ( .! ebt f nded at r " '3 per cent may at an interest of three per cent, may be paid to the bank, | ald to the in like manner with the debt funded at six per cent, computing the value of the former at one half the value of the latter, and reserving to the subscribers who shall have paid three per cent, stock, the privilege of redeem- ing the same with six per cent, stock, at the above rate of computation, at any time before the first day of Jan- uary, one thousand seven hundred and ninety-three; unless the three per cent, stock shall have been previously disposed of by the directors. Approved, March 2, 1791. ACT OF FEBRUARY 28, 1793. CHAP. XVIII. An act making appropriations for the 32 | stat - L -> support of Government for the year one tho'txand seven hundred and ninety-three. SEC. 3. And l>e it further enacted. That the President resident ' . may borrow of the United States be authorized to borrow, on account not exceeding ^ . i^oOU,uUO. of the said States, any sum or sums, not exceeding, in the w r hole, eight hundred thousand dollars, at a rate of interest not exceeding five per centum per annum, and reimbursable at the pleasure of the United States, to be , n w _ h a * '_ terms and of applied for the purposes aforesaid, and to be repaid out whom. of the said surplus of the duties on imports and tonnage, to the end of the present year, one thousand seven hundred and ninety-three: And that it shall bo lawful for the Bank of the United States to lend the said sum. And the President of the United States shall cause so much of the loan, made of the Bank of the United States, pursuant to the eleventh section 'of the act, by which n( . 1 '7 n " ban^ it is incorporated, to be paid oil', in sums not less than J^ w to 1)C ' )ald fifty thousand dollars, as, in his opinion, the state of the Treasury may, from time to time, admit, out of any monies which may be in the Treasury, having due regard to the exigencies of Government, and the appropriations made and to be made by Jaw. Approved, February 28, 1793. 278 NATIONAL, MONETARY COMMISSION. ACT OF MARCH 2, 1T93. i stat. L., CHAP. XXV. An act providing for the payment of the [Obsolete.] first instalment due on a loan made of the Bank of the United States. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- President bled, That the President of the United States be, and he tain monies to hereby is authorized and empowered to apply two hun- pay first install- J . / . i u ment to Bank dred thousand dollars, of the monies which may have states. been borrowed, in pursuance of the fourth section of the act, intituled "An act making provision for the re- 1790, ch. 47. duction of the public debt," in payment of the first instal- ment, due to the Bank of the United States, upon a loan made of the said bank, in pursuance of the eleventh section of the act for incorporating the subscribers to the said bank. Approved, March 2, 1793. ACT OF JUNE 4, 1794. i stat. L., CHAP. XL. An act providing for the payment of the [Obsolete.] second, instalment due on a loan made of the Bank of the United States. SECTION 1. Be it enacted by the Senate and House of Representatives of the United States of America in Con- p r e s i - gress ax.sc//tbled. That the President of the United States states to pay be, and lie hereby is authorized and empowered to apply second install- i i , ' c ,1 i P c ' ment to thetwo hundred thousand dollars or the proceeds of foreign foreign loans, loans heretofore transferred to the United States, in pay- ment of the second instalment due to the Bank of the United States, upon a loan of the said bank, made pur- suant to the eleventh section of the act for incorporating Annual pe- the subscribers to the said bank: and that the annual ment of each period for the payment of each instalment of the said installment. . loan, shall be deemed to be the last day of December in each year. Appropria- SKC. 2. And be it further enacted, That a sufficient sum tion for pay- . . ' . IIIK interest on oi the (li vidends, which hsive accrued, or which shall here- said loan. , alter accrue, on the stock owned by the I nited States. in the Hank of the United States, be. and the same is hereby appropriated to the payment of the interest, which has, or shall become due. on the loan obtained, as afore- said. Approved, June 4, 1794. LAWS CONCERNING MONEY, BANKING, AND LOANS. 279 ACT OF JUNE 5, 1794. CHAP. XLVI. An act to authorize the President of the i stat. L., 376 United States during the recess of the present Congress, to cause to be purchased or built a number of vessels to be equipped as galleys, or otherwise, in the service of the United States. SEC. 3. And be it further enacted. That there be appro- A . tion therefor. priated for the purpose aforesaid, the sum of eighty thou- sand dollars to be paid out of the proceeds of any revenue of the United States, which now are, or hereafter during the present session shall be provided, not being otherwise appropriated. And that the President of the United States ,, r r e * T - L dent author- be authorized to take on loan of the Bank of the United 1 JL e 1 ? n t n A borrow Ipov,UUU. States, or of any other body politic or corporate, person or persons, the said sum of eighty thousand dollars, to be reimbursed, principal and interest, out of the said pro- ceeds, appropriated as aforesaid, according to such con- tract or contracts, Avhich shall be made concerning the same. Approved, June 5, 1794. ACT OF JUXE 9, 1794. CHAP. LXIII. An act malnny appropriations for cer- 3!) 1 stat - L - tain purposes therein expressed. I' r o s i - ent of the SEC. 2. And be it further enacted. That the President of the United States be empowered to borrow, on behalf United states of the United States, of the Bank of the United States sum. (which is hereby authorized to lend the same), or of any other body or bodies politic, person or persons, any sum not exceeding in the whole, one million of dollars to be ap- Not <>xro<>- - XXV.- -/I?/. J . . fe t . I'aiik oi the Dutch debt, the commissioners of the sinking fund mav, T ~ nitod states ' . . , :|s an ascnt, and they hereby are empowered, with the approbation of for f tho f p i l , y ~ the President of the United States, to contract, either with i>"tch debt, etc*. the Bank of the United States, or with any other public institution, or with individuals, for the payment, in Hol- land, of the whole, or any part, of the principal of the said Dutch debt, and of the interest and charges accruing on the same, as the said demands become due, on such terms as the said commissioners shall think most advan- tageous to the United States; or to employ either the said Bank, or any other public institution, or any indi- vidual or individuals, as agent or agents, for the pur- pose of purchasing bills of exchange, or any other kind 284 NATIONAL MONETARY COMMISSION. t compensation O f remittances, for the purpose of discharging the in- terest and principal of said debt, and to allow to such agent or agents a compensation not exceeding one-fourth of one per cent, on the remittances thus purchased or procured by them under the direction of the said com- missioners, and as much of the duties on tonnage and mer- chandise as may be necessary for that purpose is hereby appropriated towards paying the extra allowance or commission resulting from such transaction, or trans- actions, and also to pay any deficiency arising from any loss incurred upon any remittance purchased or procured under the direction of the said commissioners, for the purpose of discharging the principal and interest of the said debt. ***** Approved, April 29, 1802. ACT OF FEBRUARY 26, 1803. 2 stat. L., CHAP. VIII. An act making further provision for the expenses attending the intercourse between the United States and foreign nations. ***** President an- g EC> 2. And be it further enacted. That the President thonzed to bor- ' row the money. o f the United States may, if he shall deem it necessary, The terms ^ ' J ' and time of re- and he hereby is authorized to borrow the whole, or any imbursement. - , . J part of the said sum, at an interest not exceeding six per centum per annum, reimbursable before the year one thousand eight hundred and eleven: and it shall be law- ful for the Bank of the United States to lend the whole, or any part of the same. ***** Approved, February 26, 1803. ACT OF FEBRUARY 24, 1804. ^2 stat. L., CHAP. XIII. An act for laying and collecting duties on imports and tonnage within the territories ceded to the United States by the treaty of the thirtieth of April, one thousand eight hundred and three, between the United States and the French Republic, and for other purposes. ***** o tii or acts SEC. 2. And be it further enacted, That so much of Louisiana. any act or acts of the United States, now in force, or LAWS CONCERNING MONEY, BANKING, AND LOANS. 285 which may be hereafter enacted, concerning the Bank Act concem- of the United States, and for the punishment of frauds f th e united Stutos ' * * * committed on the same: * * * shall extend to ext eud'ed to 11 f i re -11 Louisiana. and have lull force and enect in the above-mentioned territories. ***** Approved, February 24, 1804. ACT OF MAECH 23, 1804. CHAP. XXXII. An act supplementary to the act intit- _2 stat. L., uled "An act to incorporate the subscribers to the~ [Obsolete.] Bank of the United States" ruary is, 1701, ch. 10. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- bled, That the President and directors of the Bank of Bank of the the United States shall be, and they are hereby author- authorized t o , , . i_v i a* j. T , T ! ... establish offices ized to establish omces or discount and deposit in any of discount and part of the territories or dependencies of the United States, in the manner, and on the terms prescribed by the act to which this is a supplement. Approved, March 23, 1804. ACT OF MAECH 26, 1804. CHAP. XLVI. An act further to protect the commerce 2 stat. L., and seamen of the United States against the Barbary [Expired.] powers. ***** SEC. 4. * * *: or if necessary the President of the r resident J authorized to United States is hereby authorized to borrow the said borrow this sum. sum, or such part thereof as he may think proper, at a rate of interest not exceeding six per centum per annum, from the Bank of the United States, which is hereby em- r.ank of the 1 T'nited States powered to lend the same, or trom anv other body or authorized to \ -i- i- /. " lcnd - bodies politic or corporate, or from any person or per- sons; and so much of the proceeds of the duties laid by this act, as may be necessary, shall be and is hereby pledged for replacing in the treasury, the said sum of one see nets of million of dollars, or so much thereof as shall have been 1*10! cu. r. ISl.'i, oh. 40. thus expended, and for paying the principal and interest of the said sum, or so much thereof as may be borrowed, pursuant to the authority given in this section: and ;m Accounts <<> ' . _ he laid before account of the several expenditures made under this act. <'"-''-** shall be laid before Congress during their next session. Approved. March 20, 1804. 286 NATIONAL MONETARY COMMISSION. ACT OF FEBRUARY 13, 1806. 2 stat. L., CHAP. V. An act making provision for defraying any [Obsolete.] extraordinary expenses attending the intercourse be- tween the United States and foreign nations. President SEC. 2. And ~be it further enacted. That the President authorized to . ' . cause the or the United States be, and hereby is authorized, it nee- money to be . . borrowed. essary, to borrow the said sum, or any part thereof, in be- half of the United States, at a rate of interest not exceed- Rates of in- ing six per centum, per annum, redeemable at the will of the Congress of the United States. And it shall be law- ful for the Bank of the United States to lend the whole, or any part of the same. Fund made SEC. 3. And be it further enacted, That so much as may r U el e m t burse^ be necessary of the surplus of the duties on imports and paf am?' The tonnage, beyond the permanent appropriation heretofore Pnterest. ie charged upon them, by law, shall be, and hereby is pledged and appropriated for the payment of the interest, and reimbursement of the principal, of all such monies as may be borrowed in pursuance of this act, according to the terms and conditions on which the loan or loans may be effected. Approved, P'ebruary 13, 1806. ACT OF FEBRUARY 24, 1807. 2 stat. L., CHAP. XX. An act to punish frauds committed on the Bank of the United States. Act of April Be it enacted hi/ the Senate and House of Representa- 10, 1810, ch. ,. , ,, TT . , ' , , , , . . . ~ 44, sec. is. tzves of the United States oj America in Congress assem- ment for false- hied r , That if any person shall falsely make, forge, or ly making, forg- ,, . i < i i i <> i i n K . or conn- counterfeit, or cause or procure to be talsely made, forged, terfeit ing notes . , M1 . , . , . . ,, , , , of the Hank of or counterfeited, or willingly aid or assist m falsely mak- tho United- ,, . <, 1-11 - states. ing, forging or counterfeiting any biff or note in imita- tion of, or purporting to be a bill or note issued by order of the president, directors and company of the Bank of the United States, or any order or check on the said bank or corporation, or any cashier thereof, or shall falsely alter, or cause or procure to be falsely altered, or willingly aid or assist in falsely altering any bill or note issued by order of the president, directors and company of the Bank of the Unite^l States, or any order or check, on the said bank or corporation, or any cashier thereof, or LAWS CONCERNING MONEY, BANKING, AND LOANS. ' 287 shall pass, utter or publish, or attempt to pass, utter or publish as true, any false, forged, or counterfeited bill, or note, purporting to be a bill, or note, issued by order of the president, directors and company of the Bank of the United States, or any false, forged, or counterfeited order or check, upon the said bank or corporation, or any cashier thereof, knowing the same to be falsely forged or counterfeited, or shall pass, utter, or publish, or attempt to pass, utter or publish, as true, any falsely altered bill or note, issued by order of the president, directors and company of the Bank of the United States, or any falsely altered order or check, on the said bank or corporation, or checks or or any cashier thereof, knowing the same to be falsely 01 altered with intention to defraud the said corporation, or any other body politic, or person ; every such person shall be deemed and adjudged guilty of felony, and being thereof convicted by due course of law, shall be sentenced to be imprisoned, and kept to hard labour, for a period not less than three years, nor more than ten years, or shall be imprisoned not exceeding ten years, and fined not exceeding five thousand dollars : Provided, that noth- ing herein contained shall be construed to deprive the Saving of courts of the individual states of a jurisdiction under thetion of state laws of the several states, over the offence, declared punishable by this act. SEC. 2. And be it further enacted, That the act, in- Repeal of tituled "An act to punish frauds committed on the Bank ITOS, ch. ei. of the United States," passed the twenty-seventh day of June, one thousand seven hundred and ninety-eight, shall be and the same is hereby repealed: Provided neverthe- less, that the repeal of the said act shall not be so con- strued, as to prevent the trial, condemnation or punish- ment of any person, or persons, charged with or guilty of a violation of any of its provisions, previous to the passing of this act. Approved, February 24, 1807. ACT OF JUNE 28, 1809. CHAP. X. An act supplementary to the act, entituled __2 stat. L., "An act making further provision for the support of" public credit, and for the redemption of the public debt." Be it enacted by the Senate and House of Representa- tives of the United States of America in, Cony re ss assem- bled, That the powers vested in the commissioners of the 288 NATIONAL MONETARY COMMISSION. 3 f795ch M 45' sm king f und, by the tenth section of the act to which th^c v ommis- t ^ s act is a supplement, shall extend to all the cases of slnkinl f fund reimbursement of any instalments or parts of the capital, extended. or principal, of the public debt now existing, which may become payable according to law. And in every case in which a loan may be made accordingly, it shall be law- ful for such loan to be made of the Bank of the United States, any thing in any act of Congress to the contrary notwithstanding. Approved, June 28, 1809. ACT OF FEBRUARY 15, 1811. 621 Stat> L '*CHAP. XV. An act concerning the Bank of Alexandria. (This act established the Bank of Alexandria, and in addition to prescribing its general powers and duties provided that it should not issue any note for a smaller sum than five dollars. Other acts in relation to banks in the District of Columbia and Territories, with some of the special powers and duties prescribed, are as follows: February 15, 1811 (chap. 16, 2 Stat. L.. 625), incor- porated the Bank of Washington. February 16, 1811 (chap. 17, 2 Stat. L., 629), incorporated the Farmers Bank of Alexandria. February 16, 1811 (chap. 18, 2 Stat. L., 633), incorporated the Bank of Potomac; not to issue notes of a smaller sum than five dollars. February 18, 1811 (chap. 19, 2 Stat. L., 636), incorporated the Union Bank of Georgetown. May 16, 1812 (chap. 87, 2 Stat. L., 735), incorporated the Mechanics Bank of Alex- andria ; not to issue notes of a smaller sum than five dol- lars. March 3, 1817 (chap. 93, 3 Stat. L., 383), incorpo- rated the Farmers and Mechanics Bank of Georgetown, the Central Bank of Georgetown, the Bank of the Me- tropolis, the Patriotic Bank of Washington, the Real Estate Bank of the United States, and the Union Bank of Alexandria. (Section 14 provided, among other things, that the banks should in no case buy and sell the funded debt of Uie United States, and section 29 prohibited unchartered banking companies within the District of Columbia is- suing notes, etc. May 4, 1820 (chap. 62, 3 Stat. L., 570), charters of the banks in the District of Columbia pay- LAWS CONCERNING MONEY, BANKING, AND LOANS. 289 ing specie, and as long as they pay specie continued until June 1, 1822; charter of Bank of Columbia limited to June 1, 1822. March 2, 1821 (chap. 18, 3 Stat. L., 618), extended the charters of the Bank of Alexandria, the Farmers Bank of Alexandria, the Bank of Washington, the Bank of the Metropolis, the Patriotic Bank of Wash- ington, the Union Bank of Georgetown, the Farmers and Mechanics Bank of Georgetown, and the Bank of Co- lumbia. (Section 7 prescribed that no note under five dollars should be issued by any of said banks ; other sections pro- vide for the liquidation of the Central Bank of George- town and Washington; for the continuance of the Bank of Potomac; for the consolidation of the Union Bank of Alexandria and Bank of Potomac; for the consolidation of any two of the banks whose charters are extended, etc. February 21, 1823 (3 Stat. L., 727), extended charter of Mechanics Bank of Alexandria. February 9, 1836 (chap. 5, 5 Stat. L., 1), extended the- charters of the Bank of Potomac, the Farmers Bank of Alexandria, the Union Bank of Georgetown, the Farmers and Mechanics Bank of Georgetown, the Bank of the Metropolis, the Pa- triotic Bank of Washington, and the Bank of Washington. February 25, 1836 (chap. 40, 5 Stat. L., 4), extended the charters of the Bank of Columbia, and the Bank of Alex- andria. July 2, 1836 (chap. 260, 5 Stat. L., 69), extended charters of banks mentioned in act of February 9, 1836 (supra}. March 3, 1837 (chap. 75. 5 Stat. L., 198), the acts of the legislative assembly of the Territory of Wis- consin incorporating the following banks approved : The Bank of Milwaukee, the Miners Bank of Dubuque, and the Bank of Mineral Point, with the condition that none of said banks should issue bills or notes for circu- lation until one-half of their capital should be actually paid in. May 25, 1838 (chap. 88, 5 Stat. L., 229), ex- tended charter of the Union Bank of Georgetown, and provided for closing its affairs. Charter further ex- tended by act of August 28, 1841 (5 Stat. L., 451). May 31, 1838 (chap. 91, 5 Stat. L., 232), continued the cor- porate existence of the following banks: The Farmers and Mechanics Bank of Georgetown, the Bank of t lie- Metropolis, the Patriotic Bank of Washington, the Bank of Washington, the Fanners Bank of Alexandria, and the 290 NATIONAL MONETARY COMMISSION. Bank of Potomac; provided, said banks cease receiving or paying out all paper currency of less denomination than five dollars, redeem all their notes of five dollars in gold or silver, and resume specie payments in 1839 or sooner if the principal banks of Baltimore and Richmond should sooner resume specie payments in full. July 5, 1838 (chap. 154, 5 Stat. L., 254), extended charter of Bank of Alexandria. July 7, 1838 (chap. 212, 5 Stat. L., 809), made it unlawful for any individual, company, or corporation to issue, pass, or offer to pass within the Dis- trict of Columbia, any note, check, draft, bank bill, or any other paper currency, of a less denomination than five dollars. July 3, 1840 (chap. 40, 6 Stat. L., 802), continued the corporate existence of certain banks in the District of Columbia and extended the provisions, etc., of the act of May 25, 1838 (5 Stat. L., 229), to them. August 28, 1841 (chap. 12, 5 Stat. L., 449), extended the charters of the banks mentioned in act of May 31, 1838 (supra], provided, said banks resume and continue the payments of all their notes and specie liabilities, in specie, on demand, and prohibited the issuing of notes of less than five dollars, etc. June 17, 1844 (chap. 98, 5 Stat. L., 677), extended charters of certain banks in the District of Columbia in order to wind up their affairs. March 2, 1847 (chap. 38, 9 Stat. L., 153), extended charter of the Union Bank of Georgetown in order to close its affairs. December 27, 1854 (chap. 15, 10 Stat. L., 599), provided for suppressing the circulation of notes, etc., of less than five dollars in the District of Columbia. March 8, 1864 (chap 21, 13 Stat. L., 17), incorporated the Washington City Savings Bank. May 5, 1870 (chap. 80, 16 Stat L., 102), section 4, provided for the organization of manu- facturing, business, and other corporations in the Dis- trict of Columbia, and the act of June 17, 1870 (chap. 131, 16 Stat. L., 153), provided that savings banks might be organized thereunder. May 24, 1870 (chap. 110, 1G Stat. L., 137). incorporated the National Union Sav- ings Bank of the District of Columbia. January 20, 1873 (chap. 43, 17 Stat. L., 412), authorized the Comptroller of the Currency to examine national banks in the Dis- trict of Columbia. June 30, 1876 (chap. 156, 19 Stat, L., 64), provided that all savings banks or savings and trust companies organized under any act of Congress shall LAWS CONCERNING MONEY, BANKING, AND LOANS. 291 make to the Comptroller of the Currency the same re- ports as national banks, and be subject to the banking laws so far as applicable. October 1, 1890 (chap. 1246, 26 Stat. L., 625), provided for the incorporation of safe deposit, trust, loan, mortgage, and other companies within the District of Columbia, and the provisions of which act were reenacted in the District of Columbia Code March 3, 1891, sections 713 to 748 (31 Stat, L., 1303-1310), as set out in the next following reference. March 3, 1901 (chap. 854 (Code), 31 Stat. L., 1284), sections 605 to 640 provide for the incorporation of savings bank corpora- tions in the District of Columbia and prescribe the powers and duties thereof; sections 687 to 700 apply in the same manner to building associations; sections 713 and 714 to savings banks, and sections 715 to 748 to trust, loan, mortgage, and certain other corporations; section 713 provides that all savings banks or savings companies or institutions organized to do business in the District of Columbia shall make reports to the Comptroller of the Currency, and be subject to all the provisions of the Re- vised Statutes, etc., applicable to national banks; section 714 provides that the Comptroller of the Currency may cause examination to be made of any bank in the District of Columbia ; section 720 provides that trust, loan, mort- gage, and certain other corporations shall report to the Comptroller of the Currency as in the case of national banks, and that the Comptroller shall have the same visitorial powers, etc. ; section 713 was amended by act of June 30, 1902 (32 Stat. L., 534), by omitting the para- graph making such banks subject to the provisions of law r applicable to national banks, etc. ; section 713 was further amended June 25, 190G (34 Stat. L., 458) to in- clude other banking institutions ; to give the Comptroller of the Currency power to take possession of any such bank or company as he would a national bank; and to re- quire the making and publication of reports; section 714 was amended by the same act to apply to any bank men- tioned in section 713 amended, and to provide for the payment of the expenses of an examination as in the case of a national bank.) 292 NATIONAL MONETABY COMMISSION. ACT OF MARCH 14, 1812. 694 Stat ' ^CHAP. XLL An act authorizing a loan for a sum not exceeding eleven millions of dollars. t h L e aW ba U nks f in SEC - 4 - And *>e it further enacted, That it shall be lawful Columbia"' 01 to f or an y of tlie ban ks in the District of Columbia to lend or ak any he p ar t an y P a1 '^ ^ ^- ne sum authorized to be borrowed by virtue thereof. o f this act, any thing in any of their charters of incopora- tion to the contrary notwithstanding. Approved, March 14, 1812. ACT OF MARCH 19, 1812. 2 stat. L., CHAP. XL/Ill. An act repealing the tenth section of the [obsolete.] act to incorporate the subscribers to the Bank of the United States. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress as- The ten tbxembled. That the tenth section of the act, entituled "An section of the . act incorporat- act to incorporate the subscribers to the Bank of the repealed. United States," shall be. and the same is hereby repealed. Approved, March 10, 1812. ACT OF FEBRUARY 8. 1813. 2 stat. L., CHAP. XXI. An act authorizing a loan for a sum not exceed ing sixteen, million.* of dollar*. Banks in the g EC . 5. And 1)C it further enacted. That it shall be law- District of Co- J iiunbia author- f u l for any of the banks in the district of Columbia, to Ized to 1 P n d money under lend any part of the sum authorized to be borrowed by this act. . virtue of this act. any thing in any of their charters of incorporation to the contrary notwithstanding. Approved. February 8, 1813. ACT OF AUGUST 2. 1813. 3 stat. L., 75. CHAP. LT. An aft authorizing a loan for a sum- not ex- ceeding seven million* five hundred thousand doHars. * * * * * SEC. 5. And be it, further enacted. That it shall be law- ful for any of the banks in the District of Columbia, to LAWS CONCERNING MONEY, BANKING, AND LOANS. 293 lend any part of the sum authorized to be borrowed byB a , nk s in J * . J District of Co- virtue of this act, any thing; in any of their charters of, lu b 'a may ' / lend the money, incorporation to the contrary notwithstanding. or any part of Approved, August 2, 1813. ACT OF AUGUST 2, 1813. CHAP. LIII. An act laying duties on notes of banks, 3 stat L " TT - bankers, and certain companies; on notes, bonds, and obligations discounted by banks, bankers, and certain companies; and on bills of exchange of certain de- scription. (This act of 14 sections levies stamp duties, as its title indicates, to be collected, from December 31, 1813, and to continue until the termination of the existing war with Great Britain, and for one year thereafter, and no longer. ) ACT OF NOVEMBER 15, 1814. CHAP. IV. An act to authorize a loan for a sum not 14 | stat - L - exceeding three millions of dollars. SEC. 8. And be it further enacted, That it shall be law- trlct^coi^m fill for any of the banks in the District of Columbia, to to^ontri'b^'/eu lend any part of the sum authorized to be borrowed by theloan - virtue of this act, any thing in any of their charters to the contrary notwithstanding. Approved, November 15. 1814. ACT OF DECEMBER 10, 1814. CHAP. XL An act supplementary to an act, laying sstat.L. duties on notes of banks, bankers, and certain com- panies, on notes, bonds, and obligations, discounted l>y banks, bankers, and certain companies, and on bills of cxclia'tige of certain descriptions. (This act authorizes the Secretary of the Treasury to make a composition with private bankers, in lieu of the stamp duties levied by the act of August 2, 1813.) 294 NATIONAL, MONETARY COMMISSION. ACT OF DECEMBEE 21, 1814. 3 s tat. L., CHAP. XV. An act to provide additional revenues for defraying the. expenses of government and maintaining the public credit, by laying duties on spirits distilled within the United States, and Territories thereof, and by amending the act laying duties on licenses to dis- tillers of spirituous liquors. ***** (Section 25 authorizes the anticipation of the duties laid by this act, by a loan upon the pledge of the said duties for its reimbursement, for an amount not exceeding six millions of dollars and at a rate not above six per cent, the money so obtained to be applied only to the pur- poses to which the duties pledged are applicable by law. The same provision is embodied in the act of January 9, 1815, laying a direct tax. See 3 Statutes at Large, 179.) Approved, December 21, 1814. ACT OF JANUAEY 9, 1815. 3 stat. L., CHAP. XXI. An act to provide additional revenues for defraying the expenses of Government, and maintain- t Repealed.] ing the public credit, by laying a direct tax upon the United States, and to provide for assessing and collect- ing the same. ***** Loans au- SEC. 42. And be it further enacted, That it shall be ticipation of lawful for the President of the United States to author- ize the Secretary of the Treasury to anticipate the collec- tion and receipt of the direct tax laid and imposed by Act of Aug. this act, and by the said act of Congress, entitled "An act 2, 1813, ch. 37. to lay and co j lect a (]i rec t tax within the United States," by obtaining a loan upon the pledge of the said direct taxes, or either of them, for the reimbursement thereof, to an amount not exceeding six millions of dollars; and at a rate of interest not exceeding six per centum per annum. And any bank or banks now incorporated, or which may hereafter be incorporated, under the authority of the United States, is, and are hereby authorized to proviso. make such loan: Provided al/r>/*, and it As- e.i'prcKxlii act o? C Dec. 2?,, declared, That the money so obtained upon loan, shall be applied to the purposes aforesaid, to which the said direct taxes so to be pledged are by this act applied and appropriated, and to no other purposes whatsoever. Approved, January 9, 1815. LAWS CONCEKNING MONEY, BANKING, AND LOANS. 295 ACT OF APKIL 10, 1816. CHAP. XLIV. An act to incorporate the subscribers to sstat.L., the Bank of the United States. Be it enacted by the Senate and House of Representa- [Expired.] tives of the United States of America, in Congress assem- bled, That a Bank of the United States of America shall Act of Mar. be established, with a capital of thirty-five millions of 'A Bank of ' . J the United dollars, divided into three hundred and fifty thousand states, with a J capital of $35,- shares, of one hundred dollars each share. Seventy thou- 000,000, etc. sand shares, amounting to the sum of seven millions of dollars, part of the capital of the said bank, shall be sub- scribed and paid for by the United States, in the manner hereinafter specified ; and two hundred and eighty thou- sand shares, amounting to the sufti of twenty-eight mil- lions of dollars, shall be subscribed and paid for by indi- viduals, companies, or corporations, in the manner herein- after specified. SEC. 2. And be it further enacted. That subscriptions Places, etc., f o r receiving? for the sum of twenty-eight millions of dollars, towards subscriptions, constituting the capital of the said bank, shall be opened on the first Monday in July next, at the following places : that is to say, at Portland, in the district of Maine; at Portsmouth, in the State of New Hampshire ; at Boston, in the State of Massachusetts; at Providence, in the State of Rhode Island; at Middletown, in the State of Connecticut; at Burlington, in the State of Vermont; at New York, in the State of New York; at New Bruns- wick, in the State of New Jersey; at Philadelphia, in the State of Pennsylvania ; at Wilmington, in the State of Delaware; at Baltimore, in the State of Maryland; at Richmond, in the State of Virginia; at Lexington, in the State of Kentucky; at Cincinnati, in the State of Ohio; at Raleigh, in the State of North Carolina; at Nashville, in the State of Tennessee; at Charleston, in the State of South Carolina ; at Augusta, in the State of Georgia ; at New Orleans, in the State of Louisiana ; and at Washington, in the District of Columbia. And the said subscriptions shall be opened under the superin- tendence of five commissioners at Philadelphia, and of three commissioners at each of the other places aforesaid, to be appointed by the President of the United States, who is hereby authorized lo make such appointments, arid shall continue open every day, from the time of 296 NATIONAL MONETARY COMMISSION. opening the same, between the hours of ten o'clock in the forenoon and four o'clock in the afternoon, for the term of twenty days, exclusive of Sundays, when the same shall be closed, and immediately thereafter the com- for > r a ece S i > v1 t ng m ^ ss ^ oners ^ or an y ^ wo ^ them, at the respective places subscriptions, a f O resaid, shall cause two transcripts or copies of such subscriptions to be made, one of which they shall send to the Secretary of the Treasury, one they shall retain, and the original they shall transmit, within seven days from the closing of the subscriptions as aforesaid, to the com- missioners at Philadelphia aforesaid. And oh the receipt of the said original subscriptions, or of either of the said copies thereof, if the original be lost, mislaid, or detained, the commissioners at Philadelphia aforesaid, or a ma- jority of them, shall immediately thereafter convene, and proceed to take an account of the said subscriptions. And if more than the amount of twenty-eight millions of dol- lars shall have been subscribed, then the said last men- tioned commissioners shall deduct the amount of such excess from the largest subscriptions, in such manner as that no subscription shall be reduced in amount, while any one remains larger: Provided, That if the subscrip- tions taken at either of the places aforesaid shall not exceed three thousand shares, there shall be no reduction of such subscriptions, nor shall, in any case, the subscrip- tions taken at cither of the places aforesaid be reduced below that amount. And in case the aggregate amount of the said subscriptions shall exceed twenty-eight millions of dollars, the said last mentioned commissioners, after having apportioned the same as aforesaid, shall cause lists of the said apportioned subscriptions, to be made out, including in each list the apportioned subscription for the place where the original subscription was made, one of which lists they shall transmit to the commissioners or one of them, under whose superintendence such subscrip- tions were originally made, that the subscribers may thereby ascertain the number of shares to them respec- tively apportioned as aforesaid. And in case the aggre- gate amount of the said subscriptions made during the period aforesaid, at all the places aforesaid, shall not amount to twenty-eight millions of dollars, the subscrip- tions to complete the said sum shall be and remain open at Philadelphia aforesaid, under the superintendence of the commissioners appointed for that place; and the sub- scriptions may be then made by any individual, company, LAWS CONCERNING MONEY, BANKING, AND LOANS. 297 or corporation, for any number of shares, not exceeding, in the whole, the amount required to complete the said sum of twenty-eight millions of dollars. SEC. 3. And be it further enacted. That it shall be law- Regulations , , . T i i , concerning sub- fill for any individual, company, corporation, or State, scrl PHonB and ,, J , ... ' , -, J ' j ' . . 'payments on when the subscriptions shall be opened as herein before tbem . &c. directed, to subscribe for any number of shares of the capital of the said bank, not exceeding three thousand shares, and the sums so subscribed shall be payable, and paid, in the manner following; that is to say, seven millions of dollars thereof in gold or silver coin of the United States, or in gold coin of Spain, or the dominions of Spain, at the rate of one hundred cents for every twenty-eight grains and sixty hundredths of a grain of the actual weight thereof, or in other foreign gold or silver coin at the several rates prescribed by the first sec- tion of an act regulating the currency of foreign coins in the United States, passed tenth day of April, one thou- ch A j>r. sand eight hundred and six, and twenty-one millions of dollars thereof in like gold or silver coin, or in the funded debt of the United States contracted at the time of the subscriptions respectively. And the payments made in the funded debt of the United States, shall be paid and received at the following rates : that is to say, the funded debt bearing an interest of six per centum per annum, at the nominal or par value thereof; the funded debt bear- ing an interest of three per centum per annum, at the rate of sixty-five dollars for every sum of one hundred dollars of the nominal amount thereof ; and the funded debt bear- ing an interest of seven per centum per annum, at the rate of one hundred and six dollars and fifty-one cents, for every sum of one hundred dollars of the nominal amount thereof ; together with the amount of the interest accrued on the said several denominations of funded debt, to be computed and allowed to the time of subscribing the same to the capital of the said bank as aforesaid. And the payments of the said subscriptions shall be made and completed by the subscribers, respectively, at the times and in the manner following; that is to say, at the time of subscribing there shall be paid five dollars on each share, in gold or silver coin as aforesaid, and twenty-five dol- lars more in coin as aforesaid, or in funded debt as afore- said; at the expiration of six calendar months after the time of subscribing, there shall be paid the further sum of ten dollars on each share, in gold or silver coin as 15732" 10 20 298 NATIONAL MONETARY COMMISSION. aforesaid, and twenty-five dollars more in coin as afore- said, or in funded debt as aforesaid; at the expiration of twelve calendar months from the time of subscribing, there shall be paid the further sum of ten dollars on each share, in gold or silver coin as aforesaid, and twenty- five dollars more, in coin as aforesaid, or in funded debt as aforesaid. (Section 4 provides for the payment in coin, to be made to the commissioners by subscribers at the time of subscription, for the transfer of certificates of funded debt subscribed by them, and for the delivery of coin and certificates by the commissioners to the president and directors, after the organization of the bank.) -f^ be J^ 1 * SEC. 5. And be it further enacted, That it shall be law- otcttGS EQ3.J rC- funde debV ^ u * ^ or * ne United States to pay and redeem the funded bank & ma ^eil ^^ subscribed to the capital of the said bank at the s?i r veretc a n d rates a f oresa id, in such sums, and at such times, as shall be deemed expedient, any thing in any act or acts of Congress to the contrary thereof notwithstanding. And it shall also be lawful for the president, directors, and company, of the said bank, to sell and transfer for gold and silver coin, or bullion, the funded debt subscribed to the capital of the said bank as aforesaid: Provided always, That they shall not sell more thereof than the sum of two millions of dollars in any one year; nor sell any part thereof at any time within the United States, without previously giving notice of their intention to the Secretary of the Treasury, and offering the same to the United States for the period of fifteen days, at least, at the current price, not exceeding the rates aforesaid. of Tb t e h? C Tr t e a a r s^ SEC> 6 ' And be if; f urther enacted, That at the opening of ury to sub- subscription to the capital stock of the said bank, the Sec- scribe on be- * L Uni f ted 0f states e re t arv ^ the Treasury shall subscribe, or cause to be sub- Ac- scribed, on behalf of the United States, the said number of seventy thousand shares, amounting to seven millions of dollars as aforesaid, to be paid in gold or silver coin, or in stock of the United States, bearing interest at the rate of five per centum per annum; and if payment thereof, or of any part thereof, be made in public stock, bearing in- terest as aforesaid, the said interest shall be payable quar- terly, to commence from the time of making such pay- ment on account of the said subscription, and the principal of the said stock shall be redeemable in any sums, and at any periods, which the Government shall deem fit. And the Secretary of the Treasury shall cause the certificates LAWS CONCERNING MONEY, BANKING, AND LOANS. 299 of such public stock to be prepared, and made in the usual form, and shall pay and deliver the same to the president, directors, and company, of the said bank on the first day of January, one thousand eight hundred and seventeen, which said stock it shall be lawful for the said president, directors, and company, to sell and transfer for gold and silver coin or bullion at their discretion: Pro- vided, They shall not sell more than two millions of dol- lars thereof in any one year. SEC. 7. And be it further enacted, That the subscribers The s u b- to the said Bank of the United States of America, their ban'k^incorpor 6 successors and assigns, shall be, and are hereby, created a at corporation and body politic, by the name and style of " The President, Directors, and Company, of the Bank of the United States," and shall so continue until the third day of March, in the year one thousand eight hundred and thirty-six, and by that name shall be. and are hereby, made able and capable, in law, to have, purchase, receive, possess, enjoy, and retain, to them and their successors, lands, rents, tenements, hereditaments, goods, chattels and effects, of whatsoever kind, nature, and quality, to an amount not exceeding, in the whole, fifty-five millions of dollars, including the amount of the capital stock afore- said ; and the same to sell, grant, demise, alien or dispose of; to sue and be sued, plead and be impleaded, answer and be answered, defend and be defended, in all State courts having competent jurisdiction, and in any circuit court of the United States: and also to make, have, and use, a common seal, and the same to break, alter, and re- new, at their pleasure : and also to ordain, establish, and put in execution, such by-laws, and ordinances, and regu- lations, as they shall deem necessary and convenient for the government of the said corporation, not being con- trary to the constitution thereof, or to the laws of the United States; and generally to do and execute all and singular the acts, matters, and things, which to thorn it shall or may appertain to do; subject, nevertheless, to the rules, regulations, restrictions, limitations, and pro- visions, hereinafter prescribed and declared. SEC. 8. And l>e it further enacted* That for the man- Twenty -five ' directors ; live agement of the affairs of the said corporation, there shall to i)e appointed be twenty-five directors, five of whom, being stockholders, ui'iit, uc. shall be annually appointed by the President of the United States, by and with the advice and consent of tin; Seriate, not more than three of whom shall be residents 300 NATIONAL MONETARY COMMISSION. of any one State ; and twenty of whom shall be annually elected at the banking house in the city of Philadelphia, on the first Monday of January, in each year, by the qualified stockholders of the capital of the said bank, other than the United States, and by a plurality of votes then arid there actually given, according to the scale of voting hereinafter prescribed: Provided always. That no person, being a director in the Bank of the United States, or any of its branches, shall be a director of any other concerning*' the bank ; and should any such director act as a director in tc. * be any other bank, it shall forthwith vacate his appointment in the direction of the Bank of the United States. And the directors, so duly appointed and elected, shall be capable of serving, by virtue of such appointment and choice, from the first Monday in the month of January of each year, until the end and expiration of the first Monday in the month of January of the year next en- suing the time of each annual election to be held by the stockholders as aforesaid. And the board of directors, annually, at the first meeting after their election in each and every year, shall proceed to elect one of the directors to be president of the corporation, who shall hold the said office during the same period for which the direct- ors are appointed and elected as aforesaid : Provided also, That the first appointment and election of the directors and president of the said bank shall be at the time and for the period hereinafter declared: And provided also, That in case it should at any time happen that an appointment or election of directors, or an election of the president of the said bank, should not be so made as to take effect on any day when, in pursuance of this act, they ought to take effect, the said corporation shall not, for that cause, be deemed to be dissolved; but it shall be lawful at any other time to make such appointments, and to hold such elections, (as the case may be,) and the man- ner of holding the elections shall be regulated by the by- laws and ordinances of the said corporation : and until such appointments or elections be made, the directors and president of the said bank, for the time being, shall con- tinue in office: And provided also, That in case of the death, resignation, or removal of the president of the said corporation, the directors shall proceed to elect another president from the directors as aforesaid: and in case of the death, resignation, or absence, from the United States, or removal of a director from office, the vacancy shall be LAWS CONCERNING MONEY, BANKING, AND LOANS. 301 supplied by the President of the United States, or by the stockholders, as the case may be. But the President of the United States alone shall have power to remove any of the directors appointed by him as aforesaid. SEC. 9. And 1e it further enacted, That as soon as the t , ^ a e nne r f a t ^ sum of eight millions four hundred thousand dollars in i^^'opf ration* gold and silver coin, and in the public debt, shall have etc - been actually received on account of the subscriptions to the capital of the said bank (exclusively of the subscrip- tion aforesaid, on the part of the United States) notice thereof shall be given by the persons under whose super- intendence the subscriptions shall have been made at the city of Philadelphia, in at least two newspapers printed in each of the places, (if so many be printed in such places respectively,) where subscriptions shall have been made, and the said persons shall, at the same time, and in like manner, notify a time and place within the said city of Philadelphia, at the distance of at least thirty days from the time of such notification, for proceeding to the election of twenty directors as aforesaid, and it shall be lawful for such election to be then and there made. And the President of the United States is hereby authorized, dur- ing the present session of Congress, to nominate, and. by and with the advice and consent of the Senate, to appoint, five directors of the said bank, though not stockholders, anything in the provisions of this act to the contrary not- withstanding; and the persons who shall be elected and appointed as aforesaid, shall be the first directors of the said bank, and shall proceed to elect one of the directors to be president of the said bank; and the directors and president of the said bank so appointed and elected as aforesaid, shall be capable of serving in their respective office, by virtue thereof, until the end and expiration of the first Monday of the month of January next ensuing the said appointments and elections; and they shall then and thenceforth commence, and continue the operations of the said bank, at the city of Philadelphia. (Section 10 authorizes the directors to appoint and govern such officers, clerks, and servants as may be neces- sary for executing their business.) SEC. 11. And le it further enacted, That the following 1|r {7 t !, n l jj t e < ? tal rules, restrictions, limitations, and provisions, shall form and be fundamental articles of the constitution of the said corporation, to wit : 302 NATIONAL MONETARY COMMISSION. cerning 8 voting First. The number of votes to which the stockholders for directors. sn all be entitled, in voting for directors, shall be accord- ing to the number of shares he, she, or they, respectively, shall hold, in the proportions following, that is to say; for one share and not more than two shares, one vote; for every two shares above two, and not exceeding ten, one vote; for every four shares above ten, and not exceeding thirty, one vote; for every six shares above thirty, and not exceeding sixty, one vote ; for every eight shares above sixty, and not exceeding one hundred, one vote; and for every ten shares above one hundred, one vote ; but no per- son, co-partnership, or body politic, shall be entitled to a greater number than thirty votes; and after the first elec- tion, no share or shares shall confer a right of voting, which shall not have been holden three calendar months previous to the day of election. And stockholders actu- ally resident within the United States, and none other, may vote in elections by proxy. A part of the Second. Xot more than three-fourths of the directors directors a p - pointed by the elected bv the stockholders, and not more than four-fifths stockholders * , . ' and president, of the directors appointed bv the President of the united alone eligible a i i -n i -i second y e a r , States, who shall be in omce at the time ot an annual elec- president ai-tion, shall be elected or appointed for the next succeeding ways eligible. i iii iii- /E xi 1 year; and no director shall hold his oihce more than three years out of four in succession : but the director who shall bo the president at the time of an election may always be re-appointed, or re-elected, as the case may bo. stockholders, Third. None but a stockholder, resident citizen of the citizens, may be only a p- United States, shall be a director: nor shall a director be pointed direct- ors. Direct- iitit] G d to anv emoluments; but the directors mav make ors to have no _ % compensation, such compensation to the president for his extraordinary other than the president. attendance at the bank, as shall appear to them reason- able. seven direc- Fourtlt. Not loss than seven directors shall constitute a 1'irs. Including the president, board for the transaction of business, of whom the presi- may constitute .... a i-oard. dent shall always be one. except in case of sickness or iiow ii i s nocessarv absence: in which case his place mav be sup- plnco Is sup- . . . .' piled in case of pjicd j )V anv other director whom ho. by writing, under absence or sick- . ' ' * . ess. ]iis hand, shall depute for that purpose. And the director so deputed may do and transact all the necessary business, belonging to the oflico of the president of the said cor- poration, during the continuance of the sickness or neces- sary absence of the president. LAWS CONCEENING MONEY, BANKING, AND LOANS. 303 Fifth. A number of stockholders, not less than sixty, , General meet- ' J ' ing of the who, together, shall be proprietors of one thousand shares stockholders, - ' . howtobe or upwards, shall have power at any time to call a general called. meeting of the stockholders, for purposes relative to the institution, giving at least ten weeks' notice in two public newspapers of the place where the bank is seated, and specifying in such notice the object or objects of such meeting. Sixth. Each cashier or treasurer, before he enters upon . Cn * h ' er to . " * give bonds and the duties of his office, shall be required to give bond, with securlt y- two or more sureties, to the satisfaction of the directors, in a sum not less than fifty thousand dollars, with a con- dition for his good behaviour, and the faithful perform- ance of his duties to the corporation. Seventh. The lands, tenements, and hereditaments, Limitation ' concerning, and which it shall be lawful for the said corporation to shall be only such as shall be requisite for its immediate J^^ 1 f e y co b r ( : accommodation in relation to the convenient transacting poration. of its business, and such as shall have been bona fide mort- gaged to it by way of security, or conveyed to it in satis- faction of debts previously contracted in the course of its dealings, or purchased at sales, upon judgments which shall have been obtained for such debts. Eighth. The total amount of debts which the said cor- Maximum of . . .,, debts which the poration shall at anv time owe, whether by bond, bill, corporation " ' may at one note, or other contract, over and above the debt or debts time contract. due for money deposited in the bank, shall not exceed the sum of thirty-five millions of dollars, unless the contract- ing of any greater debt shall have been previously author- ized by law of the United States. In case of excess, the B j<| t j| e a d directors under whose administration it shall happen, rotors under 1 L whose admmis- shall be liable for the same in their natural and private tration an ex- cess of debt capacities: and an action of debt may in such case be^i 1 be cr - ated. brought against them, or any of them, their or any of their heirs, executors, or administrators, in any court of record of the United States, or either of them, by any creditor or creditors of the said corporation, and may bo prosecuted to judgment and execution, any condition, cov- enant. or agreement to the contrary notwithstanding. But this provision shall not be construed to exempt the, said corporation or the lands, tenements, goods, or chat- tels of the same from being also liable for, and chargeable with, the said excess. Such of the said directors, who may have been absent S( , l I 1 ! i ''i,!'[n" ( ;' 1 1 ^; when the said excess was contracted or created, or \vho "' L " x ''" 1 ' llt ' d - 304 NATIONAL MONETARY COMMISSION. may have dissented from the resolution or act whereby the same was so cdntracted or created, may respectively exon- erate themselves from being so liable, by forthwith giving notice of the fact, and of their absence or dissent, to the President of the United States, and to the stockholders, at a general meeting, which they shall have power to call for that purpose. in what the Ninth. The said corporation shall not, directlv or indi- oorpo ration . m n y transact rectlv. deal or trade in anv thing except bills of exchange. business and* . trade. gold or silver bullion, or in the sale of goods really and truly pledged for money lent and not redeemed in due time, or goods which shall be the proceeds of its lands. It shall not be at liberty to purchase any public debt what- soever, nor shall it take more than at the rate of six per centum per annum for or upon its loans or discounts. i D g 0a c n ert C aTn Tenth. No loan shall be made by the said corporation, the ^ or * ne use or on accoun t f the Government of the United MI ATc 6 !! 1 i n States, to an amount exceeding five hundred thousand ei tate states but^^ ars ' or ^ an - particular State, to an amount exceed- by acts of con- i R g fifty thousand dollars, or of any foreign prince or state, unless previously authorized by a law of the United States. Rules to be Eleventh. The stock of the said corporation shall be as- prescribed for .,, , cii making the signable and transferable, according to such rules as shall stock assign- . . 1-1 iiici 11 able. be instituted in that behalf, by the laws and ordinances of the same. The bins ob- Twelfth. The bills, obligatory and of credit, under the llgatory and of ' . . . credit, under ^3] o f the said corporation, which shall be made to anv the seal of the . corporation; p crs on or persons, shall be assignable by endorsement h o w assign x ahie. thereupon, under the hand or hands of such person or persons, and his. her. or their executors or administrators, and his. her or their assignee or assignees, and so as ab- solutely to transfer and vest the property thereof in each and every assignee or assignees successively, and to en- able such assignee or assignees, and his. her or their ex- ecutors or administrators, to maintain an action thereupon Proviso. in his. her. or their own name or names: Provided, That said corporation shall not make any bill obligatory, or of credit, or other obligation under its seal for the payment of a sum less than live thousand dollars. And the bills or notes which in;'v be issued by order of the said corpo- ration. signed by 'the president, and countersigned by the principal cashier or treasurer thereof, promising the pay- ment of money to any person or persons, his. her or their order, or to bearer, although not under the seal of the said LAWS CONCERNING MONEY, BANKING, AND LOANS. 305 corporation, shall be binding and obligatory upon the same, in like manner, and with like force and effect, as upon any private person or persons, if issued by him, her or them, in his, her or their private or natural ca- pacity or capacities, and shall be assignable and negoti- able in like manner as if they were so issued by such private person or persons; that is to say, those which shall be payable to any person or persons, his, her or their order, shall be assignable by endorsement, in like man- ner, and with the like effect as foreign bills of exchange now are; and those which are payable to bearer shall be assignable and negotiable by delivery only: Provided, Proviso. That all bills or notes, so to be issued by said corporation, shall be made payable on demand, other than bills or notes for the payment of a sum not less than one hundred dollars each, and payable to the order of some person or persons, which bills or notes it shall be lawful for said corporation to make payable at any time not exceeding sixty days from the date thereof. Thirteenth. Half yearly dividends shall be made of Half yearly so much of the profits of the bank as shall appear to the made. directors advisable; and once in every three years the directors shall lay before the stockholders, at a general meeting, for their information, an exact and particular A statement statement of the debts which shall have remained unpaid of the compa'ny after the expiration of the original credit, for a period fore the stock- of treble the term of that credit, and of the surplus of the profits, if any, after deducting losses and dividends. If Delinquent there shall be a failure in the payment of any part of any foVefVheS'oneflt sum subscribed to the capital of the said bank, by any person, co-partnership or body politic, the party failing shall lose the benefit of any dividends which may have accrued prior to the time for making such payment, and during the delay of the same. Fourteenth. The directors of the said corporation shall offices to i>e establish a competent office of discount and deposit in the die' District of TA- i j. j /- i i J- ji TT -i Columbia and District of Columbia, whenever any law of the United the several States shall require such an establishment; also one such authori/Wi and /*. n -i- -. -. ., C ij i i , required by law. olnce or discount and deposit in any State in which two thousand shares shall have been subscribed or may bo held, whenever, upon application of the legislature of such State, Congress may. by law, require the same: P/<>- i rif'/eiJ. The directors aforesaid shall not be bound 1o es- tablish such office before the whole of the capital of the 306 NATIONAL MONETARY COMMISSION. bank shall have been paid up. And it shall be lawful for the directors of the said corporation to establish offices of discount and deposit, wheresoever they shall think fit, within the United States or the Territories thereof, and to commit the management of the said offices, and the business thereof, respectively to such persons, and under such regulations as they shall deem proper, not being contrary to law or the constitution of the bank. Or in- stead of establishing such offices, it shall be lawful for the directors of the said corporation, from time to time. to employ any other bank or bank's, to be first approved by the Secretary of the Treasury, at any place or places that they may deem safe and proper, to manage and transact the business proposed as aforesaid, other than for the purposes of discount, to be managed and trans- acted by such offices, under such agreements, and subject to such regulations, as they shall deem just and proper. Xot more than thirteen nor less than seven managers or directors, of every office established as aforesaid, shall be annually appointed by the directors of the bank, to serve one year; they shall choose a president from their own number ; each of them shall be a citizen of the United States, and a resident of the State. Territory or District, wherein such office is established; and not more than three-fourths of the said managers or directors, in office at the time of an annual appointment, shall be re-ap- pointed for the next succeeding year; and no director shall hold his office more than three years out of four, in succession ; but the president may be always re-appointed. secretary of Fifteenth. The officer at the head of the Treasury De- the Treasury authorized to partment of the United States shall be furnished, from call upon the . . . bank for a time to time, as otten as he mav require, not exceeding statement, not ' . " exceeding a once a week, with statements of the amount or the capital wc**k 1 v oiio of its concerns', stock of the said corporation and of the debts due to the same: of the moneys deposited therein; of the notes in circulation, and of the specie in hand: and shall have a right to inspect such general accounts in the books of the Proviso. bank as shall relate to the said statement: Provided, That this shall not be construed to imply a right of inspecting the account of any private individual or individuals with the bank. er*ut st a nfizen Sixteenth. No stockholder, unless he be a citizen of the Sfa/ 11 ^!^.'?! United States, shall vote in the choice of directors. oTmeji niti\ \ o i e in choice of directors. NO smaller Seventeenth. No note shall be issued of less amount notes than $5 _ , ... to be issued, than nve dollars. LAWS CONCERNING MONEY, BANKING, AND LOANS. 307 (Sections 12 and 13 prescribe the penalties to be im- posed in case the corporation, or any person to its use, shall deal in goods, wares, or merchandise contrary to the provisions of this act, or shall lend any sum of money for the use of the Government of the United States, or of any particular State, or any foreign prince or State, except as allowed above, and without being previously authorized thereto by law.) SEC. 14. And be it further enacted. That the bills or Notes of the ,. ., ,. 11 bank receivable notes or the said corporation originally made payable, or m payments of which shall have become payable on demand, shall be re- United states, until etc. ceivable in all payments to the United States, unless Repealed, otherwise directed by act of Congress. SEC. 15. And be it further enacted. That during the The bank to . 1 i ive the neces- continuance of this act, and whenever required by theory facilities . ".without any Secretary or the Treasury, the said corporation shall give charge, .for the necessarv facilities for transferring the public funds the funds of the United from place to place, within the United States, or the Ter- states to dif- ,, f , , v , ., ,. ,, . ferent quar- ritories thereof, and lor distributing the same in pay- ters. ment of the public creditors, without charging commis- sions or claiming allowance on account of difference of exchange, and shall also do and perform the several and respective duties of the commissioners of loans for the several States, or of any one or more of them, whenever required by law. SEC. 16. And be it further cnatced. That the deposits Deposits of . . , -11 the public mon- oi the money of the United States, in places in which the ?ys to be made said bank and branches thereof mav be established, shall its branches, or ,. '-iii i* c i -I ' ci *b- e lieasons to be made in said bank or branches thereof, unless the Sec- be laid before . Congress by the retarv of the Treasury shall at any time otherwise order secretary of 11- 1-1 j.1 Ci J- 1.1 m the Tl>easl "T and direct; in which case the Secretary of the Ireasuryfor its not be- shall immediately lay before Congress, if in session, and if not, immediately after the commencement of the next session, the reasons of such order or direction. SEC. 17. And be it further enacted, That the said cor- M .^" i [ ) f t "^ a f 1 I .om poration shall not at any time suspend or refuse payment "^j^"/^"!; in gold and silver, of anv of its notes, bills or obligations; specie, by being J t ' made cbarge- nor of any monevs received upon deposit in said bank, or 1)lc wi , th ' lie J , ' . . payment of in- in any of its offices of discount and deposit. And if theterestat the J rate of \2 per said corporation shall at any time refuse or neglect to pay j' < " l i )L>r aQ - on demand any bill, note or obligation issued by the cor- poration, according to the contract, promise or undertak- ing therein expressed; or shall neglect or refuse to pay on demand any moneys received in said bank, or in any of its offices aforesaid, on deposit, to the person or persons en- NATIONAL MONETARY COMMISSION. titled to receive the same, then, and in every such case, the holder of any such note, bill, or obligation, or the per- son or persons entitled to demand and receive such moneys as aforesaid, shall respectively be entitled to receive and recover interest on the said bills, notes, obligations or moneys, until the same shall be fully paid and satisfied, at the rate of twelve per centum per annum from the time Proviso. of such demand as aforesaid; Provided, That Congress may at any time hereafter enact laws enforcing and regu- lating the recovery of the amount of the notes, bills, ob- ligations or other debts, of which payment shall have been refused as aforesaid, with the rate of interest above mentioned, vesting jurisdiction for that purpose in any courts, either of law or equity, of the courts of the United States, or Territories thereof, or of the several States, as they may deem expedient. (Sections 18 and 19 prescribe the penalties for forg- ing, counterfeiting, or altering bills or notes of the bank or checks drawn upon it, and for passing any forged, counterfeited, or altered bill, note, or check, and also for engraving any plate to be used in forging or counterfeit- ing, or having in possession any such plate or blank notes in the similitude of those issued by the corporation, or any paper for use in counterfeiting.) Bonus to be SEC. 20. And be it further enacted. That in considera- p a i d to the . . ' . united states tion of the exclusive privileges and benefits conferred bv for this char- . l c ter. this act, upon the said bank, the president, directors, and company thereof, shall pay to the United States, out of the corporate funds thereof, the sum of one million and five hundred thousand dollars, in three equal payments; that is to say: five hundred thousand dollars at the ex- piration of two years; five hundred thousand dollars at the expiration of three years; and five hundred thousand dollars at the expiration of four years after the said bank shall be organized, and commence its operations in the manner herein before provided. congress to g EC . 21. And be it further enacted. That no other bank establish no . ' other bank ex- shall be established bv anv future law of the United States copt in the I)is- . . . trict of Coium- during the continuance of the corporation hereby created, for which the faith of the United States is hereby pledged. Provided, Congress may renew existing charters for banks in the District of Columbia, not increasing the capital thereof, and may also establish any other bunk or banks in said district, with capitals not exceeding, in the whole, six millions of dollars, if they shall deem it expedient. LAWS CONCERNING MONEY, BANKING, AND LOANS. 309 And, notwithstanding the expiration of the term for which the said corporation is created, it shall be lawful to use the corporate name, style, and capacity, for the pur- Authority to " / ' r j ^ ^ i use tue name or pose of suits for the final settlement and liquidation of" 16 corpora- tion, etc., for the affairs and accounts of the corporation, and for the ^ y** r * f ter ' the c hart c r sale and disposition of their estate, real, personal, and sha11 expire. mixed: but not for any other purpose, or in any other manner whatsoever, nor for a period exceeding two years after the expiration of the said term of incorporation. SEC. 22. And 5e it further enacted. That if the subscrip- Limitation of ' ' time prescribed tions and payments to said bank shall not be made and for the . tank's r J going into op- completed so as to enable the same to commence its opera- eration. tions, or if the said bank shall not commence its opera- tions on or before the first Monday in April next, then, and, in that case, Congress may, at any time, within twelve months thereafter, declare, by law, this act null and void. SEC. 23. And be it further enacted. That it shall, at all committees ' . ' "of either house times, be lawful, for a committee of either house of Con- of Congress 7 . may inspect the gress, appointed ror that purpose, to inspect the books, hooks, etc., of , .. L < i tbe bank - and to examine into the proceedings of the corporation For what hereby created, and to report w r hether the provisions of this charter have been, by the same, violated or not ; and whenever any committee, as aforesaid, shall find and report, or the President of the United States shall have reason to believe that the charter has been violated, it may be lawful for Congress to direct, or the President to order a scire facias to be sued out of the circuit court of the district of Pennsylvania, in the name of the United States, (which shall be executed upon the president of the cor- poration for the time being, at least fifteen days before the commencement of the term of said court.) calling on the said corporation to show cause wherefore the charter hereby granted, shall not be declared forfeited; and it shall be lawful for the said court, upon the return of the said scire facias, to examine into the truth of the alleged violation, and if such violation be made appear, then to pronounce and adjudge that the said charter is forfeited and annulled. Provided, ho-wever, Every issue of fact Proviso. which may be joined between the United States and the corporation aforesaid, shall be tried by a jury. And it shall be lawful for the court aforesaid to require the pro- duction of such of the books of the corporation as it may deem necessary for the ascertainment of the controverted facts: and the final judgment of the court aforesaid, shall be examinable in the Supreme Court of the United States. 310 NATIONAL MONETARY COMMISSION. by writ of error, and may be there reversed or affirmed, according to the usages of law. Approved, April 10, 1816. (Paragraph X of section 11 of this act provides that no loans shall be made by the bank for the use of the Government of the United States to an amount exceeding five hundred thousand dollars, but subsequent acts giving authority for the borrowing of money authorize the bank to loan the amounts notwithstanding the said prohibition. See act of May 15, 1820, chap. 103, sec. 2, vol. 3, Stat. L., p. 583; act of March 3, 1821. chap. 38, sec. 2, vol. 3, Stat. L., p. 636 ; act of May 24, 1824, chap. 140, sec. 1, vol. 4, Stat. L., p. 33 ; act of May 26, 1824, chap. 192, sec. 2, vol. 4, Stat. L., p. 74; act of March 3, 1825, chap. 100, sec. 2, vol. 4, Stat. L.. p. 129.) NOTE. By the act of March 3, 1819 (3 Stat. L., 508), the pro- visions of the above act which relate to the right of voting for directors are enforced, by prescribing, in every case where more than thirty votes are offered by any one person, oaths as to the actual ownership of the shares, to be taken by the person offering the votes and by the signer of any proxy. And the same act provides against the bribery by gift or promise of the president or either of the directors of the bank, or of either of its branches, in any matter coming before the said president and directors for decision, by making the briber and the person bribed punishable on conviction by fine and imprisonment at the discretion of the court, and further disqualifies them from holding any office of trust or profit under the corporation, or any office of honor, trust, or profit under the United States. 3 Stat L., NOTE. The act of April 20, 1836 (5 Stat. L., 16), repealed all 2 DO. laws authorizing or requiring the Bank of the United States to pay pensions. (The act of June 23, 1836 (5 Stat. L., 56, see page 322), authorized the Secretary of the Treasury to act as the agent of the United States in all matters relating to their stock in the Bank of the United States.) (The resolution of March 3, 1837 (5 Stat. L., 200), au- thorized the Secretary of the Treasury to accept the pro- posed settlement of the Bank of the United States, under the Pennsylvania charter, for the stock of the United States in the Bank of the United States.) (The act of March 2, 1838 (5 Stat. L., 211), provided for the prevention of the abatement of suits, etc.. in which the late Bank of the United States was a party.) (The act of July 7, 1838 (5 Stat. L., 296), authorized the Secretary of the Treasury to sell the two bonds held by the United States against the Bank of the United States chartered by Pennsylvania.) LAWS CONCERNING MONEY, BANKING, AND LOANS. 311 ACT OF MARCH 3, 1817. CHAP. XXXVIII. An act transferring the duties of 36 | stat L - commissioner of loans to the Bank of the United States, and abolishing the office of commissioner of loans. Be it enacted by the Senate and House of Representa- tives of the United States of America, in Congress assem- bled. That the Bank of the United States, and its several The Bank of . the United branches, shall be, and they are hereby, required to do states, etc.. to ' -i ft . . ' p perform thedu- and perform the several duties of commissioners of loans ties of commis- for the several States; and the Bank of the United loans- States and its several branches, and such State banks as the Bank of the United States may employ in those States where no branch bank shall be established, shall observe and conform to the directions which have been or may hereafter be prescribed by the Secretary of the Treasury, with the approbation of the President of the United States, touching the execution of the duties aforesaid. SEC. 2. And be it further enacted, That all such duties and acts as are now done and performed by the commis- sioners of loans, in transferring stock from the books of one loan office to another, or to the books of the Treas- ury, or from the books of the Treasury to the books of the loan offices, shall be done and performed by the presi- dent of the Bank of the United States, the president of the several branches of the said bank, and by the presi- dent of such State banks as the Bank of the United States may employ, (in States where no branch of the United States Bank shall be established:) and the acts of the presidents aforesaid shall be countersigned by the cashiers of those banks respectively. SEC. 3. And be it further enacted, That it shall be the The secre- ' taryofthe duty of the Secretary of the Treasury to notify the presi- Treasury to J " " " notify the dent of the Bank of the United States, that the duties president of " ' theBank of the now performed by the commissioners of loans will be rnitcd states. transferred to the Bank of the United States, and he shall direct the commissioners of loans and the agents for mili- tary pensions, where there is no commissioner, respec- tively, in the several States, to deliver to the president of the Bank of the United States, or to the president of a branch thereof, or to the president of such State bank as the Bank of the United States may employ, on such day or days as he may designate, the register, and all (he rec- ords and papers of their respective offices; ami it sluill be 312 NATIONAL MONETARY COMMISSION. the duty of the said commissioners of loans and agents for pensioners to comply with the said direction, and also to take duplicate receipts for the delivery of the rec- ords and papers herein described, one of which shall be transmitted, without delay, to the Secretary of the Treas- Proviso ; as ury : Provided, however. That the Secretary of the Treas- to the time, J . ' '. ... ,, ~ , I.-T etc. ury may designate such time before the first day of Janu- ary, one thousand eight hundred and eighteen, for the performance of the duties aforesaid, as the public con- Proviso ; as venience will permit : And provided also. That this act toStates where ' . j . , ,. .,., no banks are shall not be construed to extend to any agent for military established by . . , , . * , ... , " law. pensions in any State where there is no bank established by law. offlceofcom- g EC< 4. And l>e it further enacted. That the office of missioner of ' / loans abolished, commissioner of loans, upon the delivery of the records and papers, as herein required, to the Bank of the United States, or its branches, or to the State banks employed by the Bank of the United States in those States where there may be no branch, shall be, and hereby is, abolished ; and the pay and emoluments of the said commissioners of loans, and the clerks and persons employed by them, after such delivery, shall respectively cease and deter- mine. tht n p r ?m pt SEC. 5. And be it further enacted, That the act, entitled settlement of ^ n ac t for the prompt settlement of public accounts," public accounts L L * ' !u o, rce rom shall commence, and be in force, on and after the third the od of Mar., . " i 81 . 7 -. dav of this instant, March, anv thing in the aforesaid act Act of Mar. * . . a, 1817, ch. 45. to the contrary notwithstanding. Approved, March 3, 1817. ACT OF MARCH 3, 1817. s stat. L., CHAP. XCIII. An act to incorporate the subscribers to certain batiks in the District of Columbia, and to pre- vent the circulation of the notes of unincorporated associations irithin the said district. (Sections 1 to 13 provide for the incorporation of the Farmers' and Mechanics' Bank of Georgetown and pre- scribes rules, etc. (Section 14 provides, among other things, that the bank shall, in no case, buy and sell the funded debt of the United States. LAWS CONCERNING MONEY, BANKING, AND LOANS. 313 (Sections 23, 24, 25, 26, and 27 .apply said rules, etc.. to other banks in Washington, Georgetown, and Alexan- dria.) ACT OF MARCH 3, 1825. CHAP. LXV. An Act more effectually to provide for the 4 stat. L., punishment of certain crimes against the United States, and for other purposes. SEC. 17. And be it further enacted, That, if any person f^Sr notes or persons shall falsely make, forge, or counterfeit, o r gecm^fy of"^he cause or procure to be falsely made, forged, or counter- Un | t c e t d O f ti \ t pp' feited, or willingly aid or assist in falsely making, forg- ^ l ^o, ch. 9, ing, or counterfeiting, any paper, writing, or instrument, in imitation of, or purporting to be, an indent, certificate of the public stock, or debt, treasury note, or other public security of the United States, or any letters patent, issued or granted by the President of the United States, or any bill, check, or draft for money drawn by, or on the treas- urer of the United States, or by, or on. any other public officer or agent of the United States, duly authorized to make. draw, accept, or p|iy the same, on behalf and for account of the United States, (a) or if any person or persons shall pass, utter, or publish, or attempt to pass, utter, or publish, as true, any such false, forged, or coun- terfeited paper, writing, or instrument, knowing the same to be false, forged, or counterfeited, with intent to de- fraud the United States, or any body politic or corpo- rate, or any other person or persons whatsoever ; or if any person or persons shall falsely alter any indent, certifi- cate of the public stock, or debt, treasury note, or other public security of the United States, or any letters patent, issued or granted by the President of the United States-, or any bill, check, or draft for money drawn by or on the treasurer of the United States, or any other public officer or agent of the United States, duly authorized to make, draw, accept, or pay such bill, check, or draft, or if any person or persons shall pass, utter, or publish, or attempt to pass, utter, or publish, as true and unaltered, any such falsely altered indent, certificate, treasury note, or other public security, letters patent, or bill, check, or draft. knowing the same to be falsely altered, with intent to defraud the United States, or any body politic or cor- porate, or any person or persons whatsoever, (b} every 15712'" 1 10 ------- L'l 314 NATIONAL MONETARY COMMISSION. such person, so offending, shall be deemed guilty of felony, and shall, on conviction thereof, be punished by fine, not exceeding five thousand dollars, and by imprisonment and confinement to hard labour, not exceeding ten years, according to the aggravation of the offence. (Section 18 makes it an offense and punishable to forge Treasury notes or other public securities of the United States, certificates of stock of the United States, . or certificates of stock of the Bank of the United States.) Approved, March 3, 1825. ACT OF APRIL 11, 1836. 5 stat. L., s. CHAP. L. An act to repeal so much of the act entitled "An act transferring the duties of Commissioner of Loans to the Bank of the United States, and abolishing the office of Commissioner of Loans" as -requires the Bank of the United States to perform the duties of Commissioner of Loans for the several States. (Section 1 repeals the provisions of the act of March 3, 1817, which transfer the duties of commissioner of loans to the United States Bstnk, its branches and state banks employed by it, and requires the immediate trans- fer of all papers and records relating to said duties to the Secretary of the Treasury.) unnks to pay SEC. 2. And be it further enacted, That the Bank of nil money into . ' the Treasury the united States and its several branches, and the State within three months. Banks employed by the Bank of the United States, per- forming the duties of Commissioners of Loans, shall be, and they are hereby required to pay into the Treasur}" of the United States, within three months after the passing of this act, all the money in their possession for the redemption of the public debt of the United States, and the interest thereon remaining in their hands, which has not been applied for by the person or persons entitled to receive the same. SEC;. 3. And be it further enacted. That it shall be the duty of the Secretary of the Treasury to pay over to the pel-son or persons entitled to receive the same, the amount so received into the Treasury, by virtue of the second sec- tion of this act. out of any money in the Treasury not otherwise appropriated. SKC. 1. And />< it fiirt her eu tho Treasury States, such of the banks incorporated by the several to select banks. States, by Congress for the District of Columbia, or by the Legislative Councils of the respective Territories for those Territories, as may be located at, adjacent or con- venient to the points or places at which the revenues may be collected, or disbursed, and in (hose States, Territories or Districts in which there- are no banks, or in which no bank can be employed as a deposite bank, and \vilhin which the public collections or disbursements require a depository, the said Secretary may ma! eu> - such bank shall have first furnished to the said Secretar}^ a statement of its condition and business, a list of its directors, the current price of its stock; and also a copy of its charter; and likewise, such other information as may be necessary to enable him to judge of the safety of its condition. SEC. 4. And be it further enacted, That the said banks, before they shall be employed as the depositories of the public money, shall agree to receive the same, upon the following terms and conditions, to wit: First. Each bank shall furnish to the Secretary of the Terms to be , . . , , . agreed to by .treasury, from time to time, as often as he may require, the banks, not exceeding once a week, statements setting forth its condition and business, as prescribed in the foregoing section of this act, except that such statements need not, unless requested by said Secretary, contain a list of the directors, or a copy of the charter. And the said banks shall furnish to the Secretary of the Treasury, and to the Treasurer of the United States, a weekly statement of the condition of his account upon their books.' And the Sec- retary of the Treasury shall have the right, by himself, or an agent appointed for that purpose, to inspect such general accounts in the books of the bank, as shall relate to the said statements: Prodded, That this shall not be Proviso, construed to imply a right of inspecting the account of any private individual or individuals with the bank. Secondly. To credit as specie, all sums deposited therein to the credit of the Treasurer of the United States, and to pay all checks, warrants, or drafts, drawn on such de- posites, in specie if required by the holder thereof. Thirdly. To give, whenever required by the Secretary of the Treasury, the necessary facilities for transferring the public funds from place to place, within the United States, and the Territories thereof, and for distributing the same in payment of the public creditors, without charging commissions or claiming allowance on account of dill'erence of exchange. 318 NATIONAL, MONETARY COMMISSION. Fourthly. To render to the Government of the United States all the duties and services heretofore required by law to be performed by the late Bank of the United States and its several branches or offices. Banks issuing SEC. 5. And be it further enacted, That no bank shall notes less than ,. , .. ,, ., , , . $.-> not to be se- be selected or continued as a place ot deposite or the public money which shall not redeem its notes and bills on de- mand in specie; nor shall any bank be selected or con- tinued as aforesaid, which shall after the fourth of July, in the year one thousand eight hundred and thirty-six, issue or pay out any note or bill of a less denomination than five dollars; nor shall the notes or bills of any bank be received in payment of any debt due to the United States which shall, after the said fourth day of July, in the year one thousand eight hundred and thirty-six, issue any note or bill of a less denomination than five dollars. secretary may SEC. G. And l>e it further enacted. That the Secretary P6(iu!rc S6CUF- of the Treasury shall be, and he is hereby authorized, arid it shall be his duty, whenever in his judgment the same shall be necessary or proper, to require of any bank so selected and employed as aforesaid, collateral or addi- tional securities for the safe keeping of the public moneys deposited therein, and the faithful performance of the duties required by this act. an- SEC. 7. And le it further enacted, That it shall be law- en- ' on- till for the Secretary of the Treasury, to enter into con- . . J ' tracts in the name and for and on behalf of the United States, with the said banks so selected or employed, whereby the said banks shall stipulate to do and perform (he several duties and services prescribed by this act. i.-. N i','.i 1 T.! { Te ^ K( ^' '^" ( 1 ^ >e ^ j'H'ther enacted, That no bank which discontinue.! shall be selected or employed as the place of deposite of Inn for certain . ' L the public money, shall be discontinued as such deposi- tory, or the public money withdrawn therefrom, except for the causes hereinafter mentioned, that is to say: If at any lime, any one of said banks shall fail or refuse to per- form any of said duties as prescribed by this act, and stipulated to be performed by its contract; or, if any of said bank- shall at any time refuse to pay its own notes in specie if demanded; or shall fail to keep in its vaults such an amount of specie as shall be required by the Sec- retary of the Treasury, and shall be. in his opinion, neces- sary to render the said bank a safe depository of the public moneys, having due regard to the nature of the LAWS CONCEENING MONEY, BANKING, AND LOANS. 319 business transacted by the bank; in any and every such case it shall be the duty of the Secretary of the Treasury to discontinue any such bank as a depository, and with- draw from it the public moneys which it may hold on de- posite at the time of such discontinuance. And in case of the discontinuance of any of said banks, it shall be the duty of the Secretary of the Treasury to report to Con- gress immediately if in session, and if not in session, then at the commencement of its next session, the facts and reasons which have induced such discontinuance. And in case of the discontinuance of any of said banks as a place of deposite of the public money for any of the causes herein before provided, it shall be lawful for the Secretary of the Treasury to deposite the money thus withdrawn in some other banks of deposite already se- lected, or to select some other bank as a place of deposite, upon the terms and conditions prescribed by this act. And in default of any bank to receive such deposite, the money thus withdrawn shall be kept by the Treasurer of the United States, according to the laws now in force; and shall be subject to be disbursed according to law. SEC. 9. And be it further enacted, That until the Sec- ei B ^ e k d s t ^ retary of the Treasury shall have selected and employed continued until, the said banks as places of deposite of the public money, in conformity to the provisions of this act, the several State and District banks at present employed as deposi- tories of the money of the United States, shall continue to be the depositories aforesaid upon the terms and con- ditions upon which they have been so employed. SEC. 10. And lie it further enacted. That it shall be the , secretary to lay a statement duty of the Secretary of the Treasury to lav before Con- 1> ? fore con- gress. gress, at the commencement of each annual session, a statement of the number and names of the banks employed as depositories of the public money, and of their condi- tion, and the amount of public money deposited in each, as shown by their returns at the Treasury ; and if the se- lection of any bank as a depository of the public money be made by the Secretary of the Treasury, while Con- gress is in session, he shall immediately report the name and condition of such bank to Congress ; and if any such selection shall be made during the recess of Congress, lie shall report the same to Congress during the first week of its next session. SEC. 11. A/id be it further enacted. That whenever the j n })""^ Punier amount of public deposites to the credit of the Treasurer !^;;'" _ r "' rlim - 320 NATIONAL MONETARY COMMISSION. of the United States, in any bank shall, for a whole quarter of a year, exceed the one-fourth part of the amount of the capital stock of such bank actually paid in, the bank shall allow and pay to the United States, for the use of the excess of the deposites over the one- fourth part of its capital, an interest at the rate of two per centum per annum, to be calculated for each quarter, upon the average excesses of the quarter ; and it shall be the duty of the Secretary of the Treasury, at the close of each quarter, to cause the amounts on deposite in each de- posite bank for the quarter, to be examined and ascer- tained, and to see that all sums of interest accruing under the provisions of this section, are, by the banks re- spectively passed to the credit of the Treasurer of the United States in his accounts with the respective banks. Transfers un- SEC. 12. And be it further enacted, That all warrants cases declared or orders f or the purpose of transferring the public funds from the banks in which they now are, or may hereafter be deposited, to other banks, whether of deposite or not, for the purpose of accommodating the banks to which the transfer may be made, or to sustain their credit, or for any other purpose whatever, except it be to facilitate the public disbursements, and to comply with the provisions of this act, be, and the same are hereby, prohibited and declared to be illegal ; and in cases where transfers shall be required for purposes of equalization under the pro- visions of this act, in consequence of too great an accu- mulation of deposites in any bank, such transfers shall be made to the nearest deposite banks which are consid- ered safe and secure, and which can receive the moneys to be transferred under the limitations in this act im- posed : Provided, That it may be lawful for the President of the United States to direct transfers of public money to be made from time to time to the mint and branch mints of the United States, for supplying metal for coin- ing. The surplus SEC. 13. And be it further enacted. That the money In the I rens- _ . nr.v aimve *r>,- which shall be in the Treasurv of the United States, on 111)11 Mild t<> III* deposited with the first dav of Januarv, eighteen hundred and thirty- I lie several , ^ t J seven, reserving the sum of five millions of dollars, shall be deposited with such of the several States, in propor- tion to their respective representation in the Senate and House of Representatives of the United States, as shall, by law. authorize their Treasurers, or other competent authorities to receive the same or- the terms hereinafter specified; and the Secretary of the Treasury shall deliver LAWS CONCEKNING MONEY, BANKING, AND LOANS. 321 the same to such Treasurers, or other competent authori- ties, on receiving certificates of deposite therefor, signed by such competent authorities, in such form as may be prescribed by the Secretary aforesaid ; which certificates Act of Oct. i>, shall express the usual and legal obligations, and pledge the faith of the State, for the safe keeping and repay- ment thereof, and shall pledge the faith of the States receiving the same, to pay the said moneys, and every part thereof, from time to time, whenever the same shall be required, by the Secretary of the Treasury, for the purpose of defraying any wants of the public treasury, beyond the amount of the five millions aforesaid: Pro- vided, That if any State declines to receive its proportion of the surplus aforesaid, on the terms before named, the same shall be deposited with the other States, agreeing to accept the same on deposite in the proportion afore- said: And provided further, That when said money, or any part thereof, shall be wanted by the said Secretary, to meet appropriations by law, the same shall be called for, in rateable proportions, within one year, as nearly as con- veniently may be, from the different States, with which the same is deposited, and shall not be called for, in sums exceeding ten thousand dollars, from any one State, in any one month, without previous notice of thirty days, for every additional sum of twenty thousand dollars, which may at any time be required. SEC. 14. And be it further enacted. That the said de- Proportions in ' ' which the de- posites shall be made with the said States in the follow- posits shall be made. ing proportions, and at the following times, to wit : one quarter part on the first day of January, eighteen hun- dred and thirty-seven, or as soon thereafter as may be; one quarter part on the first day of April, one quarter part on the first day of July, and one quarter part on the first day of October, all in the same year. (Section 15 makes provision for additional clerks on account of this act.) Approved, June 23, 1830. NOTE. P>y the act of July r>, 1838, the operation of the last clause of section 5, prohibiting the receipt in payments to the United States of the notes of any bank which shall issue notes of less than five dollars after July 4, 1836, is suspended until October 1, 1838; but from said last-mentioned dates the notes of no bank shall be so received, which shall after that date issue, reissue, or pay out any note of less than five dollars. (5 Stat. L., 255.) 322 NATIONAL MONETARY COMMISSION. ACT OP^ JUNE 23, 1836. 5 stat. L.,56.c HAP CXVL An act authorizing the Secretary of the Treasury to act as the agent of the United States in all matters relating to their stock in the Bank of the United States. Be it enacted ly the Senate and House of Representa- tives of the United States of America in Congress assem- theTreSy ?o ^^' That fr m and afteF the P aSSa g e f this act assume and ex- b e the duty of the Secretary of the Treasury, to assume erclsethe J " ^ agency. all j exercise the agency and direction m behalf of the United States, over property in the Bank of the United States, whether the same be standing on the books of the bank in the name of the United States, or of the Treasurer of the United States, for the use of the Secretary of the Navy, for the payment of navy pensions; and the Sec- retary of the Treasury is hereby invested with the au- thority necessary for carrying into effect the duties of said agency, by voting in behalf of the United States at any meetings of the stockholders, and performing any other act in relation to the same which any stockholder would be authorized to do. Directors of SEC. 2. And be it further enacted. That, as agent of th<- bank to fur- . ' ' ' iiish gt ate- the United States, as aforesaid, the Secretary of the nients to him. i reasury, shall be furnished, from time to time, as often as he may require by the directors of the Bank of the United States, or by the trustees who shall have been, or may be. appointed, either by said directors or the stock- holders of said bank, or in their behalf, or by such indi- viduals as may have the custody, control, or possession of the books and effects of the same with statements of the amount of the capital stock of the said corporation undivided, of the debts due beyond the same on account of said bank, of the moneys remaining on deposite, of the notes of said bank outstanding, and of the specie on hand on account of the same, and said Secretary shall have the same right as any stockholder to inspect and examine, or cause to be inspected and examined, all such accounts in the book's of said bank, or of any trust arising out of or holding the eliVets of said corporation, as shall relate to the statements hereby required to be made. mivrmrn'M." Sf:r - ^ - ' " titled "An act to regulate the deposites of the public [Obsolete.] money" passed twenty-third (of] June eighteen hun- dred and thirty-six. Be it enacted by the /Senate and House of Representa- tives of the United States of America in Congress as- sembled, That nothing in the act to which this is a sup- o Act ls 2> f P Ju ^ e plement, shall be so construed as to prevent the Secre- iis. Secretary of tarv of the Treasury from making transfers from banks the Treasury " f D m a y m a k e in one State or Territory, to banks in another State or transfers from m t> i banks In one Territory, whenever such transfers mav be required, in state or Tem- . / tory to those order to prevent large and inconvenient accummulations in another, in particular places, or in order to produce a due equality, and just proportion, according to the provisions of said act. Approved. July 4. 1836. ACT OF OCTOBFR t>, 183T. CHAP. I. An act to postpone the fourth instalment ^/.> j stat - L -- deposite >rtf/t the States. Be it enacted l>y the, Senate and House of Representa- tives of the United State* of America in Congress as- xemb/ed. That the transfer of the fourth instalment <>f ^ c i S ? { * ; . Ju .h! deposites directed to be made with the States, under ^ n( - 11 p'o S s'tpon'ed thirteenth section of the act of June 324 NATIONAL MONETARY COMMISSION. eighteen hundred and thirty-six, be and the same is hereby postponed till the first day of January, one thou- i-roviso. banc ] e jor n t hundred and thirty-nine: Provided, That the three first instalments under the said act shall remain on deposit? with the States, until otherwise directed by Congress. Approved. October -2. 1837. ACT OF OCTOBER 1C. 1837. ^ 5 stat. L., CHAP. IX. AH act for adjusting the remaining claims upon the late deposite banks. Be it enacted Tjy the Senate and House of Representa- tives of the United States of America in Congress assem- o7 b t e h? eC T e re*i r s y - ^ ef ^ Tnat the Secretary of the Treasury be, and he is ury Huthori/ed hereby, authorized to continue to withdraw the public to continue to " L withdraw the mone y s now remaining in any of the former deposite public moneys " fn the former banks, in a manner as gradual and convenient to the deposite banks, in a manner as j ns titutions as shall be consistent with the pecuniary convenient to /> them as shall -wants of the Government, and the safety of the funds he consistent . with the wants thus to be drawn; and that no further interest than that of the (.oTern- ment. etc. required by the deposite act of the twenty-third of June, Act of June l . ' I'.x is-'JO, ch. one thousand eight hundred and thirty-six, under which those deposites were made, shall be demanded of any bank which has met. and shall hereafter meet, the requi- This provi- s jtjons of the Department. This provision shall also Hion to extend ' to m o ne y s extend to such public moneys as may remain in any of whether stand- ^ _ inK to thethe said banks, whether standing to the credit of the credit of the rnit.-d states Treasurer of the United States, or of any disbursing or 1 reasurer, or any other offi- other public officer of the Government. cerofthe (;overnment. SKC. '2. A/id be it further enacted. That in case of neg- In c a H e of - p n .my of saidJect or refusal by any of the said banks to comply with banks not coin- ... - . piyinjf with the the requisitions of the Secretary of the Treasury, as he requital ions or . . the secretary shall make them, in conformity with the first section of of the Treas- ury, suits shall this act. suits shall be instituted, where that has not | ( p instituted, unless, etc. already been done, to recover the amounts due to the United States, unless the defaulting bank shall forth- with cause to be executed and delivered to the Secretary of the Treasury a bond, with security to be approved by the Solicitor of the Treasury, to pay to the United States the whole money.- due from it, in three instalments: the first to be paid on the (ir>t day of July next, the second on the fir-l day of January, eighteen hundred and thirty- nine. and the remaining in-talmcnt on the first day of July, eighteen hundred and thirty-nine; and the default LAWS CONCERNING MONEY, BANKING, AND LOANS. 325 mentioned in this act, on which interest is to commence at the rate of six per (centum per annum,) shall be understood to be the neglect or omission of said banks, or any of them, to answer the drafts or requisitions of the Secretary of the Treasury made on them according to the provisions of the first section of this act; and interest thereon at the rate of six per centum per annum, from the time of default, together with any damages which may have accrued to the United States from protests of drafts drawn upon it, or from any other consequence of its failure to fulfil its obligations to the public treasury. Approved, October 16, 1837. ACT OF JULY 5, 1838. CHAP. CLVIII. An act to modify the last clause of the 25 $ stat. L., fifth section of the deposite act of the twenty-third of June, eighteen hundred and thirty -six. Be it enacted by the /Senate and House of Representa- tives of the United States of America in Congress assem- bled. That the last clause of the fifth section of the act Act of June ... 23, 1836, ch. entitled An act to regulate the deposites of the public 1 1 s , last . ., . clause, modi- money, approved on the twentv-third dav or June, eight- fled as to is- , . . 1 1 i" sues of notes een hundred and thirty-six, declaring that the notes or under $5 . bills of no bank shall be received in payment of any debt due to the United States, which shall, after the fourth day of July, in the year one thousand eight hundred and thirty-six, issue any note or bill of a less denomination than five dollars, shall be, and the same is hereby, so far modified as that the interdiction as to the reception of the bills and notes shall not continue against any bank which has, since the said fourth day of July, in the year one thousand eight hundred and thirty-six, insued bills or notes of a less denomination than five dollars, or which shall issue any such bills or notes prior to the first day of October, in the year eighteen hundred and thirty- eight, but that from and after the said last mentioned day, the bills or notes of no bank shall be received in pay- ment of any debt due to the United States, which bank shall, after that date, issue, reissue, or pay out any bill or note of a denomination less than five dollars. Approved, July 5, 1838. 326 NATIONAL MONETARY COMMISSION. ACT OF JULY T, 1838. 5 stat. L., CHAP. CLXXXV. An act to prevent the issuing and circulation of the bills, notes and other securities of corporations created by acts of Congress which have expired. (Section 1 makes it a high misdemeanor for any di- rector, agent, or trustee of any corporation created by act of Congress, the charter whereof has expired, to re- issue or knowingly put in circulation any bill, note, check, draft, or other security of such expired corporation ; and section 2 gives to the circuit courts of the United States jurisdiction, on bill or petition, to restrain the issue or transfer of such bills, notes, and other securities when in the possession or control of any director, agent, or trus- tee of such expired corporation, and to cause such of said bills, notes, and securities as have been redeemed to be delivered up and canceled.) Approved. July 7, 1838. ACT OF JULY 7, 1838. 3oi Stat ' L " CHAP. CCXII. An act to restrain the circulation of xmall notes, as a currency, in the District of Columbia, and for other purposes. (This act made it unlawful after the 10th of April, 183!), to issue, etc.. in the District of Columbia, any note, etc.. loss than five dollars, and after the passage of this act (o issue, do novo, or knowingly to pass. etc.. within the District, any note, etc., of less than five dollars. The act of December i ; T. lSr>4 (10 Stat. L., :>!><)). contains similar provisions.) ACT OF AUGUST 13. 1841. 4 .,[; '' T '-Cn.\p. VI F. An art to repeal the act entitled ".4;? art to prov/de for fhe collection, safe-keeping, transfer, and dtxbut'xenieiit <>f fhe publ'tr reroute," and to pro ride for fin- juintxJuiH nf of embezzler* of public money, and for other uroxex. Art of Jun ***** S i-:r. :',. And ! /'/ furthfi- enitrfrd. That the act entitled, l 1 i!i r r.,,''Nih P '!n:i" A " :lH <0 i-<'g''l"t<' 5 1861. ACT OF FEBRUARY 2f>, 1863. CHAP. LVIII. An act to provide a National Currency. 12 stat. L. ( secured by a Pledge of United /States titockx, find to provide for the Circulation and Redemption, thereof. (This act was repealed and superseded by the act of similar title approved June 3, 1864, but with so little change in its leading features as to make it sufficient in Ihis place to refer to the note appended to the act of 1864, where, the. principal points of difference are recited, and to extract here only the sections providing for the 328 NATIONAL MONETARY COMMISSION. apportionment of the bank circulation and for the issue of secured notes by State banks.) * * * * * SEC. 17. And be it further enacted, That the entire amount 'of circulating notes to be issued under this act shall rot exceed three hundred millions of dollars. One hundred and fifty millions of which sum shall be appor- tioned to associations in the States, in the District of Columbia, and in the Territories, according to represent- ative population, and the remainder shall be appor- tioned by the Secretary of the Treasury among associa- tions formed in the several States, in the District of Columbia, and in the Territories, having due regard to the existing banking capital, resources, and business, of such States, District, and Territories. SEC. 61. And l>e it further enacted, That any banking association or corporation lawfully in existence as a bank of circulation on the first day of January, Anno Domini eighteen hundred and sixty-three, organized in any state, either under a special act of incorporation or a general banking law, may, at any time within years after the passage of this act become an association under the pro- visions of this act; that in such case the certificate of association provided for by this act shall be signed by the directors of such banking association or corporation, and in addition to the specifications required by this act, .shall specify that such directors are authorized by the owners of two-thirds of the capital stock of such bank- ing association or corporation, to make such certificate of association, and such certificate of association shall thereafter have the same effect, and the same proceedings shall be had thereon, as is provided for as to other asso- ciations organized under this act. And such association or corporation thereafter shall have the same powers and privileges, and shall be subject to the same duties, re- sponsibilities, and rules, in all respects, as is (are) pre- scribed in this act- for other associations organized under it, and shall be held and regarded as an association under this act. Si:r. (\'2. And he if further cnncteth That any bank or banking association, authorized by any State law to en- gage in the business of banking, and duly organized under such State law at the lime of the passage of this act. and which shall be the holder and owner of United States LAWS CONCERNING MONEY, BANKING, AND LOANS. 329 bonds to the amount of fifty per centum of its capital stock, may transfer and deliver to the Treasurer of the United States such bonds, or any part thereof, in the manner provided by this act; and upon making such transfer and delivery, such bank or banking association shall be entitled to receive from the comptroller of the currency, circulating notes, as herein provided, equal in amount to eighty per centum of the amount of the bonds so transferred and delivered. SEC. 63. And l>e it farther enacted, That upon the fail- ure of any such State bank or banking association, to redeem any of its circulating notes issued under the pro- visions of the preceding section, the comptroller of the currency shall, when satisfied that such default has been made, and within thirty days after notice of such default, proceed to declare the bonds transferred and delivered to the treasurer, forfeited to the United States, and the same shall thereupon be forfeited accordingly. And thereupon the circulating notes which have been issued by such bank or banking association shall be redeemed and paid at the Treasury of the United States, in the same manner as other circulating notes issued under the provisions of this act are redeemed and paid. SEC. 64. And be it further enacted, That the bonds for- feited, as provided in the last preceding section, may be cancelled to an amount equal to the circulating notes re- deemed and paid, or such bonds may be sold, under the direction of the Secretary of the Treasury, and after re- taining out of the proceeds a sum sufficient to pay the whole amount of circulating notes, for the redemption of which such bonds are held, the surplus, if any remains, shall be paid to the bank, or banking association from which such bonds were received. SEC. 65. And be it further enacted, That Congress re- serves the right, at any time, to amend, alter, or repeal this act. Approved. February 25, 1863. ACT OF MARCH 3, 1863. CHAP. LXXIIL -An act to provide ways and meanx for flu- support of the Government. 'Jf * 'X * : ! : (Section 7. after providing for taxes to be laid upon the circulation of all banks and corporations, whether es- 1. 77 12 10 22 330 NATIONAL, MONETARY COMMISSION. tablished under state laws or under the act of February 25, 1863, directs that all banks, corporations, or indi- viduals issuing notes for any fractional part of a dollar after April 1, 1863, shall be taxed ten per cent per annum upon the amount of such fractional notes.) ***** Approved, March 3, 1863. ACT OF JUNE 3, 1864. is stat. L., CHAP. CVI. An act to provide a national currency, se- cured by a pledge of United States bonds, and to pro- vide for the circulation, and redemption thereof. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- currencj -Bu- u e( j That there shall be established in the Treasury reauestab- . J iished. Department a separate Bureau, which shall be charged with the execution of this and all other laws that may be passed by Congress respecting the issue and regulation of a national currency secured by United States bonds. The chief officer of the said Bureau shall be denominated comptroller the Comptroller of the Currency, and shall be under the renoy. general direction of the Secretary of the Treasury. He Appointment, shall be appointed by the President, on the recommenda- tion of the Secretary of the Treasury, by and with the advice and consent of the Senate, and shall hold his office Term of office, for the term of five years unless sooner removed by the President, upon reasons to be communicated by him to the salary. Senate; he shall receive an annual salary of five thousand tr ^epty>mp- dollars; he shall have a competent deputy, appointed by the Secretary, whose salary shall be two thousand five hundred dollars, and who shall possess the power and perform the duties attached by law to the office of Comp- troller during a vacancy in such office and during his absence or inability; he shall employ, from time to time, the necessary clerks to discharge such duties as he shall clerk*. direct, which clerks shall be appointed and classified by the Secretary of the Treasury in the manner now pro- io ( t ) !'ke r o'a 1 rh vi(|(>(1 by ltlw - AVithin fifteen days from the time of !1() ,j (V O f ]jj s appointment ih,. Comptroller shall t:\ke and subscribe (he oath of office prescribed by the Constitution and laws of the United States; and he shall give to the United States a bond in the penalty of one hundred thou- sand dollars, with not le>- than two responsible sureties. LAWS CONCERNING MONEY, BANKING, AND LOANS. 331 to be approved by the Secretary of the Treasury, condi- tioned for the faithful discharge of the duties of his office. The deputy comptroller so appointed shall also take the oath of office prescribed by the Constitution and Oath and laws of the United States, and shall give a like bond in comptroller. the penaltv of fiftv thousand dollars. The Comptroller Not to be in- , , . . terested in any and deputy-comptroller shall not, either directly or mdi- banking asso- if. . ..... i ciation. rectly, be interested in any association issuing national currency under the provisions of this act. SEC. 2. And be it further enacted. That the Comp- seal of cur- rencv Bureau, troller of the Currency, with the approval of the Secre- tary of the Treasury, shall devise a seal, with suitable inscriptions, for his office, a description of which, with a certificate of approval by the Secretary of the Treasury, and where to be shall be filed in the office of the Secretary of State with an impression thereof, which shall thereupon become the seal of office of the Comptroller of the Currency, and the same may be renewed when necessary. Every certificate, e ( r s rt l f n 1 J 1 ^ a i ; assignment, and conveyance executed by the Comptroller, g"^^! 1 to be in pursuance of any authority conferred on him by law, and sealed with his seal of office, shall be received in evidence in all places and courts whatsoever; and all copies of papers in the office of the Comptroller, certified by him and authenticated by the said seal, shall in all cases be evidence equally and in like manner as the origi- impression . Z IT i may be upon nal. An impression of such seal directly on the paper paper, shall be as valid as if made on wax or wafer. SEC. 3. And be it further enacted. That there shall be Rooms for Currency Bu- assigned to the Comptroller of the Currency by the Secre- reau. tary of the Treasury suitable rooms in the Treasury build- ing for conducting the business of the Currency Bureau, in which shall be safe and secure fire-proof vaults, in Fire-proof which it shall be the duty of the Comptroller to deposit va and safely keep all the plates not necessarily in the pos- session of engravers or printers, and other valuable things belonging to his department; and the Comptroller shall from time to time furnish the necessary furniture, sta- Furniture, tionery, fuel, lights, and other proper conveniences for c the transaction of the said business. SEC. 4. And be it further enacted, That the term Term "United " United States bonds," as used in this act, shall bo con- 1 <>' inc i udc strued to mean all registered bonds novv- issued, or that Keviscji stat- may hereafter be issued, on the faith of the United States by the Secretary of the Treasury in pursuance of lav. 332 NATIONAL MONETARY COMMISSION. Banking as- EC> 5. And be it farther enacted, That associations for soclations, how , . , , , may be formed, carrying on the business of banking may be formed by any number of persons, not less in any case than five, who shall enter into articles of association, which shall specify in general terms the object for which the associa- tion is formed, and may contain any other provisions, not inconsistent with the provisions of this act, which the association may see fit to adopt for the regulation of the business of the association and the conduct of its affairs, which said articles shall be signed by the persons uniting to form the association, and a copy of them forwarded to the Comptroller of the Currency, to be filed and pre- served in his office, organization SEC. 6. And be it further enacted, That the persons certificate to . . ' l . specify uniting to form such an association shall, under then- hands, make an organization certificate, which shall specify name, First. The name assumed by such association, which name shall be subject to the approval of the Comptroller. place of busi- Second. The place where its operations of discount and ness, \ deposit are to be carried on, designating the State, Ter- ritory, or District, and also the particular county and city, town, or village. capital and Third. The amount of its capital stock, and the number of shares into which the same shall be divided. names, etc., of Fourth. The names and places of residence of the shareholders, and the number of shares held by each of them. purpose of cer- Fifth. A declaration that said certificate is made to en- tlflcate. -IT able such persons to avail themselves of the advantages of this act. certificate; to The said certificate shall be acknowledged before a heacknowl-.-. , fdged. judge of some court of record or a notary public, and such certificate, with the acknowledgment thereof authenti- cated by the seal of such court or notary, shall be trans- mitted to the Comptroller of the Currency, who shall re- cord and carefully preserve the same in his office. Copies WlV ^ sllcn certificate, duly certified by the Comptroller, and authenticated by his seal of office, shall be legal and suffi- cient evidence in nil courts and places within the United States, or the jurisdiction of the Government thereof, of the existence of such association, and of every other mat- ter oi- thing which could be proved by the production of the original certificate. LAWS CONCERNING MONEY, BANKING, AND LOANS. 333 SEC. 7. And be it further enacted. That no association shall be organized under this act, with a less capital than ^ Iess one hundred thousand dollars, nor in a city whose popu- lation exceeds fifty thousand persons, with a less capital than two hundred thousand dollars: Provided, That Proviso. banks with a capital of not less than fifty thousand dol- lars may. with the approval of the Secretary of the Treas- ury. be organized in any place the population of which does not exceed six thousand inhabitants. SEC. 8. And be it further enacted. That every associa- Associations, . . . " when to be cor- tion formed pursuant to the provisions of this act shall, portions and ., ' . f . . . ' when to com- from the date of the execution of its organization cer- mencebusiness. tificate, be a body corporate, but shall transact no business except such as may be incidental to its organization and necessarily preliminary, until authorized by the Comp- troller of the Currency to commence the business of banking. Such association shall have power to adopt a seal. corporate seal, and shall have succession by the name designated in its organization certificate, for the period of twentv years from its organization, unless sooner dis- Mfl y continue 1 " ' twenty years, solved according to the provisions of its articles of asso- unless, etc. ciation, or by the act of its shareholders owning two thirds of its stock, or unless the franchise shall be for- feited by a violation of this act : bv such name it mav General powers. make contracts, sue and be sued, complain and defend, in any court of law and equity as fully as natural persons; it mav elect or appoint directors, and by its board of di- Directors and . j 7 officers. rectors appoint a president, vice-president, cashier, and other officers, define their duties, require bonds of them and fix the penalty thereof, dismiss said officers or any of them at pleasure, and appoint others to fill their places, and exercise under this act all such incidental powers as shall be necessary to carry on the business of banking by discounting and negotiating promissory notes, drafts, bills of exchange, and other evidences of debt ; by receiv- ing deposits; by buying and selling exchange, coin, and bullion; by loaning money on personal security; by ob- taining. issuing, and circulating notes according to the provisions of this act; and its board of directors shall ity-iaws. also have power to define and regulate by by-laws, not inconsistent with the provisions of this act, the manner in which its stock shall be transferred, its directors elected or appointed, its officers appointed, its property trans- ferred. its general business conducted, and all the privi- leges granted by this act to associations organized under 334 NATIONAL MONETARY COMMISSION. Revised stat- i t s h a U be exercised and enjoyed ; and its usual business utes, o!90. ii- shall be transacted at an office or banking house located in the place specified in its organization certificate. Directors; SEC. 9. And be It further enacted, That the affairs of : every association shall be managed by not less than five one to be presi- directors, one of whom shall be the president. Every di- rector shall, during his whole term of service, be a citi- zen of the United States ; and at least three fourths of the directors shall have resided in the State, Territory, or District in which such association is located one year next preceding their election as directors, and be residents of the same during their continuance in office. Each director shall own, in his own right, at least ten shares of the capi- tal stock of the association of which he is a director. Each director, when appointed or elected, shall take an oath. oath that he will, so far as the duty devolves on him, diligently and honestly administer the affairs of such as- sociation, and will not knowingly violate, or willingly permit to be violated, any of the provisions of this act, and that he is the bona fide owner, in his own right, of the number of shares of stock required by this act, subscribed by him. or standing in his name on the books of the as- sociation, and that the same is not hypothecated, or in an} r way pledged, as security for any loan or debt ; which oath, subscribed by himself, and certified by the officer be- fore whom it is taken, shall be immediately transmitted to the Comptroller of the Currency, and by him filed and preserved in his office. Term of of- SKC. 10. And l>f it fit/'ther enacted, That the directors of any association first elected or appointed shall hold their places until their successors shall be elected and Elections, qualified. All subsequent elections shall be held annu- ally on such day in the month of January as may be speci- fied in the articles of association: and the directors so elected shall hold their places for one year, and until their successors are elected and qualified. But any di- rector ceasing to be the owner of the requisite amount of stock', or having in any other manner become disqualified, ipR, shall thcivbv vacate his place. Anv vacancv in the board ' shall lie filled by appointment bv the remaining directors, and any director so appointed shall hold his place until the next tied ion. If from any cause an election of di- rectors .-hall not !ic made at the time appointed, the as- sociation shall not for that cause be dissolved, but an elec- tion may be l.eid on any .subsequent day. thirty days' LAWS CONCEP.NING MONEY, BANKING, AND LOANS. 335 notice thereof in all cases having been given in a news- paper published in the city, town, or county in which the association is located; and if no newspaper is published in such city, town, or county, such notice shall be pub- lished in a newspaper published nearest thereto. If the articles of association do not fix the day on which the election shall be held, or if the election should not be held on the day fixed, the day for the election shall be desig- nated by the board of directors in their by-laws, or other- wise : Provided, That if the directors fail to fix the day, as aforesaid, shareholders representing two thirds of the shares may. SEC. 11. And be it further enacted, That in all elec- voting and . '. . 7 . proxies. tions of directors, and in deciding all questions at meet- ings of shareholders, each shareholder shall be entitled to one vote on each share of stock held by him. Share- holders may vote by proxies duly authorized in writing; but no officer, clerk, teller, or book-keeper of such associa- tion shall act as proxy ; and no shareholder w r hose liability is past due and unpaid shall be allowed to vote. SEC. 1-2. And be it further enacted. That the capital capital stock J _ L to be di vicled stock of any association formed under this act shall be int shares. divided into shares of one hundred dollars each, and be deemed personal property and transferable on the books of the association in such manner as may be prescribed in the by-laws or articles of association ; and every per- Transfer. son becoming a shareholder by such transfer shall, in pro- portion to his shares, succeed to all the rights and lia- istiug creditors bilities of the prior holder of such shares, and no change paired, shall be made in the articles of association by which the rights, remedies, or security of the existing creditors of the association shall be impaired. The shareholders of individual liability. each association formed under the provisions of this act, and of each existing bank or banking association that may accept the provisions of this act, shall be held individu- ally responsible, equally and ratably, and not one for an- other, for all contracts, debts, and engagements of such association to the extent of the amount of their stock therein at the par value thereof, in addition to the amount invested in such shares; except that shareholders of any banking association now existing under State laws, hav- ing not less than five millions of dollars of capital actu- ally paid in, and a surplus of twenty per centum on hand, both to be determined by the Comptroller of the Cur- rency, shall be liable only to the amount invested in their 336 NATIONAL MONETARY COMMISSION. I ncrease of capital stock. Maximum. shares; and such surplus of twenty per centum shall be kept undiminished, and be in addition to the surplus pro- vided for in this act ; and if at any time there shall be a deficiency in said surplus of twenty per centum, the said banking association shall not pay any dividends to its shareholders until such deficiency shall be made good ; and in case of such deficiency, the Comptroller of the Currency may compel said banking association to close its business and wind up its affairs under the provisions when comp- o f this act. And the Comptroller shall have authority troller may ,,,* n " withhold cer- to withhold from an association his certificate authorizing the commencement of business, whenever he shall have reason to suppose that the shareholders thereof have formed the same for any other than the legitimate objects contemplated by this act. SEC. 13. And l>e it further enacted, That it shall be lawful for any association formed under this act, by its articles of association, to provide for an increase of its capital from time to time, as may be deemed expedient, subject to the limitations of this act : Provided, That the maximum of such increase in the articles of association shall be determined by the Comptroller of the Currency; and no increase of capital shall be valid until the whole amount of such increase shall be paid in, and notice thereof shall have been transmitted to the Comptroller of the Currency, and his certificate obtained specifying the amount of such increase of capital stock, with his ap- proval thereof, and that it has been duly paid in as part of the capital of such association. And every associa- tion shall have power, by the vote of shareholders own- ing two thirds of its capital stock, to reduce the capitaj of such association to any sum not below the amount required by this act, in the formation of associations: Provided, That by no such reduction shall its capital be brought below the amount required by this act for its out- standing circulation, nor shall any such reduction be made until the amount of the proposed reduction has been reported to the Comptroller of the Currency and his approval thereof obtained. rj ' Si:r. 1 I. And he !f further enacted, That at least fifty " per centum of the capital stock of every association shall be paid in before it shall be authorized to commence *fe business; and the remainder of the capital stock of such association shall be paid in instalments of at least ten per centum each on the whole amount of the capital as Minimum. Itcinn ! ml when to paid. LAWS CONCERNING MONEY, BANKING, AND LOANS. 337 frequently as one instalment at the end of each succeed- ing month from the time it shall be authorized by the Comptroller to commence business; and the payment of each instalment shall be certified to the Comptroller, under oath, by the president or cashier of the association. SEC. 15. And be it further enacted. That if any share- ., Proceedings, ' J if shareholder holder, or his assignee, shall fail to pay any instalment on g^nmen P ts' v in the stock when the same is required by the foregoing sec- tion to be paid, the directors of such association may sell the stock of such delinquent shareholder at public auc- . stock of de- \ linquent share- tion, having given three weeks' previous notice thereof Aiders to be in a newspaper published and of general circulation in the city or county where the association is located, and if no newspaper is published in said city or county, then in a newspaper published nearest thereto, to any person who will pay the highest price therefor, and not less than the amount then due thereon, with the expenses of advertise- ment and sale ; and the excess, if any, shall be paid to the delinquent shareholder. If no bidder can be found who will pay for such stock the amount due thereon to the association, and the cost of advertisement and sale, the amount previously paid shall be forfeited to the associa- tion, and such stock shall be sold as the directors may order, within six months from the time of such forfeiture, and if not sold it shall be cancelled and deducted from the capital stock of the association ; and if such cancella- tion and reduction shall reduce the capital of the asso- ciation below the minimum of capital required by this act, the capital stock shall, within thirty days from the date of such cancellation, be increased to the require- ments of the act ; in default of which a receiver may be appointed to close up the business of the association ac- cording to the provisions of the fiftieth section of this act. SEC. 16. And be it further enacted. That every associa- rnito.i states T i ' ...registered tion, alter having complied with the provisions of this bonds to be de- ,. . / i posited with act, preliminary to the commencement of banking busi- Treasurer to 1 1 -an amount ness under its provisions, and before it shall be authorized eriuni to one- -. , 1 -i 1 third of the to commence business, shall transfer and deliver to the capital stock. Treasurer of the United States any United States regis- utes, 5159. tered bonds bearing interest to an amount not less than thirty thousand dollars nor less than one third of the capital stock paid in, which bonds shall be deposited with the Treasurer of the United States and by him safely kept in his office until the same shall be otherwise dis- 338 NATIONAL MONETARY COMMISSION. posed of, in pursuance of the provisions of this act ; and the Secretary of the Treasury is hereby authorized to re- ceive and cancel any United States coupon bonds, and to issue in lieu thereof registered bonds of like amount, bearing a like rate of interest, and having the same time Deposit to be to run ; and the deposit of bonds shall be, by every asso- increased ; . , . ciation, increased as its capital may be paid up or in- creased, so that every association shall at all times have on deposit with the Treasurer registered United States bonds to the amount of at least one third of its capital my b e dimin- s tock actually paid in: Provided, That nothing in this section shall prevent an association that may desire to reduce its capital or to close up its business and dissolve its organization from taking up its bonds upon returning to the Comptroller its circulating notes in the proportion hereinafter named in this act, nor from taking up any excess of bonds beyond one third of its capital stock and upon which no circulating notes have been delivered. Comptroller SEC. 17. And l>e it further enacted. That whenever a to examine and ' . determine if certificate shall have been transmitted to the Comptroller association can ...... commence busi- of the Currency, as provided in this act, and the associa- 11CSS *" tion transmitting the same shall notify the Comptroller that at least fifty per centum of its capital stock has been paid in as aforesaid, and that such association has com- plied with all the provisions of this act as required to be complied with before such association shall be authorized to commence the business of banking, the Comptroller shall examine into the condition of such association, as- certain especially the amount of money paid in on account of its capital, the name and place of residence of each of the directors of such association, and the amount of the capital stock of which each is the bona fide owner, and generally whether such association has complied with all the requirements of this act to entitle it to engage in the business of banking; and shall cause to be made and attested by the oaths of a majority of the directors and by the president or cashier of such association, a state- ment of all the facts necessary to enable the Comptroller to determine whether such association is lawfully entitled to commence the business of banking under this act. rlaK "s Cimi SK( '' 1 H ' ' ' " (l '"' !f /'"'^^ f'Hfirtcfl, That if, upon il lir e n!:KuHiS careful ( - X:1I i:it'<"i of the facts so reported, and of any iivCTru l flcate < ! other farts wlli( ' n lua . v (><)im> to tlu> knowledge of the Comptroller, whether | )V means of a special commission appointed by him for the purpose of inquiring into the LAWS CONCERNING MONEY, BANKING, AND LOANS. 339 condition of such association, or otherwise, it shall appear that such association is lawfully entitled to commence the business of banking, the Comptroller shall give to such association a certificate, under his hand and official seal, that such association has complied with all the provisions of this act required to be complied with before being en- titled to commence the business of banking under it, and that such association is authorized to commence said business accordingly ; and it shall be the duty of the asso- ciation to cause said certificate to be published in some Certificate, to be published. newspaper published in the city or county where the association is located for at least sixty days next after the issuing thereof: Provided, That if no newspaper is pub- lished in such city or county the certificate shall be pub- lished in a newspaper published nearest thereto. SEC. 19. And le it further enacted, That all transfers ^JJansfer^of of United States bonds which shall be made by any asso- ^|" n> to to t ^ ciation under the provisions of this act shall be made to ^f s f t sul ' er lu the Treasurer of the United States in trust for the asso- ciation, with a memorandum written or printed on each HOW e x e - bond, and signed bv the cashier or some other officer of Revised stat- . , . . . utes, 5162. the association making the deposit, a receipt there lor to be given to said association, or by the Comptroller of the Currency, or by a clerk appointed by him for that pur- pose, stating that it is held in trust for the association on whose behalf such transfer is made, and as security for the redemption and payment of any circulating notes that have been or may be delivered to such association. No assignment or transfer of any such bonds by the Treas- urer shall be deemed valid or of binding force and effect unless countersigned by the Comptroller of the Currency. It shall be the duty of the Comptroller of the Currencv Comptroller n> " i i i -i TI i -i i to keep trans- to keep in his office a book in which shall be entered the fer book, etc. name of every association from whose accounts such transfer of bonds is made by the Treasurer, and the name of the party to whom such transfer is made; and the, par value of the bonds so transferred shall be entered therein; and it shall be the duty of the Comptroller, im- mediately upon countersigning and entering the same, to advise by mail the association from whose account such transfer was made of the kind and numerical designa- tion of the bonds and the amount thereof so transferred. SEC. 20. A Jiff le it further enacted. That it shall be Ili'V^'aiM*. r duty of the Comptroller of the Currency to countersign^.^' 1 " 1 " 1 ''" and cnler in the book, in the manner a fore-aid, everv 340 NATIONAL MONETARY COMMISSION. transfer or assignment of any bonds held by the Treasurer acc^s8i k b1e to ^P^^nted for his signature; and the Comptroller shall have at all times during office hours access to the books of the Treasurer, for the purpose of ascertaining the correct- ness of the transfer or assignment presented to him to countersign: and the Treasurer shall have the like access to the book above mentioned, kept by the Comptroller, during office hours, to ascertain the correctness of the entries in the same; and the Comptroller shall also at all times have access to the bonds on deposit with the Treas- urer, to ascertain their amount and condition. Associations, g E c. 21. And be it further enacted, That upon the after transfer, ' ' may receive cir- transfer and delivery of bonds to the Treasurer, as pro- culatlng notes. .,,., '. ,. . . . see act ofyided in the foregoing section, the association making the same shall be entitled to receive from the Comptroller of the Currency circulating notes of different denomina- tions, in blank, registered and countersigned as herein- after provided, equal in amount to ninety per centum of the current market value of the United States bonds so transferred and delivered, but not exceeding ninety per centum of the amount of said bonds at the par value amount' 1 * thereof, if bearing interest at a rate not less than five per centum per annum ; and at no time shall the total amount of such notes, issued to any such association, exceed the amount at such time actually paid in of its capital stock. ]aHon Ir no C tTo SEC - " Altd ^ if ' father enacted, That the entire oocfooo $:{00 '~ "mount of notes for circulation to be issued under this act to prepare" tie sna ^ 1K)t exceof l three hundred millions of dollars. Tn D Revised stat- orf ^ er * f 111 * 11 ^" 1 suitable notes for circulation, the Comp- J-Jl^l: "' 1 7 - -troller of the Currency is hereby authorized and required, under the direction of the Secretary of the Treasury, to cause plates and dies to be engraved, in the best manner to guard against counterfeiting and fraudulent alterations, and to have printed therefrom, and numbered, such quan- Hons" 01 "' ""'lity f circulating notes, in blank, of the denominations of one dollar, two dollars, three dollars, five dollars, ten dollars, twenty dollars, fifty dollars, one hundred dollars, five hundred dollars, and one thousand dollars, as may be required to supply, under this act. the associations enti- pr^ss'what 1 . fl( ''' V( ' t'"' same: which notes shall express upon their face thai they are secured by United States bonds, deposited with the Treasurer of the United States by the written or engraved signatures of the Treasurer and Register, and by the imprint of the seal of the Treasury; and shall also express upon their face the promise of the LAWS CONCERNING MONEY, BANKING, AND LOANS. 341 association receiving the same to pay on demand, attested by the signatures of the president or vice-president and Devices - cashier. And the said notes shall bear such devices and such other statements, and shall be in such form, as the Secretary of the Treasury shall, by regulation, direct: Notes under Provided, That not more than one sixth part of the notes furnished to an association shall be of a less denomination than five dollars, and that after specie payments shall be resumed no association shall be furnished with notes of a less denomination than five dollars. SEC. 23. And be it further enacted, That after any such ma ^ h ^ c n ^ s association shall have caused its promise to pay such notes j^t e d as on demand to be signed by the president or vice-president Ut ^ s ev if 1 e | 2 stat " and cashier thereof, in such manner as to make them u t ^| vis | d 4 ^ 7 t | t - obligatory promissory notes, payable on demand, at its 3475 - place of business, such association is hereby authorized to issue and circulate the same as money : and the same shall to be received i n r i T i n . for all dues, be received at par in all parts or the United States in except, etc. payment of taxes, excises, public lands, and all other dues to the United States, except for duties on imports; and also for all salaries and other debts and demands owing by the United States to individuals, corporations, and associations within the United States, except interest on the public debt, and in redemption of the national cur- rency. And no such association shall issue post notes or Post notes, etc., not to be any other notes to circulate as monev than such as are issued - , . ..",,. Revised Stat- authorized by the foregoing provisions of this act. utes, siss. SEC. 24. And ~be it further enacted. That it shall be the worn-out and ' mutilated duty of the Comptroller of the Currency to receive worn- notes. \ . See act of out or mutilated circulating notes issued by any such June 23, 1874. . , Revised Stat- bankmg association, and also, on due proof or the destruc- tes, 5184. tion of any such circulating notes, to deliver in place thereof to such association other blank circulating notes to an equal amount. And such worn-out or mutilated notes, after a memorandum shall have been entered in the proper books, in accordance with such regulations as may be established by the Comptroller, as well as all circulat- ing notes which shall have been paid or surrendered to be cancelled, shall be burned to ashes in presence of four per- sons, one to be appointed by the Secretary of the Treas- ury, one by the Comptroller of the Currency, one by the Treasurer of the United States, and one by the association, under such regulations us the Secretary of the Treasury may prescribe. And a certificate of such burning, signed by the parties so appointed, shall be made in the books of 342 NATIONAL MONETARY COMMISSION. the Comptroller, and a duplicate thereof forwarded to the association whose notes are thus cancelled. to A es S amfnea n n 8 SEC - 25 - And be # father enacted, That it shall be the bonds 1 'deposit 8 c ^ ut . v ^ ever y banking association having bonds deposited certiflcate make m ^ ie ^ ce f the Treasurer of the United States, once or Revised stat- o ftener in each fiscal year, and at such time or times dur- utes, uloo. ing the ordinary business hours as said officer or officers Examination mav select, to examine and compare the bonds so pledged or associations. - 1 L ~ with the books of the Comptroller and the accounts of the association, and. if found correct, to execute to the said Treasurer a certificate setting forth the different kinds and the amounts thereof, and that the same are in the pos- session and custody of the Treasurer at the date of such certificate. Such examination may be made by an officer or agent of such association, duly appointed in writing for that purpose, whose certificate before mentioned shall be of like force and validity as if executed by such president or cashier ; and a duplicate signed by the Treasurer shall be retained by the association. Deposited SEC. 20. And l>e it further enacted. That the bonds bonds to he ..' iieid exclusive- transferred to and deposited with the Treasurer of the ly t (i secure circulation. United States, as hereinbefore provided, by any banking Revised Stat- ' ...... utes. .-,107. association for the security of its circulating notes, shall be held exclusively for that purpose, until such notes shall to interest! 1 as ne redeemed, except as provided in this act; but the Comptroller of the Currency shall give to any such bank- ing association powers of attorney to receive and appro- priate to its own use the interest on the bonds which it shall have so transferred to the Treasurer; but such powers shall become inoperative whenever such banking association shall fail to redeem its circulating notes as a fore-aid. Whenever the market or cash value of any P roc f ia^ nd 8ecu'- l)0nfls deposited with the Treasurer of the United States, made K ood. '"'' as foresiid. shall be reduced below the amount of the circulation issued for the same, the Comptroller of the Currency is hereby authorized to demand and receive the amount of such depreciation in other United States bonds at cash value, or in money, from the association receiving said bills, to be deposited with the Treasurer of the ( nited States as long MS such depreciation continues. . ^TxSianBod! Aml sai(l ('""'P 11 ' ' 1 ''''- upon the terms prescribed by the Secretary of tli" Treasury, may permit an exchange to be made of any of the bonds deposited witli the Treasurer by an association for other bonds of the United States authorized by this act to be received as security for circu- LAWS CONCERNING MONEY, BANKING, AND LOANS. 343 lating notes, if he shall be of opinion that such an ex- change can be made without prejudice to the United States, and he mav direct the return of any of said bonds fll :*y be re - '.',*' . turned u p o n to the banking association which transferred the same, i n cTr^IfiaUn * sums of not less than one thousand dollars, upon the sur- notes - render to him and the cancellation of a proportionate amount of such circulating notes: Provided, That the Proviso - remaining bonds which shall have been transferred by the banking association offering to surrender circulating notes shall be equal to the amount required for the circu- lating notes not surrendered by such banking association, and that the amount of bonds in the hands of the Treas- urer shall not be diminished below the amount required to be kept on deposit with him by this act: And provided, That there shall have been no failure by such association to redeem its circulating notes, and no other violation by such association of the provisions of this act, and that the market or cash value of the remaining bonds shall not be below the amount required for the circulation issued for the same. SEC. 27. And lie it further enacted, That it shall be unlawful for any officer acting under the provisions this act to countersign or deliver to any association, to any other company or person, any circulating notes th i l s ev "g^ stat . contemplated by this act, except as hereinbefore provided, utes > 5187 - and in accordance with the true intent and meaning of this act. And any officer who shall violate the provisions of this section shall be deemed guilty of a high misde- meanor, and on conviction thereof shall be punished by fine not exceeding double the amount so countersigned and delivered, and imprisonment not less than one year and not exceeding fifteen years, at the discretion of the court in which he shall be tried. SEC. 28. And 1)C it further enacted. That it shall be m .J. S hoid at etc S lawful for any such association to purchase, hold. convey real estate as follows : First. Such as shall be nrcessary for its immediate ac- commodation in the transaction of its business. Second. Such as shall be mortgaged to it in good faith by way of security for debts previously contracted. Third. Such as shall be conveyed to it in satisfaction of debts previously contracted in the course of its deal- ings. 344 NATIONAL MONETARY COMMISSION. Fourth. Such as it shall purchase at sales under judg- ments, decrees, or mortgages held by such association, or. shall purchase to secure debts due to said association. Real estate. Such associations shall not purchase or hold real estate in any other case or for any other purpose than as speci- fied in this section. Nor shall it hold the possession of any real estate under mortgage, or hold the title and pos- session of any real estate purchased to secure any debts due to it for a longer period than five years. x o person, g EC 29. And be it further enacted. That the total lia- e t c . , to be ' . liable to asso- bilities to anv association, of any person, or of any com- c 1 a 1 1 o n for * . ' J rn^o r e than, pany. corporation, or firm for money borrowed, including in the liabilities of a company or firm the liabilities of the several members thereof, shall at no time exceed one tenth part of the amount of the capital stock of such associa- certain dis tion actually paid in: Provided. That the discount of counts n o t to - L be included, bona fide bills of exchange drawn against actually exist- ing values, and the discount of commercial or business paper actually owned by the person or persons, corpora- tion, or firm negotiating the same shall not be considered as money borrowed. terest te f ln ^ EC- '^' ^ n d be it further enacted, That every associa- tion may take, receive, reserve, and charge on any loan or discount made, or upon any note, bill of exchange, or other evidences of debt, interest at the rate allowed by the laws of the State or Territory where the bank is located, and no more, except that where by the laws of any State a different rate is limited for banks of issue organized under State laws, the rate so limited shall be allowed for associations organized in any such State under this act. And when no rate is fixed by the laws of the State or Territory, the bank may take, receive, reserve, or charge a rate not exceeding seven per centum, and such interest may be taken in advance, reckoning the days for which . for tin- note, bill, or other evidence of debt has to run. And taking ureator , , ' . the knowingly taking, receiving, reserving, or charging a rate of interest greater than aforesaid shall be held and adjudged a forfeiture of the entire interest which the note, bill, or other evidence of debt carries with it, or whirl) has been agreed to be paid thereon. And in case a greater rate of interest has been paid, the person or per- sons paying the same, or their legal representatives may recover back, in any action of debt, twice the amount of the interest thus paid from the association taking or re- LAWS CONCERNING MONEY, BANKING, AND LOANS. 345 ceiving the same: Provided, That such action is ccrai- o ^j* Ion * . be menced within two years from the time the usurious two >' ears - transaction occurred. But the purchase, discount, or sale of a bona fide bill of exchange, payable at another place than the place of such purchase, discount, or sale, at not more than the current rate of exchange for sight drafts in addition to the interest, shall not be considered as taking or receiving a greater rate of interest. SEC. 31. And be it further enacted, That every associa- Amount of tion in the cities hereinafter named shall, at all times, kept on hand. have on hand, in lawful money of the United States, anutes, 5101, amount equal to at least twenty-five per centum of the see act of . .' . * . , . , June 20, 1874, aggregate amount or its notes in circulation and its de- sec. 2. posits; and every other association shall, at all times, have on hand, in lawful money of the United States, an amount equal to at least fifteen per centum of the aggregate amount of its notes in circulation, and of its deposits. And whenever the lawful money of any association in any of the cities hereinafter named shall be below the amount of twenty-five per centum of its circulation and deposits, and whenever the lawful monev of any other association Liabilities . , , not to be in- shall be below fifteen per centum of its circulation and cle- creased until . , . .,.,.,.. reserve is made posits, such associations shall not increase its liabilities good. by making any new loans or discounts otherwise than by discounting or purchasing bills of exchange payable at sight, nor make any dividend of its profits until the re- quired proportion between the aggregate amount of its outstanding notes of circulation and deposits and its law T - ful money of the United States shall be restored: Pro- Money de- vided, That three fifths of said fifteen per centum mavdemption or . . . "' circulation in consist or balances due to an association available for the certain cities to redemption of its circulating notes from associations ap- proved by the Comptroller of the Currency, organized under this act, in the cities of Saint Louis, Louisville, Chicago, Detroit. Milwaukee, NCAV Orleans, Cincinnati, Cleveland, Pittsburg, Baltimore, Philadelphia, Boston, New York, Albany. Leavenworth, San Francisco, and Washington City: Provided, also, That clearing-house clearing- certificates, representing specie or lawful money specially caTes to rt be deposited for the purpose of any clearing-house associa- nfoney* 3 for ^this tion, shall be deemed to be lawful money in the posses- P urpose - sion of any association belonging to such clearing-house holding and owning such certificate, and shall be consid- ered to be a part of the lawful money which such associ- ation is required to have under the foregoing provisions 15712 10 - 2t5 346 NATIONAL MONETARY COMMISSION. Charleston O f this section: Provided, That the cities of Charleston and Richmond. and Richmond may be added to the list of cities in the national associations of which other associations may keep three fifths of their lawful money, whenever, in the opinion of the Comptroller of the Currency, the con- dition of the Southern States will warrant it. And it shall be competent for the Comptroller of the Currency to notify any association, whose lawful money reserve as aforesaid shall be below the amount to be kept on hand as if association aforesaid, to make good such reserve; and if such associ- notice 8 to makeation shall fail for thirty days thereafter so to make ferve d *" good its reserve of lawful money of the United States, the Comptroller may, with the concurrence of the Secretary of the Treasury, appoint a receiver to wind up the busi- ness of such association, as provided in this act. circulation to SEC. 32. And be it further enacted. That each associa- Ne- e Yok at tion organized in any of the cities named in the foregoing p< Revised stat- section shall select, subject to the approval of the Comp- troller of the Currency, an association in the city of New York, at which it will redeem its circulating notes at par. And each of such associations may keep one half of its lawful money reserve in cash deposits in the city of New York. And each association not organized within the certain asso- cities named in the preceding section shall select, subject ipct place for to the approval of the Comptroller of the Currency, an redemption of . . . . . . . . , . . ' ,. circulation. association in either 01 the cities named in the preceding p e SPP ;{, . ... ' act^of June 2o', section at which it will redeem its circulating notes at par, and the Comptroller shall give public notice of the names of the associations so selected at which redemptions are to be made by the respective associations, and of any change that may be made of the association at which the notes of proceedings any association are redeemed. If any association shall ure. fail either to make the selection or to redeem its notes as aforesaid, the Comptroller of the Currency may, upon re- ceiving satisfactory evidence thereof, appoint a receiver, in the manner provided for in this act, to wind up its affairs: Prodded. That nothing in this section shall re- lieve any association from its liability to redeem its circu- lating notes at its own counter, at par, in lawful money, Kach asso on demand : And pror'/ded. further. That every associa- ijition to take . ; . . . ' . HOICK of other tion formed or existing under the provisions of this act associations. shall take and receive at par. for any debt or liability to said association, any and all notes or bills issued by any association existing under arid bv virtue of this act. LAWS CONCERNING MONEY, BANKING, AND LOANS. 347 SEC. 33. And ~be it further enacted, That the directors Dividends, of any association may, semi-annually, each year, declare a dividend of so much of the nett profits of the association as they shall judge expedient; but each association shall, fu | d ^ r P l us before the declaration of a dividend, carry one tenth part of its nett profits of the preceding half year to its surplus fund until the same shall amount to twenty per centum of its capital stock. SEC. 34. And be it further enacted, That every associa- t/^Jf^to tion shall make to the Comptroller of the Currency a re- q U a e riy roller port, according to the form which may be prescribed by him, verified by the oath or affirmation of the president or cashier of such association ; which report shall exhibit in re portf ents f detail, and under appropriate heads, the resources and lia- bilities of the association before the commencement of business on the morning of the first Monday of the months of January, April, July, and October of each year, and shall transmit the same to the Comptroller within five days thereafter. And any bank failing to make and f a n i e n n 1 ? lt t y f "/- transmit such report shall be subject to a penalty of one I)ort hundred dollars for each day after five days that such report is delayed beyond that time. And the Comptroller shall publish abstracts of said reports in a newspaper to to c ( fj* OI ^ r be designated by him for that purpose in the city of stmcts, Washington, and the separate report of each association shall be published in a newspaper in the place where such association is established, or if there be no newspaper at such place, then in a newspaper published at the nearest place thereto, at the expense of the association making such report. In addition to the quarterly reports required by this section, every association shall, on the first Tues- day of each month, make to the Comptroller of the Cur- sta ^ments h ' y rency a statement, under the oath of the president or cashier, showing the condition of the association making such statement, on the morning of the day next preceding the date of such statement, in respect to the following items and particulars, to wit : average amount of loans ;ii)d discounts, specie, and other lawful money belonging to the association, deposits, and circulation. And asso- ciations in other places than those cities named in the thirty-first section of this act shall also return the amount due them available for the? redemption of their circulation. SEC. 35. And be it further enacted, That no association no f s ( s o shall make any loan or discount on the security of thc|^ n ^ ( , shares of its own capital stock, nor be the purchaser orj. t llpir stock. 348 NATIONAL MONETARY COMMISSION. holder of any such shares, unless such security or pur- chase shall be necessary to prevent loss upon a debt pre- viously contracted in good faith ; and stock so purchased or acquired shall, within six months from the time of its purchase, be sold or disposed of at public or private sale, in default of which a receiver may be appointed to close up the business of the association, according to the pro- visions of this act. indebtedness SEC. 36. And be it further enacted. That no association uot to exceed . .,,,, 1-11 capital stock, shall at anv time be indebted, or in anv way liable, to an exc6pt etc. amount exceeding the amount of its capital stock at such time actually paid in and remaining undiminished by losses or otherwise, except on the following accounts, that is to say : First. On account of its notes of circulation. Second. On account of moneys deposited with, or col- lected by, such association. Third. On account of bills of exchange or drafts drawn against money actually on deposit to the credit of such association, or due thereto. Fourth. On account of liabilities to its stockholders for dividends and reserved profits. Associations SEC. 37. And le it further enacted, That no association <-cate circuiat- shall, either directlv or indirectly, pledge or hypothecate i,, K notes, for. . V ,, f 't<- any or its notes or circulation, tor the purpose ot pro- curing money to be paid in on its capital stock, or to be uevis.-fi stat- used in its banking operations, or otherwise; nor shall any association use its circulating notes, or any part thereof, in any manner or form, to create or increase its capital stock. HOI tr, with Si-:c. :5S. A nd l>e it further enacted, That no association, tion of ' their or any member thereof, shall, during the time it shall continue its banking operations, withdraw, or permit to be withdrawn, either in form of dividends or otherwise, any portion of its capital. And if losses shall at any time have been sustained by any such association equal to or exceeding its undivided profits: then on hand, no divi- dend shall be made: and no dividend shall ever be made by any association, while it shall continue \\< banking operations, to an amount greater than its nett profits then on hand, deducting therefrom its losses and bad debts. fi.M.'nr.-V'i.'Mi '^ I1( ' :l " ( 1 ( '' )206. posits, or in any other mode pay or put in circulation the notes of any bank or banking association which shall not, at any such time, be receivable, at par, on deposit and in payment of debts by the association so paying out or circulating such notes; nor shall it knowingly pay out or put in circulation any notes issued by any bank or bank- ing association which at the time of such paying out or putting in circulation is not redeeming its circulating notes in lawful money of the United States. SEC. 40. And be it further enacted. That the president List of names . . and residences and cashier of every such association shall cause to beof shareholders kept at all times a full and correct list of the names and residences of all the shareholders in the association, and the number of shares held by each, in the office where its business is transacted; and such list shall be subject to the inspection of all the shareholders and creditors of the to be subject to 1 . _ . inspection ; association, and the officers authorized to assess taxes under State authority, during business hours of each day in which business may be legally transacted; and a copy of such list, on the first Monday of July in each year, verified by the oath of such president or cashier, shall be*" h s ?, nt to Comptroller. transmitted to the Comptroller of the Currency. SEC. 41. And be it further enacted, That the plates to c k Pp r cdn r and special dies to be procured by the Comptroller of the*} S J /Jf.^ Currency for the printing of such circulating notes shall clies - 17 . . Revised Stat- remam under Ins control and direction, and the expenses utes, HIT:?, necessarily incurred in executing the provisions of this ~ act respecting the procuring of such notes, and all other expenses of the Bureau, shall be paid out of the proceeds Expenses t o . be borne by of the taxes or duties now or hereafter to be assessed on associations. the circulation, and collected from associations organi/ed under this act. And in lieu of all existing taxes, every association shall pay to the Treasurer of the United States, in the months of January and July, a duty of one . ^v < 7 "i"," 1 ' '_ " J circulation, de- half of one per centum each half year from and after thei )OSi ' * and 1 capital slock first day of January, eighteen hundred and sixty-four. < <> .'>' i ): ;, i(1 semi-aimually. upon the average amount of its notes in circulation, and a duty of one quarter of one per centum each half year 350 NATIONAL MONETARY COMMISSION. upon the average amount of its deposits, and a duty of one quarter of one per centum each half year, as afore- said, on the average amount of its capital stock beyond the amount invested in United States bonds; and in case if H n 00 aw t tn ^ default in tne payment thereof of any association, the fln >' duties aforesaid may be collected in the manner provided for the collection of United States duties of other cor- porations, or the Treasurer may reserve the amount of said duties out of the interest, as it may become due, on the bonds deposited with him by such defaulting asso- Retumof <>ir-ciation. And it shall be the duty of each association, to be made. " within ten days from the first days of January and July of each year, to make a return, under the oath of its president or cashier, to the Treasurer of the United States, in such form as he may prescribe, of the average amount of its notes in circulation, and of the average amount of its deposits, and of the average amount of its capital stock, beyond the amount invested in United States bonds, for the six months next preceding said first defaui?! ty f r ( ' a J s of January and July as aforesaid, and in default of such return, and for each default thereof, each defaulting association shall forfeit and pay to the United States the sum of two hundred dollars, to be collected either out of the interest as it may become due such association on the bonds deposited with the Treasurer, or, at his option, in the manner in which penalties are to be collected of other corporations under the laws of the United States; and in case of such default the amount of the duties to be paid by such association shall be assessed upon the amount of notes delivered to such association by the Comptroller of the Currency, and upon the highest amount of its deposits and capital stock, to be ascertained in such other manner h^reTy "ex'' 18 * ne T'^isurer may deem best: Provided, That nothing 'i"'xa'tio f n r i!y '" tn ' s act H ' ul11 l)e t; w s true(l to prevent all the shares in state author- . m y o f (],<, S!l j,| associations, held by any person or body corporate, from being included in the valuation of the personal property of such person or corporation in the assessment of (axes imposed by or under State authority at the place where such bank is located, and not else- where, but not at a greater rate than is assessed upon other moneyed capital in the hands of individual citizens Limit or state O f SU( .j, state: /Y^.vVW, further. That the tax so im- i.i*. / j posed under the laws of any State upon the shares of any of the associations authorized by this act shall not exceed the rate imposed upon the shares in any of the hanks LAWS CONCERNING MONEY, BANKING, AND LOANS. 351 organized under authority of the State where such asso- ciation is located: Provided, also, That nothing in this be R g|| tate to act shall exempt the real estate of associations from either State, county, or municipal taxes to the same extent, according to its value, as other real estate is taxed. SEC. 42. And be -it further enacted. That any associa- HOW associa- ' ' " tlons may he tion may go into liquidation and be closed by the vote clos i- of its shareholders owning two thirds of its stock. And Proceedings. Revised Stat- whenever such vote shall be taken it shall be the duty ofutes. 5220, 5222, ;>224. the board of directors to cause notice of this fact to be certified, under the seal of the association, by its presi- dent or cashier, to the Comptroller of the Currency, and publication thereof to be made for a period of two months in a newspaper published in the cit}^ of New York, and also in a newspaper published in a city or town in which the association is located, and if no newspaper be there published, then in the newspaper published nearest there- to, that said association is closing up its affairs, and notifying the holders of its notes and other creditors to present the notes and other claims against the asso- ciation for payment. And at any time after the ex- piration of one year from the time of the publication of such notice as aforesaid, the said association may pay over to the Treasurer of the United States the amount of its outstanding notes in the lawful money of the United States, and take up the bonds which said association has on deposit with the Treasurer for the security of its cir- culating notes; which bonds shall be assigned to the bank in the manner specified in the nineteenth section of this act, and from that time the outstanding notes of said association shall be redeemed at the Treasury of the United States, and the said association and the share- holders thereof shall be discharged from all liabilities therefor. SEC. 43. And be it further enacted. That the Treasurer, Treasurer to . . ,, execute dupli- on receiving from an association lawful money for thecate receipts. J Revised Stat- payment and redemption or its outstanding notes, as pro-ytes. 5222, vided for in the preceding section of this act, .shall exe- cute duplicate receipts therefor, one to the association and the other to the Comptroller of the Currency, stating the amount received by him, and the purpose for which it- has been received, which amount shall be paid into the Treasury of the United States, and placed to the credit Redeemed of such association upon redemption account. And it mutilated, etc. shall be the duty of the Treasurer, whenever he shall re-juno 23. m-i. 352 NATIONAL MONETARY COMMISSION. deem any of the notes of said association, to cause the same to be mutilated, and charged to the redemption ac- count of said association ; and all notes so redeemed by the Treasurer shall, every three months, be certified to and burned in the manner prescribed in the twenty-fourth section of this act. state banks SEC. 44. And l>e it further enacted. That any bank in- m a y become , , . ' , , . ",., ,- national asso- corporated by special law, or any banking institution organized under a general law of any State, may, by authority of this act, become a national association under its provisions, by the name prescribed in its organization certificate; and in such case the articles of association and the organization certificate required by this act may be executed by a majority of the directors of the bank or banking institution ; and said certificate shall declare that the owners of two-thirds of the capital stock have au- thorized the directors to make such certificate and to change and convert the said bank or banking institution Mode of pro- into a national association under this act. And a ma- jority of the directors, after executing said articles of association and organization certificate, shall have power to execute all other papers, and to do whatever may be required to make its organization perfect and complete as a national association. The shares of any such bank may continue to be for the same amount each as they were before said conversion, and the directors aforesaid may be the directors of the association until others are elected or appointed in accordance with the provisions of this act; and any State bank which is a stockholder in any other bank, by authority of State laws, may continue to hold its stock, although either bank, or both, may be organized under and have accepted the provisions of this act. When the Comptroller shall give to such association a certificate, under hi> hand and oflirial seal, that the provisions of this act have been complied with, and that it is authorized to commence the business of banking under it. the associa- tion shall have the same powers and privileges, and shall be subject to the same duties, responsibilities, and rules, in all respects as are prescribed in this act for other asso- ciations organized under it. and shall be held and re- garded as an association under this act: /VoyvVAy/. Jioir- rvcr. That no siidi association shall have a les- capital than (he amount pre.-cribed for banking associations under this act. LAWS CONCERNING MONEY, BANKING, AND LOANS. 353 SEC. 45. And be it further enacted, That all associa- tions under this act, when designated for that purpose by the Secretary of the Treasury, shall be depositaries of P^MC. moneys, public money, except receipts from customs, under such regulations as may be prescribed by the Secretary; and they may also be employed as financial agents of the Gov- eminent; and they shall perform all such reasonable duties, as depositaries of public moneys and financial agents of the Government, as may be required of them. And the Secretary of the Treasury shall require of the associations thus designated satisfactory security, bv the depositaries to , TT ., , , -, , ".-. 1.1 P ;i y promptly; deposit of United States bonds and otherwise, tor the safe-keeping and prompt payment of the public money deposited with them, and for the faithful performance of their duties as financial agents of the Government : Provided, That every association which shall be selected to receive na- and designated as receiver or depositary of the public bnis a at C p"r. ncy money shall take and receive at par all of the national currency bills, by whatever association issued, which have been paid in to the Government for internal revenue, or for loans or stocks. SEC. 46. And be it further enacted. That if any such if associa- i e , t^ons fail to re- association shall at anv time rail to redeem, in the lawiuldeem their cir- ,, -i 'o i i i ,' f ii Comptroller. with forward such admission or notice or protest to the Comptroller of the Currency, retaining a copy thereof. And after such default, on examination of the facts bv Association .... ..." not to do luisi- tne Comptroller, and notice by him to the association, itness further, shall not be lawful for ihe association suffering the same to pay out any of its notes, discount any notes or bills, 354 NATIONAL MONETARY COMMISSION. or otherwise prosecute the business of banking, except to receive and safely keep money belonging to it, and to Notes not to deliver special deposites: Provided, That if satisfactory certain cases, proof be produced to such notary-public that the payment of any such notes is restrained by order of any court of Fees of no- competent jurisdiction, such notary-public shall not pro- test the same; and when the holder of such notes shall cause more than one note or package to be protested on the same day, he shall not receive pay for more than one protest. upon notice SEC. 47. And be it further enacted, That on receiving redeem circuia- notice that any such association has failed to redeem any i'er' tT'^endof its circulating notes, as specified in the next preceding tola's ce'rfan section, the Comptroller of the Currency, with the concur- fl ReVised stat- rence f the Secretary of the Treasury, may appoint a rl^l' !> ' "(wsV s P ec i a l agent (of whose appointment immediate notice shall be given to such association) who shall immediately proceed to ascertain whether such association has refused to pay its circulating notes in the lawful money of the United States, when demanded as aforesaid, and report to the Comptroller the fact so ascertained; and if, from such protest or the report so made, the Comptroller shall be satisfied that such association has refused to pay its circulating notes as aforesaid and is in default, he shall, when to de- within thirtv davs after he shall have received notice of dare securities ic-i'ii T -i ri forfeited. such failure, declare the United States bonds and securi- ties pledged by such association forfeited to the United States, and the same shall thereupon be forfeited accord- h o'ui ? r i ' !/f i'^ly- ^nd thereupon the Comptroller shall immediately ".'>ni S tiK'm ''for ,~' V( ' notice in such manner as the Secretary of the Treas- ury shall, by general rules or otherwise, direct, to the holders of the circulating notes of such association to pre- sent them for payment at the Treasury of the United States, and the same shall be paid as presented in lawful an J' vis( : ( l, s . { ta 1 t - books, records, and assets of every description of such 5 - :!(! - ~'- :>j ~- association, collect all debts, dues, and claims belonging to such association, and, upon the order of a court of record of competent jurisdiction, may sell or compound all bad or doubtful debts, and. on a like order, soil all the real and personal property of such association, on such 356 NATIONAL MONETARY COMMISSION. terms as the court shall direct ; and may, if necessary to pay the debts of such association, enforce the individual liability of the stockholders provided for by the twelfth section of this act; and such receiver shall pay over all moneys so made to the Treasurer of the United States, subject to the order of the Comptroller of the Currency, and also make report to the Comptroller of the Currency of all his acts and proceedings. The Comptroller shall thereupon cause notice to be given, by advertisement in such newspapers as he may direct, for three consecutive months, calling on all persons who may have claims against such association to present the same, and to make legal proof thereof. And from time to time the Comp- troller, after full provision shall have been first made for refunding to the United States any such deficiency in redeeming the notes of such association as is mentioned in this act, shall make a ratable dividend of the money so paid over to him by such receiver on all such claims as may have been proved to his satisfaction or adjudicated in a court of competent jurisdiction; and from time to time, as the proceeds of the assets of such association shall be paid over to him. he shall make further divi- dends, as aforesaid, on all claims previously proved or adjudicated; and the remainder of such proceeds, if any, shall be paid over to the shareholders of such association, or their legal representatives, in proportion to the stock if nssorin !,\- them respectively held: Provided, hoirerer. That if tion (Ionics 1 '. . . ' t ii a t it has such association against which proceedings have been so leem its notes instituted, on account of any alleged refusal to redeem the | |'.'">-^ its circulating notes as aforesaid, shall deny having failed do so. such association may, at any time within ten days after such association shall have been notified of the appointment of an agent, as provided in this act, apply to the nearest circuit, or district, or Territorial court of the United States, (o enjoin further proceedings in the premises; and such court, after citing the Comptroller of the Currency << show cause why further proceedings should not lie enjoined, and after the decision of the court 01- finding of a jury that such association has not refused to redeem its circulating notes, when legally pre- sented, in the lawful money of the United States, shall make an order enjoining the Comptroller, and any re- ceiver acting under his direction, from all further pro- ceedings, on account of .-uch alleged refusal. LAWS CONCERNING MONEY, BANKING, AND LOANS. 357 SEC. 51. And be it further enacted. That all fees for. Fees for P- . ' , , , . test and other protesting the notes issued by any such banking associa- expenses, how l . . to be paid. tion shall be paid by the person procuring the protest to be Revised stat- made, and such banking association shall be liable there- J for; but no part of the bonds pledged by such banking association, as aforesaid, shall be applied to the payment of such fees. And all expenses of any preliminary or other examinations into the condition of any association shall be paid by such association ; and all expenses of any receivership shall be paid out of the assets of such asso- ciation before distribution of the proceeds thereof. SEC. 52. And be it further enacted. That all transfer of Transfers, as- ,, i i i -11 /> -1-1 i slgnments, etc., the notes, bonds, bills of exchange, and other evidences of in contempia- ,, .' .. ' . . tion of in- debt owing to any association, or or deposits to its credit : solvency, etc., J ., . J to be void. all assignments ot mortgages, sureties on real estate, or Revised stat- of judgments or decrees in its favor; all deposits of" money, bullion, or other valuable thing for its use ; or for the use of any of its shareholders or creditors; and all payments of money to either, made after the commission of an act of insolvency, or in contemplation thereof, with a view to prevent the application of its assets in the man- ner prescribed by this act, or with a view to the prefer- ence of one creditor to another, except in payment of its circulating notes, shall be utterly null and void. SEC. 53. And be it further enact ed* That if the di- renaity upon , . . ' . directors for rectors of anv association shall knowingly violate, or violations of . . . , this act. knowingly permit any of the officers, agents, or servants of the association to violate any of the provisions of this act, all the rights, privileges, and franchises of the asso- ciation derived from this act shall be thereby forfeited. Such violation shall, however, be determined and ad- violation, judged by a proper circuit, district, or Territorial court termined. 6 of the United States, in a suit brought for that purpose by the Comptroller of the Currency, in his own name, before the association shall be declared dissolved. And ivrsonai lia- ... . bility. in cases of such violation, every director who participated in or assented to the same shall be held liable in his per- sonal and individual capacity for all damages which the association, its shareholders, or any other person, shall have sustained in consequence of such violation. SEC. 54. And he it further enacted ^ That the Comn- comptroller ... . ' . ni a y appoint troller or the Currency, with the approbation of the Sec- p<-'> - " n )c) ( ' x amine I he af- retary of- the Treasury, as often as shall be deemed neces- t'nirsot 1 any as- sary or proper, shall appoint a suitable person or per- sons to make an examination of the ail'airs of everv bank- 358 NATIONAL MONETARY COMMISSION. ing association, which person shall not be a director or other officer in any association whose affairs he shall be appointed to examine, and who shall have power to make a thorough examination into all the affairs of the asso- Duty of such ciation, and, in doing so, to examine any of the officers and agents thereof on oath ; and shall make a full and de- tailed report of the condition of the association to the Comptroller. And the association shall not be subject to any other visitorial powers than such as are authorized by this act, except such as are vested in the several courts Pay. of law and chancery. And every person appointed to make such examination shall receive for his services at the rate of five dollars for each day by him employed in such examination, and two dollars for every twenty-five miles he shall necessarily travel in the performance of his duty, which shall be paid by the association by him examined. Penalty upon SEC. 55. And be it further enacted. That every presi- officers. etc.. of . . , ., association for dent, director, cashier, teller, clerk, or agent or any asso- p mbezzlement, . . in 11 'n c etc., of funds, ciation, who shall embezzle, abstract, or willfully misapply any of the moneys, funds, or credits of the association, or shall, without authority from the directors, issue or put in circulation any of the notes of the associa- tion, or shall, without such authority, issue or put forth any certificate of deposit, draw any order or bill of exchange, make any acceptance, assign any note, bond, draft, bill of exchange, mortgage, judgment, or decree, or shall make any false entry in any book, report, or statement of the association, with intent, in either case, to injure or defraud the association or any other company, body politic or corporate, or any individual person, or to deceive any officer of the association, or any agent ap- pointed to examine the affairs of any such association, shall be deemed guilty of a misdemeanor, and upon con- viction thereof shall be punished by imprisonment not less than five nor more than ten years. District at SKC. 51;. A in] be it further cncrcfef/. That all suits and tornoys to COD- . . . . fi 11 f t cortain proceedings arising out of the provisions ot this act. in which the Tnited States or its officers or agents shall be parties, shall be conducted by the district attorneys of the several districts, under the direction and supervision of the Solicitor of the Treasury, in what SEC'. ?>7. And bf if in ft fn r fi'idcteiL That suits, actions. i- <> 11 r t s suits. ' <(<., undpr this arid proceedings. again>t any association under this act. a c t in a y bf ii- prosecuted, mav be had in anv circuit, district, or Territorial court LAWS CONCERNING MONEY, BANKING, AND LOANS. 359 of the United States held within the district in which Se ? ec - 2, act of Mar. 3, such association may be established ; or in any State. 1873 - county, or municipal court in the county or city in which said association is located, having jurisdiction in similar cases: Provided, however. That all proceedings to eirjoin, Proceedings ' . . for Injunctions the Comptroller under this act shall be had in a circuit, * u |^ s in what district, or Territorial court of the United States, held in the district in which the association is located. SEC. 58. And be it further enacted. That every person Penalty for ' J mutilating who shall mutilate, cut, deface, disfigure, or perf orate notes to make . ' them unfit for with holes, or shall unite or cement together, or do any reissue, other thing to any bank bill, draft, note, or other evi- dence of debt, issued bv anv such association, or shall , Rev r '?! < | stat - " _ utes, 5188. cause or procure the same to be done, with intent to render such bank bill, draft, note, or other evidence of debt unfit to be reissued by said association, shall, upon conviction, forfeit fifty dollars to the association who shall be injured thereby, to be recovered by action in any court having jurisdiction. (Sections 59 and 60 prescribe penalties for counterfeit- ing, etc.. knowingly uttering, etc., for engraving, etc., plates for forging notes, etc., for having blank notes and for having paper, etc.) SEC. 61. And be it further enacted. That it shall be the t O c ^"^f "" duty of the Comptroller of the Currency to report annu- " e a s 1 g- v to Con " allv to Congress at the commencement of its session Revised stat- " . , n . . ., utes, 338. Y irst. A summary or the state and condition or every association from whom reports have been received the re j r tents of preceding year, at the several dates to which such reports refer, with an abstract of the whole amount of banking capital returned by them, of the whole amount of their debts and liabilities, the amount of circulating notes out- standing, and the total amount of means and resources. Co c ^ nt t n e ^ specifying the amount of lawful money held by them J^port to con- at the times of their several returns, and such other infor- mation in relation to said associations as. in his judgment, may be useful. Second. A statement of the associations whose busi- ness has been closed during the year, with the amount of their circulation redeemed and the amount outstanding. Third. Any amendment to the laws relative to banking by which the system may be improved, and the security of the holders of its notes and other creditors may bo increased. 360 NATIONAL MONETARY COMMISSION. Fourth. The names and compensation of the clerks em- ployed by him, and the whole amount of the expenses of the banking department during the year. And such re- port shall be made by or before the first day of December in each year, and the usual number of copies for the use of the Senate and House, and one thousand copies for the use of the department, shall be printed by the Public Printer and in readiness for distribution at the first meet- ing of Congress. Repeal of act g EC> Q%. And be it further enacted. That the act en- of 1863, ch. 08, / . vol. i-'. titled An act to provide a national currency, secured by a pledge of United States stocks, and to provide for the circulation and redemption thereof,'' approved February twenty-fifth, eighteen hundred and sixty-three, is hereby savingciauses. repealed: Pfoi'idecL That such repeal shall not affect any appointments made, acts done, or proceedings had, or the organization, acts, or proceedings of any association organized or in the process of organization under the act aforesaid: And prodded, also, That all such associations so organized or in process of organization shall enjoy all the rights and privileges granted, and be subject to all the duties, liabilities, and restrictions imposed by this act, and with the approval of the Comptroller of the Currency, in lieu of the name specified in their respective organization certificates, may take any other name pre- ferred by them and duly certified to the Comptroller, without prejudice to any right acquired under this act. or under the act hereby repealed ; but no such change shall be made after six months from the passage of this act: /Vo/vV/W, ///.sv>. That the circulation issued or to be issued by such associations shall be considered as a part of the circulation provided for in this act. trusts'" o[ ( s ' >Sl ' :< ' ''"' ^"^ l}< ' 't f >n 'ther enacted. That persons hold- not dl "f beeper- ' n # ^ ()< 'k as executors, administrators, guardians, and tonally liable, trustees, shall not be personally subject to any liabilities as stockholders; but the estates and funds in their hands shall be liable in like manner and to the same extent as the testator, intestate, ward, or person interested in said trust-funds would be if they were respectively living and competent to act and hold the stock in their own names. t r'.TC'' l SK< '- r '" 1 A/lf/ '"' ' f f'"' f l'<'i' en (irfcd . That Congress may at any time amend, alter, or repeal this act. Approved. June ',',. 1801. LAWS CONCERNING MONEY, BANKING, AND LOANS. 361 (By the act of March 1, 18T2, Leavenworth is struck out from the list of redemption cities in section 31 above. (17 Stat. L., 32.) (The use of the word " national," as a part of the name of any bank not organized under the national currency act above, is forbidden by the act of March 3, 1873. (17 Stat. L., 603.) NOTE. The above act is iu substance a revision of that of Feb- ruary 25, 1863, with only such changes as experience had shown to be necessary for the trial of the system. Some of the principal points of difference between the two acts are the following: The act of 1863 made no provision for the redemption of the circulation by the banks of the principal cities, such as is con- tained in sections 31 and 32 of the act of 1864 ; but simply re- quired that every bank should redeem its circulation at its own counter, and that it should have for that and other purposes a reserve equal to twenty-five per cent of its circulation and deposits, of which reserve three-fifths might be deposited with associations in nine principal cities named in the act. The prohibition of the issue of circulating notes of a less de- nomination than five dollars, took effect at once in the act of 1863. Under the act of 1863, coupon bonds might be deposited to se- cure the circulation, but by the act of 1864 only registered bonds. The act of 1863 required a smaller minimum of capital for a new bank than the act of 1S64, required a smaller proportion to be paid in before beginning business, and allowed a longer time for the payment of the remainder. The act of 1864 makes more complete provision than that of 1863 for the conversion of state banks into national associations, permitting the retention of the former name of a bank after eon- version, and in section 12 exempting the stockholders of such banks from personal liability under certain conditions, which were intended to meet the case of the Bank of Commerce in the city of New York. The act of 1863 failed to provide as to the taxation of shares by state authority, and permitted loans on real, as well as per- sonal, security. The act of 1863 required the apportionment of the total circu- lation among the States and Territories, one half according to representative? population and one half having due regard to the existing banking capital and resources. For changes in the provision made in section 22, as to the total amount of bank notes and for the apportionment thereof, see below, pages 304, 30D-371, 418-^21. For changes in the limit of circulation allowed to any bank in section 21, and the amount of bonds to be held, see below, pages 364, 300-371 . 418, 41!), 423, 432. 4.'!:;. Note to section ;">, chapter 100, June 3, 1S04 (13 Stat. L. !>!) : "The act of April 0, 180!) (10 Slat. L., 7), prescribed a penalty for aiding and abelling ofliccrs. etc.. of national banks in embez- zling, etc., funds of bank." 1.7712 10 24 362 NATIONAL MONETARY COMMISSION. "The act of April 22, 1870 (16 Stat. L., 91) amending the usury laws of the District of Columbia, provided that nothing therein should affect national banking associations." "The act of July 8, 1870 (16 Stat L., 195), provided that sec- tion 55, above, and all acts amendatory thereof should be con- strued to apply to every president, director, cashier, teller, clerk, or agent of any banking association organized, etc." ACT OF JUNE 30, 1864. 13 stat. L.. CHAP. CLXXIII. An act to provide internal reverm* to U"3 support the Government, to pay interest on the public debt, and for other purposes. ***** (Section 110 levies a duty on deposits, capital, and cir- culation of banks and bankers.) (Amended 17 Stat. L., 256.) ***** Approved, June 30, 1864. ACT OF MARCH 3, 1865. 13 stat. L., CHAP. LXXVIII. An act to amend an act entitled "An 400. act to provide internal revenue to support the Govern- ment, to pay interest on the public debt, and for other purposes,' 1 '' approved June thirtieth, eighteen hundred and sixty- four. ***** Tax on bank SEC. 6. And be it further enacted, That every national circulation af- . ter, etc. banking association, state bank, or state banking asso- ciation, shall pay a tax of ten per centum on the amount of notes of any state bank or state banking association, paid out by them after the first day of July, eighteen hundred and sixty-six. Existing state SEC. 7. And le it further enacted* That any existing b:inks to 1)0 pre- . ' , . f erred until, bank organized under the laws or any state, having a <>tc. : In apply- . . . , IIIK to become paid-up capital or not less than seventy-five thousand national banks. . dollars, which shall apply before the first day of July next for authority to become a national bank under the 1864, <-u. nm. act entitled "An act to provide a national currency se- cured by a pledge of the United States bonds, and to provide for the circulation and redemption thereof." 1 ap- proved June third, eighteen hundred and sixty-four, and shall comply with all the requirements of said act. shall, if such bank be found by the comptroller of the currency LAWS CONCERNING MONEY, BANKING, AND LOANS. 363 to be ill good standing and credit, receive such authority I'roviso. in preference to new associations applying for the same: Provided, That it shall be lawful for any bank or bank- ing association organized under state laws, and having branches, the capital being joint and assigned to and used by the mother bank and branches in definite proportions, to become a national banking association in conformity with existing laws, and to retain and keep in opera- tion its branches, or such one or more of them as it may elect to retain; the amount of the circulation redeemable at the mother bank and each branch to be regulated by the amount of capital assigned to and used by each. * * * * * SEC. 14. And be if further enacted. That the capital of what to be ' ' . deemed the cap- anv state bank or banking association which has ceased, ital , t a statc e . ' bank, for pur- or shall cease to exist, or which has been or shall be con-P^es of this act. verted into a national bank, for all the purposes of the act to which this is an amendment, shall be assumed to be the capital as it existed immediately before such bank ceased to exist or was converted as aforesaid. And whenever the outstanding circulation of any bank, association, corpo- ration, company, or person shall be reduced to an amount not exceeding five per centum of the chartered or declared capital existing at the time the same was issued, said cir- culation shall be free from taxation. And whenever any circulation state bank or banking association has been converted into tax." a national banking association, and such national banking association has assumed the liabilities of such state bank or banking association, including the redemption of its bills, such national banking association shall be held to make the required return and payment on the circulation outstanding, so long as such circulation shall exceed five per centum of the capital before such conversion of such state bank or banking association. * # # * * Approved, March 3, 1805. (Section was amended by section 9, act of July 13, 1800 (14 Stat. L., 140), to provide that persons, etc., using notes of state banks as circulation after August 1, I860, to pay a tax of ten per rent thereon. (Section 14 was amended by the same act and section to define the capital of certain banks, and providing that, circulation not over five per cent, and banks ceasing to issue circulation should not be taxed, and that converted banks should pay tux.) 364 NATIONAL MONETARY COMMISSION. ACT OF MARCH 3, 1865. 49)P stat ' L " f HAP. LXXXII. An act to amend an act entitled "An net to -provide a national currency, secured by a pledge of United States bonds, and to provide for the circula- tion and redemption thereof." Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- bled, That section twenty-one of said act be so amended that said section shall read as follows: Hafions 1 " after SEC. 21 - And be it further enacted, That upon the [1id 8 s? ma'y " re- trans ^ er an d delivery of bonds to the Treasurer, as pro- ingnotel r . culat ~ y ided in the foregoing section, the association making the same shall be entitled to receive from the Comptroller of the Currency circulating notes of different denominations, in blank, registered and countersigned as hereinafter pro- vided, equal in amount to ninety per centum of the cur- rent market value of the United States bonds so trans- Li ni i i t of f err ed and delivered, but not exceeding ninety per centum a mount of notes ' J * to be received. o f the amount of said bonds at the par value thereof, if see Revised bearing interest at a rate not less than five per centum Statutes, old. ... per annum ; and the amount of said circulating notes to be furnished to each association shall be in proportion to its paid-up capital as follows, and no more : To each asso- ciation whose capital shall not exceed five hundred thou- sand dollars, ninety per centum of such capital; to each association whose capital exceeds five hundred thousand dollars, but does not exceed one million dollars, eighty per centum of such capital: to each association whose capital exceeds one million of dollars, but does not exceed three millions of dollars, seventy-five per centum of such capital: to each association whose capital exceeds three Apportion- millions of dollars, sixty per cent, of such capital. And nient of author- . ' izedeircuiation. that one hundred and fifty millions or dollars of the entire amount of circulating notes authorized to be issued shall be apportioned to associations in the States, in the District of Columbia, and in the Territories, according to representative population, and the remainder shall be apportioned by the Secretary of the Treasury among asso- ciations formed in the several States, in the District of Columbia, and in the Territories, having due regard the existing banking capital, resources, and business such States. DM rid. and Territories. Approved. March :{, 1^05. LAWS CONCERNING MONEY, BANKING, AND LOANS. 365 ACT OF MARCH 2. 186T. CHAP. CXCIV. An act to provide ways and means for 14 stat. u, the payment of compound-interest notes. Be it enacted l>y the Senate and House of Representa- tives of the United States of America in Congress assem- bled. That for the purpose of redeeming and retiring anv , T e m p. rary & loan certificates compound interest notes outstanding, the Secretary of the pay be issued fe ~ J to redeem com- Treasurv is hereby authorized and directed to issue tern- pound -interest notes. porary loan certificates in the manner prescribed by sec- tion four of the act entitled "An act to authorize the issue of United States notes and for the redemption or funding thereof, and for funding the floating debt of the United States," approved February twenty-fifth, eighteen hun- dred and sixty-two, bearing interest at a rate not exceed- es ^ ate of lnter " ing three per centum per annum, principal and interest j n t'erest pa pwu payable in lawful money on demand ; and said certificates o ne in lawful of temporary loan may constitute and be held, by any na- j^ 61 ^^ held by tional bank holding or owning the same, as a part of the banks as re ^ serve. reserve provided for in sections thirty-one ?md thirty-two of the act entitled "An act to provide a national currency secured by a pledge of United States bonds, and to pro- vide for the circulation and redemption thereof," ap- proved June three, eighteen hundred and sixty-four : Pro- Provis - ruled, That not less than two-fifths of the entire reserve of such bank shall consist of lawful money of the United States: And provided further, That the amount of such temporary certificates at any time outstanding shall not exceed fifty millions of dollars. Approved, March 2, 1807. NOTE. A further issue of certificates of indebtedness amount- ing to twenty-five millions of dollars was authorized by the act of July 25, 1808, with like privileges as to reserve. ACT OF FEBRUARY 10, 1868. CIIAJ J . VII. An act in relation to taxing shares in i">stt. L.,34. national banks. lie it enacted by the Senate and House of Representa- tives of the United States of America in. Congress assem- bled, That the words "place where the bank is located, t .s^e^iyia- and not elsewhere," in section forty-one of the ''act to 'Jc taxed wiuM-e. provide a national currency," approved June third, se p (J fi\ m ,, eighteen hundred and sixty-four, shall be construed and 111 360 NATIONAL MONETARY COMMISSION. held to mean the State within which the bank is located ; HOW to be and the legislature of each State may determine and di- rect the manner and place of taxing all the shares of national banks located within said State, subject to the restriction that the taxation shall not be at a greater rate than is assessed upon other moneyed capital in the hands of individual citizens of such State: And provided al- suares of mm- ways. That the shares of anv national bank owned bv residents. i n i non-residents of any State shall be taxed in the city or town where said bank is located, and not elsewhere. Approved, February 10. 1868. . ACT OF FEBRUARY 19, 1869. o-o 5 stat ' L " C HAI '- XXXII. An act to prevent loaning money upon United States notes. Be it enacted ~by the Senate and House of Representa- tives of the United States of America in Congress assem- Banking as- lj ef l That no national banking association shall here- sociation notto loan money after offer or receive United States notes or national bank upon United states notes notes as security or as collateral security for anv loan of nor withhold J J niem from use. money, or for a consideration shall agree to withhold the see Revised same from use, or shall offer or receive the custody or Statutes, 520 1. promise of custody of such notes as security, or as collat- eral security, or consideration for any loan of money; and any national banking association offending against the provisions of this act shall be deemed guilty of a mis- demeanor, and upon conviction thereof in any United States court having jurisdiction shall be punished by a fine not exceeding one thousand dollars, and by a further sum equal to one-third of the money so loaned: and tlu oflicer or officers of said bank who shall make such loan or loans shall be liable for a further sum equal to one quarter of the money so loaned: and the prosecution of such offenders shall be commenced and conducted as pro- ivmiity. vided for the punishment of offences in an act to provide a national currency, approved June third, eighteen hun- dred and sixty-four, and the fine or penalty so recovered shall be for the benefit of the party bringing such suit. Approved. February 19. 1869. LAWS CONCERNING MONEY, BANKING,, AND LOANS. 367 ACT OF MARCH 3, 1869. CHAP. CXXX. An act regulating the report* of national 9 ir> stat. L., banking associations. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- bled. That in lieu of all reports required bv section thirty- Banking as- ' * social ions to four of the national currency act, every association shall make not less ' than five re- make to the Comptroller of the Currency not less than ports each year to Comptroller five reports during each and every year, according to the o^c^rrenc^ form which ma}* be prescribed by him, verified by the S 3 ec ^ 9 4 ' vo1 - 13 ' oath or affirmation of the president or cashier of such Reports, how 1 _ verified, and to association, and attested by the signature of at least three exhibit what. of the directors; which report shall exhibit, in detail and under appropriate heads, the resources and liabilities of the association at the close of business on any past day to be by him specified, and shall transmit such report to cJ the Comptroller within five days after the receipt of a days b a request or requisition therefor from him ; and the report ther of each association above required, in the same form i n Newspaper 1 " a which it is made to the Comptroller, shall be published in a newspaper published in the place where such association is established, or if there be no newspaper in the place, then in the one published nearest thereto in the same county, at the expense of the association ; and such proof Hc ^'f n f of pub " of publication shall be furnished as may be required by the Comptroller. And the Comptroller shall have power to call for special reports from any particular association Special re- ... . ports. whenever in his judgment the same shall be necessary in order to a full and complete knowledge of its condition. Any association failing to make and transmit any such ivnaity for not makingand report shall be subject to a penalty of one hundred dol- transmit 1 1 UK 1 reports. lars for each day after five days that such bank shall delay to make and transmit any report as aforesaid: and in case any association shall delay or refuse to pay the penalty herein imposed when the same shall be assessed by the Comptroller of the Currency, the amount of such )! , w , ct " d !l . y 1)(> penalty may be retained by the Treasurer of the United States, upon the order of the Comptroller of the Cur- rency, out of the interest, as it may become due to the association, on the bonds deposited with him to secure circulation; and all sums of money collected for penalties [jj,!"]-,!"^ 1 ,,, 1 .'^ under this section shall be paid into the Treasury of (he Tinted States. 368 NATIONAL MONETARY COMMISSION. Additional re- g EC 2. And be it further enacted, That, in addition to port to Comp- ' . ' . t roller of the c^id reports, each national banking association shall re- amount of divi- dends and of p or t to the Comptroller of the Currency the amount 01 net earnings ; ....... each dividend declared by said association, and the where to be amount of net earnings in excess of said dividends, which made and how i -i report shall be made within ten days after the declaration of each dividend, and attested by the oath of the presi- Penaities. c ] en t or cashier of said association, and a failure to com- ply with the provisions of this section shall subject such association to the penalties provided in the foregoing section. Approved, March 3. 1809. ACT OF MARCH 3, 1869. is stat. L., CHAP. CXXXV. An act in reference to certifying checks l)y national banks. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- officers, etc., bled. That it shall be unlawful for any officer, clerk, or of national . i.nnks not toaircnt or anv national bank to certify any check drawn certify checks . . on such hanks, upon said bank unless the person or company drawing said check shall have on deposit in said bank at the time such check is certified an amount of money equal to the certain cer- amount specified in such check; and anv check so certi- tified checks to L /* 1-11-1 i,e ood. ficd by duly authorized officers shall be a good and valid Penalty for obligation against such bank; and anv officer, clerk, or unlawfully cer- 7 . , t if y ing checks, agent of any national bank violating the provisions of this act shall subject such bank to the liabilities and pro- ceedings on the part of the comptroller as provided for 1864. cb. JOG, in section fifty of the national banking law. approved sec. 50, Vol. xiii. P. IM. June third, eighteen hundred and sixty-four. Approved. March 3. 18(50. ACT OF MARCH 3, 18(59. in stat. L., CHAP. CX1YV. An art to amend an act entitled ''An act ' 1803, ch. 58, to pro ride ft national currency secured by a pledge of xi"i,p.~680. I'li/ted State* bondx, and to provide for the circulation and redemption thereof" by extending certain penal- ties to Be it enacted !>>/ the Sen/tie tmd House of Representa- tives of the United States of America in Congress assem- LAWS CONCERNING MONEY, BANKING, AND LOANS. 369 bled, That every person who shall aid or abet any ab ^t^, In f n / officer or agent of any association in doing any of the acts enumerated in section fifty-two of an act entitled- "An act to provide a national currency secured by a 2ow%ui"'shed' pledge of United States bonds, and to provide for the circulation and redemption thereof," approved February twenty-fifth, eighteen hundred and sixtj^-three, with in- tent to defraud or deceive, shall be liable to the same punishment therein provided for the principal. Approved, March 3, 1809. ACT OF JULY 12, 1870. CHAP. CCLII. An act to provide for the redemption of _iR stat. L., the three per cent, temporary loan certificates and for an increase of national bank notes. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- bled, That fifty-four millions of dollars in notes for circu- Additional ,,. . , . 111- , notes for circu- lation may be issued to national banking associations, in lation to na- addition to the three hundred millions of dollars author- associations, ized by the twenty-second section of the "Act to provide a national currency, secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof," approved June three, eighteen hundred and sixty-four: and the amount of notes so provided shall Notes to be i p i ii- i given to what be furnished to banking associations organized or to be associations. organized in those States and Territories having less than their proportion under the apportionment contem- plated by the provisions of the "Act to amend an act to provide a national currency secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof," approved March three, eight- een hundred and sixty-five, and the bonds deposited with what bonds -. 7 to bo deposited the I reasurer or the United States, to secure the addi- to secure such circulation. tional circulating notes herein authorized, shall be of any description of bonds of the United States bearing inter- est in coin, but a new apportionment of the increased cir- New appor- , . , . i i _/> ini ^ f ionnient on dilation herein provided tor shall be made as soon as basis or census practicable, based upon the census of eighteen hundred " and seventy: Pro aided, That if applications for the circu- (j ^ s a f or 'such lation herein authorized shall not be made within one ' 1 i ( 7,' llI I ! l l 1 '-!d"o 'Vn year after the passage of this act by banking associations j[;j' v -^"j^'uod organized or to be organized in Stales having less than ",,','! !;.,,,, s ,. lt . their proportion, it shall be lawful for the Comptroller " u ' s - r ' 17t; - 370 NATIONAL MONETARY COMMISSION. of the Currency to issue such circulation to banking asso- ciations applying for the same in other States or Terri- tories having less than their proportion, giving the pref- NO bank here- erence to such as have the greatest deficiency : And pro- after organized . , . . . , to have over vwed further. That no banking association hereafter or- $500.000 eircu- .ji.ni i , c. i j 1 lation. ganized shall have a circulation in excess 01 nve hundred thousand dollars. (Section 2 provides that at the end of every month the Secretary of the Treasury shall call in and redeeem an amount of the three per cent temporary loan certificates issued under the acts of March 2, 1867, and July 25, 1868, not less than the amount of circulating notes issued to na- tional banking associations under the preceding section during the previous month.) circulating g EC> 3. And l>e it further enacted. That upon the de- notes payable ' . . in gold coin p OS it o f an y United States bonds, bearing interest pay- may be issued L J . ' to 'associations a ble in gold, with the treasurer of the United States, in depositing . . . . rnited states the manner prescribed in the nineteenth and twentieth interest' in sections of the national currency act, it shall be lawful for the comptroller of the currency to issue to the association Donomina- making the same, circulating notes of different denomina- tlonsand. .. . amount of such t ions, not less than five dollars, not exceeding in amount notes. ' B eighty per centum of the par value of the bonds de- posited, which notes shall bear upon their face the prom- ise of the association to which they are issued to pay them, upon presentation at the office of the association, in gold coin of the United States, and shall be redeemable circulation upon such presentation in such coin: Provided. That no of any such . . bank not to ex- banking association organized under this section shall cpod si .jinn. B f ' have a circulation in excess of one million of dollars. such nssocia- SK<-. 4. And he it further enacted, That every national mi hand no] banking association formed under the provisions of the per cent of dr- preceding section of this act shall at all times keep on c 11 1 at ion in Hold and nil- hand not less than twenty-five per centum or its out- V**r \ * standing circulation in gold or silver coin of the United pa/ KOM V nou-s - Slilt( ' s - ;lll( l shall receive at par in the payment of debts blinks'"'' s " ( ''' ln(1 "1 ( 1 notes of every other such banking association which at the time of such payments shall be redeeming its circulating notes in gold coin of the United States. timi^rabjm^'to ^ K( '* r>> ^'" l lj '' !f f")'tl"'i' cntK-taL That every associa- ""n.'v "ct ' ex- t ' on or J- ram ' XO( l f ()1> the purpose of issuing gold notes as cept, etc. provided in this act shall be subject to all the require- ments and provisions of the national currency act, ex- cept the first clause of section twenty-two, which limits the circulation of national banking associations to three LAWS CONCERNING MONEY, BANKING, AND LOANS. 371 hundred millions of dollars; the first clause of section thirty-two, which, taken in connection with the preceding section, would require national banking associations or- ganized in the city of San Francisco to redeem their cir- culating notes at par in the city of New York; and the last clause of section thirty-two, which requires every national banking association to receive in payment of debts the notes of every other national banking associa- tion at par: Provided. That in applying the provisions ^ Terms "iaw- r , f i . . f ul money and and requirements of said act to the banking associations "lawful money of the United herein provided for, the terms lawful money, and states" how " lawful money of the United States," shall be held and connection licrcwitb. construed to mean gold or silver coin of the United States. SEC. 6. And be it further enacted. That to secure a Equitable dis- ' '. . tribution of more equitable distribution of the national banking cur- currency how e to be secured^. rencv there mav be issued circulating notes to banking Excess of eir- J . . " . . B . . . fe c u 1 a 1 1 o n not associations organized in States and Territories having exceeding $25,- fc . fe 000.000 to be less than their proportion as herein set forth. And the withdrawn r x . from banks. amount of circulation in this section authorized shall, under the direction of the Secretary of the Treasury, as it may be required for this purpose, be withdrawn, as herein provided, from banking associations organized in States having a circulation exceeding that provided for by the act entitled " An act to amend an act entitled "An act to provide for a national banking currency, secured by pledge of United States bonds, and to provide for the circulation and redemption thereof,' " approved March three, eighteen hundred and sixty-five, but the amount so withdrawn shall not exceed twenty-five million dollars. The comptroller of the currency shall, under the direction of the Secretary of the Treasury, make a statement show- statement of . . . -, . circulation in ing the amount or circulation in each State and 1 erritory , each state and . 111- * Territory to be and the amount to be retired by each banking associa- made, and of . , . . .* i i n i i amount to be tion in accordance with this section, and shall, when such retired, etc. redistribution of circulation is required, make a requi- sition for such amount upon such banks, commencing with the banks having a circulation exceeding one million of ^^'/Huitlou "' dollars in States having an excess of circulation, and withdrawing their circulation in excess of one million of dollars, and then proceeding pro rata with other banks having a circulation exceeding three hundred thousand dollars in States having the largest excess of circulation. and reducing the circulation of such banks in States hav- 372 NATIONAL MONETARY COMMISSION. ing the greatest proportion in excess, leaving undisturbed the banks in States having a smaller proportion, until those in greater excess have been reduced to the same grade, and continuing thus to make the reduction pro- vided for by this act until the full amount of twenty-five millions, herein provided for, shall be withdrawn; and the circulation so withdrawn shall be distributed among the States and Territories having less than their propor- to C nS tr r equi r ^n, so as to equalize the same. And it shall be the duty w I th n f f t o h r f tne comptroller of the currency, under the direction of "Tf'ba nking the Secretary of the Treasury, forthwith to make a requi- fa 8 i?, within a *ition for the amount thereof upon the banks above indi- th^a mount 'of cated as herein prescribed. And upon failure of such qu7r l ed ati com r p- associations, or any of them, to return the amount so re- equ'ai amofmt quired within one year, it shall be the duty of the comp- of^ their bonds, troller of the currency to sell at public auction, having given twenty days' notice thereof in one daily news- paper printed in Washington and one in Xew York city, an amount of bonds deposited by said association, as se- curity for said circulation, equal to the circulation to be withdnnvn from said association and not returned in compliance with such requisition; and the comptroller of the currency shall with the proceeds redeem so many of the notes of said banking association, as they come into NO cireuin- the treasurv. as will equal the amount required and not tion to he with- . drawn until, s() returned, and shall pav the balance, if anv. to such etc. banking association: Provided* That no circulation shall be withdrawn under the provisions of this section until after the fifty-four millions granted in the first section shall have been taken up. (Section 7 provides that after six months from the passage of this act any association may be removed from any State having more than its proportion of circulation to any State having less than its proportion; but the amount of the issue of said association shall not be de- ducted from the new issue herein provided for.) Approved. July 1-2. 1870. ACT OF JFLY 14, 1870. K, stsit. L., ( 1 n AI . > CCLYIT. Ail net ii> require national banl-x 0. 1873. 17 stat. i..., CHAP. XL1II. An- act to authorize the examination of certain bank*. He it enacted by the Senate and House of Representa- tives of the United /States of America in Congress assem- xa tionaifrfrY/, That the comptroller of the currency, in addition to banks in the l '' ' nistrict of co- the powers now conferred upon him by law for the ex- lumbla to be . r . . L . J examined, animation of national banks, is hereby further author- ized, whenever he may deem it useful, to cause examina- tion to be made into the condition of any bank in the District of Columbia organized under act of Congress, ueport. The comptroller, at his discretion, may report to Congress Expense. fh ( > results of such examination. The expense necessarily incurred in the execution of this act shall be paid out of any appropriation made by Congress for special bank examinations. Approved. January -JO. 1873. ACT OF FFBKrARY 10. 1873. n/t; 7 S ' !lt ' '"CiiAi-. CLXYI. -An net to f>roride for obtaining Infor- mation of the Condition of It < ink* orf flit- I'nittd Xt.atex of America in Congress - tion, upon notification from the Comptroller of the Cur- rency, until otherwise notified by him; and if such banks Receiver! <> ] shall fail to pav up their capital stock, and shall refuse etc. ...... 1864. oh. 10(i. to go into liquidation, as provided by law, for three sec. 50, vol. is, p. 114. months after receiving notice from the Comptroller, a receiver may be appointed to close up the business of the association, according to the provisions of the fiftieth sec- tion of the national-currency act. Si:r. -2. That section fifty-seven oi' said act be amended by adding thereto the following: ^Aml />rothall be paid out of any appropriation made by Congress for the special examination of national banks and bank plates. Approved. March 3. 1873 REVISED STATUTES APPLICABLE TO THE SUBJECT OF BANKING. p.aiiks in in- ^,. :r ;>;>._> The Comptroller of the Currency, in addi- l rirt nf i ilium ''';' ., tion to the powers conferred upon him by law for the Jan. '_'", IMio, _ _ Yj.p- v - '" '' examination of national banks, is further authorized, whenever he may deem it useful, to cause examination to be made into the condition of any bank in the District of Columbia organ !/.<< I under act of Congress. The Comp- troller, at his discretion, may report to Congress the LAWS CONCERNING MONEY, BANKING, AND LOANS. 377 results of such examination. The expense necessarily incurred in any such examination shall be paid out of any appropriation made by Congress for special bank examinations. SEC. 333. The Comptroller of the Currency shall make an annual report to Congress [at the commencement of its session,] exhibiting First. A summary of the state and condition of every association from which reports have been received the preceding year, at the several dates to which such re- ports refer, with an abstract of the whole amount of bank- ing capital returned by them, of the whole amount of their debts and liabilities, the amount of circulating notes outstanding, and the total amount of means and resources, specifying the amount of lawful money held by them at the times of their several returns, and such other infor- mation in relation to such associations as, in his judg- ment, may be useful. ***** (The words in brackets were added by amendment of February 18, 1875.) SEC. 380. All suits and proceedings arising out of the conduct of 1 e & suits involving provisions of law governing national banking associa-Battonai. banks. tions. in which the United States or any of its officers or i2 58 ' 6 Jo' 5 j U n . Tenth. Of all suits by or against any banking asso-** nn f.s y wi!!; ciation established in the district for which (he court is' )0(>) ' held, under any law providing for national banking asso- cial ions. 378 NATIONAL MONETARY COMMISSION. Eleventh. Of all suits brought by [or against] any 110. 116. Feb. . . is, 1875, c. so, rency. or any receiver acting under his direction, as pro- V. 1 o, p. olo. videcl by said title. (See sec. 523 T.) (The words in brackets were stricken out by amend- ment of February 18. 1875.) and nB pa r p U era en of SEC. 88 ^- Every certificate, assignment, and convey- of e the m curi"n- ance executed by the Comptroller of the Currency, in hme 3 1864 pursuance of law, and sealed with his seal of office, shall iV U > ( ''iob"' v ' ^ e received in evidence in all places and courts; and all copies of papers in his office, certified by him and authen- ticated by the said seal, shall in all cases be evidence equally with the originals. An impression of such seal directly on the paper shall be as valid as if made on wax or wafer. (erHUcates ti0 of ^ Er< 88; ~'- Copies of the organization certificate of national banks. . my national banking association, duly certified bv the June 3. 1S(J4, J r< 1( >" ; io s i '"' T< Comptroller of the Currency, and authenticated by his seal of office, shall be evidence in all courts and places within the jurisdiction of the United States of the exist- ence of the association, and of every matter which could be proved by the production of the original certificate. (See section 5135.) worda^imnk * ^ Kr - '^ () ~ Every incorporated or other bank, and every '.lunelso i8<54 person, firm, or company having a place of business where iVp'-Vi' 7! Jiii V y (>rc( li ts :m> opened by the deposit or collection of money 13 1866, c.i 84, or currency, subject to be paid or remitted upon draft. S. .*, V. 1 4, p. J 11 seidcn v ( ' nc( 'k- or i' ( ler, or where money is advanced or loaned on EquitabieTrust stocks, bonds, bullion, bills of exchange, or promissory 4i!i i : xorihiip ] 10 t(.s. or whei'e stocks, bonds, bullion, bills of exchange. r. Shook (ID 'i-'irk 11 /'-' Bniie' or P rom ' ssor . v notes are received for discount or for sale, [\\ Blilt( ' h " shall be regarded as a bank or as a banker. 'capital of Si:c. :;il(). The capital of anv State bank or banking banks expired . l or converted in- association which has ceased or shall cease to exist, or to n a I i o n a 1 '"'."rir" " isc-, W ' 1K '" " 51H ' )( ' ( ' n or s h:>H be converted into a national i'- 7 ?' jso 11 ' v- ' ):m k- "hall be assumed to be the capital as it existed im- f -iii'V 1-1,1 son. mediately before such bank ceased to exist or was con- hit>. v. it, p. \-erted MS a foresaid. i n;. I'lrruiation Si:c. :',lll. \Vhcnever (he outstanding circulation of when exempted any bank, association, corporation, company, or persoi^ is reduced to an amuunl not exceeding five per centum of LAWS CONCERNING MONEY, BANKING, AND LOANS. 379 the chartered or declared capital existing at the time the same was issued, said circulation shall be free from taxa- tion; and whenever any bank which has ceased to issue notes for circulation deposits in the Treasury of the United States, in lawful money, the amount of its out- standing circulation, to be redeemed at par, under such regulations as the Secretary of the Treasury shall pre- scribe, it shall be exempt from any tax upon such circula- tion. SEC. 3412. Every national banking association, State Tax on notes . . ,, of persons or bank, or-State banking association, shall pav a tax of ten state banks used for circu- per centum on the amount or notes of any person, or of lation. . . See act of Feb. any State bank or State banking association, used for 8, ISTS. circulation and paid out by them. SEC. 3413. Everv national banking association, State T a* n notps J of towns, cit- ibank, or banker, or association, shall pav a tax of ten per ies, etc., used for circulation. centum on the amount of notes of any town, city, or mu- ibid. nicipal corporation, paid out by them. SEC. 341-4. A true and complete return of the monthlv Monthly re- 1 . turns of notes amount of circulation, of deposits, and of capital, as f persons, cit- L ies, State banks, aforesaid, and of the monthly amount of notes of persons, i va hie for reived at par for all debts and demands owing by the states, ex.-t-pt'. Tinted States to anv person within the United States, June :;. is<;i, . HI. io, sec. :>.-{, except interest on the public debt, or in redemption of vol. i:{, i). 100 the national currency. (See sec. 5182.) interest i.ear- SKC. 3500. Treasury notes issued under the authority Mar. :;. 1HG.",, of the acts of March three, eighteen hundred and sixty- vni. i-'. p. Tin. t] u-ee, chapter seventy-three, and June thirtv. eighteen .Imif ::. L'ls. enty-two, shall be legal tender to the same extent as I nited States notes, for their face value, excluding inter- est : I'i'oriJcd. That Treasury notes issued under the act last named shall not he a leiral tender in payment or re- demption of any notes issued by any hank', hanking asso- ciation, or hanker, calculated and intended to circulate LAWS CONCERNING MONEY, BANKING, AND LOANS. 381 SEC. 5133. Associations for carrying on the business of na f ^f^f tl , n f banking under this Title may be formed by any number j n jy i ssoeia- of natural persons, not less in any case than five. They c ^^ s, is4, shall enter into articles of association, which shall specify l 'j[^ 20i874 in general terms the object for which the association is -.,?j 43 ' v - ls> p - formed, and may contain any other provisions, not incon- sistent with law, which the association may see fit to adopt for the regulation of its business and the conduct of its affairs. These articles shall be signed by the per- sons uniting to form the association, and a copy of them shall be forwarded to the Comptroller of the Currency, to be filed and preserved in his office. (See section 321.) (The act of June 20, 1871 (c. 313, v. 18, p. 123), de- clares " that the act entitled 'An act to provide a national currency secured by a pledge of United States bonds and to provide for the circulation and redemption thereof,' approved June third, eighteen hundred and sixty-four, shall hereafter be known as ' the national-bank act.' ") SEC. 5131. The persons uniting to form such an associa- Requisites of . . i Ii_ i j i .- organization tion shall, under their hands, make an organization cer- certificate. . ' ' June :',. 1804, tincate, which shall specifically state: c. ioti. s. <;, v. First. The name assumed by such association; which name shall be subject to the approval of the Comptroller of the Currency. Second. The place where its operations of discount and deposit are to be carried on, designating the State, Terri- tory, or district, and the particular county and city, town, or village. Third. The amount of capital stock and the number of shares into which the same is to be divided. Fourth. The names and places of residence of the shareholders and the number of shares held by each of them. Fifth. The fact that the certificate is made to enable such persons to avail themselves of the advantages of this Title. SEC. 5135. The organization certificate shall be ao- . knowledged before a judge of some court of record, notary public; and shall be, together with the acknowl- edgement thereof, authenticated by the seal of such court. or notary, transmitted to the Comptroller of the Cur- rency, who shall r"conl and carefully preserve the same in his office. (See sec. SS5.) 382 NATIONAL MONETARY COMMISSION. corporate g EC> 513^ Upon duly making and filing articles of powers of asso- J ci " ti \"b u s association and an organization certificate, the associa- cVni l| i4 Se u s ' *i n sn all become, as from the date of the execution of second ^NaUon^ 8 organization certificate, a body corporate, and as such, ai Bank chi- anc j j n the name designated in the organization certificate, capo (0 Biss., . it shall have power First. To adopt and use a corporate seal. Second. To have succession for the period of twenty years from its organization, unless it is sooner dissolved according to the provisions of its articles of association, or by the act of its shareholders owning two-thirds of its stock, or unless its franchise becomes forfeited by some violation of law. Third. To make contracts. Fourth. To sue and be sued, complain and defend, in any court of law and equity, as fully as natural per- sons. Fifth. To elect or appoint directors, and by its board of directors to appoint a president, vice-president, cashier, and other officers, define their duties, require bonds of them and fix the penalty thereof, dismiss such officers or any of them at pleasure, and appoint others to fill their places. Sixth. To prascribe, by its board of directors, by-laws not inconsistent with law, regulating the manner in which its stock shall be transferred, its directors elected or ap- pointed, its officers appointed, its property transferred. its general business conducted, and the privileges granted io it by law exercised and enjoyed. Seventh. To exercise by its board of directors, or duly authorized officers or agents, subject to law. all such incidental powers as shall be necessary to carry on the business of banking; by discounting and negotiating promissory notes, drafts, bills of exchange, and other evidences of debt; by receiving deposits; by buying and selling exchange, coin, and bullion; by loaning money on personal security: and by obtaining, issuing, and circu- lating notes according to the provisions of this Title. lint no association shall transact any business except nidi as i- incidental and necessarily preliminary to its organization, until it has been authorized by the Comp- troller of the Currency to commence the business of banking. LAWS CONCERNING MONEY, BANKING, AND LOANS. 383 SEC. 5137. A national banking association mav pur- Power to hold ' real property. chase, hold, and convey real estate for the following pur- CI , J "Q(. 3 ,' > 1 . 8 !j| > poses, and for no others: vo'i. is.'p. 107. ' . ... Kansas Val- First. Such as shall be necessary for its immediate i e - v Bank r. . . . Rowell C2 Dill., accommodation in the transaction oi its business. 371 )- Second. Such as shall be mortgaged to it in good faith by way of security for debts previously contracted. Third. Such as shall be conveyed to it in satisfaction of debts previously contracted in the course of its dealings. Fourth. Such as it shall purchase at sales under judge- ments, decrees, or mortgages held by the association, or shall purchase to secure debts due to it. But no such association shall hold the possession of any real estate under mortgage, or the title and possession of any real estate purchased to secure any debts due to it, for a longer period than five years. SEC. 5138. Xo association shall be organized under this Requisite amount of capi- Title with a less capital than one hundred thousand dol- tal - lars; except that banks with a capital of not less than fifty thousand dollars may, with the approval of the Sec- retary of the Treasury, be organized in any place the pop- ulation of which does not exceed six thousand inhabit- ants. Xo association shall be organized in a city the pop- ulation of which exceeds fifty thousand persons w r ith a less capital than two hundred thousand dollars. SEC. 5139. The capital stock of each association shall * har ,^ s of stock and trans- be divided into shares of one hundred dollars each, and be fei ^- deemed personal property, and transferable on the books '|7>^^vssessors of the association in such manner as may be prescribed in the by-laws or articles or association. Every person be- coming a shareholder by such transfer shall, in propor- tion to his shares, succeed to all the rights and liabilities of the prior holder of such shares; and no change shall be made in the articles of association by which the rights, remedies, or security of the existing creditors of the asso- ciation shall be impaired. SEC. 5140. At least fifty per centum of the capital m , 1 ,[ i VThY stock of every association shall be paid in before it shall . < I ' I t 1 l / 1 ' ( ! be authorized to commence business; and the remainder ttnd provedi of the capital stock of such association shall be paid in installments of at least ten per centum each, on the whole amount of the capital, as frequently as one installment at the end of each succeeding month from the time it s-hall be authorized by the Comptroller of the Currency to com- mence business; and the payment of each installment math 384 NATIONAL, MONETARY COMMISSION. shall be certified to the Comptroller, under oath, by the president or cashier of the association. Proceedings SEC. 5141. Whenever anv shareholder, or his assignee, 1 f shareholder . fails to pay in- fails to pav any installment on the stock when the same is stallments. . * , * n . . . . , , ... required by the preceding section to be paid, the directors of such association may sell the stock of such delinquent shareholder at public auction, having given three weeks' previous notice thereof in a newspaper published and of general circulation in the city or county where the asso- ciation is located, or if no newspaper is published in said city or county, then in a newspaper published nearest thereto, to any person who will pay the highest price therefor, to be not less than the amount then due thereon, with the expenses of advertisement and sale; and the excess, if any, shall be paid to the delinquent share- holder. If no bidder can be found who will pay for such stock the amount due thereon to the association, and the cost of advertisement and Lile, the amount previously paid shall be forfeited to the association, and such stock shall be sold as the directors may order, within six months from the time of such forfeiture, and if not sold it shall be cancelled and deducted from the capital stock of the association. If any such cancellation and reduction shall reduce the capital of the association below the minimum of capital required by law. the capital stock shall, within thirty days from the date of such cancellation, be in- creased to the required amount; in default of which a receiver may be appointed, according to the provisions of section fifty-two hundred and thirty-four, to close up the business of the association, increase o f ^ EC> 5142. Any association formed under this Title capital stock. ' may, by its articles of association, provide for an increase of its capital from time to time, as may be deemed expedi- ent, subject to the limitations of this Title. But the maximum of such increase to be provided in the articles of association shall be determined by the Comptroller of (he Currency; and no increase of capital shall be valid until the whole amount of such increase is paid in, and notice thereof has been transmitted to the Comptroller of the Currency, and his certificate obtained specifying the amount of such increase of capital stock, with his ap- proval thereof, and that it has been duly paid in as part of the capital of such association. eaKrHtok f Sp:r - r ' 14:>> - An - v 'Delation formed under this Title mav. bv the vote of shareholders owning two-thirds of its LAWS CONCERNING MONEY, BANKING, AND LOANS. 385 v capital stock, reduce its capital to any sum not below the amount required by this Title to authorize the forma- tion of asociations ; but no such reduction shall be allow- able which will reduce the capital of the association be- low the amount required for its outstanding circulation, nor shall any such reduction be made until the amount of the proposed reduction has been reported to the Comp- troller of the Currency and his approval thereof obtained. SEC. 5144. In all elections of directors, and in decid- Right of ing all questions at meetings of shareholders, each share- vote. holder shall be entitled to one vote on each share of stock held by him. Shareholders may vote by proxies duly au- thorized in writing ; but no officer, clerk, teller, or book- keeper of such association shall act as proxy; and no shareholder whose liability is past due and unpaid shall be allowed to vote. SEC. 5145. The affairs of each association shall be^ 16 ^ 011 of directors. managed by not less than five directors, who shall be c J une ^i elected by the shareholders at a meeting to be held at any i^ v -' 13 time before the association is authorized by the Comp- troller of the Currency to commence the business of bank- ing ; and afterward at meetings to be held on such day in January of each year as is specified therefor in the arti- cles of association. The directors shall hold office for one year, and until their successors are elected and have qualified. SEC. 5146. Every director must, during his whole term of service, be a citizen of the United States, and at least of three-fourths of the directors must have resided in the State, Territory, or District in which the association is located, for at least one year immediately preceding their election, and must be residents therein during their con- tinuance in office. Every director must own, in his own right, at least ten shares of the capital stock of the asso- ciation of which he is a director. Any director who ceases to be the owner of ten shares of the stock, or who becomes in any other manner disqualified, shall thereby vacate his place. SEC. 5147. Each director, when appointed or elected, shall take an oath that he will, so far as the duty de- volves on him, diligently and honestly administer the affairs of such association, and will not knowingly vio- late, or willingly permit to be violated, any of the pro- visions of this Title, and that he is the owner in irood 386 NATIONAL MONETARY COMMISSION. faith, and in his own right, of the number of shares of stock required by this Title, subscribed my him, or stand- ing in his name on the books of the association, and that the same is not hypothecated, or in any way pledged, as security for any loan or debt. Such oath, subscribed by the director making it, and certified by the officer before whom it is taken, shall be immediately transmitted to the Comptroller of the Currency, and shall be filed and pre- served in his Office. eancSes ng v a " SEC. 5148< An y vacanc y in tne board shall be filled by appointment by the remaining directors, and any director so appointed shall hold his place until the next election. Proceedings g EC 5149. if from any cause, an election of directors is where no elec- J ' tion is held on no t made at the time appointed, the association shall not the proper day. for that' cause be dissolved, but an election may be held on any subsequent day, thirty days' notice thereof in all cases having been given in a newspaper published in the city, town, or county in which the association is located ; and if no newspaper is published in such city, town, or county, such notice shall be published in a newspaper pub- lished nearest thereto. If the articles of association do not fix the day on which the election shall be held, or if no election is held on the day fixed, the day for the elec- tion shall be designated by the board of directors in their by-laws, or otherwise; or if the directors fail to fix the day, shareholders representing two-thirds of the shares may do so. P rosTd ent of &. 515 - One of the directors, to be chosen by the {o" 187,.,. J c . u i5o! board 5 sha11 be the president of the board. K. '-. v. i '.. p. <;:!. individual SEC. 5151. The shareholders of everv national-banking liability of . . i n i i i i i i n -11 fsharehoid'M-K. association shall be held individually responsible, equally <-/io<;, s.' IL-/V! and ratably, and not one for another, for all contracts, debts, and engagements of such association, to the extent of the amount of their stock therein, at the par value thereof, in addition to the amount invested in such shares; except that shareholders of any banking association now existing under State laws, having not less than five mil- lion- of dollars of capital actually paid in, and a surplus of twenty per centum on hand, both to be determined by the Comptroller of the Currency, shall be liable only to the, amount invested in their shares; and such surplus of twenty per centum shall be kept undiminished, and be in addition to the surplus provided for in this Title; and if ;it any time there is a deficiency in such surplus of twenty per centum, such association shall not pay any dividends LAWS CONCERNING MONEY, BANKING, AND LOANS. 387 to its shareholders until the deficiency is made good ; and in case of such deficiency, the Comptroller of the Cur- rency may compel the association to close its business and wind up its affairs under the provisions of Chapter four of this Title. SEC. 5152. Persons holding stock as executors, admin- Executors, istrators, guardians, or trustees, shall not be personally not personally subject to any liabilities as stockholders; but the estates and funds in their hands shall be liable in like manner and to the same extent as the testator, intestate, ward, or person interested in such trust-funds would be, if living and competent to act and hold the stock in his own name. SEC. 5153. All national banking associations, desig- Duties and & liabilities of nated for that purpose bv the Secretary or the Ireasurv, associations . . f i f ."'when desig^ shall be depositaries of public monev, except receipts nated as de- . J ' positarles of from customs, under such regulations as may be pre- public moneys. .,,,,' ,3 June, 1864, scribed bv the Secretary ; and they may also be employed sec. 45, v. is, r ^ *i. n 1 4.1 i n ch ' lu6 ' p> 113 ' as financial agents or the (jrovernmerit ; and they shall perform all such reasonable duties, as depositaries of pub- lic moneys and financial agents of the Government, as may be required of them. The Secretary of the Treas- ury shall require the associations thus designated to give satisfactory security, by the deposit of United States bonds and otherwise, for the safe-keeping and prompt payment of the public money deposited with them, and for the faithful performance of their duties as financial agents of the Government. And every association so designated as receiver or depositary of the public money shall take and receive at par all of the national currency bills, by whatever association issued, which have been paid into the Government for internal revenue, or for loans or stocks. (See Sees. 3639-3049. 5489.) SEC. 5154. Any bank incorporated by special law, or organization , i A * i 11 ot stnte banks any banking institution organized under a general law otas national , , . .. , , . banking asso- any State, may become a national association under this ciationa. Title by the name prescribed in its organization certifi-p. 112.' fate: and in such case the articles of association and the organization certificate may be executed by a majority of the directors of the bank or banking institution; and the certificate shall declare that the owners of two third.-; of the capital stock have authorized the directors to make such certificate, and to change and convert the bank or banking institution into a national association. A ma- jority of the directors, after executing the articles of association and organization certificate, shall have power 388 NATIONAL MONETARY COMMISSION. to execute all other papers, and to do whatever may be required to make its organization perfect and complete as a national association. The shares of any such bank may continue to be for the same amount each as they were before the conversion, and the directors may con- tinue to be the directors of the association until others are elected or appointed in accordance with the pro- visions of this chapter; and any State bank which is a stockholder in any other bank, by authority of State laws. may continue to hold its stock, although either bank, or both, may be organized under and have accepted the pro- visions of this Title. When the Comptroller of the Cur- rency has given to such association a certificate, under his hand and official seal, that the provisions of this Title have been complied with, and that it is authorized to com- mence the business of banking, the association shall have the same powers and privileges, and shall be subject to the same duties, responsibilities, and rules, in all respects, as are prescribed for other associations originally organ- ized as national banking associations, and shall be held and regarded as such an association. But no such asso- ciation shall have a less capital than the amount pre- scribed for associations organized under this Title. state banks SEC. 5155. It shall be lawful for anv bank or bank- having brancn- es 'M-ir { i.so^ ' n assocla -tion organized under State laws, and having M-ir { i.so^ n TS '4 S 84 TS ' S7 ' v> ' mmcnes ? tne capital being joint and assigned to and used by the mother-bank and branches in definite pro- portions, to become a national banking association in conformity with existing laws, and to retain and keep in operation its branches, or such one or more of them as it may elect to retain ; the amount of the circulation redeem- able at the mother-bank, and each branch, to be regulated by the amount of capital assigned to and used by each. SEC ' 515G ' N thing in this Title shall affect any ap- ^ ^ 11 ^ 611 * 8 ma ^e, acts done, or proceedings had or com- ar jimp 1 3 i4 menc(>d P rior to the third day of June, eighteen hundred v. iV/.'p. ns ! ~' all(l sixty-four, in or toward the organization of any na- tional banking association under the act of February twenty-five, eighteen hundred and sixty-three; but all associations which, on the third day of June, eighteen hundred and sixty-four, were organized or commenced to be organized under that act, shall enjoy all the rights and privileges granted, and be subject to all the duties, liabilities, and restrictions imposed by this Title, notwith- LAWS CONCERNING MONEY, BANKING, AND LOANS. 389 standing all the steps prescribed by this Title for the organization of associations were not pursued, if such associations were duly organized under that act. SEC. 5157. The provisions of chapters two, three, and .what asso- 1 . A . ..ciations are four of this Title, which are expressed without restrictive so vemed by 7 r . chapters 2. :', words, as applying to " national banking associations," or ^ n t d le 4 of this to " associations," apply to all associations organized to carry on the business of banking under any act of Congress. , SEC. 5158. The term " United States, bonds," as used ^^dllned 68 throughout this chapter, shall be construed to mean regis- tered bonds of the United States. SEC. 5159. Every association, after having complied , United states J . ' . bonds to be de- with the provisions of this Title, preliminary to the com- P^ted^ Before mencement of the banking business, and before it shall business. be authorized to commence banking business under this Title, shall transfer and deliver to the Treasurer of the United States any United States registered bonds, bear- ing interest, to an amount not less than thirty thousand dollars and not less than one-third of the capital stock paid in. Such bonds shall be received by the Treasurer upon deposit, and shall be by him safely kept in his office, until they shall be otherwise disposed of, in pursuance of the provisions of this Title. SEC. 5160. The deposits of bonds made bv each associa- Bonds to be . . . . increased upon tion shall be increased as its capital may be paid up or in- increase of creased, so that every association shall at all times have on deposit with the Treasurer registered United States bonds to the amount of at least one-third of its capital stock actually paid in. And any association that mav de- May be di- ' . . ... minished upon sire to reduce its capital or to close up its business and reduction of dissolve its organization, may take up its bonds upon re- turning to the Comptroller its circulating notes in the proportion hereinafter required, or may take up any ex- cess of bonds beyond one-third of its capital stock, and upon which no circulating notes have been delivered. SEC. 51(51. To facilitate a compliance with the two Hxchan S o of . x . coupon for rej?- preceding sections, the Secretary of the Treasury is au- stored bonds. thorized to receive from any association, and cancel, any United States coupon bonds, and to issue in lieu thereof registered bonds of like amount, bearing a like rate of in- terest, and having the same time to run. SEC. 51G-2. All transfers of United States bonds, made \)y any association under the provisions of this Title, be made to the Treasurer of the United States in trust for IS(il > Hec - 1!) - 390 NATIONAL MONETARY COMMISSION. the association with a memorandum written or printed on each bond, and signed by the cashier, or some other officer of the association making the deposit. A receipt shall be given to the association, by the Comptroller of the Cur- rency, or by a clerk appointed by him for that purpose, stating that the bond is held in trust for the association on whose behalf the transfer is made, and as security for the redemption and payment of any circulating notes that have been or may be delivered to such association. Xo assignment or transfer of any such bond by the Treas- urer shall be deemed valid unless countersigned by the Comptroller of the Currency. Registry oi g EC . 5163. The Comptroller of the Currency shall keep in his Office a book in which he shall cause to be entered, immediately upon countersigning it, every transfer or assignment by the Treasurer, of any bonds belonging to a national banking association, presented for his signa- ture. He shall state in such entry the name of the asso- ciation from whose accounts the transfer is made, the name of the party to whom it is made, and the par value of the bonds transferred. Notice of SEC. 5104. The Comptroller of the Currency shall, transfer to be . . . piven to asso- immediately upon countersigning and entering any trans- lation inter- . J to u j ui ested. fer or assignment by the Treasurer, or any bonds belong- ing to a national banking association, advise by mail the association from whose accounts the transfer is made, of the kind and numerical designation of the bonds, and the amount thereof so. transferred. Examination $ EC . 5165. The Comptroller of the Currency shall have of registry and . L i i i < bonds. at all times, during office-hours, access to the books or the Treasurer of the United States for the purpose of ascertaining the correctness of any transfer or assign- ment of the bonds deposited by an association, presented to the Comptroller to countersign; and the Treasurer sli all have the like access to the book mentioned in section fifty-one hundred and sixty-three, during office-hours, to ascertain the correctness of the entries in the same; and the Comptroller shall also at all times have access to the bonds on deposit with the Treasurer to ascertain their amount and condition. Annual ex- Sw. 5160. Every association having bonds deposited in hinlnatlon o f ' ' . bonds by asso-the oilice or the I reasurer of the United States shall, iatioiis. . . mice or ottener in each fiscal year, examine and compare (lie bonds pledged by Ilie association with the books of the Comptroller of the Currency and with the accounts of LAWS CONCERNING MONEY, BANKING, AND LOANS. 391 the association, and, if they are found correct, to execute to the Treasurer a certificate setting forth the different kinds and the amounts thereof, and that the same are in the possession and custody of the Treasurer at the date of the certificate. Such examination shall be made at such time or times, during the ordinary business hours, as the Treasurer and the Comptroller, respectively, may select, and may be made by an officer or agent of such association, duly appointed in writing for that purpose ; and his certificate before mentioned shall be of like force and validity as if executed by the president or cashier. A duplicate of such certificate, signed by the Treasurer, shall be retained by the association. SEC. 5167. The bonds transferred to and deposited with, Bonds to be held to secure the Treasurer of the United States, by any association, circulation, for the security of its circulating notes, shall be held exclusively for that purpose, until such notes are re- deemed, except as provided in this Title. The Comptrol- Interest on bonds, how col- ler of the Currency shall give to any such association lected. powers of attorney to receive and appropriate to its own use the interest on the bonds which it has so transferred to the Treasurer; but such powers shall become inoper- ative whenever such association fails to redeem its circu- lating notes. Whenever the market or cash value of any if. bonds de bonds thus deposited with the Treasurer is reduced below posit' to' be in the amount of the circulation issued for the same, the Comptroller may demand and receive the amount of such depreciation in other United States bonds at cash value, or in money, from the association, to be deposited with the Treasurer as long as such depreciation continues. And the Comptroller, upon the terms prescribed by the r e ^ X u^ a n nKC f Secretary of the Treasurer, may permit an exchange to bonds - l)e made of any of the bonds deposited with the Treasurer by any association, for other bonds of the United States authorized to be received as security for circulating notes, if he is of opinion that such an exchange can be made without prejudice to the United States; and he may direct the return of any bonds to the association which transferred the same, in sums of not less than one thou- sand dollars, upon the surrender to him and the cancella- tion of a proportionate amount of such circulating Provided, That the remaining bonds which shall have ^.Ji'i'Vi'/aw;?" V," been transferred by the association oll'ering to surrender '""^[^ ;H . ( u| . circulating notes are equal to the amount required for the 1 ! 1 ,""',-' 392 NATIONAL MONETARY COMMISSION. circulating notes not surrendered by such association, and that the amount of bonds in the hands of the Treasurer is not diminished below the amount required to be kept on deposit with him, and that there has been no failure by the association to redeem its circulating notes, nor any other violation by it of the provisions of this Title, and that the market or cash value of the remaining bonds is not below the amount required for the circulation issued for the same. Comptroller SEC. 5108. Whenever a certificate is transmitted to the to determine if r . , , . . . ,. , associations Comptroller of the Currency, as provided in this litle, can commence . . . . . . business. and the association transmitting the same notifies the Comptroller that at least fifty per centum of its capital stock has been duly paid in, and that such association has complied with all the provisions of this Title required to be complied with before an association shall be author- ized to commence the business of banking, the Comp- troller shall examine into the condition of such associa- tion, ascertain especially the amount of money paid in on account of its capital, the name and place of residence of each of its directors, and the amount of the capital stock of which each is the owner in good faith, and gen- erally whether such association has complied with all the provisions of this Title required to entitle it to engage in the business of banking; and shall cause to be made and attested by the oaths of a majority of the directors, and by the president or cashier of the association, a state- ment of all the facts necessary to enable the Comptroller to determine whether the association is lawfully entitled to commence the business of banking. ailuioWy to SEC - 51G!j - If > "P on :l careful examination of the facts c o in incnco so reported, and of any other facts which may come to KH; . v. 101', 101 banking the knowledge of the Comptroller, whether by means of a special commission appointed by him for the purpose i'!!!; ' 'ss^r'' "f inquiring into the condition of such association, or is, v. i::, pp. otherwise, it appears that such association is lawfully en- titled to commence the business of banking, the Comp- troller shall give to such association a certificate, under his hand and oflicial seal, that such association has com- plied with all the provisions required to be complied with before commencing the business of banking. ;;nd that such association is authori/ed to commence such business. Hut the. Comptroller may withhold from an association his certificate authorizing the commencement of business, LAWS CONCERNING MONEY, BANKING, AND LOANS. 393 whenever he has reason to suppose that the shareholders have formed the same for any other than the legitimate objects contemplated by this Title. SEC. 5170. The association shall cause the certificate Of 1 ?er 1 tm a c t ate ! n issued under the preceding section to be published in some June 3, ise-t, , j ,1 , i ,1 c. 106, s. 18, v. newspaper printed in the city or county where me asso- 13, p. 104. ciation is located, for at least sixty days next after the issuing thereof ; or, if no newspaper is published in such city or county, then in the newspaper published nearest thereto. SEC. 5171. Upon a deposit of bonds as prescribed by ci^ilTing sections fifty-one hundred and fifty-nine and fifty-one cations? ass hundred and sixty, the association making the same shall M af. e l, i865. r be entitled to receive from the Comptroller of the Cur- rency circulating notes of different denominations, in blank, registered and countersigned as hereinafter pro- vided, equal in amount to ninety per centum of the cur- rent market-value of the United States bonds so trans- ferred and delivered, but not exceeding ninety per centum of the amount of the bonds at the par value thereof, if bearing interest at a rate not less than five per centum per annum : Provided, That the amount o'f circulating ta ?oVcircuiat- notes to be furnished to each association shall be in pro- portion to its paid-up capital, as follows, and no more: First. To each association whose capital does not exceed five hundred thousand dollars, ninety per centum of such capital. Second. To each association whose capital exceeds five hundred thousand dollars, but does not exceed one million of dollars, eighty per centum of such capital. Third. To each association whose capital exceeds one million of dollars, but does not exceed three million [s] of dollars, seventy-five per centum of such capital. Fourth. To each association whose capital exceeds three millions of dollars, sixty per centum of such capital. SEC. 5172. In order to furnish suitable notes for circu- 1 at ion, the Comptroller of the Currency shall, under the ""^''j^j 1 } direction of the Secretary of the Treasury, cause plates no jf,^ e 3i 1S r,4, and dies to be engraved, in the best manner to guard sec ' " against counterfeiting and fraudulent alterations, and shall have printed therefrom, and numbered, such quan- tity of circulating notes, in blank, of the denominations of one dollar, two dollars, three dollars, five dollars, ten dollars, twenty dollars, fifty dollars, one hundred dollars. 15712 10 2(i 394 NATIONAL MONETARY COMMISSION. five hundred dollars, and one thousand dollars, as may be required to supply the associations entitled to receive the same. Such notes shall express upon their face that they are secured by United States bonds, deposited with the Treasurer of the United States, by the written or engraved signatures of the Treasurer and Register, and by the imprint of the seal of the Treasury ; and shall also express upon their face the promise of the association receiving the same to pay on demand, attested by the signatures of the president or vice-president and cashier; and shall bear such devices and such other statements, and shall be in such form, as the Secretary of the Treas- ury shall, by regulation, direct. (See sees. 5415, 5434.) lates'and dies ^ EC ' ^173. The plates and special dies to be procured Bureau* enses f ' J - v tne Comptroller of the Currency for the printing of such circulating notes shall remain under his control and direction, and the expenses necessarily incurred in exe- cuting the laws respecting the procuring of such notes, and all other expenses of the Bureau of the Currency, shall be paid out of the proceeds of the taxes or duties assessed and collected on the circulation of national bank- ing associations under this Title. Annual p x - SEC. 5174. The Comptroller of the Currency shall cause animation of J plates, dies, to be examined, each vear, the plates, dies, (but pieces) etc. . - 1 . . Mar. :i. 1873, (bed pieces), and other material from which the national o. 200. s. 4. v. 1 . . 17. p. 00:5. bank circulation is printed, in whole or in part, and Hie Feb. L'7, 1S77, L ( (V io, v. 19, p. i n his Office annually a correct list of the same. Such material as shall have been used in the printing of the notes of associations which are in liquidation, or have closed business, shall be destroyed under such regula- tions as shall be prescribed by the Comptroller of the Currency and approved by the Secretary of the Treasury. The expenses of any such examination or destruction shall be paid out of any appropriation made by Con- gress for the special examination of national banks and bank-note plates. (The act of February 27, 1877, inserts " bed pieces v for " but pieces/') e of notes SKC. 5175. Not more than one-sixth part of the notes !?... llm- rurnished to any association shall be of a less denomina- tion than five dollars. After specie payments arc re- sumed no association shall be. furnished with notes of a less denomination than live dollars. LAWS CONCEENING MONEY, BANKING, AND LOANS. 395 SEC. 5176. No banking: association organized subse- circulation of ' certain banks quent to the twelfth day or July, eighteen hundred and^^^ted to seventy, shall have a circulation in excess of five hundred thousand dollars. Sec. 5177. (The aggregate amount of circulating notes issued under the act of February twenty -five, eighteen hundred and sixty-three, and under the act of June three, eighteen hundred and sixty -four, and under section one of the act of July twelve, eighteen hundred and seventy, ^"^12,1870, and under this Title, shall not exceed three hundred and 1(5 > P- 251 - fifty-four millions of dollars.} The limitation upon the circulation of national bank notes was removed by the statute of January 14, 1875, c. 15, s. 3, v. 18, p. 296. June 20, 1874, c. 343, v. 18, p. 123. Repealed by Jan. 14, 1875, c. 15, s. 3, v. 18, p. 296. SEC. 5178. One hundred and fifty millions of dollars Apportion- . . mont of circu- oi the entire amount ot circulating notes authorized to lating notes. be issued shall be apportioned to associations in the 3 Mar., 1S65. States, in the Territories, and in the District of Columbia, 12 July, ISTO. according to representative population. One hundred 14 Jan., 1875. and fifty millions shall be apportioned by the Secretary of the Treasury among associations formed in the several States, in the Territories, and in the District of Colum- bia, having due regard to the existing banking capital, resources, and business of such States, Territories, and District. The remaining fifty-four millions shall be apportioned among associations 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 circu- lating notes prior to the twelfth clay 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 Terri- tories having less than their proportion. SEC;. 5179. In order to secure a more equitable distri- , E( i u{ *i'zing 1 h e (list nbu- bution of the national banking currency, there mav bef io ? of /<- * . . "'. latin^ notes. issued circulating notes to banking associations organized in States and Territories having less than their propor- T St ' ( \, ac '' <>_ f Jan. 14, 187o. tion, and the amount of circulation herein authorized shall, under the direction of the Secretary of the Treas- ury, as it may be required for this purpose, be withdrawn, as herein provided, from banking associations organized in States having more than their proportion, but the 396 NATIONAL MONETARY COMMISSION. amount so withdrawn shall not exceed twenty-five million June e "o ac i874 f dollars: Provided, That no circulation shall be with- drawn 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. Method o f SEC. 5180. The Comptroller of the Currency shall, under procedure in . /> i A _c m withdrawingthe direction or the secretary or the Ireasurv, make a excess of clr- . . cuiation. statement showing the amount ot circulation in each State See act of. . Jan. 14, 1875. and Territory, and the amount necessary to be withdrawn from each association, and shall forthwith make a requisi- tion for such amount upon such associations, commencing with those having a circulation exceeding one million of dollars, in States having an excess of circulation, and with- drawing their circulation in excess of one million of dol- lars, and then proceeding proportionately with other asso- ciations having a circulation exceeding three hundred thousand dollars, in States having the largest excess of circulation, and reducing the circulation of such associa- tions in States having the greatest 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 Ter- ritories having less than their proportion, so as to equalize sale of bonds the same. Upon failure of anv association to return the upon failure of . . ... association t o amount of circulat inp; notes so required, within one vear, return notes. , '. , the Comptroller shall sell at public auction, having given twenty days' notice thereof in one daily newspaper printed in Washington and one in New York City, an amount of the bonds deposited by that association as se- curity 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 association, as they come into the Treasury, as will equal the amount required and not returned; and shall pay the balance, if any. to t he association, of Sr.c. r>]Xl. Anv association located in anv State having n s i oinore than its proportion of circulation may be removed to m-aiiy State having less than its proportion of circulation, asxoc I at I f r o in S t having an cess of c billon to e- under such rules and regulations as the Comptroller of the Currency, with the approval of the Secretary of the LAWS CONCERNING MONEY, BANKING, AND LOANS. 397 Treasury, shall prescribe: Provided, That the amount of the issue of said banks shall not be deducted from the issue of fifty-four millions mentioned in section five thou- sand one hundred and seventy-eight. SEC. 5182. After any association receiving circulating circulating notes under this title has caused its promise to pay such may' 'i>e issued notes on demand to be signed by the president or vice- 3 j une , isc4, president and cashier thereof, in such manner as to make se them obligatory promissory notes, payable on demand, at its place of business, such association may issue and circu- late the same as money. And the same shall be received at par in all parts of the United States in payment of received - taxes, excises, public lands, and all other dues to the United States, except duties on imports; and also for all salaries and other debts and demands owing by the United States to individuals, corporations, and associations within the United States, except interest on the public debt, and in redemption of the national currency. SEC. 5183. No national banking association shall issue post-notes or any other notes to circulate as money than lted - such as are authorized by the provisions of this Title. SEC. 5184. It shall be the duty of the Comptroller of the Currency to receive worn-out or mutilated circulat- ing notes issued by any banking association, and also, on notes - due proof of the destruction of any such circulating notes, to deliver in place thereof to the association other blank circulating notes to an equal amount. Such worn-out or mutilated notes, after a memorandum has been entered in the proper books, in accordance with such regulations as may be established by the Comptroller, as well as all cir- culating notes which shall have been paid or surrendered to be canceled, shall be burned to ashes in presence of four persons, one to be appointed by the Secretary of the Ju S|e ^ act^of Treasury, one by the Comptroller of the Currency, one by the Treasurer of the United States, and one by the association, under such regulations as the Secretary of the Treasury may prescribe. A certificate of such burning', signed by the parties so appointed, shall be made in the books of the Comptroller, and a duplicate thereof for- warded to the association whoso notes are thus canceled. SEC. 5185. Associations may be organized in the man- ner prescribed by this Title for the purpose of issuing notes payable in gold: and upon the deposit of any United States bonds bearing interest payable in gold with 398 NATIONAL MONETARY COMMISSION. the Treasurer of the United States, in the manner pre- scribed for other associations, it shall be lawful for the ti187. No officer acting under the provisions of this unla w fully . ~ . . countersigning Title shall countersign or deliver to anv association, or to o r ue 1 Ivering , circuiatingany other company or person, any circulating notes con- templated by this Title, except in accordance with the true intent and meaning of its provisions. Every officer who June .",. isG4, violates this section shall be deemed guilty of a liii> - h mis- SPC. U7. demeanor, and shall be fined not more than double the amount so countersigned and delivered, and imprisoned not less than one year and not more than fifteen years. imitating na- Section 5188. as codified in section 175 of the Penal nit'es with'S Code of the United States, March 4, 1000 (:tf Stat. L., vert Isc in c n t s thereon. 1 1 ~2'2 ) : It r-hall not be lawful to design, engrave, print, or in any manner make or execute, or to utter, issue, distribute. circulate, or use any business or professional card, notice, placard, circular, handbill, or advert isement in the likeness or similitude of any circulating note or other obligation or security of anv bunking association organized or acting LAWS CONCERNING MONEY, BANKING, AND LOANS. 399 under the laws of the United States which has been or may be issued under any Act of Congress, or to write, print, or otherwise impress upon any such note, obliga- tion, or security, any business or professional card, notice or advertisement, or any notice or advertisement of any matter or thing whatever. Whoever shall violate any provision of this section shall be fined not more than one Punishment hundred dollars, or imprisoned not more than six months, or both. Section 5189, as codified in section 176 of the Penal Mutilating, Code of the United States, March 4, 1009 (35 Stat. L., banknotes' 011 ' 1122) : Whoever shall mutilate, cut, deface, disfigure, or per- forate with holes, or unite or cement together, or do any other thing to any bank bill, draft, note, or other evidence of debt, issued by any national banking association, or shall cause or procure the same to be done, with intent to render such bank bill, draft, note, or other evidence of debt unfit to be reissued by said association, shall be fined I'imisume n t not more than one hundred dollars, or imprisoned not more than six months, or both. SEC. 5190. The usual business of each national banking I'lacc of busi- noss. association shall be transacted at an office or banking- June x, iso4, house located in the place specified in its organization certificate. SEC. 5191. Every national banking association in either Requirements . ~ as to lawful of the following cities: Albany, Baltimore, Boston, Cm- money reserve. cinnati, Chicago, Cleveland, Detroit, Louisville, Milwau- kee, Xew Orleans, New York, Philadelphia, Pittsburgh, Saint Louis, San Francisco, and Washington, shall at all times have on hand, in lawful money of the United States, an amount equal to at least twenty-five per centum of the aggregate amount of its notes in circulation and its de- posits; and every other association shall at all times have on hand, in lawful money of the United States, air amount equal to at least fifteen per centum of the aggre- gate amount of its notes in circulation, and of its deposits. Whenever the lawful monev of anv association in anv of N'" loans or di vidcmls to he the cities named shall be below the amount of twenty-fivenmde wime n>- SITVC is below per centum of its circulation and deposits, and whenever limit, the lawful money of any other association shall be below fifteen per centum of its circulation and deposits, such association shall not increase its liabilities by making any 400 NATIONAL MONETARY COMMISSION. new loans or discounts otherwise than by discounting or purchasing bills of exchange payable at sight, nor make any dividend of its profits until the required proportion, between the aggregate amount of its outstanding notes of circulation and deposits and its lawful money of the United States, has been restored. And the Comptroller of the Currency may notify any association, whose law- ful-money reserve shall be below the amount above re- quired to be kept on hand, to make good such reserve; and if such association shall fail for thirty days there- after so to make good its reserve of lawful money, the Receiver may Comptroller mav, with the concurrence of the Secretarv be appoi n t e d L . . . for failure to of the Treasurv, appoint a receiver to wind up the busi- make good the .. ...... n <- reserve. ness of the association, as provided in section fifty-two hundred and thirty-four. Redemption SEC. 5192. Three-fifths of the reserve of fifteen per cities, and pro- i i i portion of re- centum required by the preceding section to be kept, may may be kept consist of balances due to an association, available for the ^ see act of June redemption of its circulating notes, from associations ap- proved by the Comptroller of the Currency, organized June 3, 1S64; under the act of June three, eighteen hundred and sixty- S (? C i 1 four, or under this Title, and doing business in the cities Feb. 19, 1875. of Albany, Baltimore, Boston, Charleston. Chicago, Cin- cinnati, Cleveland, Detroit, Louisville. Milwaukee, Xew Orleans, Xew York, Philadelphia, Pittsburgh. Richmond, clearing Saint Louis, San Francisco, and Washington. Clearinff- house certin- ' ' . fc cates deemed house certificates, representing specie or lawful monev lawful money. . ' * . specially deposited for the purpose, of any clearing-house association, shall also be deemed to be lawful money in the possession of any association belonging to such clear- ing-house, holding and owning such certificate within the preceding section. cJrun7a\*s tat o e r ^ E(< - ^^ The Secretary of the Treasury may receive i^i'o^'ind'nr'i'v ^ TII ^ (I( ^ ^ates notes on deposit, without interest, from any c o n n t as i-fi-1iational banking associations, in sums of not less than ten serve. te s *iH tofJune thousand dollars, and issue certificates therefor in such 8, loi -. form as he may prescribe, in denominations of not less than five thousand dollars, and payable on demand in United States notes at the place where the deposits were made. The notes so deposited shall not be counted as part of the lawful-money reserve of the association; but, the certificates issued therefor may be counted as part of LAWS CONCERNING MONEY, BANKING, AND LOANS. 401 its lawful-money reserve, and may be accepted in the on'^e^ssue^f settlement of clearing-house balances at the places where g t ( j^ i c t a * es of the deposits therefor were made. SEC. 5194. The power conferred on the Secretary of the Treasury, by the preceding section, shall not be exer- cised so as to create any expansion or contraction of the currency. And United States notes for which certificates are issued under that section, or other United States notes of like amount, shall be held as special deposits in the Treasury, and used only for the redemption of such certificates. SEC. 5195. Each association organized in any of the cities named in section fifty-one hundred and ninety-one ^ la " n e shall select, subject to the approval of the Comptroller of na | e ^- e act 0f the Currency, an association in the city of New York, at ^'P e 3 20 - 1874 ' which it will redeem its circulating notes at par ; and may se ^ u ^| 3> 1864 > keep one-half of its lawful-money reserve in cash de- posits in the city of New York. But the forgoing pro- vision shall not apply to associations organized and lo- cated in the city of San Francisco for the purpose of issu- ing notes payable in gold. Each association not organ- ized within the cities named shall select, subject to the approval of the Comptroller, an association in either of the cities named, at which it will redeem its circulating notes at par. The Comptroller shall give public notice of the names of the associations selected, at which re- demptions are to be made by the respective associations, and of any change that may be made of the association at which the notes of any association are redeemed. When- ever any association fails either to make the selection or fo j; J . redeem notes. to redeem its notes as aforesaid, the Comptroller of the Currency may, upon receiving satisfactory evidence thereof, appoint a receiver, in the manner provided for in section fifty-two hundred and thirty-four, to wind up its affairs. But this section shall not relieve any associa- tion from its liability to redeem its circulating notes at its own counter, at par, in lawful money on demand. SEC. 5190. Every national banking association formed b .^.^ ?," ,! or existing under this title, shall take and receive at par. ^{ ve ot ^ es n ^* for any debt or liability to it, any and all notes or bills ti(jnal banks - issued by any lawfully organized national banking asso- ciation. But. this provision shall not apply to any asso- ciation organized for the purpose of issuing notes payable in gold. 402 NATIONAL MONETARY COMMISSION. Vn^ate^o? SEC. 5197. Any association may take, receive, reserve, interest which an( j charge on any loan or discount made, or upon any may be taken. / . ' L c J io6 e s' so 6 v' n te, bill of exchange, or other evidences of debt, interest %&^- , at the rate allowed bv the laws of the State, Territory, Tiff 3D V V . ^ifl," t tionai Bank of or district where the bank is located, and no more, except wan., 409); that where by the laws of any State a different rate is wild (ii limited for banks of issue organized under State laws, Blatch., 243). ,..,1,111 11 i _c , the rate so limited shall be allowed for associations or- ganized or existing in any such State under this Title. When no rate is fixed by the laws of the State, or Terri- tory, or district, the bank may take, receive, reserve, or charge a rate not exceeding seven per centum, and such interest may be taken in advance, reckoning the days for which the note, bill, or other evidence of debt has to run. And the purchase, discount, or sale of a bona-fide bill of exchange, payable at another place than the place of such purchase, discount, or sale, at not more than the current rate of exchange for sight-drafts in addition to the interest, shall not be considered as taking or receiving a greater rate of interest. f C takin Ue usu- SEC. ^198. The taking, receiving, reserving, or charg- rious interest i n o; a ra te of interest greater than is allowed by the pre- .1 u ne .'}, 1864, & . J !p } 106 ' 1 ^g 30 ' v> ceding section, when knowingly done, shall be deemed a Feb. is 1875, f or f e iture of the entire interest which the note, bill, or '-(> ' other evidence of debt carries with it. or which has been Farmers . etc., Kank ( c. pear- agreed to be paid thereon. In case the greater rate of -9). 'interest has been paid, the person by whom it has been paid, or his legal representatives, may recover back, in an action in the nature of an action of debt, twice the amount of the interest thus paid from the association taking or receiving the same; provided such action is commenced within two years from the time the usurious transaction occurred. [That suits, actions, and proceedings against any association under this Title may be had in any cir- cuit, district, or territorial court of the United States held within the district in which such association may be established, or in any State, county, or municipal court in the county or city in which said association is located having jurisdiction in similar cases. ] (The words in brackets were added by the act of Feb- ruary 18. 187r>.) Dividends. SEC. 5199. The directors of anv association mav. semi- June I!, 1804, . , * r.i<;<;, s. ( :',:;, v. annually, declare a dividend of so much or the net profits of the association as they shall judge expedient; but each association shall, before the declaration of a divi- LAWS CONCERNING MONEY, BANKING, AND LOANS. 403 dend, carry one-tenth part of its net profits of the pre- ceding half-year to its surplus fund until the same shall amount to twenty per centum of its capital stock. SEC. 5200. The total liabilities to any association, of bl ^[J ; ^"^ any person, or of any company, corporation, or firm f or ,^ d b b e !"; money borrowed, including, in the liabilities of a com- 5^ erso % etc - pany or firm, the liabilities of the several members los - thereof, shall at no time exceed one-tenth part of the amount of the capital stock of such association actually paid in. But the discount of bills of exchange drawn in good faith against actually existing values, and the dis- count of commercial or business paper actually owned by the person negotiating the same, shall not be considered as money borrowed. SEC. 5201. No association shall make any loan or clis- Associations . . not to loan or count on the security of the shares of its own capital purchase their > o\vu stock. stock, nor be the purchaser or holder ol any such shares, u>w., s. 35, p. unless such security or purchase shall be necessarv to Bank v . i,a- J , . . nier (11 Wall.. prevent loss upon a debt previously contracted in good 369) ; Baiumi ^ T R a. n k ( IS faith ; and stock so purchased or acquired shall, within six wan., 589). months from the time of its purchase, be sold or disposed of at public or private sale; or, in default thereof, a receiver may be appointed to close up the business of the association, according to section fifty-two hundred and thirty-four. SEC. 5202. No association shall at any time be indebted, Limit upon m- , . , , v -i i debtedness to or in any way liable, to an amount exceeding the amount i.o incurred. ., , , , ,- n j n June 8, 1804. oi its capital stock at such time actually paid in and re- c. 100, s. ao, v. -I- i T i i ' 1:! < !' 110 ' maining undiminished by losses or otherwise, except on account of demands of the nature following : First. Notes of circulation. Second. Moneys deposited with or collected by the association. Third. Bills of exchange or drafts drawn against money actually on deposit to the credit of the association, or due thereto. Fourth. Liabilties to the stockholders of the association for dividends and reserved profits. Sj-;c. 520;}. No association shall, either directly or indi- it>i<. :i". rectly, pledge or hypothecate any of its notes of circula- notes n..i to i>o tion. for the purpose ol' procuring monev to be paid in on ndr usc r n wUhdra w SEC. 5204. No association, or any member thereof, shall, during tne time it shall continue its banking operations, withdraw, or permit to be withdrawn, either in the form of dividends or otherwise, any portion of its capital. If losses have at any time been sustained by any such asso- ciation, equal to or exceeding its undivided profits then on hand, no dividend shall be made; and no dividend shall ever be made by any association, while it continues its banking operations, to an amount greater than its net profits then on hand, deducting therefrom its losses and bad debts. All debts due to any associations, on which interest is past due and unpaid for a period of six months, unless the same are well secured, and in process of collec- tion, shall be considered bad debts within the meaning of this section. But nothing in this section shall prevent the reduction of the capital stock of the association under section fifty-one hundred and forty-three. Enforcingpay- SEC. 5205. Every association which shall have failed merit of den- . * ciency in capi- to pav up its capital stock, as required by law, and every tal stock. l r / . ' T i n , . Mar. 3. 1873, association whose capital stock shall have become im- c 269 s. 1 v. 17, p. '603. ' paired by losses or otherwise, shall, within three months June 30, 1876, L J . . . c. 156, s. 4, v. after receiving notice thereof from the Comptroller of the Currency, pay the deficiency in the capital stock, by assessment upon the shareholders pro rata for the amount of capital stock held by each; and the Treasurer of the United States shall withhold the interest upon all bonds held by him in trust for any such association, upon notifi- cation from the Comptroller of the Currency, until other- wise notified by him. If any such association shall fail to pay up its capital stock, and shall refuse to go into liquidation, as provided by law, for three months after receiving notice from the Comptroller, a receiver may be appointed to close up the business of the association, ac- cording to the provisions of section fifty-two hundred and thirty- four. \And provided, That if any shareholder or shareholders of such bank shall neglect or refuse, after three months' notice, to pay the assessment, as provided in this section, it shall be the duty of the board of di- rectors to cause a sufficient amount of the capital stock of such shareholder or shareholders to be sold at public auc- tion (after thirty days' notice shall be given by posting such notice of sale in the office of the bank, and by publish- ing such notice in a newspaper of the city or town in which the bank is located, or in a newspaper published nearest thereto.) to make good the deficiency, and the LAWS CONCERNING MONEY, BANKING, AND LOANS. 405 balance, if any, shall be returned to such delinquent share- holder or shareholders.] [The words in brackets were added by the act of June 30, 1876, see p. 427.] SEC. 5206. No association shall at any time pay out on Associations i j- i, j -n- i-ii not to pay out loans or discounts, or in purchasing drafts or bills of ex- u ncun-ent f notes. change, or in payment of deposits, or in any other mode ibta., sec. 39. pay or put in circulation, the notes of any bank or bank- ing association which are not, at any such time, receivable, at par, on deposit, and in payment of debts by the asso- ciation so paying out or circulating such notes ; nor shall any association knowingly pay out or put in circulation any notes issued by any bank or banking association which at the time of such paying out or putting in cir- culation is not redeeming its circulating notes in lawful money of the United States. SEC. 5207. Xo association shall hereafter offer or re- Penalty for -i offering or re- ceive United States notes or national-bank notes as se- ceiving united . P States or na- cuntv or as collateral security for anv loan of money, or tionai-bank .,,,,, , V. jr>,' if,.,,. !> : ' :!r - and thirty-four. 406 NATIONAL MONETARY COMMISSION. Embezzle- g EC 5209. Every president, director, cashier, teller, ment ; penalty. J I > J ' June 3, 1864, clerk, or agent of any association, who embezzles, ab- c. 106, s. 5o, v - t 13 ', g-^in-stracts. or willfully misapplies any ot the moneys, funds, April o, lot>7j c. ii.v.ie.p .7. or credits of the association; or who, without authority July o, loTl/i i * c. 226, v. 16, p. from the directors, issues or puts in circulation any of the notes of the association ; or who, without such author- T.nJnttfr' (i'l'ity, issues or puts forth any certificate of deposit, draws Biatcn., 374). any orc ] er or ^j}} o f exchange, makes any acceptance, assigns any note, bond, draft, bill of exchange, mortgage, judgment, or decree; or who makes any false entry in any book, report, or statement of the association, with intent, in either case, to injure or defraud the association or any other company, body politic or corporate, or any individual person, or to deceive any officer of the asso- ciation, or any agent appointed to examine the affairs of any such association; and every person who with like intent aids or abets any officer, clerk, or agent in any violation of this section, shall be deemed guilty of a mis- demeanor, and shall be imprisoned not less than five years nor more than ten. List of SEC. 5210. The president and cashier of every national shareholders,. , . . . , ,, , , n . etc., to be kept, banking association shall cause to be kept at all times c. lol, s. 4o| a full and correct list of the names and residences of all the shareholders in the association, and the number of shares held by each, in the office where its business is transacted. Such list shall be subject to the inspection of all the shareholders and creditors of the association, and the officers authorized to assess taxes under State authority, during business-hours of each day in which business may be legally transacted. A copy of such list, on the first Monday of July of each year, verified by the oath of such president or cashier, shall be transmitted to the Comptroller of the Currency. Reports to SEC. T)2fl. Every association shall make to the Comp- th<> currency, t roller of the Currency not less than five reports during ion!' | 1- each year, according to the form which may be prescribed -._'ii'o. _'s. T. \-.' by him. verified by the oath or affirmation of the presi- .hiie.-'i'd, I'sTf,, dent or cashier of such association, and attested by the i:. i .''<;)' ' _' signal lire of at least three of the directors. Each such c. !',' v.''i:,V>- report shall exhibit, in detail and under appropriate head-, the resources and liabilities of the ( capital stock. the months of January and July, a duty of one-half of t FlI 4 D 1 e :?i 1K04< one per centum each half-year upon the average amount of its notes in circulation, and a duty of one-quarter of one per centum each half-year upon the average amount 408 NATIONAL MONETARY COMMISSION. of its deposits, and a duty of one-quarter of one per centum each half-year on the average amount of its capi- tal stock, beyond the amount invested in United States bonds. r f e rn~ot n cir SEC. 5215. In order to enable the Treasurer to assess cuiation d e - fh e duties imposed bv the preceding section, each asso- posits, and cap- * - 1 Itai stock. ciation shall, within ten days from the first days of January and July of each year, make a return, under the oath of its president or cashier, to the Treasurer of the United States, in such form as the Treasurer may pre- scribe, of the average amount of its notes in circulation, and of the average amount of its deposits, and of the average amount of its capital stock, beyond the amount invested in United States bonds, for the six months next preceding the most recent first day of January or July. Penalty for Every association which fails so to make such return shall failure to make ,.",, return. be liable to a penalty ot two hundred dollars, to be col- lected either out of the interest as it may become due such association on the bonds deposited with the Treasurer, or, at his option, in the manner in which penalties are to be collected of other corporations under the laws of the United States. Method of as- $ EC _ 5216. Whenever any association fails to make the sessment if re- J > not half-yearly return required by the preceding section, the duties to be paid by such association shall be assessed upon the amount of notes delivered to such association by the Comptroller of the Currency, and upon the highest amount of its deposits and capital stock, to be ascertained in such manner as the Treasurer may deem best. HOW tax may Si:r. 5217. Whenever an association fails to pay the bo collected if L * association duties imposed by the three preceding sections, the sums fails t<> pay. _ due may be collected in the manner provided for the col- lection of United States taxes from other corporations; or the Treasurer may reserve the amount out of the in- terest, as it may become due, on the bonds deposited with him by such defaulting association. pxcesH f "of d 'd,f ^ K(< - ; ~'-l - I H a U cases where an association has paid ties paid. or m .,y p.,y j n excess of what may be or has been found due from it, on account of the duty required to be paid to the Treasurer of thu United States, the association may state an account therefor, which, on being certified by the Treasurer of the Tinted States, and found correct by the First Comptroller of the Treasury, shall be refunded in the ordinary iiiriiner by warrant on the Treasury. LAWS CONCERNING MONEY, BANKING, AND LOANS. 409 SEC. 5219. Nothing herein shall prevent all the shares state t axa- in any association from being included in the valuation "Tune 3) i 8 64, of the personal property of the owner or holder of such i3, 10 p 6 ' fii 1> v- shares, in assessing taxes imposed by authority of the c. F 7f'v'i5^ 6 p.' State within which the association is located; but the 34 Bank of com- legislature of each State may determine and direct the York 6 city Ne (^ manner and place of taxing all the shares of national Alien 20 !;. ' The banking associations located within the State, subject wa 8 ii. s , s0 673J^ only to the two restrictions, that the taxation shall not commissioners be at a greater rate than is assessed upon other moneyed capital in the hands of individual citizens of such State, w and that the shares of any national banking association ^ a owned by non-residents of any State shall be taxed in the wiui eaIt 353J city or town where the bank is located, and not elsewhere. Nothing herein shall be construed to exempt the real property of associations from either State, county, or municipal taxes, to the same extent, according to its value, as other real property is taxed. u axe |' 4i5r Bank of Omaha v. Douglas Co. (3 Dill., 299) ; First National' Bank v. Douglas Co. (3 Dill., 330). SEC. 5220. Any association may go into liquidation and J 1 atkm ary be closed by the vote of its shareholders owning two-thirds J " a n e 3 > 1864 - sec. 42, of its stock. SEC. 5221. Whenever a vote is taken to go into liqui- Notice of in- tent to dis- dation it shall be the duty of the board of directors to solve. cause notice of this fact to be certified, under the seal of c. 106, s/42, v! the association, by its president or cashier, to the Comp- troller of the Currency, and publication thereof to be made for a period of two months in a newspaper pub- lished in the city of New York, and also in a newspaper published in the city or town in which the association is located, or if no newspaper is there published, then in the newspaper published nearest thereto, that the associ- ation is closing up its affairs, and notifying the holders of its notes and other creditors to present the notes and other claims against the association for payment. SEC. 5222. Within six months from the date of the vote Deposit of ,..-.. . . lawful money to go into liquidation, the association shall deposit with to redeem m-- the Treasurer of the United States, lawful money of the ibid., 'sees. United States sufficient to redeem all its outstanding: cir- Juiy'i4, mo. O dilation. The Treasurer shall execute duplicate receipts for monejr thus deposited, and deliver one to the associa- tion and the other to the Comptroller of the Currency, stating the amount received by him, and the purpose for which it has been received; and the money shall be paid into the Treasury of the United States, and placed to the credit of such association upon redemption account. 15712" 10 27 410 NATIONAL MONETARY COMMISSION. hanks 8 need "of SEC. 5223. An association which is in good faith wind- deposit lawful m g U p its business for the purpose of consolidating with juf e i4 a i870 f an ther association shall not be required to deposit lawful money for its outstanding circulation; but its assets and liabilities shall be reported by the association with which it is in process of consolidation. Reassignment g EC 5224. Whenever a sufficient deposit of lawful of b o n d s to . . . . closed banks, money to redeem the outstanding circulation of an associa- June 3, 1864, > i i i i sec. 42. tion proposing to close its business has been made, the bonds deposited by the association to secure payment of its notes shall be reassigned to it, in the manner prescribed red'ee'me'd a t D J section fifty-one hundred and sixty-two. And there- after the association and its shareholders shall stand dis- charged from all liabilities upon the circulating notes, and those notes shall be redeemed at the Treasury of the s United States. [And if any such bank shall fail to make deposit a \ 1 awfu the deposit and take up its bonds for thirty days after m see y ' act of the expiration of the time specified, the Comptroller of correAfng 18 ^- tne Currency shall have power to sell the bonds pledged vised statutes. ^ or ^ Q c i rcu i a ti O n of said bank, at public auction in New York City, and, after providing for the redemption and cancellation of said circulation and the necessary ex- penses of the sale, to pay over any balance remaining to the bank or its legal representative.] (The words in brackets were added by the act of Feb- ruary 18. 1875.) Destruction SEC. 5225. Whenever the Treasurer has redeemed any of r e d e e med . notes. of the notes or an association which has commenced to June 2.3. 1874. close its affairs under the \six~] [five] preceding sections. J une ' y 1804 sec. 43. ' ' he shall cause the notes to be mutilated and charged to the redemption account of the association; and all notes so redeemed by the Treasurer shall, every three months, be certified to and burned in the manner prescribed in section fifty-one hundred pnd eighty-four. (The word ' six "' in brackets is struck out and " five '' in brackets added by the act of February 27, 1877.) testing 6 note's ^ K( '' ^ f '- Whenever any national banking association /&u/..s'c. 40. f ;l j] s f m leein j n (} )e lawful money of the United States an}' of its circulating notes, upon demand of payment duly made during the usual hours of business, at the ^ n( ' c '' S11( ' M :1 -<'int ion, or at its designated place of re- demption, the holder may cause the same to be protested, in one package. !i><. 17. Comptroller shall give notice, in such manner as the Sec- 412 NATIONAL, MONETARY COMMISSION. retary of the Treasury shall, by general rules or other- wise, direct, to the holders of the circulating notes of such Redemption association, to present them for payment at the Treasury Treasury? 8 and of the United States; and the same shall be paid as pre- bonds. sented in lawful money of the United States; whereupon the Comptroller may, in his discretion, cancel an amount of bonds pledged by such association equal at current market rates, not exceeding par, to the notes paid, sale of bonds SEC. 5230. Whenever the Comptroller has become satis- fied, by the protest or the waiver and admission specified in section fifty-two hundred and twenty-six, or by the report provided for in section fifty-two hundred and twenty-seven, that any association has refused to pay its circulating notes, he may, instead of canceling its bonds, cause so much of them as may be necessary to redeem its outstanding notes to be sold at public auction in the city of Xew York, after giving thirty days' notice of such sale The United to the association. For any deficiency in the proceeds of a paramount all the bonds of an association, when thus sold, to re- set" of P assocfa- imburse to the United States the amount expended in paying the circulating notes of the association, the United States shall have a paramount lien upon all its assets; and such deficiency shall be made good out of such assets in preference to any and all other claims whatsoever, except the necessary costs and expenses of administering the same, sale of bonds SEC. 5231. The Comptroller mav, if he deems it for the at private sale. - 1 . . interest of the United States, sell at private sale any of the bonds of an association shown to have made default in paying its notes, and receive therefor either money or the circulating notes of the association. But no such bonds shall be sold by private sale for less than par, nor for less Transfer of (} ian f] le market value thereof at the time of sale; and no bonds sold. snles of any such bonds, either public or private, shall be complete until the transfer of the bonds shall have been made with the formalities prescribed by sections fifty-one hundred and sixty-two, fifty-one hundred and sixty-three, and fifty-one hundred and sixty-four. b!-' iS n?M l (i i p n o ( f SKC. 5232. The, Secretary of the Treasury may, from b 0t Treasurer ed *' lne i'- 114 - months, calling on all persons who may have claims against such association to present the same, and to make legal proof thereof. SEC. 523G. From time to time, after full provision has Dividends by f T i TT -i o Comptroller to been first made lor refunding to the United States any creditors. deficiency in redeeming the notes of such association, the Comptroller shall make a ratable dividend of the money .Tun<> :*, 1*04, . . . . ?< i() - so paid over to him by such receiver on all such claims as may have been proved to his satisfaction or adjudicated in a court of competent jurisdiction, and, as the proceeds of the assets of such association are paid over to him, shall make further dividends on all claims previously proved or adjudicated; and the remainder of the proceeds, if any, shall be paid over to the shareholders of such asso- ciation, or their legal representatives, in proportion to the. stock by them respectively held. 414 NATIONAL, MONETARY COMMISSION. injunction g EC 5237. Whenever an association against which pro- upon receiver- A ship. ceedings have been instituted, on account of any alleged refusal to redeem its circulating notes as aforesaid, denies having failed to do so, it may, at any time within ten days after it has been notified of the appointment of an agent, as provided in section fifty-two hundred and twenty- seven, apply to the nearest circuit, or district, or Terri- torial court of the United States to enjoin further pro- ceedings in the premises; and such court, after citing the Comptroller of the Currency to show cause why further proceedings should not be enjoined, and after the decision of the court or finding of a jury that such association has not refused to redeem its circulating notes, when legally presented, in the lawful money of the United States, shall make an order enjoining the Comptroller, and any re- ceiver acting under his direction, from all further pro- ceedings on account of such alleged refusal. Fees and ex- g EC . 5038. All fees for protesting the notes issued bv penses of pro- -, , -111" test and re- anv national banking association shall be paid by the ceivership. ' iiiers ? agents, or servants of the association c >' G3 >G> ' v ' 19> to viol* 1 * an .Y f the provisions of this Title, all the rights, privileges, and franchises of the association shall be thereby forfeited. Such violation shall, however, be determined and adjudged by a proper circuit, district, or territorial court of the United States, in a suit brought for that purpose, by the Comptroller of the Currency, in his own name, before, the association shall be declared dissolved. And in cases of such violation, every director who participated in or assented to the same shall be held liable in his personal and individual capacity for all damages which the association, its shareholders, or any other person, shall have sustained in consequence of such violation. LAWS CONCERNING MONEY, BANKING, AND LOANS. 415 SEC. 5240. The Comptroller of the Currency, with the .Appointment -of occasional approval of the Secretary of the Treasury, shall, as often ex ? mine Q rs : , June o, 1804, as shall 'be deemed necessary or proper, appoint a suit- j^ 106 '^ J* 4 ' v - able person or persons to make an examination of the c ^9 X ^ 9 '^| 75 ' affairs of every banking association, who shall have power 329 - to make a thorough examination into all the affairs of the association, and, in doing so, to examine any of the officers and agents thereof on oath ; and shall make a full and detailed report of the condition of the association to the Comptroller. [Every person appointed to make such. examination shall receive for his services at the rate of -five dollars for each day by him employed in such ex- amination, and two dollars for every twenty-five miles he shall necessarily travel in the performance of his duty, which shall be paid by the association by him examined. But no person shall be appointed to examine the affairs of any banking association of which he is a director or other officer."] [That all persons appointed to be examiners of national banks not located in the redemption-cities specified in section five thousand one hundred and ninety-two of the Revised Statutes of the United States, or in any one of the States of Oregon. California, and Nevada, or in the Territories, shall receive compensation for such examina- tion as follows: For examining national banks having a capital less than one hundred thousand dollars, twenty dollars; those having a capital of one hundred thousand dollars and less than three hundred thousand dollars, twenty-five dollars; those having a capital of three hun- dred thousand dollars and less than four hundred thou- sand dollars, thirty-five dollars; those having a capital of four hundred thousand dollars and less than five hundred thousand dollars, forty dollars; those having a capital of five hundred thousand dollars and less than six hundred thousand dollars, fifty dollars; those having a capital of six hundred thousand dollars and over, seventy-five dol- lars; which amounts shall be assessed by the Comptroller of the Currency upon, and paid by, the. respective associa- tions so examined; and shall be in lieu of the compensa- tion and mileage heretofore allowed for making said ex- aminations, and persons appointed to make examination of national banks in the cities named in section live thou- sand one hundred and ninety-two of the Kevised Statutes of the United States, or in anv one of the States of Ore- 416 NATIONAL MONETARY COMMISSION. gon, California, and Nevada, or in the Territories, shall receive such compensation as may be fixed by the Secre- tary of the Treasury upon the recommendation- of the Comptroller of the Currency; and the same shall be as- sessed and paid in the manner hereinbefore provided.] (The words in italics in brackets were struck out and those in ordinary Roman type, also in brackets, added by act of Feb. 19, 1875.) Limit of visit- SEC. 5241. No association shall be subject to any visito- orial powers. ^ June 3. 1864, ri al powers other than such as are authorized by this c. 106, s. 54, . . J v. 13, p. 116. Title, or are vested in the courts ot justice. Transfers, as- g EC . 5242. All transfers of the notes, bonds, bills of Kignments, etc., after an act of exchange, or other evidences 01 debt ownifj to any na- insolvency, ' .. . . " void. tional banking association, or of deposits to its credit; all assignments of mortgages, sureties on real estate, or of judgments or decrees in its favor; all deposits of money, bullion, or other valuable thing for its use, or for the use of any of its shareholders or creditors; and all pay- ments of money to either, made after the commission of an act of insolvency, or in contemplation thereof, made with a view to prevent the application of its assets in the manner prescribed by this chapter, or with a view to the preference of one creditor to another, except in payment of its circulating notes, shall be utterly null and void. * * * rseoftheti- SEC. 5243. All banks not organized and transacting tie "national." . . . Mar. 3. 1873. business under the national-currency laws, or under this Title, and all persons or corporations doing the business of bankers, brokers, or savings institutions except savings- banks authorized by Congress to use the word " national v as a part of their corporate name, are prohibited from using the word " national " as a portion of the name or title of such bank, corporation, firm, or partnership; and any violation of this prohibition committed after the third day of September, eighteen hundred and seventy- three, shall subject the party chargeable therewith to a penalty of fifty dollars for each day during which it is committed or repeated. LAWS CONCERNING MONEY, BANKING, AND LOANS. 417 ACTS SUBSEQUENT TO THE REVISED STATUTES. ACT OF JUNE 18. 1874. CHAP. 304. An act explanatory of the act of June thir- is stat. L., tieth, eighteen hundred and sixty-four. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- bled. That all deposits made in institutions now existing Deposits in ,.,,,. , -11 i certain savings which do business only as savings-banks, and are recog- banks to be ex- . . ernpt from tax- nized as such by the laws or their respective States, or ation. by Congress, are hereby declared to be exempt from taxation the same as deposits in savings institutions hav- ing no capital although they have a capital stock or bond for the additional security of their depositors, and pay dividends thereon ; and no tax shall be assessed upon the deposits made in such institutions, or collected of them on said deposits, otherwise than as herein provided: Provided, That all the profits of such savings banks, less Proviso. the aforementioned dividends on stock not exceeding at the rate of eight per centum per annum are divided among the depositors, and that the capital stock is in- vested only in the same class of securities as is used for investing the deposits, and that interest at the rate of not less than four and one-half per centum be paid in all cases to their depositors, to be made good if nec- essary from the capital stock. J. G. ELAINE, Speaker of the House of Representatives. MATT H. CARPENTER, President of the Senate pro tcmpore,. Received by the President June G, 1874. NOTE BY THK DEPARTMENT OF STATE. The foregoing act having been presented to the President of the United States for his ap- proval, and not having been returned by him to the House of Congress in which it originated within the lime prescribed by the Constitution of the United States, has become a law without his approval. 418 NATIONAL MONETARY COMMISSION. ACT OF JUNE 20, 1874. pt 1 !, p.* Via L " CHAP. 343. An act firing the amount of United States notes, providing for a redistribution of the national bank currency, and for other purposes. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- ai-bank act" 011 ' bled, That the act entitled "An act to provide a national currency secured by a pledge of United States bonds, and to provide for the circulation and redemption there- of," approved June third, eighteen hundred and sixty- four, shall hereafter be known as the " national-bank act," Lawful money g EC> 2. That section thirty-one of the "national-bank reserve on cir- ^ cuiatjon aboi- ac t" be so amended that the several associations therein is bed, except as to national provided for shall not hereafter be required to keep on gold banks. J See sec. 5191. hand any amount of money whatever, by reason of the amount of their respective circulations; but the moneys required by said section to be kept at all times on hand shall be determined by the amount of deposits in all respects, as provided for in the said section. Redemption g EC . 3. That every association organized, or to be fund to be de- J ' posited with organized, under the provisions of the said act, and of Treasurer. x . ' the several acts amendatory thereof, shall at all times keep and have on deposit in the Treasury of the United States, in lawful money of the United States, a sum equal to five per centum of its circulation, to be held and used May be count- f or the redemption of such circulation: which sum shall ed as lawful be counted as a part of its lawful reserve, as provided in reiut r ivl i tore s soc ^ 011 * wo ^ ^ s <*ct ; and when the circulating notes notes P b tlo reas* ^ an - v sucn a - ssoc i a tions, assorted or unassorted, shall be lirf ' r - presented for redemption, in sums of one thousand dol- lars, or any multiple thereof, to the Treasurer of the United States, the same shall be redeemed in United States notes. All notes so redeemed shall be charged by the Treasurer of the United States to the respective asso- ciations issuing the same, and he shall notify them sev- erally, on the first day of each month, or oftener, at his discretion, of the amount of such redemptions; and when- ever such redemptions for any association shall amount to the sum of five hundred dollars, such association so notified shall forthwith deposit with the Treasurer of the United States a sum in United States notes equal to the notes * o' bV re d - amoun * * ' ts <''"' (< ulating notes so redeemed. And all Ki'sTa'n't 'treaH- n( ^ t ' s ^ national hanks worn, defaced, mutilated, or " m ' K - otherwise unfit for circulation, shall, when received bv LAWS CONCERNING MONEY, BANKING, AND LOANS. 419 any assistant treasurer, at any designated depository of the United States, be forwarded to the Treasurer of the United States for redemption as provided herein. And when such redemptions have been so re-imbursed, the circulating notes so redeemed shall be forwarded to the respective associations by w r hich they were issued; but if any of such notes are worn, mutilated, defaced, or ren- dered otherwise unfit for use, they shall be forw r arded to the Comptroller of the Currency and destroyed and re- placed as now provided by law : Provided, That each of to ^l^'burse said associations shall re-imburse to the Treasury the ^ ^H'^i-l charges for transportation, and the costs for assorting pf^s io e a t ' c new such notes; and the associations hereafter organized shall also severally re-imburse to the Treasury the cost of en- graving such plates as shall be ordered by each associa- tion respectively; and the amount assessed upon each, association shall be in proportion to the circulation re- deemed, and be charged to the fund on deposit with the Treasurer: And provided further, That so much of sec- a tion thirty-two of said national-bank act requiring or per- mitting the redemption of its circulating notes elsewhere ^^ than at its own counter except as provided for in this utes - section, is hereby repealed. SEC. 4. That any association organized under this act, or any of the acts of which this is an amendment, desir- ^"th ing to withdraw its circulating notes, in whole or in part, bonds ' may, upon the deposit of lawful money with the Treas- urer of the United States in sums of not less than nine thousand dollars, take up the bonds which said associa- tion has on deposit with the Treasurer for the security of such circulating notes; which bonds shall be assigned to the bank in the manner specified in the nineteenth sec- tion of the national-bank act ; and the outstanding notes of said association, to an amount equal to the legal-tender notes deposited, shall be redeemed at the Treasury of the United States, and destroyed as now provided by law : Provided, That the amount of the bonds on deposits for Limit of ' , withdrawal of circulation shall not be reduced below fifty thousand bonds, dollars. SEC. 5. That the Comptroller of the Currency shall. n ^^^ under such rules and regulations as the Secretary of the ]JJ. 1 ,^^ ./upon Treasury may prescribe, cause the charter numbers of the ll "' ir n " u ' H - association to be printed upon all national-bank notes which may be hereafter issued by him. 420 NATIONAL MONETARY COMMISSION. Maximum g ECt g. That the amount of United States notes out- amount of Uni- ted States notes standing and to be used as a part of the circulating medium shall not exceed the sum of three hundred and eighty-two million dollars, which said sum shall appear in each monthly statement of the public debt, and no part thereof shall be held or used as a reserve, provisions g EC> 7. That so much of the act entitled "An act to relative to ?rr h nAA nnn provide for the redemption of the three per cent, tempo- $55,000,000 of * . . f i circulation. rary-loan certificates, and for an increase of national- bank notes," as provides that no circulation shall be with- drawn under the provisions of section six of said act, until after the fifty-four millions granted in section one of said act shall have been taken up. is hereby repealed ; and it shall be the duty of the Comptroller of the Cur- rency, under the direction of the Secretary of the Treas- ury, to proceed forthwith, and he is hereby authorized and required, from time to time, as applications shall be duly made therefor, and until the full amount of fifty- five million dollars shall be withdrawn, to make requisi- tions upon each of the national banks described in said section, and in the manner therein provided, organized in States having an excess of circulation, to withdraw and return so much of their circulation 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 lawful money sufficient to redeem such circulation, and upon the return of the circulation required, or the deposit Bonds to be of lawful money, as herein provided, a proportionate returned to as- , . , . sociation inaiiioiint or the bonds held to secure the circulation or proportion to . -in circulation such association as shall make such return or deposit shall withdrawn. be surrendered to it. Bonds to i)e SEC. 8. That upon the failure of the national banks sold on failure ..... of association upon which requisition tor circulation shall be made, or to return cir- cuintion. of any of them, to return the amount required, or to de- posit in the Treasury lawful money to redeem the circu- lation required, within thirty days, the Comptroller of the Currency shall at once sell, as provided in section Seesec. 5231. forty-nine of the national-currency act', approved June third, eighteen hundred and sixty-four, bonds held to secure the redemption of the circulation of the association or associations which shall so fail, to an amount sufficient to redeem the circulation required of such association or associations, and with the proceeds, which shall be de- posited in the Treasury of the United States, so much of the circulation of such association or associations shall be LAWS CONCERNING MONEY, BANKING, AND LOANS. 421 redeemed as will equal the amount required and not re- turned; and if there be any excess of proceeds over the amount required for such redemption, it shall be re- turned to the association or associations whose bonds shall have been sold. And it shall be the dutv of the Treas- Assistant -. , , , treasurers and urer, assistant treasurers, designated depositaries, and na- depositaries to tional bank depositaries of the United States, who shall turn notes to be kept informed by the Comptroller of the Currency of such associations as shall fail to return circulation as re- quired, to assort and return to the Treasury for redemp- tion the notes of such associations as shall come into their hands until the amount required shall be redeemed, and in like manner to assort and return to the Treasury, for redemption, the notes of such national banks as have failed, or gone into voluntary liquidation for the purpose of winding up their affairs, and of such as shall hereafter so fail or go into liquidation. SEC. 9. That from and after the passage of this act it Providing for & the issue of new shall be lawful for the Comptroller of the Currency, and H^gooo'ooo he is herebv required, to issue circulating notes without withdrawn 1 . Seeact of Jan. delay, as applications therefor are made, not to exceed 14 > 1875 > sec - 3 - the sum of fifty-five million dollars, to associations or- ganized, or to be organized, in those States and Terri- tories 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 ti( ^ e s w to a ^ s '^ l ) " hereafter organized shall be subject to, and be governed j",|n t k to a n c : t tional " 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, and repeal provided by "the national-bank act:" Provided, That the whole tive Yo ^wfth- amount of circulation withdrawn and redeemed f rom cufatfon. banks transacting business shall not exceed fifty-five mil- lion dollars, and that such circulation shall be withdrawn and redeemed as it shall be necessary to supply the circu- lation previously issued to the banks in those States hav- ing less than their apportionment: And provided further, That not more than thirty million dollars shall be with- drawn and redeemed as herein contemplated during the fiscal year ending June thirtieth, eighteen hundred and seventy -five. Approved, June -JO. isTl. 422 NATIONAL, MONETARY COMMISSION. ACT OF JUNE 22, 1874. is stat. L., CHAP. 399. An act for the relief of savings institutions having no capital stock, and doing business solely for the benefit of depositors. Be it enacted by the Senate and House of Representa- tices of the United States of America in Congress assem- certain sav- bled, That no farther collection of internal revenue taxes Ings banks ex- ' . . . empt from in- shall be made on the earnings or savings banks or institu- ternal revenue . . _ . , i tax. tions for savings, having no capital stock and doing no other business than receiving deposits to be loaned or in- vested for the sole benefit of the parties making such deposits, without profit or compensation to the association or company, whether the earnings of the same have been or may hereafter be divided annually, semi-annually or at other periods. Approved, June 22, 1874. ACT OF JANUARY 14, 1875. is stat L., CHAP. 15. .4;; act to provide for the resumption of pt. 3, p. iiOG. . specte payments. ***** Repeal of iim- SEC. 3. That section five thousand one hundred and gregate amount seventy-seven of the Revised Statutes, limiting the ag- notes. rc gregate amount of circulating notes of national banking statutes, 5177. associations, be, and is hereby, repealed; and each exist- ing banking association may increase its circulating notes in accordance with existing law without respect to said aggregate limit: and new banking associations may be organized in accordance with existing law without re- Repeal of pro-spect to said aggregate limit ; and the provisions of law for visions for . withdrawal and the withdrawal and redistribution of national bank cur- redisfrllmtion. See Revised reiicv among the several States and Territories are hereby Statutes. 51S1. ' i , V i i i t4 4-- * repealed. And whenever, and so often, as circulating notes shall be issued to any such banking association, so increasing its capital or circulating notes, or so newly or- rnited states ganized as aforesaid, it shall be the dutv of the Secretary notes in excess . of $300,000,000 of the I reasurv to redeem the legal-tender T nited States to be redeemed in a certain ra- notes in excess onlv of three hundred million of dollars. tio to increase ; n <>f national- to the amount ol eighty per centum 01 the sum of bank clrcula- . . ' . tion. national-bank notes so issued to any such banking asso- ciation as aforesaid, and to continue such redemption as LAWS CONCERNING MONEY, BANKING, AND LOANS. 423 such circulating notes are issued until there shall be out- standing the sum of three hundred million dollars of such legal-tender United States notes, and no more. And on and after the first day of January, anno Domini eighteen hundred and seventy-nine, the Secretary of the Treasury shall redeem, in coin, the United States legal- Redemption J fe of United States tender notes then outstanding, on their presentation for n tes m coin 07 . after January redemption, at the office of the assistant treasurer ot the 1. 1879. United States in the city of New York, in sums of not less than fifty dollars. And to enable the Secretary of the Treasury to prepare and provide for the redemption in this act authorized or required, he is authorized to use,, Appropria- 1 tion. any surplus revenues, from time to time, in the Treasury not otherwise appropriated, and to issue, sell and dispose of, at not less than par, in coin, either of the descriptions . Sale of bc > n , ds to provide of bonds of the United States described in the act of *f n ^nited Congress approved July fourteenth, eighteen hundred st ,? tes otes. to See 1870, ch. and seventy, entitled "An act to authorize the refunding ^ val - 16 - P- of the national debt," with like qualities, privileges, and exemptions, to the extent necessary to carry this act into full effect, and to use the proceeds thereof for the purposes aforesaid. And all provisions of law inconsistent with the provisions of this act are hereby repealed. Approved, January 1-1, 1875. ACT OF JANUARY 19, 1875. * n st .^ L -> pi. 0^ p. ov*.. CHAP. 19. An act to remove the limitation restricting the circulation of banking associations issuing notes payable in gold. Be it enacted by the Senate and House of Represent a- fives of the United States of America in Congress assem- ^ bled, That so much of section five thousand one hundred gc and eighty-five of the Revised Statutes of the United States as limits the circulation of banking associations, organized for the purpose of issuing notes payable in gold, severally to one million dollars, be, and the same is hereby, repealed; and each of such existing banking asso- ciations may increase its circulating notes, and new bank- ing associations may be organized, in accordance with existing law, without respect to such limitation. Approved, January 19, lbT5. 424 NATIONAL, MONETARY COMMISSION. ACT OF FEBRUARY 8, 1875. pt 1 ! p^an^'CHAP. 3fi. An act to amend existing customs and internal revenue laws, and for other purposes. Tax on notes g EC> ^ That every person, firm, association other than of person or * * state banks national bank associations, and every corporation, State paid out. " 34 s 1 ^ secs ' 3412 'bank, or State banking association, shall pay a tax of ten per centum on the amount of their own notes used for circulation and paid out by them. Tax on notes g EC 20. That every such person, firm, association, cor- of persons, ' _ state b a n k :s , poration, State bank, or State banking association, and towns, cities, r ' ! ' etc., used for a i so every national banking association, shall pay a like circulation. J L J see sees. 3412 tax of ten per centum on the amount of notes of any per- 3413. Revised . . , , , statutes. son, firm, association other than a national banking association, or of any corporation, State bank, or State banking association, or of any town, city, or municipal corporation, used for circulation and paid out by them. Returns to be EC- 21. That the amount of such circulating notes, and made to the commissioner o f the tax due thereon, shall be returned, and the tax paid of Internal . ' -i-ii-i Revenue. a t the same time, and in the same manner, and with like See sec. 3414. . ' penalties for failure to return and pay the same, as pro- vided by law for the return and payment of taxes on deposits, capital, and circulation, imposed by the existing provisions of internal revenue law. ***** Approved, February 8, 1875. ACT OF MARCH 3, 1875. t 18 3 sta 507 L " CHAP. 107. An act to authorize the Secretary of the Treasury to adjust and remit certain taxes and penal- ties claimed to be due from mining and other corpora- tions and for other purposes. lie it enacted by the Senate and House of Representa- tive* of the United States of America in Congress as- ortain penal- scmblcd, That the Secretary of the Treasury be, and he tit-H on mininK . . J ' and manufuc- is hereby, authorized and directed to settle and release turing corpora- . .* . . tions remitted, any claims tor tax on circulation or evidences ot indebt- edness made against any mining, manufacturing or other corporations other than against any national banking- association. State bank, or banking-association, by such corporations paying the. tax, without penalty, that shall LAWS CONCERNING MONEY, BANKING, AND LOANS. 425 have accrued thereon since November first, eighteen hun- dred and seventy-three; and that the provisions of sec- tion three thousand four hundred and twelve of the Re- . Uevls !, ed stat- utes, 3412, p. vised Statutes of the United States shall not be construed 374 - construed. in pending cases, except as to national banking-associa- tions, to apply to such evidences of indebtedness issued and reissued prior to the passage of this act, but said sec- tion shall be construed as applying to such evidences of indebtedness issued after the passage hereof. Approved March 3, 1875. ACT OF JUNE 30, 1876. CHAP. 156. An act authorizing the appointment of re- 63 19 stat - L - ceivers of national banks, and for other purposes. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress as- sembled, That whenever any national banking; association when re- CGivcr for a shall be dissolved, and its rights, privileges, and fran- national hank i 11 i -j. i -i -i i.- ^ CL to 1)0 aPP int - chises declared forfeited, as prescribed in section fifty- ed by comp- two hundred and thirty-nine of the Revised Statutes of rency, the United States, or whenever any creditor of any na- tional banking association shall have obtained a judg- ment against it in any court of record, and made applica- tion, accompanied by a certificate from the clerk of the court stating that such judgment has been rendered and has remained unpaid for the space of thirty days, or whenever the Comptroller shall become satisfied of the insolvency of a national banking association, he may, Re >e > d stat- after clue examination of its affairs, in either case, ap- point a receiver, who shall proceed to close up such asso- ciation, and enforce the personal liability of the share- holders, as provided in section fifty-two hundred and ut ^ CV 5 S o^ stat thirty-four of said statutes. SEC. 2. That when any national banking association Jnfj^fshare-' shall have gone into liquidation under the provisions of {^enforced! to section five thousand two hundred and twenty of said ut ^ s eV 5o% stnt " statutes, the individual liability of the shareholders pro- vided for by section fifty-one hundred and fifty-one of u J4' lx ->if,i Slat said statutes may be enforced by any creditor of such association, by bill in equity in the nature of a creditor's bill, brought by such creditor on behalf of himself and of all other creditors of the, association, against the share- 15712 10 28 426 NATIONAL MONETARY COMMISSION. holders thereof, in any court of the United States having original jurisdiction in equity for the district in which such association may have been located or established. Meeting of SEC 3. That whenever any association shall have been Bharehol ders , -i after payment or shall be placed in the hands or a receiver, as provided of debts and - -IT- / expenses of re- i n section fif tv-two hundred and thirty-four and other ceivership. ., . n . . Revised stat- sections of said statutes, and when, as provided in section utcs 5*^34 5236.' ' fifty-two hundred and thirty-six thereof, the Comptroller shall have paid to each and every creditor of such asso- ciation, not including shareholders who are creditors of such association, whose claim or claims as such creditor shall have been proved or allowed as therein prescribed, the full amount of such claims and all expenses of the receivership, and the redemption of the circulating notes of such association shall have been provided for by depos- iting lawful money of the United States with the Treas- urer of the United States, the Comptroller of the Cur- Xotice ofrency shall call a meeting of the shareholders of such association by giving notice thereof for thirty days in a newspaper published in the town, city, or county where the business of such association was carried on, or if no newspaper is there published, in the newspaper published nearest thereto, at which meeting the shareholders shall Election of elect an agent, voting by ballot, in person or by proxy, holders 7 s * each share of stock entitling the holder to one vote ; and when such agent shall have received votes representing at least a majority of the stock in value and number of shares, and when any of the shareholders of the associa- Bond forpay- tj on shall have executed and filed a bond to the satis- rnent of debts. faction of the Comptroller of the Currency, conditioned for the payment and discharge in full of any and every claim that may hereafter be proved and allowed against such association by and before a competent court, and for the faithful performance and discharge of all and singu- lar the duties of such trust, the Comptroller and the re- Transfer of ceivor shall thereupon transfer and deliver to such agent assets and property to all the undivided or uncollected or other assets and prop- agent. erty of such association then remaining in the hands or subject to the order or control of said Comptroller and said receiver, or either of them ; and for this purpose, said tran R sf r er nient * Comptroller and said receiver are hereby severally em- powered to execute any deed, assignment, transfer, or other instrument in writing that may be necessary and i>iKcharRo of proper: whereupon the said Comptroller and the said ro- Comptroll er . , . J ,. , and receiver, ceiver shall, by virtue of this act, be discharged and LAWS CONCERNING MONEY, BANKING, AND LOANS. 427 released from any and all liabilities to such association, and to each and all of the creditors and shareholders thereof ; and such agent is hereby authorized to sell, com- promise, or compound the debts due to such association upon the order of a competent court of record or of the United States circuit court for the district where the business of the association was carried on. Such agent shall hold, control, and dispose of the assets and property of any association which he may receive as hereinbefore provided for the benefit of the shareholders of such asso- ciation as they, or a majority of them in value or number of shares, may direct, distributing such assets and prop- erty among such shareholders in proportion to the shares held by each ; and he may, in his own name or in the name of such association, sue and be sued, and do all other lawful acts and things necessary to finally settle and dis- tribute the assets and property in his hands. In select- Admmistra- . , . tors, guardians, ing an agent as hereinbefore provided, administrators or etc., may act ,, , \ . in cho o s i n g executors of deceased shareholders may act and sign as agent. the decedent might have done if living, and guardians may so act and sign for their ward or wards. SEC. 4. That the last clause of section fifty-two hun- Revised stat- J utes, 5 2 5 , dred and five of said statutes is hereby amended by amended. adding to the said section the following proviso : "And provided. That if any shareholder or sharehold- Sale of stock * 11 <> * shareholder ers of such bank shall neglect or refuse, after three refusing to pay , ... assessment. months notice, to pay the assessment, as provided in this section, it shall be the duty of the board of directors to cause a sufficient amount of the capital stock of such shareholder or shareholders to be sold at public auction (after thirty days' notice shall be given by posting such notice of sale in the office of the bank, and by publishing such notice in a newspaper of the city or town in which the bank is located, or in a newspaper published nearest thereto,) to make good the deficiency; and the balance, if any, shall be returned to such delinquent shareholder or shareholders." SEC. 5. That all United States officers charged with the Fraudulent . ,. , ., .. 1 11 U O t O S (0 1(0 receipt or disbursement ot public moneys, and all omcerss tamped as of national banks, shall stamp or write in plain letters the etc.. by d i s , ,, ., .' ,, , , ,, , , ,, ,, burslng officers word counterfeit k altered or worthless, upon all and bank <>t- fraudulent notes issued in the form of, and intended to circulate as money, which shall bo presented at thoir places of business; and if such officers shall wrongfully <>m<-fi-s nat,ii> for wrongfully stamp any genuine note of the United States, or of the stamping. 428 NATIONAL MONETARY COMMISSION. national banks, they shall, upon presentation, redeem such notes at the face-value thereof. Reports to SEC. 6. That all savings-banks or savings and trust Comptroller by . . . savings banks, companies organized under authority or any act of Con- gress shall be, and are hereby, required to make, to the Comptroller of the Currency, and publish, all the reports Revised stat- which national banking associations are required to make utes,5211,5212, . . . 5213. and publish under the provisions of sections fifty-two. failing to re- hundred and eleven, fifty-two hundred and twelve and fifty-two hundred and thirteen, of the Revised Statutes, and shall be subject to the same penalties for failure to make or publish such reports as are therein provided; which penalties may be collected by suit before any court of the United States in the district in which said savings banks or savings and trust companies may be located. Savings and And all savings or other banks now organized, or which other banks in , . -,^.. . >, District of Co- shall hereafter be organized, in the District ot Columbia, lumbia made /-. i i i 11 i subject to cer- under aiiv act of Congress, which shall have capital stock tain laws. . ". , , . , ,, paid up in whole or in part, shall be subject to all the provisions of the Revised Statutes, and of all acts of Congress applicable to national banking associations, so far as the same may be applicable to such savings or other Paid-in capf- banks : Provided. That such savings banks now estab- tal of existing savings banks, lished shall not be required to have a paid-in capital ex- ceeding^one hundred thousand dollars. Approved, June 30, 1876. ACT OF MARCH 3, 1877. 353 Stat ' L " ^ HAP - 10- r >- An ac-t making appropriations for sundry ciril expenses of the Government for flic fiscal year ending June thirtieth, eighteen hundred and seventy- eight, and for other purposes. * * . * * * BUREAU OF ENGRAVING AND PRINTING. Engraving For labor and expenses of engraving and printing, and Printing . . Bureau. namely: For labor (by the day, piece, or contract in- cluding labor of workmen skilled in engraving, trans- ferring, plate-printing, and other specialties necessary for carrying on the work of engraving and printing notes, bonds, and other securities of the United States, the pay for such labor to be fixed bv the Secretary of the Treas- ury at rates not exceeding the rates usually paid 1'or such LAWS CONCERNING MONEY, BANKING, AND LOANS. 429 work; and for other expenses of engraving and printing notes, bonds, and other securities of the United States; for paper for notes, bonds, and other securities of the United States, including mill expenses, boxing and trans- portation ; for materials other than paper required in the work of engraving and printing; for purchase of en- gravers' tools, dies, rolls, and plates, and for machinery and repairs of the same, and for expenses of operating macerating machines for the destruction of the United States notes, bonds, national bank notes, and other obli- gations of the United States authorized to be destroyed Proviso. eight hundred thousand dollars: Provided, That the Proviso. work be performed at the Treasury Department: And pi^orided further, That it can be done as cheaply, as per- fectly, and as safely and all contracts already made shall be faithfully carried out. ***** Approved, March 3, 1877. ACT OF FEBRUARY 14, 1880. CHAP. 25. An act authorizing the conversion of national 6fi 21 stat - lj -< gold banks. Be it enacted l>y the Senate and House of Representa- tives of the United /States of America in Congress assem- bled, That any national gold bank organized under the ba ^|* lonal gold provisions of the laws of the United States, may, in the conversion, manner and subject to the provisions prescribed by sec- tion fifty-one hundred and fifty-four of the Revised Revised stat- J . utes, . r >l;j4. Statutes of the United States, for the conversion of banks incorporated under the laws of any State, cease to be a gold bank, and become such an association as is author- ized by section fifty-one hundred and thirty-three, for Ut 1 p| vi rfi.\ 1 .. stat " carrying on the business of banking, and shall have the same powers and privileges, and shall be subject to the same duties, responsibilities, and rules, in all respects, as are by law prescribed for such associations: Provided, Proviso. That all certificates of organization which shall be issued under this act shall bear the dale of the original organiza- tion of each bank respectively as a gold bank. Approved, February 14, 18bO. lilt's 430 NATIONAL MONETARY COMMISSION. ACT OF FEBRUARY 26, 1881. 352 Stat L "CHAP. 82. An act defining the verification of returns of national banks. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- Revised stat- bled, That the oath or affirmation required by section lt's ^211 * Verification fifty-two hundred and eleven of the Revised Statutes, of returns of . , national banks, verifying the returns made by national banks to the Comptroller of the Currency, when taken before a notary public properly authorized and commissioned by the State in which such notary resides and the bank is located, or any other officer having an official seal, authorized in such State to administer oaths, shall be a sufficient verifi- Proviso. cation as contemplated by said section fifty-two hundred and eleven: Provided, That the officer administering the oath is not an officer of the bank. Approved, February 26, 1881. ACT OF JULY 12, 1882. 22 stat. L., CHAP. 290. An act to enable national-banking associa- ifl-j. tions to extend their corporate existence, and for other purposes. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assern- bankin^as^o-^^' That any national-banking association organized thorized'to es- un ^ er tne {1C ^ S ^ February twenty-fifth, eighteen hundred el?stence porate an( ^ sixty-three, June third, eighteen hundred and sixty- ofiv ri a sta e t s ' f ur ? an( l February fourteenth, eighteen hundred and ml'- ~Rev ? i t s 1 eci*' nv ' 1 01 un( ^ er sections fift-one hundred and thirt- ^ 3 ;J 1!{3 ' three, fifty-one hundred and thirty-four, fifty-one hun- !!>-'; Revised d re( ] . 111( ] thirl v-five. fifty-one hundred and thirty-six, Statutes. ;>1.!<>. p 993 ; Revised arl d fifty-one hundred and fifty-four of the Revised Statutes, ;>l. r >4, ' i>. 990. Statutes of the United States, may, at any time within the two years next previous to the date of the expiration of its corporate existence under present law, and with the approval of the Comptroller of the Currency, to be Terms of sue- granted, as hereinafter provided, extend its period of suc- cession. . . . . cession by amending its articles of association for a term of not more than twenty years from the expiration of the period of succession named in said articles of association, and shall have succession for such extended period, unless Forfeiture of sooner dissolved by the act of shareholders owning two- fran<-hlse. . . , , . , , . . . , . . thirds ot its stock, or unless its franchise becomes forfeited by some violation of law. or unless hereafter modified or repealed. LAWS CONCERNING MONEY, BANKING, AND LOANS. 431 (Sections 2, 3, and 4 provide that the amended articles of association must receive the written consent of share- holders owning not less than two-thirds of the capital stock, and shall not be valid until the Comptroller shall have certified his approval, after making a special exam- ination of the association to determine its condition ; and that any association so extending the period of its succes- sion " shall continue to be in all respects the identical association it was before the extension of its period of succession." (Section 5 provides that any shareholder not assenting to the amended articles shall be entitled to receive the appraised value of his shares, and that his shares shall then be sold at public sale.) SEC. 6. That the circulating notes of any association Redemption 17 and d e s truc- SO extending the period of its succession which shall have tion of certain ,.. . circulating been issued to it prior to such extension shall be redeemed notes. at the Treasury of the United States, as provided in is statutes, section three of the act of June twentieth, eighteen hun- dred and seventy-four, entitled "An act fixing the amount of United States notes, providing for redistri- bution of national-bank currency, and for other pur- poses," and such notes when redeemed shall be forwarded to the Comptroller of the Currency, and destroyed as now provided by law ; and at the end of three years from the date of the extension of the corporate existence of each bank the association so extended shall deposit law- ful money with the Treasurer of the United States suf- ficient to redeem the remainder of the circulation which was outstanding at the date of its extension, as provided stat- in sections fifty-two hundred and twenty-two, fifty-two ^^ ' 5 o^~ 2 f ) ' hundred and twenty-four, and fifty-two hundred and 101 - twenty-five of the Revised Statutes; and any gain that fa [}|}[ s t * r r may arise from the failure to present such circulating ^t notes f t notes for redemption shall inure to the benefit of the jj}", 10 ^ 1 - United States; and from time to time, as such notes st ew' notes to are redeemed or lawful money deposited therefor as pro- tlng^Tishab're vided herein, new circulating notes shall be issued as h 'co S tot^hih^ provided by this act, bearing such devices, to be ap- f"[,"|. 11 " (, oll "o proved by the Secretary of the Treasury, as shall niakoj^e^su^by them readily distinguishable from the circulating notes ciatious. heretofore issued: Provided^ howcrcr, That each bank- i'n>v!m>. ing association which shall obtain the benefit of this act shall reimburse to the Treasury the cost of preparing the. plate or plates for such new circulating notes as shall be issued to it. 432 NATIONAL MONETARY COMMISSION. (Section 7 provides that any bank which does not avail itself of the provisions of this act shall be wound up as if the shareholders had voted to go into liquidation, that it shall within six months deposit with the Treasurer of the United States lawful money sufficient to redeem all its outstanding circulating notes, and shall thereupon be discharged from all liability therefor, and that the bonds deposited to secure the same shall then be reas- signed to it.) Bonds for se- g EC . g. That national banks now organized or here- curity of circu- . . fe lation not to after organized, having a capital of one hundred and exceed one- ' r fourth of capi- fifty thousand dollars, or less, shall not be required to talstock;- 7 ' ' banks with keep on deposit or deposit with the Treasurer of the bonds deposit- f A ed in excess to United States United States bonds in excess of one-fourth reduce circula- ...... tion. of their capital stock as security for their circulating notes; but such banks shall keep on deposit or deposit with the Treasurer of the United States the amount of bonds as herein required. And such of those banks having on deposit bonds in excess of that amount are authorized to reduce their circulation by the deposit of lawful money as provided by law: Pro/'idcd, That the amount of such circulation in circulating notes shall not in any case exceed ninetv per no case to ex- * , ceed 90 per centum of the par value of the bonds deposited as herein centum of par value of bonds provided: Pro ridcd further, That the national banks deposited. L ' ' Provisos. which shall hereafter make deposits of lawful money for the retirement in full of their circulation shall at the time of their deposit be assessed for the cost of trans- porting and redeeming their notes then outstanding, a sum equal to the average cost of the redemption of national-bank notes during the preceding year, and shall thereupon pay such assessment. And all national banks which have heretofore made or shall hereafter make de- posits of lawful money for the reduction of their circu- f oV\ e r B anspor^ a ^ on shall be assessed and shall pay an assessment in demptlo'n 'of tne manner specified in section three of the act approved outstanding 00 '^ une twentieth, eighteen hundred and seventy-four, for is statutes, the cost of transporting and redeeming their notes redeemed from such deposits subsequently to June thir- tieth, eighteen hundred and eighty-one. 12 ? ? 8 statutes, ( s,. ;r- () That any national-banking association now or- o f W c\rn!Mon all ' /( ' ( l- (ll> hereafter organized, desiring to withdraw its ami deposit of circulating notes, upon a deposit of lawful monev with lawful money order f r of D de*^ 16 Treasurer of the United States, as provided in section i' oslt - four of the act of June twentieth, eighteen hundred and seventy-four, entitled "An act fixing the amount of LAWS CONCERNING MONEY, BANKING, AND LOANS. 433 United States notes, providing for a redistribution of national-bank currency, and for other purposes," or as provided in this act, is authorized to deposit lawful money and withdraw a proportionate amount of the bonds held as security for its circulating notes in the order of such deposits; and no national bank which makes any increase of . J circulation, deposit of lawful money in order to withdraw its circu- when. . , , . Limit to de- lating notes shall be entitled to receive any increase ol its posit of lawful ~ . . money in any circulation for the period of six months from the time it one month. made such deposit of lawful money for the purpose afore- said: Provided. That not more than three millions of Provisos. 7 . Bonds called dollars of lawful money shall be deposited during any for redemption 17 L Ot/ exempt from calendar month for this purpose: And provided further provisions of That the provisions of this section shall not apply to Revised stat- bonds called for redemption by the Secretary of thesieo, p. 997- , . \ i P 18 Statutes, Treasury, nor to the withdrawal 01 circulating notes miss, consequence thereof. SEC. 10. That upon a deposit of bonds as described by Association, . . , IT i nr, j n , upon deposit of sections fiftv-one hundred and fifty-nine and nftv-one bonds, to re- cci VG circu) (it~ hundred and sixty, except as modified by section four of ing notes in an act entitled "An act fixing the amount of United States notes, providing for a redistribution of the na- tional-bank currency, and for other purposes," approved June twentieth, eighteen hundred and seventy-four, and as modified by section eight, of this act, the association making the same shall be entitled to receive from the Comptroller of the Currency circulating notes of differ- ent denominations, in blank, registered and countersigned as provided by law, equal in amount to ninety per centum of the current market value, not exceeding par, of the circulation QOt to GXCCGd United States bonds so transferred and delivered, and at oo per cent of . paid-in capital no time shall the total amount or such notes issued to any stock. such association exceed ninety per centum of the amount at such time actually paid in of its capital stock; and the^Re^d stat- provisions of sections fifty-one hundred and seventy-one?, 9 . 9 - replied; 7 J . ibid., 5170, p. and fifty-one hundred and seventy-six of the Revised 1Q oo, repealed. Statutes are hereby repealed. SEC. 11. That the Secretary of the Treasury is hereby ^ authorized to receive at the Treasury any bonds of thejwn United States bearing three and a half per centum inter- j^pe est, and to issue in exchange therefor an equal amount of registered bonds of the United States of the denomina- tions of fifty, one hundred, five hundred, one thousand, and ten thousand dollars, of such form as he may pre- 434 NATIONAL MONETARY COMMISSION. scribe, bearing interest at the rate of three per centum per annum, payable quarterly at the Treasury of the from e t^etc nUnited States. Such bonds shall be exempt from all taxation by or under State authority, and be payable at proviso. the pleasure of the United States: Provided, That the bonds herein authorized shall not be called in and paid so long as any bonds of the United States heretofore issued bearing a higher rate of interest than three per centum, and which shall be redeemable at the pleasure of the United States, shall be outstanding and uncalled. The last of the said bonds originally issued under this act, and their substitutes, shall be first called in, and this order of pa} r ment shall be followed until all shall have been paid. Gold certifi- SEC. 12. That the Secretary of the Treasury is author- cates issued in. IT ^ -T /> i i -11 exchange f o r ized and directed to receive deposits ot gold coin with the deposits of , to gold coin. Treasurer or assistant treasurers ot the United States, in sums not less than twenty dollars, and to issue certificates therefor in denominations of not less than twenty dollars each, corresponding with the denominations of United Gold received States notes. The coin deposited for or representing the held for re- demption of certificates of deposits shall be retained in the Treasury certificates. n i certificates for the payment of the same on demand. Said certm- held by bank- \ J i i <> i ing associa-cates shall be receivable for customs, taxes, and all public tions counted . . * as part of law- dues, and when so received mav be reissued; and such ful reserve. Associations certificates, as also silver certificates, when held by any prohibited . i i , from member- national-banking 1 association, shall be counted as part ot ship in clear- . , . , T i i ing houses not its lawful reserve; and no national-banking association r6c - 13- That any officer, clerk, or agent of any national-banking association who shall willfully violate the provisions of an act entitled "An act in reference to certifying checks by national banks," approved March third, eighteen hundred and sixty-nine, being section ..{.^s^Kev,^ fifty-two hundred and eight of the Revised Statutes of p ta ioo7 S> 52 8 ' * ne United States, or who shall resort to any device, or LAWS CONCERNING MONEY, BANKING, AND LOANS. 435 receive any fictitious obligation, direct or collateral, in order to evade the provisions thereof, or who shall certify checks before the amount thereof shall have been regu- larly entered to the credit of the dealer upon the books of the banking association, shall be deemed guilty of a mis- demeanor, and shall, on conviction thereof in any circuit or district court of the United States, be fined not more than five thousand dollars, or shall be imprisoned not, more than five years, or both, in the discretion of the court. SEC. 14. That Congress may at any time amend, alter, or repeal this act and the acts of which this is amendatory. Approved July 12, 1882. ACT OF MARCH 3, 1883. CHAP. 121. An act to reduce internal-revenue taxation. 2 stat. L., and for other purposes. Be it enacted ~by the Senate and House of Representa- tives of the United States of America in Congress assem- bled, That the taxes herein specified imposed by the laws e nue t *axes r re- now in force be, and the same are hereby, repealed, as ^InVsfelj n ' hereinafter provided, namely: On capital and deposits of banks, bankers, and national banking associations, ex- cept such taxes as are now due and payable; and on and after the first day of July, eighteen hundred and eighty- b if if P checks! three, the stamp tax on bank 'checks, drafts, orders, and etc - vouchers. * * * * * * * Approved, March 3, 1883. ACT OF MARCH 3. 1885. CHAP. 330. An- act to amend section eighteen hundred ^ 23 stat. L., o4o. and eighty -nine of chapter one. title twenty-three, of the Remixed Statutes of the United States, relative to general incorporation acts of Territories. (This act amends section 1880 of the Revised Statutes so as to authorize territorial legislatures to enact general incorporation acts to permit persons to associate them- selves together as bodies corporate for * * * bank- ing * * *.) Approved. March 3, 1885. 436 NATIONAL, MONETARY COMMISSION. ACT OF MARCH 29, 1886. 24 stat L., 8. CHAP. 28. An act additional to an act entitled "An act to provide a national currency secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof" passed June third, eighteen hundred and sixty-four. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress as- certtfy'Tespect 7 sembled, That whenever the receiver of any national bank balk r t o pe b r e sold dlll J 7 appointed by the Comptroller of the Currency, and tion d etc ? xecu ~who shall have duly qualified and entered upon the dis- charge of his trust, shall find it in his opinion necessary, in order to fully protect and benefit his said trust, to the extent of any and all equities that such trust may have in any property, real or personal, by reason of any bond, mortgage, assignment, or other proper legal claim at- taching thereto, and which said property is to be sold under any execution, decree of foreclosure, or proper order of any court of jurisdiction, he may certify the facts in the case, together with his opinion as to the value of the property to be sold, and the value of the equity his said trust may have in the same, to the Comptroller fty d to s p u a rchase: of the Currency, together with a request for the right and authority to use and employ so much of the money of said trust as may be necessary to purchase such property at such sale. su C bm 8 it e ted to SEC. 2. That such request, if approved by the Comp- ttfe C Treas r u y r f troller of the Currency, shall be, together with the certifi- cate of facts in the case, and his recommendation as to the amount of money which, in his judgment, should be so used and employed, submitted to the Secretary of the pro\ d ed allowed Treasury, and if the same shall likewise be approved by Not^eTo'lfe^' t!l request shall be by the Comptroller of the Cur- Vre asTi rer renc y Allowed, and notice thereof, with copies of the re- United states, qnost. certificate of facts, and indorsement of approvals, shall be filed with the Treasurer of the United States. eni C powf. P red 0l t"o ^ Er - '' ^ nil< whenever any such request shall be al- orba^for "the l wed :is h on ' m Before provided, the said Comptroller of purpose. the Currency shall be. and is, empowered to draw upon and from such funds of any such trust as ma\ be de- posited with the Treasurer of the United States for the lienefit of the bank in interest, to the amount as may be recommended and allowed and for the purpose for which LAWS CONCEKNING MONEY, BANKING, AND LOANS. 437 such allowance was made: Provided, however. That all Proviso. Payments to payments to be made for on account of the purchase of e made by Comptroller di- any such property and under any such allowance shall rect - be made by the Comptroller of the Currency direct, with the approval of the Secretary of the Treasury, for such purpose only and in such manner as he may determine and order. Approved, March 29,* 1886. ACT OF MAY 1, 1886. 4 CHAP. 73. An act to enable national banking associa- lg 24 stat - L - tions to increase their capital stock and to change their names or locations. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- bled, That any national banking association may, with^^iona^bank the approval of the Comptroller of the Currency, by the ^ tal stock . vote of shareholders owning two-thirds of the stock of such association, increase its capital stock, in accordance with existing laws, to any sum approved by the said Comptroller, notwithstanding the limit fixed in its origi- nal articles of association and determined by said Comp- troller; and no increase of the capital stock of any na - ^^ t '""^l; tional banking association either within or beyond the m r o n ,f d herein limit fixed in its original articles of association shall be made except in the manner herein provided. SEC. 2. That any national banking association mav .. Mft y change J _ * its name or lo- change its name or the place where its operations of dis- cation, count and deposit are to be carried on, to any other place within the same State, not more than thirty miles distant with the approval of the Comptroller of the Cur- rency, by the vote of shareholders owning two-thirds of the stock of such association. A duly authenticated Notice of ch fin pro to \)G notice of the vote and of the new name or location selected sent where. shall be sent to the office of the Comptroller of the Cur- rency ; but no change of name or location shall be valid change n o t until the Comptroller shall have issued his certificate of when. approval of the same. SEC. 3. That all debts, liabilities, rights, provisions, and powers of the association under its old name shall devolve upon and inure to the association under its new name. SEC. 4 That nothing in lliis act contained shall bo so Bunk not rr leased from lin construed as in any manner to release any national bank- ';,' JJ ' - v liy ing association under its old name or at its old location 438 NATIONAL MONETARY COMMISSION. from any liability, or affect any action or proceeding in law in which said association may be or become a party or interested. Approved, May 1, 1886. ACT OF MARCH 3, 1887. 24 stat. L., CHAP. 373. An act to amend the act of Congress ap- proved March third; eighteen hundred and seventy- five^ entitled "An act to determine the jurisdiction of circuit courts of the United States and to regulate the removal of causes from State courts, and for other purposes and to further regulate the jurisdiction of circuit courts of the United' States, and for other purposes. /' National ^ EC . 4. That all national banking associations estab- t~)3 uks QpcrncQ citizens f or cer-Hshed under the laws of the United States shall, for the tain purposes, and subject to purposes of all actions by or against them, real, personal. jurisdiction of L r . in state courts, or mixed, and all suits in equity, be deemed citizens ot the States in which they are respectively located ; and in such cases the circuit and district courts shall not have jurisdiction other than such as they would have in cases between individual citizens of the same State. The provisions of this section shall not be held to affect the jurisdiction of the courts of the United States in cases commenced by the United States or by direction of any officer thereof, or cases for winding up the affairs of any such bank. NOTK. This section was reeuacted August 13, 1888 (25 Stat, L., 437). ***** Approved, March >. 1887. ACT OF MARCH 3, 1887. __24 stat. L., ("HAP. 378. An act to amend section* fire thousand one hundred and ninety-one and fire thousand one hundred and ninety-tiro of th-e Revised Statute* of the United Xtdtex, and for other purpose*. Re it enacted l>y the Senate and House of Representa- tives of the United States of America in Congress assem- We\ be made central having a population of two hundred thousand people reserve " cities, shall make application to the Comptroller of the Cur- rency, in writing, asking that such city may be a central reserve city, like the city of New York, in which one-half of the lawful-money reserve of the national banks located in other reserve cities may be deposited, as provided in section fifty-one hundred and ninety-five of the Revised Revised stat- utes, sec. o!95, Statutes, the Comptroller shall have authority, w r ith the P- 1004 - approval of the Secretary of the Treasury, to grant such request, and every bank located in such city shall at all times thereafter have on hand, in lawful money of the United States, twenty-five per centum of its deposits, as provided in section fifty-one hundred and ninety-one of the Revised Statutes. SEC. 3. That section three of the act of January four- Legal-tender ... ,. n i * -i ' 4 notes may be teenth, eighteen hundred and seventy-five, entitled "An redeemed at . . ' ., San Francisco. act to provide for the resumption or specie payments, be. o vol. is, p. and the same is. hereby amended by adding after the words " Xew York " the words " and the city of San Francisco. California.'' Approved. March 3, 1887. ACT OF MAY 2. 1890. CHAP. 182. An (iff to proriilc a temporary f/orcrtinient -^ stat ". l - for the Territory of Oklahoma, to enlarge the jurisdic- tion of the United Xtatex Court in the Indian Territory, and for other purpose*. ***** SEC. 17. That the provisions of title sixty-two of the Revised Statutes of the United Stales relating to nafmna \ ^^ 1 1 o n a i banks, and all amendments thereto, shall have the same ' {l ' vis0( ! T ,^V', t n I. <> s . I i M <> force and effect in the Territory of Oklahoma as elsewhere IA.H. pp. ; "- 440 NATIONAL MONETARY COMMISSION. Qualifications tne United States: Provided, That persons otherwise of directors, qualified to act as directors shall not be required to have resided in said Territory for more than three months immediately preceding their election as such. ***** constitution SEC. 31. * * * The Constitution of the United and criminal T . . laws of thebtates and all general laws or the United States which United States ..... . .,, . a1 made appiica- prohibit crimes and misdemeanors in any place within the sole and exclusive jurisdiction of the United States, except in the District of Columbia, and all laws relating to na- tional banking associations shall have the same force and effect in the Indian Territory as elsewhere in the United States; * * * ***** Approved, May 2, 1890. ACT OF JULY 14, 1890. 26 stat. L., CHAP. 708. An act directing the purchase of silver bul- lion and the issue of Treasury notes thereon, and for other purposes. Balances of g ECi . That upon the passage of this act the balances national-bank deposits for the standing with the Treasurer of the United States to the redemption of circulation to respective credits of national banks for deposits made to be covered into L Treasury. redeem the circulating notes of such banks, and all de- posits thereafter received for like purpose, shall be cov- ered into the Treasury as a miscellaneous receipt, and the reJeem S "ertain Treasury of the United States shall redeem from the gen- erafcash gen " era * casn m tne Treasury the circulating notes of said banks which may come into his possession subject to redemption ; and upon the certificate of the Comptroller of the Currency that such notes have been received by him and that they have been destroyed and that no new Reimburse- notes will be issued in their place, reimbursement of their ment to the r_ Treasurer from amount shall be made to the .Treasurer, under such regula- "Na tlonal- . fe ban k notes : tions as the Secretary of the Treasurv mav prescribe, Redemption ac- ... ' count. 1 ' rrom an appropriation hereby, created, to be known as National bank notes: Redemption account, but the pro- visions of this act shall not apply to the deposits received under section three of the act of June twentieth, eighteen hundred and seventy-four, requiring every National bank to keep in lawful money with the Treasurer of the United States a sum equal to five per centum of its circulation to LAWS CONCERNING MONEY, BANKING, AND LOANS. 441 be held and used for the redemption of its circulating: , N pt to apply . . ' to o per cent notes; and the balance remaining or the deposits so cov- ^ e e p ^ sit t j for re : ered shall, at the close of each month, be reported on the Circulation, vol. monthly public debt statement as debt of the United Monthly re- * port of remain- States bearing no interest. j, n s balance of deposits. " SEC. 7. That this act shall take effect thirty days from operation. and after its passage." Approved, July 14, 1890. ACT OF MAY 12, 1892. CHAP. 71. An act to authorize a national bank at Chi- 00 27 stat - L - oo. cago, Illinois, to establish a branch office upon the grounds of the Worlds Columbian Exposition. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress as- sembled. That any national bank located in the city of Chicago, in. National Chicago and State of Illinois may be designated by the bank may open World's Columbian Exposition to conduct a banking world's coium- office upon the exposition grounds, and upon such desig- tkm. n nation being approved by the Comptroller of the Cur- rency, said bank is hereby authorized to open and conduct such office as a branch of the bank, subject to the same restrictions and having the same rights as the bank to which it belongs: Provided, That the branch office an- Proviso, thorized hereby shall not be operated for a longer period privilege. than two years, beginning not earlier than July first, eighteen hundred and ninety-two, and closing not later than July first, eighteen hundred and ninety-four. Approved, May 12, 1892. ACT OF JULY 28, 1892. CHAP. 317. An act to amend the national bank act in 27 stat. L., 32 providing for the redemption of national bank notes stolen from or lost by banks of issue. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress as- sembled, That the provisions of the Revised Statutes of rc ^ tionnl l '" r ~ the United States, providing for the redemption of na- of lie , d " )1 ( ! tl tional bank notes, shall apply to all natonal bank notes stolcn " <)te - s - that have been or may be issued to, or received by, any national bank, notwithstanding such notes may have been 15712 10 29 442 NATIONAL MONETARY COMMISSION. lost by or stolen from the bank and put in circulation without the signature or upon the forged signature of the president or vice-president and cashier. Approved, July 28, 1892. ACT OF AUGUST 3, 1892. 27 stat. L., CHAP. 360. An act to amend an act entitled "An act au- 345 thorizing the appointment of receivers of national banks, and for other purposes" approved June thir- tieth, eighteen hundred and seventy-six. (This act amended section 3 of the act of June 30, 1876, and was in turn amended by the act of March 2, 1897, which see.) ACT OF AUGUST 13, 1894. 27 | 8 stat - L - CHAP. 281. An act To subject to State taxation national- bank notes and United States Treasury notes. National Be it enacted by the Senate and House of Representa- bank notes, and ( y ft united states tives of the United States of America in Congress assem- legal - tender / , and other notes bl e d That circulating notes of national banking associa- and certificates _ _ ' subject to state tions and United States legal-tender notes and other notes o r territorial e tax as money. an d certificates of the United States payable on demand and circulating or intended to circulate as currency and gold, silver or other coin shall be subject to taxation as money on hand or on deposit under the laws of any State or Territory : Provided, That any such taxation shall be exercised in the same manner and at the same rate that any such State or Territory shall tax money or currency circulating as money within its jurisdiction. SEC. 2. That the provisions of this Act shall not be deemed or held to change existing laws in respect of the taxation of national banking associations. Approved, August 13, 1894. ACT OF MARCH 2, 1897. 29 stat. L., CHAP. 354. An act To amend an act entitled "An act 600. 7 . authorizing the appointment of receivers of national banks, and for other purposes," approved June thir- tieth, eighteen hundred and seventy-six, as amended by an act approved August third, eighteen hundred and, ninety-two. He it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- LAWS CONCERNING MONEY, BANKING, AND LOANS. 443 bled. That section three of an Act entitled "An Act an- , National . . banks In re- thonzmg the appointment of receivers of national banks, cei ^'J s ' ^nds. and for other purposes," approved June thirtieth, eight- 63 - Vol een hundred and seventy-six, as amended by an Act ap- 345 - proved August third, eighteen hundred and ninety-two, be, and hereby is, amended so as to read as follows : " SEC. 3. That whenever any association shall have been , winding up business. or shall be placed in the hands of a receiver, as provided Revised sta- i J tutes, sees. in section fifty-two hundred and thirty-four and other 23|, 5230, p. sections of the Kevised Statutes of the United States, and when, as provided in section fifty-two hundred and thirty-six thereof, the Comptroller of the Currency shall have paid to each and every creditor of such association, not including shareholders who are creditors of such as- sociation, whose claim or claims as such creditor shall have been proved or allowed as therein prescribed, the full amount of such claims, and all expenses of the re- ceivership and the redemption of the circulating notes of such association shall have been provided for by de- positing lawful money of the United States with the Treasurer of the United States, the Comptroller of the Currency shall call a meeting of the shareholders of such association by giving notice thereof for thirty days in a newspaper published in the town, city, or county where the business of such association was carried on, or if no newspaper is there published, in the newspaper published nearest thereto. At such meeting the shareholders shall hol s de r s . a ^ et \ determine whether the receiver shall be continued and | n g re t c < eiv er i or shall wind up the affairs of such association, or whether aff?urs wind " P an agent shall be elected for that purpose, and in so deter- mining the said shareholders shall vote by ballot, in per- son or by proxy, each share of stock entitling the holder to one vote, and the majority of the stock in value and number of shares shall be necessary to determine whether the said receiver shall be continued, or whether an agent shall be elected. In case such majority shall determine me s n | Vv're- that the said receiver shall be continued, the said re- <' eiver - ceiver shall thereupon proceed with the execution of his trust, and shall sell, dispose of, or otherwise collect the assets of the said association, and shall possess all the powers and authority, and be subject to all the duties and liabilities originally conferred or imposed upon him by his appointment as such receiver, so far as the same remain applicable. In case the said meeting shall, by (he . IK ,l'jj ( t- lfr " <>n vote of a majority of the stock in value and number of 444 NATIONAL MONETARY COMMISSION. shares, determine that an agent shall be elected, the said meeting shall thereupon proceed to elect an agent, voting by ballot, in person or by proxy, each share of stock entitling the holder to one vote, and the person who shall receive votes representing at least a majority of stock in value and number shall be declared the agent for the purposes hereinafter provided; and whenever any of the shareholders of the association shall, after the election of indemnity such agent, have executed and filed a bond to the satis- bond of share- . '/". -n I>I/-N T holders. faction of the Comptroller of the Currency, conditioned for the payment and discharge in full of each and every claim that may thereafter be proved and allowed by and before a competent court, and for the faithful perform- ance of all and singular the duties of such trust, the Transfer of Comptroller and the receiver shall thereupon transfer and ' deliver to such agent all the undivided or uncollected or other assets of such association then remaining in the hands or subject to the order and control of said Comp- troller and said receiver, or either of them ; and for this purpose said Comptroller and said receiver are hereby severally empowered and directed to execute any deed, assignment, transfer, or other instrument in writing that may be necessary and proper ; and upon the execution and delivery of such instrument to the said agent the said Comptroller and the said receiver shall by virtue of this Act be discharged from any and all liabilities to such association and to each and all the creditors and share- D u-t y of holders thereof. Upon receiving such deed, assignment, transfer, or other instrument the person elected such agent shall hold, control, and dispose of the assets and property of such association which he may receive under the terms hereof for the benefit of the shareholders of such association, and he may in his own name, or in the name of such association, sue and be sued and do all other lawful acts and things necessary to finally settle and distribute the assets and property in his hands, and may sell, compromise, or compound the debts due to such as- sociation, with the consent and approval of the circuit or district court of the United States for the district where the business of such association was carried on. and shall at the conclusion of his trust render to such district or circuit court a full account of all his pro- ceedings, receipts, and expenditures as such agent, which court shall, upon due notice, settle and adjust such ac- counts and discharge said agent and the sureties upon LAWS CONCERNING MONEY, BANKING, AND LOANS. 445 said bond. And in case any such agent so elected shall ne ^ Ie a t! eut n refuse to serve, or die, resign, or be removed, any share- a e of v a - holder may call a meeting of the shareholders of such as- sociation in the town, city, or village where the busi- ness of the said association was carried on, by giving notice thereof for thirty days in a newspaper published in said town, city, or village, or if no newspaper is there published, in the newspaper published nearest thereto, at which meeting the shareholders shall elect an agent, voting by ballot, in person or by proxy, each share of stock entitling the holder to one vote, and when such agent shall have received votes representing at least a majority of the stock in value and number of shares, and shall have executed a bond to the shareholders condi- tioned for the faithful performance of his duties, in the penalty fixed by the shareholders at said meeting, with two sureties, to be approved by a judge of a court of record, and file said bonds in the office of the clerk of a court of record in the county where the business of said association was carried on, he shall have all the rights, powers, and duties of the agent first elected as herein- before provided. At any meeting held as hereinbefore votes of er- provided administrators or executors of deceased share- holders may act and sign as the decedent might have done if living, and guardians of minors and trustees of other persons may so act and sign for their ward or wards or cestui que trust. The proceeds of the assets or property Distribution a -. 1*1 i i i i * ^ RSSClS. of any such association w T hich may be undistributed at the time of such meeting or may be subsequently received shall be distributed as follows : " First. To pay the expenses of the execution of the Expenses. trust to the date of such payment. " Second. To repay any amount or amounts which have R . e , P ? >' - 1 J - irient to share- been paid in by anv shareholder or shareholders of such nold , ers as ~ / . - sessed. association upon and by reason of any and all assess- ments made upon the stock of such association by the order of the Comptroller of the Currency in accord- ance with the provisions of the statutes of the United States; and " Third. The balance ratably among such stockholders, in proportion to the number of shares held and owned by each. Such distribution shall be made from time to time as the proceeds shall be received and as shall be deemed advisable by the said Comptroller or said agent/' Approved. March 'J. 1S!>7. 446 NATIONAL MONETARY COMMISSION. ACT OF JUNE 13, 1898. so stat. L., CHAP. 448. An act to provide ways and means to meet 'war expenditures, and for other purposes. (Section 2 imposes an annual tax upon banks and bankers proportioned to the capital employed, including surplus.) (Section 2, act of March 2, 1901, amends this section.) ***** ACT OF MARCH 14, 1900. 31 stat. L., CHAP. 41. An act to de-fine and fix the standard of value, 2 supp. R. s., to maintain the parity of all forms of money issued or coined l>y the United States, to refund the public debt, and for other purposes. SEC. 10. That section fifty-one hundred and thirty- eight of the Revised Statutes is hereby amended so as to read as follows: substitute for "Section 5138. Xo association shall be organized \vith National a less capital than one hundred thousand dollars, except capital. that banks with a capital of not less than fifty thousand dollars may, with the approval of the Secretary of the Treasury, be organized in any place the population of which does not exceed six thousand inhabitants, and ex- cept that banks with a capital of not less than twenty-five thousand dollars may, with the sanction of the Secretary of the Treasury, be organized in any place the population of which does not exceed three thousand inhabitants. Xo association shall be organized in a city the population of which exceeds fifty thousand persons with a capital of less than two hundred thousand dollars." issue of rir- SEC. 12. That upon the deposit with the Treasurer of ruliititiK notes, i i ^ . i L ' A j. i i i .!_ _c to hanks. the united States, by any national banking association, ot uifib'.bMi! 'any bonds of the United States in the manner provided by 1890, July 14, i- i i , i n i j-ii i i oh. 708, G (i existing law, such association shall be entitled to receive supp. u. S-.f r()ln jj )(1 Comptroller of the Currency circulating notes in blank, registered and countersigned as provided by to equal par law. equal in amount to the par value of the bonds so deposited. as deposited ; and any national banking association now LAWS CONCERNING MONEY, BANKING, AND LOANS. 447 having bonds on deposit for the security of circulating notes, and upon which an amount of circulating notes has j n a d * } n been issued less than the par value of the bonds, shall be R - s., SIGT. entitled, upon due application to the Comptroller of the Currency, to receive additional circulating notes in blank to an amount which will increase the circulating notes held by such association to the par value of the bonds de- posited, such additional notes to be held and treated in the same way as circulating notes of national banking associations heretofore issued, and subject to all the pro- visions of law affecting such notes: Provided, That noth- ing herein contained shall be construed to modify or re- peal the provisions of section fifty-one hundred and sixty-seven of the Revised Statutes of the United States, authorizing the Comptroller of the Currency to require additional deposits of bonds or of lawful money in case the market value of the bonds held to secure the circu- lating notes shall fall below the par value of the circu- lating notes outstanding for which such bonds may be deposited as security : And provided further, That the circulating notes furnished to national banking associa- no^s furnished tions under the provisions of this act shall be of the^ k e s nomina denominations prescribed by law, except that no national tions - banking association shall, after the passage of this act, be entitled to receive from the Comptroller of the Cur- rency, or to issue or reissue or place in circulation, more than one-third in amount of its circulating notes of the denomination of five dollars: And provided further, That the total amount of such notes issued to any such associa- "" exceed tion may equal at any time but shall not exceed the amount at such time of its capital stock actually paid in : And provided further, That under regulations to be prescribed by the Secretary of the Treasury any national banking association may substitute the two per centum bonds issued under the provisions of this act for any of the bonds deposited with the Treasurer to secure circula- tion or to secure deposits of public money; and so much of an act entitled ''An act to enable national banking associations to extend their corporate existence, and for l ^"- 1 ' other purposes." approved July twelfth, eighteen him- ' s h n 7 dred and eighty-two, as prohibits any national bank :ir>0) - which makes any deposit of lawful money in order to withdraw its circulating notes from receiving any in- crease of its circulation for (lie period of six mouths from the time it made such deposit of lawful money for the pur- \ [,'{(.' ' h - * 448 NATIONAL MONETARY COMMISSION. pose aforesaid, is hereby repealed, and all other acts or parts of acts inconsistent with the provisions of this section are hereby repealed. Tax on cir- g EC 13 That every national banking association hav- culatmg notes. -111 T i -i /. i TT R. s., 5214. j n g on deposit, as provided by law, bonds of the United States bearing interest at the rate of two per centum per annum, issued under the provisions of this act, to secure its circulating notes, shall pay to the Treasurer of the United States, in the months of January and July, a tax of one- fourth of one per centum each half year upon the average amount of such of its notes in circulation as are based upon the deposit of said t\vo per centum bonds ; and such taxes shall be in lieu of existing taxes on its notes in circulation imposed by section fifty-two hundred and fourteen of the Revised Statutes. ***** Approved. March 14, 1900. ACT OF APRIL 12, 1900. si stat. L., CHAP. 191. An act temporarily to pro ride revenues and a. civil government for Porto Rico, and for other pur- poses. * * . * * * Federal laws EC . i-i. That the statutory laws of the United States applicable. not locally inapplicable, except as hereinbefore or here- inafter otherwise provided, shall have the same force and effect in Porto Rico as in the United States, except the internal-revenue laws, which, in view of the provisions of section three, shall not have force and effect in Porto Rico. ***** NOTE. By virtue of this section the laws of the United States relative to the organization and powers of national banks were extended to Porto Rico. (23 Op. Atty. Gen., 169.) Approved, April 12, 1900. ACT OF APRIL 30. 1900. 31 stat - L " CHAP. 339.- An act to provide a government for the Territory of Han-ait. ***** APPLICATION OF THE LAWS OK THE IMTEI) STATES. Application SEC. 5. That the Constitution, and. except as herein of federal laws. otherwise provided, all the laws of the United States LAWS CONCERNING MONEY, BANKING, AND LOANS. 449 which are not locally inapplicable, shall have the same force and effect within the said Territory as elsewhere in the United States: Provided. That sections eighteen Proviso. i IT -, r- 1-, 1-1. i in -i P Submission of hundred and fatty and eighteen hundred and ninety ot territorial laws " t*~* C' ""tTFGSS the Revised Statutes of the United States shall not apply 'tion ou to the Territory of Hawaii. *?ious .pora- J * * ., tions to hold real estate. NOTE. This section extended the national-banking laws to u f I v s lse g f^' Hawaii, but is restricted not to include the conversion of terri- !2oio 90 ' pp- Oj- (000. torial banks. (23 Op. Atty. Gen., 177.) Approved, April 30, 1900. ACT OF JUNE 6, 1900. CHAP. 797. An act to provide better facilities for the 65 j l stat - L - safe-keeping and disbursement of public moneys in the Philippine Islands and in the islands of Cuba and Porto Rico. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- bled, That the Secretary of the Treasury is hereby au- Cuba, Porto thorized to designate one or more banks or bankers in ^ ) 1 pines nd the Philippine Islands and in the islands of Cuba and O f d e epries Porto Rico in which public moneys may be deposited : e ys. pu Provided, That the banks or bankers thus designated shall Provisos. give satisfactory security for the safe-keeping and prompt posit. payment of the public moneys so deposited by depositing in the Treasury, United States bonds to an amount not less than the aggregate sum at any time on deposit with such banks or bankers: And provided further, That this to cuba! lcatlon Act shall apply to Cuba only while occupied by the United States. Approved. June 0, 1900. JOINT RESOLUTION OF JUNE 0. 1900. (No. 32.) Joint resolution to authorize and empower the j* 1 stat L - Banco Kxpafiol de Puerto Rico (Spanish Bank of Porto Rico} to amend its by-law*. Resolved by the Senate and House of Representatives of the United States of America in Congress asse/ubfcd, That the Banco Espafiol de Puerto Rico (Spanish Bank ,- l ,,f ! V, i ;" 1 . 1 ,;^; of Porto Rico) be. and the said institution is hereby, an- ! 1 ! n 1 1( ', n ' ( 'i 1 1 '" by y - thorized and empowered to amend article one of its by- laws - 450 NATIONAL MONETARY COMMISSION. laws, which said by-laws are referred to in, and puB- lished with, the royal (Spanish) decree dated May fifth, anno Domini eighteen hundred and eighty-eight, grant- ing a concession to said bank, so as to change its name to s'rY^- tfcat of Bank of Porto Rico (Banco de Puerto Rico) and '"to substitute for its capital in pesos the equivalent in money of the United States at the ratio established by law, and to amend article thirty-one of said by-laws, so that to be a councilor of said bank it may not be necessary to be a Spaniard, and further to modify and amend said by-laws, but always in accordance with existing law, and subject to the approval of the governor of Porto Rico: Provisos. Provided, That nothing herein contained shall be held enlarged. to enlarge or to permit the enlargement, in any manner or to any extent, of any of the rights, powers, or privi- leges granted to said Banco Espanol de Puerto Rico (Spanish Bank of Porto Rico) by the Government of Federal con- Spain: And provided further, That nothing herein con- bridged, tained shall be held in any wise to limit or curtail any power which the Government or the Congress of the United States possesses in respect of said bank, its powers, privileges, or franchises. Approved, June 6, 1900. ACT OF FEBRUARY 18, 1901. si stat. L., CHAP. 379. An act to put in force in the Indian Terri- 794. ( * ' tory certain provisions of the laws of Arkansas relating to corporations, and to make said provisions appli- cable to said Territory. ***** B a n k s and SEC. 8. That anv bank or trust company now or here- trust compa- . x nies; powers, after organized under the laws of Arkansas or anv other etc. State may transact such business in the Indian Terri- tory as is authorized by its charter, and that is not in- consistent with the laws in force in the Indian Territory, and may loan money and contract for the payment of the same at a rate of interest not to exceed the sum of eight per centum per annum, and a like rate for a period Proviso. less than a year: Provided, That the lawful interest in est in Terri-said Territory shall be six per centum when no rate of interest is agreed upon, but in no case shall the interest exceed eight per centum per annum. ***** Approved, February 18. 1901. LAWS CONCERNING MONEY, BANKING, AND LOANS. 451 ACT OF MARCH 3, 1901. CHAP. 864. An act to provide for celebrating the one 14 || stat - L - hundredth anniversary of the purchase of the Louisi- ana territory by the United States by holding an inter- national exhibition of arts, industries, manufactures, and the products of the soil, mine, forest, and sea in the city of Saint Louis, in the State of Missouri. SEC. 21. That any bank or trust company located in bl .^h ^a n k the city of Saint Louis, or State of Missouri, may be r un e |P 8ltlon designated by the Louisiana Purchase Exposition Com- pany to conduct a banking office upon the exposition grounds, and if the bank so designated shall be a national bank, upon such designation being approved by the Comptroller of the Currency, said national bank is liereb} 7 authorized to open and conduct such office as a branch of the bank, subject to the same restrictions and having the same rights as the bank to which it belongs : Provided, That the branch office authorized hereby, if J'roviso. the same shall be a branch of a national bank, shall not be operated for a period longer than two years, beginning of ~ li e I |?atk> e n riod not earlier than July first, nineteen hundred and two, and closing not later than July first, nineteen hundred and four. ***** Approved, March 3, 1001. ACT OF MARCH 3, 1901. CHAP. 871. An act to amend section fifty-one hundred 14 || stat - L - and fifty-three of the Revised Statutes of the United States. Be it enacted by the Senate and House of Representa- tives of the United /States of America in Congress as- sembled, That section fifty-one hunderd and fifty-three of the Revised Statutes of the United States be amended to read as follows: "SEC. 5153. All national banking associations, dcsig- N^au^na^i nated for that purpose by the Secretary of the Treasury, j;'^ shall be depositaries of public money, except receipts from ^ customs, under such regulations as may be prescribed ''X nnl '' X 1 < ' 1 '' )1 1 i ) ( t .. i ,}' 1 " the Secretary, but receipts derived from duties on imports i" " " w ail, v i A 111 SKil , III*. Revised Statutes, sec. rir>:;, p. ;!ttj, amended. J.' s f 452 NATIONAL MONETAKY COMMISSION. in Alaska, the Hawaiian Islands, and other islands under the jurisdiction of the United States may be deposited in such depositaries subject to such regulations; and such depositaries may also be employed as financial agents of the Government ; and they shall perform all such reason- able duties as depositaries of public moneys and financial agents of the Government as may be required of them. The Secretary of the Treasury shall require the associa- tions thus designated to give satisfactory security, by the deposit of United States bonds and otherwise, for the safe-keeping and prompt payment of the public money deposited with them, and for the faithful performance of their duties as financial agents of the Government. And every association so designated as receiver or deposi- tary of the public money shall take and receive at par all of the national currency bills, by whatever association issued, which have been paid into the Government for internal revenue or for loans or stocks." Approved, March 3, 1901. ACT OF APRIL 12, 1902. loo 2 stat ' LM CHAP. 503. -An act to provide for the extension of the charters of national banks. Be it enacted l>y the Senate and House of Representa- tives of the United States of America in Congress as- xationa\sembled. That the Comptroller of the Currency is hereby banks. . . " charters may authorized, in the manner provided by, and under the l>e extended .. .. . A I>TI twenty years, conditions and limitations or, the Act of July twelfth, 162. eighteen hundred and eightv-two, to extend for a further Revised Stat- to . " , utes, sec. 5136, period of twenty years the charter of any national bank- ing association extended under said Act which shall de- sire to continue its existence after the expiration of its charter. Approved, April 12, 1902. ACT OF APRIL 28, 1902. r 2 - stat - L - CHAP. 594. An act making appropriations for the legis- lative, executive, and judicial expense* of the Govern- ment for the fiscal year ending June thirtieth, nineteen hundred and three, and for other purposes. ***** nation - * * *: And provided further. That the Comp- penses. troller of the Currency is hereby directed to include in his Annual Report to the Speaker of the House of Rep- LAWS CONCERNING MONEY, BANKING, AND LOANS. 453 resentatives, expenses incurred during each year, in liqui- dation of each failed national bank separately. ***** Approved, April 28, 1902. ACT OF MAECH 3, 1903. CHAP. 1014. An act to amend section one of an Act en- o {*2 stat, i,., titled "An act to amend sections fifty-one hundred and ninety-one and -fifty-one hundred and ninety-two of the Revised Statutes of the United States, and for other purposes. Be it enacted l>y the Senate and House of Representa- tives of the United States of America in Congress assem- bled, That section one of an Act entitled "An Act to N 1 1 o n a i amend sections fifty-one hundred and ninety-one and Reserve " cities. fifty-one hundred and ninety-two of the Eevised Statutes vol. 24. p. j- "i TT i o / i -i **^9, amen( 3ed. ot the United States, and tor other purposes, approved March third, eighteen hundred and eighty-seven, be, and the same is hereby, amended to read as follows : "That whenever three-fourths in number of the na- Population required. tional banks located in any city of the United States having a population of twenty-five thousand people shall make application to the Comptroller of the Currency, in writing, asking that the name of the city in which such banks are located shall be added to the cities named in sections fifty-one hundred and ninety-one and fifty-one hundred and ninety-two of the Revised Statutes, the Revised stat- utes, sec. 5191, Comptroller shall have authority to grant such request, zwz, p. 100*. and every bank located in such city shall at all times thereafter have on hand, in lawful monev of the United Reserve of de- ' posits. States, an amount equal to at least twenty-five per centum of its deposits, as provided in sections fifty-one hmclred^jRevjsed s^tat- and ninety-one and fifty-one hundred and ninety-five of 510:5, P . 1064! the Revised Statutes." Approved, March 3. 1903. ACT OF FEBRUARY 28, 1905. CHAP. 1163. An act to amend section -fifty-one hundred ^ Sfat L -' and forty -six of the Rerixed Statutes of the United States in relation to the qualifications of directors of national banking associations. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress owm- 454 NATIONAL MONETARY COMMISSION. National n e( f That section fif tv-one hundred and forty-six of the banks. * R ,, e q L U!t S Revised Statutes of the United States be so amended as to qualifications 01 directors. rea d as f OlloWS ! Revised stat- g EC> 5146. Every director must, during his whole P. 995, amend- term of service, be a citizen of the United States, and at least three-fourths of the directors must have resided in the State, Territory, or District in which the association is located for at least one year immediately preceding their election and must be residents therein during their continuance in office. Every director must own in his Minimum own right at least ten shares of the capital stock of the shares of stock - , t -i T i ,, -ic to he held by association of which he is a director, unless the capital of the bank shall not exceed twenty-five thousand dollars, in Banks o f which case he must own in his own right at least five small capital. . .. shares of such capital stock. Any director who ceases to be the owner of the required number of shares of the stock, or who becomes in any other manner disqualified, shall thereby vacate his place." Approved, February 28, 1905. ACT OF DECEMBER 21, 1905. 34 stat. L., s. CHAP. 3. An act supplemental to an act entitled '''An act to provide for the construction of a canal connecting the waters of the Atlantic and Pacific oceans" approved June twenty -eighth, nineteen hundred and two, and making appropriation for Isthmian Canal construction, and for other purposes. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- isthmian Ca- hied. That the two per cent bonds of the United States etr., accorded authorized bv section eight of the Act entitled "An Act 1> o n (1 H Issued -i P , for construe- to provide for the construction of a canal connecting the vol. ' 32, p. waters of the Atlantic and Pacific oceans," approved June twenty-eighth, nineteen hundred and two, shall have all the rights and privileges accorded by law to other two per cent bonds of the United States, and every national banking association having on deposit, as provided by law. such bonds issued under the provisions of said section eight of said Act approved June twenty-eighth, nineteen hundred and two. to secure its circulating notes, shall pay to the Treasurer of the United States, in the months of January and July, a tax of one-fourth of one per cent each half year upon the average amount of such of its notes in circulation as are based upon the deposit of said LAWS CONCERNING MONEY, BANKING, AND LOANS. 455 two per cent bonds : and such taxes shall be in lieu of * ' .... Revised Stat- existmg taxes on its notes in circulation imposed by Ut( f 00 s 8 ec - 5214> section fifty-two hundred and fourteen of the Revised Statutes. Approved, December 21, 1905. ACT OF JUNE 22, 1906. CHAP. 3516. An act to amend section fifty-two hundred _34 stat. L., Revised Statutes of the United States, relating to national banks. Be it enacted by the Sen-ate and Home of Representa- tives of the United States of America in Congress assem- bled. That section fifty-two hundred of the Revised,, National J . banks. Statutes of the United States be, and the same is hereby, amended to read as follows: "SEC. 5200. The total liabilities to any association, of,, Limit to iia- 5 blhties persons any person, or of any company, corporation, or firm for ma y l cur > in - monev borrowed, including in the liabilities of a company R evlsed stat- . . ; B i u t es > sec - 200. or firm the liabilities of the several members thereof, shall P- 1005 > amend- ed. at no time exceed one-tenth part of the amount of the capital stock of such associations, actually paid in and unimpaired and one-tenth part of its unimpaired surplus fund: Provided, however, That the total of such liabili- Proviso. Maximum. ties shall in no event exceed thirty per centum of the capital stock of the association. But the discount of bills of exchange drawn in good faith against actually existing included. values, and the discount of commercial or business paper actually owned by the person negotiating the same shall not be considered as money borrowed." Approved, June 22, 1906. ACT OF JANUARY 26, 1907. (As codified in section 83 of the Penal Code of the 86 34 stat. L., United States, March 4, 1909, 35 Stat. L., 1103) : It shall be unlawful for anv national bank, or any cor- corporations ' contrib u t i n g poration organized by authority of any law of Congress, to make a money contribution in connection witli any election to any political office. It shall also be unlawful for any corporation whatever to make a money contribu- tion in connection with any election at which Presidential and Vice-Presidential electors or a Representative in Con- 456 NATIONAL MONETARY COMMISSION. gress is to be voted for, or any election by any State legis- Penaity for.Jature of a United States Senator. Every corporation which shall make any contribution in violation of the foregoing provisions shall be fined not more than five Additional to thousand dollars; and every officer or director of any cor- poration who shall consent to any contribution by the corporation in violation of the foregoing provisions shall be fined not more than one thousand dollars, or impris- oned not more than one year, or both. ACT OF MARCH 4, 1907. I* stat - IJ -CHAP. 2913. An act to amend the national banking act, and for other purposes. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress as- Currency act, sembled, That section six of an Act to define and fix the standard of value, to maintain the parity of all forms of money issued or coined by the United States, to refund the public debt, and for other purposes, approved March fourteenth, nineteen hundred, be, and the same is hereby, amended to read as follows: Gold certm- " SEC. G. That the Secretary of the Treasury is hereby deposits of authorized and directed to receive deposits of gold coin jrold coin. i i with the Treasurer, or any assistant treasurer of the tion >e redi?ced a "United States in sums of not less than twenty dollars, 4? V "amended P an< ^ ^ i ssue S^ certificates therefor in denominations of not less than ten dollars, and the coin so deposited shall be retained in the Treasury and held for the payment of such certificates on demand, and used for no other pur- pose. Such certificates shall be receivable for customs, taxes, and all public clues, and when so received may be reissued, and when held by any national banking associa- tion may be counted as a part of its lawful reserve: Provisos. Provided, That whenever and so long as the gold coin Suspe n slon ' ~ of issue on m- and bullion held in the reserve fund in the Treasury for rluction of rf- the redemption of United States notes and Treasury notes shall fall and remain below one hundred million dollars the authority to issue certificates as herein provided shall ofHUvi nC c r oT h(l "usppndod : And provided further. That whenever in lr tne H 'Tmis- !U1 ^ so 1 ()I1 !ls the aggregate amount of United States notes and silver certificates in the general fund of the Treasury -hall exceed sixty million dollars the Secretary of the Treasury may. in his discretion, suspend the issue LAWS CONCERNING MONEY, BANKING, AND LOANS. 457 of the certificates herein provided for: And provided further, That of the amount of such outstanding certifi- tlo JJ B e n f m 1 i _- cates one-fourth at least shall be in denominations of^nd^ng cer- fifty dollars or less : And provided further, That the Large notes. Secretary of the Treasury may, in his discretion, issue 5193, p." 1004; such certificates in denominations of ten thousand dol- lars, payable to order. And section fifty-one hundred and ninety-three of the Revised Statutes of the United States is hereby repealed." SEC. 2. That whenever and so long as the outstanding^Tjeasury silver certificates of the denominations of one dollar, two wl ? e p deficiency exists in small dollars, and five dollars, issued under the provisions of sil y er certm- ^ cates. section seven of an Act entitled "An Act to define and fix vol. si, p. 47. the standard of value, to maintain the parity of all forms of money issued or coined by the United States, to refund the public debt, and for other purposes," approved March fourteenth, nineteen hundred, shall be, in the opinion of the Secretary of the Treasury, insufficient to meet the public demand therefor, he is hereby authorized to issue Higher de- ., PTT p -in nominations to United States notes of the denominations of one dollar, be retired. two dollars, and five dollars, and upon the issue of United States notes of such denominations an equal amount of United States notes of higher denominations shall be retired and canceled: Provided, however. That the aggre- Provisos. A T 6 2T H. t C gate amount of United States notes at any time outstand- amount nation- r>iii 7 7 al bank issue mg shall remain as at present fixed by law : And provtdednot affected. further, That nothing in this Act shall be construed as affecting the right of any national bank to issue one-third in amount of its circulating notes of the denomination of five dollars, as now provided by law. SEC. 3. That section fiftv-one hundred and fifty-three Revised stat- utes, sec. ali).?. of the Revised Statutes be amended to read as follows : P- 0!)6 ' amend- ed. "SEC. 5153. All national banking associations, desig- National 7 ' banks naay be nated for that purpose by the Secretary of the Treasury, depositaries^ of shall be depositaries of public money, under such regula- moneys. tions as may be prescribed by the Secretary; and they may also be employed as financial agents of the Govern- ment; and they shall perform all such reasonable duties, as depositaries of public money and financial agents of the Government, as may be required of them. The Secretary of the Treasury shall require the associations thus designated to give satisfactory security, by the de- posit of United States bonds and otherwise, for the safe-- keeping and prompt payment of the public money do- posited with them, and for the faithful performance of 1 .7712 10 :;o 458 NATIONAL MONETARY COMMISSION. their duties as financial agents of the Government: Pro- Frovisos. vided, That the Secretary shall, on or before the first of securities re- January of each year, make a public statement of the securities required during that year for such deposits. And every association so designated as receiver or deposi- TO receive at tarv of the public money shall take and receive at par 1 ) 'I r fl 1 1 Dfl- ' 1 1 o n a i cur- a li o f the national currency bills, by whatever association issued, which have been paid into the Government for Distribution internal revenue, or for loans or stocks: Provided. That of deposits. nim i the Secretary of the Treasury shall distribute the deposits herein provided for, as far as practicable, equitably be- tween the different States and sections." vol. 22, p. SEC. 4. That section nine of the Act of July twelfth, 164, amended. . *,, vol. 31, p. 45. eighteen hundred and eighty-two, as amended by the Act of March fourteenth, nineteen hundred, be further amended to read as follows : withdrawal " g EC> 9. That any national banking association now of circulating J . p R OH? S f "awfui or g an i ze d, or hereafter organized, desiring to withdraw money, etc. {{$ circulating notes, upon a deposit of lawful money with i-4. the Treasurer of the United States, as provided in section Restriction ' r on reissue r- four of the Act of June twentieth, eighteen hundred and moved. ... seventy-four, or as provided in this Act, is authorized to deposit lawful money and, with the consent of the Comp- troller of the Currency and the approval of the Secretary of the Treasury, withdraw a proportionate amount of the bonds held as security for its circulating notes in the Provisos. f order of such deposits: Provided. That not more than L 1 m i t o f . . . L monthiy d e -nine millions of dollars of la\vful monev shall be deposited posit increased. . . during any calendar month for this purpose: And pro- Homis called rided further. That the provisions of this section shall for redemption, l not apply to bonds called for redemption by the Secre- tary of the Treasury, nor to withdrawal of circulating notes in consequence thereof." Approved, March 4, 1907, 10 a. m. ACT OF MAY 30, 1008. r.4fi :> Stn< ' L " CHAP. ( 2-2 ( .\ An act to amend the national bankinf/ lairs. lif if enacted l>y the Senate and Hotixc of tirex of the 1'nitcd titatcx of America in ( hiink' 1 ' Hmih ' * f ' n '^f f ' f l* That national banking associations, each having an unimpaired capital and a surplus of not less than N a ti o n a i twenty per centum, not less than ten in number, having oYaVionH* " :HI aggregate capital and surplus of at least five millions of dollars, may form voluntary associations to be desig- LAWS CONCERNING MONEY, BANKING, AND LOANS. 459 nated as national currency associations. The banks unit- .. F r m * - J . . tion by nation- ing to form such association shall, by their presidents or al banks. vice-presidents, acting under authority from the board Applications. of directors, make and file with the Secretary of the Treasury a certificate setting forth the names of the banks composing the association, the principal place of business of the association, and the name of the association, which name shall be subject to the approval of the Secretary of the Treasury. Upon the filing of such certificate the as- corporate now^rs sociated banks therein named shall become a body cor- porate, and by the name so designated and approved may sue and be sued and exercise the powers of a body corporate for the purposes hereinafter mentioned: Pro- Provisos. vided, That not more than one such national currency association shall be formed in any city: Provided further. That the several members of such national currency as- Members to . be of contlg- sociation shall be taken, as nearly as conveniently may be, uous territory. from a territory composed of a State or part of a State, or contiguous parts of one or more States: And provided further. That anv national bank in such city or territory, s u b a e - ' ." . J " ' quent admls- havmg the qualifications herein prescribed for member- sions. ship in such national currency association, shall, upon its application to and upon the approval of the Secre- tary of the Treasury, be admitted to membership in a national currency association for that city or territory, and upon such admission shall be deemed and held a part of the body corporate, and as such entitled to all the rights and privileges and subject to all the liabilities of an original member: And provided further, That each na- str f c f e ^ \* e tional currency association shall be composed exclusively association. of banks not members of any other national currency as- sociation. The dissolution, voluntary or otherwise, of anv bank Existence " * g not affected by in such association shall not affect the corporate existence dissolution of a member. of the association unless there shall then remain less than the minimum number of ten banks: Provided, however, ^ r p vi ( f u That the reduction of the number of said banks below the ^"Jof ' w minimum of ten shall not affect the existence of the cor- poration with respect to the assertion of all rights in favor of or against such association. The affairs of the asso- ciation shall be managed by a board consisting of one me M t a n a K e " representative from each bank. By-laws for the govern- ment of the association shall be made by the board, sub- ject to the approval of the Secretary of the Treasury. A ^ m x r p' s ;. president, vice-president, secretary, treasurer, and an ex- tivecommlttee - 460 NATIONAL MONETARY COMMISSION. ecutive committee of not less than five members, shall be elected by the board. The powers of such board, except in the election of officers and making of by-laws, may be exercised through its executive committee. Powers. The national currency association herein provided for shall have and exercise any and all powers necessary to carry out the purposes of this section, namely, to render available, under the direction and control of the Secretary of the Treasury, as a basis for additional circulation any securities, including commercial paper, held by a national Additional banking association. For the purpose of obtaining such hank eircula- ,,..,. ,. 1111 t tion. securi- additional circulation, any bank belonging to any national ties for. to be . . ' '. J . , , . fe ,. deposited with currency association, having circulating notes outstanding secured by the deposit of bonds of the United States to an amount not less than forty per centum of its capital stock, and which has its capital unimpaired and a surplus of not less than twenty per centum, may deposit with and transfer to the association, in trust for the United States, for the purpose hereinafter provided, such of the securi- ties above mentioned as may be satisfactory to the board Application of the association. The officers of the association may to comptroller . J of the c u r - thereupon, in behalf of such bank, make application to rency. *- the Comptroller of the Currency for an issue of additional circulating notes to an amount not exceeding seventy-five per centum of the cash value of the securities or commer- cial paper so deposited. The Comptroller of the Currency shall immediately transmit such application to the Secre- tary of the Treasury with such recommendation as lie the^Trelsur ' tn "^ s proper, and if, in the judgment of the Secretary of ;[>" dlro '- >t: is -the Treasury, business conditions in the locality demand additional circulation, and if ho be satisfied with the character and value of the securities proposed and that a lien in favor of the United States on the securities so de- posited and on the assets of the banks composing the asso- ciation will be amply sufficient for the protection of the 1'nitod States, lie may direct an issue of additional cir- culating notes to the association, on behalf of such bank, to an amount in his discretion, not, however, exceeding seventy-five per centum of the cash value of the securities !\mmmt s ' ,,n s " ( l( 'l )(>si l (>( ' : /V^/vV/W, That upon tlic deposit of any of i* mils' ' ' ' '' " ''"' ^t jl tt'. city, town, county, or other municipal bonds, of a character described in section three of this Act. circulating notes may be issued to the extent of not exceeding ninety per cent inn of the market value of such bonds so depos- ited: Ami fn'or'tdcd fi//i/u>/\ That no national banking LAWS CONCERNING MONEY, BANKING, AND LOANS. 461 association shall be authorized in any event to issue cir- Limit as to 17 . commercial pa- culating notes based on commercial paper in excess ofi* 51 '- thirty, per centum of its unimpaired capital and surplus. The term "commercial paper" shall be held to include cia 'j C p^ r ^e" only notes representing actual commercial transactions, signated - which when accepted by the association shall bear the names of at least two responsible parties and have not exceeding four months to run. The banks and the assets of all banks belonging to the Liability of , ITII j/i i n TIT xi association for association shall be jointly and severally liable to the redemption. United States for the redemption of such additional cir- culation; and to secure such liability the lien created by Lien created, section fifty-two hundred and thirty of the Kevised Stat- ^ ? eTised sta- J J tutes. sec. 5230, utes shall extend to and cover the assets of all banks P- ion. belonging to the association, and to the securities de- posited by the banks with the association pursuant to the provisions of this Act; but as between the several banks composing such association each bank shall be liable tv/e'en^mein- only in the proportion that its capital and surplus bears bers - to the aggregate capital and surplus of all such banks. The association may, at any time, require of any of its constituent banks a deposit of additional securities or Additional, or exchange of, commercial paper, or an exchange of the securities al- securities. ready on deposit, to secure such additional circulation; and in case of the failure of such bank to make such de- posit or exchange the association may, after ten days' ^f^ h e f ]d s e n notice to the bank, sell the securities and paper already failure, in its hands at public sale, and deposit the proceeds with the Treasurer of the United States as a fund for the re- Deposit of proceeds. demption of such additional circulation. If such fund be insufficient for that purpose the association may re- suit, if sum ,,,... insufficient to cover from the bank the amount of the deficiency by suit redeem notes. in the circuit court of the United States, and shall have the benefit of the lien hereinbefore provided for in favor of the United States upon the assets of such bank. The association or the Secretary of the Treasury may permit or require the withdrawal of anv such securities or coin- withdrawal / _ . and substitu- mercial paper and the substitution of other securities or tion permitted. commercial paper of equal value therefor. SEC. 2. That whenever any bank belonging to a na- A f >tio . n .- if ' _ members fail to tional currency association shall fail to preserve or make maintain re- J demption fund. good its redemption fund in the Treasury of the United voi.is.p. 12:5. States, required by section three of the Act of June twen- tieth, eighteen hundred and seventy-four, chapter three hundred and forty-three, and the provisions of this Act, 462 NATIONAL MONETARY COMMISSION. the Treasurer of the United States shall notify such national currency association to make good such redemp- tion fund, and upon the failure of such national cur- use of funds rency association to make good such fund, the Treasurer of other mem- . , . ,. j.- i bers. of the United States may, in his discretion, apply so much of the redemption fund belonging to the other banks composing such national currency association as Association to may be necessary for that purpose; and such national sell securities J . ,*. . t* 3 i >' i of defaulting currency association may, alter live days notice to such bank, proceed to sell at public sale the securities depos- ited by such bank with the association pursuant to the Deposits o f provisions of section one of this Act, and deposit the pro- redemption of ceeds with the Treasurer of the United States as a fund for the redemption of the additional circulation taken out by such bank under this Act. Additional SEC. 3. That any national banking association which circulation by . . .. .. banks on other has circulating notes outstanding, secured by the deposit bonds. ' of United States bonds to an amount of not less than forty per centum of its capital stock, and which has a surplus of not less than twenty per centum, may make application to the Comptroller of the Currency for au- thority to issue additional circulating notes to be secured by the deposit of bonds other than bonds of the United Application to States. The Comptroller of the Currency shall transmit Comptroller. . TII ,. . . . -, immediately the application, with his recommendation, to the Secretary of the Treasury, who shall, if in his judgment business conditions in the locality demand Approval by additional circulation, approve the same, and shall de- Secrctary of. . Treasury. terininc the time of issue and fix the amount, within the limitations herein imposed, of the additional circu- on de- lating notes to be issued. Whenever after receiving posit of bonds K . ~ with Treasurer, notice of such approval any such association shall deposit with the Treasurer or any assistant treasurer of the United States such of the bonds described in this section as shall be approved in character and amount by the Treasurer of the United States and the Secretary of the Treasury, it shall be entitled to receive, upon the order of the Comptroller of the Currency, circulating notes in blank, registered and countersigned as provided by law, Not to exceed not exceeding in amount ninety per centum of the mar- 5)0 per cent of . * l market value, ket value, but not in excess of the par value of any bonds so deposited, such market value to be ascertained and determined under the direction of the Secretary of the Treasury. LAWS CONCERNING MONEY, BANKING, AND LOANS. 463 The Treasurer of the United States, with the approval B nds f States, cities, of the Secretary of the Treasury, shall accept as security et<\. acceptable. J * ' J Conditions as for the additional circulating notes provided for in this ^ nd c s ity> etc -- section, bonds or other interest-bearing obligations of any State of the United States, or any legally authorized bonds issued by any city, town, county, or other legally constituted municipality or district in the United States which has been in existence for a period of ten years, and which for a period of ten years previous to such deposit has not defaulted in the payment of any part of either principal or interest of any funded debt authorized to be contracted by it, and whose net funded indebtedness does not exceed ten per centum of the valuation of its taxable property, to be ascertained by the last preceding valua- tion of property for the assessment of taxes. The Treas- Discretion of TrGfl.su rcr urer of the United States, with the approval of the Sec- retary of the Treasury, shall accept, for the purposes of this section, securities herein enumerated in such pro- portions as he may from time to time determine, and he may with such approval at any time require the deposit of additional securities, or require any association to change the character of the securities already on deposit. SEC. 4. That the legal title of all bonds, whether cou- Transfer of . ' . title in trust. pon or registered, deposited to secure circulating notes issued in accordance with the terms of section three of this Act shall be transferred to the Treasurer of the United States in trust for the association depositing them, under regulations to be prescribed by the Secretary of the Treasury. A receipt shall be given to the associa- Receipts from Treasurer. tion by the Ireasurer or any assistant treasurer or the United States, stating that such bond is held in trust for the association on whose behalf the transfer is made, and as security for the redemption and payment of any cir- culating notes that have been or may be delivered to such association. No assignment or transfer of any such Assignments, custody, etc., of bond by the Treasurer shall be deemed valid unless coun- bonds, tersigned by the Comptroller of the Currency. The pro- R- S- r sees. visions of sections fifty-one hundred and sixty-three, 5 ^ 24-52:54.' fifty-one hundred and sixty-four, fifty-one hundred and 1012.' sixty-five, fifty-one hundred and sixty-six, and fifty-one hundred and sixty-seven and sections fifty-two hundred and twenty-four to fifty-two hundred and thirty-four, in- clusive, of the Revised Statutes respecting United States bonds deposited to secure circulating notes shall, except 464 NATIONAL MONETARY COMMISSION. as herein modified, be applicable to all bonds deposited under the terms of section three of this Act. diuonal 8 cK SEC. 5 - Tnat tne additional circulating notes issued un- lating notes. fe r fai s ^ c t sna n b e us& ^ held, and treated in the same way as circulating notes of national banking associa- tions heretofore issued and secured by a deposit of United States bonds, and shall be subject to all the provisions of law affecting such notes except as herein expressly modi- Funit SO of is ^ e< ^ : Prodded, That the total amount of circulating sue of notes by no tes outstanding of any national banking association, including notes secured by United States bonds as now provided by law, and notes secured otherwise than by deposit of such bonds, shall not at any time exceed the Maximum of amount of its unimpared capital and surplus: And pro- notes. l vided further, That there shall not be outstanding at any time circulating notes issued under the provisions of this Act to an amount of more than five hundred millions of dollars. Redemption jg EC . 6. That whenever and so long as any national fund. t . . . special re - banking association has outstanding any of the additional qulrement for . . . . additional cir- circulating notes authorized to be issued by the provisions culation. Vol. J r 18, p. 123. of this Act it shall keep on deposit in the Treasury of the United States, in addition to the redemption fund required by section three of the Act of June twentieth, eighteen hundred and seventy-four, an additional sum equal to five per centum of such additional circulation at any time outstanding, such additional five per centum to be treated, held, and used in all respects in the same manner as the original redemption fund provided for by said section three of the Act of June twentieth, eighteen hundred and seventy-four. ass^mm.nt on of k ^ EC> 7< In order that the distribution of notes to be l-n1atio a n ^o ' ssue( ^ under the provisions of this Act shall be made as equitable as practicable between the various sections of the country, the Secretary of the Treasury shall not approve applications from associations in any State in excess of the amount to which such State would be enti- tled of the additional notes herein authorized on the basis of the proportion which the unimpaired capital and sur- plus of the national banking associations in such State bears to the total amount of unimpaired capital and sur- plus of the national banking associations of the United Kme T rKency^ tate>s: T>ror ' l( ^' however, That in case the applications iiHsiKimionts. from associations in any State shall not be equal to the amount which the associations of such State would be LAWS CONCERNING MONEY, BANKING, AND LOANS. 465 entitled to under this method of distribution, the Secre- tary of the Treasury may, in his discretion, to meet an emergency, assign the amount not thus applied for to any applying association or associations in States in the same section of the country. SEC. 8. That it shall be the duty of the Secretary of the etc^asTo 11 : Treasury to obtain information with reference to the t?? s table securl - value and character of the securities authorized to be accepted under the provisions of this Act, and he shall from time to time furnish information to national banking associations as to such securities as would be acceptable under the provisions of this Act. SEC. 9. That section fifty-two hundred and fourteen of Tax on cir- J culation. the Ee vised Statutes, as amended, be further amended to read as follows: " SEC. 5214. National banking associations having on ^^^flil" deposit bonds of the United States, bearing interest at the P- |^ ed b ' rate of two per centum per annum, including the bonds j^per cent issued for the construction of the Panama Canal, under the provisions of section eight of 'An Act to provide for Joi. 32, p. the construction of a canal connecting the waters of the Atlantic and Pacific oceans,' approved June twenty- eighth, nineteen hundred and two, to secure its circulating notes, shall pay to the Treasurer of the United States, in the months of January and July, a tax of one-fourth of one per centum each half year upon the average amount of such of its notes in circulation as are based upon the deposit of such bonds : and such associations having on . By bonds of 1 , higher Interest. deposit bonds of the United States bearing interest at a rate higher than two per centum per annum shall pay a tax of one-half of one per centum each half year upon the average amount of such of its notes in circulation as are based upon the deposit of such bonds. National banking By other se- ^ . curities. associations having circulating notes secured otherwise than by bonds of the United States shall pay for the first month a tax at the rate of five per centum per annum upon the average amount of such of their notes in circu- lation as are based upon the deposit of such securities, and afterwards an additional tax of one per centum per annum for each month until a tax of ten per centum per annum is reached, and thereafter such tax of ten per centum per annum, upon the average amount of such notes. Every national banking association having out- ^^""of'cir- standing circulating notes secured by a deposit of other {.' 1 ^ 1 ^ n 1 on J th |^ securities than United States bonds shall make monthly bonds - .466 NATIONAL MONETARY COMMISSION. returns, under oath of its president or. cashier, to the Treasurer of the United States, in such form as the Treas- urer may prescribe, of the average monthly amount of its notes so secured in circulation ; and it shall be the duty of the Comptroller of the Currency to cause such reports of notes in circulation to be verified by examination of the use of taxes banks' records. The taxes received on circulating notes cured by other secured otherwise than by bonds of the United States bonds. ' shall be paid into the Division of Redemption of the Treasury and credited and added to the reserve fund held for the redemption of United States and other notes." Retiring cir- g EC IQ That section nine of the Act approved July dilation. " > i "90 amended' twelfth, eighteen hundred and eighty-two, as amended by the Act approved March fourth, nineteen hundred and seven, be further amended to read as follows: withdrawal " g E c. 9. That any national banking association desir- of n o t e s se- J cured by united ing to withdraw its circulating notes, secured by deposit States bonds. 6 fe ... y o i . is, P. of United States bonds in the manner provided in section four of the Act approved June twentieth, eighteen hun- ^ 1 * 6 ^ an d seventy-four, is hereby authorized for that pur- pose to deposit lawful money with the Treasurer of the United States and, with the consent of the Comptroller of the Currency and the approval of the Secretary of the Treasury, to withdraw a proportionate amount of bonds held as security for its circulating notes in the order of proviso. such deposits: Provided, That not more than nine mil- iimit n y lions of dollars of lawful money shall be so deposited during any calendar month for this purpose. Notes secured "Any national banking association desiring to with- by other seen- e e rides. draw any of its circulating notes, secured by the deposit of securities other than bonds of the United States, may make such withdrawal at any time in like manner and Deposits. effect by the deposit of lawful money or national bank notes with the Treasurer of the United States, and upon such deposit a proportionate share of the securities so de- i-roviso. posited may be withdrawn: Provided. That the deposits Itetcntion of ,,,.*,. . , . deposits to re- under this section to retire notes secured by the deposit io, p. of securities other than bonds of the United States shall not be, covered into the Treasury, as required by section six of an Act entitled 'An Act directing the purchase of silver bullion and the issue of Treasury notes thereon, and for other purposes,' approved July fourteenth, eight- een hundred and ninety, but shall be retained in the Treasury for the, purpose of redeeming the notes of the bank making such deposit." LAWS CONCERNING MONEY, BANKING, AND LOANS. 467 SEC. 11. That section fifty-one hundred and seventy- n * t | s s u e of two of the Revised Statutes be, and the same is hereby, u ^l lseA f^' amended to read as follows : amended 100 ' " SEC. 5172. In order to furnish suitable notes for dilation, the Comptroller of the Currency shall, under the direction of the Secretary of the Treasury, cause plates and dies to be engraved, in the best manner to guard against counterfeiting and fraudulent alterations, and shall have printed therefrom, and numbered, such quantity of circulating notes, in blank, of the denomina- denomina- tions of five dollars, ten dollars, twenty dollars, fifty dollars, one hundred dollars, five hundred dollars, one thousand dollars, and ten thousand dollars, as may be required to supply the associations entitled to receive the same. Such notes shall state upon their face that they sec ^f t racter Ol are secured by United States bonds or other securities, certified by the written or engraved signatures of the Treasurer and Register and by the imprint of the seal of the Treasury. They shall also express upon their face the promise of the association receiving the same to pay on demand, attested by the signature of the president or vice-president and cashier. The Comptroller of the Cur- rency, acting under the direction of the Secretary of the Treasury, shall as soon as practicable cause to be prepared not t s d to^e pre- circulating notes in blank, registered and countersigned, P ared - as provided by law, to an amount equal to fifty per centum Am ount. of the capital stock of each national banking association ; deiiverysubject such notes to be deposited in the Treasury or in the sub- to order - treasury of the United States nearest the place of busi- ness of each association, and to be held for such associ- ation, subject to the order of the Comptroller of the Cur- rency, for their delivery as provided by law: Provided, use V of OS pres- That the Comptroller of the Currency may issue national eut form - bank notes of the present form until plates can be pre- pared and circulating notes issued as above provided : Provided, however, That in no event shall bank notes of no f re f s e r nt ^1 the present form be issued to any bank as additional cir- tlon' 1 ' clrcula " dilation provided for by this Act." SEC. 12. That circulating notes of national banking in ^S P mon n associations, when presented to the Treasury for redemp- ey - v , 18> p tion, as provided in section three of the Act approved 11>3 - June twentieth, eighteen hundred and seventy-four, shall be redeemed in lawful money of the United States. 468 NATIONAL MONETARY COMMISSION. Authority of g EC 13 That all acts and orders of the Comptroller of Secretary of . . .. _ the Treasury, the Currency and the Treasurer of the United States authorized by this Act shall have the approval of the Sec- retary of the Treasury who shall have power, also, to make any such rules and regulations and exercise such control over the organization and management of national currency associations as may be necessary to carry out the purposes of this Act. Designated g EC> 14. That the provisions of section fifty-one hun- serve not to in- dred and ninety-one of the Revised Statutes, with refer- clude public de- . . , . . . posits. ence to the reserves or national banking associations, shall Revised Stat- ' utes, sec. not applv to deposits or public monevs by the United 5191, p. 1004. , f 7 , . rf . J States in designated depositaries, interest pay- SEC. 15. That all national banking associations desig- able on special . , ,. deposits of pub- nated as regular depositaries ot public money shall pay upon all special and additional deposits made by the Secretary of the Treasury in such depositaries, and all such associations designated as temporary depositaries of public money shall pay upon all sums of public money deposited in such associations interest at such rate as the Secretary of the Treasury may prescribe, not less, how- ever, than one per centum per annum upon the average Provisos. monthly amount of such deposits: Provided, however, safe -keeping r fhat nothing contained in this Act shall be construed not modified. to change or modify the obligation of any association or any of its officers for the safe-keeping of public money : uniform in- p ro /rided further. That the rate of interest charged upon terest. ' . ' such deposits shall be equal and uniform throughout the United States. Appropria- SEC. 1(>. That a sum sufficient to carry out the purposes of the preceding sections of this Act is hereby appro- priated out of any money in the Treasury not otherwise appropriated. National $ EC \^ That a Commission is hereby created, to be Monetary Com- ' mission creat- ca ll ec l the "National Monetary Commission," to be corn- Appointment, posed of nine members of the Senate, to be appointed by the Presiding Officer thereof, and nine members of the House of Representatives, to be appointed by the Speaker thereof; and any vacancy on the Commission shall be filled in the same manner as the original appointment. r h'a'S'Vs 3 In SK( '- ls - That it shall be the duty of this Commission t"ui"ctc' y s> ' H 't inquire into and report to Congress at the earliest date practicable, what changes are necessary or desirable in LAWS CONCERNING MONEY, BANKING, AND LOANS. 469 the monetary system of the United States or in the laws relating to banking and currency, and for this purpose they are authorized to sit during the sessions or recess of Authority. Congress, at such times and places as they may deem desirable, to send for persons and papers, to administer oaths, to summons and compel the attendance of wit- nesses, and to employ a disbursing officer and such secre- taries, experts, stenographers, messengers, and other as- officials. sistants as shall be necessary to carry out the purposes for which said Commission was created. The Commission Powers. shall have the power, through subcommittee or otherwise, to examine witnesses and to make such investigations and examinations, in this or other countries, of the subjects committed to their charge as they shall deem necessary. SEC. 19. That a sum sufficient to carry out the purposes Appropria- of sections seventeen and eighteen of this Act, and to pay the necessary expenses of the Commission and its mem- bers, is hereby appropriated, out of any money in the Treasury not otherwise appropriated. Said appropria- av I a H^bj ! ( ? lateIy tion shall be immediately available and shall be paid out Accounts. on the audit and order of the chairman or acting chair- man of said Commission, which audit and order shall be conclusive and binding upon all Departments as to the correctness of the accounts of such Commission. SEC. 20. That this Act shall expire by limitation on the of Termination thirtieth day of June, nineteen hundred and fourteen. Approved, May 30, 1908. ACT OF MAECH 4, 1909. CHAP. 298. An act making appropriations to supply 93 ^ 5 stat - L - deficiencies in the appropriations for the fiscal year ending June thirtieth, nineteen hundred and nine, and for prior years, and for other purposes. That the members of the National Monetary Commis- Mo sion, who were appointed on the thirtieth day of May, mlsslou nineteen hundred and eight, under the provisions of sec- tion seventeen of the Act entitled "An Act to amend the national banking laws," approved May thirtieth, nine- teen hundred and eight, shall continue to constitute the continued. National Monetary Commission until the final report of said commission shall be made to Congress; and said 470 NATIONAL MONETARY COMMISSION. p e National Monetary Commission are authorized to pay to such of its members as are not at the time in the public service and receiving a salary from the Government, a salary equal to that to which said members would be en- titled if they were members of the Senate or House of Representatives. All Acts or parts of Acts inconsistent with this provision are hereby repealed. * * * * * Approved, March 4, 1909. COINAGE. 471 COINAGE. ARTICLES OF CONFEDERATION OF JULY 9, 1778. ARTICLE 9. i stat. L., 7. SEC. 4. The United States, in Congress assembled, shall also have the sole and exclusive right and power of regulating the alloy and value of coin struck by their own authority, or by that of the respective States ; fixing the standard of weights and measures throughout the United States; * * * THE CONSTITUTION OF THE UNITED STATES. ARTICLE 1. i stat. L., 14. SEC. 8. The Congress shall have power * * *. To coin money, regulate the value thereof, and of for- eign coin, and fix the standard of weights and measures: To provide for the punishment of counterfeiting the securities and current coin of the United States : * * *. ARTICLE 1. i stat. L., 15. SEC. 10. No State shall * * * : coin money ; emit bills of credit; make any thing but gold and silver coin a tender in payment of debts; * *. RESOLUTION OF MARCH 3, 1791. ,,,J **** L, III. Resolved by the ftcnate and Hovxe of Repre- sentatives of the United States of America in Conf/rcw assembled. That a mint shall be established under such A mint io t^ . .. established. regulations as shnll be directed by law. l. r ,7J2' J 10 31 47:; 474 NATIONAL MONETARY COMMISSION. > n92 f Apr ' Resolved, That the President of the United States be, and he is hereby authorized to cause to be engaged, such principal artists as shall be necessary to carry the pre- ceding resolution into effect, and to stipulate the terms and conditions of their service, and also to cause to be procured such apparatus as shall be requisite for the same purpose. Approved, March 3. 1791. ACT OF APEIL 2, 1792. i stat. L., CHAP. XVI. An act establishing a Mint, and regulating the Coins of the United States. SECTION 1. Be it enacted by the Senate and House of Representatives of the United States of America in Con- gress assembled, and it is hereby enacted and declared, Mint estab- That a Mint for the purpose of a national coinage be, and 1 islicd at the ... . , seat of govern- the same is established; to be situate and carried on at the seat of the Government of the United States, for the time being: And that for the well conducting of the business of the said mint, there shall be the following officers and persons, namely, a Director, an Assayer, a Chief Coiner, an Engraver, a Treasurer. (Section 2 provides for the employment of clerks, work- men, and servants.) Duty of the SEC. 3. And be it further enacted, That the respective functions and duties of the officers above mentioned shall be as follow: The Director of the mint shall have the chief management of the business thereof, and shall super- intend all other officers and persons who shall be em- Assnyor. ployed therein. The Assayer shall receive and give receipts for all metals which may lawfully be brought to .\rt f ,f Mar. the mint to be coined : shall assay all such of them as may :;, i "!'!, <-!i. 4. * . J require it. and shall deliver them to the Chief Coiner to chief .oinor. |>e coined. The Chief Coiner shall cause to be coined all metals which shall be received by him for that purpose, according to such regulations as shall be prescribed by Kn -raver, (his or any future law. The Engraver shall sink and prepare the necessary dies for such coinage, with the proper devices and inscriptions, but it shall be lawful for the functions and duties, of Chief Coiner and Engraver Treasure;-, to be j )er foni icd by one person. The Treasurer shall re- reive from the Chief Coiner all the coins which shall have been struck, and shall pay or deliver them to the persons LAWS CONCEENING MONEY, BANKING, AND LOANS. 475 respectively to whom the same ought to be paid or de- livered; he shall moreover receive and safely keep all monies which shall be for the use, maintenance and support of the mint, and shall disburse the same upon warrants signed by the Director. (Section 4 provides oath of office for every officer and clerk. (Section 5 provides that assayer, chief coiner, and treasurer shall each give bond in the sum of ten thousand dollars. (Section 6 provides salaries. (Section 7 provides for the settlement of accounts for services and administration, making reports, etc. (Section 8 provides for buildings and expenses.) SEC. 9. And le it further enacted, That there shall be th *pe < from time to time struck and coined at the said Mint, struck - coins of gold, silver, and copper, of the following de- nominations, values and descriptions, viz. EAGLES each Ea & les - to be of the value of ten dollars or units, and to contain two hundred and forty-seven grains and four eighths of a grain of pure, or two hundred and seventy grains of standard gold. HALF EAGLES each to be of the value of Half ef >s les - five dollars, and to contain one hundred and twenty-three grains and six eighths of a grain of pure, or one hundred and thirty-five grains of standard gold. QUARTER ea ^ e " a r * e r EAGLES each to be of the value of two dollars arid a half dollar, and to contain sixty-one grains and seven eighths of a grain of pure, or sixty-seven grains and four eighths of a grain of standard gold. DOLLARS or UNITS each to UD f t ll!irs or be of the value of a Spanish milled dollar as the same is now current, and to contain three hundred and seventy- one grains and four sixteenth parts of a grain of pure, or four hundred and sixteen grains of standard silver. HALF DOLLARS each to be of half the value of the dollar Ilalf clollar s- or unit, and to contain one hundred and eighty-five grains and ten sixteenth parts of a grain of pure, or two hundred and eight grains of standard silver. QUARTER DOLLARS- each to be of one fourth the value of the dollar or unit, and to contain ninety-two grains and thirteen sixteenth parts of a grain of pure, or one hundred and four grains of standard silver. DISMES each to be of the value of i>'^<'>- one tenth of a dollar or unit, and to contain thirty-seven grains and two sixteenth parts of a grain of pure, or forty-one grains and three, fifth parts of a grain of stand- ard silver. HALF IMSMKS each to be of the value of one. ii;iir s. 476 NATIONAL, MONETARY COMMISSION. twentieth of a dollar, and to contain eighteen grains and nine sixteenth parts of a grain of pure, or twenty grains and four fifth parts of a grain of standard silver. cents. CENTS each to be of the value of the one hundredth part of a dollar, and to contain eleven penny-weights of cop- iiaif cents, per. HALF CENTS each to be of the value of half a cent, Act of May * . , , -, , , s, 1702. and to contain five penny-weights and halt a penny- weight of copper. vic^s whnt de SEC. 10. And be if further enacted, That, upon the said coins respectively, there shall be the following devices and legends, namely : Upon one side of each of the said coins there shall be an impression emblematic of liberty, with an inscription of the word Liberty, and the year of the coin- age; and upon the reverse of each of the gold and silver coins there shall be the figure or representation of an eagle, with this inscription, " United States of America " and upon the reverse of each of the copper coins, there shall be an inscription which shall express the denomina- tion of the piece, namely, cent or half cent, as the case may require. vai I ue 0p of ti ofci SEC. ^ 1 - And be it further enacted, That the propor- to silver. tional value of gold to silver in all coins which shall by law be current as money within the United States, shall be as fifteen to one, according to quantity in weight, of pure gold or pure silver; that is to say, every fifteen pounds weight of pure silver shall be of equal value in all payments, with one pound weight of pure gold, and so in proportion as to any greater or less quantities of the respective metals. R oid ta co?ns rd a f nd ^ EC * 12> And 1)C ^ f urt ^ er enacted, That the standard be' re uiated to ^ or a ^ S^ coins of the United States shall be eleven parts fine to one part alloy ; and accordingly that eleven parts in twelve of the entire weight of each of the said coins shall consist of pure gold, and the remaining one twelfth part of alloy; and the said alloy shall be com- posed of silver and copper, in such proportions not ex- ceeding one half silver as shall be found convenient; to be regulated by the Director of the Mint, for the time being, with the approbation of the President of the United States, until further provision shall be made by law. And to the end that the necessary information may be had in order to the making of such further provision, ro T ;,'oTt 0r n,;; i( *H >><' H' the said Mint, 478 NATIONAL MONETARY COMMISSION. order of de- g EC> 15 n( i fr e {f further enacted. That the bullion livermg coins . 7 brin'- > in" S buY w ^ich shall be brought as aforesaid to the Mint to be lion." aSd pen- co ined, shall be coined, and the equivalent thereof in alty on giving ' undue prefer- co ins rendered, if demanded, m the order in which the ence, etc. 3 f795ch M 86 Sa ^ bullion shall have been brought or delivered, giving priority according to priority of delivery only, and with- out preference to any person or persons ; and if any pref- erence shall be given contrary to the direction aforesaid, the officer by whom such undue preference shall be given, shall in each case forfeit and pay one thousand dollars; to be recovered with costs of suit. And to the end that it may be known if such preference shall at any' time be given, the assayer or officer to whom the said bullion shall be delivered to be coined, shall give to the person or per- sons bringing the same, a memorandum in waiting under his hand, denoting the weight, fineness and value thereof, together with the day and order of its delivery into the Mint. a f iawf s ,,rie d n e SEC. 16. And be # further enacted, That all the gold and silver coins which shall have been struck at, and is- sued from the said Mint, shall be a law T ful tender in all payments whatsoever, those of full weight according to the respective values herein before declared, and those of less than full weight at values proportional to their re- spective weights. "onfonn b -fb a to ^ E(< * ^' And ^ )6 ^ f ur ^ er enacted, That it shall be the wei%ts ta etc ard ( ^ u ty ^ ^ ne res P ec ^ ve officers of the said Mint, carefully and faithfully to use their best endeavours that all the gold and silver coins which shall be struck at the said Mint shall be, as nearly as may be, conformable to the several standards and weights aforesaid, and that the copper whereof the cents and half cents aforesaid may be composed, shall be of good quality. SEC. 18. And the better to secure a due conformity of serve * ^"jn the said gold and silver coins to their respective standards, to UJ/JY it furtliar enacted, That from every separate mass of standard gold or silver, which shall be made into coins at the said Mint, there shall be taken, set apart by the Treas- urer and reserved in his custody a certain number of pieces, not less than three, and that once in every year the pieces so set apart and reserved, shall be assayed under i by the inspection of the Chief Justice of the United States, the Secretary and Comptroller of the Treasury, the Sec- LAWS CONCERNING MONEY, BANKING, AND LOANS. 479 retary for the Department of State, and the Attorney General of the United States, (who are hereby required to attend for that purpose at the said Mint, on the last Mon- day in July in each year,) or under the inspection of any three of them, in such manner as they or a majority of them shall direct, and in the presence of the Director, assayer and chief coiner of the said Mint ; and if it shall be found that the gold and silver so assayed, shall not be inferior to their respective standards herein before de- clared more than one part in one hundred and forty-four parts, the officer or officers of the said Mint whom it may concern shall be held excusable; but if any greater in- feriority shall appear, it shall be certified to the Presi- dent of the United States, and the said officer or officers , Penalty on ,de- basing the shall be deemed disqualified to hold their respective offices, coins. SEC. 19. And be it further enacted, That if any of the gold or silver coins which shall be struck or coined at the said Mint shall be debased or made worse as to the pro- portion of fine gold or fine silver therein contained, or shall be of less weight or value than the same ought to be pursuant to the directions of this act. through the default or with the connivance of any of the officers or persons who shall be employed at the said Mint, for the purpose of profit or gain, or otherwise with a fraudulent intent, and if any of the said officers or persons shall embezzle any of the metals which shall at any time be committed to their charge for the purpose of being coined, or any of the coins which shall be struck or coined at the said Mint, every such officer or person who shall commit any or either of the said offences, shall be deemed guilty of felony, and shall suffer death. SEC. 20. And ~be it further enacted, That the money of Money of ac- ' ' " count to lie PX- account of the United States shall be expressed in dollars pressed in dui- lars, etc. or units, dismes or tenths, cents or hundredths, and milles or thousandths, a disme being the tenth part of a dollar, a cent the hundredth part of a dollar, a mille the thou- sandth part of a dollar, and that all accounts in the pub- lic offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regu- lation. Approved, April i_ ; , 1TU2. 480 NATIONAL MONETARY COMMISSION. ACT OF MAY 8, 1792. i stat. L., CHAP. XXXIX. A n act to provide for a copper coinage. fcOO. SECTION 1. Be it enacted by the /Senate and House of Representatives of the United States of America in Con- Director of gress assembled, That the Director of the Mint, with the purchase cop- approbation of the President of the United States, be per and have p -i -i J.-.L coined into authorized to contract for and purchase a quantity of copper, not exceeding one hundred and fifty tons, and i. 24 'that the said Director, as soon as the needful preparation w'ife'nce Vo shall be made, cause the copper by him purchased to be coined at the Mint into cents and half cents, pursuant to " the act establishing a Mint, and regulating the coins of the United States;" and that the said cents and half cents, as the}' shall be coined, be paid into the Treasury of the United States, thence to issue into circulation. P ubiish c when a S EC - - And be it further enacted, That after the ex- has 'been s "!d pi rat i n of six calendar months from the time when there imo the Treas- S 1 UI H have been paid into the Treasury by the said Director, in cents and half cents, a sum not less than fifty thousand dollars, which time shall forthwith be an- nounced by the Treasurer in at least two gazettes or news- papers, published at the seat of the Government of the United States, for the time being, no copper coins .or pieces whatsoever, except the said cents and half cents, shall pass current as money, or shall be paid, or offered to be paid or received in payment for any debt, demand. i-ennuy for claim, matter or thing whatsoever: and all copper coins offerlngto & pass other cop- or pieces, except the said cents and half cents, which per coins. i 11 i r-hall be paid or offered to be paid or received in payment contrary to the prohibition aforesaid, shall be forfeited. and every person by whom any of them shall have been so paid or offered to be paid or received in payment, shall also forfeit the sum of ten dollars, and the said forfeiture and penalty shall and may be recovered with costs of suit for the benefit of any person or persons by whom in- formation of the incurring thereof shall have been given. Approved. May "An act establishing a Mint, and regulating the coins of the United States" SECTION 1. Be it enacted by the Senate and House of Representatives of the United States of America in Con- gress assembled, and it is hereby enacted and declared, That for the better conducting of the business of the Mint^ct of Apr. 2, of the United States there shall be an additional officer Additional of- fl c e r of the appointed therein by the name of the melter and refmer, Mint l )y *, he J ' name of t li e whose dutv shall be to take charge of all copper, and silver ; olter :md re ' * . . ' _ liner. or gold bullion delivered out by the treasurer of the Mint Ills dut y- after it has been assayed, agreeably to the rules and cus- toms of the Mint already directed and established, or which may hereafter be directed and established by the accounting officers of the Treasury, and to reduce the same into bars or ingots n't for the rolling mills, and then to de- liver them to the coiner or treasurer, as the Director shall 484 NATIONAL MONETARY COMMISSION. judge expedient ; and to do and perform all other duties belonging to the office of a melter and refiner or which shall be ordered by the Director of the Mint. (Section 2 provides that the melter and refiner shall take oath of office and give bond. (Section 3 provides salary for said melter and refiner. (Section 4 authorizes the temporary employment of a melter and refiner.) Treasurer of SEC. 5. And be it further enacted. That the treasurer of the Mint to re- ' . ' tain part of the Mint shall, and he is hereby "directed, to retain two bullion deposit- .... ed. etc. cents per ounce from every deposit of silver bullion below the standard of the United States, which hereafter shall be made for the purpose of refining and coining ; and four cents per ounce from every deposit of gold bullion made as aforesaid, below the standard of the United States, un- less the same shall be so far below the standard as to re- quire the operation of the test, in which case, the treas- urer shall retain six cents per ounce, which sum so re- tained shall be accounted for by the said treasurer with the Treasury of the United States as a compensation for melting and refining the same. Trp.-isuror of SEC. G. And lie it further enacted. That the treasurer of tlie Mint shall ' ' not be obliged the Mint shall not be obliged to receive from any person, to receive cer- ~ " * lain deposits of for the purpose of refining and coining, any deposit of silver bullion, below the standard of the United States, in a smaller quantity than two hundred ounces; nor a like deposit of gold bullion below the said standard, in a smaller quantity than twenty ounces. Mhi7 C may f K t ivl SEC. " l '' Alid 1}e ^ father enacted, That from and after imfiioi er of"th!l the P aHsin g of this act, it shall and may be lawful for the r\iYtPd8\atc4 he ^ cers ^ * ne ^^ n ^ to gi ye a preference t$> silver or gold sec T 'i5' l1 '' 1G> Bullion, deposited for coinage, which shall be of the stand- ard of the United States, so far as respects the coining of the same, although bullion below the standard, and not yet refined, may have been deposited for coinage, previous thereto, any law to the contrary notwithstanding: Pro- ritlcd. That nothing herein shall justify the officers of the Mint, or any one of them, in unnecessarily delaying the refining any silver or gold bullion below the standard, that may be deposited, as aforesaid. r!.ci'ur n " ""h," Sl ' :r ' e ' d I"**!"*' enacted, That the President of ) V mr g coin" f rop ' tM(> United Stales be. and he is hereby authorized, when- ever he shall think il for the benefit of the United States, to reduce the weight of the copper coin of the United LAWS CONCERNING MONEY, BANKING, AND LOANS. 485 States: Provided, Such reduction shall not, in the whole, exceed two pennyweights in each cent, and in the like proportion in a half cent; of which he shall give notice by proclamation, and communicate the same to the then next session of Congress. SEC. 9. And be it further enacted, That it shall be the Mode of dts- duty of the Treasurer of the United States, from time to cents and half time, as often as he shall receive copper cents and half cents from the treasurer of the Mint, to send them to the bank or branch banks of the United States, in each of the States where such bank is established; and where there is no bank established, then to the collector of the princi- pal town in such State (in the proportion of the number of inhabitants of such State) to be by such bank or col- lector, paid out to the citizens of the State for cash, in sums not less than ten dollars value; and that the same be done at the risk and expense of the United States, under such regulations as shall be prescribed by the De- partment of the Treasury. Approved, March 3, 1795. ACT OF MAY 27, 1796. CHAP. XXXIII. An act respecting the mint. i stat. L.,475. [Expired.] SECTION 1. Be it enacted by the Senate and House of Representatives of the United States of America in Con- gress assembled, That there shall be appropriated for the Ac t 5 f ; Tfl "- purchase of copper for the further coinage of cents and 2 / ct 18 ^i A ^'- half cents, a Sum equal to the amount of the cents and ; >4. Appropriation half cents which shall have been coined at the mint, and for the pur- . , -, chase of copper. delivered to the treasurer or the United States, subse- quent to the first day of January, one thousand seven hun- dred and ninety-six, which sum shall be payable out of any monies in the treasury not otherwise appropriated. SEC. 2. And be it further enacted, That from and after r-art of sold ' _ and silver bul- the passing of this act, there shall be retained from every lio . n j be re ~ 1 . f " tamed. deposit in the mint, of gold or silver bullion below the standard of the United States, such sum as shall be equiv- alent to the expense incurred in refining the same, and an accurate account of such expense on every deposit shall be kept, and of the sums retained on account of (lie same, which shall be accounted for by the treasurer of the mint, to the treasurer of the United States. 486 NATIONAL MONETARY COMMISSION. Limitation. SEC. 3. And be it further enacted, That this act shall continue in force for the term of two years from the passing thereof, and from thence until the end of the next session of Congress thereafter holden, and no longer. Approved, May 27, 1796. [No. C.] Respecting Coinage and Tender. July 22, 1797. BY JOHN ADAMS, THE PRESIDENT OF THE UNITED STATES OF AMERICA. A PROCLAMATION. Whereas an act of the Congress of the United States was passed on the ninth day of February, 1793, intituled 1793, ch. s. -'An act regulating foreign coins and for other purposes," in which it was enacted " that foreign gold and silver coins, shall pass current as money within the United vol. i, p. 300. States, and be a legal tender for the payment of all debts and demands " at the several and respective rates therein stated : and that " at the expiration of three years, next ensuing the time when the coinage of gold and silver 1792, ch. is. agreeably to the act intituled ''An act establishing a Mint and regulating the coins of the United States," shall com- mence at the Mint of the United States, (which time shall voi.i, p. 246. } 3e announced by the Proclamation of the President of the United States,) all foreign gold coins, and all foreign sil- ver coins, except Spanish milled dollars, and parts of such dollars, shall cease to be a legal tender as aforesaid. Coinage of Now therefore, I, the said John Adams, President of to have com- the United States, hereby proclaim, announce, and cive menced Oct. 15, . J ' 1794, and the notice to all whom it may concern, that a. subsequent to the third day of March, in the year one thousand seven hundred and ninety-nine, shall be, and 488 NATIONAL MONETARY COMMISSION. the same is hereby appropriated for the purchase of cop- per for the further coinage of cents and half cents; and that a sum equal to the amount of cents and half cents, which shall be hereafter coined at the Mint, and delivered to the Treasurer of the United States in any one year, shall be, and the same is hereby appropriated for the annual purchase of copper for the coinage of cents and half cents, \vhich sums shall be payable out of any monies in the Treasury not otherwise appropriated. Part of bui- g EC- 3. And ~be it further enacted. That there shall be lion deposited, < ' to be retained retained from everv deposit in the Mint, of gold or silver for the expense l ' ' of reflninK. bullion below the standard of the United States, such sum Vol. 1, 440. . / as shall be equivalent to the expense incurred in refining the same, and an accurate account of such expense on every such deposit shall be kept, and of the sums retained on account of the same, w r hich shall be accounted for by the treasurer of the Mint, with the Treasury of the United States. Approved, April 24, 1800. ACT OF MAY 14, 1800. 2 stat. L., so. CHAP. LXX. An act supplementary to the act establish- [ Obsolete.] l \ J . iny the mint, and regulating trie coins of the united States. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- Art of Mar. Wed, That until the fourth day of March one thousand 'The mint to eight hundred and one, the mint shall remain in the city Philadelphia, of Philadelphia, and be carried on as heretofore under the laws now in force; any law to the contrary notwith- standing. Approved, May 14, 1800. ACT OF MARCH 3, 1801. i stat. L., in. CHAP. XXI. An act concerning the Mint. B<> it enacted l>i/ the Senate and House of Representa- t'n'<'K of the [' nitcd le if farther enacted, That the first section '"voi'. 1 '!, 300. f tnp act< intituled ' ; An act regulating foreign coins, and for other purposes." passed the ninth day of February, one thousand seven hundred and ninety-three, be, and LAWS CONCEKNING MONEY, BANKING, AND LOANS. 491 the same is hereby repealed. And the operation of the operation of . n t." other sec- seCOIld section or the same act shall be, and is hereby sus- tion suspended. pended for. and during the space of, three years from the passage of this act. Approved, April 10. 1806. ACT OF APRIL 21, 1800. CHAP. XLIX. An act for the "punishment of counter- ~ stat. L., 404. felting the current coin of the United States; and for other purposes. (Section 1 provides penalties for falsely making and uttering coins of the United States, or of foreign coun- tries made current in the United States. (Section 2 provides penalties upon those who shall im- port into the United States any false or counterfeit coins to be circulated in this country. (Section 3 provides penalties for impairing, falsifying, etc., the coins of the United States, or those of foreign countries in circulation in the United States. (Section 4 provides that the jurisdiction of the indi- vidual States is not to be affected by this act.) Approved, April '21. 180(5. ACT OF APRIL 14, 1812. CHAP. LVI. An- act to prohibit the exportation of specie.^ ~ stat - L -> goods, wares and merchandise, for a limited time. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- bled, That it shall not be lawful, during the continuance Exportation ' . of specie and of the act, entituled "An act laying an embargo on all the s. oocls of 01> - "- eign manufac- ships and vessels in the ports and harbors of the United tlli ; c forbidden. x Act of Apr. States, for a limited time, to export from the United 4, 1812, ch. 4o. States or the territories thereof, in any manner what- ever, any specie, nor any goods, wares or merchandise of foreign or domestic growth or manufacture; and if any person shall, with intent to evade this law, export or at- tempt to export any specie, goods, wares or merchandise from the United States or the territories thereof, either by land or water, such specie, goods, wares and merchan- dise, together with the vessel, boat, raft. cart, wagon, sleigh or other carriage in which the same shall have been exported or attempted to be exported, shall, together with the tackle, apparel, horses, mules and oxen, be forfeited, 492 NATIONAL MONETARY COMMISSION. and the owner or owners of such specie, goods, wares or merchandise, and every other person knowingly concerned in such prohibited exportation, on conviction thereof, shall each respectively forfeit and pay a sum not exceed- ing ten thousand dollars for every such offence: Pro- rroviBo.rided however, that nothing in this section contained, 1812, ch. 49. shall be construed to prevent the departure of vessels, which according to the act last above mentioned, are or may be permitted to depart in the manner and under the restrictions provided by the said act. Any portion EC> 2. And be if further enacted. That it shall be law- of the land or ' ' the al u f n r i c ted ^ ^ or ^ le Present f the United States, or such other emTfovTcf t b oP erson as ne shall have empowered for that purpose, to prevent' a vio- emplov any part of the land or naval forces, or militia lation of the L J * embargo. o f the United States or of the territories thereof, as may be judged necessary, for the purpose of preventing the illegal departure of any ship or vessel, or the illegal ex- portation of any specie, or of any goods, wares or mer- chandise, contrary to the provisions of this, or of the last above mentioned act, and for the purpose of detain- ing, taking possession of, and keeping in custody, any such ship or vessel, specie, goods, wares or merchandise. (Section 3 provides penalties, etc., for a violation of this act. and how they are to be recovered.) Approved, April 14, 1812. ACT OF JANUARY 14, 1818. 40 ? stat - L - CHAP. IV. An act further to prolong the continuance of the Mint at Philadelphia. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress asxem- tiini'o the >7int^'^' That the act entitled "An act concerning the Mint.'' nhia 1> t'onUnu e Jd a PP rove( ^ ^ arcn tnt> third, one thousand eight hundred r..r live years. an( | onCj j s hereby revived, and continued in force and op- eration for the further term of five years from the fourth day of March next. - MhV'porT^o SKr - 2 - A ' ifl 1>c > f further enacted. That during the coii- t''s f '';'.nVoVno!i linil!llu ' of tno Mint at the cit .v of Philadelphia, tin- In^ i'oner'"'^''' 1 *' * w hich ^"ere enjoined on the commissioner of loans for the State of Pennsylvania, by the second section of .",, 'iH - oi, f-h M "i r ' * n<> :l(>< - ^'t'th'd "An act concerning the Mint." i>assed on the third day of March, one thousand eight hundred and one. shall be performed by the collector of the port of Philadelphia for the time being:. 1 o Approved. January 1-}. 1818. LAWS CONCERNING MONEY, BANKING, AND LOANS. 493 ACT OF MARCH 3, 1823. CHAP. XLIII. An act further to prolong the continu- 77 | stat - L - ance of the Mint at Philadelphia. Be it enacted by the Senate and House of Rept^esenta- [Expired.] tires of the United States of America, in Congress assem- bled, That the act, entitled "An act concerning the Mint," ^^ h M ?>5' approved March the third, one thousand eight hundred concerning the A c ' p mint, revived and one, is hereby revived and continued in force and for five years- operation for the further term of five years, from the fourth day of March next. SEC. 2. And be it further enacted^ That, during the con- P ut 7 of com : ' 7 e mlssionerof tmuance of the Mint at the city of Philadelphia, the ' oans * , be ?<*- J formed by the duties which were enjoined on the commissioner of loans collector of J . Philadelphia. for the State of Pennsylvania, by the second section of the act, entitled "An act concerning the Mint," passed on the third day of March, one thousand eight hundred and one, shall be performed by the collector of the port of Philadelphia for the time being. SEC. 3. And be it further enacted, That when any silver, Expense of ' ' ; 'materials used brought to the Mint for coinage, shall require refining, the in refining and & ' other deduc- expense of the materials used in the process shall be de-tions to be . made from the ducted from the amount of the deposit: and that, whendeposit. andac- ^ . , , , ~, . counted for to silver so deposited, shall be of a qualitv superior to that of Treasury of the .' -i- I'DltPfl St 'itGS the legal standard of the silver coins of the United States, a deduction shall be made from the amount, equal to the expense of the copper necessary to reduce it to the said standard : and that all such deductions be regularly ac- counted for. by the treasurer of the Mint, to the Treasury of the United States. Approved, March 3, 1823. ACT OF MAECH 3, 1825. CHAP. LXV. An act m-ore effectually to provide for the ^ stat - L - punshment of certain crimes against the United State*, and for other purposes. ***** (Sections 20 and 21 make it an offence and punishable to falsely make, forge, or counterfeit, etc., gold, silver or copper coin.) ***** (Section 23 makes it an offence and punishable to de- base, etc., any gold or silver coins, or to embezzle any coinage metal or coins.) ***** Approved, March 3, 18-25. 494 NATIONAL MONETARY COMMISSION. ACT OF MAY 19, 1828. OT | stat - ** CHAP. LXVII. An act to continue the Mint at the City of Philadelphia, and for other purposes. Be it enacted by the Senate and House of Representa- tives of the United States of America, in Congress as- s isoi ch M 2i' sewi ^^ That the act, entitled "An act concerning the Mint," approved March the third, one thousand eight hundred and one. be, and the same hereby is, revived and continued in force and operation, until otherwise pro- vided by law. For purpose SEC. 2. And l>e it further enacted, That, for the pur- of securing a . . . duo conformity, pose or securing a due conformity in weight or the coins the brass troy ... weight" pro-of the United States, to the provisions of the ninth sec- curen in 1827 . ., shall be the lion or the act, passed the second 01 April, one thousand standard troy ' A . po.imL seven hundred and ninety-two, entitled An act estab- ' lishing a Mint, and regulating the coins of the United States," the brass troy pound weight procured by the minister of the United States at London, in the year one thousand eight hundred and twenty-seven, for the use of the Mint, and now in the custody of the Director thereof, shall be the standard troy pound of the Mint of the United States, conformably to which the coinage thereof -hall be regulated. A scrips of SEC. :'. And le it further enacted, That it shall be the <>- ' .vcuhts corre- sounding to the duty of the Director of the Mint to procure, and safely aforesaid troy pound weight, to keel) a series of standard weights, corresponding to the to be procured. L ' aforesaid troy pound, consisting of an one pound weight, and the requisite subdivisions and multiples thereof, from the hundredth part of a grain to twenty-five pounds; and that the troy weights ordinarily employed in the transac- tions of the Mint, shall be regulated according to the above standards, at least once in every year, under his inspection; and their accuracy tested annually in the presence of the assay commissioners, on the day of the annual assay. SEC. I. And l>c it further enacted, That, when silver bullion, brought to the Mint for coinage, is found to require the operation of the test, the expense of the materials employed in the process, together with a reason- able allowance for the wastage necessarily arising there- from, to be determined by the melter and refiner of the Mint, with the approbation of the Director, shall be re- tained from such depont. and accounted for by the treas- urer of the Mint to the Treasury of the United States. LAWS CONCERNING MONEY, BANKING, AND LOANS. 495 SEC. 5. And be it further enacted, That, when silver fo f,nd er to Ul con n bullion, brought to the Mint for coinage, shall be found ^ * f propor- to contain a proportion of gold, the separation thereof shall be effected at the expense of the party interested therein: Provided, nevertheless, That, when the proper- tion of gold is such that it cannot be separated advan- tageously, it shall be lawful, with the consent of the owner, or, in his absence, at the discretion of the Di- rector, to coin the same as an ordinary deposit of silver. SEC. 6. And be it further enacted, That the Director of th the Mint may employ the requisite number of clerks, at employ the req- _" L " uisite number a compensation not exceeding in the whole the sum of of clerks. seventeen hundred dollars, and such number of workmen and assistants as the business of the Mint shall, from time to time, require. SEC. 7. And be it further enacted, That it shall be law- t^^fnV"- ful for the Director of the Mint to receive, and cause to be to lv be ai ?ssayld assayed, bullion not intended for coinage, and to cause tend^f rcoiS- certificates to be given of the fineness thereof by such offi- ag( x c t tc of Jan cer as he shall designate for that purpose, at such rates of ^ 1 1 8 ^ 57 ' cn - 3> charge, to be paid by the owner of said bullion, and under such regulations, as the said Director may, from time to time, establish. Approved. May 19, 1828. ACT OF JUNE 27, 1834. CHAP. XCII. An act making appropriations for the 4 stat. L., civil and diplomatic expense* of government for the i/car one thousand eight hundred and thirty-four. SEC. 3. And be it further enacted, That no payment of. Payments not / _ " to be made in the money, appropriated by this act, or any other actj> an ^ notes be t passed at the present session of Congress, shall be madeP lac ? of P a - v ~ ment. in the note or notes of any bank which shall not be at par value at the place where such payment may be made, provided that nothing herein contained shall be con- strued to make any tiling but gold and silver a tender in payment, of any debt due from the United States to individuals. # * * * * Approved, June 27, 183-1. (Similar provisions arc contained in the appropriation acts of March 3, 1835, chap. 30, sec. 4, 4 Stat. L., 771; 496 NATIONAL MONETARY COMMISSION. April 14, 1836, chap. 52 (limiting amount, etc.), 5 Stat, L, 9.) ACT OF JUNE 28, 1834. 4 stat. L., CHAP. XCV. An act concerning the gold coins of the United States, and for other purposes. Be it enacted ~by the Senate and House of Representa- fircfi of the United States of America, in Congress as- standard assembled. That the gold coins of the United States shall weight of coins. . ' . . contain the following quantities of metal, that is to say: each eagle shall contain two hundred and thirty-two grains of pure gold, and two hundred and fifty-eight grains of standard gold ; each half eagle one hundred and sixteen grains of pure gold, and one hundred and twenty- nine grains of standard gold; each quarter eagle shall contain fifty-eight grains of pure gold, and sixty-four and a half grains of standard gold ; every such eagle shall be of the value of ten dollars ; every such half eagle shall be of the value of five dollars; and every such quarter eagle shall be of the value of two dollars and fifty cents ; and the said gold coins shall be receivable in all pay- ments, when of full weight, according to their respective values: and when of less than full weight, at less values, proportioned to their respective actual weights, noiti ami sii- ^KC. 2. A nd le it further enacted. That all standard v e r deposited . ' f)p ( >Hc'f f or^ ^ or S ^ ver deposited for coinage after the thirty-first Mais 1 ''" fivd lc tt father enacted, That all gold coins of (he United States, minted anterior to the thirty-first day of July next, shall be receivable in all payments at the rale of ninety-four and eight-tenths of a cent per penny- weight. Sl:r - k A '" f/ h(; ' tf f'li-tlmr enacted, That the better to secure a conformity of (he, said gold coins to their re- spective standards as aforesaid, from every separate mass of standard gold which shall be made into coins at the said Mini, there shall be taken, set apart by the Treasurer and reserved in his custody, a certain number of pieces, LAWS CONCERNING MONEY, BANKING, AND LOANS. 497 not less than three, and that once in every year the pieces so set apart and reserved shall be assayed under the in- spection of the officers, and at the time, and in the man- ner now provided by law, and, if it shall be found that the gold so assayed, shall not be inferior to the said standard hereinbefore declared, more than one part in three hundred and eighty-four in fineness, and one part in five hundred in weight, the officer or officers of the said Mint whom it may concern, shall be held excusable; but if any greater inferiority shall appear, it shall be certi- fied to the President of the United States, and if he shall so decide, the said officer or officers shall be thereafter disqualified to hold their respective offices : Provided, That 1>roviso - if, in making any delivery of coin at the Mint in pay- ment of a deposit, the weight thereof shall be found de- fective, the officer concerned shall be responsible to the owner for the full weight, if claimed at the time of delivery. SEC. 5. And be it further enacted, That this act shall be tg*&jfij$ in force from and after the thirty-first day of July, in the 31 ' 1834 - year one thousand eight hundred and thirty-four. Approved, June 28, 1834. ACT OF JUNE 28, 1834. CHAP. XCVI. An- act regulating the value of certain 4stat.L.,roo foreign gold coins within the United States. Be it enacted l>y the Senate and House of Representa- tives of the United States of America, in Congress assem- bled. That, from and after the thirtv-first day of July , Act , of J 625 - 18.H4, ch. 71. next, the following gold coins shall pass as current as V 1 ?^ 8 ";} e & _ which sold money within the United States, and be receivable in all coins shall he receivable after payments, by weight, for the payment of all debts and ju 'y ;n - ls:i4 - demands, at the rates following, that is to say : the gold coins of Great Britain, Portugal, and Brazil, of not less ^.^"^'Y^mi* than twenty-two carats fine, at the rate of ninety-four al . and Bl ' ; > / - il - cents and eight-tenths of a cent per pennyweight ; the gold coins of France nine-tenths fine, at the rate of ninety-three cents and one-tenth of a cent per penny- weight; and the gold coins of Spain, Mexico, and Co- lombia. of the fineness of twenty carats three grains and seven-sixteenths of a grain, at the rate of eighty-nine cents and nine-tenths of a cent per pennyweight. 498 NATIONAL MONETARY COMMISSION. Annual assays g EC >. And be it further enacted. That it shall be the to be made. ' duty of the Secretary of the Treasury to cause assays ot the aforesaid gold coins, made current by this act, to be had at the Mint of the United States, at least once in every year, and to make a report of the result thereof to Congress. Approved, June 28, 1834. ACT OF MARCH 3, 1835. 4Statu,774. (J HA1 >. XXXIX. An act to establish branches of the Mint of the United States. Be it enacted by the Senate and House of Representa- tives of the United States of America, in Congress assem- Branches otblcd, That brunches of the Mint of the United States established at shall be established as follows: one branch at the city of New Orleans; Xew Orleans for the coinage of gold and silver; one charlotte; branch at the town of Charlotte, in Mecklinburg County, in the State of North Carolina, for the coinage of gold i>ahiohnej;a. only; and one branch at or near Dahlohnega, in Lumpkin County, in the State of Georgia, also for the coinage of r<"r P1 Mm-'ii-ising "^ on b'- ^ 1K ^ f r tne purpose of purchasing sites, sites, etc. erecting suitable buildings, and completing the necessary combinations of machinery for the several branches afore- said, the following sums, to be paid out of any money in the Treasury not otherwise appropriated, shall be, and hereby are, appropriated: for the branch at Xew Or- leans, the sum of two hundred thousand dollars; for the branch at Charlott:, fifty thousand dollars; for the branch at Dahlohnega, fifty thousand dollars, omoers to be SEC. 2. And be it further enacted. That, so soon as the appointed when ' .). e , re '", ll ,j ing8m ' t ' cssar y buildings are erected for the purpose of well con- ducting the business of each of the said branches, the fol- lowing oflicers shall be appointed upon the nomination of the President, and with the advice and consent of the Senate: one superintendent, one treasurer, one assayer, one chief coiner, one melter. and one refiner. And the superintendent of each mint shall engage and employ as many clerks and as many subordinate workmen and servants as shall be provided for by law; * * * (The .-econd paragraph fixes the salaries of the officers and clerks and appropriates the necessary amounts to pay the same. Resolution No. 5, of March 3, 1851, authorizes LAWS CONCEKNING MONEY, BANKING, AND LOANS. 499 treasurers of mints to appoint their own clerks subject to the approval of the Secretary of the Treasury. (Section 3 provides that the officers and clerks referred to shall take an oath or affirmation, and give bond, and the act of April 2, 1844 (chap. 7, 5 Stat. L., 652), pre- scribes that such oath or affirmation may be taken before any judge of the Supreme Court, or of any court of rec- ord in the State.) SEC. 4. And be it further enacted. That the general .General direc- ' -ill i -*- tlonof branches direction of the business of the said branches of the Mint to be under the Director of the of the United States shall be under the control and regu-Mint at rinia- delphia. lation of the Director of the Mint at Philadelphia, sub- ject to the approbation of the Secretary of the Treasury; and for that purpose, it shall be the duty of the said Director to prescribe such regulations, and require such returns, periodically, and occasionally, as shall appear to him to be necessary for the purpose of carrying into effect the intention of this act in establishing the said branches; also, for the purpose of discriminating the coin which shall be stamped at each branch, and at the Mint itself; also, for the purpose of preserving uni- formity of weight, form, and fineness in the coins stamped at each place; and for that purpose, to require the trans- mission and delivery to him, at the Mint, from time to time, such parcels of the coinage of each branch as he shall think proper to be subjected to such assays and tests as he shall direct. SEC. 5. And be it further enacted. That all the laws, , La , w s for re K - ' ulatlon of Mint and parts of laws, made for the regulation of the Mint extended to the 1 . branches. of the United States, and for the government of the offi- cers and persons employed therein, and for the punish- ment of all offences connected with the Mint or coinage of the United States, shall be, and the same are hereby, declared to be in full force, in relation to each of the branches of the Mint by this act established, so far as the same shall be applicable thereto. Approved, March 3, 1835. (The act of February 13, 1837 (chap. 14, 5 Stat. L., M7). provides for the officers and their salaries at 'the branch mints at New Orleans, Charlotte, and Dahloh- nega. and the act of February 27, 1843 (5 Stat., 002), changes the duties of the officers at Charlotte and Dahl- ohnega.) XOTK. The branch mint ;it Now Orleans having been closed on account of the rebellion, its reopening was provided for by the act 500 NATIONAL MONETARY COMMISSION. of June 20, 1874 (18 Srat. L., 97), and the assaying aud stamping of bullion thereat was authorized by the acts of August 15, 1S76 (19 Stat. L., 158), and March 3, 1877 (19 Stat. L., 307). Other branch mints were established as follows: In California, July 3. 1852 (10 Stat L., 11); at San Francisco, February 12, 1870 (17 Stat. L.. 435. sec. 3495, It. S.) ; at Denver, April 21, 1862 (12 Stat. I.., 382, sec. 3495, K. S.). The act of February 20, 1895 (28 Stat. L., G73), provided for coinage at Denver, but the act of March 2, 1895 (28 Stat. L., 7N4) and subsequent appropriation acts up to 1904 provided that until the office should become a coinage mint in accordance with law, it should continue as an assay office. At Carson City, Nov., March 3, 1863 (12 Stat L., 770, sec. 3495, It. S.). The establishment of a mint at Manila is authorized by the act of July 1, 1902 (32 Stat. L., 710). ACT OF JANUARY 18, 183T. r. stat. L., 136. C HAP> HI. ^.[ n . af -i supplementary to the act entitled ^'An act establishing a Mint, and regulating the coins of the United States" Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress as- 1 A;;t of Apr. 2, xcnilled, That the officers of the Mint of the United States Act of Mar. :?, shall be a Director, a treasurer, an assayer, a inelter and is:*"), ch. A i. ' J Art of Feij.iiT, refiner, a chief coiner and an engraver, to be appointed Act of Apr. 2, by the President of the United States, by and with the IS 14. cli. 7. " oiiiwrs. advice and consent of the Senate. Duties of SEC. 2. And l>c it farther enacted, That the respective duties of the officers of the Mint shall be as follows: nin-rtor. Firxt. The Director shall have the control and manage- ment of the Mint, the superintendence of the officers and persons employed therein, and the general regulation and .supervision of the business of the several branches. And in the mouth of January of every year he shall make re- port to the President of the United States of the opera- tions of the Mint and its branches for the year preceding. Aud also to the Secretary of the Treasury, from time to time, as -aid Secretary shall require, setting forth all the operations of the Mint subsequent to the last report made upon the subject. Xicdinl. The treasurer shall receive, and safely keep all moneys which shall be for the use and support of the Mint : shall keep all the current accounts of the Mint, and pay all moneys due by the Mint, on warrants from the Director. He shall receive all bullion brought to the n i asiir ' liu\v filled. of sickness, or any other sufficient cause, it shall be law- ful for the Director, with the assent of said officer, to appoint some person attached to the Mint, to act in the 502 NATIONAL MONETARY COMMISSION. place of such officer during his absence, and that the Employment Director shall employ such workmen and servants in the of workmen and servants. Mint as he shall from time [to time] find necessary. (Section 5 provides that oath shall be taken by officers, assistants, and clerks. (Section G requires that certain officers shall and their assistants and clerks may be required to give bond. (Section 7 fixes salaries and wages of officers, clerks, assistants, workmen, and servants.) standard for SEC. 8. And be it further enacted. That the standard for ?oins" n er both gold and silver coins of the United States shall here- after be such, that of one thousand parts by weight, nine hundred shall be of pure metal, and one hundred of alloy : Alloys. and the alloy of the silver coins shall be of copper; and the alloy of the gold coins shall be of copper and silver, provided that the silver do not exceed one-half of the whole alloy. weight of SEC. 9. And be it further enacted, That of the silver coins, the dollar shall be of the weight of four hundred and twelve and one-half grains; the half dollar of the weight of two hundred and six and one-fourth grains; the quarter dollar of the weight of one hundred and three and one-eighth grains,; the dime, or tenth part of a dollar, of the weight of forty-one and a quarter grains; and the half dime or twentieth part of a dollar, of the weight of Dollars, etc., twenty grains, and five-eighths of a grain. And that tenders, etc" dollars, half dollars, and quarter dollars, dimes, and half dimes, shall be legal tenders of payment, according to their nominal value, for any sums whatever. Rowrofns* f SEC< 10: And *>e it further enacted, That of the gold Nhainlra le'ai C ^ ns 5 tne weight of the eagle shall be two hundred and tender, etc. fifty-eight grains; that of the half eagle one hundred and twenty-nine grains; and that of the quarter eagle sixty- four and one-half grains. And that for all sums what- ever, the eagle shall be a legal tender of payment for ten dollars; the half eagle for five dollars; and the quarter eagle, for two and a half dollars. silver coins SKC. 11. And 1)C it further enacted, That the silver coins heretofore is- ' ' fined, and gold heretofore issued at the Mint of the United States, and the coins issued since July 3i, gold coins issued since the thirty-first day of July, one 1H:{4, shall con- . * tinue to be ie- thousand eight hundred and thirtv-ioiir, shall continue to j,'al tenders. 1111 ? \ be legal tenders of payment for their nominal values, on the same terms as if they were of the coinage provided for by this act. LAWS CONCERNING MONEY, BANKING, AND LOANS. 503 SEC. 12. And be it further enacted. That of the copper weight of copper coins. coins, the weight of the cent shall be one hundred and sixty-eight grains, and the weight of the half-cent eighty- four grains. And the cent shall be considered of the Proportional value of one hundredth part of a dollar, and the half-cent lar - of the value of one two-hundredth part of a dollar. SEC. 13. And be it further enacted, That upon the coins , e l ** l a \ struck at the Mint there shall be the following devices and tx " ins - legends : upon one side of each of said coins there shall be an impression emblematic of liberty, with an inscription of the word Liberty, and the year of the coinage ; and upon the reverse of each of the gold and silver coins, there shall be the figure or representation of an eagle, with the inscription United States of America, and a designation of the value of the coin ; but on the reverse of the dime and half dime, cent and half cent, the figure of the eagle shall be omitted. (Sections 14 to 19 provide that gold and silver bullion ,5 stat. L., brought to the mint shall be received and coined for the benefit of the depositor, and that the only subjects of charge to him shall be for refining, toughening, and sep- arating, and for metal used for alloy, the rate of charge being fixed from time to time so as not to exceed the actual expense incurred. For the net amount of the de- posit a certificate shall be given, payable in coins of the same metal as the deposit.) SEC. 20. And be it further enacted, That parcels of, Transfers of bullion by bullion shall be, from time to time, transferred bv the treasurer to melter and re- treasurer to the melter and refiner ; that a careful record flner - of these transfers, noting the weight and character of the bullion, shall be kept; and that the bullion thus placed in the hands of the melter and refiner shall be subjected to the several processes which may be necessary to form it into ingots of the legal standard, and of a quality suit- able for coinage. SEC. 21. And be it further criacted. That the ingots in-ots ID be thus prepared shall be assayed by the assayer. and if they prove to be within the limits allowed for deviation from the standard, they shall be transferred by the melter and refiner to the treasurer, accompanied by the assayer's cer- tificate of their fineness; and that a careful record of the transfer shall be kept by the treasurer. SEC. 22. And be if further enacted. That no ingots of novation . . f ro in 1 o K a 1 gold shall be used for coinage of which the quality differs st " nd , ar . d al ~ ~ lowed iii ingots more than two thousandths from the legal standard; and / Qkl IU ' 1 sl1 504 NATIONAL MONETARY COMMISSION. that no ingots of silver shall be used for coinage of which the quality differs more than three thousandths from the legal standard. Mccm.nt s 'wi e th SEC. 23. And be it further enacted, That in the treas- meiter and re- urer ' s account with the melter and refiner, the inelter liner. and refiner shall be debited with the standard weight of all the bullion placed in his hands, that is to say, with the weight of metal of legal standard fineness which it will make: and that he shall be credited by the standard weight of all the ingots delivered by him to the treasurer; and that once at least in every year, at such time as the Director shall appoint, the melter and refiner shall de- liver up to the treasurer all the bullion in his possession, in order that his accounts may be settled up to that time; and, in this settlement, he shall be entitled to a credit for the difference between the whole amount of bullion de- livered to him, and received from him, since the last n e" c ^s n s c ! resettlement, as an allowance for necessary waste: Pro- W! 'i s> roviso t'ided, That this allowance shall not exceed two thou- sandths of the whole amount of gold and silver bullion, respectively, that had been delivered to him by the treas- urer, iiijrots for SEC. 24. And l>e it further enacted. That the treasurer col u;i ' r c, shall, from time to time, deliver over to the chief coiner, ingots for the purpose of coinage; that he shall keep a careful record of these transfers, noting the weight and description of the ingots; and that the ingots thus placed in the hands of the chief coiner shall be passed through the several processes necessary to make from them coins, in all respects conformable to law. Doviation SEC. 25. And le it further enacted* That in adjusting f r o in lo.u ;i I ' ' J standa i-d ai- jj ie weights of the coins, the following deviations from the lowed in tin' & ^^^f standard weight shall not lie exceeded in any of the single pieces : In the dollar and half dollar, one grain and a half; in the quarter dollar, one grain; in the dime and half dime, half a grain; in the gold coins, one-quarter of a grain : in the copper coins, one grain in the pennyweight ; ii .' m i.'e i- 1: "t7i :l " ( ' ln;l ^ ' n weighing a large number of pieces together, when delivered from the chief coiner to the treasurer, and from the treasurer to the depositors, the deviations from the standard weight shall not exceed the following limits: Four pennyweights in one thousand dollars; three pennyweights in one thousand half dollars; two penny- weight- in one thousand quarter dollars; one pennyweight in one thousand dimes; one pennyweight in one thousand LAWS CONCERNING- MONEY, BANKING, AND LOANS. 505 half dimes; two pennyweights in one thousand eagles; one and a half pennyweight in one thousand half eagles ; one pennyweight in one thousand quarter eagles. SEC. 2G. And be it further enacted, That the chief we ^| to be coiner shall, from time to time, as the coins are prepared, deliver them over to the treasurer, who shall keep a care- ful record of their kind, number, and weight; and that, in receiving the coins, it shall be the duty of tlj treas- urer to see whether the coins of that delivery are within the legal limits of the standard weight ; and if his trials for this purpose shall not prove satisfactory, he shall cause all the coins of this delivery to be weighed sepa- rately, and such as are not of legal weight shall be de- livered to the melter and refiner, as standard bullion, to be again formed into ingots and recoined. SEC. 27. And be it further enacted. That at everv de- <'<>ius tobe J ' " preserved for livery of coins made by the chief coiner to the treasurer, * he annual it shall be the duty of the treasurer, in the presence of the assayer, to take indiscriminately, a certain number of pieces of each variety for the annual trial of coins, (the number being prescribed by the director,) which shall be carefully labeled, and deposited in a chest appropriated for the purpose, kept under the joint care of the treas- urer and assayer, and so secured that neither can have access to its contents without the presence of the other. SEC. 28. And be it further enacted. That the chief Disposition of c 1 1 pp lugs, coiner shall, from time to time, deliver to the treasurer etc. the clippings and other portions of bullion remaining after the process of coining, and that the treasurer shall keep a careful record of their amount. SEC. 29. And be it further enacted. That in the treas- Treasurer's ' ' account with urers account with the chief coiner, the chief coiner shall ( ' hief coiner. be debited with the amount in weight of standard metal of all the bullion placed in his hands, and credited with the amount, also by weight, of all the coins, clippings, and other bullion delivered by him to the treasurer; and that once at least in every year, at such time as the Director shall appoint, the chief coiner shall deliver to the treas- urer all the coins and bullion in his possession, so that his accounts may be settled up to that time; and. in this set- { () 'V n^oss'ary tlement. he shall be entitled to a credit for the difference wastc ' between the whole amount of ingots delivered to him, and of (lie coins and bullion received from him, since the last settlement, as an allowance for necessary waste: l > r<>- loTiif lu -y;j 506 NATIONAL MONETARY COMMISSION. vided, That this allowance shall not exceed two thou- sandths of the whole amount of the silver, or one and one-half thousandth of the whole amount of the gold, that had been delivered to him by the treasurer. Payment for SEC. 30. And 1)C it further enacted. That when the bullion deposit- '. ' . ed to be coined. (;o j ns which are the equivalent to any deposite of bullion are ready for delivery, they shall be paid over to the de- positor, or his order, by the treasurer, on a warrant from the Director; and the payment shall be made, if de- manded, in the order in which the bullion shall have been brought to the Mint, giving priority according to pri- ority of deposite only; and that in the denominations of coin delivered, the treasurer shall comply with the wishes of the depositor, unless when impracticable or inconven- ient to do so; in which case, the denominations of coin shall be designated by the Director. ,>ubifc p money SKC. 31. And Ic it further enacted, That for the pur- the' > mi k n P t t bv P' se ^ enabling the Mint to make returns to depositors Treasury. ' f with as little delay as possible, it shall be the duty of the Secretary of the Treasury to keep in the said Mint, when the state of the Treasury will admit thereof, a deposite of such amount of public money, or of bullion procured for the purpose, as he shall judge convenient and neces- sary, not exceeding one million of dollars, out of which those who bring bullion to the Mint may be paid the value thereof, as soon as practicable, after this value has been ascertained : that the bullion so deposited shall become the property of the United States ; that no discount or inter- est shall be charged on moneys so advanced; and that the Secretary of the Treasury may at any time withdraw the- said deposite, or any part thereof, or may. at his discretion, allow the coins formed at the Mint to be given for their equivalent in other money. of'VZs.' trlnl s '-'>^ And be it further enacted, That to secure a .x is '':;!' rh M 42' ( ' lle conformity in the gold and silver coins to their re- ld -spective standards and weights, an annual trial shall be made of the pieces reserved for this purpose at the Mint and its branches, before the judge of the district court of the Tinted States, for the eastern district of Pennsylvania, the attorney of the United States, for the eastern district of Pennsylvania, and the collector of the port of Philadel- phia, and such other persons as the President shall, from time to time, de-ignate for that purpose, who shall meet as commissioners, for the performance of this duty, on the second Monday in February, annually, and may continue LAWS CONCERNING MONEY, BANKING, AND LOANS. 507 their meetings by adjournment, if necessary; and if a ma- jority of the commissioners shall fail to attend at anytime appointed for their meeting, then the Director of the Mint shall call a meeting 1 of the commissioners at such other time as he may deem convenient; and that before these commissioners, or a majority of them, and in the pres- ence of the officers of the Mint, such examination shall be made of the reserved pieces as shall be judged suffi- cient; and if it shall appear that these pieces do not differ from the standard fineness and weight by a greater quantity than is allowed by law. the trial shall be con- sidered and reported as satisfactory; but if any greater deviation from the legal standard or weight shall ap- pear, this fact shall be certified to the President of the United States, and if, on a view of the circumstances of the case, he shall so decide, the officer or officers impli- cated in the error shall be thenceforward disqualified from holding their respective offices. SEC. 33. And be it further enacted. That copper bullion Purchase of i n i i ~\ x e it further enacted. That the copper Coinage of ' . . L L copper. planchets shall be delivered, from time to time, by the treasurer to the chief coiner, to be by him coined : and all such copper shall be returned to the treasurer, by the chief coiner, weight for weight, without allowance for waste. SEC. 35. And le it further enacted. That it shall be the copper coins ' m a y n e ex- dutv of the treasurer of the Mint to deliver the copper changed for other money. coins, in exchange for their legal equivalent in other money, to any persons who shall apply for them : Pro- J'roviso. /'ided. That the sum asked for be not less than a certain amount, to be determined by the Director, and that it be not so great as. in his judgment, to interfere with the capacity of the Mint to supply other applicants. SEC. 30. And l>c if fiirtJin- etiarfcd. That the p PP c r tra c n PP^ oi ^ coins may. at the discretion of the Director, be delivered ^, l n e ( nsp " f thf ' in any of the principal cities and towns of the Fnited States, at the cost of the Mint for transportation. SKC. 37. And le it further <7. ACT OK MARCH :j, 1840. ;> stat. L., CHAP. CIX. An act to authorize the coinage of gold dollars and double eagles. lie it enacted by the Senate an.d House of Representa- tives of the United States of America in Congress assem- coinage otbled. That there shall be, from time to time, struck and and gold doi- coined at the Mint of the United States and the branches lars author- . ., ,, , , ,, , , , i/ed. thereof, conformably in all respects to law (except that 1853, sec. 7! on the reverse of the gold dollar the figure of the eagle <<>. not Feb. shall be omitted.) and conformably in all respects to the IST.'i, sec. . '. . standard for gold coins now established by law, coins of gold of the following denominations and values, vix. : double eagles, each to be of the value of twenty dollars, or units, and gold dollars, each to be of the value of one dollar, or unit. Double eagle SEC. 2. And be it further enacted. That, for all sums to be legal ten- whatever, the double eagle shall be a legal tender for der. fM'i- twenty dollars, and the gold dollar shall be a legal tender for one dollar. AH i:i\v-i lu.v.- SEC. :';. A-nd be 'it further enacted. That all laws now in in fori'e in re- ):iti.,M io the force in relation to the coins of the United States, and the 1'iiliis ot t h o ^""'"'i^'tcs striking and coining the same, shall, so far as applicable, .-.ins herein li ; ,ve fu]] for ( . ( . and ell'ect in relation to the coins herein authorized. authorized, whether the said laws are penal or otherwise; and whether they are for preventing counterfeiting or debasement, for protecting the currency, for regulating and guarding the process of striking and coining, and the preparation- therefoi-. or for the security of the coin, or for anv other pnrpo-e. w.'ighiK of SEC. I. Anil b, /'/ fin-flu r i nail, d. That, in adjui-tiiiLr the weight- ol _ r old coins henceforward, the following LAWS CONCERNING MONEY, BANKING, AND LOANS. 509 deviations from the standard weight shall not be exceeded in any of the single pieces namely, in the double eagle, the eagle, and the half eagle, one half of a grain, and in the quarter eagle, and gold dollar, one quarter of a grain ; and that in weighing a large number of pieces together, when delivered from the chief coiner to the treasurer, and from the treasurer to the depositors, the deviation from the standard weight shall not exceed three penny- weights in one thousand double eagles ; two pennyweights in one thousand eagles; one and one half pennyweights in one thousand half eagles; one pennyweight in one thousand quarter eagles: and one half of a pennyweight in one thousand gold dollars. Approved. March '5. l.s-M>. ACT OF MAY itf. ISr.O. CHAP. XTI. An c act entitled ,9 stat. i... "An aft supplementary 1<> the act entitled ^Ax act hiff a ///////. and 'regulating tlie coin* of tlte, Be it enacted l>i/ the Senate and House of Representa" tivex of tin- I'nited Xtrttes of America in CoiKji-exs assem- bled, That, for the purpose of enabling; the mint and To . l the mint and branch mints of the United States to make returns to branch mints to make re- depositors with as little delay as possible, it shall be law- tu F ns to de - 1 l posltors, etc., fill for the President of the United States, when the state the President Is author ized of the treasury shall admit thereof, to direct transfers to to direct trims ' . . fers of public be made from time to time to the mint and branch mints money. for such sums of public money as he shall judge con- venient and necessary, out of which those who bring bullion to the mint may be paid the value thereof, as soon as practicable after this value has been ascertained: that the bullion so deposited shall become the property of the United States; that no discount or interest shall be charged on money so advanced; and that the Secretary of the Treasury may at any time withdraw the said de- posite. or any part thereof, or may, at his discretion, allow the coins formed at the mint- to be given for their equivalent in oilier money: Proinded^ That the bonds pnivis<>. given by the United Slates treasurers and superin- tendents of the mint shall be renewed or increased at the discretion of the Secretary of the Treasury, under the operation of this act. Approved. May *1\\. 1*50. 510 NATIONAL MONETARY COMMISSION. ACT OF SEPTEMBEK 30, 1850. 9 stat. L.. CHAP. XC. An art making appropriations for the civil and diplomatic expenses of government for the year ending the thirtieth of June, eighteen hundred and -fifty-one, an'tl for other purposes. secretary of r j' } ie Secretary of the Treasury be, and he is hereby. Treasury ati- - J ' thorizedtocon- authorized and directed to contract, upon the most rea- tract with as- _ _ I say intr works sonable terms, with the proprietors of some well-estab- in California, r m to assay and ] j gnec } assaying works now in successful operation in t\K the value of . . gold, under su_ California, upon satisfactory security, to be judged bv pervisionof - ' J e T'nited states th e Secretary of the Treasury, who shall, under the super- assayer. * vision of the United States assayer to be appointed by the President, by and with the advice and consent of the Senate, perform such duties in assaying and fixing the value of gold in grain and lumps, and in forming the same into bars, as shall be prescribed by the Secretary of the Treasury, and that the said United States assayer shall cause the stamp of the United States, indicating the degree of fineness and value, to be affixed to each bar or ingot of gold that may be issued from the establish- i-roviso. ment. Proridcd, That the United States shall not be held responsible for the loss of any gold deposited with Further pro- said proprietors for assay: And provided, further, That the salary of said assayer shall be fixed by the Secretary of the Treasury, not to exceed five thousand dollars. gfe *b & *b !{ Approved. September '50, 1850. (A similar provision is contained in the act of August ;U. 185-J. chap. 108. 10 Stat. L.. p. <>7.) ACT OF MARCH :>>. is:,i. !_ stat. I... CIIAI-. XX. A/I act to reduce and modify the rate* of postage tn the I n/ted States^ and for other purposes. lie it enacted hi/ the Senate and Iloiixe of Representa- fircx . * v ninety-two grains, and the quarter dollar, dime, and half dime, shall be, respectively, one half, one fifth, and one tenth of the weight of said half dollar. \vh S en Ch to C i!" s ; SEC. 2< ^ n d l>e it further enacted. That the silver coins legal tender, issued in conformity with the above section, shall be legal tenders in payment of debts for all sums not exceeding live dollars. Purchase of ^ Kr> 3. ^\ na i e ,;f further enacted. That in order to pro- the silver bul- co?nage r s " ( ' h c ' nre ' )ll ^i n ^ or tne requisite coinage of the subdivisions of the dollar authorized by this act, the treasurer of the Mint shall, with the approval of the Director, purchase such bullion with the bullion fund of the Mint. He shall charge himself with the gain arising from the coinage of such bullion into coins of a nominal value exceeding the o intrinsic value thereof, and shall be credited with the dif- ference between such intrinsic value and the price paid for said bullion, and with the expense of distributing said coins as hereinafter provided. The balances to his credit, or the profit of said coinage, shall be, from time to time, on a warrant of the Director of the Mint, transferred to the account of the Treasury of the United States. how" c to ho 0i "x s> SE(<< 4t ^''^ ^ e ' (t f" rtner I'lxi'-ted, That such coins shall ( ',-ih? K m!t : ",'/f ' )( ' P ni ^ ou * "t the Mint, in exchange for gold coins at par, Ininl - in sums not less than one hundred dollars; and it shall be lawful, also, to transmit parcels of the same from time to time to the assistant treasurers, depositaries, and other officers of the United States, under general regulations, proposed by the Director of the Mint, and approved by <-.,h,T,/,! n re K - tlle Secretary of the Treasury: Provided, however, That the amount coined into quarter dollars, dimes, and half dimes, shall be regulated by the Secretary of the Treasury. NO private SEC. 5. And l>e. it further enacted. That no deposits for deposits for L received 18 1 '" (>olna t ' ' in ^ the half dollar, quarter dollar, dime, and half dime, shall hereafter be received, other than those made by the treasurer of the Mint, as herein authorized, and upon account of the, United States. (Section (> provides that when gold or silver is deposited for coinage, there shall be a charge to the depositor, in addition to the charge for refining or parting the metals, of one-half of one per centum, this provision not applying to silver coined into the subdivisions of the dollar.) LAWS CONCERNING MONEY, BANKING, AND LOANS. 513 SEC. 7. A)i be it further enacted* That from time to a , r ' 1 ^ r?. in v s "/ ?r> established. time there shall be struck and coined at the Mint of the United States, and the branches thereof, conformably in all respects to law. and conformably in all respects to the standard of gold coins now established by law, a coin of ffold of the value of three dollars, or units, and all the pro- Provisions of . . . . . -let 1849, ch. visions of an act entitled "An act to authorize the coinage 109 - m d e ai>- fe pllcaule to said of gold dollars and double eagles,'' approved March third, coin - eighteen hundred and forty-nine, shall be applied to the coin herein authorized, so far as the same may be applica- ble: but the devices and shape of the three dollar piece shall be fixed by the Secretary of the Treasury. SEC. S. .1 // be if further enacted, That this act shall be fec T t ^ e * in force from and after the first day of June next. 18 f$vj ,h ;i; Approved. February L>1. 18;tt. sec.?.' ACT OK MA liC IT 3, 1853. CHAP. XCVT.--.-l/* art to xnj>j>h/ deficiencies in the ap- lf stnt - L - propriations for the e re-ice of the fiscal year ending the thirtieth of June* one thousand eight hundred and fifty-three. : : sjc % % SEC. 7. And be it further enaeted* That when gold or Charge for casting si 1 ver silver shall be cast into bars or ingots or formed into disks into disks, bars, or ingots. at the Mint of the United States, or any of the branches thereof, or at any assay office of the United States, the charge for refining, casting, or forming said bars, ingots, or disks shall be equal to. but not exceed, the actual cost of the operation, including labor, wastage, use of ma- chinery, materials, etc., to be regulated from time to time by the Secretary of the Treasury. And the Secre- tary of the Treasury is hereby authorized to regulate Tl( ? e !?of n thp sn- tlie size and devices of the new silver coin, authorized by ^','^,.^",1"^ a"t an act entitled ' ; An act amendatory of existing laws rela- of 1;f ' ( ' h - 70 - tive to the half dollar, quarter dollar, dime, and half dime." passed at the present session; and that, to procure such devices, as also the models, moulds, and matrices or original dies for the coins, disk's, or ingots authorized by said act. the Director of the Mint is empowered, with the approval of the Secretary of the Treasury, to engage Additional temporarily for that purpose the services of one or more mim. artists, distinguished in then 1 respective departments, who shall be paid for surh >ervices from the contingent appro- priation for the Mint: And that hereafter the three cent^y,^. 1 ^^,"* 514 NATIONAL MONETARY COMMISSION. coin now authorized by law shall be made of the weight of three fiftieths of the weight of the half dollar, as pro- vided in said act, and of the same standard of fineness. ch A 79,to 1 t 8 a 5 k 3 e ^ n d tne said act > entitled "An act amendatory of existing i si? A p r ' lf laws relative to the half dollar, quarter dollar, dime, and half dime," shall take effect and be in full force from and after the first day of April, one thousand eight hundred and fifty-three, any thing therein to the contrary notwith- standing. ***** Approved. March 3, 1853. ACT OF MARCH 3, 1853. 10 stat. L., CHAP. XCYIL An act making appropriations for the civil and diplomatic expenses of Government for the year ending the thirtieth of June, eighteen hundred and fifty -four. ***** * and it shall be the duty of the superintendent of the Mint to cause to be paid annually into the Treasury of the United States the profits of the Mint, and to present a quarterly account of the expenditures of the Mint to the Secretary of the Treasury; KefininK of SEC. 5. And be it further enacted. That when private Sold in private . ' t . stubiishm.'nts. establishments shall be made to refine gold bullion, the Secretary of the Treasury, if he shall deem them capable of executing such work, is hereby authorized and required to limit the amount thereof, which shall be refined in the Mint at Philadelphia, from quarter to quarter, and to re- duce the same progressively as such establishments shall be expended [extended?) or multiplied, so as eventually, and as soon as may be. to exclude refining from the Mint, and to require that every deposit of gold bullion made therein for coinage shall be adapted to said purpose, with- Proviso. out need of refining: Provided, That no advances in coin shall be made upon bullion after this regulation shall be carried into effect, except upon bullion refined as herein prescribed. Xon. TO SI.CTION .""..--Section .'!. ;ict of February L!0. 1SC.1
  • Stal. L., 1-1-1). e.xtciKis tin' provisions oft this section to the branch mints and tiic jissay office at New York, in all cases where de- posits of bullion are made for coins or line bars. * * * * * LAWS CONCERNING MONEY, BANKING, AND LOANS. 515 (Section 10 provides for the establishment of an assay office in the city of New York.) SEC. 11. And be it further enacted, That the owner or Receipt to be ,> 1n -i i IT -i j-i given for bul- owners of any gold or silver bullion, in dust or otherwise, lion. or of any foreign coin, shall be entitled to deposite the same in the said office, and the treasurer thereof shall give a receipt, stating the weight and description thereof, in the manner and under the regulations that are or may be provided in like cases or deposits at the Mint -of the United States with the treasurer thereof. And such bullion shall, without delay, be melted, parted, refined, and assayed, and the net value thereof, and of all foreign coins deposited in said office, shall be ascertained ; and the treasurer shall thereupon forthwith issue his certifi- certificate of V 11 1 11 6 of d 6 - cate of the net value thereof, payable in coins of the same posit, when re- .,., /.] ceivableror metal as that deposited, either at the office of the assistant public dues. treasurer of the United States, in Xew York, or at the Mint of the United States, at the option of the depositor, to be expressed in the certificate, which certificates shall be receivable at any time within sixty days from the date thereof in payment of all debts due to the United States at the port of Xew York for the full sum therein certified. All gold or silver bullion and foreign coin deposited, in what form 1 to be cast. melted, parted, refined, or assayed, as aforesaid, shall, at the option of the depositor, be cast in the said office into bars, ingots, or disks, either of pure metal or of standard fineness, (as the owner may prefer.) with a stamp thereon of such form and device as shall be pre- scribed by the Secretary of the Treasury, accurately designating its weight and fineness: Provided* That no Proviso. ingot, bar, or disk shall be cast of less weight than live ounces, unless the same be of standard fineness, and of either one. two. or three ounces in weight. And all gold or silver bullion and foreign coin intended by the depositor to be converted into the coins of the United After assit.v .. . l f 1 ' States, snail, as soon as assayed and its net value certified T i i , ^ i ( . , ""' m as above provided, be transferred to the Mint ot the coined. United States, under such directions as shall be made by the Secretary of the Treasury, and at the expense of the contingent fund of the Mint, and shall there be coined. And the Secretary of the Treasury is hereby authorized, with the approval of the President of the United States. to make the necessary regulations for the adjustment or' the accounts between the respective officers, upon the 516 NATIONAL MONETARY COMMISSION. transfer of any bullion or coin between the assay office, the Mint, and assistant treasurer in New York. Regulations SEC. 12. And l>e it further enacted, That the operations of operations. . . . . , of melting, parting, refining, and assaying in the said office shall be under the general directions of the Director of the -Mint, in subordination to the Secretary of the Treasury; and it shall be the duty of the said Director to proscribe such regulations and to order such tests as shall be requisite to insure faithfulness, accuracy, and uni- formity in the operations of the said office. Laws respect- SEC. 13. .1 ml If it further enacted, That the laws of the ing the mint to apply to said United States for the government of the Mint and its assay office, officers in relation to the receipt, payment, custody of deposits, and settlement of accounts, the duties and re- sponsibilities of officers and others employed therein, the oath to be taken and the bond and sureties to be given by them (as far as the same may be applicable) shall extend to the assay office hereby established, and to its officers, assistants, clerks, workmen, and others employed therein, charges for SEC. 14. AiJ le it fxi'tlici' enacted. That the same unsaying, etc. charges shall be made and demanded at the said assay office for refining, parting, casting into bars, ingots, or disks, and for alloy, as are, or shall be made and demanded at the Mint: and no other charges shall be made to de- positors than by law are authorized to be made at the Mint; and the amount received from the charges hereby authorized shall be accounted for and appropriated for defraying the contingent expenses of the said office. (Section lf> authorizes the Secretary of the Treasury to procure quarters and machinery for said assay office. (Section 10 changes the salary of the assistant treasurer of the United States at New York.) ***** Approved, March 3, 1853. isi "r> at ' '" (Other assay offices were established as follows: At Boi,e City. February 19, 1809 (15 Stat. L.. 270). sec. 3495, H. S.; at Charlotte, N. C., February 12, 1873 (IT Stat. L., 43r>). sec. 340;"., K. S. ; at Helena, Mont.. May 12. 1874 (18 Stat. L.. 45) : at St. Louis. February 1, 1881 (21 Stat. L.. -",22) : at Deaduood. S. Dak.. June 11. 1890 (29 Stat. L.. 411). February 19. 1897 (28 Stat. L., 559) ; at Seattle. Wash.. May 21. 1898 (30 Stat. L., 420) ; at Salt Lake City, May 30, 1908 (35 Stat. L.. 474).) LAWS CONCERNING MONEY, BANKING, AND LOANS. 517 ACT OF FEBRUARY 21, 185T. CHAP. LYL An act relating to foreign coins and to the n stat. L., coinage of cents at the Mint of the United States. Be it enacted l>y the Senate and House of Representa- tives of the United States of America in Congress assem- bled* That the pieces commonly known as the quarter. i lo . w . mu(>l ) _ _ Spanish and eighth, and sixteenth of the Spanish pillar dollar, and of Mexican coins ' " i are to he re- the Mexican dollar, shall be receivable at the Treasury ceiyed for by - United States. of the United States, and its several offices, and at the several post-offices and land-offices, at the rates of valua- tion following. that is to say. the fourth of a dollar, or piece of two reals, at twenty cents; the eighth of a dollar, or piece of one real, at ten cents; and the six- teenth of a dollar, or half real, at five cents. (Section '2 provides that the said coins, when so re- ceived, shall not he paid out again, but shall be recoined at the Mint, and that the expenses of transmission and recoinage " shall be charged against the account of silver profit and loss.'') SEC. 3. And be it further enacted. That all former acts n kh'foVeUn authorizing the currency of foreign gold or silver coins, J j! {^j^! and declaring the same a legal tender in payment for d \ r s j.f|^o 1 f ef for- debts, are hereby repealed ; but it shall be the duty of SSde^'anViS the Director of the Mint to cause assays to be made. f r om nuall J' rei)ortecL time to time, of such foreign coins as may be known to our commerce, to determine their average weight, fineness, and value, and to embrace in his annual report a state- .ment of the results thereof. SEC. 4. And l>c it further enacted. That from and after ^vcipiit and composition of the passage of this act. the standard weight of the cent cents - coined at the Mint shall be seventy-two grains, or three twentieths of one ounce troy, with no greater deviation than four grains in each piece: and said cent shall be com- posed of eighty-eight per centum of copper and twelve per centum of nickel, of such shape and device as may be fixed by the Director of the Mint, with the approbation of the Secretary of the Treasury: and the coinage of the half cent shall cease. SKC. 5. A IK/ lif 'it fin-flirr c/iar/ft/. That the Treasur of the Mint, under the instruction of the Secretary of the r " Treasury, shall, from time to time, puivha-e from the bullion fund of the Mint the materials nere^arv f<"' the coinage of such cent piece, and transfer the Nime to the 518 NATIONAL MONETARY COMMISSION. Former laws proper operative officers of the Mint to be manufactured sifch cents. and returned in coin. And the laws in force relating to the Mint and the coinage of the precious metals, and in rroflts. regard to the sale and distribution of the copper coins, shall, so far as applicable, be extended to the coinage herein provided for: Provided, That the net profits of said coin- age, ascertained in like manner as is prescribed in the second section of this act, shall be transferred to the Treasury of the United States. s "v!i h ,'J nt ? SEC. f>. And l>c it further enacted. That it shall be may he paid out ' and transmit- ] aw f u ] ^ o p av ou ^ the said cent at the Mint in exchange ted. etc. l - for any of the gold and silver coins of the United States, and also in exchange for the former copper coins issued: and it shall be lawful to transmit parcels of the said cents, from time to time, to the assistant treasurers, deposita- ries, and other officers of the United States, under general regulations proposed by the Director of the Mint, and approved by the Secretary of the Treasury, for exchange TO i>e paid out as aforesaid. And it shall also be lawful for the space for contain coins at old of two years from the passage of this act and no longer, rate for two years. (o pay out at the Mint the cents aforesaid for the frac- tional parts of the dollar hereinbefore named, at their nominal value of twenty-five, twelve-and-a-half, and six- and-a-quarter cents, respectively. NOTE. Section 2, act of March 3. 1859 (chap. .80. 11 Stat. L... 422), extends the provisions of this section for two years from February 21. 1859. The latter act was repealed by section 3, act of June 25, I860 (chap. 211, 12 Star. I,.. 104). o^ n i"i"ect r or p0 of SEC. 7. And le it further enacted. That hereafter the mnd" nt up to^' 1 '^ 101 ' of the ^ Iint slia]1 make his annual report to the Secretary of the Treasury, up to the thirtieth' of June in cadi year, so that the same may appear in his annual re- port to Congress on the finances. Approved. February *21, 1857. NOTK. Section 35(5(5 of the Revised Statutes of 1874 provides 1hat "all foreign gold and silver coins received in payment for moneys due to the I'nited States shall, before being issued in circulation, be coined anew." ACT OF APKTL -jl. \m \'2 Stnt. L., ClI.M'. LIX. A>i Art in CxtalilixJi f mted Sfafix < i <-t ( <1 hi/ the Senate -t to establish / the Senate and flonxe of Representa- tives of the United States of America in ('onurezx asxem- r.i-jiMcii mint /,/,-,/. That a branch of the mint of the United States be established at o.rson city, ] oca tod and established at Carson City, in the Territory of Nevada, for the coinage of gold and silver. Mppoin'f'offiw-s SE( - ^"d b ( ' >t farther enacted. That, for carrying " f mint - on the business of said branch, the following officers shall be appointed, as soon as the public interest shall require their service, upon .the nomination of the President, by and with the advice and consent of the Senate, namely: one superintendent, one assaver. one melter and refiner. sn peri nil-nil- ;i in I 01 ic coi ner ; ;i nd tin- --iid e it further enacted. That said branch Branch mint ' . to be place of mint shall be a place of deposit for such public moneys ^posit for pub- A . 'lie moneys. as the Secretary of the Treasury mav direct. And the Superintend- u . . ,, ent to have cus- supenntendent of said branch mint, who shall perform tody, the duties of treasurer thereof, shall have the custody of the same, and also perform the duties of assistant treas- urer; and for that purpose shall be subject to all the pro- visions contained in an act entitled "An act to provide for is4<5. ch. no, Vol. IX, p. 50. the better organization of the treasury, and for the collec- tion, safe-keeping, transfer, and disbursement of the public revenue," approved August six, eighteen hundred and forty-six, which relates to the treasury of the branch mint at Xew Orleans. SEC. 0. And be It further enacted. That the stiperin- snpprmtpmi- ' ' ent may pay for tendent of said branch mint be authorized, under the dus t- et , c " , de " posi t(>d, 1) y direction of the Secretary of the Treasury, and on terms Drafts or cer- tificates of de- to be prescribed by him, to issue in payment of the gold posit. dust and bullion deposited for assay and coinage or bars, drafts, or certificates of deposit, payable at the treasury or any sub-treasury of the United States, to any depositor electing to receive payment in that form. SEC. 7. And be if furthci' cmi'-fcd. That all the laws i-a\vs romai ' . ing mint, etc., and parts of laws now in force for the regulation of the niil(1( ' appiirn 1 _ l> 1 e t o t h 1 H mint of the United Slates, and for the government of the Ijrullcn ' officers and persons employed therein, and for the punish- jr,7]i2 10 :M 522 NATIONAL MONETARY COMMISSION. ment of all offences connected with the mint or coinage of the United States shall be, and they are hereby, de- clared to be in full force in relation to the branch of the mint by this act established, as far as the same may be applicable thereto. (Section 8 makes an appropriation to carry this act into effect.) Approved, March 3, 1863. ACT OF APRIL 22, 1864. 13 stat. L.,54. CHAP. LXVI. An act in amendment of an act entitled "An act relating to foreign coins and the coinage of cents at the mint of the United States" approved Feb- ruary twenty-one* eighteen hundred and fifty-seven. Be it enacted It/ the Senate and House of Representa- tives of the United States of America in Congress assem- s t a n (i a rd~[rf e( 7 That, from and after the passage of this act, the weight, etc., of _ . . mint - standard weight of the cent coined at the mint of the United States shall be forty-eight grains, or one tenth of is? 1 ! F section one oimce troy : and said cent shall be composed of ninety- five per centum of copper, and five per centum of tin and /inc. in such proportions as shall be determined by the i> icces < to r i)e^^ rector ^ * ne ^"t ; and there shall be from time to Coi /)j1d' time struck and coined at the mint a two-cent piece, of the same composition, the standard weight of which shall be ninety-six grains, or one-fifth of one ounce troy, with no greater deviation than four grains to each piece of said j?hape, devices, cen j an( | two-cent coins; and the shape, mottoes, and de- vices of said coins shall be fixed by the Director of the Mint, with the approval of the Secretary of the Treasury; and the laws now in force relating to the coinage of cents and providing for the purchase of material and prescrib- ing the appropriate duties of the officers of the mint and the Secretary of the Treasury be, and the same are hereby, extended to the coinage herein provided for. f .xV.'ndi''(V tiH-iv- SK( '- - Ar ' (J ^ c *t father enacted. That all laws now in '"uovisod sfit- f (MV( ' ''elating to the coins of the United States and the uti-s, 510- 1 . striking and coining the same shall, so far as applicable, be extended to the coinage herein authorized, whether said laws are penal or otherwise, for the security of the coin, regulating and guarding the process of striking and coin- ing. for preventing debasement or counterfeiting, or for any other purpose. LAWS CONCERNING MONEY, BANKING, AND LOANS. 523 SEC. 3. And be it further enacted. That the Director of. Director of ' . -IT i Mint to secure the Mint shall prescribe suitable regulations to insure a conformity of . . , . , . alloy in such due conformity to the required weights and proportions coin s. of alloy in the said coins ; and shall order trials thereof to be made from time to time by the assayer of the mint, whereof a report shall be made in writing to the Director. SEC. 4. And be it further enacted. That the said coins. Snch f , 1118 * ' be legal tender shall be a legal tender in any payment, the one-cent coin ancj for wha t J r sums. to the amount of ten cents, and the two-cent coin to the Repealed. amount of twenty cents; and it shall be lawful to pay out said coins in exchange for the lawful currency of the United States, (except cents or half cents issued under former acts of Congress,) in suitable sums, by the treas- urer of the mint, and by such other depositaries as the Secretary of the Treasury may designate, under general regulations proposed by the Director of the Mint and ap- proved by the Secretary of the Treasury ; and the expenses incident to such exchange, distribution, and transmission may be paid out of the profits of said coinage ; and the net profits of said coinage, ascertained in like manner as is prescribed in the second section of the act to which this is a supplement, shall be transferred to the Treasury of the United States. (Section 5 prescribes n penalty for making coins in- tended to be passed as one or two cent pieces.) Approved, April 22, LS04. ACT OF JUNE 8, 18(54. CHAP. CXIV. An act to putiixh and prevent the conn- 12 J 3 stat> LM t< ffe'/tiiKj of co'in of the I' lilted titatex. (This art prescribes a penally for counterfeiting, etc., current coins of (lie United States or of foreign countries.) ACT OF MARCH :',, ls<;;>. CHAP. C. An <: authorise the <-otn ' i 51 1. x^ ami for other Be it ena-rted hi/ fin ^ctmic f Representa- tives of the United titatcx of America in donyrcxN awtn- hlrd, That so soon as practicable after the passage of [( . * r ;; ,' '' 'j,,l this act, there shall be coined at the Mint of the United ' llil "' (l - States a three-cent piece, composed of copper and nickel 524 NATIONAL MONETARY COMMISSION. composition, j n S\K>]I proportions, not exceeding twenty-five per centum weight, shape, 5^ * . device, etc. o f nickel, as shall be determined by the Director ot the Mint, the standard weight of which shall be thirty grains, with no greater deviation than four grains to each piece, and the shape, mottoes, and devices of said coin shall be determined by the Director of the Mint, with the ap- Laws appii- Dr oval of the Secretary of the Treasury. And the laws cable. now in force relating to the coinage of cents, and provid- ing for the purchase of material and prescribing the ap- propriate duties of the officers of the Mint, and of the Secretary of the Treasury be, and the same are hereby, extended to the coinage herein provided for. Laws reiat- SEC. 2. And Ije it further enacted, That -all laws now in and coinage ex- force, relating to the coins of the United States, and the tended to this & . coin, etc. striking and coinage or the same, shall so far as appli- cable be extended to the coinage herein authorized, whether said laws are penal or otherwise, for the security of the coin, regulating and guarding the process of strik- ing and coining, for preventing debasement, or counter- Director f felting, or for any other purpose. And the Director of Mint to make = *- . * . r.'guiations. the Mint shall prescribe suitable regulations to insure a due conformity to the required weights and proportions of alloy in the said coin, and shall order trials thereof to be made from time to time, by the assayer of the Mint, whereof a report shall be made in Avriting to the Director. TO be legal $ Er 3 J;?c/ ~bc it further enacted. That the said coin tender for 00 ' t cents. shall be a legal tender in any payment to the amount of sixty cents. And it shall be lawful to pay out said coins in exchange for the lawful currency of the United States, coin' ' m-lv r be ( cxce pt cents or half-cents or two-cent pieces issued under ci'-'n-'e'foMa^w " f ()rnu ' r ;u 't s f Congress.) in suitable sums by the Treas- urer () f the Mint, and by such other depositaries as the Secretary of the Treasury may designate, and under gen- }-',, .." f Apr -eral regulations approved by the Secretary of the Treas- A isi;i' f Al ' r ' l "'y. And under the like regulations the same may be ]"' U 'is-'I ^-exchanged in suitable sums for any lawful currency of 1(; - the United States: and the expenses incident to such ex- ii'.w'jmid. ' 'change, distribution, and transmission, may be paid out. of the profits of said coinage, and the net profits of said coinage, ascertained in like manner as is prescribed in the second section of the act entitled "An act relating to foreign coin-, and the coinage of cents at the Mint of the United State-.' approved February twenty-first, eighteen id red and fifty-seven, shall be transferred to the Treas- LAWS CONCERNING MONEY, BANKING, AND LOANS. 525 ury of the United States: Provided. That from and after - No fractional f note to he 1s- the passage of this act, no issues of fractional notes of the s " ed "nd" 5 . . . cents. United States shall be of a less denomination, than five cents, and all such issues of a less denomination, at that time outstanding, shall, when paid into the Treasury or any designated depositary of the United States, or re- deemed or exchanged as now provided by law, be retained and cancelled. (Section -i prescribes a penalty for knowingly making or passing counterfeits of such coins.) SEC. 5. And be it further enacted, That, in addition to " in God we j.1 i 11 i .LI 11-1 1^1 trust." may be the devices and legends upon the gold, silver, and other placed on coins coins of the United States, it shall be lawful for the sued.' Director of the Mint, with the approval of the Secretary of the Treasury, to cause the motto '" In God we trust " to be placed upon such coins hereafter to be issued as shall admit of such legend thereon. SEC. 6. And l>e it further enacted. That the one and 9 one-cent and two cent coins of the United States shall not be a legal be a legal teu- der only for 4 tender for any payment exceeding four cents in amount ; <--ents. and so much of the laws of the United States heretofore enacted as are in conflict with the provisions of this act, are hereby repealed. Approved. March 3, 1865. ACT OF MAY 10. 180(3. CHAP. LXXXI. An act to authorise the coinage of five- l * stat - L - cent pieces. Be it enacted Ijy the Senate and House of Representa- tives of the United States of America in Congress as- sembled. That, so soon as practicable after the passage of .Five-cent pieces to be this act. there shall be coined at the Mint of the United roiued <>*', C ;P- pcr and nickel. States a five-cent piece composed of copper and nickel, in such proportions, not exceeding twenty-five per centum of nickel, as shall be determined by the Director of the Mint, the standard weight of which shall be seventy- l wel . g . 1 ? t .- shape, devices, seven and sixteen hundredths grains, with no greater ( ' ! y to be con- ' _ verted Into converted bv directions of the Treasurer into coin, beFl n aud i )aid into the Treas- paid into the Treasury. ury. Approved, March 22, 1867. ACT OF JULY 20, 1868. CHAP. CLXXVII. An act making appropriations for is stat. L., sundry civil expenses of the Government for the year ending June thirty, eighteen hundred and sixty-nine, and for other purposes. jjj * ;. .;. .;, * * *: Provided, That the Mint of the United Mint and . branches to re- btates, and branches, shall continue to refine gold and flne bullion, and not to con- silver bullion, and no contract to exchange crude or un- tract to ex- change, etc. parted bullion for refined bars shall be made until author- ized by law. Approved, July 20. 1868. ACT OF FEBRUARY 1!). 186!). CHAP. XXXIII. An act to locate and <'Ntablix1i an C/.V.SY/// .,_ ( 1r> st!lt - L - office In the Territory of Idaho. Be it enacted by the Senate find House of Represent a - fires of the Untied States of America in Cong res* axxc/ti- bled. That a United States assay office be located and Assay om the assaying of gold and silver. For the carrying on of 528 NATIONAL MONETARY COMMISSION. the business of said office the following officers shall be appointed, as soon as the public interest shall require their service, upon the nomination of the President, by and with the advice and consent of the Senate, namely: officers. Q ne superintendent, one assayer, and one melter and re- finer, and two clerks, and the superintendent may employ as many subordinate workmen and laborers, under the direction of the Secretary of the Treasury, as may be required. (Rest of section authorizes and fixes salaries.) (Section 2 directs that officers and clerks shall take oaths and give bonds.) Director of SEC. 3. And l>e it further enacted, That the general duct the busi- direction of the business of said assay office of the United States shall be under the control and regulation of the director of the mint at Philadelphia, subject to the ap- Reguiations, probation of the Secretary; and for that purpose it shall charges, etc. 'be the duty of the said director to prescribe such regu- lations, and to require such returns periodically and oc- casionally, and to establish such charges for parting, assaying, melting, and refining, as shall appear to him to be necessary for the purpose of carrying into effect the intention of this act in establishing said assay office. Assay office SEC. 4. And be it further enacted, That said assay deposit for office shall be a place of deposit for such public moneys public moneys. L . L 1846, ch. so. as the Secretary or the -treasury may direct. And the so. superintendent of said assay office who shall perform the duties of treasurer thereof, shall have the custody of the .same, and also perform the duties of assistant treas- urer: and for that purpose shall be subject to all the pro- visions contained in an act (entitled) "' An act to provide for the better organization of the treasury, and for the collection, safe-keeping, transfer and disbursement of the public revenue," approved August sixth, eighteen hun- dred and forty-six, which relates to the treasury of the branch mint of New Orleans. certificates SEC. 5. A nd le it further enacted, That the superin- of deposit to . . in- issued intendent of said assay office be authorized, under the di- pa y rn c n t o t Kohi dust, etc.; ivrtion of the Secretary of the Treasury, and on terms to be prescribed by him, to issue in payment of the gold dust and bullion deposited for assay and coinage, or bars, drafts, or ceil ideates of deposit, in sums of not less than wiKTH payable, one hundred dollars, payable at the treasury, or any suit- treasury of the United States, to any depositor electing to receive payment in thut form. LAWS OONCERNINO MONEY, BANKING, AND LOANS. 529 (Sections G and 7 appropriate for the construction of said assay office, and provide that the laws for the regu- lation of the assay office at New York, and punishment for offenses shall be applicable thereto.) Approved, February 19, 1869. ACT OF JULY 15, 1870. CHAP. CCXCII. An act making appropriations for sun- 10 stat. L., dry civil expenses of the Government for the year" ending June thirty, eighteen hundred and seventy-one, and for other purposes. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- bled, * * * For continuing the work on the branch mint building bi in San Francisco, California, five hundred thousand dol- San lars: Proeidec 1 , That the total cost of the building, ex clu- not T J : |^ l s * sive of the sum paid for the site thereof, shall not ex- ceed one million five hundred thousand dollars: And Unrefined or imparted bul- provided further, That it shall be lawful, until after the lio , n ma / b ' ' _ _ ... exchanged a t completion and occupation of said branch mint building, W ni i int ' un ~ to exchange, at any mint or branch mint of the United States, unrefined or imparted bullion whenever, in the opinion of the Secretary of the Treasury, it can be done with advantage to the government: Provided, That the weight, etc., - . of bullion de- Weight, fineness, and value of the bullion received and termined by 1 mint assav. given in exchange shall be determined by the mint assay : And provided further, That the authority hereby given Proviso. shall not be construed so as to interfere with the rights and privileges now or heretofore enjoyed by depositors of bullion at said mints. * * * * * Approved, July 15. 1870. ACT OF MARCH :>>. 1871. CHAP. CXXTV. An- act to provide for the redemption u; stat. i,., ."ISO. of copper find other tolcen <-otnx. He it enacted by /he Senate, and Ilouxe of llept't'senttt- t'tre.x of tJie United Ktatex of America in ConyrexH -CHAP. CXXXI. An act revising and amending the laws relative to the mints, assay-offices, and coinage of the United States. Be it enacted l>y the Senate and House of Representa- tires of the United States of America in Congress assem- M i n t estab- /, w That the Mint of the United States is hereby lished as a Bu- reau ami in- established as a Bureau of the Treasury Department, em- c hides what. A 1 1 former bracing in its organization and under its control all mints acts repealed, e * for the manufacture of coin, and all assay-offices for the stamping of bars, which are now, or which may be here- nirector; np- after, authorized by law. The chief officer of the said puintment, and term of office; Bureau shall be denominated the Director of the Mint, and shall be under the general direction of the Secretary of the Treasury. He shall be appointed by the President, by and with the advice and consent of the Senate, and shall hold his office for the term of five years, unless sooner removed by the President, upon reasons to be com- municated by him to the Senate. powers; Si:r. 2. That the Director of the Mint shall have the general supervision of all mints and assay-offices, and n-i>i-ts; -hall make an annual report to the Secretary of the Treas- ury of their operations, at the close of each fiscal year, and from time to time such additional reports, setting forth the operations and condition of such institutions, as the Secretary of the Treasury shall require, and shall lay annual esti- before him the annual estimates for their support. And the Secretary of the Treasury shall appoint the number clerks, nurn-of clerks, classified according to law, necessary to dis- li P r a n d up- . pointment. charge the duties of said Bureau, LAWS CONCERNING MONEY. BANKING, AND LOANS. 5,31 SEC. X. 'I lull the officers of each mint shall he a superin- Officers of 1 each mint, and tendent, an assaver, a melter and refiner, and a coiner, their appoint- ' * went. and for the mint at Philadelphia, an engraver, all to be Devised stat, * ' . utes, :UO(J. appointed by the President of the United States, by and with the advice and consent of the Senate. SEC, 4. That the superintendent of each mint shall have superintend- ent of mint, and the control thereof, the superintendence of the officers and powers ; J . . Revised Stut- persons employed therein, and the supervision of the busi- uti>s . :u:! - ness thereof, subject to the approval of the Director of the Mint, to whom he shall make reports at such times and repots, their ' _ _ form and con- according to such forms as the Director of the Mint may tents - prescribe, which shall exhibit, in detail, and under appro- priate heads, the deposits of bullion, the amount of gold, silver, and minor coinage, and the amount of imparted, standard, and refined bars issued, and such other statistics and information as may be required. The superintendent bu ^j n neys or of each mint shall also receive and safely keep, until ut ^| v ^ 6 stat ' legally withdrawn, all moneys or bullion which shall be for the use or the expenses of the mint. He shall receive all bullion brought to the mint, for assay or coinage ; shall r in - be the keeper of all bullion or coin in the mint, except while the same is legally in the hands of other officers; and shall deliver all coins struck at the mint to the per- sons to whom they shall be legally payable. From the Deposits. report of the assaver and the weight of the bullion, he shall compute the value of each deposit, and also the amount of the charges or deductions, if any, of all which he shall give a detailed memorandum to the depositor; and he shall also give at the same time, under his hand, de ( p ^ t i | : nca t ^ * a certificate of the net amount of the deposit, to be paid ^'"^ayt^"^ 1 in coins or bars of the same species of bullion as that de- posited, the correctness of which certificate shall be veri- fied by the assaver, who shall countersign the same; and ( . ]n' :l e ' t s c ff in all cases of transfer of coin or bullion, he shall give and receive vouchers, stating the amount and character of such coin or bullion. Tie shall keep and render, quarter- ( . ( J u 1 M ! t "'' e [ ( 1 > y jVi! yearly, to the Director of the Mint, for the purpose of '''t'"'. ''<<' adjustment, according to such forms as may be prescribed by the Secretary of the Treasury, regular and faithful accounts of his transactions with the other officers of the mint and the depositors; and shall also render to him a monthly statement of the ordinary expenses of the mint or assay-office under his charge. He shall also appoint all assistants, clerk-, (one of ,.,,^ 1 ^ nts ' whom shall be designated ''chief clerk".) and workmen 532 NATIONAL MONETARY COMMISSION. un der his superintendence; but no person shall er, etc. ^ e appointed to employment in the offices of the assayer, melter and refiner, coiner, or engraver, except on the recommendation and nomination in writing of those offi- Appointments cers? respectively; and he shall forthwith report to the to Director and Director of the Mint the names of all persons appointed approved by him. by him, the duties to be performed, the rate of compensa- tion, the appropriation from which compensation is to be made, and the grounds of the appointment; and if the Director of the Mint shall disapprove the same, the ap- pointment shall be vacated. Assayer's du- g EC> 5. That the assayer shall assay all metals and Revised stat- bullion, whenever such assays are required in the opera- tions of the Mint ; he shall also make assays of coins or samples of bullion whenever required by the superin- tendent. Meiter and re- g EC . c^. That the melter and refiner shall execute all Revised stat- the operations which are necessary in order to form ingots of standard silver or gold, and alloys for minor coinage, suitable for the coiner, from the metals legally delivered to him for that purpose; and shall also execute all the operations which are necessary in order to form bars conformable in all respects to the law, from the gold and silver bullion delivered to him for that purpose. He shall keep a careful record of all transactions with the superintendent, noting the weight and character of the bullion ; and shall be responsible for all bullion delivered to him until the same is returned to the superintendent and the proper vouchers obtained. coiner. g E c. 7. That the coiner shall execute all the operations which are necessary in order to form coins, conformable in all respects to the law. from the standard gold and silver ingots, and alloys for minor coinage, legally de- livered to him for that purpose; and shall be responsible for all bullion delivered to him, until the same is returned to the superintendent and the proper vouchers obtained. Knjjnm-r. g EC> g. That the engraver shall prepare from the origi- nal dies already authorized all the working-dies required for use in the coinage of the several mints, and, when deuces'"" ' " ' 110W coins or devices are authorized, shall, if required by Stat " tlie IJiwtor <>f the Mint, prepare the devices, models. molds, and matrices, or original dies, for the same; but the Director of the Mint shall nevertheless have power, Avith the approval of the Secretary of the Treasury, to engage temporarily for this purpose the services of one, LAWS CONCERNING MONEY, BANKING, AND LOANS. 533 or more artists distinguished in their respective depart- ments of art, who shall be paid for such service from the contingent appropriation for the mint at Philadelphia. SEC. 9. That whenever any officer of a mint or assay- if any officer office shall be temporarily absent, on account of sickness Revised stat- or any other cause, it shall be lawful for the superin- tendent, with the consent of said officer, to appoint some person attached to the mint to act in the place of such officer during his absence ; but all such appointments shall be forthwith reported to the Director of the Mint for his approval ; and in all cases whatsoever the principal shall be responsible for the acts of his representative. In case of the temporary absence of the superintendent, the chief superintend- clerk shall act in his place ; and in case of the temporary absence of the Director of the Mint, the Secretary of the Director Treasury may designate some one to act in his place. SEC. 10. That everv officer, assistant, and clerk of the Oatb . of m - cers, assistants, Mint shall, before he enters upon the execution of his clerks, and em- 1 ployees. office, take an oath or affirmation before some judge of J Rev i s r e <* stat - J utes, 3500. the United States, or judge of the superior court, or of some court of record of any State, faithfully and dili- gently to perform the duties thereof, in addition to other official oaths prescribed by law ; which oaths, duly certi- fied, shall be transmitted to the Secretary of the Treas- ury; and the superintendent of each mint may require such oath or affirmation from any of the employees of the mint. SEC. 11. That the superintendent, the assayer, the h !JS n f t s "^i melter and refiner, and the coiner of each mint, before ot I 1 ^^ s : p(1 Sfat . entering upon the execution of their respective offices, utes, 15501. shall become bound to the United States, with one or more sureties, approved by the Secretary of the Treas- ury, in the sum of not less than ten nor more than fifty thousand dollars, with condition for. the faithful, and diligent performance of the duties of his office. Similar bonds may be required of the assistants and clerks, in2na"crta1 nt * such sums as the superintendent shall determine, with the approbation of the Din-dor of the Mint; but the same shall not be construed to relieve I he superintendent or other officers from liability to the United States for acts, omissions, or negligence of their subordinates or employees: I'romde.J, Thai (he Secretary of the Treas- ury, may. at his discretion, increase the bonds of the superintendent. 534 NATIONAL MONETABY COMMISSION. salary of Di- SEC. 12. That there shall be allowed to the Director r Revised stat- of the Mint an annual salary of four thousand five hun- dred dollars, and actual necessary travelling expenses in visiting the different mints and assay-offices, for which vouchers shall be rendered, to the superintendents of superintend- the mints at Philadelphia and San Francisco, each four PTltS * assayers, etc.; thousand five hundred dollars; to the assayers, melters and refiners, and coiners of said mints, each three thou- sand dollars; to the engraver of the mint at Philadel- phia, three thousand dollars; to the superintendent of the mint at Carson City, three thousand dollars; and to the assayer, to the melter and refiner, and to the coiner of the mint at Carson City, each, two thousand five hun- cferk t s an and'd re( ^ dollars; to the assistants and clerks such annual workmen; salary shall be allowed as the Director of the Mint may determine, with the approbation of the Secretary of the Treasury; and to the workmen shall be allowed such wages, to be determined by the superintendent, as may be customary and reasonable according to their respec- tive stations and occupations, and approved by the Di- payabie month- rec t or o f the Mint ; and the salaries provided for in this section, and the wages of the workmen permanently en- gaged, shall be payable in monthly instalments, standard of $EC. 13. That the standard for both gold and silver gold and silver coins. coins of the United States shall be such that of one Revised Stat- utes, 3314. thousand parts by weight nine hundred shall be of pure metal and one hundred of alloy; and the alloy of the Alloy. silver coins shall be of copper, and the alloy of the gold coins shall be of copper, or of copper and silver; but the silver shall in no case exceed one-tenth of the whole alloy. rjoifi coins; SEC. 14. That tlie gold coins of the United Slates shall i792. acl "'be a one-dollar piece, which, at the standard weight of 1834. ' 'twenty-five and eight-tenths grains, shall be the. unit of Act Jan. 18, i i i i TI> i n isrjT. value; a quarter-eagle, or two-and-a-nali dollar piece; isns. 'a three-dollar piece; a half-eagle, or five-dollar piece; an utes?35ii.' ' "eagle, or ten-dollar piece; and a double-eagle, or twenty- LT,', ( 'i8!>d, 'r 'h '. dollar piece. And the standard weight of the gold dol- s t*'a n durdhii 1 shall l)e twenty-five and eight-tenths grains; of the quarter-eagle, or two-and-a-half dollar piece, sixty-four and a-half grains; of the three-dollar piece, severity- seven and four-tenths grains; of the half-eagle, or iive- I849 t Mar< 3> dollar piece, one hundred and twenty-nine grains; of the eagle, or ten-dollar piece, two hundred and fifty-eight grains; of the double-eagle, or twenty-dollar piece, five LAWS CONCERNING MONEY, BANKING, AND LOANS. 535 hundred and sixteen grains ; which coins shall be a legal * b . e le s nl ten- tender in all payments at their nominal value when not IIJ 'M. -' Revised Stat- below the standard weight and limit of tolerance pro- utes > vided in this act for the single piece, and, when reduced in weight, below said standard and tolerance, shall be a legal tender at valuation in proportion to their actual weight; and any gold coin of the United States, if re- r e . d " ct , ion l n & . . to _ weight by nat- duced in weight by natural abrasion not more than one- ural abrasion .; Revised Stat- half of one per centum below the standard weight pre- utes - 3505 - scribed by law, after a circulation of twenty years, as shown by its date of coinage, and at a ratable propor- tion for any period less than twenty years, shall be re- ceived at their nominal value by the United States Treas- ^^j to be re " ury and its offices, under such regulations as the Secre- tary of the Treasury may prescribe for the protection of the Government against fraudulent abrasion or other practices; and any gold coins in the Treasury of the Ut gg v .^ 1 d 2 stat " United States reduced in weight below this limit of abrasion shall be recoined. SEC. 15. That the silver coins of the United States shall silver coins; be a trade-dollar, a half-dollar, or fifty-cent piece, a Revised stat- utes, ;ir>i :$. quarter-dollar, or twenty-five-cent piece, a dime, or ten- cent piece; and the weight of the trade-dollar shall be four hundred and twenty grains trov; the weight of the wei^iu : Revised Stut- half-dollar shall be twelve grams (grammes) and one- "tes. :?rs. half of a gram, (gramme;) the quarter-dollar and the dime shall be respectively, one-half and one-fifth of the weight of said half dollar; and said coins shall be a legal <" be le " al tou - tender at their nominal value for any amount not exceed- ing five dollars in any one payment. SEC. 10. That the minor coins of the United States shall \ nno r <*oins. and their alloy ; be a five-cent piece, a three-cent piece, and a one-cent piece, and the alloy for the five and three-cent pieces shall Ut ^.lrf 1 l l ( sia( ~ be of copper and nickel, to be composed of three-fourths ., ri S( ^ s n , ( ( '| s ( ? 1 ,' 1 t - copper and one-fourth nickel, and the alloy of the one- 5 ' 1 -"- cent piece shall be ninety-five per centum of copper and five per centum of tin and /inc. in such proportions as shall be determined by the Director of the Mint. The wH " M : weight of the piece of five cents shall be seventy-seven and sixteen-hundredths grains, troy; of the three-cent, piece, thirty grains; and of the one-rent piece, forty-eight grains: which coins shall be a legal tender, at their nomi- nal value, for any amount not exceeding twenty-five cents in any one payment. 536 NATIONAL MONETARY COMMISSION. cept* etc" 8 ' ex ^ EC - ^' That no coins, either of gold, silver, or minor ma., 3516. coinage, shall hereafter be issued from the mint other than those of the denominations, standards, and weights herein set forth. leSs 68 . P a o n n SEC. 18. That upon the coins of the United States there c Revised stat- sna ^ De the following devices and legends : Upon one side utes, 3517. there shall be an impression emblematic of liberty, with inscriptions. an inscription of the word " Liberty " and the year of the coinage, and upon the reverse shall be the figure or repre- sentation of an eagle, with the inscriptions " United States of America " and " E Pluribus Unum," and a designation of the value of the coin ; but on the gold dol- lar and three-dollar piece, the dime, five, three, and one cent piece the figure of the eagle shall be omitted ; and on the reverse of the silver trade-dollar the weight and fineness of the coin shall be inscribed; and the Director of the Mint, with the approval of the Secretary of the Treasury, may cause the motto " In God we trust " to be inscribed upon such coins as shall admit of such motto; and any one of the foregoing inscriptions may be on the rim of the gold and silver coins. or B sifver* g M ^ EC< 19> ^hat at tne op^ 011 f tn e owner, gold or silver Revised stat- ma y be cas t j n t o bars of fine metal, or of standard fine- utes, 3518. J ness, or unparted, as he may prefer, with a stamp upon vice" 1 - and de '*he same designating the weight and fineness, and with such devices impressed thereon as may be deemed expedi- iinlit to weight, ent to prevent fraudulent imitation, and no such bars shall be issued of a less weight than five ounces. eoid e bumon for SEC. 20. That any owner of gold bullion may deposit. ' 'Revved stat- ^ ie same a t any mint, to be formed into coin or bars for utes, ;55io. ]jj s benefit ; but it shall be lawful to refuse any deposit of less value than one hundred dollars, or any bullion so base as to be unsuitable for the operations of the mint; and Avhen gold and silver are combined, if either metal be in such small proportion that it cannot be separated advan- tageously, no allowance shall be made to the depositor for its value. of^siivor bui- <;,,,(, 21. That any owner of silver bullion may deposit nte^ :{>() S 3524 - standard, for toughening when metals are contained in it which render it unfit for coinage, for copper used for alloy when the bullion is above standard, for separating the gold and silver when these metals exist together in the bullion, and for the preparation of bars, shall be fixed, from time to time, by the Director, with the concurrence of the Secretary of the Treasury, so as to equal but not not to exceed ' the actual uv- exceed, in their judgment, the actual average cost to eacherage cost, mint and assay-office of the material, labor, wastage, and use of machinery employed in each of the cases afore- mentioned. SEC. 20. That the assayer shall verify all calculations AKSfij^to made by (he superintendent of the value of deposits, and. l';'^'!!, 1 /, 1 /,,'",.'^ if satisfied of the correctness thereof, shall countersign the si^'^'^; certificate required to be given by the superintendent to '"''* "'"'-"' the depositor. 157] 2" 10 :jr> 538 NATIONAL MONETARY COMMISSION. bumon ch for e sn- SEC. ^' That in order to procure bullion for the silver ve Revised g stat coma g e authorized by this act, the superintendents, with utes, 3526. the approval of the Director of the Mint, as to price, terms, and quantity, shall purchase such bullion with the Gain to be bullion fund. The gain arising from the coinage of such credited to sil- ver-profit fund, silver bullion into coin of a nominal value exceeding the and paid into /.ini TTJ -ic -11 the Treasury, cost thereof shall be credited to a special tund denomi- nated the silver-profit fund. This fund shall be charged with the wastage incurred in the silver coinage, and with the expense of distributing said coins as hereinafter pro- vided. The balance to the credit of this fund shall be from time to time, and at least twice a year, paid into the Treasury of the United States, silver coins SEC. 28. That silver coins other than the trade-dollar where P and for shall be paid out at the several mints, and at the assay- Revised stat- oflice in New York Citv, in exchange for gold coins at utes 35^7 par, in sums not less than one hundred dollars; and it shall be lawful, also, to transmit parcels of the same, from time to time, to the assistant treasurers, deposita- ries, and other officers of the United States, under general regulations proposed by the Director of the Mint, and approved by the Secretary of the Treasury; but nothing herein contained shall prevent the payment of silver coins, at their nominal value, for silver parted from gold, as provided in this act, or for change less than one dollar Proviso. in settlement for gold deposits: Proridcd, That for two years after the passage of this act, silver coins shall be paid at the mint in Philadelphia and the assay-office in Xew York City for silver bullion purchased for coinage, under such regulations as may be prescribed by the Director of the Mint, and approved by the Secretary of the Treasury. Purchase of SEC. 20. That for the purchase of metal for the minor minor coinage ; coinage authorized by this act, a sum not exceeding fifty utes, .-ir/js'. thousand dollars in lawful money of the United States shall be transferred by the Secretary of the Treasury to to UP carried the credit of the superintendent of the mint at Philadel- on only at Phil- , adeipina. phia. at whicli establishment only, until otherwise pro- vided by law. such coinage shall be carried on. The superintendent, with the approval of the Director of the Mint as to price, terms, and quantity, shall purchase the metal required for such coinage bv public advertisement, and the lowest and best bid shall be accepted, the fineness of the metals to be determined on the Mint assay. The LAWS CONCERNING MONEY, BANKING, AND LOANS. 539 gain arising from the coinage of such metals into coin Minor -coin- . , . age profit fund. of a nominal value, exceeding the cost thereof, shall be credited to the special fund denominated the minor-coin- age profit fund; and this fund shall be charged with the wastage incurred in such coinage, and with the cost of distributing said coins as hereinafter provided. The bal- ance remaining to the credit of this fund, and any bal- ance of .profits accrued from minor coinage under former ^ Iinor J , c . oins , , , . . where deliver- acts, shall be. from time to time, and at least twice a able - etc - : year, covered into the TreasuiT of the United States. SEC. 30. That the minor coins authorized bv this act exchangeable for what ; may, at the discretion of the Director of the Mint, be J {ev if_ e ^L stat - . ' .... . utes, 3o29. delivered in any of the principal cities and towns of the United States, at the cost of the Mint, for transportation, and shall be exchangeable at par at the mint in Philadel- phia, at the discretion of the superintendent, for any other coins of copper, bronze, or copper-nickel heretofore authorized by law ; and it shall be lawful for the Treas- urer and the several assistant treasurers and depositaries of the United States to redeem, in lawful monev, under redeemable in * ' \v HciL sums. such rules as may be prescribed by the Secretary of the Treasury, all copper, bronze, and copper-nickel coins au- thorized by law when presented in sums of not less than twentv dollars ; and whenever, under this authority, these such coinage . . to cease when. coins are presented for redemption in such quantity as to show the amount outstanding to be redundant, the Secretary of the Treasury is authorized and required to direct that such coinage shall cease until otherwise ordered by him. SEC. 31. That parcels of bullion shall be, from time to Molting and rofinmir. time, transferred bv the superintendent to the melter and uevised stat- 1 . utes. .'{530. refiner: a careful record of these transfers, noting the weight and character of the bullion, shall be kept, and vouchers shall be taken for the delivery of the same, duly receipted by the melter and refiner, and the bullion thus placed in the hands of the melter and refiner shall be subjected to the several processes which may be neces- sary to form it into ingots of the legal standard, and of .ingots for coinage ; a quality suitable for coinage. SEC. 3-2. That the ingot.- ><> prepared shall be assayed : lo ,' 1 and and if they prove to be within the limits allowed for - i , v . l ( ', deviation from the standard, the assayor shall certify the ''* fact to the superintendent, who shall thereupon receipt for the same, and transfer them to the coiner. 540 NATIONAL MONETARY COMMISSION. ?f t they b di l ffS SEC. 33. That no ingots shall be used for coinage which tha' e etc' more diff er from the legal standard more than the following ut?s V 35 e ^3 Stat " proportions, namely : In gold ingots, one-thousandth ; in silver ingots, three-thousandths; in minor-coinage alloys, twenty-five-thousandths, in the proportion of nickel. Bars for pay- g EC 34. That the melter and refiner shall prepare all m e n t of de- Eneness etc eir ^ ars r 60 ! 1 ^ 1 ' 6 ^ for the payment of deposits; but the fine- Revised stat- ness thereof shall be ascertained and stamped thereon by UtGS, oOo4. the assayer ; and the melter and refiner shall deliver such bars to the superintendent, who shall receipt for the same. ingots for S EC . 35. That the superintendent shall, from time to coinage to be i delivered to time, deliver to the coiner ingcts for the purpose of coin- Revised stat- age ; a careful record of these transfers, noting the weight and character of the bullion, shall be kept, and vouchers shall be taken for the delivery of the same, duly receipted by the coiner; and the ingots thus placed in the hands of the coiner shall be subjected to the several processes neces- sary to make from them coins in all respects conformable to law. Deviations in SEC. 3G. That in adjusting the weights of the gold weights of gold . j t coins not to ex- coins, the following deviations shall not be exceeded in anv ceed, etc. : ~ Revised stat- single piece : In the double-eagle and the eagle, one-half utes, 3o3;>. . of a grain; in the half-eagle, the three-dollar piece, the quarter-eagle, and the one-dollar piece, one-fourth of a grain. And in weighing a number of pieces together, when delivered by the coiner to the superintendent, and by the superintendent to the depositor, the deviation from the standard weight shall not exceed one-hundredth of an ounce in five thousand dollars in double-eagles, eagles, half-eagles, or quarter-eagles, in one thousand three-dol- lar pieces, and in thousand one-dollar pieces. of Re5spd C s I t n a s t- ^ C " 37 - Tliat * n aTe'a D 8 Cac k f ncer shall be allowed as necessary wastage, if the e s s a r y superintendent shall be satisfied that there has been a bona-fide waste of the precious metals, and if the amount shall not exceed, in the case of the meiter and refiner, one thousandth of the whole amount of gold, and one and one-half thousandth of the whole amount of silver de- livered to him since the last annual settlement, and in the case of the coiner, one thousandth of the whole amount of silver, and one-half thousandth of the whole amount of gold that has been delivered to him by the superintendent; and all copper used in the alloy of gold and silver bullion shall be separately charged to the meiter and refiner, and accounted for by him. Balance-sheet SEC. 4-J . That it shall also be the dutv of the superin- to be forward- ed to the iM-tencIent to forward a correct statement of his balance- rector of the M Re'lsedSt t SMlH 't- :1 ^ ^ 1(> ( '1 <>S(1 f such settlement, to the Director of uics, 3543. tj ie Mint, who shall compare the total amount of gold and silver bullion and coin on hand with the total lia- LAWS CONCERNING MONEY, BANKING, AND LOANS. 543 bilities of the mint. At the same time a statement of the Expense ac- count. ordinary-expense account, and the moneys therein, shall also be made by the superintendent. SEC. 45. That when the coins or bars which are the payment of coins or bars to equivalent to any deposit of bullion are ready for de- depositors, livery, they shall be paid to the depositor, or his order, utes, 3544.' by the superintendent ; and the payments shall be made, if demanded, in the order in which the bullion shall have been brought to the mint ; but in cases where there is delay in manipulating a refractory deposit, or for any other unavoidable cause, the payment of subsequent de- posits, the value of which is known, shall not be delayed thereby; and in the denominations of coins delivered, the superintendent shall comply with the wishes of the de- positor, except when impracticable or inconvenient to do so. SEC. 4G. That imparted bullion may be exchanged at, TJn par ted 1 - bullion may be any of the mints for fine bars, on such terms and con- exchanged. ditions as may be prescribed by the Director of the Mint, Revjs_ed stat- with the approval of the Secretary of the Treasury ; and the fineness, weight, and value of the bullion received and given in exchange shall in all cases be determined by the mint assay. The charge to the depositor for re- charge of " . . parting. fining or parting shall not exceed that allowed and de- ducted for the same operation in the exchange of unre- fined for refined bullion. SEC. 47. That for the purpose of enabling the mints tu f e Treas y u ry and the assay-office in Xew York to make returns to de- m n e e / p or e bui- positors with as little delay as possible, it shall be the sp'.l.'.liv'n'turns duty of the Secretary of the Treasury to keep in the said' J{|f^ itors of mints and assay-office, when the state of the Treasury /!'.' v - i .-!4-, stat " - 11 LLo, O'>-t tj. will admit thereof, such an amount of public money, or bullion procured for the purpose, as he shall judge conven- ient and necessary, out of which those who bring bullion to the said mints and assay-office may be paid the value thereof, in coin or bars, as soon as practicable after the value has been ascertained; and on payment thereof being made, the bullion so deposited shall become the, property of the United States; but the Secretary of the Treasury may at any time withdraw the fund, or any portion thereof. SEC. 48. That to secure a due conformity in the gold and silver coins to their respective standards of fineness and weight, the judge of the district court of the Tinted States for the eastern district of Pennsylvania, the Comp- il St:il- 544 NATIONAL MONETARY COMMISSION. troller of the Currency, the assayer of the assay-oifice at New York, and such other persons as the President shall, when and from time to time, designate, shall meet as assay-corn- where * . missioners, at the mint in Philadelphia, to examine and test, in the presence of the Director of the Mint, the fine- ness and weight of the coins reserved by the several mints for this purpose, on the second Wednesday in February, annually, and may continue their meetings by adjourn- if a majority nient, if necessary ; if a majority of the commissioners shall fail to attend at any time appointed for their meet- ing, the Director of the Mint shall call a meeting of the commissioners at such other time as he may deem con- Test to be re- venient ; and if it shall appear by such examination and factory? S if, a etc! test that these coins do not differ from the standard fineness and weight by a greater quantity than is allowed by law, the trial shall be considered and reported as if test is not satisfactory ; but if any greater deviation from the legal fact 8 to C be r re- standard or weight shall appear, this fact shall be certi- ficers in error fied to the President of the United States; and if, on a ned. )e view of the circumstances of the case, he shall so decide, the officer or officers implicated in the error shall be thenceforward disqualified from holding their respective offices. ' o\md da of ^the ^ EC- ^' That for the purpose of securing a due con- unked states e ^ orm ^y m we ig nt OT> tne coins of the United States to the provisions of this act, the brass troy-pound weight procured by the minister of the United States at London, Revised stat- in the year eighteen hundred and twenty-seven, for the use of the Mint, and now in the custody of the mint at Philadelphia, shall be the standard troy pound of the Mint of the United States, conformably to which the coinage thereof shall be regulated. standard SEC. 50. That it shall be the duty of the Director of the weights of eacci . mint and assay- Mint to procure for each mint and assay-office, to be kept office ; Revised stat- safely thereat, a series of standard weights corresponding utes, .''.04!J. to the aforesaid troy pound, consisting of a one-pound weight and the requisite subdivisions and multiples thereof, from the hundredth part of a grain to twenty- five pounds; and the troy weights ordinarily employed in the transactions of such mints and assay-offices shall to be reguinted be regulated according to the above standards at least and tested an- . , P ,1 nuaiiy. once in every year, under the inspection ot the superin- tendent and assayer; and the accuracy of those used at the mint at Philadelphia shall be tested annually, in the LAWS CONCERNING MONEY, BANKING, AND LOANS. 545 presence of the assay-commissioners, at the time of the annual examination and test of coins. SEC. 51. That the obverse working-dies at each mint obverse work- shall, at the end of each calendar year, be defaced andmint to a be ea de- i i i ji ,1 e , i stroyod at, etc. destroyed bv the coiner in the presence of the superin- itevised stat- -, ' i utes, 3550. tendent and assayer. SEC. 52. That dies of a national character may be exe- inos of a na - cuted by the engraver, and national and other medals struck by the coiner of the mint at Philadelphia, under such regulations as the superintendent, with the approval of the Director of the Mint, may prescribe: Provided. Revised'stat- That such work shall not interfere with the regular coin- utes> 3u5L age operations, and that no private medal dies shall be prepared at said mint, or the machinery or apparatus thereof be used for that purpose. SEC. 53. That the monevs arising from all charges and Moneys from , n , * ,, , ., i IT i ,1 charges and de- dedUCtlOnS on and irom gold and silver bullion and the duct ions, etc., manufacture of medals, and from all other sources, except into the Treas- urv * as hereinbefore provided, shall, from time to time, be cov- Revised stat- ered into the Treasury of the United States, and no part of such deductions or medal charges, or profit on silver or no part for sai- * 11 i i i i i i aries, etc. minor coinage, shall be expended in salaries or wages; but all expenditures of the mints and assay-offices, not herein Expenditures , . 1 -i _e i 11 i i j; to be paid from otherwise provided tor, shall be paid from appropria- appropriations tions made by law on estimates furnished by the Secretary of the Treasury. SEC. 54. That the officers of the United States assay- s . officers of as- office at Xew York shall be a superintendent, an assayer, ^" ex y York an ' J J ' their appoiut- and a melter and refiner, who shall be appointed by the meut - President, by and with the advice and consent of the Senate. The business of said assav-office shall be in all.. Rsinpsa of the assay - of- respects similar to that of the mints, except that bars only, Ii( 'p (>vNpll SHt and not coin, shall be manufactured therein; and no utes ' 355:5 - metals shall be purchased for minor coinage. All bul- lion intended by the depositor to be converted into coins of the United States, and silver bullion purchased for coinage, when assayed, parted, and refined, and its net value certified, shall be transferred to the mint at Phila- delphia, under such directions as shall be made by the Secretary of the Treasury, at the expense of the con- tingent fund of the Mint, and shall be there coined, and the proceeds returned to the assay-ofliee. And the Sec- retary of the Treasury is hereby authori/ed to make the necessarv arrangements for the adjustment of the ac- counts upon such transfers between the respective ollices. 546 NATIONAL MONETARY COMMISSION. of ?u ^Intend- ^ EC< ^' That the duties of the superintendent, assay er, ent, etc., of an( j me lter and refiner of said office shall correspond to each assay Revi : sed stat tnose ^ superintendents, assayers, and melters and re- utes, 3555. finers of mints; and all parts of this act relating to mints and their officers, the duties and responsibilities of such officers, and others employed therein, the oath to be taken, and the bonds and sureties to be given by them, (as far as the same may be applicable,) shall extend to the assay- office at New York, and to its officers, assistants, clerks, workmen, and others employed therein. their salaries. SEC. 56. That there shall be allowed to the officers of the Revised Stat- . ujtes, 3556, assay-office at 2s ew York City the following salaries per annum : to the superintendent, four thousand five hundred dollars ; to the assayer, and to the melter and refiner, each, three thousand dollars; and the salaries of assistants and clerks, and wages to workmen, and their manner of appointment, shall be determined and regulated as herein directed in regard to mints. assaV sl offic S es at ^ C ' ^' That the business at the branch mint at Den- p.enver, , Bo . ise ver, while conducted as an assay-office, and of the assay- Clty, and else- ' j i j where to be office at Boise City, Idaho, and all other assay-offices limited to what. J ~ J u?e V s ised 3558 hereafter to be established, shall be confined to the receipt 3559, 3560. ' o f gold and silver bullion, for melting and assaying, to be returned to depositors of the same, in bars, with the. weight and fineness stamped thereon; and the officers of assay-offices, when their services are necessary, shall con- sist of an assayer, who shall have charge thereof, and a melter, to be appointed by the President, by and with the advice and consent of the Senate; and the assayer may employ as many clerks, workmen, and laborers, under the direction of the Director of the Mint, as may be pro- ,,^h ce o s n = i vided for bv law. The salaries of said officers shall not sries n - d their exce ed the sum of two thousand five hundred dollars to the assayer and melter, one thousand eight hundred dol- lars each to the clerks, and the workmen and laborers shall receive such wages as are customary, according to their respective stations and occupations. bond. ath and kSEC - 58 - Tnat each officer and clerk to be appointed at 1862 ' ch - 128 - such assay-offices, before entering upon the execution of his office, shall take an oath or affirmation before some judge of the United States, or of the Supreme Court, as prescribed by the act of July second, eighteen hundred and sixty-two, and each become bound to theUnited States of America, with one or more sureties, to the satisfac- LAWS CONCERNING MONEY, BANKING, AND LOANS. 547 tion of the Director of the Mint or one of the judges of the supreme court of the State or Territory in which the same may be located, and of the Secretary of the Treasury, conditioned for the faithful performance of the duties of their offices ; and the said assayers shall dis- Assayers t o charge the duties of disbursing agents for the payment agents. of the expenses of their respective assay-offices. SEC. 59. That the general direction of the business of Director of assay-offices of the United States shall be under the con- nave 'the gen- trol and regulation of the Director of the Mint, subject of the assay to the approbation of the Secretary of the Treasury; etc. ; 'reguia- and for that purpose it shall be the duty of the said and charges. Director to prescribe such regulations and to require such returns, periodically and occasionally, and to estab- lish such charges for melting, parting, assaying, and stamping bullion as shall appear to him to be necessary for the purpose of carrying into effect the intention of this act. SEC. GO. That all the provisions of this act for the regu- Provis i o n s lation of the mints of the United States, and for the gov- mints to apply f ,-. ff. , -. -, , " . to assay offices. ernment ol the officers and persons employed therein. Revised stat- utes 5457 and for the punishment of all offenses connected with the mints or coinage of the United States, shall be, and they are hereby declared to be, in full force in relation to the assay-offices, as far as the same may be applicable thereto. SEC. 61. That if any person or persons shall falsely Pennlt /, f r J counterfeiting, make, forge, or counterfeit, or cause or procure to be etc -> anv coin ' . . . . , or bars, In falsely made, forged, or counterfeited, or willingly aid siml|1 t lld .etc.; ' ; Revised Stat- or assist in falsely making, forging, or counterfeiting, utes, sod'. any coin or bars in resemblance 1 or similitude of the gold or silver coins or bars, which have been, or hereafter may be, coined or stamped at the mints and assay-offices of the United States, or in resemblance or similitude of any foreign gold or silver coin which by law is, or here- after may be made, current in the United States, or are in actual use and circulation as money within the United States, or shall pass, utter, publish, or sell, or attempt ^ knowing to pass, utter, publish, or sell, or bring into the United * t '**}\'\\ j," 1 ' ,,".'; States from any foreign place, or have in his possession, ^'i^ 011 ^ any such false, forged, or counterfeited coin or bars, colns or burs ; knowing the same to be false, forged, or counterfeited, every person so offending shall be deemed guilty of fel- ony, and shall, on conviction thereof, be punished by fine not exceeding live thousand dollars, and by imprison- 548 NATIONAL MONETABY COMMISSION. ment and confinement at hard labor not exceeding ten years, according to the aggravation of the offense, for counterfeit- g EC- 2. That if any person or persons shall falsely ing, etc., minor > * ter a i g n' ^such ina ke, forge, or counterfeit, or cause or procure to be fa Revised S stat f a l se ty made, forged, or counterfeited, or willingly aid utes, 5458. or assist in falsely making, forging, or counterfeiting, any coin in the resemblance or similitude of any of the minor coinage which has been, or hereafter may be, coined at the mints of the United States; or shall pass, utter, publish, or sell, or bring into the United States from any foreign place, or have in his possession any such false, forged, or counterfeited coin, with intent to defraud any body politic or corporation, or any person or persons whatsoever, every person so offending shall be deemed guilty of felony, and shall, on conviction thereof, be punished by fine not exceeding one thousand dollars and by imprisonment and confinement at hard labor not exceeding three years, for fraudu- SEC. 63. That if any person shall fraudulently, by any lently impair- " J ,-i , ing, etc., gold art, way, or means whatsoever, detace, mutilate, impair, rent coins; diminish, falsify, scale, or lighten the gold or silver Revised Stat- . . ' i i~ i n i, ^ v i utes, 5459. coins which have been, or which shall hereatter be, coined at the mints of the United States, or any foreign gold or silver coins which are by law made current, or are in actual use and circulation as money within the United States, every person so offending shall be deemed guilty of a high misdemeanor, and shall be imprisoned not ex- ceeding two years, and fined not exceeding two thousand dollars. for fraudu- SEC. 64. That if any of the gold or silver coins which lently debasing . - . the gold or shall be struck or coined at any or the mints of the United silver coins of ' the united States shall be debased, or made worse as to the proper- states, . n r> 11 f M I' ' I tion of fine gold or fine silver therein contained; or shall be of less weight or value than the same ought to "eight's? etc? g ^ e ) pursuant to the several acts relative thereto; or if any of the weights used at any of the mints or assay- offices of the United States shall be defaced, increased, or diminished through the fault or connivance of any of the officers or persons who shall be employed at the said mints or assay-offices, with a fraudulent intent; ernbo"/nn V "m f eT an( ^ ^ an ^ ^ * ne said officers or persons shall embezzle med-iis" et(' ins ' an y ^ * ne me t' l ls which shall at any time be committed to their charge for the purpose of being coined, or any of the coins which shall be struck or coined at the said mints, or any medals, coins, or other moneys of said mints LAWS CONCERNING MONEY, BANKING, AND LOANS. 549 or assay-offices at any time committed to their charge, or of which they may have assumed the charge, every such officer or person who shall commit any or either of the said offenses shall be deemed guilty of felony, and shall be imprisoned at hard labor for a term not less than one year nor more than ten years, and shall be fined in a sum not exceeding ten thousand dollars. SEC. 65. That this act shall take effect on the first day When act to of April, eighteen hundred and seventy-three, when the offices of the treasurer of the mints in Philadelphia, San office of treas- urcr lit etc Francisco, and New Orleans shall be vacated, and the vacated.' assistant treasurer at New York shall cease to perform the duties of treasurer of the assay-office. The other offi- other offi- cers and employees of the mints and assav-offices now continue, 'give Tin* 11 tr> bonds, etc. appointed shall continue to hold their respective offices, Revised stat- utes, 3497. they having first given the necessary bonds, until further appointments may be required, the Director of the Mint at Philadelphia being styled and acting as superintend- superintend- 1 ft L ents to act as ent thereof. The duties of the treasurers shall devolve treasurers. Treasurers to as herein provided upon the superintendents, and said act only as as- / sistant treasnr- treasurers shall act only as assistant treasurers of the ers - United States: Provided. That the salaries heretofore ., Claries not ' . diminished. paid to the treasurers of the mints at Philadelphia, San Francisco, and New Orleans, acting as assistant treas- urers, shall hereafter be paid to them as " assistant treas- urers of the United States,'' and that the salary of the assistant treasurer at New York shall not be diminished by the vacation of his office as treasurer of the assay- office. SEC. GO. That the different mints and assay-offices au- dl .* ^,Jje thorized by this act shall be known as " the mint of the 343> There shall be established in the Treasury c F^ 12, 1873, Department a Bureau of the Mint, embracing in its i", p. 424. organization and under its control all mints for the man- ufacture of coin, and all assay-offices for the stamping of bars, which are now, or which may be hereafter, author- ized by law. The chief officer of the said Bureau shall be denominated the Director of the Mint, and shall be under the general direction of the Secretary of the Treas- ury. He shall be appointed by the President, by and with the advu-e and consent of the Senate, and shall hold his office for the term of five years, unless sooner re- moved by the President, upon reasons to be communi- cated by him to the Senate. LAWS CONCERNING MONEY, BANKING, AND LOANS. 551 SEC. 345. The Director of the Mint shall have the gen- Powers of and reports by eral supervision of all mints and assav-offices, and shall directors. I-ob. li.', 1873, make an annual report to the Secretary of the Treasury |-_ 131> 4 o 4 2> v - of their operations, at the close of each fiscal year, and from time to time such additional reports, setting forth the operations and condition of such institutions, as the Secretary of the Treasury shall require, and shall lay be- fore him the annual estimates for their support. And the Secretary of the Treasury shall appoint the number of clerks, classified according to law, necessary to discharge the duties of said Bureau. SEC. 3474. No gold or silver other than coin of standard what coin re- fineness of the United States, shall be receivable in pav- AUK. i, 1852 * ch 108 sec l> ment of dues to the United States, except as provided in vol. 10,' pp. '97 section twenty-three hundred and sixty-six, Title "Pub- Feb. 21,18,57 lie Lands," and in section thirty-five hundred and sixty- 3. ' voi'. 11,' p seven, Title " Coinage, Weights, and Measures." SEC. 3495. The different mints and assay-offices shall of ^fl'n t^an be known as First. The mint of the United States at Philadelphia. S Second. The mint of the United States at San Francisco. Third. The mint of the United States at Xew Orleans. Fourth. The mint of the United States at Carson. at Fifth. The mint of the United States at Denver. ffiy s i"! YSM! Sixth. The United States assay-office at Xew York. L 18: ' Seventh. The United States assay-office at Boise City, Idaho. Eighth. The United States assay-office at Charlotte, North Carolina. NOTE. For list of acts establishing branch mints and assay offices see Note to act of March 2, 1835 (4 Stat. L., 774), and March 3, 1853 (10 Stat. L., 181-212). SEC. 3496. The officers of each mint shall be a superin- officers of tendent, an assaver. a melter and refiner.and a coiner ; and, i-vii. 1:2,1.87:*, e. LSI, seo. 3, for the mint at Philadelphia, an engraver; all to be ap- v. 17. p. 424. pointed by the President, by and with the advice and consent of the Senate. SEC. 3497. The superintendents of the mints at Phila- en f s "Pf ( '*ff n delphia. San Francisco, and Xew Orleans shall be, and Srm S ciii?!ps |)P of perform the duties of, treasurers of said mints respectively, '"/'^'//"scc r,r> SEC. 3500. Every officer, assistant, and clerk appointed for any mint shall, before he enters upon the execution of his office, take an oath before some judge of the. United States, or judge of some court of record of the State in which such mint is located, faithfully and diligently to 552 NATIONAL, MONETARY COMMISSION. perform the duties thereof; in addition to other official oaths prescribed by law, such oath, duly certified, shall be transmitted to the Secretary of the Treasury. The superintendent of each mint may require such oath from any of the employes of the mint. (See Sees. 1756, 1757.) Bonds of offl- SEC. 3501. The superintendent, the assayer, the melter cers, assistants, . -i / ' and clerks. and refiner, and the coiner of each mint, before entering upon the execution of their respective offices, shall become bound to the United States, with one or more sureties, approved by the Secretary of the Treasury, in the sum of not less than ten nor more than fifty thousand dollars, with condition for the faithful and diligent performance of the duties of his office. Similar bonds may be required of the assistants and clerks, in such sums as the superin- tendent shall determine, with the approbation of the Director of the Mint ; but the same shall not be construed to relieve the superintendent or other officers from lia- bility to the United States for acts, omissions, or negli- gence of their subordinates or employes ; and the Secretary of the Treasury may, at his discretion, increase the bonds of the superintendents. w h o to act SEC. 3502. Whenever any officer of a mint or assay-office director, super- shall be temporarily absent, on account of sickness or any other officer.' other cause, it shall be lawful for the superintendent, with the consent of such officer, to appoint some person attached to the mint to act in the place of such officer during his absence; but all such appointments shall be forthwith reported to the Director of the Mint for his approval; and in all cases whatsoever the principal shall be respon- sible for the acts of his representative. In case of the temporary absence of the superintendent, the chief clerk shall act in his place; in case of the temporary absence of the Director of the Mint the Secretary of the Treasury may designate some one to act in his place. oonomi ciu- SEC. 3503. The superintendent of each mint shall have ties of superin- , , . ,. . . , ,, , ~, , tendcnt s of the control thereof, the superintendence or the officers and ibiii.,Kcc. 4. persons employed therein, and the supervision of the busi- ness thereof, subject to the approval of the Director of the Mint. He shall make reports to the Director of the Mint at such times and according to such forms as the Director may prescribe: which shall exhibit in detail. a;id under appropriate heads, the deposits of bullion, the amount of gold, silver, and minor coinage, and the amount of un- LAWS CONCERNING MONEY, BANKING, AND LOANS. 553 parted, standard, and refined bars issued, and such other statistics and information as may be required. SEC. 3504. He shall keep and render, quarter-yearly, to ma,. the Director of the Mint, for the purpose of adjustment according to such forms as may be prescribed by the Sec- retary of the Treasury, regular and faithful accounts of his transactions with the other officers of the Mint and the depositors; and shall also render to him a monthly statement of the ordinary expenses of the mint or assay- office under his charge. He shall also appoint all assist- ants, clerks, one of whom shall be designated " chief clerk," and workmen employed under his superintend- ence ; but no person shall be appointed to employment in the office of the assayer, melter and refiner, coiner, or en- graver, except on the recommendation and nomination in writing of those officers, respectively. He shall forthwith report to the Director of Mint the names of all persons appointed by him, the duties to be performed, the rate of compensation, the appropriation from which compensa- tion is to be made, and the grounds of the appointment ; and if the Director of the Mint shall disapprove the same, the appointment shall be vacated. SEC. 3505. Any gold coins of the United States, if re-, coins reduced * e in w e i g h t by duced in weight bv natural abrasion not more than one- abrasion. J . Ibid., sec. 14. half of one per centum below the standard weight prescribed by law, after a circulation of twenty years, as shown by the date of coinage, and at a ratable proportion for any period less than twenty years, shall be received at their nominal value by the United States Treasury and its offices, under such regulations as the Secretary of the Treasury may prescribe for the protection of the Govern- ment against fraudulent abrasion or other practices. SEC. 3500. The superintendent of each mint shall r^^iKndrats ceive and safely keep, until legally withdrawn, all money s ( ' o ^^ ,{," or bullion which shall be for the use or the expenses of lio ^ {(7 sec 4 the mint, lie shall receive all bullion brought to the mint for assay or coinage; shall be the keeper of all bul- lion or coin in the mint, except while the same is legally in the hands of other officers: and shall deliver all coins struck at the mint to the persons to whom they shall bo legally payable. From the report of the assayer and the weight of the bullion, he shall compute the value of each deposit, and also the amount of the charges or deduc- tions, if anv. of all which he shall give a detailed memo- 17711'' 10 .'W 554 NATIONAL MONETARY COMMISSION. randum to the depositor; and he shall also give at the same time, under his hand, a certificate of the net amount of the deposit, to be paid in coins or bars of the same species of bullion as that deposited, the correctness of which certificate shall be verified by the assayer, who shall countersign the same, and in all cases of transfer of coin or bullion, shall give and receive vouchers, stating the amount and character of such coin or bullion. Duties of as- g EC< 3507. The assaver shall assay all metals and bul- sayers. _ " ... ibid., sec. 5. lion, whenever such assays are required in the operations of the mint ; and shall make assays of coin or samples of bullion whenever required by the superintendent. Duties of SEC. 3508. The melter and refiner shall execute all the melters and re- finers, operations which are necessary in order to form ingots of Ibid., sec. 6. te standard silver or gold, and alloys for minor coinage, suitable for the coiner, from the metals legally delivered to him for that purpose; and shall also execute all the operations which are necessary in order to form bars conformable in all respects to the law, from the gold and silver bullion delivered to him for that purpose. He shall keep a careful record of all transactions with the superintendent, noting the weight and character of the bullion, and shall be responsible for all bullion deliv- ered to him until the same is returned to the superintend- ent and the proper vouchers obtained. Duties of SEC. 3500. The coiner shall execute all the operations coiners. ibid., sec. 7. which are necessary in order to form coins, conformable in all respects to the law, from the standard gold and silver ingots, and alloys for minor coinage, legally deliv- ered to him for that purpose: and shall be responsible for all bullion delivered to him. until the same is re- turned to the superintendent and the proper vouchers obtained. gral-ens 8 f en ~ ^ EC< ^10. The engraver shall prepare from the orig- ibid.,sec..s. j na } ( ]j os already authorized all the working-dies required for use. in the coinage of the several minis, and. when new coins or devices are authorized, shall, if required by the Director of the Mint, prepare the devices, models, molds, and matrices, or original dies, for the same: but the Director of the Mint shall nevertheless have power, with the approval of the Secretary of the Treasury, to engage temporarily for Ihis purpose the service's of one 01- more artists, distinguished in their respective depart- ment-- of art. who shall be paid for such service from the contingent appropriation for the mint at Philadelphia. LAWS CONCERNING MONEY, BANKING, AND LOANS. 555 SEC. 3511. The gold coins of the United States shall be G ld coins of . . the U n i ted a one-dollar piece, which, at the standard weight of s , tates and r . . 5 their weight. twenty-five and eight-tenths grains, shall be the unit of l bifi -> sec - 1 4 - " ' See act Sept. value; a quarter-eagle, or two and a half dollar piece : R6,_ isoo, ch. . 94o, v. '2Q, p. a three-dollar piece ; a half-eagle, or five-dollar piece ; 485 - an eagle, or ten-dollar piece; and a double-eagle, or twenty-dollar piece. And the standard weight of the gold dollar shall be twenty-five and eight-tenths grains; of the quarter-eagle, or two and a half dollar piece, sixty-four and a half grains; of the three-dollar piece, seventy-seven and four-tenths grains: of the half-eagle, or five-dollar piece, one hundred and twenty-nine grains ; of the eagle, or ten-dollar piece, two hundred and fifty- eight grains; of the double-eagle, or twenty-dollar piece, five hundred and sixteen grains. SEC. 3512. Any gold coins in the Treasury of the Recojnage of United States, when reduced in weight by natural abra- ,, Act of' Feb. sion more than one-half of one per centum below the i3i, s. 14, v. standard weight prescribed by law, shall be recoined. SEC. 3513. The silver coins' of the United States shall a n s ( l lver t h c e ^ be a trade-dollar, a half-dollar, or fifty-cent piece, a we ]^j; ) sec lr , quarter-dollar, or twenty-five-cent piece, a dime, or ten- 3 S f| 7 a 5 cts ^pr" cent piece; and the weight of the trade-dollar shall be^- i7 8 ju'i y r |->' four hundred and twenty grains troy : the weight of the 18 |^ act Mar half-dollar shall be twelve grams and one-half of a gram; ? { 9 6 18 v 7 '9 4 ch p ' the quarter-dollar and the dime shall be, respectively. G:54 - one-half and one-fifth of the Aveight of said half-dollar. SEC. 3514. The standard for both gold and silver coins standard for of the United States shall be such that of one thousand wins. 11) i (I SGC 13 parts by weight nine hundred shall be of pure metal and one hundred of alloy. The alloy of the silver coins shall be of copper. The alloy of the gold coins shall be of cop- per, or of copper and silver: but the silver shall in no case exceed one-tenth of the whole alloy. (See Sec. 5400.) SEC. 3515. The minor coins of the United States shall Minor coins. their weight be a five-cent piece, a three-cent piece, and a one-cent and aiioy. 1 . I hid., see. 1(>. piece. The alloy for the five and three cent piece's shall ( sw act sept. be of copper and nickel, to be composed of three-fourths '.M-J. v. IT,, p. copper and one-fourth nickel. The alloy of the one-cent piece shall be ninety-five per centum of copper and five per centum of tin and /inc. in such proportions as shall be determined by the Director- of the Mint. The weight of the piece of five cents shall be seventy-seven and sixteen- 556 NATIONAL MONETARY COMMISSION. hundredths grains troy; of the three-cent piece, thirty grains; and of the one-cent piece, forty-eight grains, issue of oth- SEC. 3516. No coins, either of gold, silver, or minor er coins prohib- . _ - ' ited. coinage, shall hereafter be issued from the Mint other Act of Feb. 12, 1793, ch'. than those of the denominations, standards, and weights 131, s. 17, v. 17. set forth in this Title. (See sets. 5457-5462.) uponcofns tlons SEC. 3517. Upon the coins there' shall be the following ibid., sec. is. devices and legends : Upon one side there shall be an im- pression emblematic of liberty, with an inscription of the word " Liberty " and the year of the coinage, and upon the reverse shall be the figure or representation of an eagle, with the inscriptions " United States of America " and " E Pluribus Unum," and a designation of the value of the coin ; but on the gold dollar and three-dollar piece, the dime, five, three, and one cent piece, the figure of the eagle shall be omitted; and on the reverse of the silver trade-dollar the weight and the fineness of the coin shall be inscribed. sliver bars and ^EC. 3 518. At the option of the owner gold or silver ibid., sec. 19. ma y h e ca gfc j n ^ o b ars o f fi ne me t a l, or of standard fine- ness, or imparted, as he may prefer, with a stamp upon the same designating the weight and fineness, and with such devices impressed thereon as may be deemed expe- dient to prevent fraudulent imitation, and no such bars shall be issued of a less weight than five ounces, coining gold SEC. 3519. Any owner of gold bullion mav deposit the bullion; when ^ . deposits may same at anv mint, to be formed into coin or bars for his uo rpfusGu. ibid., sec. 20. benefit. It shall be lawful, however, to refuse any deposit of less value than one hundred dollars, or any bullion so base as to be unsuitable for the operations of the Mint. Tn cases where gold and silver are combined, if either metal be in such small proportion that it cannot be sep- arated advantageously, no allowance shall be made to the depositor for its value. silver bui- SEC. 3520. Any owner of silver bullion mav deposit the lion may be J received f o r same at any mint, to be formed into bars, or into dollars forming into J ' donars r trndo "f the weight of four hundred and twenty grains troy, ibid., sec. 21. designated in this Title as trade-dollars, and no deposit of silver for other coinage shall be received. Silver bul- lion contained in gold deposits, and separated therefrom, may, however, be paid for in silver coin, at such valua- tions as may be, from time to time, established by the Director of the Mint. LAWS CONCERNING MONEY, BANKING, AND LOANS. 557 SEC. 3521. When bullion is deposited in any of the weighing bui- ..,.., . . . lion and as- mmts, it shall be weighed by the superintendent, ami, tertaining its when practicable, in the presence of the depositor, to Md., sec. 22. whom a receipt shall be given, which shall state the de- scription and weight of the bullion. When, however, the bullion is in such a state as to require melting, or the removal of base metals, before its value can be ascer- tained, the weight, after such operation, shall be con- sidered as the true weight of the bullion deposited. The fitness of the bullion to be received shall be determined by the assayer, and the mode of melting by the melter and refiner. SEC. 3522. From every parcel of bullion deposited for llo ssay of bul ' coinage or bars, the superintendent shall deliver to the ri>w., sec. 23. assayer a sufficient portion for the purpose of being as- sayed. The bullion remaining from the operations of the assay shall be returned to the superintendent by the assayer. SEC:. 35-23. The assayer shall report to the superintend- re ,f s r s t ny t * ent the quality or fineness of the bullion assayed by him, perintendent 1 - " ' quality of bul- ?, assayed Ibid., sec. 24. - " quality of bu and such information as will enable him to compute the 110 ?, assayed I 2 amount of the charges hereinafter provided for, to be made to the depositor. SEC. 3524. The charge for converting standard gold bullion into coin shall be one-fifth of one per centum. The charges for converting standard silver into trade- dollars for meltin and refinin when bullion is below standard, for toughening when metals are contained in ^'ig 5 ' s ?gg ~' it which render it unfit for coinage, for copper used for alloy when the bullion is above standard, for separating the gold and silver when these metals exist together in the bullion, and for the preparation of bars, shall be fixed, from time to time, by the Director, with the concurrence of the Secretary of the Treasury, so as to equal but not exceed, in their judgment, the actual average cost to each mint and assay-office of the material, labor, wastage, and use of machinery employed in each of the cases afore- mentioned. SEC. 3525. The assayer shall verify all calculations ^Assaypr^o made by the superintendent of the value of deposits, and, fi< >, ns of , 'j"' ' value of ? * ne a PP rova l f tne Director ot the Mint, as to price, terms, and quantity, shall purchase such bullion with the bullion-fund. The gain arising from the coinage of such silver bullion into coin of a nominal value exceeding the cost thereof shall be credited to a special fund denomi- nated the silver-profit fund. This fund shall be charged with the wastage incurred in the silver coinage, and with the expense of distributing such silver coins as herein- after provided. The balance to the credit of this fund shall be from time to time, and at least twice a year, paid into the Treasury of the United States. Paying out g EC> 3527. Silver coins other than the trade-dollar silver coins for gold coins au- shall be paid out at the several mints, and at the assay- tliorizGd. ibid., sec. 28. office in Xew York City, in exchange for gold coins at par, in sums not less than one hundred dollars. It shall be lawful, also, to transmit parcels of the same, from time to time, to the assistant treasurers, depositaries, and other officers of the United States, under general regu- lations proposed by the Director of the Mint, and ap- proved by the Secretary of the Treasury. Nothing herein contained shall, however, prevent the payment of silver coins, at their nominal value, for silver parted from gold, as provided in this Title, or for change less than one dol- lar in settlement for gold deposits. But for two years after the twelfth day of February, eighteen hundred and seventy-three, silver coins shall be paid at the mint in Philadelphia, and the assay-office in New York City, for silver bullion purchased for coinage, under such regu- lations as may be prescribed by the Director of the Mint and approved by the Secretary of the Treasury. Purchase of SEC. 3528. For the purchase of metal for the minor metal for mi- . ,1 -i i .1 rn-,1 -,- nor coinage; coinage authorized by this line, a sum not exceeding the minor-coin- inn i PI ,1 TT -^ i age profit fund, fifty thousand dollars in lawiuJ money ot the United States shall be transferred by the Secretary of the Treas- ury to the credit of the superintendent of the mint at Philadelphia, at which establishment only, until other- wise provided by law, such coinage shall be carried on. The superintendent, with the approval of the Director of the Mint as to price, terms, and quantity, shall pur- chase the metal required for such coinage by public ad- vertisement, and the lowest and best bid shall be accepted, the fineness of the metals to be determined on the mint assay. The gain arising from the coinage of such metals LAWS CONCERNING MONEY, BANKING, AND LOANS. 559 into coin of a nominal value, exceeding the cost thereof, shall be credited to the special fund denominated the minor-coinage profit fund ; and this fund shall be charged with the wastage incurred in such coinage, and with the cost of distributing said coins as hereinafter provided. The balance remaining to the credit of this fund, and any balance of profits accrued from minor coin- age under former acts, shall be, from time to time, and at least twice a year, covered into the Treasury. SEC. 3529. The minor coins authorized by this Title .^yery of v 111 111OL COlLlo } may, at the discretion of the Director of the Mint, be de- l>e ^f s e ; 30 . livered in any of the principal cities and towns of the United States, at the cost of the Mint, for transportation, and shall be exchangeable at par at the mint in Philadel- phia, at the discretion of the superintendent, for any other coins of copper, bronze, or copper-nickel heretofore au- thorized by law. It shall be lawful for the Treasurer and the several assistant treasurers and depositaries of the United States to redeem, in lawful money, under such rules as may be prescribed by the Secretary of the Treas- ury, all copper, bronze, and copper-nickel coins authorized by law when presented in sums of not less than twenty dollars. Whenever, under this authority, these coins are presented for redemption in such quantity as to show the amount outstanding to be redundant, the Secretary of the Treasury is authorized and required to direct that such coinage shall cease until otherwise ordered by him. SEC. 3530. Parcels of bullion shall be, from time to Transfer of time, transferred b}^ the superintendent to the melter and mutton into in- refiner. A careful record of these transfers, noting the S /bid., sec. 31. weight and character of the bullion, shall be kept, and vouchers shall be taken for the delivery of the same, duly receipted by the melter and refiner. The bullion thus placed in the hands of the melter and refiner shall be sub- jected to the several processes which may be necessary to form it into ingots of the legal standard, and of a qual- ity suitable for coinage. SKC. 3531. The ingots so prepared shall be assayed. If .,4"^^^^ they prove to be within the limits allowed for deviation ^'j^f ^ r , from the standard, the assayer shall certify the fact to the superintendent, who shall thereupon receipt for the same, and transfer them to the coiner. SKC. 353-2. The superintendent shall, from time to time. i.J^Tomer deliver to the coiner ingots for the purpose of coinage, '"y^'/ 111 ^.' 35. A careful record of these transfers, noting the weiirht and 560 NATIONAL MONETARY COMMISSION. character of the bullion, shall be kept, and vouchers shall be taken for the delivery of the same, duly receipted by the coiner. The ingots thus placed in the hands of the coiner shall be subjected to the several processes necessary to make from them coins in all respects conformable to law. in S ofsused for ^ EC> ^533. No ingots shall be used for coinage which coinage. differ from the legal standard more than the following l^\d., sec. 33. iii. proportions, namely : In gold ingots, one thousandth ; in silver ingots, three thousandths ; in minor-coinage alloys, twenty-five thousandths, in the proportion of nickel. Preparation g EC . 3534. The melter and refiner shall prepare all bars and stamping . < i of bars for pay- required for the payment or deposits: but the fineness ment of depos- , . , , its. thereof shall be ascertained and stamped thereon by the assayer. The melter and refiner shall deliver such bars to the superintendent, who shall receipt for the same. Deviations SEC. 3535. In adjusting the weights of the gold coins, allowed in ad- . . J . & justing weights the following deviations shall not be exceeded in any of gold coins. . ibid., sec. 36. single piece : In the double-eagle and the eagle, one-halt of a grain; in the half-eagle, the three-dollar piece, the quarter-eagle, and the one-dollar piece, one-fourth of a grain. And in weighing a number of pieces together, when delivered by the coiner to the superintendent, and by the superintendent to the depositor, the deviation from the standard weight shall not exceed one hundredth of an ounce in five thousand dollars in double-eagles, eagles, half-eagles, or quarter-eagles, in one thousand three- dollar pieces, and in one thousand one-dollar pieces. coi?s silver SEC. 353G. In adjusting the weight of the silver coins {xbe s \v C or 7 d t sec. 40. ety for the annual trial of coins, the number for gold coins being not less than one piece for each one thousand pieces or any fractional part of one thousand pieces de- livered ; and for silver coins one piece for each tw r o thousand pieces or any fractional part of two thousand pieces delivered. The pieces so taken shall be carefully sealed up in an envelope, properly labeled, stating the date of the delivery, the number and denomination of the pieces inclosed, and the amount of the delivery from which they were taken. These sealed parcels containing the reserved pieces shall be deposited in a pyx, designated for the purpose at each mint, which shall be kept under the joint care of the superintendent and assayer, and be so secured that neither can have access to its contents without the pres- ence of the other, and the reserved pieces in their sealed envelopes from the coinage of each mint shall be trans- mitted quarterly to the mint at Philadelphia. A record shall also be kept at the same time of the number and denomination of the pieces so taken for the annual trial of coins, and of the number and denominations of the pieces represented by them and so delivered, a copy of which record shall be transmitted quarterly to the Di- rector of the Mint. Other pieces may, at any time, be taken for such tests as the Director of the Mint shall prescribe. SEC. 3540. The coiner shall, from time to time, deliver d , ^P" 8 ^ * to the superintendent the dippings and other portions /^/..see. -u. 562 NATIONAL MONETARY COMMISSION. of bullion remaining after the process of coining; and the superintendent shall receipt for the same and keep a careful record of their weight and character. Yearly settle- SEC. 3541. The superintendent shall debit the coiner counts of coin- with the amount in weight of standard metal of all the er, and of melt- i i i i T er and refiner, bullion placed in his hands, and credit him with the Ibid., sec. 42. . amount 111 weight of all the coins, clippings, and other bullion returned by him to the superintendent. Once at least in every year, and at such time as the Director of the Mint shall appoint, there shall be an accurate and full settlement of the accounts of the coiner, and the melter and refiner, at which time those officers shall de- liver up to the superintendent all the coins, clippings, and other bullion in their possession, respectively, ac- companied by statements of all the bullion delivered to them since the last annual settlement, and all the bullion returned by them during the same period, including the amount returned for the purpose of settlement. wastage ance f0 ' k ^ EC ' 3542> Wnen & U tne coins, clippings, and other /bid " sec - 43 - bullion have been delivered to the superintendent, it shall be his duty to examine the accounts and statements ren- dered by the coiner and the melter and refiner. The difference between the amount charged and credited to each officer shall be allowed as necessary wastage, if the superintendent shall be satisfied that there has been a bona-fide waste of the precious metals, and if the, amount shall not exceed, in the case of the melter and refiner, one thousandth of the whole amount of gold, and one and one- half thousandths of the whole amount of silver delivered to him since the last annual settlement, and in the case of the coiner, one-thousandth of the whole amount of silver, and one-half thousandth of the whole amount of gold that has been delivered to him by the superintendent. All copper used in the alloy of gold and silver bullion shall be separately charged to the melter and refiner, and accounted for by him. bafancf-^hoet SEC - 354;L Tt sha11 also be tno clllt . v of tlie superiiitend- hy^ipeHnt.'mi- 61 ^ to f rwiir( l a correct statement of his balance-sheet, at o? t tb t eMint ctor the close of such settlement, to the Director of the Mint; iiid.,sev. -14. w ] 10 s j la ll compare the total amount of gold and silver bullion and coin on hand with tlur total liabilities of the mint. At the same time a statement of the ordinary expense account, and the moneys therein, shall also be made by the superintendent. LAWS CONCERNING MONEY, BANKING, AND LOANS. 563 SEC. 3544. When the coins or bars which are the equiva- .Delivery of 1 com or bars to lent to any deposit of bullion are ready for delivery, they depositor. J * " ' Ibid., sec. 45. shall be paid to the depositor, or his order, by the superin- tendent ; and the payments shall be made, if demanded, in the order in which the bullion shall have been brought to the mint. In cases, however, where there is delay in ma- nipulating a refractory deposit, or for any other unavoid- able cause, the payment of subsequent deposits, the value of which is known, shall not be delayed thereby. In the denominations of coin delivered, the superintendent shall comply with the wishes of the depositor, except when impracticable or inconvenient to do so. SEC. 3545. For the purpose of enabling the mints and Payment in . L A . money to de- the assay-office in JNew lork to make returns to depositors posi tors when with as little delay as possible, it shall be the duty of the tamed. Secretary of the Treasury to keep in such mints and assay-office, when the state of the Treasury will admit thereof, such an amount of public money, or bullion pro- cured for the purpose, as he shall judge convenient and necessary, out of which those who bring bullion to the said mints and assay-office may be paid the value thereof, in coin or bars, as soon as practicable after the value has been ascertained. On payment thereof being made, the bullion so deposited shall become the property of the United States. The Secretary of the Treasury may, how- ever, at any time withdraw the fund, or any portion thereof. SEC. 354G. Unparted bullion may be exchanged at any Exchange of r ,-t i n -\ , , ,. . * imparted bul- 01 the mints tor fine bars, on such terms and conditions asikm for fine may be prescribed by the Director of the Mint, with the /&'<&, sec. 46. approval of the Secretary of the Treasury. The fineness, weight, and value of the bullion received and given in exchange shall in all cases be determined by the Mint assay. The charge to the depositor for refining or parting shall not exceed that allowed and deducted for the same operation in the exchange of unrefined for refined bullion. SEC. 3547. To secure a due conformity in the gold and an ^P^ 1 e j e * silver coins to their respective standards of fineness and a , ssa y" commls ' sioners. weight, the judge of the district court for the eastern dis- u>i sec - 5:: - be covered into the Treasury, and no part of such deduc- tions or metal charges, or profit on silver or minor coin- age, shall be expended in salaries or wages. All expendi- tures of the mints and assay-offices, not herein otherwise provided for, shall be paid from appropriations made by law on estimates furnished by the Secretary of the Treasury. SEC. 3553. The business of the United States assay-office Business of J assay office at at New York shall be in all respects similar to that of the Ne w Y rk - Ibid., sec. u4. mints, except that bars only, and not coin, shall be manu- factured therein ; and no metals shall be purchased for minor coinage. All bullion intended by the depositor to be converted into coins, of the United States, and silver bullion purchased for coinage, when assayed, parted, and refined, and its net value certified, shall be transferred to the mint at Philadelphia, under such directions as shall be made by the Secretary of the Treasury, at the expense of the contingent fund of the Mint, and shall be there coined, and the proceerls returned to the assay-office. And the Secretary of the Treasury is hereby authorized to make the necessary arrangements for the adjustment of the accounts upon such transfers between the respective offices. SEC. 3554. The officers of the assay-office at Xew York of shall be a superintendent, an assayer, and a melter and re- Ne j finer: each of whom shall be appointed by the President, by arid with the advice and consent of the Senate. SEC. 3555. The duties of the superintendent, the as- of ^"m^r saver, and the melter and refiner of the assav-oflice at Ne ?i,X ork - * lutu.f Bet- Xew York' shall correspond to those of superintendents, assayers. and melters and refiners of mints; and all the provisions of this Title relating to mints and their officers, 566 NATIONAL MONETAKY COMMISSION. the duties and responsibilities of such officers, and others employed therein, the oaths to be taken, and the bonds and sureties to be given by them, shall extend, as far as the same may be applicable, to the assay-office at New York, and to its officers, clerks, and employes. ***** Appointment SEC. 3557. The appointment and compensation of as- and salaries of 11 ,1 n> , v assistants and sistants, clerks, and workmen in the assay-omce at rsew employees at 7 . New York. York shall be regulated in the same manner as is pre- Ibid., sec. 56. ., _ . scribed in regard to mints. Business of SEC. 3558. The business of the mint of the United and' assay States at Denver, while conducted as an assay-office, that offices at Boise n _ rt , _ . _. c t ,1 City and char- of the United States assay-omce at Boise City, and that n'id., sec. 57. of any other assay-offices hereafter established, shall be confined to the receipt of gold and silver bullion, for melting and assaying, to be returned to depositors of the same, in bars, with the weight and fineness stamped thereon. Appointment SEC. 3559. The officers of the assay-offices embraced by of officers at . .-, Denver, Boise the preceding section shall be, when their respective serv- City. and Char- . ? L lotte. ices are required, an assaver and a melter: each ot whom Ibid., sec. 57. ' -i i i * T-> i -i i i shall be appointed by the 1 resident, by and with the ad- vice and consent of the Senate. Their salaries shall not exceed two thousand five hundred dollars a year each. Powers and SEC. 3560. The assaver at each of the assav-offices em- duties of as- . t savers at as- braced bv section thirty-five hundred and fiftv-eight, shall S8.V offiCGS " * /bw., sees, have general charge of the office: and may employ, under the direction of the Director of (ho Mint, such clerks, workmen, and laborers as may be authorized therefor by law; and shall discharge the duties of disbursing agent Compensation for the expenses of the office under his charge. The sal- of employees. . -1,11111 -i i -i i aries paid to clerks shall not exceed one thousand Jigm hundred dollars a year each. Workmen and laborers shall receive such wages as are customary according to their respective stations and occupations. Bond and oath SEC. 3501. Each officer and clerk appointed at either of officer and . , . clerk. r of the assay-olhces embraced by section thirty-five hun- dred and fifty-eight shall, before entering upon the duties of his office, take an oath pursuant to the provisions of Title XIX. "PROVISIONS J/YY,)7.V/Y | AIMM/ICAULK] TO SEVERAL CLASSES OF OFFICERS/' and shall give ii bond to the United States, with one or more sureties, satisfactory to the Director of the Mint or to one of the judges of the supreme court of the State or Territory in which the LAWS CONCERNING MONEY, BANKING, AND LOANS. 567 office to which he is appointed is located, conditioned for the faithful performance of his duties. (See sections 1756, 1757.) (The act of February 18, 1875, substitutes the word ' : offices " for " officers." See also the act of February 27, 1877, as to word applying and applicable.) SEC. 3562. All provisions of law for the regulation of jn ^ * W ^ feiat- mints, the government of officers and persons employed sav e offices to as therein, and for the punishment of all offenses connected Ibi(L > sec - 60 - with mints or coinage, shall extend to all assay-offices as staf^tes^Je 8 ^ far as applicable. 5400.] SEC. 3563. The money of account of the United States t c ^ ci s al t | y b s ; shall be expressed in dollars or units, dimes or tenths, lished. Apr. -;, 1 1 y-, cents, or hundredths, and mills or thousandths, a dime ^^is, f.^so, being the tenth part of a dollar, a cent the hundredth part of a dollar, a mill the thousandth part of a dollar; and all accounts in the public offices and all proceedings in the courts shall be kept and had in conformity to this regulation. SEC. 3564. The value of foreign coin as expressed in the . value of for- money of account of the United States shall be that of ascertained.^ the pure metal of such coin of standard value ; and the ch'. 268, sec. i^ values of the standard coins in circulation of the various nations of the world shall be estimated annually by the Director of the Mint, and be proclaimed on the first day of January by the Secretary of the Treasury. SEC. 3565. In all payments by or to the Treasury, value of the whether made here or in foreign countries, where it be- pound sterling. , , , . Ibid., sec. 2. comes necessary to compute the value or the sovereign or pound sterling, it shall be deemed equal to four dollars eighty-six cents and six and one-half millls, and the same rule shall be applied in appraising merchandise imported where the value is, by the invoice, in sovereigns or pounds sterling, and in the construction of contracts payable in sovereigns or pounds sterling; and this valuation shall be the par of exchange between Great Britain and the United States; and all contracts made after the first day of January, eighteen hundred and seventy-four, based on an assumed par of exchange with Great Britain of fifty- four pence to the dollar, or four dollars forty-four and four-ninths cents to the sovereign or pound sterling, shall be null and void. SKC. 3566. All foreign gold and silver coins received in f(1 ,!^'f I f s of payment for moneys due to the United States shall, be- Foll 17;):?> fore being issued in circulation, be coined anew. ( v l1 -, '' ^Ij'/ ./,' 1S57, ch. [><;,' see. ". v.' XL 568 NATIONAL MONETARY COMMISSION. . 3567. The pieces commonly known as the quarter, df e 56 21 sec 85 i f e ighth? an d sixteenth of the Spanish pillar dollar, and of v - XI - the Mexican dollar, shall be receivable at the Treasury of the United States, and its several offices, and at the several post-offices and land-offices, at the rates of valua- tion following: the fourth of a dollar, or piece of two reals, at twenty cents ; the eighth of a dollar, or piece of one real, at ten cents; and the sixteenth of a dollar, or half-real, at five cents. Their trans- SEC. 35G8. The Director of the Mint, with the approval mission for re- .** coinage of the Secretary of the Treasury, may prescribe such ch. so, sec. '2, regulations as are necessary and proper, to secure the transmission of the coins mentioned in the preceding section to the mint for recoinage, and the [re] turn or distribution of the proceeds thereof, when deemed ex- pedient, and may prescribe such forms of account as are appropriate and applicable to the circumstances. The expenses incident to such transmission or distribution, and of recoinage, shall be charged against the account of silver profit and loss, and the net profits, if any, shall be paid, from time to time, into the Treasury. (The act of February 27, 1877. substitutes the word ' ; return '' for " turn/') Foreign coins. g EC- 3584. Xo foreign, gold or silver coins shall be a r Ph. Jl t 1 o . t , 11 ' ic 1 } 3 ' v ' ^ e a l tender in payment of debts. Gold coins of SEC. 3585. The gold coins of the United States shall be states. a legal tender in all payments at their nominal value ch. 131, sec. 14) when not below the standard weight and limit of toler- V Mar.'3?'i875| ance provided by law for the single piece, and, when re- lis/p. '470. ' v 'duced in weight below such standard and tolerance, shall be a legal tender at valuation in proportion to their actual weight. SEC. 3580. The silver coins of the United States shall states j )e a iQgul tender at their nominal value for any amount r f*i>. 1 , IcH >, ** p._m, s. i5 ;> v. no t. exceeding five dollars in any one payment. Mar. 3,"l875, C. 143, s. 2, v. 18, p. 470. Minor coins. $Ec. 3587. The minor coins of the United States shall Ibid., sec. 1<. be a legal tender, at their nominal value for any amount not exceeding twenty-five cents in any one payment. Certain mints /~i n-/,'. rm j / /^ r\' L i i T^V and assay of- .SEC. 3;>!)2. The mints at Carson City, and at Denver, positories. 6 "'and the assay-oflice at Boise City, shall be places of de- r A .?o 2 s' 5 8G v'P s ^ f r sm ' n P 11 ^!' moneys as the Secretary of the Mar P s' f> i.sr!::' r ^ ronsur . v lna . v ( '' re( '^ <. !><;, s.'. r >, v. 12, p. 770. FVI). 1!, ISC,!), c. ::.'!, s. 4, v. 15, p. 271. Feb. 12, J87o, c. i:;i, ss. c,r>, w, v. 17, p. 4:;r>. LAWS CONCERNING MONEY, BANKING, AND LOANS. 569 SEC. 3594. The superintendent of the mint at Carson superintend- ent of mint at City, and the superintendent of the assaj- -office at Boise n ^ r | g n cit j City, shall be assistant treasurers of the United States, 9 at 'noise J ' ' City to be as- and shall respectively have the custody and care of all^stant treas- public moneys deposited therein, and shall perform all the c A PJJ- -i. 1^62, duties required of them in reference to the receipt, safe- y^ P S - 3| 3 keeping, transfer, and disbursement of all such moneys,^ 96 - *-fyjf' as provided by law. f^s 1 !' i 869 ' 15. p. 271 ; Mar. 3, 1871, c. 113, s. 1, v. 16, p. 485. Feb. 12, 1873 c" 131, ss. 65, 66, v. 17, p. 435. SEC. 3651. No exchange of funds shall be made bv anv , Exchange of " funds restrlct- disbursing officer or agent of the Government, of any ed ^ i] 73 ' . i v. United States notes, or national-bank notes, shall make -Tune 3, 1864, ' c. 106, s. 23, v. his payments in the monevs so furnished : or when they 13. P. 100. 1 "' . , . J United States are furnished to him in drafts, shall cause those drafts *< city Hank . ( 6 M c L e n n . to be presented at their place of payment, and properly 13 >- paid according to law, and shall make his payments in the money so received for the drafts furnished, unless, in either case, he can exchange the means in his hands for gold and silver at par. And it shall be the duty of the head of the proper Department immediately to sus- pend from duty any disbursing officer or agent who vio- lates the provisions of this section, and forthwith to re- port the name of the officer or agent to the President, with the fact of the violation, and all the circumstances accompanying the same, and within the knowledge of the Secretary, to the end that such officer or agent may be promptly removed from office, or restored to his trust and the performance of his duties, as the President may deem just and proper. SEC. 3697. The Secretary of the Treasury is authorized, Redemption " of 6 per cent with any coin in the Treasury which he may lawfully bond s- apply to such purpose, or which may be derived from the J 870 -*:- - r '!;-_. ! t- 1 l " l 1 . _ 4, v. 10. p. -i". sale of any of the bonds which he may be authorized to dispose of for that purpose, to pay at par and cancel any six per centum bonds of the United States of the kind known as five-twenty bonds, which have become or shall hereafter become redeemable by the terms of their issue. But the particular bonds so to be paid and canceled shall in all cases be indicated and specified by class, date, and number, in the order of their numbers and issue, begin- 15712 10- 37 ' 570 NATIONAL MONETARY COMMISSION. ning with the first numbered and issued, in a public notice to be given by the Secretary of the Treasury, and, in three months after the date of such public notice, the interest on the bonds so selected and advertised to be paid shall cease. Purchase of SEC. 3700. The Secretary of the Treasury may purchase 'a r . 17, coin with any of the bonds or notes of the United States, 1862, c. 45, s. -, , i, v. 12, p. 3-0. authorized by law, at such rates and upon such terms as he may deem most advantageous to the public interest. counterfeit- Section 5457, as codified in section 163 of the Penal ing gold or sil- ver coins o r Code of the United States. March 4, 1909 (35 Stat. L., bars. 1119): Whoever shall falsely make, forge, or counterfeit, or cause or procure to be falsely made, forged, or counter- feited, or shall willingly aid or assist in falsely making, forging, or counterfeiting any coin or bars in resemblance or similitude of the gold or silver coins or bars which have been, or hereafter may be, coined or stamped at the mints and assay offices of the United States, or in resemblance or similitude of any foreign gold or silver coin which by law is, or hereafter may be, current in the United States, or are in actual use and circulation as money within the United States ; or whoever shall pass, utter, publish, or sell, or attempt to pass, utter, publish, or sell, or bring into the United States or any place subject to the jurisdic- tion thereof, from any foreign place, knowing the same to be false, forged, or counterfeit, with intent to defraud any body politic or corporate, or any person or persons whom- soever, or shall have in his posses-ion any such false, forged, or counterfeited coin or bars, knowing the same to be false, forged, or counterfeited, with intent to de- fraud any body politic or corporate, or any person or per- Punishment sons whomsoever, shall be fined not more than five thou- f or. . sand dollars and imprisoned not more than ten years. Section 5458, as codified in section 164 of the Penal Code of the United States, March 4, 1909 (35 Stat. L., 1119) : Counterfeit- Whoever shall falsely make, forgo, or counterfeit, or 1 n g m i n o r D ' coins. cause or procure to be falsely made, forged, or counter- feited. or shall willingly aid or assist in falsely making, forging, or counterfeiting any coin in the resemblance or similitude of any of the minor coins which have been, or hereafter may be. coined at the mints of the Cnited States; or Avhoever shall pass, utter, publish, or sell, or bring into the United States or any place subject to the juris- LAWS CONCEKNING MONEY, BANKING, AND LOANS. 571 diction thereof, from any foreign place, or have in his possession any such false, forged, or counterfeited coin, with intent to defraud any person whomsoever, shall be fined not more than one thousand dollars and imprisoned not more than three }'ears. Section 5459, as codified in section 165 of the Penal Code of the United States, March 4, 1909 (35 Stat. L., ^ t e n n s 1119) : "Whoever, fraudulently, by any art, way, or means, shall deface, mutilate, impair, diminish, falsify, scale, or lighten, or cause or procure to be fraudulently defaced, mutilated, impaired, diminished, falsified, scaled, or light- ened, or willingly aid or assist in fraudulently defacing, mutilating, impairing, diminishing, falsifying, scaling, or lightening, the gold or silver coins which have been, or which may hereafter be, coined at the mints of the United States, or any foreign gold or silver coins which are by law made current or are in actual use or circulation as money within the United States or in any place subject to the jurisdiction thereof; or whoever shall pass, utter, 62 J o1 - 29 > p - publish, or sell, or attempt to pass, utter, publish, or sell, or bring into the United States or any place subject to the jurisdiction thereof, from any foreign place, knowing the same to be defaced, mutilated, impaired, diminished, falsified, scaled, or lightened, with intent to defraud any person whomsoever, or shall have in his possession any such defaced, mutilated, impaired, diminished, falsified, scaled, or lightened coin, knowing the same to be defaced, mutilated, impaired, diminished, falsified, scaled, or light- ened, with intent to defraud any person whomsoever, shall be fined not more than two thousand dollars and Punishment for. imprisoned not more than five years. Section 5460. as codified in section 166 of the Penal p chasing coins by officers Code of the United States, March 4. 1000 (35 Stat. L., of the mint. 1120) : If any of the gold or silver coins, struck or coined at any of the mints of the United States shall be debased, or made worse as to the proportion of fine gold or fine silver therein contained, or shall be of less weight or value than the same ought to be. pursuant to law, or if any of the scales or weights used at any of the mints or assay offices of the United States shall be defaced, altered, increased, or diminished through the fault or connivance of anv oili- cer or person employed at the said mints or assay offices, 572 NATIONAL, MONETARY COMMISSION. with a fraudulent intent ; or if any such officer or person shall embezzle any of the metals at any time committed to his charge for the purpose of being coined, or any of the coins struck or coined at the said mints, or any medals, coins, or other moneys of said mints or assay offices at any time committed to his charge, or of which he may have assumed the charge, every such officer or person who com- mits any of the said offenses shall be fined not more than Punishment ten thousand dollars and imprisoned not more than ten for. years. Making or ut- Section 54G1, as codified in section 167 of the Penal t c r i D 2" coins resembling Code of the United States, March 4. 1901) (35 Stat. L., 1120) : Whoever, except as authorized by law, shall make or cause to be made, or shall utter or pass, or attempt to utter or pass, any coins of gold or silver or other metal, or alloys of metals, intended for the use and purpose of cur- rent money, whether in the resemblance of coins of the United States or of foreign countries, or of original de- runishmentsign, shall be fined not more than three thousand dollars, or imprisoned not more than five years, or both. Making or ut- Section 54G2, as codified in section 1G8 of the Penal tering devices of minor coins. Code of the United States. March 4, 1909 (35 Stat. L., 1120) : Whoever, not lawfully authorized, shall make, issue, or pass, or cause to be made, issued, or passed, any coin, card, token, or device in metal, or its compounds, which may be intended to be used as money for any one-cent, two-cent, three-cent, or five-cent piece, now or hereafter authorized by law, or for coins of equal value, shall be Punishment fined not more than one thousand dollars and imprisoned for. not more than live years. ACTS SUBSEQUENT TO THE REVISED STATUTES. ACT OF JANUARY 20. 1ST4. is stnt. L., CHAP. 19. An act authorizing coinaqc /o !>c executed at pt. 8, p. 0. . . , ' , the mints of the united States for fi'< i'< it enacted l>y the Senate and Honxe of Iu'iti-c*enfa- tii'cs of the I nitcd States of America in C out/Text 1:lwf " 1 fi' coinae lo be executed states^'mints d a ^ ^' n(> m ' n ^ s f ^ ne United Stales, for any foreign coun- try applying for the same, according to the legally pre- LAWS CONCERNING MONEY, BANKING, AND LOANS. 573 scribed standards and devices of such country, under such regulations as the Secretary of the Treasury may pre- scribe ; and the charge for the same shall be equal to the expenses thereof, including labor, materials, and use of machinery, to be fixed by the Director of the Mint, with the approval of the Secretary of the Treasury: Provided, Proviso. That the manufacture of such coin shall not interfere with the required coinage of the United States. Approved, January 29, 1874. ACT OF MAY 12, 1874. CHAP. 168. An act to establish an assaii-ofjice at Helena, is stat. L., pt. 3, p. 45. in the Territory of Montana. Be it enacted by the /Senate and House of Representa- tives of the United States of America in Congress assem- bled, That the Secretary of the Treasury is hereby au- thorized and required to establish an assay-office at Hel- ena, in the Territory of Montana, the said assay-office to Assay office . " - .. ni ...at Helen a, be conducted under the provisions ol the act entitled Mont. 1 ... 1873, ch. 131, An act revising and amending the laws relative to the Vol. xvu, p. mints, assay-offices, and coinage of the United States," approved February twelfth, eighteen hundred and sev- enty-three. * * * * * Approved, May 12, 1874. ACT OF JUNE 22, 1874. CHAP. 411). An act authorhinq 1he transfer of a old mint is st ?, t ,:., L -> pt. 3, p. 202. bars from the bullion fund of 1he asmtij office Xeu' York to the Assistant Treasurer at New York. Be it enacted by the /Senate and House of Representa- tives of the United States of America in Congress assem- bled, That the Secretary of the Treasury may, from time Transferor / - " gold mint bars to time, transfer to the office of the Assistant Treasurer' assistant t re as n rer at at Xe\v York from the bullion fund of the assay office New York - at New York, refined gold bars bearing (he, United States stamp of fineness, weight and value, or bars from any melt of foreign gold coin or bullion of standard equal to 574 NATIONAL MONETARY COMMISSION. May be ap- or above that of the United States and may apply the demption of same to the redemption of coin certificates or in exchange cates, etc. for gold coins at not less than par and not less than the market value subject to such regulations as he may prescribe. Approved, June 22, 1874. ACT OF JANUARY 14, 1875. is' stat. L., CHAP. 15. An act to pro ride for the resumption of pt. 3, p. 296. . specie payments. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- of S w e ^5 C &nd^ e ^'> That the Secretary of the Treasury is hereby au- coine e d nt and h thorized and required, as rapidly as practicable, to cause ti'on'of 6 ? rc- to ke coine( l at tne mints of the United States, silver renc aal c u r " coins of the denominations of ten, twenty-five, and fifty cents, of standard value, and to issue them in redemption of an equal number and amount of fractional currency of similar denominations, or, at his discretion, he may issue such silver coins through the mints, the subtreas- uries, public depositaries, and post-offices of the United States; and, upon such issue, he is hereby authorized and required to redeem an equal amount of such fractional currency, until the whole amount of such fractional cur- rency outstanding shall be redeemed. Revisedstat- SEC. 2. That so much of section three thousand five 701,' repealed, hundred and twenty-four of the Revised Statutes of the United States as provides for a charge of one-fifth of one per centum for converting standard gold bullion into coin is hereby repealed, and hereafter no charge shall be made for that service. Approved. January 1-1, 1875. ACT OF MARCH 3, 1875. !8 stat. L. CHAP. 11-3. An act authorizing the coinage of a twenty- cent piece of .S-///V-/' at f/ie mintx of the United States. Be it enacted Li/ fJie Senate and lloiine of Representa- tives of the United States of America in Congress axsem- LAWS CONCERNING MONEY, BANKING, AND LOANS. 575 bled, That there shall be, from time to time, coined at the mints of the United States, conformably in all re- V0 1 1 8 '^ ch - spects to the coinage act of eighteen hundred and seventy- ut ^ V 3 S ii 3 stat " three, a coin of silver of the denomination of twenty cents Repealed. and of the weight of five grams. SEC. 2. That the twenty-cent piece shall be a legal ten- Legal tender * . for what sums. der at its nominal value for any amount not exceeding five dollars in any one payment. SEC. 3. That in adjusting the weight of the twenty- cent piece, the deviation from the standard weight shall weight. not exceed one and one-half grains; and in weighing a large number of pieces together, when delivered by the coiner to the superintendent and by the superintendent to the depositor the deviation from the standard weight shall not exceed two-hundredths of an ounce in one thou- sand pieces. SEC. -4. That all laws now in force in relation to the Existing laws appl i cable to coins of the United States, and the coinage of the same, 20-cent coin. shall, as far as practicable, have full force and effect in relation to the coin herein authorized whether the said laws are penal or otherwise and whether they are for preventing counterfeiting or abasement, for protecting the currency, for regulating the process of coining and the preparation therefor, or for the security of the coin, or for any other purpose. Approved, March 3, 1875. ACT OF APRIL 17, 1876. CHAP. G3. An act to provide for a deficiency in the 33 19 stat - L '- Printing and Engraving Bureau of the Treasury De- partment, and for the ixsue of silver coin of the United States in place of fractional currency. SEC. 2. That the Secretary of the Treasury is hereby, silver coins " in redemption directed to issue silver coins of the United States of the of fractional currency. denomination of ten, twenty, twenty-five and fifty cents Revised stat- of standard value, in redemption of an equal amount of fractional currency, whether the same be now in the Treasury awaiting redemption, or whenever it may, be presented for redemption : and the Secretary of the Treas- ury may, under regulations of the Treasury Department, provide for such redemption and issue by substitution at the regular subtreasuries and public depositories of the United States until the whole amount of fractional 576 NATIONAL MONETARY COMMISSION. currenc e y e to e be currenc y outstanding shall be redeemed. And the frac- fund f slnking tional currency redeemed under this act shall be held to se^ e 25> 1862> ^ e a P ar * f tne Nuking- fund provided for by existing law, the interest to be computed thereon as in the case of bonds redeemed under the act relating to the sinking- fund. Approved, April 17, 1876. JOINT RESOLUTION OF JULY 22, 1876. 19 stat. L., [Xo. 17.] Joint resolution for the issue of silver coin. Resolved l>y the /Senate and House of Representatives of the United States of America in- Congress assembled, silver coin to That the Secretary of the Treasury, under such limits be issued in ex- . . . . change for and regulations as will best secure a lust and fair dis- legal- tender . . notes. tribution of the same through the country, may issue the silver coin at any time in the Treasury to an amount not exceeding ten million dollars, in exchange for an equal Notes to be amount of legal-tender notes; and the notes so received kept as a spe- cial fund. m exchange shall be kept as a special fund separate and apart from all other money in the Treasury, and be re- issued only upon the retirement and destruction of a like sum of fractional currency received at the Treasury in payment of dues to the United States; and said frac- tional currency, when so substituted, shall be destroyed 187G, vol. 19, and held as part of the sinking-fund, as provided in the act approved April seventeen, eighteen hundred and sev- enty-six. noL d ?,i S K(: - 2 - That lllc tn) de 1 ' ( 'i n authorized by law to be issued in redemption of the fractional currency it shall be lawful to manufac- ture at the several mints, and issue through the Treasury and its several ollices. such coin, to an amount, that, in- cluding the amount of subsidiary silver coin and of frac- tional currciif-y outstanding, shall, in the aggregate, not exceed, at any time fifty million dollars. Jjurrbnse of SE(I> .,_ T j )a( tj)(1 sil ;. (M . | )U l]j on m ,,,j n . ( l for the plir- poses of this resolution shall be purchased, from time to time, at market rate, by the Secretary of the Treasury, LAWS CONCERNING MONEY, BANKING, AND LOANS. 577 with any money in the Treasury not otherwise appro- priated ; but no purchase of bullion shall be made under Price limited, this resolution when the market-rate for the same shall be such as will not admit of the coinage and issue, as herein provided, without loss to the Treasury; and any gain or seigniorage arising from this coinage shall be . Seigniorage e to be accounted accounted for and paid into the Treasury, as provided for - under existing laws relative to the subsidiary coinage: Provided, That the amount of money at any one time in- Proviso, vested in such silver bullion, exclusive of such resulting coin shall not exceed two hundred thousand dollars. Approved, July 22, 1876. ACT OF AUGUST 15, 1876. CHAP. 287. An act making appropriations for the legis- 15 $$* L> ' 1 afire, executive, and judicial expenses of the Govern- ment for the year ending June thirtieth, eighteen hun- dred and seventy-seven, and for other purposes, *::#:!:>(: * * *: For specimens of coins, to be expended under Contingent expenses, mints the direction of the Secretary of the Treasury, two him- " nd assa y of - . J ' fices. dred dollars; for books, balances and weights, and other incidental expenses, seven hundred dollars; and refining Refining and 1 & partingbullion. and parting of bullion shall be carried on at the mints of the United States and at the assay office, New York; and it shall be lawful to apply the moneys arising from charges collected from depositors for these operations pursuant to law, to the defraying in full of the expenses thereof, including labor, materials, and wastage; but no part of the moneys otherwise appropriated for the sup- port of the mints and assay office at New York shall be used to defray the expenses of refining and parting bullion. ***** Approved. August 15, 1876. ACT OF JANUARY 1(5. 1877. CHAP. 24. An act to amend section, fifty-four hundred.^ stat> L>> and fifty-seven of the Remixed Statutes of the U nitcd titates relating to counterfeiting. P>c it enacted l>\i fhe Senate and House of Representa- tive * of the J' nitcd tifafcx of America in Conqress axxe/n- Ut'vised Stat- bled, That section fifty-four hundred and fifty-seven ofutes, r. 457 amended. 578 NATIONAL MONETARY COMMISSION. the Revised Statutes of the United States be, and the same is hereby, amended so as to read as follows : ing U ec erf c e o l in " Every person who falsely makes, forges, or counter- etc - feits, or causes or procures to be falsely made, forged, or counterfeited, or willingly aids or assists in falsely making, forging, or counterfeiting any coin or bars in resemblance or similitude of the gold or silver coins or bars which have been, or hereafter may be, coined or stamped at the mints and assay-offices of the United States, or in resemblance or similitude of any foreign gold or silver coin which by law is, or hereafter may be, current in the United States, or are in actual use and circulation as money within the United States, or who passes, utters, publishes, or sells, or attempts to pass, utter, publish, or sell, or bring into the United States from any foreign place, knowing the same to be false, forged, or counterfeit, with intent to defraud any body politic or corporate, or any other person or per- sons whatsoever, or has in his possession any such false, forged or counterfeited coin or bars, knowing the same to be false, forged, or counterfeited, with intent to defraud any body politic or corporate, or any other person or per- Penaity. SOI1S whatsoever, shall be punished by a fine of not more than five thousand dollars, and by imprisonment at hard labor not more than ten years. Approved, January 10, 1877. ACT OF MARCH 3, 1877. see 9 Stat ' L-> CHAP. 102. An act making appropriations fur the legis- lative, executive, and judicial exj>enxc* of the Govern- ment for the year ending Jum- ///i/f/rf/i. eighteen hun- dred and seventy-eight^ and for other i>ni'i>oses. * * * And refining and parting of bullion shall be Refining and carried on at the mints of the United States and at the parting b. ion. assay . office at New Y()rk> Aml it shaU bc lawful to apply the moneys arising from charges collected from depositors for these operations pursuant to law, to the defraying in full of the expenses thereof, including labor, materials and wastage; but no part of the moneys other- wise appropriated for the support of the mints and the assay-office at Now York shall be used to defray the expenses of refining and parting bullion. * * * * * Approved, March 3, 1877. LAWS CONCERNING MONEY, BANKING, AND LOANS. 579 ACT OF FEBRUARY 28, 1878. CHAP. 20. An act to authorize the coinage of the stand- 9 20 stat. L., ard silver dollar, and to restore its legal-tender char- acter. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- bled, That there shall be coined, at the several mints of 152. upp< R ' S " the United States, silver dollars of the weight of four siivei^donars. hundred and twelve and a half grains troy of standard fineness?* ' silver, as provided in the act of January eighteenth, 3 o R 6 9 % 4 S 73 S ', eighteen hundred thirty-seven, on which shall be the 3586. ' 8 t3 ' devices and superscriptions provided by said act; which coins together with all silver dollars heretofore coined by the United States, of like weight and fineness, shall be a legal tender, at their nominal value, for all debts Legal tender. and dues public and private, except where otherwise expressly stipulated in the contract. And the Secretary of the Treasury is authorized and directed to purchase, Purchase of from time to time, silver bullion, at the market price 81 thereof, not less than two million dollars worth per month, nor more than four million dollars worth per month, and cause the same to be coined monthly, as fast as so purchased, into such dollars; and a sum sufficient to carry out the foregoing provision of this act is hereby appropriated out of any money in the Treasury not otherwise appropriated. And any gain or seigniorage seigniorage * . u ll l i j: to to be paid into arising from this coinage shall be accounted for and the Treasury. paid into the Treasury, as provided under existing laws relative to the subsidiary coinage: Provided, That the Proviso. amount of money at any one time invested in such silver bullion, exclusive of such resulting coin, shall not exceed five million dollars: And provided further, That nothing in this act shall be construed to authorize the payment in silver of certificates of deposit issued under the provisions of section two hundred and fifty-four of the Revised Revised stat ^ utes, sec. 254. Statutes. SEC. 2. That immediately after the passage of this act. The President J of t h e United the President shall invite the Governments of the conn- states to invite the countries tries composing the Latin Union, so-called, and of such composing the 1 . Latin Union other European nations as he may deem advisable, toa n d other . . . . , n Europe a n ioin the United States in a conference to adopt a common countries to n ... conference with ratio between gold and silver, tor the purpose of estab-tue united ... , States to adopt lishmir, internationally, the use or bi-metalhc monev, and a common ratio .... between gold securing lixity oi relative value between those metals ; and silver, etc. 580 NATIONAL MONETARY COMMISSION. pointed. Compensa- tion. such conference to be held at such place, in Europe or in the United States, at such time within six months, as may be mutually agreed upon by the Executives of the Govern- ments joining in the same, whenever the Governments so invited, or any three of them, shall have signified their willingness to unite in the same. er C s m how Si ap- ^he Pres ident shall, by and with the advice and con- sent of the Senate, appoint three commissioners, who shall attend such conference on behalf of the United States, and shall report the doings thereof to the Presi- dent, who shall transmit the same to Congress. Said commissioners shall each receiver the sum of two thousand five hundred dollars and their reasonable ex- penses, to be approved by the Secretary of State ; and the amount necessary to pay such compensation and expenses is hereby appropriated out of an} 7 money in the Treasury not otherwise appropriated. mt"bed a e r - SEC - 3 - That an y holder of the coin authorized by this Treasure^ and ac ^ ma y deposit the same with the Treasurer or any as- sistant treasurer of the United States, in sums not less than ten dollars, and receive therefor certificates of not tifi I c S ateso f f C de- ^ ess than ten dollars each, corresponding with the denomi- na tions of the United States notes. The coin deposited ^ or or representing the certificate's shall be retained in the Treasury for the payment of the same on demand. Said certificates shall be receivable for customs, taxes, and all public dues, and, when so received, may be reissued. SEC. 4. All acts and parts of acts inconsistent with the provisions of this act are hereby repealed. SAM. J. RANDALL. Speaker of the HOIIXC, of Representatives. W. A. WHEELER, Vice-Presideiit of f/te United States and 1* resident of the Semite. IN THE HOUSE OF REPRESENTATIVES IT. S. Fein-nary .'8^ 1878. The President of the United States ha vino- returned to the House of Representatives, in which it originated the bill, entitled "An act to authorize the coinage of the stand- ard silver dollar, and to restore its legal-tender char- acter." with hi> objections thereto: the House of Repre- sentatives proceeded in pursuance of the Constitution to reconsider the same ; and P CO i n to be demotion o e j certiflcates. Repeal. LAWS CONCERNING MONEY, BANKING, AND LOANS. 581 Resolved, That the said bill pass, two-thirds of the House of Representatives agreeing to pass the same. Attest : GEO. M. ADAMS, Clerk. By GREEN ADAMS, Chief Clerk. IN THE SENATE or THE UNITED STATES February 28, 1878. The Senate having proceeded, in pursuance of the Con- stitution, to reconsider the bill entitled "An act to au- thorize the coinage of the standard silver dollar, and to restore its legal-tender character," returned to the House of Representatives by the President of the United States, with his objections, and sent by the House of Representa- tives to the Senate with the message of the President re- turning the bill; Resolved, That the bill do pass, two-thirds of the Senate agreeing to pass the same. Attest: GEO. C. GORHAM, Secretary of the Senate. ACT OF MAY -2, 1878. CHAP. 79. An act to prohibit the coinage of the twenty j>o stat. L., cent piece of silver. Be it enacted by the Senate and- House of Representa- tives of the United States of America in Congress assem- bled, That from, and after the passage of this act, the silver 20-cent piocGs coins SQ coinage of the twenty cent piece of silver, by the Govern- of, prohibited. ment of the United States be, and the same is hereby pro- hibited. And all laws in conflict with this act are hereby repealed. Approved. May 2, 1878. ACT OF JUNE 8. 1878. CHAP. 170. An act to authorize th.c. Secretary of the 20 stat. L., Treasury to constitute superintendents of mints or as- saycrs in assay offices, assistant treasure) 1 * of the United States. Be it enacted l>y the, Senate and House <>f Representa- tives of the United Slates of America in Congress assem- 582 NATIONAL MONETARY COMMISSION. ents P of in m1nts bled. That the Secretary of the Treasury be and he is ma d be aS c S onsti S hereby authorized to constitute any superintendent of a tuted assistant mint or assayer of anv assay-office, an assistant treasurer treasurers. J . . , ,. . of the United States without additional compensation, pose what pur * rece i y e gold coin and bullion on deposit for the pur- poses provided for in section two hundred and fifty-four of the Revised Statutes. Approved, June 8, 1878. ACT OF JUNE 19, 1878. 20 stat. L., CHAP. 329. An act making appropriations for the legis- lative, executive, and judicial expenses of the govern- ment for the fiscal year ending June thirtieth, eighteen hundred and seventy-nine, and for other purposes. ***** paJttal'buiiuS? * * * Ancl refining and parting of bullion shall be carried on at the mints of the United States and at the assay-office at New York. And it shall be lawful to apply the moneys arising from charges collected from deposi- tors for these operations pursuant to law so far as may be necessary to the defraying in full of the expenses thereof, including labor, materials, and wastage; but no part of the moneys otherwise appropriated for the support of the mints and the assay-office at New York shall be used to defray the expenses of refining and parting bullion ; but when the bullion received shall not. in the aggregate, be in such proportion of gold and silver as to admit of economical parting, or the necessary supplies of acids cannot be procured at reasonable rates, imparted bullion Revised stat- may be exchanged for fine bars, as provided in section 705.' thirty-five hundred and forty-six of the Revised Statutes of the United States. de Payment to And for the purpose of enabling the several mints and depositors at 1 . mints, etc. assa v-ofiices of the United States to make returns to Revised Stat- . utes, 3545, P. depositors with as little delay as possible, the provisions of section thirty-five hundred and forty-five of the Re- vised Statutes of the. United States shall hereafter apply to the several mints and assay-offices of the United States; and the Secretary of the Treasury is hereby authorized to use. as far as he may deem it proper and expedient, for payment to depositors of bullion at the several mints LAWS CONCERNING MONEY, BANKING, AND LOANS. 583 and assay-offices, coin certificates, representing coin in cer ^ s fl e ca te S coln the Treasury, and issued under the provisions of section ut ^ s e% o-4 d st |J" two hundred and fifty-four of the Revised Statutes of the 187 ^. <*.' 182. ' United States ; all of said acts and duties to be performed under such rules and regulations as shall be prescribed by the Secretary of the Treasury. And it shall be lawful to apply the moneys arising from charges collected from ch ^ rg | s e to y depositors at the several mints and assay-offices pursuant expenses. to law, to defraying the expenses thereof, including labor, material, wastage, and use of machinery ; and only so much of the appropriations herein made for the mints and assay-offices respectively shall be used for said mints and assay-offices as shall be necessary for the operations of the same, after the moneys arising from the charges aforesaid shall have been exhausted as herein provided. But in no event shall the expenditures of said mints and assay-offices exceed the amount of the specific appropri- ations herein made for same. ***** Approved, June 19, 1878. ACT OF MARCH 3, 1879. CHAP. 182. An act making appropriations for sundry 20 stat. L., civil expenses of the government for the fiscal year ending June thirtieth, eighteen hundred and eighty, and for other purposes. Be it enacted l>y the Senate and House of Representa- tives of the United States of America in Congress assem- bled< That the following sums be, and the same are hereby, . Appropria- J ' tions. appropriated for the objects hereinafter expressed, for sundry civil 111 _ ... expenses. the fiscal year ending June thirtieth, eighteen hundred and eighty, namely : MISCELLANEOUS OBJECTS UNDER THE TREASURY DEPARTMENT. ***** *; and so much of the act "making appropri- ations for the legislative, executive, and judicial expenses of the government for the fiscal year ending June thir- tieth. eighteen hundred and seventy-nine, and for other purposes," approved June nineteenth, eighteen hundred and seventy-eight, as authorizes the Secretary of the is~r>, oh. 320. Treasury to issue coin certificates in exchange for bullion Bunion cer- deposited for coinage at mints and assay-offices other than 584 NATIONAL MONETARY COMMISSION. those mentioned in section thirty-five hundred and forty - utes eV 3545 Stat ' f lve ^ tne Revised Statutes, be, and the same is hereby, repealed; said repeal to take effect at the end of the present fiscal year. ***** Approved, March 3, 1879. ACT OF JUNE 9, 1879. 21 stat. L., 7. CHAP. 12. An Act to provide for the exchange of sub- sidiary coins for lawful money of the United States under certain circumstances, and to make such coins a legal tender in all sums not exceeding ten dollars, and for other purposes. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- subsid i a r y fifed. That the holder of any of the silver coins of the coins. . ' J United States of smaller denominations than one dollar, may, on presentation of the same in sums of twenty dol- lars, or any multiple thereof, at the office of the Treasurer or any assistant treasurer of the United States, receive therefor lawful money of the United States. Redemption. g EC> 2. The Treasurer or any assistant treasurer of the United States who may receive any coins under the pro- vision of this act shall exchange the same in sums of twenty dollars, or any multiple thereof, for lawful money of the United States, on demand of any holder thereof. Legal tender. g EC> 3 < That the present silver coins of the United States of smaller denominations than one dollar shall hereafter be a legal tender in all sums not exceeding ten dollars in full payment of all dues public and private. Repeals. g EC< 4. That all laws or parts of laws in conflict with this act be, and the same are hereby, repealed. Approved June 9, 1879. ACT OF MARCH 1. 1881. 21 stat. L., CHAP. 95. An act to amend section thirty-fine hundred i 'supp. R. s., and twenty-four of the Revised Statutes so as to author- ize a charge for melting or refining bullion when at or above standard. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- LAWS CONCEKNING MONEY, BANKING, AND LOANS. 585 bled. That section thirty-five hundred and twenty-four of charge for " melting or re- the Revised Statutes of the United States be amended by "" bunion striking out of said section the words " for melting and P> rector of O Mint. refining when bullion is below standard," and inserting in Revised stat- utes, sec ,'5524 lieu thereof the words " for melting or refining bullion." 1875, Jan. 14, Approved March 1, 1881, ACT OF MARCH 3, 1881. CHAP. 130. An act making appropriations for the legis- ^ stat - L - lative, executive, and judicial expenses of the Govern- ment, for the fiscal year ending June thirtieth, eighteen hundred and eighty-two, and for other purposes. ***** PARTING AND REFINING BULLION. That the moneys Parting and . . ,. , , ,, , ., f c . refining bullion. arising iroin charges collected from depositors tor rennmg and parting bullion at the mints of the United States and the assay-office at New York shall be applied to defraying the expenses, including labor, materials, incidentals, and wastage, of those operations; but no part of the moneys otherwise appropriated for the support of the mints and assay-office at New York shall be used to defray the expenses of refining and parting bullion. Approved, March 3, 1881. ACT OF MARCH 3, 1881. CHAP. 133. An act making appropriations for sundry 44 2 7 1 stat - L - ciml c.epemes of the goi'crniucnt for the fixral year ending June thirtieth, eighteen hundred and cigltty- two, and for other purposes. That the Secretary of the Treasury bo, and he is hereby, } ^rt^m authorized and directed to transport free of charge silver silvor ( '" in - coin when requested to do so: Provided, That an equal 1>roviso - amount in coin or currency shall have been deposited in the Treasury by the applicant or applicants; and that there, is hereby appropriated twenty thousand dollars, or so much thereof as may be necessary, for that purpose 1 , 15711! 10 y.S 586 NATIONAL MONETARY COMMISSION. and that the same be available from and after the passage of this act. ***** Approved, March 3, 1881. NOTE. This act (see p. 455, 21 Stat. L.) appropriated for sal- aries and expenses of three commissioners to be appointed by the President to represent the United States at a conference to be called to adopt a common ratio bet\veen gold and silver for the purpose of establishing internationally the use of bimetallic money and securing fixity of relative value between those metals. ACT OF MAY 26, 1882. 22 stat. L., 97. C HAP . 19Q. An act to authorize the receipt of United States gold coin in exchange for gold bars. Be it enacted ~by the Senate and House of Representa- tives of the United States of America in Congress assem- Receipts of l>l e d. That the superintendents of the coinage mints, and gold coin in ex- ' * change for gold o f the United States assav office at New York, are hereby bfirs Revised stat- authorized to receive United States gold coin from anv tutes, sec. 3ol8. & holder thereof in sums not less than five thousand dollars, and to pay and deliver in exchange therefor gold bars in value equaling such coin so received. Approved, May 26, 1882. ACT OF JULY 12. 1882. 22 stat. L., CHAP. 290. An act to enable national-banking associ- 1 62 ations to extend their corporate existence, and for other purposes. ***** Gold certifl- SEC. 12. That the Secretarv of the Treasurv is author - cates issued in. . exchange f o r ized and directed to receive deposits or gold com with deposits of gold coin. the Ireasurer or assistant treasurers ol the United States, in sums not less than twenty dollars, and to issue certifi- cates therefor in denominations of not less than twenty Gold received dollars each, corresponding: with the denominations of held for re- J fe . . demotion of United States notes. Ihe com deposited tor or represent- ing the certificates of deposits shall be retained in the bank* Treasury for the payment of the same on demand. Said counted C asVart certificates shall be receivable for customs, taxes, and all "public dues, and when .so received may be reissued; and serve! wl LAWS CONCERNING MONEY, BANKING, AND LOANS. 587 such certificates, as also silver certificates, when held by any national-banking association, shall be counted as part of its lawful reserve ; and no national-banking as- sociation shall be a member of any clearing-house in which such certificate shall not be receivable in the settlement of balances. clearing-house balances : Provided, That the Secretary of Proviso. the Treasury shall suspend the issue of such gold certifi- . Suspension of ' & issue of gold cates whenever the amount of srold coin and gold bullion certificates, 1 . when. in the Treasury reserved for the redemption of United States notes falls below one hundred millions of dollars; and the provisions of section fifty-two hundred and seven a ?| T s lse ^}foV of the Revised Statutes shall be applicable to the certifi- 1007- cates herein authorized and directed to be issued. ***** Approved. July 12, 1882. ACT OF AUGUST 7, 1882. CHAP. 433. An act making appropriations for sundry 22 stat. L., civil expenses of the Government for the -fiscal year ending June' thirtieth, eighteen hundred and eighty - three, and for other purposes. For the transportation of silver coins: That the Secre- Transporta- tion of silver tarv of the Treasury be, and he is hereby, authorized and coin free of charge. directed to transport, free of charge, silver coins when Revised stat- utes - sec - 3527 - requested to do so: Provided^ I hat an equal amount in coin or currency shall have been deposited in the Treasury by the applicant or applicants; and that there is hereby appropriated ten thousand dollars, or so much thereof as may be necessary, for that purpose, and that the same be available from and after the passage of this act. ***** Approved. August 7, 1882. ACT OF A lid 1 1ST 4, 1880. CHAP. 902. An act making appropriations for sundry 24 stat. L., civil expenses of flic (Jot'criinieiit. for the fixeal year*" ending June thirtieth, eigliteen hundred and eiglili/- seven, and for other pm-poxes. * * * * * TRANSPORTATION OF SILVKR roix : For transportation of Transportn- . . tioll of SilVtT silver coin, including fractional silver coin by registered coins free <>f mail or otherwise, seventy-live thousand dollars; and in 588 NATIONAL MONETARY COMMISSION. expending this sum the Secretary of the Treasury is authorized and directed to transport from the Treasury utes Vl sec ^527 or subtreasuries, free of charge, silver coin when requested to do so ; Provided, That an equal amount in coin or cur- rency shall have been deposited in the Treasury or sub- treasuries by the applicant or applicants. And the Secre- tary of the Treasury shall report to Congress the cost arising under this appropriation. ***** Approved August 4, 1886. ACT OF MARCH 3, 1887. 6sf 4 Stat L "CHAP. 396. An act for the retirement and recoinage of the trade-dollar. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- trade a dollars bled, That for a period of six months after the passage of for silver coins, this act, United States trade-dollars, if not defaced, mu- tilated, or stamped, shall be received at the office of the Treasurer, or any assistant treasurer of the United States in exchange for a like amount, dollar for dollar, of stand- ard silver dollars, or of subsidiary coins of the United States. Retirement g EC . 2. That the trade-dollars received bv, paid to, or and recoinage of . . trade dollars, deposited with the Treasurer or any assistant treasurer or national depositary of the United States shall not be paid out or in any other manner issued, but, at the expense of the United States, shall be transmitted to the coinage mints and recoined into standard silver dollars or sub- sidiary coin, at the discretion of the Secretary of the Treasury: Provided, That the trade dollars recoined un- der this act shall not be counted as part of the silver bullion required to be purchased and coined into standard dollars as required by the act of February twenty-eighth, eighteen hundred and seventy-eight. Authority to SEC. 3. That all laws and parts of laws authorizing the com trade dol- * lars repealed, coinage and issuance of United States trade-dollars are hereby repealed. Received by the President, February It). 1SST. NOTK itv THI-; DKPAKTMKNT or STATK. The foregoing net having been presented to the President of the Tinted States for his approval, and not having been returned by him to the house of Congress in which it originated within the time prescribed by the Constitution of the United States, has become a law without his approval. LAWS CONCERNING MONEY, BANKING, AND LOANS. 589 ACT OF MAY 24, 1888. CHAP. 307. An act authorising the President of the 25 stat. L., United. States to arrange a conference between the United States of America and the Republics of Mexico, Central and South America, Hayti, San Domingo, and the Empire of Brazil. ***** SEC. 2. That in forwarding the invitations to the said fe f P| of con ' Governments the President of the United States shall set- forth that the conference is called to consider * Sixth. The adoption of a common silver coin, to be issued by each Government, the same to be legal tender in all commercial transactions between the citizens of all of the American States. * * * * * Approved, May 24, 1888. ACT OF MARCH 2, 1889. CHAP. 411. An act making appropriations for sundry 93 2 9 5 stat - L -- civil expenses of the Government for the fiscal year ending June thirtieth, eighteen hundred and ninety, and for other purposes. ***** * * *. That hereafter it shall not be lawful to use _ 2 r 5 **. L., 955. any portion of the so-called " silver-profit fund " or of the appropriation for " storage of silver-transportation " for the purpose of paying the expenses of the transporta- tion of standard silver dollars from the mints or the sub- treasuries to the Treasury at Washington, District of Columbia. ***** Approved, March 2, 1889. ACT OF JULY 14, 1890. CHAP. 703. An act direct/tig the purchase of silver ~bul- oj, 6 stat - L - lion and the issue of Treasury 'notes thereon, and for other purposes. Be it enacted l>y the Senate and House of Representa- tives of the United States of America, in Congress as- sembled, That the Secretary of the Treasury is hereby di- 1 J 11 ^ ''j^ 1 rected to purchase, from time to time, silver bullion to L ' lulHO(1 - the aggregate amount of four million five hundred thoii- 590 NATIONAL MONETARY COMMISSION. &s san( ^ ounces, or so much thereof as may be offered in each month, at the market price thereof, not exceeding one dollar for three hundred and seventy-one and twenty- Limit of five hundredths grains of pure silver, and to issue in pay- Treasury ment for such purchases of silver bullion Treasury notes sued in pay- of the United States to be prepared by the Secretary of chases r the Treasury, in such form and of such denominations, tions, D etc., n of not less than one dollar nor more than one thousand dol- lars, as he may prescribe, and a sum sufficient to carry into effect the provisions of this act is hereby appro- Appropria-priated out of any money in the Treasury not otherwise appropriated. Redemption g EC> 9. That the Treasurv notes issued in accordance of n o t e s in coin with the provisions of this act shall be redeemable on Reissue after 1 redemption. demand, in com, at the Treasurv of the United States, or Volumeof , J .' outstanding at the office of any assistant treasurer of the United notes, limited. Legal tender, States, and when so redeemed may be reissued ; but no except, etc. Receivable greater or less amount of such notes shall be outstanding for customs, . etc. at any time than the cost or the silver bullion and the Reissue after - . . . receipt. standard silver dollars coined therefrom, then held in the tionai bank re- Treasury purchased by such notes; and such Treasury Redemption notes shall be a legal tender in payment of all debts, pub- in gold or sil- . . \ J . i 5 ver coin, at the lie and private, except where otherwise expressly stipu- discretion of , , . . i i n i i i j: secretary of lated in the contract, and shall be receivable tor customs, taxes, and all public dues, and when so received may be reissued; and such notes, when held by any national bank- ing association, may be counted as a part of its lawful reserve. That upon demand of the holder of any of the Treasury notes herein provided for the Secretary of the Parity and Treasurv shall, under such regulations as he may pre- ratio of gold . . /. l and silver. scribe, redeem such notes in gold or silver coin, at his dis- cretion. it being the established policy of the United States to maintain the two metals on a parity with each other upon the present legal ratio, or such ratio as may be provided by law. Monthly SEC. ft. That the Secretary of the Treasury shall each coinage of sll- _ . . . ' . yer d o 1 1 a r s month coin two million ounces of the silver bullion pur- from pur- chased bullion, chased under the provisions of this act into standard Before a nd silver dollars iinlil the first day of July eighteen hun- after July 1, _ . * 1891 - dred and ninety-one, and after that time he shall coin of the silver bullion purchased under the provisions of this act as much as may be necessary to provide for the redemption of the Treasury notes herein provided for, Seigniorage. .,,,<] ail y rr a in or seigniorage arising from such coinage shall be accounted for and paid into the Treasury. LAWS CONCERNING MONEY, BANKING, AND LOANS. 591 SEC. 4. That the silver bullion purchased under the Purchases * subject to ex- provisions of this act shall be subject to the requirements ^ ing laws, of existing law and the regulations of the mint service governing the methods of determining the amount of <* pure silver contained, and the amount of charges or de- ductions, if any, to be made. SEC. 5. That so much of the act of February twenty- eighth, eighteen hundred and seventy-eight, entitled "An ;fg le jj. au8e re ' act to authorize the coinage of the standard silver dollar and to restore its legal-tender character," as requires the monthly purchase and coinage of the same into silver dollars of not less than two million dollars, nor more than four million dollars' worth of silver bullion, is hereby repealed. SEC. 6. That upon the passage of this act the balances re( S s ^J standing with the Treasurer of the United States to the note f fr , om . . . . general cash. respective credits of national banks for deposits made to redeem the circulating notes of such banks, and all deposits thereafter received for like purpose, shall be covered into the Treasury as a miscellaneous receipt, and the Treasury of the United States shall redeem from the general cash in the Treasury the circulating notes of said banks which may come into his possession subject to redemption; and upon the certificate of the Comptroller m Keimburse- of the Currency that such notes have been received by Treasurer from J '"National him and that thev have been destroyed and that no new bank notes, i ., Redemption ac- notes will be issued in their place, reimbursement of their count. 11 amount shall be made to the Treasurer, under such regu- lations as the Secretary of the Treasury may prescribe, from an appropriation hereby, created, to be known as National bank notes : Redemption account, but the pro- Not to apply / in i IT- -.to 5 per cent visions or this act shall not apply to the deposits received deposit for re- under section three of the act of June twentieth, eighteen circulation, hundred and seventy-four, requiring every National bank Monthly re- i i i MI xi m .LI TT >j. -i port of remain- to keep in lawful money with the Ireasurer 01 the united ing balance of States a sum equal to five per centum of its circulation, to be held and used for the redemption of its circulating notes; and the balance remaining of the deposits so cov- ered shall, at the close of each month, be, reported on the monthly public debt statement as debt of the United States bearing no interest. " SEC. 7. That this act shall take effect thirty days from operation. and after its passage." Approved, July 14, 1890. 592 NATIONAL MONETARY COMMISSION. ACT OF SEPTEMBEE 26, 1890. 26 stat. L., CHAP. 944. An act to amend section thirty-five hundred and ten of the Revised Statutes of the United States, and to provide for new designs of authorised devices of United States coins. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- bled, That section thirty-five hundred and ten of the Revised Statutes of the United States be, and the same is hereby, amended so as to read as follows : " SEC. 3510. The engraver shall prepare from the origi- nal dies already authorized all the working-dies required for use in the coinage of the several mints, and, when new coins, emblems, devices, legends, or designs are author- ized, shall, if required by the Director of the Mint, pre- Revised stat- p are the devices, models, hubs, or original dies for the utes, sec. 3517. r . . same. The Director of the Mint shall have power, with the approval of the Secretary of the Treasury, to cause fo? e eoius Si au S new designs or models of authorized emblems or devices *5 ri ears every ^ ^ e P re P are d and adopted in the same manner as when new coins or devices are authorized. But no change in the design or die of any coin shall be made oftener than once in twenty-five years from and including the year of the first adoption of the design, model, die, or hub for the same coin: Provided, That no change be made in the diameter of any coin: And provided further, That noth- ing in this section shall prevent the adoption of new designs or models for devices or emblems already author- ized for the standard silver dollar and the five-cent nickel piece as soon as practicable after the passage of this act. thm-Sto em- B t the Director of the Mint shall nevertheless have pioy artists, power, with the approval of the Secretary of the Treas- ury, to engage temporarily for this purpose the services of one or more artists, distinguished in their respective departments of art, who shall be paid for such service from the contingent appropriation for the mint at Phila- delphia." Approved, September 2G, 1890. LAWS CONCERNING MONEY, BANKING, AND LOANS. 593 ACT OF SEPTEMBER 26, 1890. CHAP. 945. An act to discontinue the coinage of the 26 stat. L., three-dollar and one-dollar gold pieces and three-cent nickel piece. Be it enacted by the /Senate and House of Representa- tives of the United States of America in Congress assem- bled, That from and after the passage of this act the coinage of the three-dollar gold piece, the one-dollar gold piece, and the three-cent nickel piece be, and the same is hereby, prohibited, and the pieces named shall not be struck or issued by the Mint of the United States. SEC. 2. That as fast as the said coins shall be paid into the Treasury of the United States they shall be with- drawn from circulation and be recoined into other de- nominations of coins. SEC. 3. That all laws and parts of laws in conflict with this act are hereby repealed. Approved, September 26, 1890. ACT OF OCTOBER 1, 1890. CHAP. 1244. An act to reduce the revenue and equalise |6 stat. L., duties on imports, and for other purposes. ***** SEC. 52. That the value of foreign coin as expressed el ^ aI C ot n of for " in the money of account of the United States shall be that of the pure metal of such coin of standard value; and the values of the standard coins in circulation of the vari- ous nations of the world shall be estimated quarterly by the Director of the Mint, and be proclaimed by the Secre- , Prooiama- , ' l tlon, quarterly. tary of the Treasury immediately after the passage of this act and thereafter quarterly on the first day of January, April, July and October in each year. ***** Approved, October 1, 1890. NOTE. A. similar provision is contained in section 25 of the tariff act of 1894 (28 Stat. L., 552), and further that "the values so proclaimed shall be followed in estimating the value of all for- eign merchandise exported to the United States during the quarter for which the value is proclaimed," etc. 594 NATIONAL MONETARY COMMISSION. ACT OF FEBRUARY 10, 1891. 26 stat. L., CHAP. 127. An act further to prevent counterfeiting or manufacture of dies, tools, or other implements used in counterfeiting, and providing penalties therefor, and providing for the issue of search warrants in certain cases. Be it enacted ~by the Senate and House of Representa- tives of the United States of America in Congress assem- Making bled, That every person who, within the United States ! etc!, b in or any Territory thereof, makes any die, hub, or mold, "states either of steel or plaster, or any other substance whatso- di Revised stat- ever in likeness or similitude, as to the design or the in- to e 5462? s ' 457 scription thereon, of any die, hub, or mold designated for the coining or making of any of the genuine gold, silver, nickel, bronze, copper or other coins of the United States that have been or hereafter may be coined at the mints of the United States, or who willingly aids or assists in the making of any such die, hub, or mold, or any part thereof, or who causes or procures to be made any such die, hub or mold, or any part thereof, without authority from the Secretary of the Treasury of the United States or other proper officer, or who shall have in his possession any such die, hub, or mold with intent to fraudulently or unlawfully use the same, or who shall permit the same to be used for or in aid of the counterfeiting of any of the coins of the United Spates hereinbefore mentioned Penalty. shall, upon conviction thereof, be punished by a fine of not more than five thousand dollars and by imprisonment at hard labor not more than ten years, or both, at the dis- cretion of the court. Procuring the g EC> 2. That every person who, within the United s a m e to be ^ ; made. States or any Territory thereof, without lawful author- ity, makes, or willingly aids or assists in making, or causes or procures to be made, any die, hub, or mold, either of steel or of plaster, or of any other substance what- soever, in the likeness or similitude, as to the design or the inscription thereon, of any die, hub, or mold designated for the coining of the genuine coin of any foreign Govern- ment, or who conceals or shall have in possession any such die, hub, or mold hereinbefore mentioned, with intent to fraudulently, or unlawfully use the same for counter- feiting any foreign coin, or who knowingly suffers the same to be fraudulently used for the counterfeiting of LAWS CONCERNING MONEY, -BANKING, AND LOANS. 595 any foreign coin shall, upon conviction thereof, be pun- Penalty, ished by a fine of not more than two thousand dollars or imprisonment at hard labor not more than five years, or both, at the discretion of the court. SEC. 3. That every person who makes, or who causes or Making or procures to be made, or who brings into the United States thing in simfl- ,. f i i n i i tude of United from any foreign country, or who shall have in possession states coins. with intent to sell, give away, or in any other manner use the same, any business or professional card, notice, pla- card, token, device, print, or impression, or any other thing whatsoever, whether of metal or its compound or of any other substance whatsoever, in likeness or similitude, as to design, color, or the inscription thereon, of any of the coins of the United States jor of any foreign Govern- ment, that have been or hereafter may be issued as money, either under the authority of the United States or under the authority of any foreign Government shall, upon con- viction thereof, be punished by a fine not to exceed one Penalty. hundred dollars. SEC. 4. That all counterfeits of any of the obligations Q CoiuiterfeUs or other securities of the United States or of any foreign states obiiga- Government, or counterfeits of any of the coins of the United States or of any foreign Government, and all ma- terial or apparatus fitted or intended to be used, or that shall have been used, in the making of any of such coun- terfeit obligations or other securities or coins hereinbefore mentioned, that shall be found in the possession of any person without authority from the Secretary of the Treas- ury or other proper officer to have the same, shall be taken possession of by any authorized agent of the Treasury Department and forfeited to the United States, and dis- posed of in any manner the Secretary of the Treasury may direct. SEC. 5. That the several judges of courts established g e T a s r s c e w r f under the laws of the United States and the commis- " iu such sioners of such courts may, upon proper oath or affirma- tion, within their respective jurisdictions, issue a search warrant authorizing any marshal of the United States, or any other person specially mentioned in such warrant, to enter any house, store, building, boat, or other place named in such warrant, in the daytime only, in which there shall appear probable cause for believing that the manufacture of counterfeit money, or the concealment of counterfeit money, or the manufacture or concealment of counterfeit obligations or coins of the United States or of any i'or- 596 NATIONAL MONETARY COMMISSION. eign government, or the manufacture or concealment of dies, hubs, molds, plates, or other things fitted or intended to be used for the manufacture of counterfeit money, coins, or obligations of the United States or of any for- eign government, or of any bank doing business under the authority of the United States or of any State or Ter- ritory thereof, or of any bank doing business under the authority of any foreign government or of any political division of any foreign government, is being carried on or practiced, and there search for any such counterfeit money, coins, dies, hubs, molds, plates and other things, and for any such obligations, and if any such be found, to Seizures. seize and secure the same and to make return thereof to the proper authority; anil all such counterfeit money, coins, dies, hubs, molds, plates, and other things and all such counterfeit obligations so seized shall be forfeited to the United States. Approved, February 10, 1891. This act was amended by the act of March 4, 1909 (chap. 321, 35 Stat. L., pp. 1120. 1121). See sections 169 to 173, inclusive. ACT OF MARCH 3, 1891. 26 stat. L., CHAP. 541. An act making appropriations for the legis- lative, executive and judicial expense* of the Govern- ment for the 'fiscal year ending June thirtieth, eighteen hundred and ninety-two, and for other purposes. ***** SEC. 3. That an act to authorize the receipt of United States gold coin in exchange for gold bars, approved May twenty-sixth, eighteen hundred and eighty-two, be amended to read as follows: Authorizing " That the superintendents of the coinage mints and of the issuance of -11 gold bars in the United States assav office at New lork mav, with the exchange for . gold coin. approval or the Secretary or the Ireasury, but not other- wise, receive United States gold coin from any holder thereof in sums of not less than five thousand dollars, and pay and deliver in exchange therefor gold bars in value equaling such coin so received: Provided, That the Secre- tary of the Treasury may impose for such exchange a charge which in his judgment shall equal the cost of manufacturing the bars." ***** Approved. March 3, 1891. LAWS CONCERNING MONEY, BANKING, AND LOANS. 597 ACT OF MARCH 3, 1891. CHAP. 542. An act making appropriations for sundry 26 stat. L., civil expenses of the Government for the fiscal year ending June thirtieth, eighteen hundred and ninety- two, and for other purposes. ***** RECOINAGE OF SILVER COINS : For recoinage of the uncur- Recoinage.sii- rent fractional silver coins abraded below the limit of tolerance in the Treasury, to be expended under the direc- tion of the Secretary of the Treasury, one hundred and fifty thousand dollars: Provided, That the Secretary of Proviso. the Treasury shall, as soon as practicable, coin into stand- etc.^into sta^d- ard silver dollars the trade-dollar bullion and trade dol- ai lars now in the Treasury, the expense thereof to be charges. charged to the silver profit fund. ***** Approved, March 3, 1891. ACT OF AUGUST 5, 1892. CHAP. 380. An act making appropriations for sundry 27 stat. L., civil expenses of the Government for the -fiscal year ending June thirtieth, eighteen hundred and ninety- three, and for other purposes. ***** INTERNATIONAL MONETARY CONFERENCE: The President Monetary con- ference. of the United States is hereby authorized to appoint five commissioners to an international conference, to be held at a place to be hereafter designated, with a view to secure, internationally, a fixity of relative value between gold and silver, as money, by means of a common ratio between those metals, with free mintage at such ratio, and for compensation of said commissioners, and for all reasonable expenses connected therewith, to be approved by the Secretary of State, including the proportion to bo see^aiso net paid by the United States of the joint expenses of such conference, eighty thousand dollars, or so much thereof as may be necessary. * * :|: * * Approved, August f>, 1892. 598 NATIONAL MONETARY COMMISSION. ACT OF AUGUST 5, 1892. ssl 7 Stat L " CHAP. 381. An act to aid in carrying out the act of Con- gress approved April twenty-fifth, eighteen hundred and ninety, entitled "An act to provide for celebrating the four hundredth anniversary of the discovery of America by Christopher Columbus, by holding an in- ternational exposition of arts, industries, manufactures, and products of the soil, mine, and sea, in the city of Chicago, in the State of Illinois" and appropriating money therefor. Be it enacted by the /Senate and House of Representa- tives of the United States of America in Congress assem- Authorizing bled, That for the purpose of aiding in defraying the cost coinage of 5,- . . , , i - 000,000 souve- o f completing in a suitable manner the work 01 prepara- mr half dollars 1,^,1 -r-, for the world's tion f or inaugurating the v\ orld s Columbian Exposition, Columbian Ex- ^ position authorized by the act of Congress approved April twenty- Revised Stat. J utes, sec. 3513. fifth, anno Domini eighteen hundred and ninety, to be held at the city of Chicago, in the State of Illinois, there shall be coined at the mints of the United States silver half dollars of the legal weight and fineness, not to exceed five million pieces, to be known as the Columbian half dollar, struck in commemoration of the World's Colum- bian Exposition, the devices and designs upon which shall be prescribed by the Director of the Mint, with the ap- proval of the Secretary of the Treasury; and said silver coins shall be manufactured from uncurrent subsidiary silver coins now in the Treasury, and all provisions of law relative to the coinage, legal-tender quality, and redemption of the present subsidiary silver coins shall be applicable to the coins issued under this act, and when so recoined there is hereby appropriated from the Treas- ury the said five millions of souvenir half dollars, and the Secretary of the Treasury is authorized to pay the same to the World's Columbian Exposition. (The remainder of section 1 and section 2 prescribe conditions for the guidance of the managers of the expo- sition; section 3 authorizes bronze medals and diplomas for awards to exhibitors and provides that the Secretary of the Treasury may authorize holders of such medals to have duplicates in gold, silver, or bronze made at any of the mints at the expense of the person desiring the same; and section 4 forbids the opening of the exposition to the public on Sunday.) Approved. August 5, 1892. LAWS CONCERNING MONEY, BANKING, AND LOANS. 599 ACT OF MARCH 3, 1893 CHAP. 208. An act making appropriations for sundry 58 | 7 stat - L - civil expenses of the Government for the fiscal year end- ing June thirtieth, eighteen hundred and ninety-four, and for other purposes. ***** WORLD'S COLUMBIAN COMMISSION: * * * and ten Authorizing coinage of 40,- thousand dollars of the appropriation for the Board of ooo souvenir . , . .. ,., quarter dollars Ladv Managers shall be paid in souvenir coins of the f0 / the Board * . . /.i of Lad y Mana - denomination of twenty-five cents, and for that purpose gers world's J L L Columbian Ex- there shall be coined at the mints of the United States position. silver quarter dollars of the legal weight and fineness, not to exceed forty thousand pieces, the devices and designs upon which shall be prescribed by the Director of the Mint, with the approval of the Secretary of the Treasury; and said silver coins shall be manufactured Revised stat- J ' ... . . utes, sec. 3o43. from uncurrent subsidiary silver coins now in the Treas- ury; and all provisions of law relative to the coinage, legal-tender quality, and redemption of the present sub- sidiary silver coins shall be applicable to the coins herein authorized to be issued; and a sum not exceeding five thousand dollars may be used by the Director-General in his discretion for incidental and contingent expenses of his office. ***** Approved. March 3. 1893. ACT OF NOVEMBER 1. 1893. CHAP. 8. An act to repeal a part of an act approved July 28 stat L -' 4 - fourteenth, eighteen hundred and ninety, entitled u An act directing the purchase of silver bullion and the issue of Treasury Notes thereon, and for other pur- poses.^ Be it enacted l>y the Ken ate and House of Representa- tives of the United Stntcx of America in Congress assem- bled, That so much of (he act approved July fourteenth, pu ? c n e ^ nu e | eighteen hundred and ninety, entitled "An act directing silvor bulllon - the purchase of silver bullion and issue of Treasury notes thereon, and for other purposes," as directs the Secretary of the Treasurv to purchase from time to time silver bullion to the aggregate amount of four million five hun- dred thousand ounces, or so much thereof as may be 600 NATIONAL MONETARY COMMISSION. offered in each month at the market price thereof, not exceeding one dollar for three hundred and seventy-one and twenty-five one hundredths grains of pure silver, and to issue in payment for such purchases Treasury notes of the United States, be, and the same is hereby, repealed. oiic e of\?nued And it is hereby declared to be the policy of the United for tes oidand St a t es * contmue the use f Dotn gld and silver as stiver. standard money, and to coin both gold and silver into money of equal intrinsic and exchangeable value, such Parities be-equalitv to be secured through international agreement, tween the two n " e . . -n -r metals to be or by such safeguards or legislation as will insure the maintained. .* . s , . maintenance or the parity in value 01 the coins or the two metals, and the equal power of every dollar at all times in the markets and in the payment of debts. And it is hereby further declared that the efforts of the Government should be steadily directed to the establishment of such a safe system of bimetallism as will maintain at all times the equal power of every dollar coined or issued by the United States, in the markets and in the payment of debts. Approved, November 1, 1893. ACT OF AUGUST 13, 1894. 28 stat. L., CHAP. 281. An act to subject to State taxation national 278 bank notes and United States Treasury notes. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- state taxa-ftfec?, That circulating notes of national banking associa- tion of nation- . ai currency and t 1O ns and United States legal tender notes and other United States no tes author- notes and certificates of the united States payable on izcd demand and circulating or intended to circulate as cur- rency and gold, silver or other coin shall be subject to taxation as money on hand or on deposit under the laws Proviso. of any State or Territory : Provided, That any such taxa- as other money, tion shall be exercised in the same manner and at the same rate that any such State or Territory shall tax money or currency circulating as money within its jurisdiction. Existing laws. SEC. 2. That the provisions of this Act shall not be deemed or held to change existing laws in respect of the taxation of national banking associations. Approved, August 13. 1894. LAWS CONCERNING MONEY, BANKING, AND LOANS. 601 ACT OF FEBRUARY 20, 1895. CHAP. 105. An act to provide for coinage at the 'branch 28 stat. L., mint at Denver, Colorado. Be it enacted l>y the Senate and House of Representa- tives of the United States of America in Congress assem- bled, That hereafter there shall be carried on at the branch mint of the United States at Denver, in the State mhft^t'o co^n of Colorado, the coinage of gold and silver. gold and silver - SEC. 2. That the provisions of sections thirty-four officers. hundred and ninety-six and thirty-four hundred and utes, sees. 349^ ninety-seven of the Revised Statutes of the United States amended. are hereby made applicable to the mint of the United States at Denver, Colorado, and that so much of sections Revised stat- thirty-five hundred and fifty-eight, thirty-five hundred 3501, PP '. 702, and fifty-nine, thirty-five hundred and sixty, and thirty- ' five hundred and sixty-one of the Revised Statutes of the United States as relates to the mint at Denver, Colorado, are hereby repealed; and that the compensation of the salaries, officers of said mint shall be the same as those of the mint utes, sec. 3498, at Carson City, Nevada. SEC. 3. That all laws and parts of laws in force in Laws appii- relation to the mints of the United States, and for the government of the officers and persons employed therein, shall be applicable to the mint at Denver. Approved, February 20, 1895. ACT OF MARCH 2, 1895. CHAP. 177. An act making appropriations for the legis- 28 stat. L., latioe, executive, and judicial expenses of the Govern- ment for the fiscal year' ending June thirtieth, eighteen hundred and ninety-six, and for other purposes. Until the mint and assay-office at Denver shall become Assay office to continue nn- a coinage mint in accordance with law, the present mint til coinage mint . established. shall be continued as an assay-office, and the business now transacted at said mint shall bo continued therein, and the appropriations heretofore and herein made shall be applicable to such mint. ***** That the Secretary of (ho Treasury is hereby author- Refinery of ized and required to establish at tho United States assay office at Helena, Montana, a refinery for refining and 15712 10 39 602 NATIONAL MONETARY COMMISSION. parting gold and silver and for casting the same into bars, ingots, or discs. charges. That the charges for these operations shall be fixed by the Director of the Mint, with the approval of the Secretary of the Treasury, to equal, but not to exceed, the expenses thereof, and all provisions of law relating to the refineries of the mints and assay offices shall apply to the parting and refining of bullion at the assay office at Helena, Montana. * * * * * Approved, March 2, 1895. NOTE. A similar provision in relation to the mint and assay office at Denver is contained in the following acts: May 26, 1896 (29 Stat. L., 159) ; February 19, 1897 (29 Stat. L., 558) ; March 15, 1898 (30 Stat. L., 296) ; Feb- ruary 24, 1899 (30 Stat. L., 868) ; April 17, 1900 (31 Stat. L., 110) ; March 3, 1901 (31 Stat. L., 985) ; April 28, 1902 (32 Stat. L., 145, 880) ; March 18, 190-1 (33 Stat. L., 109). ACT OF MAECH 2, 1895. 28 stat. L., CHAP. 189. An act making appropriations for sundry cii'il expenses of the Government for the fiscal year ending June thirtieth, eighteen hundred and ninety -six, and for other purposes. international That whenever the President of the United States shall ference. determine that the United States should be represented at any international conference called with a view to secure, internationally, a fixity of relative value between gold and silver, as money, by means of a common ratio between those metals, with free mintage at such ratio, the United States shall be represented at such conference Nino dole- by nine delegates, to be selected as follows : The President gates. selection. of the United States shall select three of said delegates; the Senate shall select three Members of the Senate as delegates; and the Speaker of the present House of Rep- resentatives shall select three Members of the House of Representatives of the Fifty-fourth Congress as delegate's. Vacancies. If at any time there shall be any vacancy such vacancy shall bo filled by the President of the United States. t|o ^ om P ensa -And for the compensation of said delegates, together with all reasonable expenses connected therewith, to be ap- LAWS CONCERNING MONEY, BANKING, AND LOANS. 603 proved by the Secretary of State, including the propor- tion to be paid by the United States of the joint expenses of such conference, the sum of one hundred thousand dol- lars, or so much thereof as may be necessary, is hereby Appropria- , -i tion for ex- appropnated. penses. ****** Approved, March 2, 1895. ACT OF JUNE 11, 1896. CHAP. 420. An act making appropriations for sundry o 29 stat. L., civil expenses of the Government for the 'fiscal year ending June thirtieth, eighteen hundred and ninety- seven, and for other purposes, * * # * * RECOINAGE, REISSUE, AND TRANSPORTATION OF MINOR Minor coins, COINS: The Secretary of the Treasury is authorized to 1 transfer to the United States mint at Philadelphia, for cleaning and reissue, any minor coins now in, or which may be hereafter received at, the subtreasury offices, in excess of the requirement for the current business of said offices; and the sum of four thousand dollars is hereby appropriated for the expense of transportation for such reissue. And the Secretary of the Treasury is also au- thorized to recoin any and all the uncurrent minor coins now in the Treasur. Approved, June 11, 1896. ACT OF FEBRUARY 19, 1897. CHAP. 265. An act making appropriations for the legis- r _?o stat. L., lative, executive, and judicial expense* of the Govern- ment for the fiscal year ending June thirtieth, eighteen hundred and ninety-eight, and for other purf/oxes. ASSAY OFFICE AT DEADWOOD, SOTTII DAKOTA: The Sec- P C{l(lw od - Kent of build- retary of the Treasury is hereby authorized and directed '#. espouses, etc. to use the unexpended balance of the appropriation of fifteen thousand dollars for establishing an assay office at Deadwood, South Dakota, made by the Sundry Civil ap- propriation Act approved June eleventh, eighteen hun- dred and ninety-six, for rent of a suitable building for such purpose, for providing the sumo witli necessary fur- 604 NATIONAL MONETAEY COMMISSION. naces, fixtures, and apparatus, and for wages of work- 42 y L 17> P-men and contingent expenses; and said assay office shall u t R e e s lse T i^e* 36 conducted under the provisions of the Act entitled "An 693-705 1 ' pp> ^ c ^ ^vising and amending the laws relative to the mints, assay offices, and coinage of the United States," approved February twelfth, eighteen hundred and seventy-three. Approved, February 19, 1897. ACT OF MARCH 3, 1897. 60 | 9 stat - L - CHAP. 376. An act to provide for the representation of the United States by commissioners at any interna- tional monetary conference hereafter to be called, and to enable the President to otherwise promote an inter- national agreement. Be it enacted by the /Senate and House of Representa- tives of the United States of America in Congress assem- internntionai l>l c d That whenever after March fourth, eighteen hundred monetary con- ' ference. an( ] ninety-seven, the President of the United States shall determine that the United States should be represented at any international conference called by the United States or any other country with a view to securing by international agreement a fixity of relative value between gold and silver as money by means of a common ratio Appointment Between these metals, with free mintage at such ratio, he of commission- ers authorized. J s hereby authorized to appoint five or more commis- Compensa-sioners to such international conference; and for com- pensation of said commissioners, and for all reasonable expenses connected therewith, to be approved by the Sec- Appropria-retary of State, including the proportion to be paid by the United States of the joint expenses of any such con- ference, the sum of one hundred thousand dollars, or so much thereof as may be necessary, is hereby appropriated. ran for con- SEC. o. That the President of the United States is ference. hereby authorized, in the name of the Government of the United States, to call, in his discretion, such international conference, to assemble at such point as may be agreed spofiai rom-upon. And he is further authorized, it' in his judgment missionor for . . ,. , . , ,. . , ,,' , diplomatic ne-tne purpose specified in the lirst section hereoi can thus Kotiations. , i . i , -, be better attained, to appoint one or more special com- missioners or envoys to such of the nations of Europe as he may designate to seek by diplomatic negotiations an international agreement for the purpose specified in the LAWS CONCERNING MONEY, BANKING, AND LOANS. 605 first section hereof. And in case of such appointment so much of the appropriation herein made as shall be neces- sary shall be available for the proper expenses and com- pensation of such commissioners or envoys. SEC. 3. That so much of an act approved March second, Repeal of for- eighteen hundred and ninety-five, entitled "An Act mak- fT iKi n a a - ing appropriations for sundry civil expenses of the Gov- encefVoi? 2s?p. eminent for the fiscal year ending June thirtieth, eighteen 962 ' hundred and ninety-six, and for other purposes," as pro- vided for the appointment of delegates to an international conference and makes an appropriation for their compen- sation and expenses, be, and the same is hereby, repealed. Approved, March 3, 1897. ACT OF MARCH 3, 1897. CHAP. 377. An- act to amend section fifty- four hundred 60 ? 9 stat - L - and fifty-nine of the Revised Statutes, prescribing the punishment for mutilating United States coins and for uttering or passing or attempting to utter or pass such mutilated coins. Be it enacted Ijy the Senate and House of Representa- tives of the United States of America in Congress assem- bled, That section fifty-four hundred and fifty-nine of the Mutilated ; - * coins. Revised Statutes of the United States be amended so as to. Punishment for uttering, read as follows: etc - "SEC. 5459. Every person who fraudulently, by any. Punishment 'for f r a u d u - art, way, or means, defaces, mutilates, impairs, dimin- lentiy defacing, . ' l n 6tC -' C lnS - ishes, falsifies, scales, or lightens, or causes or procures to be fraudulently defaced, mutilated, impaired, dimin- Revised stat- 1 ' utes, sec. i>4;>9, ished, falsified, scaled, or lightened, or willingly aids orP^ 105s > amend- assists in fraudulently defacing, mutilating, impairing, diminishing, falsifying, scaling, or lightening the gold or silver coins which have been, or which may hereafter be, coined at the mints of the United States, or any foreign gold or silver coins which are by law made current or are in actual use or circulation as money within the United States, or who passes, utters, publishes, or sells, or at- Passing, etc. tempts to pass, utter, publish, or sell, or bring into the United States from any foreign place, knowing the same to be defaced, mutilated, impaired, diminished, falsified, scaled, or lightened, with intent to defraud any person whatsoever, or has in his possession any such defaced, mutilated, impaired, diminished, falsified, scaled, or lightened coin, knowing the same to be defaced, mu- 606 NATIONAL MONETARY COMMISSION. tilated, impaired, diminished, falsified, scaled, or light- ened, with intent to defraud any person whatsoever, shall be imprisoned not more than five years and fined not more than two thousand dollars." Approved, March 3, 1897. This act was amended by the act of March 4, 1909 (chap. 321, 35 Stat. L., p., 1119, section 165.) ACT OF MAY 21, 1898. so stat. L., CHAP. 348. An act to establish an assay office at Seattle, Washington. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- Seattle, bled. That the Secretarv of the Treasury is herebv Wash., assay '. " ,,1-1 > % office es tab- authorized and required to establish an assay onice 01 the United States at Seattle, in the State of Washington; said assay office to be conducted under the provisions of ^voi. IT, p. the Act entitled "An Act revising and amending the laws relating to the mints and assay offices and the coinage of the United States," approved February twelfth, eighteen officers, etc. hundred and seventy-three ; that the officers of the assay office shall be an assayer in charge, at a salary of two thousand five hundred dollars per annum, who shall also perform the duties of melter; chief clerk, at a salary of one thousand five hundred dollars per annum. And the Secretary of the Treasury is hereby authorized to rent a suitable building for the use of such assay office: and there is hereby appropriated, out of any money in the Treasury not otherwise appropriated, the sum of twenty thousand dollars for salary of assayer in charge, chief clerk, and wages of workmen, rent, and contingent expenses. Approved, May 21, 1898. ACT OF JUNE 13, 1898. :'.o stat. L., Oii.M'. 448. An act to provide ira>/n and means to meet 44H. ,. . , '' ,, 2 supp. it. s., irar expenditures, and for oilier purposes. ***** f'OIXAC.E OF SILVER Bl'LUON. roinnjrp of SEC. 34. That the Secretarv of the. Treasurv is hereby silver dollars . . . i i* i i i authorized. authorized and directed to coin into standard silver dol- lars as rapidly as the public interests may require, to an amount, however, of not less than one and one half mil- LAWS CONCEKNING MONEY, BANKING, AND LOANS. 607 lions of dollars in each month, all of the silver bullion now in the Treasury purchased in accordance with the provisions of the act approved July fourteenth, eighteen hundred and ninety, entitled "An act directing the pur- Ch ju 7 1 ^ 8 14 1 - ISQO, chase of silver bullion and the issue of Treasury notes R - s -. 774. thereon, and for other purposes," and said dollars, when so coined, shall be used and applied in the manner and for the purposes named in said act. Approved, June 13, 1898. ACT OF JULY 7, 1898. CHAP. 571. An act making appropriations to supply 66 S stat. L., deficiencies in the appropriations for the fiscal year end- 2Supp. B. s. f ing June thirtieth, eighteen hundred and ninety-eight, and for prior years, and for other purposes. ***** And refining and parting of bullion shall be carried on bu ffion, n etcf, at at the coinage mints of the United States and at the assay ^" age mmts> office at Xew York, and it shall be lawful to apply the moneys arising from charges collected from depositors c h ^ e / s f ^^ for these operations, and also the proceeds of sale of by- by-products, products (spent acids arising from any surplus bullion recovered in parting and refining processes), pursuant to law, so far as may be necessary, to defraying in full the For expenses. expenses thereof, including labor, material, wastage, and loss on sale of sweeps. But no part of the moneys appropriated for the sup- x ^ p Y "r k s at port of the coinage mints and assay office at Xew York shall be used to defray the expenses of parting and refin- ing bullion. Approved, July 7, 1898. ACT OF FEBRUARY 24, 1899. CHAP. 187. An act making appropriations for the leg is- SG 2 8tat - L - latit'e, executive, and judicial c.rjx'nxcx of the Govern- ment for the fiscal y<>ur/>os<:*. ***** If in the discretion of the Secretary of the Treasury ofVp^l/op'rhf- the mint at Car.-on. Nevada, be not operated as a coinage tlon ' mint during the whole or any part of the fiscal year 608 NATIONAL MONETARY COMMISSION. nineteen hundred, the foregoing appropriations for said mint shall only be available during the fiscal year nine- teen hundred, or such part of said year as the said mint is not operated for coinage purposes, for maintaining the same as an assay office, * * * ***** Approved, February 24, 1899. ACT OF MAECH 3, 1899. 1117 Stat L " CHAP. 424. An act making appropriations for sundry civil expenses of the Government for the fiscal year ending June thirtieth., nineteen hundred, and for other purposes. ***** monument. 6 " 6 LAFAYETTE MONUMENT: For the purpose of aiding in tion PP for P ped- ; defraying the cost of a pedestal, and completing in a es souvenir doi- su itable manner the work of erecting a monument in the lars - city of Paris to General Lafayette, designed by the La- fayette Memorial Commission, as a feature of the par- ticipation of the United States in the Paris Exposition of nineteen hundred the Secretary of the Treasury shall be, and is hereby authorized to purchase in the market twenty-five thousand dollars worth of silver bullion, or so much thereof as may be necessary for the purpose herein provided for, from which there shall be coined at the mints of the United States silver dollars of the legal weight and fineness to the number of fifty thousand pieces, to be known as the Lafayette dollar, struck in commemoration of the erection of a monument to General Lafayette, in the city of Paris, France, by the youth of the United States, the devices and designs upon which coins shall be prescribed by the Director of the Mint, with the approval of the Secretary of the Treasury, and all provisions of law, relative to the coinage, and legal tender quality, of the present silver dollars shall he applicable to the coins issued under this Act, and when so coined, there is hereby appropriated from the Treasury the said fifty thousand of souvenir dollars, and the Secretary of the Treasury is authorized to place the same at the dis- posal of the Lafayette Memorial Commission. ;i commis- sion organized under the direction and authority of the Commissioner-General for the United States to the Paris Exposition of nineteen hundred. ***** Approved. March l'>. IS!)!). LAWS CONCEKNING MONEY, BANKING, AND LOANS. 609 ACT OF MAECH 3, 1899. CHAP. 429. An act to define and punish crimes in the so stat. L., . . 1264. District of Alaska and to provide a code of criminal procedure for said district. ***** SEC. 78. That if any person shall engrave, make, or Making or , * ' -. liiii having in pos- begm to engrave, make, or mend anv plate, block, press, or session tool de- , . , ' , signed for other tool, instrument, or implement, or shall make, pre- counterfeiting, pare, or provide any paper or other materials adapted and designed for the forging or making any false or counterfeit bill, note, draft, check, or other evidence of debt, as specified in section seventy-seven, or shall have in his possession or control any such plate, block, press, or other tool, instrument, or implement, or paper or other material adapted and designed as aforesaid, with intent to use the same, or to cause or permit the same to be used, in forging or making any such false or counterfeit bill, note, draft, check, or other evidence of debt, such per- son, upon conviction thereof, shall be punished by im- prisonment in the penitentiary not less than one nor more than five years. SEC. 79. That if anv person shall counterfeit anv , counterfeit- . J . ing gold and gold, silver, or other com current by law or usage within silver coin > etc - said District, or shall have in his possession or control any false coin counterfeited in the similitude of any gold, silver, or other coin current as aforesaid, knowing the same to be false and counterfeit, and with intent to utter and pass the same as true and genuine, or shall, with intent to injure or defraud anyone, knoAvingly utter, pass, or tender in payment as true and genuine any such false and counterfeit coin, he shall be imprisoned in the penitentiary not less than one year nor more than ten years. SEC. 80. That if anv person shall stamp, engrave, make. Making or . having in pos- or mend or begin to stamp, engrave, make, or mend, or session tool for . ... counterfeiting have m his possession or control, any mold, pattern, die. coin, puncheon, engine, press, or other tool, implement, or in- strument adapted and designed for coining or making any counterfeit coin in the similitude of any gold, silver, or other coin current by la\v or usage in said District, with intent to use the same or cause or permit the same to be used or employed in coining or making any such false and counterfeit coin as aforesaid, such person, upon 610 NATIONAL MONETAEY COMMISSION. k conviction thereof, shall be punished in the manner pro- vided in section seventy-nine. * * * * * Adulterating SEC. 88. That if any person shall mix or adulterate any terated gold gold dust with any metal or coin found of less value than such gold dust, with intent to pass or sell or in any way dispose of such gold dust, so mixed or adulterated, as genuine, or shall pass, sell, or otherwise dispose of or cause to be sold, passed, or otherwise disposed of, or shall attempt to pass, sell, or in any way dispose of, as genuine and pure, any gold dust so mixed or adulterated, know- ing the same to be so mixed or adulterated, he shall be imprisoned in the penitentiary not less than one year nor more than five years. Possession of SEC. 89. That if anv person shall have any gold dust adulterated. . . -, , gold dust. m his possession mixed or adulterated as described in section eighty-eight, knowing the same to be mixed or adulterated, with intent to pass or sell or in any wise dis- pose of the same as pure and genuine, or to cause the same to be sold, passed, or in any way disposed of as pure and genuine gold dust, such person, upon conviction of such offense, shall be punished by imprisonment in the peni- tentiary not less than one year nor more than five years. Approved. March 3. 1899. ACT OF MAKCII 14. 1900. si stat. L., CHAP. 41. An aft to define and fi.r f/tc standard of 45. _ . , value, to maintain the parity of all forms of money issued or coined b>/ the United States, to refund the public debt, and for other purposes. Be it enacted by the /Senate and House of Representa- tives of the United States of America in Congress assem- stamiard otlJed, That the dollar consisting of twentv-five and value fixed.. itevised stat- eight-tenths grains of gold nine-tenths fine, as established utes. sec. :;r>ii, . . p. we. by section thirty-five hundred and eleven of the Revised Statutes of the United States, shall be the standard unit of value, and all forms of money issued or coined by the United States shall be maintained at a parity of value with this standard, and it shall be I he duty of the Secre- tary of the Treasury to maintain such parity. m!t?s t0 n*iop,n s ^ EC - 2 - T!lilt ^nitod States notes, and Treasury notes VoV lio'p ^s'J 1 ' ' ssll( 'd under the act of .Inly fonrt, 1000 (P,t Slat. L., 202), amends sec- I'roviso. tion of the above act to read as follows: " I'raridi d. That when- cease if coin ever and so long as the gold coin held in the reserve fund in the bHo'v'^r.o'ooo* Treasury for the redemption of United States notes and Treasury " oo - notes shall fall and remain below fifty million dollars the author- RullioD to bo coined. ily to issue certificates as herein provided shall be suspended, but Hie Secretary of the Treasury is directed to coin, within reason- able time, any and all gold bullion held in said reserve fund in excess of fifty million dwllars." LAWS CONCERNING MONEY, BANKING, AND LOANS. 615 ACT OF APRIL 12, 1000. CHAP. 191. An act temporarily to provide revenues and ^S 1 stat - L - a civil government for Porto Rico, and for other 11 7,| upp - ll - s " purposes. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- bled, That, the provisions of this act shall apply to the a n r a r ^ d jlce c n t island of Porto Rico and to the adjacent islands and isl cMi' govern- waters of the islands lying east of the seventy-fourth ment - meridian of longitude west of Greenwich, which were ceded to the United States by the Government of Spain by treaty entered into on the tenth day of December, eighteen hundred and ninety-eight; and the name Porto Rico, as used in this act, shall be held to include not only the island of that name, but all the adjacent islands as aforesaid. SEC. 11. That for the purpose of retiring the Porto Rican coins now in circulation in Porto Rico and substi- coin - tuting therefor the coins of the United States, the Secre- tary of the Treasury is hereby authorized to redeem, on presentation in Porto Rico, all the silver coins of Porto Rico known as the peso and all other silver and copper Porto Rican coins now in circulation in Porto Rico, not including any such coins that may be imported into Porto Rico after the first day of February, nineteen hundred, at the present established rate of sixty cents in the coins of the United States for one peso of Porto Rican coin, and for ail minor or subsidiary coins the same rate of exchange shall be applied. The Porto Rican coins so ^f/.J^ 1)y purchased or redeemed shall be recoined at the expense of the United States, under the direction of the Secretary of the Treasury, into such coins of the United States now authorized by law as lie may direct, and from and after i ( wi tomior. three months after the date when this act shall take effect no coins shall be a legal tender, in payment of debts thereafter contracted, for any amount in Porto Rico, ex- cept those of the United States; and whatever sum may be required to carry out the provisions hereof, and to pay all expenses that may be incurred in connection there- with, is hereby appropriated, and the Secretary of th< v Treasury is hereby authorized to establish such regula- tions and employ such agencies as may be necessary to 616 NATIONAL MONETARY COMMISSION. debts yment f accomplish the purposes hereof : Provided, however, That all debts owing on the date when this act shall take effect shall be payable in the coins of Porto Rico now in circu- lation, or in the coins of the United States at the rate of exchane above named. Effect. g EC ^L That this act shall take effect and be in force from and after the first day of May, nineteen hundred. Approved, April 12, 1900. ACT OF MARCH 3, 1901. 1446 Stat L " CHAP. 807. An act to amend an act amending the act entitled '''An act to authorize the receipt of United States gold coin in exchange for gold bars" Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- bled, That the Act approved March third, eighteen i8 2 io UPP ' R ' S " hundred and ninety-one, amending the Act approved goki xc ims e for ^ av twenty-sixth, eighteen hundred and eighty-two, be thoHzed in a u " amended so as to read as follows : " That the superintendent of the coinage mints and of evised stat- the ute Revised stat- the United States assay office at Xew York may, with the ...es.secs.3518- 3520; i 874 .Approval of the Secretary 01 the Treasury, but not other- J u n 6 li . cli. 419 (i Supp. wise, receive United States gold coin from any holder 1882, May 2f>! thereof in sums of not less than five thousand dollars, and ch. 190 (22 . . charge dis- . . ., cretionary- change without charge, or may impose a charge therefor. Approved, March 3, 1901. ACT OF JUNK JS, 190:2. 32 stat. L., CHAP. 1301. An act making appropriation* for sundry cicil expenses of the Government for the fiscal year ending June thirtieth, nineteen hundred and three, and for other purposes. ca r ti a on72t f c dedl " All<] prodded further, That sections eight and twelve of an Act entitled "An Act to provide for celebrating the one hundredth anniversary of the purchase of the Loui- siana Territory by the United States by holding an inter- LAWS CONCEKNING MONEY, BANKING, AND LOANS. 617 national exhibition of arts, industries, manufactures, and the products of the soil, mine, forest, and sea in the city of Saint Louis, in the State of Missouri," approved March third, nineteen hundred and one, be, and the same are hereby, amended so as to read as follows : ***** " SEC. 12. That the national commission hereby author- Termination 17 of commission. ized shall cease to exist on the first day of July, nineteen hundred and five: Provided. That upon the approval of Provisos. ' Issue of gold this Act the Secretary of the Treasury shall cause to be dollars author- coined at the mints of the United States two hundred and fifty thousand gold dollars of legal weight an'd fine- ness, to be known as the Louisiana Exposition gold dollar, struck in commemoration of said exposition. The exact words, devices, and designs upon said gold dollars shall be determined and prescribed by the Secretary of the Treasury, and all provisions of law relative to the coin- age and legal-tender quality of all other gold coin shall be applicable to the coin issued under and in accordance with the provisions of this Act. * * * ***** Approved, June 28, 1902. ACT OF JANUARY 14, 1903. CHAP. 18G. An act relating to Hawaiian silver coinage J^~ st at. L., and silver certificates, Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- bled, That the silver coins that were coined under the Hawaiian sil- ver coins. laws of Hawaii, when the same are not mutilated or Receivable for govern meat abraded below the standard of circulation, shall be re- dues - ceived at the par of their face value in payment of all dues to the government of the Territory of Hawaii and of the United States, and the same shall not again bo put into circulation, but they shall be recoined in the mints as United States coins. SEC. 2. That when such coins have been received by To . United either Government thev shall be transmitted to the mint states subsid- iary coins. at San Francisco, in sums of not less than five hundred lOxpense of transportation. dollars, to be recoined into subsidiary silver coins of the United States, the expense of transportation to be paid by the United States. ir/niT 10 ----- lo 618 NATIONAL MONETARY COMMISSION. Un^te? an states SEC. 3 - That anv collector of customs or of internal coins. revenue of the United States in the Hawaiian Islands shall, if he is so directed by the Secretary of the Treasury, exchange standard silver coins of the United States that are in his custody as such collector with the government of Hawaii, or with any person desiring to make such exchange, for coins of the government of Hawaii, at their face value when the same are not abraded below the lawful standard of circulation, and the Treasurer of the United States, under the direction of the Secretary of the Treasury, is authorized to deposit such silver coins of the 'United States as shall be necessary with the col- lector of customs or of internal revenue at Honolulu or at any Government depository for the purpose of making such exchange under such regulations as he may prescribe. g EC> ^ That any silver coins struck by the government of Hawaii that are mutilated or abraded below such standard may be presented for recoinage at any mint in the United States by the person owning the same, or his or her agents, in sums of not less than fifty dollars, and such owner shall be paid for such coins by the superin- tendent of the mint the bullion value per troy ounce of the fine silver they contain in standard silver coin of the United States, and such bullion shall be coined into sub- sidiary coinage of the United States. SEC. 5. That silver coins heretofore struck by the gov- ernmen t o f Hawaii shall continue to be legal tender for debts in the Territory of Hawaii, in accordance with the laws of the Republic of Hawaii, until the first day of Jan- uary, nineteen hundred and four, and not afterwards. SEC. 6. That any silver certificates heretofore issued by the government of the Hawaiian Islands, intended to be circulated as money, shall be redeemed by the Territorial government of Hawaii on or before the first day of Jan- uary, nineteen hundred and five, and after said date it shall be unlawful to circulate the same as money. >SK(< - T " That nothing in this act contained shall bind the United States to redeem any silver certificates issued by the government of Hawaii, or any silver coin issued by such government, except in the manner and upon the conditions stated in this act for the recoinage of Hawaiian silver. t ion P f or Tali*- ^Ec. 8. That the sum of ten thousand dollars, or so porting coins, much thereof as may be necessary, is hereby appropriated, tender b u nt jan. i, 1904 of R sHv pt ce" LAWS CONCERNING MONEY, BANKING, AND LOANS. 619 from any moneys in the Treasury of the United States not otherwise appropriated, for the payment of the ex- penses of transporting said coins from the Hawaiian Islands to the mint at San Francisco, and a return of a like amount in the subsidiary coins of the United States to the Hawaiian Islands. Approved, January 1-4, 1903. ACT OF MARCH 3, 1903. CHAP. 1007. An act making appropriations for sundry j 5 - stat. L., civil expenses of the Government for the fiscal year ending June thirtieth, nineteen hundred and four, and for other purposes. Be it enacted l>y the Senate and House of Representa- tives of the United States of America in Congress asscni- lled, * * * ***** TRANSPORTATION or SILVER COIN: * * * Provided, co f n a b e sif nm r i y * * * That the authority given to the Secretary of the ta tjon removed. " " Vol. 31, p. 47, Treasury to coin subsidiary silver coin by the eighth sec- amended. tion of an act entitled "An act to define and fix the stand- ard of value, to maintain the parity of all forms of money issued or coined by the United States, to refund the public debt, and for other purposes," approved March fourteenth, nineteen hundred, may hereafter be exercised without limitation as to the amount of such subsidiary coin out- standing. And the Secretary of the Treasury shall re- port to Congress the cost arising under this appropriation. ***** Approved, March 3, 190:5. ACT OF MARCH 3, 1903. CHAP. 1015. An art to amend Action three of the "Act ?? st!lt - L - 1<__O. further to prevent counterfeiting or manufacturing of dies, tools, or other implements itxcd in manufactur- ing," and so forth, a/) proved February tenth, eighteen hundred and ninety-one. Be it enacted l;y the Senate and House of Representa- tives of the United Statr. ^ of America in ('ongrexx c/\- scmMed, That section three of an act entitled "An act , I ( ! 1 l i 1 . 11 '' rfl ' it - further to prevent counterfeiting or manufacturing of 620 NATIONAL MONETARY COMMISSION. dies, tools, or other implements used in manufacturing, and providing penalties therefor, and providing for the 742,ame~nded P ' issue of such warrants in certain cases," approved Feb- ruary tenth, eighteen hundred and ninety-one, be, and it hereby is, amended so as to read as follows : using adver- " g EC> 3. That every person who makes, or who causes tisements sim- . i ^ l l ar to .t?! n S'Or procures to be made, or who brings into the United etc., prohibited. . States from any foreign country, or who shall have in possession with intent to sell, give away, or in any other manner use the same, any business or professional card, notice, placard, token, device, print, or impression, or any other thing whatsoever, in likeness or similitude as to design, color, or the inscription thereon, of any of the coins of the United States or of any foreign country that have been or hereafter may be issued as money, either under the authority of the United States or under the authority of any foreign government, shall, upon convic- renaity. tion thereof, be punished by a fine not to exceed one hun- dred dollars. But nothing in this act shall be construed illustrations to forbid or prevent the printing and publishing of illus- ion numismatic boo w?, < -t t( v ! not trations of coins and medals, or the making of the neces- prohibited. sary plates for the same, to be used in illustrating numis- matic and historical books and journals and the circulars of legitimate publishers and dealers in the same." Approved. March 3, 1903. ACT OF APRIL 13, 1<>04. 33 stat. L., CHAP. 12T>3. An act to authorize the Government of the 178. . . United State* to participate in celebrating the one. hundred tli anniversary of the exploration of f/te Oregon, country l>y Captains Meriwether Lc/r!x and William Claris in the years eighteen hundred and f<>"/\ eighteen It n nd red and, fire, and eighteen hundred and six, and for either purposes. ***** He it enacted l>y the ftcnate and House of Representa- tives of the United States of America in, Congress as- xcnibled, * * * * * * * * MO mortal Si-:c. 0. That upon tho approval of this Act the Secre- Limit. tjii-y of the Treasury shall, upon the request of the Lewis and Cl.irk Centennial and American Pacific Exposition and Oriental Fair Company, cause to be coined at the mints of the United States not to exceed two hundred LAWS CONCERNING MONEY, BANKING, AND LOANS. 621 and fifty thousand gold dollars, of legal weight and fine- ness, to be known as the Lewis and Clark Exposition gold dollar, struck in commemoration of said exposition. The ^ e signs, words, devices, and designs upon said gold dollars shall be determined and prescribed by the Secretary of the Treasury, and all provisions of law relative to the coinage and legal-tender quality of all other gold coin shall be applicable to the coin issued under and in accordance with the provisions of this Act. That the said coins shall be disposed of by the Secretary of the Treasury to the said Lewis and Clark Centennial and American Pacific Expo- sition and Oriental Fair Company at par, under rules and regulations and in amounts to be prescribed by him. That medals with appropriate devices, emblems, and in- Medals. scriptions commemorative of said Lewis and Clark Cen- tennial Exposition and of the awards to be made to the exhibitors thereat shall be prepared by the Secretary of the Treasury at some mint of the United States for the board of directors of said exposition company, subject to Revised stat- the provisions of the fifty-second section of the coinage p, 7ol. tc " Act of eighteen hundred and ninety-three, and upon the payment of a sum not less than the cost thereof; and all provisions, whether penal or otherwise, of said coin- age Act against the counterfeiting or imitating of coins of the United States shall apply to the medals issued under this Act. Approved, April 13, 1904. ACT OF FEBRUARY 21, 1905. CHAP. 720. An act to prevent the use of derices calcu- -p stat. L., luted to convey the impression that the United States Government certifies to the quality of gold or silver used in the arts. Be it enacted l>y the Rciiatc and House of Representa- tives of the United States of America in- Conf/ress uwm- lled. That it shall be unlawful for anv person, partner- rnitrd st-ntos . . . . , . :i s s a y , etc., shin, association, or corporation engaged in commerces t a m p i n g .,, . t . ,V- , e ,^ i words of, on among the several States, lerntories, District ot Colum-goid. etc., un- lawful, bia, and possessions of the United States, or with any foreign country, to stain]) any gold, silver, or goods manu- factured therefrom and which are intended and used in such commerce, with the words " United States assay", or 622 NATIONAL MONETARY COMMISSION. with any words, phrases, or devices calculated to convey the impression that the United States Government has certified to the fineness or quality of such gold or silver, or of the gold or silver contained in any of the goods manufactured therefrom. Each and every such stamp shall constitute a separate offense. Penalty for SEC. 2. That every person, partnership, association, or violation. - , V i corporation violating the provisions ot this Act, and every officer, director, or managing agent of such partner- ship, association, or corporation having knowledge of such violation and directly participating in such violation or consenting thereto, shall be deemed guilty of a misde- meanor, and, upon conviction, be punished with a fine of not more than five thousand dollars or imprisonment for not more than one year, or both, at the discretion of the court. feifure U et'c for ^ EC - ^- That any gold, silver, or goods manufactured therefrom after the date of the passage of this Act, bear- ing any of the stamps, words, phrases, or devices prohib- ited to be used under section one hereof, and being in the course of transportation from one State to another, or to or from a Territory, the District of Columbia, or posses- sions of the United States, shall be forfeited to the United States, and may be seized and condemned by like proceed- ings as those provided by law for the forfeiture, seizure, and condemnation of property, imported into the United States contrary to law. Approved February 21, 1005. ACT OF APRIL 24, 1000. ^4 stat. L., CHAP. 1801. An aft providing for the purchase of metal and the coinage of minor coins, and the distribution and redemption of said coins. Be it enacted l>y the Senate and, House of Representa- tives of the United States of America in Congress asscm- Minor coins. 7>7, p. , ' cos, amended, read as tollows: Amount of "SEC. 8528. For the purchase of metal for the minor p 11 r c h ;i s c i n - . . , . , , . , . 4 -, creased. coinage authorized by this Act a sum not exceeding two utesTsec. :{r.2H, hundred thousand dollars in lawful money of the United &. 608> amend " States shall, upon the recommendation of 'the Director of LAWS CONCERNING MONEY, BANKING, AND LOANS. 623 the Mint, and in such sums as he may designate, with the approval of the Secretary of the Treasury, be transferred to the credit of the superintendents of the mints at Phila- delphia, San Francisco, Denver, and New Orleans, at coinage at 1-1 . i T i , -i , i -111 i San Francisco, which establishments, until otherwise provided bv law, Denver, and New Orleans such coinage shall be carried on. The superintendents, mints added. with the approval of the Director of the Mint as to price, terms, and quantity, shall purchase the metal required for such coinage by public advertisement, and the lowest and best bid shall be accepted, the fineness of the metals to be determined on the mint assay. The gain arising from the use of seign- coinage of such metals into coin of a nominal value, ex- lorage - ceeding the cost thereof, shall be credited to the special fund denominated the minor-coinage profit fund; and this fund shall be charged with the wastage incurred in such coinage, and with the cost of distributing said coins, as hereinafter provided. The balance remaining to the credit of this fund, and any balance of the profits accrued from minor coinage under former Acts, shall be, from time to time, and at least twice a year, covered into the Treasury of the United States. " SEC. 3529. The minor coins authorized bv this Act Delivery and redemption of mav, at the discretion of the Director of the Mint, be de- ml or coins. ' . . Revised Stat- livered in any of the principal cities and the towns of the Vltes - sec - 3r)29 - 1 p. COS, amend- United States, at the cost of the mints, for transporta- ed. Mints added. tion. and shall be exchangeable at par at the mints named, Minimum IT i ' /> amount. at the discretion of the superintendents, for any other coins of copper, bronze, or copper-nickel heretofore au- thorized, and it shall be lawful for the Treasurer and the several assistant treasurers and depositaries of the United States to redeem, in lawful money, under such rules as may be prescribed by the Secretary of the Treas- ury, all copper, bronze, and copper-nickel coins author- ized by law when presented in sums of not less than twenty dollars; and whenever, under this authority, these coins are presented for redemption in such quantity as to show the amount outstanding to be redundant, the Sec- retary of the Treasury is authorized and required to direct that such coinage shall cease until otherwise au- thorized by him." Approved, April 21, 1UOG. 624 NATIONAL MONETARY COMMISSION. ACT OF MAY 18, 1908. let 5 Stat ' L '' CHAP. 1T3. An act providing for the restoration of the motto " In God we trust " on certain denominations of the gold and silver coins of the United States. Be it enacted by the /Senate and House of Representa- tives of the United /States of America in Congress assem- Re'stVation Ued i That the motto " In God we trust," heretofore in- God^rtrust " scr ibed on certain denominations of the gold and silver on - coins of the United States of America, shall hereafter be inscribed upon all such gold and silver coins of said denominations as heretofore. Effect. SEC. 2. That this Act shall take effect thirty days after its approval by the President. Approved, May 18, 1908. PAPER MONEY. PAPER MONEY. CHAP. X. An act to incorporate the subscribers to the 1 stat. ACT OF FEBRUARY 25, 1791. . act to incorporate the sub Bank of the United States. SEC. 10. And be it further enacted, That the bills or notes of the said corporation, originally made payable, |^ e te s y Unlted or which shall have become payable on demand, in gold 181 ^' ch - 43 - and silver coin, shall be receivable in all payments to the United States. ***** Approved, February 25, 1791. (For the full text of this act see p. 209.) ACT OF MARCH 3, 1797. CHAP. XIV. -An act to authorise the receipt of evidences r \ stat. L., of the Public Debt, in payment for the Lands of the [Obsolete.] United States. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- bled, That the evidences of the public debt of the United r ^ States, shall be receivable in payment for any of the ment v for il lands which may be hereafter sold in conformity to the crn lands- act, intituled "An act providing for the sale of the lands of the United States, in the territory northwest of the river Ohio, and above the mouth of Kentucky River,'" at the following rates, viz. : the present foreign debt of the United States, and such debt, or stock, as, at the time of payment, shall bear an interest of six per centum per annum, shall be received at their nominal value; and the other species of debt, or stock, of the United States, shall be received at a rate bearing the same proportion to their respective market price, at the seat of Govern- ment, at the time of payment, as the nominal value of G27 628 NATIONAL MONETARY COMMISSION. the above mentioned six per centum stock shall, at the same time, bear to its market price at the same place; the Secretary of the Treasury, in all cases, determining what such market price is. Approved, March 3, 1797. (Section 5 of the act of May 10, 1800 (chap. 55, 2 Stat. L., 73), contains a similar provision.) (Section 1 of the act of April 18, 1806 (chap. 50, 2 Stat. L., 405), repeals the acts authorizing the receipt of evidences of the public debt in payment for land after the 30th of April, 1806.) NOTE. This provision is also made applicable under the act of May 10, 1800, amending the acts providing for the sale of public lands. (2 Stat. L., 74.) ACT OF JUNE 27, 1798. 57 ^ stat - L " CHAP. LXI. (This act prescribes a penalty on forging or uttering counterfeit bills, notes, orders or checks by or upon the Bank of the United States, which was re- pealed by the act of February 24, 1807 (Chap. XX, 2 Statutes at Large, p. 423), which see.) ACT OF FEBRUARY 24, 1807. 40 jj stat L - CHAP. XX. An act to punish frauds committed on the io A i8i6 A ?h' Bank of the United States. 44^ sec. 18. Be it enacted l>y the Senate and House of Representa- tives of the United States of America in Congress as- me^t u for 1 false- sem bled, That if any person shall falsely make, forge, or i o r"gt n L or counterfeit, or cause or procure to be falsely made, forged, feitinK n notes r of or counterfeited, or willingly aid or assist, in falsely mak- tVe u a n n i k ted * n ' f r gi n g or counterfeiting any bill or note in imita- states. tion of, or purporting to be a bill or note issued by order of the president, directors and company of the Bank of the United States, or any order or check on the said bank or corporation, or any cashier thereof, or shall falsely alter, or cause or procure to be falsely altered, or willingly aid or assist in falsely altering any bill or note issued by order of the president, directors and company of the Bank of the United States, or any order or check, on the said bank or corporation, or any cashier thereof, or shall pass, utter or publish, or attempt to pass, utter or publish as true, any false, forged, or counterfeited bill, or note, purporting to be a bill, or note, issued by order of the LAWS CONCERNING MONEY, BANKING, AND LOANS. 629 president, directors and company of the Bank of the United States, or any false, forged, or counterfeited order or check, upon the said bank or corporation, or any cashier thereof, knowing the same to be falsely forged or counterfeited, or shall pass, utter, or publish, or attempt to pass, utter or publish, as true, any falsely altered bill or note, issued by order of the president, directors and company of the Bank of the United States, or any falsely altered order or check, on the said bank or corporation, or checks or , . , , , , ,, , . -. -. orders thereon. or any cashier thereof, knowing the same to be falsely altered with intention to defraud the said corporation, or any other body politic, or person ; every such person shall be deemed and adjudged guilty of felony, and being thereof convicted by due course of law, shall be sentenced to be imprisoned, and kept to hard labour, for a period not less than three years, nor more than ten years, or shall be imprisoned not exceeding ten years, and fined not ex- ceeding five thousand dollars: Provided, That nothing savin? of herein contained shall be construed to deprive the courts tion of S state of the individual states of a jurisdiction under the laws to of the several states, over the offence, declared punishable by this act. SEC. 2. And ~be it further enacted, That the act, in- Repeal of '. ' . ' act of June '27, tituled An act to punish frauds committed on the Bank ITOS, ch. 01. of the United States," passed the twenty-seventh day of June, one thousand seven hundred and ninety-eight, shall be and the same is hereby repealed: Prodded, neverthe- less, That the repeal of the said act shall not be so con- strued, as to prevent the trial, condemnation or punish- ment of any person, or persons, charged with or guilty of a violation of any of its provisions, previous to the passing of this act. Approved, February 24. 1807. ACT OF MAKCII 11, 1812. CHAP. XLT. An act authorizing loan for a Nirtth not i( -' st;lt - L -. exceeding eleven mil lion* of doll aw. SEC. 4. And l>e it furtJier enacted ', That it shall be law- Lnwfni for fill for any of the banks in the District of Columbia to the District of . Columbia. to lend any part of the sum authorized to be borrowed by nmkc tii<> loan . . c i ' . <> r a n y p a r t virtue of this act. any thing in any ot then 1 charters or thereof, incorporation to the contrary notwithstanding. Approved, March 14, 1812. 630 NATIONAL MONETARY COMMISSION. ACT OF MARCH 19, 1812. 695 Stat ^'CiiAp. XLIIL An act repealing the tenth section of the [Obsolete.] act to incorporate the subscribers to the Bank of the United States. Be it enacted by the /Senate and House of Representa- tives of the United States of America in Congress assem- > Tliat the tenth section of the act, eiitituled "An act incorporate the subscribers to the Bank of the United repealed. States," shall be, and the same is hereby repealed. Approved, March 19, 1812. ACT OF APRIL 10, 181G. 06 | stat - L -CiiAp. XLJV. An act to incorporate the subscribers to " [Expired.] the Bank of the United States. # $ # $ $ (Section 14 provides "that the bills or notes of the said corporation originally made payable, or which shall have become payable on demand, shall be receivable in all payments to the United States, unless otherwise directed by act of Congress.") ACT OF JUNE 27, 1834. 689 Stat L " CIIAP. XCII. An act making appropriations for the ciril and diplomatic expenses of gorernment for the year one thousand eight hundred and thirty-four. Payments not SEC. 3. And be it further enacted, That no payment of to he made in . bank notes be- the money, appropriated by this act, or any other act place of pay- passed at the present session of Congress, shall be made ment. . in the note or notes of any bank which shall not be at par value at the place where such payment may be made, provided that nothing herein contained shall be. construed to make any thing but gold and silver a tender in pay- incut, of any debt due from the United States to indi- viduals. ***** Approved, June 27, 1834. (Similar provisions are contained in the appropriation acts of March 3. 1S35 (chap. 30, sec. 4. 4 Stat. L., 771), April 14, 1830 (chap. 52 (limiting amount, etc.), 5 Stat. I,, 9)0 ' LAWS CONCERNING MONEY, BANKING, AND LOANS. 631 ACT OF JUNE 30, 1834. CHAP. CLXXIV. An act to prohibit the corporations of Washington, Georgetown, and Alexandria, in the Dis- trict of Columbia, from issuing promissory notes or bills of any denomination less than ten dollars after the period therein mentioned, and for the gradual with- drawal from circulation of all such notes or bills. NOTE. The act of June 30, 1834 (4 Stat. L., 742), forbids the corporations of Washington, Georgetown, or Alexandria to issue any promissory note or bill of a less denomination than ten dol- lars, and that they shall annually withdraw from circulation and destroy such notes or bills issued by them to the extent of one- fifth per annum, etc. ACT OF APRIL 14, 1830. CHAP. LII. An act making appropriations for the pay- 5 st!lt - L - 9 - inent of the revolutionary and other pensioners of the United States, for the year one thousand eight hundred and thirty -six. ***** SEC. 2. And be it further enacted, That hereafter, no NO bank note bank note of less denomination than ten dollars, and that nation than from and after the third day of March, anno Domini, after Mar.' 3, eighteen hundred and thirty-seven, no bank note of lessnote'of less de- denomination than twenty dollars shall be offered in pay- than $20 to be , . -. . , . , . , . , offered in pay- ment in any case whatsoever in which money is to be paidment by the by the United States or the Post Office Department, nor ami "no 'bank shall any bank note, of any denomination, be so offered, equivalent to unless the same shall be payable, and paid on demand, iiivertibie into gold or silver coin, at the place where issued, and whichwitbout loss, to T, n 4- 1 1 4-11 , be paid. This shall not be equivalent to specie at the place w r hereact not to offered, and convertible into gold or silver upon the spot, a ' legal tender at the will of the holder, and without delay or loss to silver. him; Provided, That nothing herein contained shall be construed to make any thing but gold or silver a legal tender by any individual, or by the United States. Approved, April 14, 1830. ACT OF JULY r>, 1838. CHAP. CLVIIL An act to modify the lixt clause of the ^ Slat - T - -fifth section of the deposite act of the twenty-third of June, eighteen hundred and thirty -six. Be it enacted b// the Ken ate. and House of Rcprescnt stat L -> small notes, as a currency, in the District of Columbia, and for other purposes. (This act made it unlawful after the 10th of April, 1839, to issue, etc., in the District of Columbia, any note, etc., less than five dollars, and after the passage of this act to issue, de novo, or knowingly to pass, etc., within the District, any note, etc., of less than five dollars. The act of December 27, 1854 (10 Stat. L., 599), contains similar provisions. ) ACT OF MARCH 31, 1840. CHAP. V. An act additional to the act on. the subject of 37 % stat - L -> Treasury notes. Be it enacted by the Senate and House of Representa- O cf ct i8*7 1: ch b tives of the United States of America in Congress assem- -^ etc -> reuew - bled, That the regulations and provisions contained in the act passed the twelfth day of October, in the year one thousand eight hundred and thirty-seven, entitled "An act to authorize the issuing of Treasury notes," and in the subsequent acts in addition thereto, be, arid the same are hereby, renewed, and made in full force, excepting the limitations concerning the times within which such notes may be issued, and restricting the amount thereof as hereafter provided. SEC. 2. And be it further enacted, That under the no s r ^y * regulations and provisions contained in said act, Treas- jf/'^liJrs H r e e- ury notes may be issued in lieu of others hereafter or <^meci. heretofore redeemed, but not to exceed in the amount of notes outstanding at any one time, the aggregate of five millions of dollars; and to be redeemed sooner than one year, if the means of the Treasury will permit, by giving notice sixty days of those notes which the Department is ready to redeem; no interest to be allowed thereon after the expiration of said sixty days. SEC. 3. And be it further enacted. That this act shall continue in force one year and no longer. Approved. March 31. 1840. ]rul2 10 41 634 NATIONAL MONETARY COMMISSION. ACT OF AUGUST 13, 1841. 439 Stat> L '*CHAP. VII. An act to repeal the act entitled "An act to provide for the collection, safe-keeping, transfer, and disbursement of the public revenue" and to provide for the punishment of embezzlers of public money, and for other purposes. ***** (Section 4 repeals so much of the act of April 14, 1836, as forbids the offer of bank notes of less denomination than ten dollars, and after March 3, 1837, of less than twenty dollars, in payments by the United States or the Post-Office Department.) Approved, August 13, 1841. o _i2 stat. L., ACT OF JULY 17, 1861. CHAP. V. An act to authorize a national loan and for other purposes. certain * * * And the Secretary of the Treasury may also treasury notes . . j j may he issued issue in exchange for coin, and as part of the above loan, in exchange for c l ' coi j_ e , tc - , ,. or mav pay for salaries or other dues from the United 1861, ch. 46, J sees, i, 5. States, treasury notes of a less denomination than fifty Post, p. 313. J J dollars, not bearing interest, but payable on demand by the Assistant Treasurers of the United States at Phila- delphia, New York, or Boston, or treasury notes bearing interest at the rate of three and sixty-five hundredths per centum, payable in one year from date, and exchange- able at any time for treasury notes for fifty dollars, and upwards, issuable under the authority of this act, and POS^P"') 345 bearing interest as specified above: Pro/'ided, That no exchange of such notes in any less amount than one ! sis. hundred dollars shall be made at any one time: And Provided further, That no treasury notes shall be issued of a less denomination than ten dollars, and that the whole amount of treasury notes, not bearing interest, issued under the authority of this act, shall not exceed fifty millions of dollars. ***** Approved. July 17, 1861. LAWS CONCERNING MONEY, BANKING, AND LOANS. 635 ACT OF FEBRUARY 25, 1862. CHAP. XXXIII. An act to authorize the issue of United * O'iO. States notes, and for the redemption or funding there- of, and for funding the -floating debt of the United States. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress as- sembled, That the Secretary of the Treasury is hereby au- an 2 thorized to issue, on the credit of the United States, one ?eas d ury a notes hundred and fifty millions of dollars of United States authorized. notes, not bearing interest, payable to bearer, at the Treasury of the United States, and of such denomina- tions as he may deem expedient, not less than five dol- Not. less lars each: Provided, however. That fifty millions of said Revisedstat- ntcsSoTl notes shall be in lieu of the demand Treasury notes au- . . J Fifty million thorized to be issued by the act of July seventeen, eiffh- dollars to be in . J .-in lieu of demand teen hundred and sixty-one: which said demand notes notes, which firo to IDC re- shall be taken up as rapidly as practicable, and the notes deemed. herein provided for substituted for them: And provided Revised stat- further, That the amount of the two kinds of notes to- gether shall at no time exceed the sum of one hundred R e c e i v - & bi 6 in p^y~ and fifty millions of dollars, and such notes herein au-ment of a'n -i i i en dues to United thorized shall be receivable in payment 01 all taxes, in- states except , . , . duties on im- ternal duties, excises, debts, and demands or every kind ports, and of . ' . .. ' ... . .. claims against due to the United States, except duties on imports, and the United States except of all claims and demands against the United States of interest, and a . p IT legal tender in every kind whatsoever, except tor interest upon bonds a 1 1 cases o f and notes, which shall be paid in coin, and shall also be Revised stat- lawful money and a legal tender in payment of all debts public and private, within the United States, except duties on imports and interest as aforesaid. And any Hl I e I r eof d e may holders of said United States notes depositing any sum not less than fifty dollars, or some multiple of fifty dol- ^ lars, with the Treasurer of the United States, or either | of the assistant treasurers, shall receive in exchange there- ! (> I i 1 , d i( for duplicate certificates of deposit, one of which may be ^- transmitted to the Secretary of the Treasury, who shall '>nds. thereupon issue to the holder an equal amount of bonds of the United States, coupon or registered, as may by said 636 NATIONAL MONETARY COMMISSION. holder be desired, bearing interest at the rate of six per centum per annum, payable semiannually, and redeem- able at the pleasure of the United States after five years, said notes and payable twenty years from the date thereof. And payment o f such United States notes shall be received the same as loans to the . , i i L _ i , i united states, coin, at their par value, in payment for any loans that utes, 3579. may be hereafter sold or negotiated by the Secretary of the Treasury, and may be reissued from time to time as the exigencies of the public interest shall require. rive hundred SEC. 2. And l)e it further enacted. That, to enable the million dollars m i of 6 per cent Secretary or the Treasurv to fund the Treasury notes and bonds author- . . ized to fund floating debt of the United States, he is hereby authorized floating debt. . . ' J to issue, on the credit of the United States, coupon bonds, or registered bonds, to an amount not exceeding five hun- dred millions of dollars, redeemable at the pleasure of when pay- Hie United States after five years, and payable twenty years from date, and bearing interest at the rate of six per centum per annum, payable semi-annually. And the bonds herein authorized shall be of such denominations, Denomina-not less than fifty dollars, as may be determined upon by than $50. the Secretary of the Treasury. And the Secretary of the May be dis- Treasury may dispose of such bonds at any time, at the coin or at mar- market value thereof, for the coin of the United States, ket value. or for any or trie Treasury notes that have been or may hereafter be issued under any former act of Congress, or for United States notes that may be issued under the provisions of this act ; and all stocks, bonds, and other Exempt from securities of the United States held bv individuals, cor- taxation. . .. .,.. ^. no ' Revised stat- porations, or associations, within the United States, shall utes, 3701. .' be exempt from taxation by or under State authority. Form of SEC. 3. And be it further enacted. That the United notesand bonds. States notes and the coupon or registered bonds author- ized by this act shall be in such form as the Secretary of iiow signed, the Treasury may direct, and shall bear the written or etc. engraved signatures of the Treasurer of the United States and the Register of the Treasury, and also, as evi- dence of lawful issue, the imprint of a copy of the seal of the Treasury Department, which imprint shall be made under the direction of the Secretary, after the said notes or bonds shall be received from the engravers and before they are issued; or the said notes and bonds shall be signed by the Treasurer of the United States, or for the Treasurer by such persons as may be specially ap- pointed by the Secretary of the Treasury for that pur- pose, and shall be countersigned by the Register of the LAWS CONCERNING MONEY, BANKING, AND LOANS. 637 Treasury, or for the Register by such persons as the Secretary of the Treasury may specially appoint for that purpose: and all the provisions of the act entitled "An Provisions of . F act of 1857, ch. act to authorize the issue or Ireasury notes, approved*, vol. n, re- the twenty-third day of December, eighteen hundred and fifty-seven, so far as they can be applied to this act, and not inconsistent therewith, are hereby revived and re-enacted; and the sum of three hundred thousand dol- tl ^PPpHa- lars is herebv appropriated, out of any money in the 000 for ex'- x _ J J penses of en- Treasury not otherwise appropriated, to enable the graving, etc. Secretary of the Treasury to carry this act into effect. SEC. 4. And be it further enacted. That the Secretary May '^ de- . " posited \v i t h or the 1 reasury mav receive trom anv person or persons, the united States Treas- or any corporation, United States notes on deposit for m-y, in sums not less than thirty clays, in sums of not less than one than $100, and hundred dollars, with any of the assistant treasurers or bearing 5' per designated depositaries of the United States authorized issued therefor. by the Secretary of the Treasury to receive them, who Mar. 2, iser. shall issue therefor certificates of deposit made in such form as the Secretary of the Treasury shall prescribe, and said certificates of deposit shall bear interest at the rate of five per centum per annum ; and any amount of United be D w?thdrawn. y States notes so deposited may be withdrawn from deposit at any time after ten days' notice on the return of said certificates: Provided, That the interest on all such de- posits shall cease and determine at the pleasure of the Secretary of the Treasury: And provided further, That ^sjregate of the aggregate of such deposit shall at no time exceed QQ c e y d :? - 5 '~ the amount of twenty-five millions of dollars. SEC. 5. And l>e it farther enacted, That all duties on r j^ s in to c0 h! imported goods shall be paid in coin, or in notes payable a^ demand on demand heretofore authorized to be issued and b}^ law receivable in payment of public dues, *. # :: * # '. Approved, February 25. 1802. ACT OF MA ECU 17, 1802. CHAP. XLV. An act to authorize the i)irr<-It*e of coin.^- stal - T '- and for other SEC. 2. And l>e it further cnarfe-d, That the demand J1(1 J, ) , s ,;;! u : l 1 , n 1 ,: 1 notes authorized by the act of July seventeenth, eighteen [^; ! , lll t 1 ( V n( "",f 1 a s hundred and sixty-one, and by the act of Fel >ni :i ry "^ s n S s "$ twelfth, eighteen hundred and sixty-two, shall, in addi- 1 ] '^ 1 .'.7 iai ' y - r> tion to being receivable in payment of duties on imports, ut ',y >v ;{5S!> Slal " 638 NATIONAL MONETAKY COMMISSION. be receivable, and shall be lawful money and a legal tender, in like manner, and for the same purposes, and to the same extent, as the notes authorized by an act en- titled "An act to authorize the issue of United States notes, and for the redemption or funding thereof, and for funding the floating debt of the United States," approved February twenty-fifth, eighteen hundred and sixty-two. ***** new a n y otes SS "n SEC. 4. And be it further enacted, That, in all cases worn ou't. th se where the Secretary of the Treasury is authorized by law ut?sT3580. Stat "to reissue notes, he may replace such as are so mutilated or otherwise injured as to be unfit for use with others of the same character and amount; and such mutilated notes, and all others which by law are required to be taken up and not reissued, shall, when so replaced, or taken up, be destroyed in such manner and under such regulations as the Secretary of the Treasury may prescribe. Approved, March 17, 1862. ACT OF JULY 11, 1862. 532 2 Stat L ''CiiAp. CXLII. An act to authorize an additional issue of United States notes, and for other purposes. Be it enacted ~by the Senate and House of Representa- tives of the United States of Am-erica in Congress assem- issue^r/o.ooo, t>led, That the Secretary of the Treasury is hereby au- notes Treasury thorized to issue, in addition to the amounts heretofore utes? : -!57i Stat " authorized, on the credit of the United States, one hun- dred and fifty millions of dollars of United States notes, not bearing interest, payable to bearer at the Treasury of the United States, and of such denominations as he may mimVn r dollars deem expedient: Provided, That no note shall be issued n'om/naUo'n'sf 01 ' tn e fractional part of a dollar, and not more than ^R^t^iva Me thirty-five millions shall be of lower denominations than cept a difties ( on n ' ve Collars; and such notes shall be receivable in payment tTr'eVr'oV'f :l11 l ans made to the United States, and of all taxes, ^nvertfwe a in d - " lterna ^ Cities, excises, debts, and demands of every kind bonds per t( ' nt( l"e to the United States, except duties on imports and u t R |I lse 3 4 73" i n t erest ? and of all claims and demands against the United jinK.s, pp. ion! States, except for interest upon bonds, notes, and certifi- cates of debt or deposit; and shall also be lawful money arid a legal tender in payment of all debts, public and, private, within the United States, except duties on im- LAWS CONCERNING MONEY, BANKING, AND LOANS. 639 ports and interest, as aforesaid. And any holder of said United States notes depositing any sum not less than fifty dollars, or some multiple of fifty dollars, with the Treasurer of the United States, or either of the assistant treasurers, shall receive in exchange therefor duplicate certificates of deposit, one of which may be transmitted to the Secretary of the Treasury, who shall thereupon issue to the holder an equal amount of bonds of the United States, coupon or registered, as may by said holder be desired, bearing interest at the rate of six per centum per annum, payable semi-annually, and redeemable at the pleasure of the United States after five years, and payable twenty years from the date thereof: Provided, however, That anv notes issued under this act mav be paid in coin, May be paid i f i -i r> n' n coin- instead or being received in exchange for certificates of Revised stat- T i -r-n IT- n utes, ;5579. deposit as above specified, at the direction of the Secretary of the Treasury. And the Secretary of the Treasury may May e x - exchange for such notes, on such terms as he shall think cent bonds for , ,, . , , IT-, i i ,i an >* notes now most beneficial to the public interest, any bonds of theoutstanding United States bearing six per centum interest, and re- notes, and may deemable after five and payable in twenty years, which notes and issue , , i i < iii 11.1 others iu their have been or may be lawfully issued under the provisions place. of any existing act ; may reissue the notes so received in exchange; may receive and cancel any notes heretofore lawfully issued under any act of Congress, and in lieu thereof issue an equal amount in notes such as are author- ized by this act ; and may purchase, at rates not exceeding May purchase that of the current market, and cost of purchase not ex- Ins evidences ceeding one-eighth of one per centum, any bonds or cer- tificates of debt of the United States as he may deem advisable. SEC. 2. And Ic it further enacted. That the Secretary Notes may . , . b e engraved, of the Treasury be, and is hereby, authorized, in case panted, etc., in 17 . Treasury 1) o - he shall think it inexpedient to procure said notes, or anv partment. Revised Stat- part thereof, to be engraved and printed by contract, to utes, 3577. cause the said notes, or any part thereof, to be engraved, printed, and executed, in such form as he shall prescribe, at the Treasury Department in Washington, and under his direction; and he is hereby empowered to purchase and provide all the machinery and materials, and to employ such persons and appoint such oilicers as may be necessary for this purpose. SEC. 3. And Ite -it fui-tlici' cucftrd. That the. limitation i.imit t. de- ' . . pusits of notes upon temporary deposits of United States notes will) any ^-[^'i;!;','!,,,, 1 /'"'" assistant treasurer, or designated depositary authorized * 100,000,000. 640 NATIONAL MONETARY COMMISSION. by the Secretary of the Treasury to receive such deposits, to fifty millions of dollars be, and is hereby, repealed: and the Secretary of the Treasury is authorized to re- ceive such deposits, under such regulations as he may prescribe, to such amount as he may deem expedient, not exceeding one hundred millions of dollars, for not less than thirty days, in sums not less than one hundred dol- lars, at a rate of interest not exceeding five per centum per annum; and any amount so deposited may be with- drawn from deposit, at any time after ten days' notice, on Fifty minion the return of the certificate of deposit. And of the reserved to pay amount of United States notes authorized by this act, not less than fifty millions of dollars shall be reserved for the purpose of securing prompt payment of such deposits when demanded, and shall be issued and used only when, in the judgment of the Secretary of the Treasury, the same, or any part thereof may be needed for that purpose. AH certifi-And certificates of deposit and of indebtedness issued cates of deposit and of indebt- under this or former acts may be received on the same edness convert- _ * 7 - ibie into bonds, terms as United States notes in payment for bonds re- deemable after five and payable in twenty years. tailing 6 f b n SEC. 4. And be it further enacted. That the Secretary act h o f r juty 17, f the Treasury may, at any time until otherwise ordered 1861, extended, j 3 y Congress, and under the restrictions imposed by the "Act to authorize a national loan, and for other pur- poses," borrow, on the credit of the United States, such part of the sum of two hundred and fifty millions men- tioned in said act as may not have been borrowed, under the provisions of the same, within twelve months from the passage thereof. (Section 5 makes appropriation to detect counterfeiting of coin available for detecting counterfeiting, etc., of bonds and notes, and also appropriates for carrying this act into effect.) nc? r of IS Febrn- ^ ECl 6> ^ n ^ ^ e ^ f tn '^ ter enacted, That all the pro- '"'>',. -~\-. 18( }-' visions of the act entitled "An act to authorize the issue applicable t o this act. O f United States notes, and for the redemption or fund- ing thereof, and for funding the floating debt of the United States." approved February twenty-five, eighteen hundred and sixty-two, so far as the same can or may be applied to the, provisions of this act. and not inconsistent therewith, shall apply to the notes hereby authorized to be issue*!. Approved. July 11, 18(52. LAWS CONCEBNING MONEY, BANKING, AND LOANS. 641 ACT OF JULY 17, 1862. CHAP. CXCVL An act to authorize payments in stamps, r 12 stat. L., and to prohibit circulation of notes of less denomi- nation than one dollar. Be it enacted ~by the Senate and House of Representa- tives of the United States of America in Congress assem- bled, That the Secretary of the Treasury be, and he is Postage and hereby directed to furnish to the assistant treasurers, and to be furnfsSed such designated depositaries of the United States as may united states be by him selected, in such sums as he may deem expedi- ent, the postage and other stamps of the United States, to be exchanged by them, on application, for United States notes ; and from and after the first day of August ^ed ia for b dues next such stamps shall be receivable in payment of all t. th . e united 1 L " States less dues to the United States less than five dollars, and shall tn an $5. be received in exchange for United States notes when pre- sented to any assistant treasurer or any designated de- positary selected as aforesaid in sums not less than five dollars. SEC. 2. And be it further enacted, That from and after circulation, the first day of August, eighteen hundred and sixty-two, less than ?i, i , ... r- ' ' T as money, pro- no private corporation, banking association, firm, or indi- hibited. vidual shall make, issue, circulate, or pay any note, check, utesTssss. memorandum, token, or other obligation, for a less sum than one dollar, intended to circulate as money or to be received or used in lieu of lawful money of the United States; and every person so offending shall, on con- Penalty, viction thereof in any district or circuit court of the United States, be punished by fine not exceeding five hun- dred dollars, or by imprisonment not exceeding six months, or by both, at the option of the court. Approved. July IT, 1802. ACT OF JANUARY IT. ISM. [ Xo. !). ] Joint resolution 1<> proride for flic immediate rJ Stat. I.., payment of the Ariity ami Yc//7/ of f/ie f'nited States. iso:!, oh. ?::, Whereas it is deemed expedient to make immediate pro- s vision for the payment of the Army and Navy: There- fore, Ie it resolved hi/ the, Senate and II oil fie of KepreKentd- ticea of the United States of America in Cony rev* n.wni- 642 NATIONAL, MONETARY COMMISSION. $100 Voo ooo^ e ^> That the Secretary of the Treasury be, and he is notes' 1 author- hereby, authorized, if required by the exigencies of the lz< Revised stat- P u blic service, to issue on the credit of the United States utes, 3571. the sum of one hundred millions of dollars of United States notes, in such form as he may deem expedient, not interest* bar bearing interest, payable to bearer on demand, and of Deno mine- authorized to borrow, from time to time, on the year and $600 ! credit of the United States, a sum not exceeding three next 00 f r the hundred millions of dollars for the current fiscal year, and six hundred millions for the next fiscal year, and to Bonds. issue therefor coupon or registered bonds, payable at the pleasure of the Government after such periods as may be fixed by the Secretary, not less than ten nor more than Denomina- fortv years from date, in coin, and of such denomina- tions. . tions not less than fifty dollars as he may deem expedient. rate nte of, st pay- bearing interest at a rate not exceeding six per centum in com. p er annum, payable on bonds not exceeding one hundred dollars, annually, and on all other bonds semi-annually, Bonds may in co in ; and he mav, in his discretion, dispose of such be disposed of. " ' bonds at any time, upon such terms as he may deem most advisable, for lawful money of the United States, or for any of the certificates of indebtedness or deposit that may at any time be unpaid, or for any of the Treasury notes heretofore issued or which may be issued under the pro- em[)t froln ta X x- v ' s ^ ons ^ * n ' s ac ^ ^ n( ^ !l ^ the bonds and Treasur at itevised stat- no * es or ^ n ^ ( 'd States notes issued under the provisions utes, :i?oi. O f this act shall be exempt from taxation by or under LAWS CONCEBNING MONEY, BANKING, AND LOANS. 643 State or municipal authority : Provided, That there shall be outstanding of bonds, Treasury notes, and United States notes, at any time, issued under the provisions of stat^fn^mrtto this act, no greater amount altogether than the sum of oocfooo ?900 '~ nine hundred millions of dollars. SEC. 2. And be it further enacted, That the Secretary secretary of the Treasury be, and he is hereby, authorized to issue. $460,000,000 in , . */ i <- -, -11 -IT Treasury notes. on the credit of the United States, four hundred millions of dollars in Treasury notes, payable at the pleasure of the United States, or at such time or times not exceeding three years from date as may be found most "beneficial to the public interests, and bearing interest at a rate not when pay- -, . . ^ able and rate exceeding six per centum per annum, payable at periods of interest. expressed on the face of said Treasury notes: and the interest pay- . ; , . able in lawful interest on the said 1 reasury notes and on certificates ot money, indebtedness and deposit hereafter issued, shall be paid in lawful money. The Treasury notes thus issued shall be of such denomination as the Secretary may direct, not . Denomina- tions and how less than ten dollars, and may be disposed of on the best disposed of. Revised Stat- terms that can be obtained, or may be paid to any cred- utes, 3476. itor of the United States willing to receive the same at par. And said Treasury notes may be made a legal ten- now a legal * . c tender, etc. der to the same extent as United States notes, for their Revised stat- ,. utes, 3590. zace value, excluding interest : or they may be made . Mill For what ex ~ exchangeable under regulations prescribed by the Secre- changeable. tary of the Treasury, by the holder thereof at the Treas- ury in the City of Washington, or at the office of any assistant treasurer or depositary designated for that pur- pose, for United States notes equal in amount to the Treasury notes offered for exchange, together with the interest accrued and due thereon at the date of interest payment next preceding such exchange. And in lieu of other notes 1 . .. may be issued any amount of said Treasury notes thus exchanged, or for those ex- - . ' changed. redeemed or paid at maturity, the Secretary may issue an equal amount of other Treasury notes; and the Treas- ury notes so exchanged, redeemed, or paid, shall be can- celled and destroyed as the Secretary may direct. In One hundred . i ., T ^ . '!"<' t'tty mil- order to secure certain and prompt exchanges or United 'i" dollars of . notes may he States notes for Treasury note-, when required as above issued for ex- provided, the Secretary shall have power to issue United States notes to the amount of one hundred and fifty millions of dollars, which may be used if necessary for such exchanges: but no part of the United States notes authorized by this section shall be issued for or applied 644 NATIONAL MONETARY COMMISSION. ^ issued t o an y other purposes than said exchanges ; and whenever how replaced. ' anv amount shall have been so issued and applied, the same shall be replaced as soon as practicable from the sales of Treasury notes for United States notes. The sec re- SEC. 3. And be it further enacted. That the Secretary tary, if neces- . 7 . . sary to pay the of the Treasury be, and he is hereby, authorized, it re- Army, etc., may .-,,,! f ,1 IT X il issue $150,000,- quired bv the exigencies or the public service, tor the pay- 000 in n o t e s H , J . ' , without inter- ment of the Army and JSavy, and other creditors of the cst Revis_ed stat- Government, to issue on the credit of the United States the sum of one hundred and fifty millions of dollars of United States notes, including the amount of such notes heretofore authorized by the joint resolution approved January seventeen, eighteen hundred and sixty-three, in such form as he may deem expedient, not bearing interest, Denomina- payable to bearer, and of such denominations, not less than one dollar, as he may prescribe, which notes so Legal tender issued shall be lawful money and a legal tender in pay- ties and inter- ment of all debts, public and private, within the United Revised stat- States, except for duties on imports and interest on the public debt; and any of the said notes, when returned to Reissue. the Treasury, may be reissued from time to time as the Revised Stat- ..,,,. utes, 3579. exigencies of the public service may require. And in issues in lieu lieu of anv of said notes, or anv other United States notes, of n o t e s can- ' ceied. returned to the Ireasury, and cancelled or destroyed, there may be issued equal amounts of United States notes, Repeal of such as are authorized by this act. And so much of the ch. 33, 186-5! act to authorize the issue of United States notes, and for ch. 142 re- stricting nego- other purposes, approved February twenty-five, eighteen ket value. hundred and sixty-two, and of the act to authorize an addi- tional issue of United States notes, and for other pur- poses, approved July eleven, eighteen hundred and sixty- two, as restricts the negotiation of bonds to market value, when former is hereby repealed. And the holders of United States notes must be . . presented for notes, issued under and by virtue or said acts, shall pre- sent the same for the purpose of exchanging the same for bonds, as therein provided, on or before the first day of July, eighteen hundred and sixty-three, and thereafter the right so to exchange the same shall cease and determine. in lieu of SEC. 4. And be it further enacted. That in lieu of post- postage cur- l rency, fraction- age and revenue stamps tor fractional currency, and or al notes may . ,. , i n i be issued. fractional notes, commonly called postage currency, is- Kevised Stat- . /. i m 3575. sued or to be issued, the Secretary ot the 1 reasury may utes, 3574. issue fractional notes of like amounts in such form as he may deem expedient, and may provide for the engraving, LAWS CONCERNING MONEY, BANKING, AND LOANS. 645 preparation, and issue thereof in the Treasury Depart- ment building. And all such notes issued shall be ex- v For y h ,at e *- changeable and changeable by the assistant treasurers and designated payable. depositaries for United States notes, in sums not less than three dollars, and shall be receivable for postage and revenue stamps, and also in payment of any dues to the United States less than five dollars, except duties on im- ports, and shall be redeemed on presentation at the Treas- ury of the United States in such sums and under such regulations as the Secretary of the Treasury shall pre- scribe: Provided. That the whole amount of fractional issue not to ,.,-.. exceed $50,- currency issued, including postage and revenue stamps 000,000. issued as currency, shall not exceed fifty millions of dollars. ***** Approved, March 3, 1863. ACT OF JUNE 3, 1864. CHAP. CVI. An act to provide a national currency se- _ 9 13 stat - L - cured by a pledge of United States bonds, and to pro- vide for the circulation and redemption thereof. (Sections 21, 22, 23, 24, 27, 31, 32, 42, 43, 46, 47, 48, 49, 58, and 62 of this act prescribe the conditions under which national bank notes may be delivered by the Comptroller of the Currency to the national banks and be issued by the banks as circulating notes.) ACT OF JUXK 30, 1864. CHAP. CLXXII. An act to provide irai/s find means for _ is stat. L., the an p port of the Government, and for other pur- pose*. (Section 2 provides for llio issue of certain treasury n<>w fm- toim li'-nl louder. notes bearing interest, " and such of them as shall be made payable, principal, and interest, at maturity, shall be a, legal tender to the same extent as United States notes for their face value, excluding interest, and may be paid to any creditor of the United States at their face value, excluding interest, or to any creditor willing to receive 646 NATIONAL MONETARY COMMISSION. notes to a be U con y ^ iem a * i P ar > including interest ; and any Treasury notes vertjbie into issued under the authority of this act may be made con- bonus. vertible, at the discretion of the Secretary of the Treas- ury, into any bonds issued under the authority of this act. And the Secretary of the Treasury may redeem and cause to be cancelled and destroyed any treasury notes or United States notes heretofore issued under authority of May be sub- previous acts of Congress, and substitute, in lieu thereof, sti tu ted for 1 , f ,, . , n o t e s of pre- an equal amount of treasury notes such as are authorized by this act, or of other United States notes: Provided, bo A n n d s Jn andTh a t the total amount of bonds and Treasury notes au- exceed ^00 thorized by the first and second sections of this act shall notes 00 noi; ex> no ^ excee d f ur hundred millions of dollars, in addi- ceed, etc. tion to the amounts heretofore issued ; nor shall the total amount of United States notes, issued or to be issued, ever exceed four hundred millions of dollars, and such ad- ditional sum, not exceding fifty millions of dollars, as may be temporarily required for the redemption of tem- interest bear- porary loan; nor shall anv Treasury note bearing interest ing notes not L . " to be tender issued under this act, be a legal tender in payment or re- for redemption . ii,,- of circulation of demption of any notes issued by any bank, banking asso- ciation, or banker, calculated or intended to circulate as money.") Reserve for (Section 4 provides for temporary loans not to exceed one hundred and fifty millions of dollars ; " and the Sec- retary of the Treasury may issue, and shall hold in re- serve for payment of such deposits. United States notes not exceeding fifty millions of dollars, including the amount already applied in such payment ; and the United States notes, so held in reserve, shall be used only when needed, in his judgment, for the prompt payment of such deposits on demand, and shall be withdrawn and placed again in reserve as the amount of deposits shall again increase.") SEC. 5. And be -it further enacted, That the Secretary of the Treasury may issue notes of the fractions of a dollar as now used for currency, in such form, with such inscriptions, and with such safeguards against counterfeiting, as he may judge best, and provide for the engraving and preparation, and for the issue of the same, as well as of all other notes and bonds, and other obligations, and shall make such regulations for the re- demption of said fractional notes and other notes when mutilated or defaced, and for the receipt of said frac- LAWS CONCEKNING MONEY, BANKING, AND LOANS. 647 tional notes in payment of debts to the United States, except for customs, in such sums, not over five dollars, as may appear to him expedient ; and it is hereby declared Fractional that all laws and parts of laws applicable to the fractional be issued to an i ' -i i . ,, -, ..amount not notes engraved and issued as herein authorized, apply over $50,000,- equally and with like force to all the fractional notes heretofore authorized, whether known as postage cur- rency, or otherwise, and to postage-stamps issued as cur- rency; but the whole amount of all descriptions of notes or stamps less than one dollar issued as currency, shall not exceed fiftv millions of dollars. Approved, June 30, 186-1. ACT OF MARCH 3, 1865. CHAP. LXXXIL An act to amend an act entitled ''An is stat. L., 498 act to provide a national currency* secured by a pledge of United States bonds, and to provide for the circula- tion and redemption thereof.'"' Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress as- sembled, That section twenty-one of said act be so amended that said section shall read as follows: SEC. 21. And be it further enacted, That upon tho Banking as- transfer and delivery of bonds to the Treasurer, as pro-ter transfer, j I ji / " , ,1 , i etc., of bonds, vided in the foregoing section, the association making may receive cir- the same shall be entitled to receive from the Comptrol- ler of the Currency circulating notes of different denomi- nations, in blank, registered and countersigned as here- inafter provided, equal in amount to ninetv per centum Limit of . , . -,"-, , amount of ot the current market value or the United States bonds notes to be re- so transferred and delivered, but not exceeding ninety see Revised per centum of the amount of said bonds at the par value 8tatutes ' 5171> thereof, if bearing interest at a rate not less tluln five per centum per annum: and the amount of said circu- lating notes to be furnished to each association shall be in proportion to its paid-up capital as follows, and no more: To each association whose capital shall not exceed five, hundred thousand dollars, ninety per centum of such capital; to each association whose capital exceeds live hundred thousand dollars, but does not exceed one mil- lion dollars, eighty per centum of such capital: to each association whose capital exceeds one million dollars. 648 NATIONAL MONETARY COMMISSION. but does not exceed three millions of dollars, seventy- five per centum of such capital ; to each association whose capital exceeds three millions of dollars, sixty per cent. ment p of author- ^ suc ^ ca pital. And that one hundred and fifty millions tion d circula "of dollars of the entire amount of circulating notes au- thorized to be issued shall be apportioned to associations in the States, in the District of Columbia, and in the Territories, according to representative population, and the remainder shall be apportioned by the Secretary of the Treasury among associations formed in the several States, in the District of Columbia, and in the Terri- tories, having due regard to the existing banking capital, resources, and business of such States, District, and Ter- ritories. Approved, March 3, 1865. ACT OF MARCH 3, 1865. is stat. L., CHAP. C. An act to authorize the coinage of three-cent 517. pieces, and for other purposes. NO fractional SEC. 3. * * * : Provided, That from and after the sued under 5 passage of this act, no issues of fractional notes of the United States shall be of a less denomination than five cents, and all such issues of a less denomination, at that- time outstanding, shall, when paid into the Treasury or any designated depositary of the United States, or re- deemed or exchanged as now provided by law, be re- tained and cancelled. ***** Approved. March 3. 1865. ACT OF APRIL 12. 1866. 14 stat. L., CHAP. XXXIX. An ad to amend an act entitled "An act*to provide ways and mean* to support the Govern- ment" approved March third, eighteen hundred and sixty-five. He it enacted by the Senate and IIouxc of Representa- tives of the United State* of America in Coiif/rcxs axfiem- t h S e C Treasury ^ (>a i That the act entitled "An act to provide ways and empowered t o niea ns to support the Government." approved March receive Treas- ury notes, etc., third, eighteen hundred and sixty-five, shall be extended in exchange for bonds. nno | construed to authorize the Secretary of the Treas- H e v . Stat., ' > >~^'-' urv. at his discretion, to receive anv Treasury notes or LAWS CONCERNING MONEY, BANKING, AND LOANS. 649 other obligations issued under any act of Congress, whether bearing interest or not, in exchange for any de- scription of bonds authorized by the act to which this is an amendment ; and also to dispose of any description be^^ln f^ e of bonds authorized by said act, either in the United proceeds used " only for retir- States or elsewhere, to such an amount, in such manner, ^ t | s o eas t u rj [ and at such rates as he may think advisable, for lawful obll s atio , ns is ; > sued under act money of the United States, or for any Treasury notes, of congress. certificates of indebtedness, or certificates of deposit, or other representatives of value, which have been or which may be issued under any act of Congress, the proceeds thereof to be used only for retiring Treasury notes or other obligations issued under any act of Congress: but Public debt . not to be in- nothmg herein contained shall be construed to authorize ""eased, any increase of the public debt : Provided, That of United Proviso. States notes not more than ten millions of dollars may be retired and cancelled within six months from the passage of this act, and thereafter not more than four millions of dollars in any one month: And provided further, That the act to which this is an amendment shall continue in full force in all its provisions, except as modified by this act. SEC. 2. And le it further enacted, That the Secretary the s Treasury to of the Treasury shall report to Congress at the co mencement of the next session the amount of exchanges made or money borrowed under this act, and of whom, and on what terms; and also the amount and character of indebtedness retired under this act. and the act to which this is an amendment, with a detailed statement of the expense of making such loans and exchanges. Approved, April 12. I860. ACT OF MAY 10, 18(50. CHAP. LXXXI. AH act to authorize the coinage of fire- ^* stat - L cent pieces. * * * * * (Section % authorizes the exchange of five-cent pieces for the lawful currency of the United States: '' Pro- ridfd, That from and after the passage of this act im ,.,^,^1^ issues of fractional notes of the United States shall be ^ a V'''issn"!i of a less denomination than ten cents; and all such is>ues ' ( }"l^ H [*^l at that time outstanding shall, when paid into the .,.1^' v Slat 15732 10 J2 650 NATIONAL MONETARY COMMISSION. Treasury or any designated depository of the United States, or redeemed or exchanged as now provided by law, be retained and cancelled.") ***** Approved, May 16, 1866. ACT OF FEBRUARY 5, 1867. 14 stat. L., CHAP. XXVI. An act to punish certain crimes in rela- tion to the public securities and currency, and for other purposes. (This act makes it unlawful to buy, sell, etc., forged, counterfeit, etc., bonds, etc. ; make or use cards, circulars, etc., in similitude of United States securities; to print, etc., any business card, notice, etc., upon any United States security; to make false impressions upon any material by any tool, etc., used in printing, etc., any such security; to have in possession with intent to defraud, any impression, etc. ; to secrete, carry away, etc., any tool used in printing such securities, etc. ; to take any material, without authority, intended to be used in making cur- rency, etc., or to take any paper document, etc., intended to be used in procuring the payment of money from the United States, etc.) Approved, February 5. 1867. ACT OF MARCH 20, 1867. is stat. L., 6. CHAP. VIII. An act to exempt Wrapping-Paper, made from Wood or Cornstalks, from Internal Tax, and for other Purposes. Ten por rent c; Kf . o. And l>c it further enacted. That everv national tax to be paid by bank shanking association, state bank, or banker, or association. bankers, etc., upon notes of shall pay a tax of ten per centum on the amount of notes cities, etc., paid . out by them of any town, citv, or municipal corporation paid out bv after May 1, ' . . . ' 1S 7 - them after the first day of May. anno Domini eighteen hundred and sixty-seven, to be collected in the mode and manner in which the tax on the notes of state banks is collected. Approved. March 26, 1867. LAWS CONCERNING MONEY, BANKING, AND LOANS. 651 ACT OF FEBRUARY 4, 1868. CHAP. VI. An act to suspend further reduction of the S4 15 stat - L - currency. Be it enacted by the Senate and House of Representa- s * c * t %l y * tives of the United States of America in Congress assem- d u e ce U currenc e bled, That from and after the passage of this act, the j^ de e d tc - sus ' authority of the Secretary of the Treasury to make any reduction of the currency, by retiring or cancelling United States notes, shall be, and is hereby, suspended; but noth- united* state ing herein contained shall prevent the cancellation and ?epfaced! ay destruction of mutilated United States notes, and the replacing of the same with notes of the same character and amount. SCHUYLER COLFAX, Speaker of the House of Representatives. B. F. WADE, President of the Senate pro tempore. Indorsed by the President: "Received, January 23, 1868." (NOTE BY THE DEPARTMENT OF STATE. The foregoing act having been presented to the President of the United States for his approval, and not having been returned by him to the house of Congress in which it originated within the time prescribed by the Constitution of the United States, has become a law without his approval.) ACT OF FEBRUARY 19, 1869. CHAP. XXXII. An act to precent loaning money upon t ^ stat. L., United States notes. Be it enacted by tJie Senate and House of Representa- tives of the United States of America in Congress assem- bled, That no national banking association shall hereaftei'so^atio'nnot^o offer or receive United States notes or national bank notes I, p n on m ui t e e ^ as security or as collateral security for any loan of money, n^^withhofd or for a consideration shall agree to withhold the same etc.'" from " se> from use, or shall offer or receive the custody or promise statutes! 6 ^*?! of custody of such notes as security, or as collateral se- curity, or consideration for any loan of money; and any national banking association offending against the pro- visions of this act shall be deemed guilty of a misdemeanor, I'enfilty. and upon conviction thereof in any United States court having jurisdiction shall be punished by a line not exceed- ing one thousand dollars, and by a further sum equal to 652 NATIONAL MONETARY COMMISSION. one-third of the money so loaned; and the officer or officers of said bank who shall make such loan or loans shall be liable for a further sum equal to one quarter of the money so loaned ; and the prosecution of such offenders shall be commenced and conducted as provided for the punishment of offenses in an act to provide a national currency, approved June third, eighteen hundred and sixty-four, and the fine or penalty so recovered shall be for the benefit of the party bringing such suit. Approved, February 19, 1869. ACT (5F MARCH 18, 1869. iestat.L.,1. CHAP. I. An act to strengthen the public credit. Be it enacted by the Senate and House of Representa- tives of the United /States of America in Congress assem- the^un^ted ~bled, That in order to remove any doubt as to the pur- to'lhe 5 payment P ose ^ the Government to discharge all just obligations equivalent 1 " 'of ^ ^ ne public creditors, and to settle conflicting questions of 1 the llg un'ited anc ^ interpretations of the laws by virtue of which such cept e etc tc '' ex obligations have been contracted, it is hereby provided ute\r3693 Stat ~ and declared that the faith of the United States is sol- emnly pledged to the payment in coin or its equivalent of all the obligations of the United States not bearing interest, known as United States notes, and of all the interest-bearing obligations of the United States, except in cases where the law authorizing the issue of any such obligation has expressly provided that the same may be paid in lawful money or other currency than gold and interest-bear- silver. But none of said interest-bearing obligations not Ing obligations ' ' not already due already due shall be redeemed or paid before maturity not to be paid J before m a t u unless at such time United States notes shall be cou- nty, unless, etc. vertible into coin at the option of the holder, or unless at such time bonds of the United States bearing a lower rate of interest than the bonds to be redeemed can be sold of R uf e em rnited at P ar * n CO " K ^^ tne ^^ n ^ te( ^ States also solemnly states notes in plages its faith to make provision at the earliest prac- ticable period for the redemption of the United States notes in coin. Approved, March 18, 18C9, LAWS CONCERNING MONEY, BANKING, AND LOANS. 653 ACT OF JULY 12, 1870. CCLII. An act to provide for the redemption 05 i 6 stat L " of the three per cent, temporary loan certificates, and for an increase of national bank notes. Be it enacted by the Senate and Hmise of Representa- tives of the United States of America in Congress assem- bled, That fifty-four millions of dollars in notes for cir- Additional . ^ . notes for circu- cnlation mav be issued to national banking; associations, ml? ttoi j t , P a - . " tlonal banking addition to the three hundred millions of dollars author- associations. ized by the twenty-second section of the "Act to provide a national currency, secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof," approved June three, eighteen hundred and sixty- four ; and the amount of notes so provided shall be fur- gh ^ te t s ^ h nished to banking associations organized or to be organ- associations. ized in those States and Territories having less than their proportion under the apportionment contemplated by the provisions of the ''Act to amend An act to provide a national currency, secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof," approved March three, eighteen hundred and sixtv-five, and the bonds deposited with the Treasurer of. Wh -l t . ' to be deposited the United States, to secure the additional circulating *9 secure such ' . to circulation. notes herein authorized, shall be of an} r description of bonds of the United States bearing interest in coin, but t iJnment ! cm P ba- a new apportionment of the increased circulation herein ^-^ census of provided for shall be made as soon as practicable, based upon the census of eighteen hundred and seventy: Pro- rided, That if applications for the circulation herein au ~ tio^s a fo? thorized shall not be made within one year after the pas-^u|auon^ are sage of this act by banking associations organized or to J^ifcd^to^e^c 56 be organized in States having less than their proportion, ut f s eV 5i76 Stat " it shall be lawful for the Comptroller of the Currency to issue such circulation to banking associations applying for tiie same in other States or Territories having less than their proportion, giving the preference to such as have the greatest deficiency: And jtrofided further, That aft ^^."!j 1 ^ i c z r e < d ' no banking association hereafter organized shall have a|? )00 ^^ c ,^ circulation in excess of five hundred thousand dollars. SEC. 2. And l j it further enacted, That at the end of each month after the passage, of this act it shall be the l n ?, ut hi'yVoSec- duty of the Comptroller of the Currency to report to the^miry'th 1 ! Secretary of the Treasury the amount of circulating notes jl"| a umt of rir " ifi notes issued, under the provisions of the preceding section, to issued - etc - 654 NATIONAL MONETARY COMMISSION. national banking associations during the previous month ; canc^fcertain^ wnereu P n the Secretary of the Treasury shall redeem per cent tem- and cancel an amount of the three per centum temporary porary loan . r J certificates. loan certificates issued under the acts of March two, eighteen hundred and sixty-seven, and July twenty-five, eighteen hundred and sixty-eight, not less than the amount of circulating notes so reported, and may, if necessary, in order to procure the presentation of such homers th^a* t temporary loan certificates for redemption, give notice b h e e a^ interest t * ne holders thereof, by publication or otherwise, that "art 'of mone r cer tain of said certificates (which shall be designated by banks rve of number, date, and amount) shall cease to bear interest from and after a day to be designated in such notice, and that the certificates so designated shall no longer be avail- able as any portion of the lawful money reserve in posses- After thatsion of any national banking association, and after the time interest , , . , . . not to be paid, day designated in such notice no interest shall be paid on such certificates, and they shall not thereafter be counted as a part of the reserve of any banking associa- tion. circulating g EC> 3. And le it further enacted. That upon the de- notes payable ' ' . in gold coin posit of any United States bonds, bearing interest payable may be issued 1 J . . to associations in gold, with the Treasurer of the United States, in the depositing . .' united states manner prescribed in the nineteenth and t\ventieth sec- bonds paying . * interest in gold, tions of the national currency act, it shall be lawful for Denomi na- tions andthe Comptroller of the Currency to issue to the associa- amount of such . *. ... , . , notes. tion making the same, circulating notes of different de- nominations, not less than five dollars, not exceeding in amount eighty per centum of the par value of the bonds deposited, which notes shall bear upon their face the promise of the association to which they are issued to pay them, upon presentation at the office of the association, in gold coin of the United States, and shall be redeemable Circuiat i o n upon such presentation in such coin: Provided. That no of any such L . . i ,1 / i 11 bank not to ex- banking association organized under this section shall ceed $1,000,- te . . .,,. , ooo. have a circulation in excess of one million ot dollars. Such associ- g EC . 4. And l>e it further enacted, That every national ations to keep ' * , on hand not banking; association formed under the provisions or the less than 25 ~ . per cent of cir- preceding section of this act shall at all tunes keep on culatlon in gold L . and silver; hand not less than twenty-five per centum or its outstand- ing circulation in gold or silver coin of the United States, parg r o e id ei notes an ^ sna ^ <'ive at par in the payment of debts the gold banks er s " ^ n t es ^ everv other such banking association which at LAWS CONCERNING MONEY, BANKING, AND LOANS. 655 the time of such payments shall be redeeming its circula- ting notes in gold coin of the United States. SEC. 5. And be it further enacted. That every associ- Such associ- , ' ... , -," ntions subject ation organized for the purpose of issuing gold notes as to national cur- provided in this act shall be subject to all the require- cept, etc. ments and provisions of the national currency act, except the first clause of section twenty-two, which limits the cir- culation of national banking associations to three hun- dred millions of dollars ; the first clause of section thirty- two, which, taken in connection with the preceding sec- tion, would require national banking associations organ- ized in the city of San Francisco to redeem their circulat- ing notes at par in the city of New York; and the last clause of section thirty-two, which requires every national banking association to receive in payment of debts the notes of every other national banking association at par : Provided, That in applying the provisions and require- f^mon* "-}& ments of said act to the banking associations herein pro- oV'^'' united vided for, the terms " lawful money," and " lawful money f^s 'trued in of the United States," shall be held and construed to.^" 011 mean gold or silver coin of the United States. SEC. 6. And be it further enacted, That to secure a d j s ^ r n," [jo^'of more equitable distribution of the national banking cur- to" e e setn'ired OW rency there may be issued circulating notes to banking ci / c \i*.f t f on s n {: associations organized in States and Territories having ooo e ooo ng to 2 be less than their proportion as herein set forth. And the amount of circulation in this section authorized shall, under the direction of the Secretary of the Treasury, as it may be required for this purpose, be withdrawn, as herein provided, from banking associations organized in States having a circulation exceeding that provided for by the act entitled "An act to amend an act entitled 'An act to provide for a national banking currency, secured by pledge of United States bonds, and to provide for the cir- culation and redemption thereof,' " approved March three, eighteen hundred and sixty-five, but the amount so withdrawn shall not exceed twenty-five million dollars. The comptroller of the currency shall, under the 180 ?' & ch. 73, sec. o, Treasurer or any assistant treasurer of the United States, vo1 - 1 -> P- 711 - in sums not less than twenty dollars, and to issue cer- tificates therefor, in denominations of not less than twenty dollars, each, corresponding with the denomina- tions of the United States notes. The coin and bullion deposited for or representing the certificates of deposit shall be retained in the Treasury for the payment of the same on demand. And certificates representing coin in the Treasury may be issued in payment of interest on the public debt, which certificates, together with those issued for coin and bullion deposited, shall not at any time exceed twenty per centum beyond the amount of coin and bullion in the Treasury; and the certificates for coin and bullion in the Treasury shall be received at par in payment for duties on imports. SEC. 3475. The notes of national banks shall be received sit par for all debts and demands owing by the United States to any person within the United States, except S1 ^ e > ^1864, interest on the public debt, or in redemption of the ^ 1( ^' p 00 ^' national currency. soc - 518 ~- SEC. 3476. Treasury notes bearing interest may be paid no " to any creditor of the United States at their face value, gj, te j c ^ excluding interest, or to any creditor willing to receive ch> M f 5; 3 sec!il them at par. including interest. V junc30,'i864i ch. 172. see. 2, vol. Ki, p. '218. SEC. 3571. United States notes shall bo of sueh denomi- u S. . o7a. LS<-L- wees, mi;;, r,-ii4, r4:',o-. r >-i:<4.] 658 NATIONAL MONETARY COMMISSION. fractional* cur- SEC. 3572< Tne whole amount of notes or stamps for e y author "the fractions of a dollar, issued as currency, shall not, is* 1 c \72s a ^ an y time, exceed fifty millions of dollars. 5, v.'l3, p. 220; Jan. 14, 1875, c. 18, v. 15, p. 296; April 17, 1876, c. 63, s. 2, v. 19, p. 33. i864 un ch i72' SEC. 3573. No issue of fractional notes of the United p e ooo' vo1 ' 13 ' States shall be of a less denomination than ten cents; NO issue less an( j a u issues of a less denomination shall, when paid than 10 cents. 1866 a y ch 1 8 6 i' * n * * ne Treasury or any designated depository of the sec. 3, v. 14, p! United States, or redeemed or exchanged as now pro- vided by law, be retained and canceled. dem r tTon nd o^f SEC. 3574. The notes of the fractional currency shall f r a c 1 1 o n a i be j n such f orm, with such inscriptions, and with such notes. ch M 73' 3 sec 86 4 >sa ^ e ^ uarc ^ s a S a i ns * counterfeiting as the Secretary of the vo j-une p ' 1"' Treasury may deem best. They shall be exchangeable g 8 c 64 5 voi "I* by * ne assistant treasurers and designated depositaries P- 220> - . _ for United States notes in sums of not less than three Jan. 14, 1875, c. is, v. is, P. dollars; and shall be receivable for postage and revenue stamps, and for all dues to the United States, except customs, in sums not over five dollars, and shall be re- deemed on presentation at the Treasury of the United States in such sums and under such regulations as the Secretary of the Treasury shall prescribe. Preparation SEC. 3575. The Secretary of the Treasury may provide June 30^, for the engraving and preparation, and for the issue of sec. h, vol. is"! fractional and other notes, and shall make such regula- p 220 ' Mar. 3, 1863, tions for the redemption of such notes when mutilated or vol. 12, p. in! defaced, and for the receipt of fractional notes in pay- c. 15%. is, p! ment of debts to the United States, except for customs, 296. - Cook , c i 11 i v. u. s., 12 in such sums, not over five dollars, as may appear to him Blatch., 43. ,. expedient. Portraits of SEC. 357G. Xo portrait shall be placed upon any of the living persons . l not to be placed bonds, securities, notes, fractional or postal currency of on bonds or notes. the United States, while the original of such portrait eh. 28. sec. 12J is living, vol. 14. Engraving SEC. 3577. The Secretary of the Treasury may cause and printing . _ notes. notes to be engraved, printed, and executed, at the De- J u 1 y 11 1862, ch. i4L>; partment of the Treasury in Washington, and under his SC. 2, vol. 12 P. 532. ' direction, if he deems it inexpedient to procure them to be [See Revised ' . f statutes, sees, engraved and printed by contract; and he may purchase 5433, 5453.] . { . and provide all the machinery and materials, and employ such persons and appoint such officers as arc necessary for this purpose. LAWS CONCERNING MONEY, BANKING, AND LOANS. 659 SEC. 3578. The necessary expenses of engraving, print- lsS ui X n p | D n s e t s eg of ing, preparing, and issuing the United States notes, c ^ r -|' |. 8 ^' Treasury notes, and fractional notes shall be paid out of 12 '^ 7 c ll '^ 3 any money in the Treasury not otherwise appropriated ; jf 57 ' v c - 11 1 ' s - but no extra compensation for preparing, signing, or issu- j|j^ J c ne m' ing such notes shall be allowed to any officer whose sal- |. n : jan 13 '^- ary is fixed by law. iI 75 ' p e ' i 5 oe V; Mar. 3, 1875, c. 130, v. 18, p7 373! SEC. 3579. When any United States notes are returned to the Treasury, they may be re-issued, from time to time, as the exigencies of the public interest may require. _ .Inly 11, 1802. ch. 142, sec. 1, vol. 12, p. 532 ; Feb. 25, 1862,' ch.' 33,'sec.' 1, vol. 12. p. 345. SEC. 3580. When any United States notes returned to m ^'^led the Treasury are so mutilated or otherwise injured as to 110 ^ s - * > M a r . 1 7 t be unfit for use, the Secretary of the Treasury is author- 186 -> ch -, f5, sec. 4, vol. 12, ized to replace the same with others of the same char- P- 87 - acter and amounts. SEC. 3581. Mutilated United States notes, when re- of 1 I |^ lctlon placed according to law, and all other notes which by law are required to be taken up, and not re-issued, when taken up, shall be destroyed in such manner and under such regulations as the Secretary of the Treasury may prescribe. SEC. 3582. The authority given to the Secretary of the Reduction of J to " the currency Treasury to make any reduction of the currency, by re- suspended. tiring and cancelling United States notes, is suspended. IS GC, P c.' so.^s'. 1, v. 14, p. 31 ; Feb. 4, 1868, c. (i, v. 15, p. 34 ; June 20, 1874, c. 343, v. 18, p. 124. Section 3583. as codified in section 178 of the Penal iJf ffii^nl Code of the United States, March 4, 11)09 (35 Stat. L., dollar - 1122) : No person shall make, issue, circulate, or pay out any note, check, memorandum, token, or other obligation for a less sum than one dollar, intended to circulate as money or to be received or used in lieu of lawful money of the United States; and every person so oU'endintr shall be. I'mHsium-nt ^ L lor. fined not more than five hundred dollars, or imprisoned not more than six months, or both. SEC. 3588. United States notes shall be lawful money, J' ' 1 stalps and a legal tender in payment of all debts, public and S( , ( M: '[- v',,] st p.' private, within the United States, except for duties on '' , 7 1 1 1 1 ,' V , , imports and interest on the public debt. voi'"!"* p l r,':r : Feb. 25, )Sf,2, sec. I, vol. 12, p. 315. [For reference (<> cases, see He- vised Stututua, sec. 35S8.J 660 NATIONAL MONETARY COMMISSION. TrSufur noteJ SEC. 3589 - Demand Treasury notes authorized by the Mar. 17, ac * ^ July seventeen, eighteen hundred and sixty-one, sec 62 2, voi. 12', chapter five, and the act of February twelve, eighteen P. 370. hundred and sixty-two, chapter twenty, shall be lawful i86i" l y ch 1 7 5 ' money and a legal tender in like manner as United States sec. i, vol. 12, | 10 f P c p. 259; Feb. 12. I] eb ' 1862. ch. 20, vol. 12, p. 338 ; Feb. 25, 1862, ch. 33, sec. 1, vol. 12, p. 345. iut nt n e otes" bear " SEC. 3590. Treasur notes issued under the authorit 3 sec 86 2' ^ the ac t g f March three, eighteen hundred and sixty- T J une P ' 30 ' three, chapter seventy-three, and June thirty, eighteen ^| C 64 :, 1 C ^ 1 1 {^ hundred and sixty-four, chapter one hundred and P. 218. seventy-two, shall be legal tender to the same extent as United States notes, for their face value, excluding in- terest: Provided, That Treasury notes issued under the act last named shall not be a legal tender in payment or redemption of any notes issued by any bank, banking association, or banker, calculated and intended to circu- late as money. fund x s ch re n s g t e rict f SEC - 3651 - No exchange of funds shall be made by any ed 'A Ug . 6, ! 846, Disbursing officer or agent of the Government, of any y' p64 S ' ~' v ' g ra de or denomination whatsoever, or connected with any i8o- >e V 33 2 s' branch of the public service, other than an exchange for *' j'u 12 'y P ' i 4 i 5 ' told- silver. United States notes, and national-bank notes; Ivi p 4 532' an ^ every such disbursing officer, when the means for his T*Q *\ 3 ' 1 SG ~' disbursements are furnished to him in gold, silver. United C. t o, S. O| V. 1 "ju'ne' s k ^^tes notes, or national-bank notes, shall make his pay- i| 64 - v c - 10' s. ments in the moneys so furnished ; or when they are fur- 10 r s r nt n ^ sne( ^ to him in drafts, shall cause those drafts to be Lean 130) M P resen ted at their place of payment, and properly paid according to law. and shall make his payments in the money so received for the drafts furnished, unless, in either case, he can exchange the means in his hands for gold and silver at par. And it shall be the duty of the head of the proper Department immediately to suspend from duty any disbursing officer or agent who violates the provisions of this section, and forthwith to report the name of the officer or agent to the President, with the fact of the violation, and all the circumstances accom- panying the same, and within the knowledge of the Secre- tary, to the end that such officer or agent may be promptly removed from office, or restored to his trust and the performance of his duties, as the President may deem just and proper. LAWS CONCERNING MONEY, BANKING, AND LOANS. 661 SEC. 3652. No officer of the United States shall, either directly or indirectly, sell or dispose of to any person, f r a premium, any Treasury note, draft, warrant, or other c public security, not his private property, or sell or dispose 9 ' P- 65 of the avails or proceeds of such note, draft, warrant, or security, in his hands for disbursement, without making return of such premium, and accounting therefor by charging the same in his accounts to the credit of the United States; and any officer violating this section shall be forthwith dismissed from office. SEC. 3689. There are appropriated, out of any moneys in the Treasury not otherwise appropriated, for the pur- poses hereinafter specified, such sums as may be necessary for the same respectively; arid such appropriations shall be deemed permanent annual appropriations. UNDER THE TREASURY DEPARTMENT. Expenses of national loan : To pay the expenses of the M a y 2 3 , issue, re-issue, transfer, delivery, redemption, and destruc- vol. ii, p. 150! tion of securities, legal-tender notes, fractional currency, checks, certificates, commissions, and for any plate and seal engraving and printing required by the Treasury Department, one per centum of the amount of legal- tender notes, fractional currency, and securities issued during each fiscal year. ***** SEC. 3693. The faith of the United States is solemnly Payment in pledged to the payment in coin or its equivalent of all M'ar. is, fl IT i.' -fill- TT '.L 1 QJ. J. U ' ' I i. lSn, Ch. l.VOl. the obligations of the United States not bearing interest, 16, p. i. known as United States notes, and of all the interest- bearing obligations of the United States, except in cases where the law authorizing the issue of any such obligation has expressly provided that the same may be paid in lawful money or other currency than gold and silver. But none of the interest-bearing obligations not already due shall be redeemed or paid before maturity, unless at such time United States notes are convertible into coin at the option of the holder, or unless at such time bonds of the United States bearing a lower rate of interest than the bonds to be redeemed can be sold at par in coin. The faith of the United States is also solemnly pledged to make provisions at the earliest practicable period for the redemption of the United States notes in coin. 662 NATIONAL MONETARY COMMISSION. Section 3708, as codified in section 177 of the Penal Code of the United States, March 4, 1909 (35 Stat. L., 1122) : imitating se- It shall not be lawful to design, engrave, print, or in curl ties or . -,/, printing ad -any manner make or execute, or to utter, issue, distribute, vertisem e n t s . , , . /. . -, , . . thereon. circulate, or use, any business or professional card, notice, placard, circular, handbill, or advertisement, in the like- ness or similitude of any bond, certificate of indebtedness, certificate of deposit, coupon, United States note, Treas- ury note, gold certificate, silver certificate, fractional note, or other obligation or security of the United States which has been or may be issued under or authorized by any Act of Congress heretofore passed or which may hereafter be passed; or to write, print or otherwise impress upon any such instrument, obligation, or security, any business or professional card, notice, or advertisement, or any notice or advertisement of any matter or thing whatever. Punishment "Whoever shall violate any provision of this section shall be fined not more than five hundred dollars. Delivery of SEC. 5171. Upon a deposit of bonds as prescribed by ing notes to as- section fifty-one hundred and fifty-nine and fifty-one see act r of hundred and sixty, the association making the same shall be entitled to receive from the Comptroller of the Cur- rency circulating notes of different denominations, in blank, registered and countersigned as hereinafter pro- vided, equal in amount to ninety per centum of the cur- rent market-value of the United States bonds so trans- ferred and delivered, but not exceeding ninety per centum of the amount of the bonds at the par value thereof, if bearing interest at a rate not less than five per centum unfio to per annum: Provided, That the amount of circulating Fat?ng no ( te r s notes to be furnished to each association shall be in pro- portion to its paid-up capital, as follows, and no more: First. To each association whose capital does not ex- ceed five hundred thousand dollars, ninety per centum of such capital. Second. To each association whose capital exceeds five hundred thousand dollars, but does not exceed one mil- lion of dollars, eighty per centum of such capital. Third. To each association whose capital exceeds one million of dollars, but does not exceed three million (s) of dollars, seventy-five per centum of such capital. Fourth. To each association whose capital exceeds three millions of dollars, sixty per centum of such capital. LAWS CONCERNING MONEY, BANKING, AND LOANS. 663 SEC. 5172. In order to furnish suitable notes for circu- lation, the Comptroller of the Currency shall, under the direction of the Secretary of the Treasury, cause plates "'j^ng^ and dies to be engraved, in the best manner to guard sec - 22 - against counterfeiting and fraudulent alterations, and shall have printed therefrom, and numbered, such quan- tity of circulating notes, in blank, of the denominations of one dollar, two dollars, three dollars, five dollars, ten dollars, twenty dollars, fifty dollars, one hundred dol- lars, five hundred dollars, and one thousand dollars, as may be required to supply the associations entitled to receive the same. Such notes shall express upon their face that they are secured by United States bonds, de- posited with the Treasurer of the United States, by the written or engraved signatures of the Treasurer and Register, and by the imprint of the seal of the Treas- ury; and shall also express upon their face the promise of the association receiving the same to pay on demand, attested by the signatures of the president or vice-presi- dent and cashier; and shall bear such devices and such other statements, and shall be in such form, as the Secre- tary of the Treasury shall, by regulation, direct. (See Sees. 5415, 5434.) SEC. 5173. The plates and special dies to be procured p^es^mi dies by the Comptroller of the Currency for the printing of j^ d Bur |*P enses such circulating notes shall remain under his control and IMd " sec - 41 - direction, and the expenses necessarily incurred in exe- cuting the laws respecting the procuring of such notes, and all other expenses of the Bureau of the Currency, shall be paid out of the proceeds of the taxes or duties assessed and collected on the circulation of national bank- ing associations under this Title. SEC. 5175. Not more than one-sixth part of the notes issue of notes . , under $5, lim- furmshed to any association shall be of a less denomma- ited. -. f . Ibid., sec. 22. tion than five dollars. Alter specie payments are re- sumed no association shall be furnished with notes of a less denomination than five dollars. SEC. 5177. \The aggregate amount of circulating notes LIn ? i<: to a s; greffsite amount issued under the act of February twenty -five, eighteen * circulating hundred and sixty -three* and under the, act of June three. - T " n , e ** \* M - ' ' < ' c. too, s. 22, v. eighteen hundred find sixty -four, and, under section one^,v.iQ5. of the act of July tuiclne, eighteen hundred and seventy, v-^%-' and under this Title, shall not exceed three hundred and ? 252 '.,j * v - fifty-four millions of dollars.'] 664 NATIONAL MONETARY COMMISSION. (The limitation upon the circulation of national bank notes was removed by the statute of January 14, 1875, c. 15, s. 3, v. 18, p. 296. (June 20, 1874, c. 343, v. 18, p. 123. Repealed ly Jan. 14, 1875, c. 15, s. 3, v. 18, p. 296.) metTC'aggrV SEC. 5178 - One hundred and fifty millions of dollars circ u f& uVg ^ the entire amount of circulating notes authorized to D Mar 3 1865 ^ i ssue d shall be apportioned to associations in the Sol 2 ' v ' 13> p ' States, in the Territories, and in the District of Colum- c J 25 1 5 1 B' 1 i 87 v' ki & > according to representative population. One hun- dred and fifty millions shall be apportioned by the Sec- ' 124' 125 18> retary of the Treasury among associations formed in the several States, in the Territories, and in the District of Columbia, having due regard to the existing banking capital, resources, and business of such States, Terri- tories, and District. The remaining fifty-four millions shall be apportioned among associations in States and Territories having, under the apportionments above pre- scribed, 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 asso- ciations applying for circulating notes in other States or Territories having less than their proportion. Equalizing g EC> 5179. I n order to secure a more equitable clistri- the apportion- ment of circu- bution of the national banking currencv. there may be lating notes. ... . . . ^-o 12 ' 1 ^ 70 ' issued circulating notes to banking associations organized 1 j'un' io 3 i874 * n States and Territories having less than their propor- c- 343, v. is, p. tion, and the amount of circulation herein authorized shall, under the direction of the Secretary of the Treas- ury, as it may be required for this purpose, be withdrawn, as herein provided, from banking associations organized in States having more than their proportion, but the amount so withdrawn shall not exceed twenty-five mil- lion dollars: Provided, That no circulation shall be with- drawn 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. essa?7 amount ^ Er - 5180 ' The Comptroller of the Currency shall, K wiYhrtrjwn 11 un ^ er tnc direction of the Secretary of the Treasury, July 12, 1870, ma k e a statement showing the amount of circulation in 16, p. 253. eacn State and Territory, and the amount necessary to be LAWS CONCERNING MONEY, BANKING, AND LOANS. 665 withdrawn from each association, and shall forthwith make a requisition for such amount upon such associa- tions, commencing with those having a circulation ex- ceeding one million of dollars, in States having an ex- cess of circulation, and withdrawing their circulation in excess of one million of dollars, and then proceeding pro- portionately with other associations having a circulation exceeding three hundred thousand dollars, in States hav- ing the largest excess of circulation, and reducing the circulation of such associations in States having the great- est proportion in excess, leaving undisturbed the associa- tions 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 1 notice thereof in one daily newspaper printed in Washington and one in Xew York City, an amount of the bonds de- posited 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 association, as they come into the Treasury, as will equal the amount required and not returned ; and shall pay the balance, if any, to the asso- ciation. SEC. 5181. Any association located in any State having Removal o t ** association to more than its proportion of circulation mav be removed another state. . . . " . /&/., s. 7, p. to any State having less than its proportion of circula- -54. tion, under such rules and regulations as the Comptroller of the Currency, with the approval of the Secretary of the Treasury, shall prescribe: Prorided, That the amount of the issue of said banks shall not be deducted from the issue of fifty-four millions mentioned in section five thousand one hundred and seventy-eight. SEC. 5182. After any association receiving circulating For what de- notes under this Title has caused its promise to pay such aY- notes on demand to be, signed by the president or vice- ( ,.'i\ president and cashier thereof, in such manner as to maker. 't them obligatory promissory notes, payable on demand, at 15712 10 4','> 13,1 a nk notes lie re- 1S04, 100. 666 NATIONAL MONETARY COMMISSION. its place of business, such association may issue and circu- late the same as money. And the same shall be received at par in all parts of the United States in payment of taxes, excises, public lands, and all other dues to the United States, except duties on imports; and also for all salaries and other debts and demands owing by the United States to individuals, corporations, and associations within the United States, except interest on the public debt, and in redemption of the national currency. not s es ue prohibi e t- SEC. 5183. No national banking association shall issue ed / Md., Feb. is, (P ost notes or) any other notes to circulate as money than ]s"'p. 320' v ' suc h as are authorized by the provisions of this Title. Bank r v. h state (The words in parentheses were added by the act of Bank (io wan., February 18, 1875.) a flVSSactaf SEC ' 5 * 184 ' Jt sha11 be tlie dllt y of the Comptroller of u n t" i" a t a I t* 16 Currency to receive worn-out, or mutilated circulating n june 3 1864 no ^ es issued by any banking association, and also, on due is 1 p 6 'io6~ 3 ' v ' P ro f f the destruction of any such circulating notes, to deliver in place thereof to the association other blank circulating notes to an equal amount. Such worn-out or mutilated notes, after a memorandum has been entered in the proper books, in accordance with such regulations as may be established by the Comptroller, as well as all cir- culating notes which shall have been paid or surrendered to be canceled, shall be burned to ashes in presence of four persons, one to be appointed by the Secretary of the Treas- ury, one by the Comptroller of the Currency, one by the Treasurer of the United States, and one by the associa- tion, under such regulations as the Secretary of the Treas- ury may prescribe. A certificate of such burning, signed by the parties so appointed, shall be made in the books of the Comptroller, and a duplicate thereof forwarded to the association whose notes are thus canceled. ofa r s*oria*k>ns ^ Ec> 5185. Associations may be organized in the manner to issue go i (i prescribed bv this Title for the purpose of issuing notes notes author- ' L l lz juiyi" is~o P a . yaD l e i R gold: and upon the deposit of any United <. 2S2, s. 3, v. States bonds bearing interest payable in gold w T ith the Treasurer of the United States, in the manner prescribed for other associations, it shall be lawful for the Comp- troller of the Currency, to issue to (lie association making the deposit circulating notes of different denominations, but none of them of less than five dollars, and not exceed- ing in amount eighty per centum of the par value of the bonds deposited, which shall express the promise of the association to pay them, upon presentation at the office at July 12. IS! . 282, s. 3 10, p. 252. LAWS CONCERNING MONEY, BANKING, AND LOANS. 667 which they are issued, in gold coin of the United States, and shall be so redeemable. But no such association shall have a circulation of more than one million of dollars. (Statute of January 19, 1875 (c. 19, v. 18, p. 302), removed the limitation imposed by the last sentence of i this section upon associations authorized to issue circu- lating notes payable in gold coin.) SEC. 5186. Every association organized under the pre- Their 'awful 1 money reserve, ceding section shall at all times keep on hand not less than and duty of re^ ' . . . . ceivmg notes of twenty-five per centum of its outstanding circulation, in other associa- . . ' tions. gold or silver coin of the United States; and shall receive July 12, ' c. 282, ss. 3, 4, at par in the payment of debts the gold-notes of every|.v.i6, pp. 252, other such association which at the time of such payment is redeeming its circulating notes in gold coin of the United States, and shall be subject to all the provisions of this Title : Provided, That, in applying the same to asso- ciations organized for issuing gold-notes, the terms " law- ful money " and " lawful money of the United States " shall be construed to mean gold or silver coin of the United States; and the circulation of such associations shall not be within the limitation of circulation mentioned in this Title. SEC. 5187. No officer acting under the provisions of, this Penalty for . *?. issuing circu- Title shall countersign or deliver to any association, or to lating notes to ^ unauthorized any other company or person, any circulating notes con- associations. templated by this Title, except in accordance with the c. IOG, s.' 27, v! true intent and meaning of its provisions. Every officer who violates this section shall be deemed guilty of a high misdemeanor, and shall be fined not more than double the amount so countersigned and delivered, and imprisoned not less than one year and not more than fifteen years. SEC. 5191. Every national banking association in either " ^ n w f n i - _ ~ , m o n e y re- of the following cities: Albany, Baltimore, Boston, Cm-serve" pre- ' ' scribed. cinnati, Chicago, Cleveland, Detroit, Louisville, Milwau- |"^ c :{ ' .}^ (U - kee. New Orleans, New York, Philadelphia, Pittsburgh. is, P. 'ips. ' . . . . e Mar. 1, 1K72, Saint Louis, San Francisco, and Washington, shall at allf-,, 22 ' v. IT, p. times have on hand, in lawful money of the United States, June 20.1*74, 'c. :u;;, v. is, p. an amount equal to at least twenty-five per centum of thei23. aggregate amount of its notes in circulation and its de- posits; and every other association shall at all times have on hand, in lawful money of the United States, an amount equal to at least fifteen per centum of the aggre- gate amount of its notes in circulation, and of its de- posits. Whenever the lawful money of any association in any of the cities named shall be below the amount of 668 NATIONAL MONETARY COMMISSION. twenty-five per centum of its circulation and deposits, and whenever the lawful money of any other association shall be below fifteen per centum of its circulation and deposits, such association shall not increase its liabilities by making any new loans or discounts otherwise than by discounting or purchasing bills of exchange payable at sight, nor make any dividend of its profits until the re- quired proportion, between the aggregate amount of its outstanding notes of circulation and deposits and its law- ful money of the United States, has been restored. And the Comptroller of the Currency may notify any associa- tion, whose lawful-money reserve shall be below the amount above required to be kept on hand, to make good such reserve; and if such association shall fail for thirty days thereafter so to make good its reserve of lawful money, the Comptroller may, with the concurrence of the Secretary of the Treasury, appoint a receiver to wind up the business of the association, as provided in section fifty-two hundred and thirty-four, what may be SEC. 5192. Three-fifths of the reserve of fifteen per counted toward mVn'e wf re- cen tuni required by the preceding section to be kept, may serve." consist of balances due to an association, available for the June 3, 1864, 13 106> 1 8 68 31 ' V ' redemption oi its circulating notes, from associations ap- c J '{43 e v'il" 4 ' P rove d by the Comptroller of the Currency, organized 123 - under the act of June three, eighteen hundred and sixty- four, or under this Title, and doing business in the cities of Albany, Baltimore, Boston, Charleston, Chicago, Cin- cinnati, Cleveland, Detroit, Louisville, Milwaukee, New Orleans, New York, Philadelphia, Pittsburgh, Richmond, Saint Eouis, San Francisco, and Washington. Clearing- house certificates, representing specie or lawful money specially deposited for the purpose, of any clearing-house association, shall also be deemed to be lawful money in the possession of any association belonging to such clear- ing-house, holding and owning such certificate, within the preceding section, certain cer- SEC. 5193. The Secretary of the Treasury may receive tiflcatos of de- J ' J posit m a y bo United States notes on deposit, without interest, from any counted. L ' J T!";' ss l i~"' na tional banking associations, in sums of not less than v. IT, p. 330. ten thousand dollars, and issue certificates therefor in such form as he may prescribe, in denominations of not less than five thousand dollars, and payable on demand in United States notes at the place where the deposits were made. The notes so deposited shall not bo counted as part of the lawful-money reserve of the association; but LAWS CONCERNING MONEY, BANKING, AND LOANS. 669 the certificates issued therefor may be counted as part of its lawful-money reserve, and may be accepted in the set- tlement of clearing-house balances at the places where the deposits therefor were made. SEC. 5194. The power conferred on the Secretary of the Limitation J on the power Treasury, by the preceding section, shall not be exercised * r {ffl"| t | a u c h so as to create any expansion or contraction of the cur- lliid - s - 3 - rency. And United States notes for which certificates are issued under that section, or other United States notes of like amount, shall be held as special deposits in the Treasury, and used only for the redemption of such certificates. SEC. 5195. Each association organized in any of the de p ,]f ce ti f n r of cities named in section fifty-one hundred and ninety-one ^^ ^'^ung shall select, subject to the approval of the Comptroller of lg jj^fo 1864 the Currency, an association in the city of New York, jg 10 , 6 ' f^j 2> v - at which it will redeem its circulating notes at par; and c "j^ 6 v'if 74 ' may keep one-half of its lawful-money reserve in cash 124 - deposits in the city of New York. But the foregoing provision shall not apply to associations organized and located in the city of San Francisco for the purpose of issuing notes payable in gold. Each association not or- ganized within the cities named, shall select, subject to the approval of the Comptroller, an association in either of the cities named, at which it will redeem its circulating notes at par. The Comptroller shall give public notice of the names of the associations selected, at which re- demptions are to be made by the respective associations, and of any change that may be made of the association at which the notes of any association are redeemed. Whenever any association fails either to make the selec- tion or to redeem its notes as aforesaid, the Comptroller of the Currency may, upon receiving satisfactory evidence thereof, appoint a receiver, in the manner provided for in section fifty-two hundred and thirty-four, to wind up its affairs. But this section shall not relieve any associa- tion from its liability to redeem its circulating notes at its own counter, at par, in lawful money on demand. SEC. 5190. Every national banking association formed, National banks to re- or existing under this Title, shall take and receive at par, l> ejve notes of ' - other national for any debt or liability to it, any and all notes or bills ba ^- p o 1804 issued by any lawfully organized national banking asso- ^ ^^ ^ 09 32 ' ciation. But this provision shall riot apply to any asso- July I^ISTO, 1 ' * c. I'sii. s. 5, v. ciation organized for the purpose of issuing notes payable 1G > P- 253< in gold. 670 NATIONAL MONETARY COMMISSION. tion e upon r use SEC. 5206. No association shall at any time pay out r banks ' th n l ans or discounts, or in purchasing drafts or bills c loe^'sf 6 v' ^ excnan g e 5 or in payment of deposits, or in any other is, p. 111. mode pay or put in circulation, the notes of any bank or banking association which are not, at any such time, receivable, at par, on deposit, and in payment of debts by the association so paying out or circulating such notes; nor shall any association knowingly pay out or put in circulation any notes issued by any bank or banking association which at the time of such paying out or put- ting in circulation is not redeeming its circulating notes in lawful money of the United States. united g EC . 5207. No association shall hereafter offer or re- states notes not to be held C eive United States notes or national-bank notes as se- as collateral, et F ; b uPiHGo curi *y or as collateral security for any loan of money, g-_ 32- v - 15 > P- or for a consideration agree to withhold the same from use, or offer or receive the custody or promise of custody of such notes as security, or as collateral security, or con- sideration for any loan of money. Any association offending against the provisions of this section shall be deemed guilty of a misdemeanor, and shall be fined not more than one thousand dollars and a further sum e'qual to one-third of the money so loaned. The officer or officers of any association who shall make any such loan shall be liable for a further sum equal to one-quarter of the money loaned; and any fine or penalty incurred by a violation of this section shall be recoverable for the benefit of the party bringing such suit. M o d e o f g EC . 5220. Whenever anv national banking association protest! ng - e notes. fails to redeem in the lawful rnonev of the United States June 3, 1.SG4, !~- 10 ) ' 1 s j 40 ' v - any of its circulating notes, upon demand of payment duly made during the usual hours of business, at the office of such association, or at its designated place of redemption, the holder may cause the same to be pro- tested, in one package, by a notary public, unless the president or cashier of the association whose notes are presented for payment, or the president or cashier of the association at the place at which they are redeemable offers to waive demand and notice of the protest, and. in pursuance of such offer, makes, signs, and delivers to the party making such demand an admission in writing, stating the time of the demand, the amount demanded, and the fact of the non-payment thereof. The notary public, on making such protest, or upon receiving such LAWS CONCEENING MONEY, BANKING, AND LOANS. 671 admission, shall forthwith forward such admission or notice of protest to the Comptroller of the Currency, re- taining a copy thereof. If, however, satisfactory proof is produced to the notary public that the payment of the notes demanded is restrained by order of any court of competent jurisdiction, he shall not protest the same. When the holder of any notes causes more than one note or package to be protested on the same day, he shall not receive pay for more than one protest. SEC. 5227. On receiving notice that any national bank- E x a m i - J . nation by spe- ing association has failed to redeem any of its circulating cia / ' 6 f f f en *- 47 notes, as specified in the preceding section, the Comp- P- n 4 -' troller of the Currency, with the concurrence of the Sec- retary of the Treasury, may appoint a special agent, of whose appointment immediate notice shall be given to such association, who shall immediately proceed to ascer- tain whether it has refused to pay its circulating notes in the lawful money of the United States, when demanded and shall report to the Comptroller the fact so ascer- tained. If, from such protest, and the report so made, the Comptroller is satisfied that such association has re- fused to pay its circulating notes and is in a default, he shall, within thirty days after he has received notice of such failure, declare the bonds deposited by such associa- tion forfeited to the United States, and they shall there- upon be so forfeited. SEC. 5228. After a default on the part of an association . c o n t i nu- 1 ing business to pay any of its circulating notes has been ascertained ""er default r > J => Ibid., s. 46, by the Comptroller, and notice (of forfeiture of ^ ep -^\ 8 i 875 bonds) (thereof) has been given by him to the associa- such association, to present them for payment at the Treasury of the United States; and the same shall be 672 NATIONAL MONETARY COMMISSION. paid as presented in lawful money of the United States; whereupon the Comptroller may, in his discretion, cancel an amount of bonds pledged by such association equal at current market rates, not exceeding par, to the notes paid. Sale of g EC< 5230. Whenever the Comptroller has become sat- bpnds at auc- . * tion. isfied by the protest or the waiver and admission speci- J une 3, 1864, . c. 106, ss. 47, fied m section fifty-two hundred and twenty-six, or by 114. the report provided for in section fifty-two hundred and twenty-seven, that any association has refused to pay its circulating notes, he may, instead of cancelling its bonds, cause so much of them as may be necessary to redeem its outstanding notes to be sold at public auction in the city of Xew r York, after giving thirty days' notice of such sale to the association. For any deficiency in the pro- ceeds of all the bonds of an association, when thus sold, to reimburse to the United States the amount expended in paying the circulating notes of the association, the United States shall have a paramount lien upon all its assets; and such deficiency shall be made good out of such assets in preference to any and all other claims whatsoever, except the necessary costs and expenses of administering the same. sale of SEC. 5231. The Comptroller may, if he deems it for the vae S safe. interest of the United States, sell at private sale any of Ibid s 49 the bonds of an association shown to have made default in paying its notes, and receive therefor either money or the circulating notes of the association. But no such bond shall be sold by private sale for less than par, nor for less than the market-value thereof at the time of sale; and no sales of any such bonds, either public or private, shall be complete until the transfer of the bonds shall have been made with the formalities prescribed by sec- tions fifty-one hundred and sixty-two, fifty-one hundred and sixty-three, and fifty-one hundred and sixty-four. Disposal of SEC. 5232. The Secretarv of the Treasurv mav. from protested notes. ibid., s. 47. time to time, make such regulations respecting the dis- position to be made of circulating notes after presenta- tion at the Treasury of the United States for payment, and respecting the perpetuation of the evidence of the payment thereof, as may seem to him proper. cancel- S FC 5233. All notes of national banking associations Intion of na- ^ notes 1 ' ~' >auk P resen ted at the Treasury of the United States for pay- ibid. ment shall, on being paid, be canceled. LAWS CONCERNING MONEY, BANKING, AND LOANS. 673 SEC. 5234. On becoming satisfied, as specified in sec - tions fifty-two hundred and twenty-six and fifty-two him- ers / &(V7 s 50 dred and twenty-seven, that any association has refused c ju 56 as 87 ?' to pay its circulating notes as therein mentioned, an ^ 3> K e n 9 n^dy 8 u is in default, the Comptroller of the Currency may forth- W ! 1 { ) 1 S0 4 98) ( ^ with appoint a receiver, and require of him such bond and security as he deems proper. Such receiver, under the direction of the Comptroller, shall take possession ^a of the books, records, and assets of every description of 1,^ such association, collect all debts, dues, and claims be- e _ r ,^ 4 et< ;- longing to it. and, upon the order of a court of record & al . N^ionai Bank i~. Bailey of competent jurisdiction, may sell or compound all bad||2 Biatch., or doubtful debts, and, on a like order, may sell all the B^k e^ ( 2 6 real and personal property of such association, on such terms as the court shall direct ; and may, if necessary to pay the debts of such association, enforce the individual liability of the stockholders. Such receiver, shall pay over all money so made to the Treasurer of the United States, subject to the order of the Comptroller, and also make report to the Comptroller of all his acts and pro- ceedings. SEC. 5236. From time to time, after full provision has Dividends. 1 Ibul.. June been first made for refunding to the United States any ?o, 1876, c. " i c > s - a > v. deficiency in redeeming the notes of such association, the 19 - P- G3 - Comptroller shall make a ratable dividend of the monev Bethel v. rah- .,,..,. "" quioque Bank so paid over to him by such receiver on all such claims as ( 1 * w a 1 1 . , may have been proved to his satisfaction or adjudicated in a court of competent jurisdiction, and, as the proceeds of the assets of such association are paid over to him, shall make further dividends on all claims previously proved or adjudicated; and the remainder of the proceeds. if any, shall be paid over to the shareholders of such association, or their legal representatives, in proportion to the stock by them respectively held. SEC. 5237. Whenever an association against which pro- injunction T i p. TIT ll P n receiver- ceedings have been instituted, on account or anv alleged ship. f, i i ' -j j Jmie3. 1SG4, refusal to redeem its circulating notes as aforesaid, de- c. IOG, s. 50, v. nies having failed to do so, it may, at any time within ten days after it has been notified of the appointment of an agent as provided in section fifty-two hundred and twenty-seven, apply to the nearest circuit, or district, or territorial court of the United States to enjoin further proceedings in the premises; and such court, after citing the Comptroller of the Currency to show cause why fur- 674 NATIONAL MONETARY COMMISSION. ther proceedings should not be enjoined, and after the de- cision of the court or finding of a jury that such asso- ciation has not refused to redeem its circulating notes, when legally presented, in the lawful money of the United States, shall make an order enjoining the Comptroller, and any receiver acting under his direction, from all fur- ther proceedings on account of such alleged refusal. Fees and ex- g EC< 5938. All fees for protesting the notes issued by any ma., s. si, na ti ona i banking association shall be paid by the person procuring the protest to be made, and such association shall be liable therefor; but no part of the bonds depos- ited by such association shall be applied to the payment of such fees. All expenses of any preliminary or other examinations into the condition of any association shall be paid by such association. All expenses of any receiver- ship shall be paid out of the assets of such association before distribution of the proceeds thereof. whe r n void 6 r s ' SEC - 5242 - A11 transfers of the notes, bonds, bills of 7b(>?., s. 52, exchange, or other evidences of debt owing to any na- Bank a r'^oib 1 ti na l banking association, or of deposits to its credit; eon! -T'ase 1 V a ^ a ss ig nmcn ts of mortgages, sureties on real estate, or k (2 of judgments or decrees in its favor; all deposits of e'iM^ mone y? bullion, or other valuable thing for its use, or for i V n ds Y 7 M ) n' t ne use ^ anv f its shareholders or creditors; and all Nat. Bank (6 payments of money to either, made after the commission of an act of insolvency, or in contemplation thereof, made with a view to prevent the application of its assets in the manner prescribed by this chapter, or with a view to the preference of one creditor to another, except in payment of its circulating notes, shall be utterly null and void; and no attachment, injunction or execution, shall be issued against such association or its property before final judgment in any suit, action, or proceeding, in any State, county, or municipal court. rse of the ti- SEC. 5243. All banks not organized and transacting tie " national." . . . Mar. 3, 1873, business under the national-currency laws, or under this c. 269. s. 3, v. . J - . . 17, p. 003. Title, and all persons or corporations doing the business of bankers, brokers, or savings institutions, except sav- ings-banks authorized by Congress to use the word u na- tional " as a part of their corporate name, are prohibited from using the word " national " as a portion of the name or title of such bank, corporation, firm, or partnership; and any violation of this prohibition committed after the third day of September, eighteen hundred and seventy- LAWS CONCERNING MONEY, BANKING, AND LOANS. 675 three, shall subject the party chargeable therewith to a penalty of fifty dollars for each day during which it is committed or repeated. Section 5413, as codified in section 147 of the Penal Code of the United States, March 4, 1909 (35 Stat. L., 1115) : The words " obligation or other security of the United or " ^"f^u" States" shall be held to mean all bonds, certificates of in- uLi ted states" debtedness, national-bank currency, coupons, United defined. States notes, Treasury notes, gold certificates, silver cer- tificates, fractional notes, certificates of deposit, bills, checks, or drafts for money, drawn by or upon authorized officers of the United States, stamps and other representa- tives of value, of whatever denomination, which have been or may be issued under any Act of Congress. Section 5414, as codified in section 148 of the Penal Code of the United States, March 4, 1909 (35 Stat. L., 1115) : Whoever, with intent to defraud, shall falsely CO untSfe1t i n g make, forge, counterfeit, or alter any obligation or other securities. ; ' . J Punishment security of the United States shall be fined not more than for. five thousand dollars and imprisoned not more than fif- teen years. Section 5415, as codified in section 149 of the Penal Code of the United States, March 4, 1909 (35 Stat. L., 1115) : Whoever shall falsely make, forge, or counterfeit, or { n C g cause or procure to be made, forged, or counterfeited, or bank notes - shall willingly aid or assist in falsely making, forging, or counterfeiting, any note in imitation of, or purporting to be in imitation of. the circulating notes issued by any banking association now or hereafter authorized and act- ing under the laws of the United States ; or whoever shall pass, utter, or publish, or attempt to pass, utter, or pub- lish, any false, forged, or counterfeited note, purporting to be issued by any such association doing a banking busi- ness, knowing the same to be falsely made, forged, or counterfeited; or whoever shall falsely alter, or cause or procure to be falsely altered, or shall willingly aid or assist in falsely altering, any such circulating notes, or shall pass, utter or publish, or attempt to pass, utter, or publish as true, any falsely altered or spurious circulating note issued, or purporting to have been issued, by any such banking association, knowing the same to be falsely 676 NATIONAL, MONETARY COMMISSION. fo ^ unishment altered or spurious, shall be fined not more than one thousand dollars and imprisoned not more than fifteen years. Section 5430, as codified in section 150 of the Penal Code of the United States, March 4, 1909 (35 Stat, L., 1116) : to Us r?ift P notes "Whoever, having control, custody, or possession of any thorit* etc au P^ a * e 5 stone, or other thing, or any part thereof, from which has been printed, or which may be prepared by direction of the Secretary of the Treasury for the purpose of printing, any obligation or other security of the United States, shall use such plate, stone, or other thing, or any part thereof, or knowingly suffer the same to be used for the purpose of printing any such or similar obli- gation or other security, or any part thereof, except as may be printed for the use of the United States by order of the proper officer thereof ; or whoever by any way, art, or means shall make or execute, or cause or procure to be made or executed, or shall assist in making or executing any plate, stone, or other thing in the likeness of any plate designated for the printing of such obligation or other security; or whoever shall sell any such plate, stone, or other thing, or bring into the United States or any place subject to the jurisdiction thereof, from any foreign place, any such plate, stone, or other thing, except under the direction of the Secretary of the Treasury or other proper officer, or with any other intent, in either case, than that such plate, stone, or other thing be used for the printing of the obligations or other securities of the United States ; or whoever shall have in his control, custody, or posses- sion any plate, stone, or other thing in any manner made after or in the similitude of any plate, stone, or other thing, from which any such obligation or other security has been printed, with intent to use such plate, stone, or other thing, or to suffer the same to be used in forging or counterfeiting any such obligation or other security, or any part thereof; or whoever shall have in his possession or custody, except under authority from the Secretary of the Treasury or other proper officer, any obligation or other security made or executed, in whole or in part, after the similitude of any obligation or other security issued under the authority of the United States, with intent to sell or otherwise use the same; or whoever shall print, photograph, or in any other manner make or execute, or LAWS CONCERNING MONEY, BANKING, AND LOANS. 677 cause to be printed, photographed, made, or executed, or shall aid in printing, photographing, making, or execut- ing any engraving, photograph, print, or impression in the likeness of any such obligation or other security, or any part thereof, or shall sell any such engraving, photo- graph, print, or impression, except to the United States, or shall bring into the United States, or any place sub- ject to the jurisdiction thereof, from any foreign place any such engraving, photograph, print, or impression, ex- cept by direction of some proper officer of the United States; or whoever shall have or retain in his control or possession, after a distinctive paper has been adopted by pa r "without the Secretary of the Treasury for the obligations and authority. other securities of the United States, any similar paper adapted to the making of any such obligation or other security, except under the authority of the Secretary of the Treasury or some other proper officer of the United States, shall be fined not more than five thousand dollars, , Punishment tor. or imprisoned not more than fifteen years, or both. Section 5431, as codified in section 151 of the Penal Code of the United States, March 4, 1909 (35 Stat. L., 1116) : Whoever, with intent to defraud, shall pass, utter, pub- fo ^ged rin S bn-a- lish, or sell, or attempt to pass, utter, publish, or sell, or tions - shall bring into the United States or any place subject to the jurisdiction thereof, with intent to pass, publish, utter or sell, or shall keep in possession or conceal with like intent, any falsely made, forged, counterfeited, or altered obligation or other security of the United States, shall be Punishment fined not more than five thousand dollars and imprisoned not more than fifteen years. Section 5432, as codified in section 152 of the Penal Code of the United States, March 4, 1909 (35 Stat. L., 1117) : Whoever, without authority from the United States. pl ^^ \ m j shall take, procure, or make, upon lead, foil, wax, plaster, [ U en ts S ctc paper, or any other .substance or material, an impression, stamp, or imprint of, from, or by the use of any bedplate, bedpiece, die. roll, plate, seal, type, or other tool, imple- ment, instrument, or thing used or fitted or intended to be used in printing, stamping, or impressing, or in making other tools, implements, instruments, or things to be used or fitted or intended to be used in printing, stamping, or impressing any kind or description of obligation or other 678 NATIONAL MONETARY COMMISSION. security of the United States now authorized or hereafter to be authorized by the United States, or circulating note or evidence of debt of any banking association under the Punishment laws thereof, shall be fined not more than five thousand dollars, or imprisoned not more than ten years, or both. Section 5433, as codified in section 153 of the Penal Code of the United States, March 4, 1909 (35 Stat. L., 1117) : Haying un- AYhoever, with intent to defraud, shall have in his pos- lawful posses- ' sion of impres- session, keeping, custody, or control, without authority from the United States, any imprint, stamp, or impres- sion, taken or made upon any substance or material what- soever, of any tool, implement, instrument, or thing, used, or fitted or intended to be used, for any of the purposes mentioned in the preceding section; or whoever, with intent to defraud, shall sell, give, or deliver any such ^Punishment imprint, stamp, or impression to any other person, shall be fined not more than five thousand dollars, or impris- oned not more than ten years, or both. Section 5434, as codified in section 154 of the Penal Code of the United States, March 4, 1909 (35 Stat. L., 1117): Dealing in Whoever shall buv. sell, exchange, transfer, receive, or counterfeit se- i - to . ' . curities. deliver any false, forged, counterfeited, or altered obliga- tion or other security of the United States, or circulating note of any banking association organized or acting under the laws thereof, which has been or may hereafter be issued by virtue of any Act of Congress, with the intent that the same be passed, published, or used as true and Punishment genuine, shall be fined not more than five thousand clol- for. . lars, or imprisoned not more than ten years, or both. False person- SEC. 5435. Every person who falselv personates anv ation <>f hold- 11*1111 j> i j.i IT' er of nubile true and lawful holder of any share or sum in the public Mai-'. :',, 1*25, stocks or debt of the United States, or anv person entitled c. 65, s. 18, v. ,. . , 4, p. 120. to any annuity, dividend, pension, prize-money, wages, or other debt due from the United States, and. under color of such false personation, transfers or endeavors to trans- fer such public stock or any part thereof, or receives or endeavors to receive the money of such true and lawful holder thereof, or the money of any person really entitled to receive such annuity, dividend, pension, prize-money, wages, or other debt, shall be punished by a fine of not more than five thousand dollars, and by imprisonment at hard labor not more than ten years. (Amended, 35 Stat. L.. 1005.) LAWS CONCERNING MONEY, BANKING, AND LOANS. 679 SEC. 5436. Every person who knowingly or fraudu- lently demands or endeavors to obtain any share or sumP^er of at- in the public stocks of the United States, or to have any Ibi part thereof transferred, assigned, sold, or conveyed, or to have any annuity, dividend, pension, prize-money, wages, or other debt due from the United States, or any part thereof, received or paid by virtue of any false, forged, or counterfeited power of attorney, authority, or instrument, shall be punished by a fine of not more than five thousand dollars, and by imprisonment at hard labor not more than ten years. (Amended, 35 Stat. L.. 1095.) Section 5437, as codified in section 174 of the Penal Code of the United States, March 4, 1909 (35 Stat, L., 1122) : In all cases where the charter of any corporation which, ..f i ^ r . bills of expired has been or may be created by Act of Congress has expired tanks. or may hereafter expire, if any director, officer, or agent of the corporation, or any trustee thereof, or any agent of such trustee, or any person having in his possession or under his control the property of the corporation for the purpose of paying or redeeming its notes and obligations, shall knowingly issue, reissue, or utter as money, or in any other way knowingly put in circulation any bill, note, check, draft, or other security purporting to have been made by any such corporation whose charter has expired, or by any officer thereof, or purporting to have been made under authority derived therefrom, or if any person shall knowingly aid in any such act, he shall be fined not more Punishment than ten thousand dollars, or imprisoned not more than five years, or both. But nothing herein shall be construed to make it unlawful for any person, not being such di- rector. officer, or agent of the corporation, or any trustee thereof, or anv agent of such trustee, or anv person hav- circulation & . permitted. mg in his possession or under his control the property of the corporation for the purpose hereinbefore sot forth, who has received or may hereafter receive such bill, note. check, draft, or other security, bona fide and in the ordi- nary transactions of business, to utter as money or other- wise circulate the same. Section 5453, as codified in section 155 of the Penal Code of the United States, March 4, 1909 (35 Stat. L. 1117) : Whoever, without authority from the United States. ..-X'zzn ns shall secrete within, embezzle, or take and carry away * e !? a a , d f n ( \" r from any building, room, office, apartment, vault, safe, or} ) t 'j^ Uus S( ' ( ' 1 "' 680 NATIONAL MONETARY COMMISSION. other place where the same is kept, used, employed, placed, lodged, or deposited by authority of the United States, any bedpiece, bedplate, roll, plate, die, seal, type, or other tool, implement, or thing used or fitted to be used in stamping or printing, or in making some other tool or implement used or fitted to be used in stamping or print- ing, any kind or description of bond, bill, note, certificate, coupon, postage stamp, revenue stamp, fractional cur- rency note, or other paper, instrument, obligation, device, or document, now or hereafter authorized by law to be printed, stamped, sealed, prepared, issued, uttered, or put in circulation on behalf of the United States ; or whoever, without such authority, shall so secrete, embezzle, or take and carry away any paper, parchment, or other material prepared and intended to be used in the making of any such papers, instruments, obligations, devices, or docu- ments; or whoever, without such authority, shall so se- crete, embezzle, or take and carry away any paper, parch- ment, or other material printed or stamped, in whole or part, and intended to be prepared, issued, or put in circu- lation on behalf of the United States as one of the papers, instruments, or obligations hereinbefore named, or printed or stamped, in whole or part, in the similitude of any such paper, instrument, or obligation, whether intended to issue Punishment or put the same in circulation or not, shall be fined not more than five thousand dollars, or imprisoned not more than ten years, or both. ACTS SUBSEQUENT TO THE REVISED STATUTES. ACT OF JUNE 20, 1874. is stat. L., CHAP. 343. An act fixinq the amount of United States pt 3 p 123 notes, providing for a redistribution of the national- ~bank currency, and for other purposes. ***** s. :u, ch. SEC. 2. That section thirty-one of the "the national- 106, vol. xiii, . P. los. bank act be so amended that the several associations therein provided for shall not hereafter be required to keep on hand any amount of money whatever, by reason reserws S on dr-^ ^ 1C amonn t of their respective circulations; but the ''"'up'serves on mone y s required by said section to be kept at all times talncd Slts re " on hand shall be determined by the amount of deposits in all respects, as provided for in the said section. LAWS CONCERNING MONEY, BANKING, AND LOANS. 681 SEC. 3. That every association organized, or to be Five per > ' cent, on circu- organized, under the provisions of the said act, and of '^on t to be de- the several acts amendatory thereof, shall at all times Treasury for ^ redemption o f keep and have on deposit in the treasury of the United circulation. States, in lawful money of the United States, a sum equal to five per centum of its circulation, to be held and used for the redemption of such circulation; which sum shall be counted as a part of its lawful reserve, as pro- TO be count- o cl us p n. r t of vided in section two of this act ; and when the circulating reserve. notes of any such associations, assorted or unassorted, Notes to be . redeemed on shall be presented lor redemption, in sums of one thou- presentation to r _T i* G M s u r G r . sand dollars, or any multiple thereof, to the Treasurer of the United States, the same shall be redeemed in United States notes. All notes so redeemed shall be TO be charg- ed to respec- charged by the Treasurer of the United States to the t.i v e associa- respective associations issuing the same, and he shall notify Monthly no- J ' *' tice of redemp- them severally, on the first day or each month, or oitener, tions. at his discretion, of the amount of such redemptions; and whenever such redemptions for any association shall amount to the sum of five hundred dollars, such associa- T P^^uY" r tion so notified shall forthwith deposit with the Treas- mou I ? t tes eq "|! urer of the United States a sum in United States notes deemed, when. equal to the amount of its circulating-notes so redeemed. And all notes of national banks worn, defaced, mutilated, t rets S urer St ami or otherwise unfit for circulation shall, when received by f^v^l ri mut any assistant treasurer, or at any designated depository of Tourer 68 for the United States, be forwarded to the Treasurer of the red ^^^ g n - re _ United States for redemption as provided herein. And Deemed ^to^ be when such redemptions have been so re-imbursed, the cir- associations. oulating-notes so redeemed shall be forwarded to the re- spective associations by which they \vere issued ; but if any of such notes are worn, mutilated, defaced, or ren- * dered otherwise unfit for use, they shall be forwarded j; 1 ^ 1 ' , to the Comptroller of the Currency and destroyed and .^ n (1 replaced as now provided by law : Provided, That each of said associations shall re-imburse to the Treasury the Jrgnsjpo rating charges for transportation, and the costs for assorting ^Associations such notes; and the associations hereafter organized shall ^JJ^J^w? also severally re-imburse to the Treasury the cost of on- '^[f^on^ graving such plates as shall be ordered by each associn- assessment of tion respectively: and the amount assessed upon each Kopeaiofpart ' ' l of sec. .52, ch. association shall be in proportion to the circulation re- ^"j-,,,, 1 - xiii - deemed, and be charged to the fund on deposit with the t j jy o egf*jjgji Treasurer: And provided further, That so much of sec- than as herein ' . provided for. tion thirty-two of said national-bank act requiring or 15712 10 -44 682 NATIONAL MONETARY COMMISSION. permitting the redemption of its circulating notes else- where than at its own counter except as provided for in this section, is hereby repealed. of drcu d ation al SEC. ^ That any association organized under this act, or any of the acts of which this is an amendment, desir- ing to withdraw its circulating notes, 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 thousand dollars, take up the bonds which said asso- ciation has on deposit with the treasurer for the security of such circulating-notes ; which bonds shall be assigned to lot e voi 9 ' xm' * ne bank in the manner specified in the nineteenth sec- P- jk>- em ti n tion of the national-bank act ; and the outstanding notes and destruction O f sa id association, to an amount equal to the legal- of outstanding / notes. tender notes deposited, shall be redeemed at the Treas- ury of the United States, and destroyed as now provided Limit to re-bv law: Provided. That the amount of the bonds on ductionof- . t ' . b osi ds n de d e P os it f r circulation shall not be reduced below fifty thousand dollars. charter num- g EC- 5. That the Comptroller of the Currency shall. bers of associa- / tions to be under such rules and regulations as the Secretarv of the printed on na- . fc t i o nai-bank Treasurv mav prescribe, cause the charter-numbers of notes. . . " . the association to be printed upon all national-bank notes which may be hereafter issued by him. of out SEC - 6 - That the amount of United States notes out- united d staes standing and to be used as a part of the circulating- n No' art to me dium, shall not exceed the sum of three hundred and serve eld as re eighty-two million dollars, which said sum shall appear in each monthly statement of the public debt, and no part thereof shall be held or used as a reserve. paS e o?ch. 252$ SEC - 7 - That so much of tne act entitle d "An act to vol. xvi, p. 251. provide for the redemption of the three per centum tem- porary loan certificates, and for an increase of national bank notes " as provides that no circulation shall be withdrawn under the provisions of section six of said act, until after the fifty-four millions granted in section one of said act shall have been taken up, is hereby re- pealed; and it shall be the duty of the Comptroller of the Currency, under the direction of the Secretarv of the Treasury, to proceed forthwith, and he is hereby author- ized and required, from time to time, as applications fTur h renc7ti sna11 be dul . v mac]e therefor, and until the full amount of bTe re diltribu- fifty-fi million dollars shall be withdrawn, to make tlon - requisitions upon each of the national banks described in said section, and in the manner therein provided, or- LAWS CONCERNING MONEY, BANKING, AND LOANS. 683 ganized in States having an excess of circulation, to withdraw and return so much of their circulation 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 lawful money sufficient to redeem such circulation, and upon the return of the circulation re- quired, or the deposit of lawful money, as herein pro- vided, a proportionate amount of the bonds held to secure the circulation of such association as shall make such re- turn or deposit shall be surrendered to it. SEC. 8. That upon the failure of the national banks when n a - ,., ... ,, . , . i n i T tlonal b a n k s upon which requisition for circulation shall be made, or ot fan to comply , . with requisi- anv or them, to return the amount required, or to deposit iions. duty of * , _, ici i i i Comptroller. in the .Treasury lawful money to redeem the circulation sec. 49, ch. required, within thirty days, the Comptroller of the Cur- 114! rency shall at once sell, as provided in section forty- nine of the national-currency act approved June third, eighteen hundred and sixty-four, bonds held to secure the redemption of the circulation of the association or associ- ations which shall so fail, to an amount sufficient to re- deem the circulation required of such association or as- sociations, and with the proceeds, which shall be deposited in the Treasury of the United States, so much of the cir- culation of such association or associations shall be re- deemed as will equal the amount required and not re- turned 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, Duty of . , . ,-11 'j. i . i treasurer, as- assistant treasurers, designated depositaries, and national sistants, and bank depositaries of the United States, who shall be kept informed by the Comptroller of the Currency of such associations as shall fail to return circulation as re- quired, to assort and return to the Treasury for redemp- tion the notes of such associations as shall come into their hands until the amount required shall be redeemed, and uodempti o n in like manner to assort and return to the Treasury, for banks iu'iiqui- redemption, the notes of such national banks as have failed, or gone into voluntary liquidation for the purpose of winding up their affairs, and of such as shall hereafter so fail or go into liquidation. SEC. 0. That from and after the passage of this act . Kedisi r lim- it shall be lawful for the Comptroller of the Currency, r e n c y and he is hereby required, to issue circulating-notes without delay, as applications therefor are made, nof (o 684 NATIONAL MONETARY COMMISSION. exceed the sum of fifty-five million dollars, to associ- ations organized, or to be organized, in those States and Territories having less than their proportion of circula- tion, under an apportionment made on the basis of popu- lation and of wealth, as shown by the returns of the cen- sus of eighteen hundred and seventy; and every associ- ation 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, and re- peal provided by " the national bank act : " Provided, Limit to That the whole amount of circulation withdrawn and re- withdrawal. ... deemed from banks transacting business shall not exceed fifty-five million dollars, and that such circulation shall be withdrawn and redeemed as it shall be necessary to supply the circulation previously issued to the banks in those States having less than their apportionment : And Proviso. provided further, That not more than thirty million dol- lars shall be withdrawn and redeemed as herein contem- plated during the fiscal year ending June thirtieth, eight- een hundred and seventy-five. Approved, June 20, 1874. ACT OF JUNE 23, 1874. is stat.^L., CHAP. 455. An act making appropriations for sundry civil expenses of the Government for the -fiscal year ending June thirtieth, eighteen hundred and seventy - five, and for other purposes. Notes to be * * *, for the maceration of national-bank notes. maceration in- United States notes, and other obligations of the United burning. States authorized to be destroyed, ten thousand dollars; 5184,5225, Re- and that all such issues hereafter destroyed may be de- 'stroyed by maceration instead of burning to ashes as now provided by law; and that so much of sections twenty- four and forty-three of the national-currency act as re- quires national-bank notes to be burned to ashes is hereby repealed; that the pulp from such macerated issue shall btf disposed of only under the direction of the Secretary of the Treasury. ***** Approved, June 23, 1S74. LAWS CONCERNING MONEY, BANKING, AND LOANS. 685 ACT OF JANUARY 14, 1875. CHAP. 15. An act to provide for the resumption of is stat. L., \ ^ ' pt. 3, p. 296. specie payments. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- bled. That the Secretary of the Treasury is hereby au- issue of sti- . , . -ii ver coins for thonzed and required, as rapidly as practicable, to cause the redemption to be coined, at the mints of the United States, silver coins currency a u - of the denominations of ten, twenty-five, and fifty cents, of standard value, and to issue them in redemption of an equal number and amount of fractional currency of simi- lar denominations, or, at his discretion, he may issue such silver coins through the mints, the sub-treasuries, public depositaries and post-offices of the United States; and, upon such issue, he is hereby authorized and required to redeem an equal amount of such fractional currency, until the whole amount of such fractional currency outstanding shall be redeemed. SEC. 2. That so much of section three thousand five Repeal of au- t h o r i t y to hundred and twenty-four of the Revised Statutes of the charge a per- " . centage for United States as provides for a charge of one-fifth of one conversion o f ,,,,,,,.. . bullion into per centum for converting standard gold bullion into coin coin, is hereby repealed, and hereafter no charge shall be made for that service. SEC. 3. That section five thousand one hundred and sev- ,, R p. e a J limitation o f enty-seven of the Revised Statutes of the United States aggreg a t e J ... amount of cir- limiting the aggregate amount of circulating notes of cuiatiug notes. national banking associations, be, and is hereby, repealed ; and each existing banking association may increase its circulating notes in accordance with existing law without respect to said aggregate limit; and new banking associ- ations may be organized in accordance with existing law without respect to said aggregate limit; and the pro- ruyp^n i ^of visions of law for the withdrawal and redistribution of withdrawal . ~ , and redistribu- national bank currency among the several States and (ion. Territories are hereby repealed. And whenever, and so often, as circulating notes shall be issued to any such banking association, so increasing its capital or circulating notes, or so newly organized as aforesaid, it shall be the rnited states J notes in excess duty of Secretary of the Treasury to redeem the legal- <>f$ ( M>o<>rep ^ leci an( * eighty-five of the Revised Statutes of the United cuHtTJnofKo'id [^ates as limits the circulation of banking-associations, banks removed, organized for the purpose of issuing notes payable in gold, .severally to one million dollars, be, and the same is hereby, repealed ; and each of such existing banking-associations may increase its circulating-notes, and new banking-asso- ciations may be organized, in accordance with existing law, without respect to such limitation. Approved, January 19, 1875, LAWS CONCERNING MONEY, BANKING, AND LOANS. 687 ACT OF FEBRUARY 8, 1875. CHAP. 36. An act to amend existing customs and internal is stat. L., 7 .? Pt. 3, p. 311. revenue laws, and for other purposes. SEC. 19. That every person, firm, association other than Tax on cir- national bank associations, and every corporation, State other than na- bank, or State banking association, shall pay a tax of ten per centum on the amount of their own notes used for circulation and paid out by them. SEC. 20. That every such person, firm, association, cor- Tax on cir- poration, State bank, or State banking association, and other than na- also every national banking association, shall pay a like paid out,' etc. tax of ten per centum on the amount of notes of any person, firm, association other than a national banking association, or of any corporation, State bank, or State banking association, or of any town, city, or municipal corporation, used for circulation and paid out by them. SEC. 21. That the amount of such circulating notes, and Returns o f amount of cir- of the tax due thereon, shall be returned, and the tax paid cuiation other 1 . tha n national at the same time, and in the same manner, and with like banks. penalties for failure to return and pay the same, as provided by law for the return and payment of taxes on deposits, capital, and circulation, imposed by the exist- ing provisions of internal revenue law. Approved, February 8, 1875. ACT OF MARCH 3, 1875. CHAP. 130. An act making appropriations for sundry i| stat. L,., civil expenses of the Government for the fiscal year ending June thirtieth, eighteen hundred and serenttj- six, and for other purposes. For paper, engraving, printing, express charges, and iss ^ r inK c u l " d other expenses of making and issuing the national cur- rcn y- rency, two hundred thousand dollars, to be disbursed under the direction of the Secretary of the Treasury : Provided, That the national-bank notes shall be printed under the direction of the Secretary of the Treasury, and upon the distinctive or special paper which has been, or 688 NATIONAL MONETARY COMMISSION. may hereafter be, adopted by him for printing United States notes. ne purchase of engravers' tools, dies, rolls, and plates, and for machinery and repairs of the same, fifty thouand dollars: Provided, That the above-named notes, currency, and other securities of the United States be Three plate- executed with not less than three plate-printings: And provided further, That the Secretary of the Treasury shall have executed one or two of such printings by such rartof piate- responsible and capable and experienced bank-note corn- printing by con- tractors. pames or bank-note engravers as may contract for the same at the lowest cost to the Government, and at prices not greater than those heretofore paid for the same class of work; no company or establishment executing more than one printing upon the same note or obligation, and the final printing and finishing to be executed in the Treasury Department. ***** Approved, March 3, 1875. ACT OF APRIL 17, 187G. 33 19 stat L "CiiAP. 03. An act to provide for a deficiency in the Printing and Engraving Bureau of the Treasury De- partment, and for the issue of sil rcr coin of the United State* in place of fractional currency. ***** silver coins SEC. 2. That the Secretary of the Treasury is hereby of fractional directed to issue silver coins of the United States, of the Revised stat- denomination of ten, twenty, twenty-five, and fifty cents of standard value, in redemption of an equal amount of fractional currency, whether the same be now in the Treasury awaiting redemption, or whenever it may, be presented for redemption; and the Secretary of the Treasury may, under regulations of the Treasury De- partment, provide for such redemption and issue by sub- stitution at the regular subtreasuries and public deposi- tories of the United States until the whole amount of r Kedcemed o cr- f rac ti ona l currency outstanding shall be redeemed. And fuiici "^ sinki " K ^ 1(> fractional currency redeemed under this act .shall be held to be a part of the sinking-fund provided for by existing law, the interest to be computed thereon, as in the case of bonds redeemed under the act relating to the sinking-fund. Approved, April 17, 1870, LAWS CONCERNING MONEY, BANKING, AND LOANS. 689 ACT OF JUNE 30, 1876. CHAP. 156. An act authorising the appointment of re- 19 stat. L., ceivers of national banks, and for other purposes. SEC. 5. That all United States officers charged with Fraudulent notes to be the receipt or disbursement of public moneys, and all stamped as L * i counterfeit, officers of national banks, shall stamp or write in plain etc., by ; disburs- ing officers and letters the word " counterfeit " " altered " or " worthless," bank officers. upon all fraudulent notes issued in the form of, and in- tended to circulate as money, which shall be presented at their places of business: and if such officers shall, officer liable r ' for wrongfully wrongfully stamp any genuine note of the United States, stamping. or of the national banks, they shall, upon presentation, redeem such notes at the face- value thereof. ***** Approved, June 30, 1876. JOINT RESOLUTION OF JULY 22, 1876. [No. 17.] Joint resolution for the issue of silver coin. _ 19 stat. L., lo. Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Secretary of the Treasury, under such limits silver coin to . -i-ii . '' e issued i n and regulations as will best secure a lust and fair distri- exchange for . ' . 1 e a- a 1 - tender bution ot the same through the country, may issue the notes. silver coin at any time in the Treasury to an amount not , ^ t(>s * ' J . J kept as a spe- exceeding ten million dollars, in exchange for an equal ai, fund. amount of legal-tender notes; and the notes so received in exchange shall be kept as a special fund separate and apart from all other money in the Treasury, and be re- issued only upon the retirement and destruction of a like sum of fractional currency received at the Treasury in payment of dues to the United States; and said frac- tional currency, when so substituted, shall be destroyed arid held as part of the sinking-fund, as provided in the act approved April seventeen, eighteen hundred and seventy-six. SEC. 2. That the trade dollar shall not hereafter be a Trade dollar not lo be legal legal tender, and the Secretary or the Ireasury is hereby icmi.T. authorized to limit from time to time, the coinage thereof Coinage of, ' . may be limited. to such an amount as he m:iy deem sumcient to meet the export demand for the same. 690 NATIONAL MONETARY COMMISSION. ute*s eV 35i3 Stat ~ SEC. 3. That in addition to the amount of subsidiary Amount of silver coin authorized by law to be issued in redemption ver coin au- of the fractional currency it shall be lawful to manufac- ture at the several mints, and issue through the Treasury and its several offices, such coin, to an amount, that, in- cluding the amount of subsidiary silver coin and of frac- tional currency outstanding, shall, in the aggregate, not exceed, at any time, fifty million dollars. Purchase of g EC> 4. That the silver bullion required for the pur- bullion. poses of this resolution shall be purchased, from time to time, at market rate, by the Secretary of the Treasury, Price limited, with any money in the Treasury not otherwise appro- priated ; but no purchase of bullion shall be made under this resolution when the market-rate for the same shall be such as will not admit of the coinage and issue, as herein provided, without loss to the Treasury; and any seigniorage gain or seigniorage arising from this coinage shall be ac- to be accounted B . . for - counted for and paid into the Treasury, as provided under Proviso. existing laws relative to the subsidiary coinage: Pro- vided, That the amount of money at any one time in- vested in such silver bullion, exclusive of such resulting coin, shall not exceed two hundred thousand dollars. Approved, July 22, 18TG. ACT OF MARCH 3, 1877. 19 stat. L., CHAP. 105. An- a ft makinq appropriations for sundry oOo. civil expenses of the Government for the fiscal year ending June thirtieth, eighteen hundred and sercnty- eight, and for other purposes. ***** BUREAU OF ENGRAVING ANU PRINTING. a n E d" "printing ^" or l fl bor and expenses of engraving jind printing, luu-eau. namely: For labor (by the day, piece, or contract in- cluding labor of workmen skilled in engraving, trans- ferring, plate-printing, and other specialties necessary for carrying on the work of engraving and printing notes, bonds, and other securities of the United States, the pay for such labor to be fixed by the Secretary of the Treasury at rates not exceeding the rates usually paid for such work; and for other expenses of engraving and printing notes, bonds, and other securities of the United States; for paper for notes, bonds, and other se- curities of the United States, including mill expenses, LAWS CONCEBNING MONEY, BANKING, AND LOANS. 691 boxing and transportation; for materials other than paper required in the work of engraving and printing; for purchase of engravers' tools, dies, rolls, and plates, and for machinery and repairs of the same, and for expenses of operating macerating machines for the de- struction of the United States notes, bonds, national bank notes, and other obligations of the United States authorized to be destroyed eight hundred thousand dol- lars: Provided, That the work be performed at the Treas- proviso. ury Department: And prodded further, That it can proviso. be done as cheaply, as perfectly, and as safely and all contracts already made shall be faithfully carried out. Approved, March 3, 1877. ACT OF FEBRUARY 28, 1878. CHAP. 20. An act to authorize the coinage of the stand- o _2o stat. L., ard silver dollar, and to restore its legal-tender ~" character. SEC. 3. That anv holder of the com authorized bv this silver d o i- i -.L j-u -^.i j.1 m lars m: >y be de - act may deposit the same with the 1 reasurer or any as- posited with . . * Treasurer and sistant treasurer or the United States, in sums not less assistant treas- than ten dollars, and receive therefor certificates of not sums' less than ten dollars each, corresponding with the de- tmcates of de- nominations of the United States notes. The coin de- coin to be posited for or representing the certificates shall be re- demotion o f . j ,> rr ,1 ii certificates. tamed in the Ireasury tor the payment ot the same on demand. Said certificates shall be receivable for cus- toms, taxes, and all public dues, and, when so received, may be reissued. ***** (Passed February 28, 1878, over the President's veto.) ACT OF MAY 31, 1878. CHAP. 146. An act to forlid the further retirement of ~o stat. L., United States legal-tender notes. Be it enacted l>tj llie Senate and Ilo>i*e of Representa- tives of tJie United Stat<-x <>f America in Congress assem- bled, That from and after the passage of this act it shall not be lawful for the Secretary of the Treasury or other 692 NATIONAL MONETARY COMMISSION. notes gal further ffi cer under him to cancel or retire any more of the f ' United States legal-tender notes. And when any of said Fe S b 6 rua a ry 4 n tes may be redeemed or be received into the Treasury stafutes Re 358i d un( ^ er an J ^ aw from any source whatever and shall be- long to the United States, they shall not be retired can- celled or destroyed but they shall be reissued and paid out Revised'stat- again and kept in circulation: Provided, That nothing herein shall prohibit the cancellation and destruction of mutilated notes and the issue of other notes of like de- nomination in their stead, as now provided by law. All acts and parts of acts in conflict herewith are hereby repealed. Approved, May 31, 1878. ACT OF JUNE 8, 1878. 102 Stat ' L " CHAP. 170. An act to authorize the Secretary of the Treasury to constitute superintendents of mints or assayers in assay -offices, assistant treasurers of the United States. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- bled, That the Secretary of the Treasury be and he is Superintend- hereby authorized to constitute any superintendent of a ents of mints, . etc., may be as- mint or assaver or anv assay-omce, an assistant treasurer sistant treasur- . . . era. or the United States without additional compensation, to receive gold coin and bullion on deposit for the purposes provided for in section two hundred and fifty-four of the Revised Statutes. Approved, June 8, 1878. ACT OF MARCH 3, 1879. 20 stat. L., CHAP. 182. An act making appropriations for sundry civil expenses of the government for the -fiscal year end- ing June thirtieth, eighteen hundred and eighty, and for other purposes. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress axsem- tioM. pP prla "W^ Th at tn c following sums be, and the same are expenses? civ " hereby, appropriated for the objects hereinafter ex- pressed, for the fiscal year ending June thirtieth, eight- een hundred and eighty, namely: LAWS CONCERNING MONEY, BANKING, AND LOANS. 693 MISCELLANEOUS OBJECTS UNDER THE TREASURY DEPARTMENT. * * * ; and so much of the act " making appropria- tions for the legislative, executive, and judicial expenses of the government for the fiscal year ending June thirtieth, eighteen hundred and seventy-nine, and for ISTO, ch. 329. other purposes," approved June nineteenth, eighteen hundred and seventy-eight, as authorizes the Secretary of the Treasury to issue coin certificates in exchange for bullion deposited for coinage at mints and assay-offices ti other than those mentioned in section thirty-five hundred and forty-five of the Revised Statutes, be, and the same Revised s J utes, 3o45. is hereby, repealed ; said repeal to take effect at the end of the present fiscal year. ***** Approved, March 3, 1879. ACT OF JUNE 21, 1879. CHAP. 34. An act making appropriations for the legis- 30 21 stat - L -> lative, executive, and judicial expenses of the govern- ment for the fiscal year ending June thirtieth, eigh- teen hundred and eighty^ and for other purposes. ***** SEC. 3. * * * In order to provide for the speedy Fractional 4! . , L ' currency re- payment ot arrearages of pensions, the Secretary of the serve. Treasury is hereby authorized and directed to issue im- mediately in payment thereof, as they may be adjusted, the legal-tender currency, now in the United States Treasury, held as a special fund for the redemption of fractional currency under section one of joint resolution number seventeen of the Congress of the United States, approved July twenty-second, eighteen hundred and seventy-six; and fractional currency presented for re- demption shall bo redeemed in any moneys in the Treas- ury not otherwise appropriated. ***** Approved, June 21, 1879. ACT OF JULY 12, 1882. CHAP. 290. An act to enable national-banking associa- 1G ? ( 2 stnt L -> tions to extend their corporate existence, and for other purpose*. ***** SEC. 6. That the circulating notes of any association so extending the period of its succession which shall have 694 NATIONAL, MONETARY COMMISSION. and destructfon ^ een issued to it prior to such extension shall be redeemed cuiat e in tai notes r a ^ * ne Treasury of the United States, as provided in section three of the act of June twentieth, eighteen hun- is stat.,123. dred and seventy-four, entitled "An act fixing the amount of United States notes, providing for redistribution of national-bank currency, and for other purposes," and such notes when redeemed shall be forwarded to the Comptroller of the Currency, and destroyed as now pro- vided by law ; and at the end of three years from the date of the extension of the corporate existence of each Deposit of bank the association so extended shall deposit lawful lawful money with Treasurer money with the Treasurer of the United States suffi- Lmted States, J for redemption cient to redeem the remainder of the circulation which of circulating notes, etc. \vas outstanding at the date of its extension, as provided Revised Stat- . . K u t e s , 5222, m sections fifty-two hundred and twenty-two, fifty-two Revised stat- hundred and twenty-four, and fifty-two hundred and u 1 6 s 5^24 * 1010. ' 'twenty-five of the Revised Statutes; and anv gain that Revised Stat- J . "... utes, 5225, may arise from the failure to present such circulating pains from notes for redemption shall inure to the benefit of the sent notes for United States : and from time to time, as such notes are redemption to 1 , , ., n ,, ,, inure to bene- redeemed or lawful money deposited therefor as pro- fit of United . , ;. . . states. vided herein, new circulating notes shall be issued as be" issued dis- provided by this act, bearing such devices, to be ap- tinguis h a b 1 e L , . ?. . T n i from the old. proved by the Secretary of the Treasury, as shall make for notes re- them readily distinguishable from the circulating notes Treasury by heretofore issued : Provided however, That each banking ations DS " association which shall obtain the benefit of this act shall reimburse to the Treasury the cost of preparing the plate or plates for such new circulating notes as shall be issued to it. ***** Bonds forse- SEC. 8. That national banks now organized or hereafter cunty of circu- lation not to or fr aniz ed, having a capital of one hundred and fiftv exceed one- ' l fourth of capi- thousand dollars, or less, shall not be required to keep on talstock; ' ' l banks with deposit or deposit with the Treasurer of the United States bonds deposit- L ed in excess to United States bonds in excess of one-fourth of their cap- reduce circula- . . . tion. ital stock as security for their circulating notes; but such banks shall keep on deposit or deposit with the Treasurer of the United States the amount of bonds as herein re- quired. And such of those banks having on deposit bonds in excess of that amount are authorized to reduce their circulation by the deposit of lawful money as provided Provisos. by } aw: Provided, That the amount of such circulating LAWS CONCERNING MONEY, BANKING, AND LOANS. 695 notes shall not in any case exceed ninety per centum of. circulation * J c in no case to the par value of the bonds deposited as herein provided : exceedlllnet y r e , * per centum of Provided further. That the national banks which shall P ar , va j ue <* ' ~ _ bonas deposit- hereafter make deposits of lawful money for the retire- ed - ment in full of their circulation shall at the time of their deposit be assessed for the cost of transporting and re- for A t^n^orta- deeming their notes then outstanding, a sum equal to the Option 6 f average cost of the redemption of national-bank notes g^^!, 00 out " during the preceding year, and shall thereupon pay such assessment. And all national banks which have hereto- fore made or shall hereafter make deposits of lawful money for the reduction of their circulation shall be as- sessed and shall pay an assessment in the manner specified in section three of the act approved June twentieth, eight- een hundred and seventy-four, for the cost of transport- ing and redeeming their notes redeemed from such de- posits subsequently to June thirtieth, eighteen hundred isstat, 123. and eighty-one. SEC. 9. That any national banking association now or- of w |, t .^ 1 a ^ D I ganized, or hereafter organized, desiring to withdraw its j"*vfi?i ei)0 monev circulating notes, upon a deposit of lawful money with J ) h 1 e g r r ^ *? the Treasurer of the United States, as provided in section vosit. ~ L Increase or four of the act of June twentieth, eighteen hundred and circulation, 7 ~ when. seventy-four, entitled "An act fixing the amount of Limit to de- to posit of law- United States notes, providing for a redistribution of fui money in & any one month. national-bank currency, and for other purposes," or as provided in this act. is authorized to deposit lawful money and withdraw a proportionate amount of the bonds held as security for its circulating notes in the order of such deposit ; and no national bank which makes any deposit of lawful money in order to withdraw its circulating notes shall be entitled to receive any increase of its circu- lation for the period of six months from the time it made such deposit of lawful money for the purpose aforesaid : Provided. That not more than three millions of dollars of Bonds^caiied lawful money shall be deposited during any calendar exempt 1 ''" 1 rom month for this purpose: And provided further. That thei'*' 8 ^ 118 of provisions of this section shall not apply to bonds called for redemption by the Secretary of the Treasury, nor to the withdrawal of circulating notes in consequence thereof. SEC. 10. That upon a deposit of bonds as described KV uf K e ^C?,/j{$; sections fifty-one hundred and fifty-nine and fifty-one ut ^ s ev |^ S 9 ^' hundred and sixty, except as modified by section four of i^ stat., iii3. an act entitled "An act fixing the amount of United 696 NATIONAL, MONETARY COMMISSION. States notes, providing for a redistribution of the na- tional-bank currency, and for other purposes," approved June twentieth, eighteen hundred and seventy-four, and s m dified by section eight, of this act, the association cir r e " ma king the same shall be entitled to receive from the blank g etc* 53 in Comptroller of the Currency circulating notes of dif- circuiationferent denominations, in blank, registered and counter- not to exceed . . . r oo per centum signed as provided by law, equal in amount to ninetv per of paid-in capi- J J tai stock. centum of the current market value, not exceeding par, of the United States bonds so transferred and delivered, and at no time shall the total amount of such notes issued to any such association exceed ninety per centum of the amount at such time actually paid in of its capital stock ; Revised stat- a nd the provisions of sections fifty-one hundred and utes, 5171, 999, J repealed seventy-one and fifty-one hundred and seventy-six of the Revised Stat- J J J ute s > sire, Revised Statutes are hereby repealed. 1000, repealed. J ^ EC * ^* That the Secretary of the Treasury is author- d x e c p a o n fi 1 1 of * ze d anc * directed to receive deposits of gold coin with g Goi C d 0iI receiv * ne Treasurer or assistant treasurers of the United States, ed held for re- i n sums not less than twenty dollars, and to issue certifi- demptionof certificates. cates therefor in denominations of not less than twenty Certificates held by bank- dollars each, corresponding with the denominations of i n g assoc ia- ~ tions counted United States notes. The coin deposited for or repre- as part of law- . . . . fui reserve. seiiting the certificates of deposits shall be retained in Associations pr oh ibi ted the Treasurv tor the payment of the same on demand. from member- i n i ship in clear- Said certificates shall be receivable for customs, taxes, ing houses not . 7 receiving gold and all public dues, and when so received mav be re- and silver cer- . . tificates in set- issued ; and such certificates, as also silver certificates, tlement of bal- ' . . . ances. when held by any national-banking association, shall be counted as part of its lawful reserve; and no national- banking association shall be a member of any clearing- house in which such certificate shall not be receivable in Proviso. the settlement of clearing-house balances : Pro vided, That s u sponsion the Secretary of the Treasury shall suspend the issue of of issue of gold J J certificates, such gold certificates whenever the amount of gold coin when. and gold bullion in the Treasury reserved for the redemp- tion of United States notes falls below one hundred mil- Revised stat- lions of dollars: and the provisions of section fiftv-two utes, 5207, 1007. ' hundred and seven of the Revised Statutes shall be ap- plicable to the certificates herein authorized and directed to be issued. * * * * * Approved, July 12. 1882. LAWS CONCERNING MONEY, BANTvING, AND LOANS. 697 ACT OF AUGUST 4, 1886. CHAP. 902. An act making appropriations for sundry 22 | 4 stat - L - civil expenses of the Government, for the fiscal year ending June thirtieth, eighteen hundred and eighty- seven, and for other purposes. Be it enacted ~by the Senate and House of Representa- tives of the United States of America in Congress assem- bled, * * * Provided, That no portion of this sum shall be expended for printing United States notes of large denomination in lieu of notes of small denomination cancelled or retired. NOTE. This proviso has been reenacted annually siace this time. * * * And the Secretary of the Treasury is hereby silver certm- ^ , ". . cates of one, authorized and required to issue silver-certificates in two, and five dollars to be denominations of one, two, and five dollars, and the issued. silver-certificates herein authorized shall be receivable, redeemable, and payable in like manner and for like pur- poses as is provided for silver-certificates by the act of February twenty-eighth, eighteen hundred and seventy- eight, entitled "An act, to authorize the coinage of the standard silver dollar, and to restore its legal-tender char- acter," and denominations of one, two, and five dollars may be issued in lieu of silver-certificates of larger de- nominations in the Treasury or in exchange therefor upon presentation by the holders and to that extent said cer- tificates of larger denominations shall be cancelled and destroyed. Approved, August 4, 1886. ACT OF MARCH 3, 1887. CHAP. 378. An act to amend sections five thousand one ^ 4 stat - L - 5t>9. hundred and ninety -one and five thousand one hun- dred and ninety-two of the Revised Statutes of the United States, and for other purposes. # # * * * SEC. 3. That section three of the act of January four- Lcsai- tender teenth, eighteen hundred and seventy-five, entitled "An redeemed :!t -, f , , i San Krrtiicisco. act to provide tor the resumption ot specie payments, be, vol. is, p. and the same in, hereby amended by adding after the"" words " New York " the words " and the city of San Francisco, California." Approved, March :}, 1887. 15712 10 45 698 NATIONAL MONETARY COMMISSION. ACT OF JULY 14, 1890. |6 stat. L., CHAP. 708. An act directing the purchase of silver bul- 1 supp. R. s., n on an d fa e issue of Treasury notes thereon, and for other purposes. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress assem- t o "b e e b p u J ? bled, Tliat tne Secretary of the Treasury is hereby di- chased. rected to purchase, from time to time, silver bullion to the aggregate amount of four million five hundred thou- Monthiy ag- sand ounces, or so much thereof as may be offered in grpgnte. Limit of each month, at the market price thereof, not exceeding price, etc. Repeal of NO- one dollar for three hundred and seventy-one and twenty- vember 1, 1893. -,,,, . -, " -, , 28 stat. L., 4. five hundredths grains of pure silver, and to issue in 2 Supp. R. S., ' 150. payment tor such purchases or silver bullion Ireasury Treasury notes to issue notes of the United States to be prepared by the Secretary purchases. of the Treasury, in such form and of such denominations, tions n( etc in of no ^ ^ ess than one dollar nor more than one thousand notes. dollars, as he may prescribe, and a sum sufficient to carry into effect the provisions of this act is hereby appropri- ti( 4 ppropria " ated out of any money in the Treasury not otherwise appropriated. f B noYe 1 B tI i n ^ EC * ^' That the Treasury notes issued in accordance ' >n su R g with the provisions of this act shall be redeemable on 11 Rissue after c ^ emanc ^ * n co ' in i a ^ the Treasury of the Ignited States, or redemption. a ^ the office of any assistant treasurer of the United Volume of outstanding grates, and when so redeemed mav be reissued: but no notes, limited. greater or less amount of such notes shall be outstanding at any time than the cost of the silver bullion and the standard silver dollars coined therefrom, then held in the excf g t al et e c nder 'T reasurv purchased by such notes; and such Treasury notes shall be a legal tender in payment of all debts, Receivable public and private, except where otherwise expressly for customs, 1 . L J <' . stipulated in the contract, and shall be receivable for Reissue after receipt. customs, taxes, and all public dues, and when so received Part of na- tional-bank i-e-inav be reissued; and such notes, when held bv any national banking association, may be counted as a part of its lawful reserve. That upon demand of the holder of any of the. Treasury notes herein provided for the R o domption Secretary of the Treasurv shall, under such regulations in sold or sil- . ver coin, nt dis- as he mav prescribe, redeem such notes in Covered into redeem the circulating notes or such banks, and all de- Treasury. posits thereafter received for like purpose, shall be cov- ered into the Treasury as a miscellaneous receipt, and the Treasury of the United States shall redeem from the Treasurer to i i ji m 4-1 i j 4? redeem certain general cash in the Treasury the circulating notes of notes from gen- . , , . T i * , T " i , oral cash. said banks winch may come into his possession subject to redemption; and upon the certificate of the Comptrol- ler of the Currency that such notes have been received by him and that they have been destroyed and that no new notes will be issued in their place, reimbursement of their amount shall be made to the Treasurer, under such regulations as the Secretary of the Treasury may prescribe, from an appropriation hereby, created, to be known as National bank notes: Redemption account, Reimburse- but the, provisions of this act shall not npplv to the Treasurer from . "National- deposits received under section three ol the art <>1 Junehnnk notes: ... ,. . . Redemption ac- twentieth, eighteen hundred and seventy-tour, requiring <.'ouut." 700 NATIONAL, MONETARY COMMISSION. every National bank to keep in lawful money with the Treasurer of the United States a sum equal to five per topper* cent centum of its circulation to be held and used for the de P m S ption o^ redemption of its circulating notes; and the balance re- voi r i8 1 p l i23' m aining of the deposits so covered shall, at the close of portof t remain- eacn month, be reported on the monthly public debt state- fe osfts ance * ment as debt of the United States bearing no interest, operation. "SEC. 7. That this act shall take effect thirty days from and after its passage." Approved, July 14, 1890. ACT OF FEBRUARY 10, 1891. 26 stat. L., CHAP. 127. An act further to prevent counterfeiting or manufacture of dies, tools, or other implements used in counterfeiting, and providing penalties therefor, and providing for the issue of search warrants in cer- tain cases. counterfeits SEC. 4. That all counterfeits of any of the obligations ofUnited J states obiiga- or other securities of the United States or of any foreign tionS. . . J Government, or counterfeits of any of the coins of the United States or of any foreign Government, and all material or apparatus fitted or intended to be used, or that shall have been used, in the making of any such counterfeit obligations or other securities or coins here- inbefore mentioned, that shall be found in the possession of any person without authority from the Secretary of the Treasury or other proper officer to have the same, shall be taken possession of by any authorized agent of the Treasury Department and forfeited to the United States, and disposed of in any manner the Secretary of the Treasury may direct. issue of SEC. 5. That the several nudges of courts established search war- runts in such under the laws of the United States and the commis- cases. sioners of such courts may, upon proper oath or affirma- tion, within their respective jurisdictions, issue a search warrant authorizing any marshal of the United States, or any other person specially mentioned in such warrant, to enter any house, store, building, boat, or other place named in such warrant, in the daytime only, in which there shall appear probable cause for believing that the LAWS CONCERNING MONEY, BANKING, AND LOANS. 701 manufacture of counterfeit money, or the concealment of counterfeit money, or the manufacture or concealment of counterfeit obligations or coins of the United States or of any foreign government, or the manufacture or con- cealment of dies, hubs, molds, plates, or other things fitted or intended to be used for the manufacture of coun- terfeit money, coins, or obligations of the United States or of any foreign government, or of any bank doing business under the authority of the United States or of am* State or Territory thereof, or of any bank doing business under the authority of any foreign government or of any political division of any foreign government, is being carried on or practiced, and there search for any such counterfeit money, coins, dies, hubs, molds, plates, and other things, and for any such obligations, and if any seizures. such be found, to seize and secure the same and to make return thereof to the proper authorit}*; and all such counterfeit money, coins, dies, hubs, molds, plates, and other things and all such counterfeit obligations so seized shall be forfeited to the United States. Approved, February 10, 1891. (This act was amended by the Act of March 4, 1909 (chap. 321, 35 Stat. L., pp. 1120, 1121). See sections 1G9 to 173, inclusive.) ACT OF JULY 28, 1892. CHAP. 317. An act to amend the national bank act in OQ 27 stat. L., providing for the redemption of national bank notes stolen from or lost by banks of issue. Be it enacted by the Senate and House of Representa- tives of the United States of America in Congress as- sembled. That the provisions of the Revised Statutes re *i lonnl cur ' of the United States, providing for the redemption oi' } tb f** tl national bank notes, shall apply to all national bank stoletl uotos - notes that have been or may be issued to. or received by, any national bank, notwithstanding such notes may have been lost by or stolen from the bank and put in circulation without the signature or upon the forged signature of the president or vice-president and cashier. Approved, July 1^8. 1892. 702 NATIONAL, MONETARY COMMISSION. ACT OF NOVEMBER 1, 1893. 28 stat. L., 4. CHAP. 8. A ii act to repeal a part of an act approved July fourteenth, eighteen hundred and ninety, entitled "An act directing the purchase of silver bullion and the issue of Treasury notes thereon, and for other pur- poses." Be it enacted l>y the Senate and House of Representa- tives of the United States of America in Congress assem- snver act. l>lecL That so much of the act approved July fourteenth, Direction to . ' . rl . J purchase silver eighteen hundred and ninety, entitled An act directing repealed. . . ' vol. -26, p. the purchase of silver bullion and issue of Treasury notes thereon, and for other purposes," as directs the Secretary of the Treasury to purchase from time to time silver bul- lion to the aggregate amount of four million five hundred thousand ounces, or so much thereof as may be offered in each month at the market price thereof, not exceeding one dollar for three hundred and seventy-one and twenty- five one-hundredths grains of pure silver, and to issue in payment for such purchases Treasury notes of the United States, be, and the same is hereby, repealed. And it is hereby declared to be the policy of the United States to Gold and sii- continue the use of both irold and silver as standard money, ver to be used -11 " -i -i -c as standard and to com botli gold and silver into money ot equal intrinsic and exchangeable value, such equality to be secured through international agreement, or by such safe- guards of legislation as will insure the maintenance of the rarity to be parity in value of the coins of the two metals, and the maintained. ' . equal power 01 every dollar at all times in the markets and in the payment of debts. And it is hereby further declared that the efforts of the Government should be steadily directed to the establishment of such a safe sys- s.vstemof bi-tem of bimetallism as will maintain at all times the equal metallism. . . power of every dollar coined or issued by the United States, in the markets and in the payment of debts. Approved. November 1, 1893. ACT OF AUGUST 13, 1804. | 8 stat. I- CHAP. 281. An act to subject to State taxation national hunk notes and United States Treasury notes. lie it en acted Itij the Senate and HOUNC, of Representa- tives <>f the United States of America /// Congress assem- l>ler coined by the United States, to refund the public debt, and for other purpose*. Be it enacted by the /Senate and Honxc of Representa- tives <>f the United fttatcx of America in Congress axxe.m- standard ot^(/ That the dollar consisting of twentv-five and eight- valn tixi'd. . . gold dollar, tenths grains of gold nine-tenths fine, as established by LAWS CONCERNING MONEY, BANKING, AND LOANS. 705 section thirty-five hundred and eleven of the Revised ut e| v s5ii Stat " Statutes of the United States, shall be the standard unit ch. 94o ( ISupp. of value, and all forms of monev issued or coined bv the K - s-.soi). parity of val- United States shall be maintained at a parity of value" 6 , to ,, be main - taiued. with this standard, and it shall be the duty of the Secre- tary of the Treasury to maintain such parity. SEC. 2. That United States notes, and Treasury notes Treasury issued under the Act of July fourteenth, eighteen him- July 14. 'ch. TOS dred and ninety, when presented to the Treasury for re-774) Up demption, shall be redeemed in gold coin of the standard gold. ee fixed in the first section of this act, and in order to secure the prompt and certain redemption of such notes as herein provided it shall be the duty of the Secretary of the Treas- ury to set apart in the Treasury a reserve fund of one Maintenance hundred and fifty million dollars in gold coin and bullion, which fund shall be used for such redemption purposes only, and whenever and as often as any of said notes shall be redeemed from said fund it shall be the duty of the Secretary of the Treasury to use said notes so redeemed to restore and maintain such reserve fund in the manner following, to wit: First, by exchanging the notes so re by exchange deemed for anv gold coin in the general fund of the Treas by accepting 3 , , -i , i T ,1 deposits of gold. ury; second, by accepting deposits of gold coin at the by procuring Treasury or at any subtreasury in exchange for the B Revised stat- United States notes so redeemed ; third, by procuring gold by ' bond is- coin by the use of said notes, in accordance with the pro- bu visions of section thirty-seven hundred of the Revised Statutes of the United States. If the Secretary of the Treasury is unable to restore and maintain the gold coin in the reserve fund by the foregoing methods, and the amount of such gold coin and bullion in said fund shall at any time fall below one hundred million dollars, then it shall be his duty to restore the same to the maximum sum of one hundred and fifty million dollars by borrow- ing money on the credit of the United States, and for the debt thus incurred to issue and sell coupon or reg- istered bonds of the United States, in such form as lie may prescribe, in denominations of fifty dollars or anv multiple thereof, bearing interest at the rate of not ex rau> of intor- ceeding three per centum per annum, payable quarterly, such bonds to be payable at the pleasure of the United States after one year from the date of their issue, and to be payable, principal and interest, in gold coin of the 706 NATIONAL MONETARY COMMISSION. present standard value, and to be exempt from the pay- ment of all taxes or duties of the United States, as well as from taxation in any form by or under State, munici- Disposition of pal, or local authority; and the gold coin received from of bonds. ' the sale of said bonds shall first be covered into the gen- eral fund of the Treasury and then exchanged, in the manner hereinbefore provided, for an equal amount of the notes redeemed and held for exchange, and the Sec- retary of the Treasury may, in his discretion, use said redempt i o n notes in exchange for gold, or to purchase or redeem any bonds of the United States, or for any other lawful pur- pose the public interests may require, except that they shall not be used to meet deficiencies in the current reve- nues. That United States notes when redeemed in ac- notes to becorclance with the provisions of this section shall be re- issued, but shall be held in the reserve fund until ex- changed for gold, as herein provided : and the gold coin and bullion in the reserve fund, together with the re- deemed notes held for use as provided in this section, shall Limit to re- at no time exceed the maximum sum of one hundred and nd ' fifty million dollars. Quality of sii- SEC. 3. That nothing contained in this act shall be con- unaffected. et '' strued to affect the legal-tender quality as now provided by law of the silver dollar, or of any other money coined or issued by the United States. Divisions of g EC< 4. That there be established in the Treasurv De- issue and re- demption estab-p ar tment, as a part of the office of the Treasurer of the United States, divisions to be designated and known as the division of issue and the division of redemption, to which shall be assigned, respectively, under such regula- tions as the Secretary of the Treasury may approve, all records and accounts relating to the issue and redemption of United States notes, gold certificates, silver certificates, duties. and currency certificates. There shall be transferred from the accounts of the general fund of the Treasury of the United States, and taken up on the books of said divisions, respectively, accounts relating to the reserve fund for the redemption of United States notes and Treasury notes, the gold coin held against outstanding gold certificates, the United States notes held against out- standing currency certificates, and the silver dollars held against outstanding silver certificates, and each of the funds represented by these accounts shall be used for the redemption of the notes and certificates for which LAWS CONCERNING MONEY, BANKING, AND LOANS. 707 they are respectively pledged, and shall be used for no other purpose, the same being held as trust funds. SEC. 5. That it shall be the duty of the Secretary of the cancellation J "of Treasury Treasury, as fast as standard silver dollars are coined un- no , tes for s , llve / dollars comed, der the provisions of the acts of July fourteenth, eight- etc - een hundred and ninety, and June thirteenth, eighteen hundred and ninety-eight, from bullion purchased under the act of July fourteenth, eighteen hundred and ninety, to retire and cancel an equal amount of Treasury notes whenever received into the Treasury, either by exchange in accordance with the provisions of this act or in the ordinary course of business, and upon the cancellation of ce r r s t s i ^ a t f e | ilver Treasury notes silver certificates shall be issued against the silver dollars so coined. SEC. 6. That the Secretarv of the Treasury is hereby Gold certm- " . . * s cates to be 1s- authorized and directed to receive deposits of gold coin sued on depos- its of gold. with the Treasurer or any assistant treasurer of the United States in sums of not less than twenty dollars, and to issue gold certificates therefor in denominations of not less than twenty dollars, and the coin so deposited shall be retained in the Treasury and held for the payment of such certificates on demand, and used for no other pur- pose. Such certificates shall be receivable for customs, ^^co^nted taxes, and all public dues, and when so received may be serve > etc - reissued, and when held by any national banking associa- tion may be counted as a part of its lawful reserve : Pro- vided, That whenever and so long as the gold coin held in the reserve fund in the Treasury for the redemption of United States notes and Treasury notes shall fall and re- main below one hundred million dollars the authority to issue certificates as herein provided shall be suspended: And provided further. That whenever and so long as the suspension of & authority to is- aggregate amount of United States notes and silver cer- sue certificates, tificates in the general fund of the Treasury shall exceed sixty million dollars the Secretary of the Treasury may, in his discretion, suspend the issue of the certificates herein provided for: And provided further, That of the penomina^on amount of such outstanding certificates one-fourth at least shall be in denominations of fifty dollars or less : And provided further, That the Secretary of the Treas- ury may, in his discretion, issue such certificates in de- nominations sf ten thousand dollars, payable to order. AT , /> I-, i in i ji j 1 j i Repeal of He- And section nity-one hundred and ninety-three ol tnc v j ae( j statutes, Kevised Statutes of the United States is hereby repealed. 01 708 NATIONAL MONETARY COMMISSION. Denomination g EC> f_ That hereafter silver certificates shall be issued or sliver ccrt^o- cates. on jy o f denominations of ten dollars and under, except that not exceeding in the aggregate ten per centum of the total volume of said certificates, in the discretion of the Secretary of the Treasury, may be issued in denomina- tions of twenty dollars, fifty dollars, and one hundred dollars; and silver certificates of higher denomination than ten dollars, except as herein provided, shall, when- ever received at the Treasury or redeemed, be retired and canceled, and certificates of denominations of ten dollars on reissue. or } ess s hall be substituted therefor, and after such substi- tution, in whole or in part, a like volume of United States notes of less denomination than ten dollars shall from time to time be retired and canceled, and notes of denomi- nations of ten dollars and upward shall be reissued in substitution therefor, with like qualities and restrictions as those retired and canceled. m!y be r usedfo S]EC - 8 - That the Secretary of the Treasury is hereby a U e S i89o y JuF " authorized to use, at his discretion, any silver bullion in s*u h ' 7 R 8 s 1 ^ le Treasury of the United States purchased under the 774 ) Act of July fourteenth, eighteen hundred and ninety, for coinage into such denominations of subsidiary silver coin as may be necessary to meet the public requirements for limit. such coin : Provided, That the amount of subsidiary silver coin outstanding shall not at any time exceed in the aggre- tio^ of 'notes a S' a ^ one hundred millions of dollars. Whenever any sil- ver bullion purchased under the act of July fourteenth, eighteen hundred and ninety, shall be used in the coin- age of subsidiary silver coin, an amount of Treasury notes issued under said act equal to the cost of the bullion contained in such coin shall be canceled and not reissued. un^urrent ge sii f SEC. 9. That the Secretary of the Treasury is hereby ver coins. authorized and directed to cause all worn and uncurrent subsidiary silver coin of the United States now in the reimburse- Treasurv, and hereafter received, to be recoined, and to ment of loss ' ' ' from face value, reimburse the Treasurer of the United States for the dif- ference between the nominal or face value of such coin and the amount the same will produce in new coin from any moneys in the Treasury not otherwise appropriated. ***** e.nTtin/'mft'.-s SEC. 12. That upon the deposit with the Treasurer of POSH "of* bomis^he United States, by any national banking association, of any bonds of the United States in the manner provided by existing law, such association shall be entitled to receive from the Comptroller of the Currency circulating LAWS CONCERNING MONEY, BANKING, AND LOANS. 709 notes in blank, registered and countersigned as provided by law, equal in amount to the par value of the bonds so deposited; and any national banking association now hav- ing bonds on deposit for the security of circulating notes, and upon which an amount of circulating notes has been issued less than the par value of the bonds, shall be en- titled, upon due application to the Comptroller of the Currency, to receive additional circulating notes in blank to an amount which will increase the circulating notes held by such association to the par value of the bonds deposited, such additional notes to be held and treated in the same way as circulating notes of national banking associations heretofore issued, and subject to all the pro- visions of law affecting such notes: Provided, That noth- Provisos. ing herein contained shall be construed to modify or re- peal the provisions of section fifty- one hundred and sixty-seven of the Revised Statutes of the United States, authorizing the Comptroller of the Currency to require additional deposits of bonds or of lawful money in case Additional de- x , posit required the market value of the bonds held to secure the circu- on depreciation of bonds. K. S., lating notes shall fall below the par value of the circu- sec. 5107, p. lating notes outstanding for which such bonds may be deposited as security: And provided further, That the tio ^f n "{.";}" circulating notes furnished to national banking associa- latin s D0tes - tions under the provisions of this act shall be of the de- nominations prescribed by law, except that no national banking association shall, after the passage of this act, be entitled to receive from the Comptroller of the Currency, or to issue or reissue or place in circulation, more than one-third in amount of its circulating notes of the denomi- nation of five dollars: And provided further, That the Limit of issue, total amount of such notes issued to any such association may equal at any time but shall not exceed the, amount at such time of its capital stock actually paid in: Ami pro- vided further, That under regulations to be prescribed by the Secretary of the Treasury any national banking JlsS() -! ciation may substitute the two per centum bonds issued under the provisions of this Act for any of the bonds deposited with the Treasurer to secure circulation or to secure deposits of public money; and so much of an act, entitled "An act to enable national banking associations to extend their corporate- existence, and for other pur- posses," approved July twelfth, eighteen hundred and eighty-two, as prohibits any national bank' which makes any deposit of lawful money in order to withdraw its 710 NATIONAL MONETARY COMMISSION. circulating notes from receiving any increase of its cir- culation for the period of six months from the time it made such deposit of lawful money for the purpose afore- said, is hereby repealed, and all other Acts or parts of Acts inconsistent with the provisions of this section are hereby repealed. ***** Approved, March 14, 1900. NOTE. The act of May 26, 1906, 34 Stat. L. 202, amends section Proviso. 6 of the above act to read as follows : "Provided, That whenever Issue to cease if coin in re- and so long as the gold com held in the reserve fund m the Treas- ury ^ or * ne redemption of United States notes and Treasury notes shall fall and remain below fifty million dollars the authority to issue certificates as herein provided shall be suspended, but the Secretary of the Treasury is directed to coin, within reasonable Bullion to be time, any and all gold bullion held iu said reserve fund in excess coined. of- fifty million dollars. ACT OF APRIL 23, 1900. si stat. L., CHAP. 253. An act making appropriations to supply ad- ditional urgent deficiencies in the appropriations for the fiscal year ending June thirtieth, nineteen hundred, and for other purposes. and nS rintTn n s -^ or l a ^ or anc ^ expenses of engraving and printing: For Salaries. salaries of all necessary clerks and employees, other than plate printers and plate printers' assistants, sixty thou- sand nine hundred and forty-two dollars and ninety cents, to be expended under the direction of the Secretary of the Proviso. Treasury: Provided. That no portion of this sum shall be Notesof J ..' . larger denomi- expended for printing united States notes or .Treasury nation. *f notes of larger denomination than those that may be can- celed or retired, except in so far as such printing may be necessary in executing the requirements of the act " To define and fix the standard of value, to maintain the parity of all forms of money issued or coined by the United States, to refund the public debt, and for other purposes," approved March fourteenth, nineteen hundred. ***** Approved, April 23, 1900. XOTK. A similar provision is contained in oarh appropriation act from June <>, 1900, to March 4, 1909, inclusive'. LAWS CONCERNING MONEY, BANKING, AND LOANS. 711 ACT OF MARCH 3, 1901. CHAP. 871. An act to amend section, -fifty -one hundred si stat. L., and -fifty-three of the Revised Statutes of the United States. Be it enacted by the /Senate and House of Representa- tives of the United States of America in Congress as- sembled, That section fifty-one hundred and fifty-three of the Revised Statutes of the United States be amended to read as follows: "SEC. 5153. All national banking associations, desig- National nated for that purpose by the Secretary of the Treasury, rfes S of ep pui>Hc shall be depositaries of public money, except receipts fromu e toms Ce re- customs, under such regulations as may be prescribed by ce the Secretary, but receipts derived from duties on imports exception not 1 a p p licable to in Alaska, the Hawaiian Islands, and other islands under Hawaii, Aias- . . KB, etc. the jurisdiction of the United States may be deposited in Revise^ stat- such depositaries subject to such regulations; and such ooo!' amended. ' depositaries may also be employed as financial agents of the Government; and they shall perform all such reason- able duties as depositaries of public moneys and financial agents of the Government as may be required of them. The Secretary of the Treasury shall require the associa- tions thus designated to give satisfactory security, by the deposit of United States bonds and otherwise, for the safe-keeping and prompt payment of the public money deposited with them, and for the faithful performance of their duties as financial agents of the Government. And every association so designated as receiver or depositary of the public money shall take and receive at par all of the national currency bills, by whatever association issued, which have been paid into the Government for internal revenue or for loans or stocks." Approved, March 3. 1001. ACT OF MARCH 4, 11)07. CHAP. 2913. An act 1<> amend f/ic national, banking act, ^ Stat. L., 1 *.o J. ainj for oilier i>iu-poxex. Be it enacted by the Se.nate and Ilouxe of Representa- tives of the, United States of America in (JongrcaK bled, That section six of an Act to define nnd fix (he rm-roncy act, standard of value, to maintain the parity of all forms of 712 NATIONAL MONETARY COMMISSION. money issued or coined by the United States, to refund the public debt, and for other purposes, approved March fourteenth, nineteen hundred, be, and the same is hereby, amended to read as follows: Gold certifl- " SEC. G. That the Secretary of the Treasury is hereby cates issued for .-,., , -,. i , T . j> T -i deposits of gold authorized and directed to receive deposits or gold coin with the Treasurer, or any assistant treasurer of the United States in sums of not less than twenty dollars, and Denomination to issue gold certificates therefor in denominations of not vol. :ri, p. 47, less than ten dollars, and the coin so deposited shall be retained in the Treasury and held for the payment of such certificates on demand, and used for no other pur- pose. Such certificates shall be receivable for customs, taxes, and all public dues, and when so received may be reissued, and when held by any national banking associa- Prorisos. tion may be counted as a part of its lawful reserve: Pro- issue, bn re-vided, That whenever and so leng as the gold coin and serve fund. bullion held in the reserve fund in the Treasury for the redemption of United States notes and Treasury notes shall fall and remain below one hundred million dollars the authority to issue certificates as herein provided shall On increase of be suspended : And provided further. That whenever and s liver certifl- cates, etc., in so long as the aggregate amount of United States notes and silver certificates in the general fund of the Treas- ury shall exceed sixty million dollars the Secretary of the Treasury may, in his discretion, suspend the issue of the certificates herein provided for: And provided fnr- nenomina-,-'/,g?' ? That of the amount of such outstanding certificates Btaading certif- one-fourth at least shall be in denominations of fifty dol- lars or less: And provided further, That the Secretary of the Treasury may, in his discretion, issue such certificates Larj:e notes, in denominations of ten thousand dollars, pavablc to Revised St;it- . . ' me*. oi!>:'., p. order. And section nity-one hundred and ninety-three of the Revised Statutes of the United States is hereby repealed." Treasury SKC. '2. That whenever and so long as 4 he outstanding when'dVficiency silver certificates of the denominations of one dollar, two i-xists in small , . . I 1 il f silver cnrtifi- dollars, and five dollars, issued under the provisions of Vof. 31, p. 47. section seven of an Act entitled ' k An Act to define and lix the standard of value, to maintain the parity of all forms of money issued or coined by the United States, to refund the public debt, and for other purposes" approved March fourteenth, nineteen hundred, shall be, in the opinion of the Secretary of the Treasury, insufficient to LAWS CONCERNING MONEY, BANKING, AND LOANS. 713 meet the public demand therefor, he is hereby authorized to issue United States notes of the denominations of one Higher de- nominations dollar, two dollars, and five dollars, and upon the issue to be retired. of United States notes of such denominations an equal amount of United States notes of higher denominations shall be retired and canceled: Provided, however. That I'rovisos. ** r c fir a t G the aggregate amount of United States notes at any time amount nation- te ,. to . - , i , albank issue outstanding shall remain as at present fixed by law : uot affected. And provided further, That nothing in this Act shall be construed as affecting the right of any national bank to issue one-third in amount of its circulating notes of the denomination of five dollars, as now provided by law. SEC. 3. That section fifty-one hundred and fifty-three ut ^ s evl |f|| tat - of the Revised Statutes be amended to read as follows : 99(5 ' amended. " SEC. 5153. All national banking associations, desijj- . National ^ banks may be nated for that purpose by the Secretary of the Treasury, shall be depositaries of public money, under such regula- tions as may be prescribed by the Secretary; and they may also be employed as financial agents of the Govern- ment; and they shall perform all such reasonable duties, as depositaries of public money and financial agents of the Government, as may be required of them. The Sec- retary of the Treasury shall require the associations thus designated to give satisfactory security, by the deposit of United States bonds and otherwise, for the safe-keeping and prompt payment of the public money deposited with them, and for the faithful performance of their duties as financial agents of the Government: Provided, That the statement of Secretary shall, on or before the first of January of each f^"^' 1 ' 8 re " year, make a public statement of the securities required during that year for such deposits. And every associa- TO receive at parall national tion so designated as receiver or depositary of the pub- '"n-ency, Mils, lie money shall take and receive at par all of the national currency bills, by whatever association issued, which havo been paid into the Government for internal revenue, or for loans or stocks: Prodded, That the Secretary of tne of J e l8 sK tlon Treasury shall distribute the deposits herein provided for, as far as practicable, equitably between the different States and sections." SEC. 4. That section nine, of the Act of July twelfth. l( .J"\; ut ~^ eighteen hundred and eighty-two, as amended by the Act Vol. :u, p. 45. of March fourteenth, nineteen hundred, be further amended to read MS follows: 157] 2 C 714 NATIONAL, MONETARY COMMISSION. o f circuiatn " ^ EC< ^' That any national banking association now "osft 8 of lawful organized, or hereafter organized, desiring to withdraw m voi' e is ^ s circulating notes, upon a deposit of lawful money with 12 . . the Treasurer of the United States, as provided in sec- Restrict ion . on reissue re- tion four of the Act of June twentieth, eighteen hundred moved. . . ' . * and seventy-four, or as provided in this Act, is author- ized to deposit lawful money and, with the consent of the Comptroller of the Currency and the approval of the Secretary of the Treasury, withdraw a proportionate amount of the bonds held as security for its circulating Provisos notes in the order of such deposits: Provided. That not L i m i t or L monthiy d e - more than nine millions of dollars of lawful monev shall posit increased. be deposited during any calendar month for this purpose : And provided further, That the provisions of this section for B red d em C uo e n d sna ll n t a pply to bonds called for redemption by the etc - Secretary of the Treasury, nor to withdrawal of circulat- ing notes in consequence thereof." Approved, March 4, 1907, 10 a. m. ACT OF MAY 30, 1908. | 5 stat - L ->CHAP. 229. An act to amend the national banking laws. Be it enacted by the Senate and House of Representa- tives of the United States of America in. Congress axscm- Nationai-^W That national banking associations, each having an bank circula- ' tion - unimpaired capital and a surplus of not less than twenty per centum, not less than ten in number, having an ag- National gregate capital and surplus of at least five millions of dol- - . . . . 1 lars, may form voluntary associations to be designated as / na ^ional currency associations. The banks uniting to form such association shall, by their presidents or vice- presidents, acting under authority from the board of di- s. rec tors, make and file with the Secretary of the Treasury a certificate setting forth the names of the banks com- posing the association, the principal place of business of the association, and the name of the association, which name shall be subject to the approval of the Secretary of owors P oratc the Treasury. Upon the filing of such certificate the asso- ciated banks therein named shall become a body corpor- ate. and by the name so designated and approved may sue and be sued and exercise the powers of a body corporate iTn?it sos> ^ or ^ n( ' P" r P s< ' s hereinafter mentioned: /V-^vV/W, That not more, than one such national currency association shall currency asso- LAWS CONCERNING MONEY, BANKING, AND LOANS. 715 be formed in any city : Provided further, That the several members of such national currency association shall be Members to . be of contigu- taken, as nearly as conveniently may be, from a territory ous territory. composed of a State or part of a State, or contiguous parts of one or more States: And provided further, That any national bank in such city or territory, having the Subsequ e n t qualifications herein prescribed for membership in such national currency association, shall, upon its application to and upon the approval of the Secretary of the Treas- ury, be admitted to membership in a national currency association for that city or territory, and upon such ad- mission shall be deemed and held a part of the body corporate, and as such entitled to all the rights and priv- ileges and subject to all the liabilities of an original mem- ber: And provided further, That each national currency association shall be composed exclusively of banks not Banks re- L , - stricted to one members of any other national currency association. association. The dissolution, voluntary or otherwise, of any bank in Existence not ' J J affected by dia- such association shall not affect the corporate existence of solution of a member. the association unless there shall then remain less than the minimum number of ten banks: Provided, however. That I " ro / is ?.- ' ' Reduction be- the reduction of the number of said banks below the low minimum. minimum of ten shall not affect the existence of the corpo- ration with respect to the assertion of all rights in favor of or against such association. The affairs of the associa- Management. tion shall be managed by a board consisting of one repre- sentative from each bank. By-laws for the government of the association shall be made by the board, subject to the approval of the Secretary of the Treasury. A presi- officers. dent, vice-president, secretary, treasurer, and an executive NX ecu tive - _ committee. committee of not less than five members, shall be elected by the board. The powers of such board, except in the election of officers and making of by-laws, may be exer- cised through its executive committee. The national currency association herein provided for I'owers. shall have and exercise any and all powers necessary to carry out the purposes of this section, namely, to render available, under the direction and control of the Secretary of the Treasury, as a basis for additional circulation any securities, including commercial paper, held by a national banking association. For the purpose of obtaining such l ,. 1 A I < 1 1( l I . 1( ( '. i ', ) .," l a , 1 additional circulation, any bank belonging to any national []""'for, S t()"b(! currency associa t inn. having circulating notes outstanclingll^y^i.^^ " secured by the deposit of bonds of the Tniled States to an amount not less than forty per centum of its capital 716 NATIONAL, MONETARY COMMISSION. stock, and which has its capital unimpaired and a surplus of not less than twenty per centum, may deposit with and transfer to the association, in trust for the United States, for the purpose hereinafter provided, such of the securi- ties above mentioned as may be satisfactory to the board of the association. The officers of the association may to A omp a troner thereupon, in behalf of such bank, make application to renc * h e Cur * ne Comptroller of the Currency for an issue of additional circulating notes to an amount not exceeding seventy-five per centum of the cash value of the securities or commer- cial paper so deposited. The Comptroller of the Cur- rency shall immediately transmit such application to the Secretary of the Treasury with such recommendation as secretary of he thinks proper, and if, in the iudgment of the Secretary the Treasury * ' ,. . . ,. may direct is- of the Treasury, business conditions in the locality de- mand additional circulation, and if he be satisfied with the character and value of the securities proposed and that a lien in favor of the United States on the securities so deposited and on the assets of the banks composing the association will be amply sufficient for the protection of the United States, he may direct an issue of additional circulating notes to the association, on behalf of such bank, to an amount in his discretion, not, however, ex- ceeding seventy-five per centum of the cash value of the Provisos. securities so deposited : Provided. That upon the deposit Amount on . . state, e t c., of any of the State, city, town, county, or other municipal bonds, of a character described in section three of this Act, circulating notes may be issued to the extent of not exceeding ninety per centum of the market value of such Limit as to bonds so deposited: And provided further. That no na- oommercial pa- . . i -n i i i per. tional banking association shall be authorized in any event to issue circulating notes based on commercial paper in excess of thirty per centum of its unimpaired capital "Commercial and surplus. The term " commercial paper ? ' shall be nated. * held to include only notes representing actual commercial transactions, which when accepted by the association shall bear the names of at least two responsible parties and have not exceeding four months to run. Liability of The banks and the assets of all banks belonirinc: to the association for . . . ' ' redemption. association shall be jointly and severally liable to the United States for the redemption of such additional cir- Lien created, culation ; and to secure such liability the lien created by Revised stat- section fiftv-two hundred and thirty of the Kevised Stat- utes, 5-30, p. 1011. utes shall extend to and cover the assets of nil banks be- longing to the association, and to the securities deposited LAWS CONCERNING MONEY, BANKING, AND LOANS. 717 by the banks with the association pursuant to the pro- visions of this Act; but as between the several banks com- Liability De- posing such association each bank shall be liable only in ber s e the proportion that its capital and surplus bears to the capital and surplus of all such banks. The ... - or exchange of, association may, at any time, require of any of its con- securities. stituent banks a deposit of additional securities or com- mercial paper, or an exchange of the securities already on deposit, to secure such additional circulation ; and in case of the failure of such bank to make such deposit or ex- saieof securi- change the association may, after ten days' notice to the faifm-e. el bank, sell the securities and paper already in its hands at public sale, and deposit the proceeds with the Treasurer Deposit of of the United States as a fund for the redemption of such pl additional circulation. If such fund be insufficient for that purpose the association may recover from the bank the amount of the deficiency by suit in the circuit court, suit, if sum of the United States, and shall have the benefit of the redeem notes. lien herein-before provided for in favor of the United States upon the assets of such bank. The association or the Secretary of the Treasury may permit or require the withdrawal of any such securities or commercial paper withdrawal and the substitution of other securities or commercial lion permuted. paper of equal value therefor. SEC. 2. That whenever any bank belonging to a na- Action, if . , . . , . members fail tional currency association snail rail to preserve or make to maintain re- , . -. . , . . rr , , T . demption fund. good its redemption fund m the Treasury or the United /oi. is, p. States, required by section three of the Act of June twentieth, eighteen hundred and seventy-four, chapter three hundred and forty-three, and the provisions of this Act, the Treasurer of the United States shall notify such national currency association to make good such redemp- tion fund, and upon the failure of such national currency association to make good such fund, the Treasurer of the United States may, in his discretion, apply so much of the r*e ,,r fund ' ' . of oilier mem redemption fund belonging to the other banks composing bers. such national currency association as may be necessary for that purpose; and such national currency association may, after five days' notice to such bank, proceed (o so ^ K ^ S ,^ l l ? i " i ^ at public sale the securities deposited bv such bank with' ' , . the association pursuant to the provisions of section one, of this Act, and depo-il the proceeds with the Treasurer Deposits ,,f of the United Slates as a fund for the redemption of (helil-mpti o n' of additional circulation taken out by such bank under this"" Act. 718 NATIONAL MONETARY COMMISSION. Additi o n a i g EC> 3, That any national banking association which circulation by * tb^nVn it e G d nas circuiting notes outstanding, secured by the deposit states bonds, of United States bonds to an amount of not less than forty per centum of its capital stock, and which has a surplus of not less than twenty per centum, may make ap- plication to the Comptroller of the Currency for authority to issue additional circulating notes to be secured by the deposit of bonds other than bonds of the United States. The Comptroller of the Currency shall transmit imme- Appiication to diately the application, with his recommendation, to the Comptroller. ( L L .... Secretary of the Treasun r , who shall, if in his judgment business conditions in the locality demand additional cir- culation, approve the same, and shall determine the time Approval by o f issue and fix the amount, within the limitations herein Seer etary of . ' Treasury. imposed, of the additional circulating notes to be issued. posft s "of bon d cis Whenever after receiving notice of such approval any with Treasurer. sucn association shall deposit with the Treasurer or any assistant treasurer of the United States such of the bonds described in this section as shall be approved in character and amount by the Treasurer of the United States and the Secretary of the Treasury, it shall be entitled to re- ceive, upon the order of the Comptroller of the Currency, circulating notes in blank, registered and countersigned as provided by law, not exceeding in amount ninety per Not to exceed centum of the market value, but not in excess of the par market vahie value of any bonds so deposited, such market value to be ascertained and determined under the direction of the Secretary of the Treasury. Bonds of The Treasurer of the United States, with the approval States, cities, ,1 o ? ,1 rp -, IT , etc., acceptable, ot the Secretary or the Ireasury, shall accept as security tocity, on etc*for the additional. circulating notes provided for in this section, bonds or other interest-bearing obligations of any State of the United States, or any legally authorized bonds issued by any city, town, county, or other legally constituted municipality or district in the United States which has been in existence for a period of ten years, and which for a period of ten years previous to such deposit lias not defaulted in the payment of any part of either principal or interest of any funded debt authorized to be contracted by it, and whose net funded indebtedness does not exceed ten per centum of the valuation of its taxable property, to be ascertained by the la>t preceding valua- _ Discretion of t ion of proper! v for the assessment of taxes. The Treas- urer of the Tnilcd States, with the approval of the Sec- retary of the Treasury, shall accept, for the purposes of LAWS CONCERNING MONEY, BANKING, AND LOANS. 719 this section, securities herein enumerated in such pro- portions as he may from time to time determine, and he may with such approval at any time require the deposit of additional securities, or require any association to change the character of the securities already on deposit. SEC. 4. That the legal title of all bonds, whether cou- Transfer of . & . ' . title in trust. pon or registered, deposited to secure circulating notes issued in accordance with the terms of section three of this Act shall be transferred to the Treasurer of the United States in trust for the association depositing them, under regulations to be prescribed by the Secretary of the Treasury. A receipt shall be given to the association Receipts from Treasurer. by the Treasurer or any assistant treasurer of the United States, stating that such bond is held in trust for the asso- ciation on whose behalf the transfer is made, and as secur- ity for the redemption and payment of any circulating notes that have been or may be delivered to such associa- ation. No assignment or transfer of any such bond by the Assignments, J custody, etc., of Treasurer shall be deemed valid unless countersigned bv bo " ds -. te - Revised Stat- the Comptroller of the Currency. The provisions of sec-g*||' |of|~ tions fifty-one hundred and sixty-three, fiftj^-one hundred fijfo-ioi' " 8> and sixty-four, fifty-one hundred and sixty-five, fifty-one hundred and sixty-six, and fifty-one hundred and sixty- seven and sections fifty-two hundred and twenty-four to fifty-two hundred and thirty-four, inclusive, of the Re- vised Statutes respecting United States bonds deposited to secure circulating notes shall, except as herein modified, be applicable to all bonds deposited under the terms of section three of this Act. SEC. 5. That the additional circulating notes issued un- status of ad- ditional clrcu- der this Act shall be used, held, and treated in the same lating notes. way as circulating notes of national banking associations heretofore issued and secured by a deposit of United States bonds, and shall be subject to all the provisions of law affecting such notes except as herein expressly modi- fied : Provided, That the total amount of circulating notes umit of issue P <) f notes by outstanding of any national banking association, mclud- i^nks. ing notes secured by United States bonds as now pro- vided by law, and notes secured otherwise than by de- posit of such bonds, shall not at any time exceed the amount of its unimpaired capital and surplus: And ]>i'<>- cidcd further* That there shall not be outstanding at anv Maximum of '. , . . . . -..'additional time circulating notes issued under the provisions 01 this notes. Act to an amount of more than five hundred millions of dollars. 720 NATIONAL, MONETARY COMMISSION. f ^ dempt * B SEC. 6. That whenever and so long as any national special r e - banking association has outstanding anv of the additional quirement for D additional ^cir- circulating notes authorized to be issued by the provisions is, p. 123. o f this Act it shall keep on deposit in the Treasury of the United States, in addition to the redemption fund re- quired by section three of the Act of June twentieth, eighteen hundred and seventy-four, an additional sum equal to five per centum of such additional circulation at any time outstanding, such additional five per centum to be treated, held, and used in all respects in the same man- ner as the original redemption fund provided for by said section three of the Act of June twentieth, eighteen hun- dred and seventy-four. Proportional SEC. 7. In order that the distribution of notes to be assignment of. . . . additional cir- issued under the provisions or this Act shall be made as culationto f. . ,, states. equitable as practicable between the various sections or the country, the Secretary of the Treasury shall not approve applications from associations in any State in excess of the amount to which such State would be enti- tled of the additional notes herein authorized on the basis of the proportion which the unimpaired capital and sur- plus of the national banking associations in such State bears to the total amount of unimpaired capital and sur- plus of the national banking associations of the United Proviso. States: Provided, however. That in case the applications Emerg e n c y . assignments, from associations in any State shall not be equal to the amount which the associations of such State would be entitled to under this method of distribution, the Secre- tary of the Treasury may, in his discretion, to meet an emergency, assign the amount not thus applied for to any applying association or associations in States in the same section of the country, information, SEC. 8. That it shall be the duty of the Secretary of etc., as to ac- . . P oeptabie securi- the Treasury to obtain information with reference to the ties. value and character of the securities authorized to be accepted under the provisions of this Act, and he shall from time to time furnish information to national banking associations as to such securities as would be acceptable under the provisions of this Act. Tax on ch-cu- SEC. 0. That section fifty-two hundred and fourteen of the Revised Statutes, as amended, be further amended to read as follows : utes evi v'l4 Stat ) " SEC. 5214. National banking associations having on 10 S- deposit bonds of the United States, bearing interest at the erTt-nTiJiuis 2 r:lte ^ ^ wo l )cr cen tuiu pur annum, including the bonds LAWS CONCERNING MONEY, BANKING, AND LOANS. 721 issued for the construction of the Panama Canal, under the provisions of section eight of 'An Act to provide for v o i . 32, p. the construction of a canal connecting the waters of the Atlantic and Pacific oceans,' approved June twenty-eighth, nineteen hundred and two, to secure its circulating notes, shall pay to the Treasurer of the United States, in the months of January and July, a tax of one-fourth of one per centum each half year upon the average amount of such of its notes in circulation as are based upon the deposit of such bonds; and such associations having on .By bonds of deposit bonds of the United States bearing interest at a rate higher than two per centum per annum shall pay a tax of one-half of one per centum each half year upon the average amount of such of its notes in circulation as are based upon the deposit of such bonds. National banking associations having circulating notes secured otherwise B J other se- curities. than by bonds of the United States shall pay forjhe first r month a tax at the rate of five per centum per annum upon the averagelimount of such of their notes in circu- latioir as are based? upon the deposit of such securities, and^ajPterwarcls an additional tax of one per centum per annum for each month until a tax of ten per centum per annum is reached, and thereafter such tax of ten per con- tjump_er^ annum, upon~tEe~a~verage amount of such notes. Everv national banking association having outstanding Monthly rc- ' . , . , . .. turns of clrcu- circulatmg notes secured by a deposit of other securities lation on other than United States bonds shall make monthly ret urns, states bonds. under oath of its president or cashier, to the Treasurer of the United States, in such form as the Treasurer may pre- scribe, of the average monthly amount of its notes so secured in circulation; and it shall be the duty of the Comptroller of the Currency to cause such reports of notes in circulation to be verified by examination of the banks' records. The taxes received on circulating notes rse of taxes on notes s e - secured otherwise than bv bonds ot the United States cured i>y other . i . , t ban T; n i t e <1 shall be paid into the Division of Redemption or the status bunds. Treasury and credited and added to the reserve, fund held for the redemption of United States and other note-/' SEC. 10. That section nine of the Act approved July ( . lll 1 . t 1 7| 1 i 1 I n in > ' lr twelfth, eighteen hundred and eighty-two, as amended by^ the Act approved March fourth, nineteen hundred and seven, be further amended to read as follows: " SEC. 0. That anv national banking association do-ir- (i] ing to withdraw ils circulating note-, secured by deposit jj] of United States bond- in the manner provided in section 722 NATIONAL MONETARY COMMISSION. four of the Act approved June twentieth, eighteen hun- dred and seventy-four, is hereby authorized for that pur- Deposits of pose to deposit lawful money with the Treasurer of the United States and, with the consent of the Comptroller of the Currency and the approval of the Secretary of the Treasury, to withdraw a proportionate amount of bonds held as security for its circulating notes in the order of Proviso. such deposits : Pro vided, That not more than nine millions limit. of dollars of lawful money shall be so deposited during any calendar month for this purpose. Notes secured Any national banking association desiring to withdraw by other secu- ... . rities. any of its circulating notes, secured by the deposit of se- curities other than bonds of the United States, may make such withdrawal at any time in like manner and effect by Deposits. the deposit of lawful money or national bank notes with the Treasurer of the United States, and upon such deposit a proportionate share of the securities so deposited may Proviso. h e withdrawn: Provided. That the deposits under this Retention of deposits to re- section to retire notes secured by the deposit of securities neem notes. * r> a o1 ' ~ 6 ' p " other than bonds of the United States shall not be covered o<*. into the Treasury, as required by section six of an Act entitled 'An Act directing the purchase of silver bullion and the issue of Treasury notes thereon, and for other purposes,' approved July fourteenth, eighteen hundred and ninety, but shall be retained in the Treasury for the purpose of redeeming the notes of the bank making such deposit." issue of SEC. 11. That section fifty-one hundred and seventy- Revised stat- two of the Revised Statutes be, and the same is hereby, utes, 5172. p. 1000, amended, amended to read as follows : Engraving " SEC. 5172. In order to furnish suitable notes for cir- and printing. dilation, the Comptroller of the Currency shall, under the direction of the Secretary of the Treasury, cause plates and dies to be engraved, in the best manner to guard against counterfeiting and fraudulent alterations, and shall have printed therefrom, and numbered, such quan- Denomina- tity of circulating notes, in blank, of the denominations tions. J of five dollars, ten dollars, twenty dollars, fifty dollars, one hundred dollars, five hundred dollars, one thousand dollars, and ten thousand dollars, as may be required to character of supply the associations entitled to receive the same. Such notes shall state upon their face that they are secured by United States bonds or other securities, certified by the LAWS CONCERNING MONEY, BANKING, AND LOANS. 723 written or engraved signatures of the Treasurer and Reg- ister and by the imprint of the seal of the Treasury. They shall also express upon their face the promise of the association receiving the same to pay on demand, at- tested by the signature of the president or vice-president and cashier. The Comptroller of the Currency, acting Additional under the direction of the Secretary of the Treasury, pared. shall as soon as practicable cause to be prepared circu- lating notes in blank, registered and countersigned, as provided by law, to an amount equal to fifty per centum Amount, of the capital stock of each national banking association ; such notes to be deposited in the Treasury or in the sub- deVfve^'y suV treasury of the United States nearest the place of busi- ject to order - ness of each association, and to be held for such associa- tion, subject to the order of the Comptroller of the Cur- rency, for their delivery as provided by law : Provided, rroviso - That the Comptroller of the Currency may issue national f T r m. fpresent bank notes of the present form until plates can be pre- pared and circulating notes issued as above provided : Prodded, hou-ever, That in no event shall bank notes of Present form not for addi- the present form be issued to anv bank as additional cir- t} nal c-'rcuia- . . . tlon - culation provided for by this Act." SEC. 12. That circulating notes of national banking . Keciemption te 1 n lawful associations, when presented to the Treasury for redemp- m y n pi' 8 r > 3 tion, as provided in section three of the Act approved June twentieth, eighteen hundred and seventy-four, shall be redeemed in lawful money of the United States. SEC. 13. That all acts and orders of the Comptroller Se ^ r eta?yof the of the Currency and the Treasurer of the United States Treasury. authorized by this Act shall have the approval of the Secretary of the Treasury who shall have power, also, to make any such rules and regulations and exercise such control over the organization and management of na- tional currency associations as may be necessary to carry out the purposes of this Act. SEC. 14. That the provisions of section fifty-one him- d,,^, 1 ;^!],^', ,! 1 dred and ninety-one of the Revised Statutes, with refer- S ! M 'V 11(> , 1 ,!"',"" ^ CIUUP pll Ml U' tit 1 - ence to the reserves of national banking associations, shall '"^j^,,,, st!lt not apply to deposits of public moneys by the United y^*- 51:)1 - '' States in designated depositaries. SEC. 15. That all national banking associations desig- nated as regular depositaries of public money shall pay upon all special and additional deposits made by the Sec- jll)I I ( ' lt ^ n ' ;J [ t )t i"j; l [j retary of the Treasury in such depositaries, and all such I'^'IJ^I*,^ 1 ' 1 ' 1 ' 724 NATIONAL MONETARY COMMISSION. associations designated as temporary depositaries of pub- lic money shall pay upon all sums of public money de- posited in such associations interest at such rate as the Secretary of the Treasury may prescribe, not less, how- ever, than one per centum per annum upon the average Proviso. monthly amount of such deposits: Provided, however, safe-keeping That nothing contained in this Act shall be construed to not modified. e change or modify the obligation of any association or any of its officers for the safe-keeping of public money : Pro- uniform in- vided further, That the rate of interest charged upon such deposits shall be equal and uniform throughout the United States. Appropria- g E c. 16. That a sum sufficient to carry out the purposes tion. of the preceding sections of this Act is hereby appropri- ated out of any money in the Treasury not otherwise ap- propriated. National Mon- SEC. 17. That a Commission is hereby created, to be etary Commis- ' sion created, called the " National Monetary Commission," to be coin- Appointment, posed of nine members of the Senate, to be appointed by the Presiding Officer thereof, and nine members of the House of Representatives, to be appointed by the Speaker thereof; and any vacancy on the Commission shall be filled in the same manner as the original appointment, inquiry as to g EC . is. That it shall be the clutv of this Commission to changes in monetary ays- inquire into and report to Congress at the earliest date tern, etc. practicable, what changes are necessary or desirable in the monetary system of the United States or in the laws relating to banking and currency, and for this purpose Authority, they are authorized to sit during the sessions or recess of Congress, at such times and places as they may deem desirable, to send for persons and papers, to administer oaths, to summons and compel the attendance of witnesses, officials. an( ] to employ a disbursing officer and such secretaries, experts, stenographers, messengers, and other assistants as shall be necessary to carry out the purposes for which said Commission was created. The Commission shall powers. have the power, through subcommittee or otherwise, to examine witnesses and to make such investigations and ex- aminations, in this or other countries, of the subjects committed to their charge as they shall deem necessary. tion Pr ' roI ' rla ^ I:r - 1 !)- T na t a sum sufficient to carry out the purposes of sections seventeen and eighteen of this Act, and to pay the necessary expenses of the Commission and its mem- bers, is hereby appropriated, out of any money in the LAWS CONCERNING MONEY, BANKING, AND LOANS. 725 Treasury not otherwise appropriated. Said appropria- tion shall be immediately available and shall be paid out immediately on the audit and order of the chairman or acting chairman of said Commission, which audit and order shall be con- Accounts, elusive and binding upon all Departments as to the cor- rectness of the accounts of such Commission. SEC. 20. That this Act shall expire by limitation on the Termination thirtieth day of June, nineteen hundred and fourteen. Approved, May 30, 1908. INDEX. ACCOUNT: Page. Decimal system established 567 Of money borrowed or emitted to be transmitted to States (Confederation) 1 Between United States and the States, board established to settle 15, 16 Time of settlement extended 17 Money of, how expressed 479 Public, prompt settlement of '97, 312 Sinking fund, to be rendered 26 ACTS OF CONGRESS: May 27. 1796, limitation of 486 December 23, 1857, revived and reenacted 178 March 3, 1865, to be continued, except as to repeal (see Repeal) 192 ADVERTISE: Amount of specie at depositaries to be published 140 ADVERTISEMENT: Purchase of metal for minor coinage by 538 ADVERTISING: Loans 153, 155, 158, 159 Sale of stock 131, 148 Statement of Treasury notes to be published 153 AGENCY FOR DEPOSITS AND DISBURSEMENTS. (Sec Designated depositaries.) AGENTS: Secretary of the Treasury to prescribe regulations governing 71 To be appointed in London or Amsterdam 69 To sell stock; commissions 76, 80, 81, 84, 86, 94, 103, 128, 131 Treasury notes ; commissions 82, 85, 90 ALABAMA CLAIMS: Award to be used to pay public debt 208 Issue and cancellation of bonds authorized to pay judgments; balance . . . 232 Sale of bonds for payment 237 ALASKA: Adulterating gold dust, etc 610 Forgery and counterfeiting in 609, 610, 703 Joining parts of notes, etc 1 704 Signature to bank notes, etc 704 ALLOY (see a/so COIN) : Charge for 516,537 Coin, regulation of 473. 502, 534, 535, 555 Copper, charged to melter and refiner 542, 562 AMERICAN PRINTING HOUSE FOR THE BLIND: Investment in 4 per cent bonds for use of 241 Trust fund created - 262 APPROPRIATION: Assay office, Boise City, construction 529 Blind, for American Printing House for the 241 Blind, for education of the. 262 Bonds, expense of issuing 180, 204, 249 Expenses issue and exchange of 257 Of 1858, of coin to redeem - 231 Notes, etc., for issuing 187 And Treasury notes, to issue 164, 167 Bullion for standard silver dollars, purchase of 579 Certificates of indebtedness, expenses issuing 266 Commissions on sale of stock < S 0, 81 Copper, for purchase of - 485,487 Currency, making, etc - 687, 688 727 728 INDEX. APPROPRIATION Continued. Page. Currency act, to carry out additional 468 Debt bearing 6 per cent interest, additional to the sinking fund to pay. . . 37 Debts, to pay, certain funds may be changed 41 Debt, of duties, etc., to pav 45, 48 Of funds to pay 73, 74, 75, 81 , 82, 85, 86 For purchase, etc., of funded, repealed 98 To pay - 106 Amount equal to interest on certain bonds, to pay 205 Deficiency and expenses, to make up certain 57 Duties, of surplus 61 Interest on loans, to pay 7 Repayable from duties 7 On foreign and other loans, excess duties to pay 7 On public debt, of duties to pay 36, 37, 47 Duties and interest, to pay . . 40 To pay to Bank of United States 47 Of surplus duties to pay 52 And principal, of surplus duties to pay 56 And principal of debt, to sinking fund to pay 57 On stock issued to France 63 On loan (1803), of duties to pay 64 And loan (1806), of surplus duties to pay 66 And debt 79 On Spanish awards loan 109 On public debt 147 To pay on public debt (sec. 3698, R. S. ) 220 Foreign intercourse, on account of 34 To further 36 For purposes of 46 Of 2,000,000 for 61 Isthmian Canal, expenses of loan 260, 266 To be reimbursed out of sale of bonds 262 Loan of 1 796, to redeem 47 Of direct tax to repay 53 1799, of surplus duties to redeem 55 And interest, to pay 131 1858, expense* of 154 And Treasury notes, expenses of 201 Permanent, for national, repealed 231 Mint, establishment of branch, at Carson City 522 Mints, for branch _ 498 Monetary Commission, National 264, 265 Conference, International 602, 603 Notes, engraving, printing, etc 659 Printing large, in lieu of small 697, 710 Permanent annual, for interest, principal, sinking fund, etc 1 , (sec. 3689, R. 8. ) 218 Securities, defining and limiting, expenses of issue, etc 206 Notes, etc., issue, reissue, etc., of 661 Sinking fund, continuance of, to 39 Specific, to be applied under direction of commissioners of 59 Additional, to 63, 99 Of revenues to 98 Of surplus in Treasury to 99 Stock, permanent funds for payment of certain 87 To issue " 158, 160 Sums borrowed ( 1 798) 53 Transportation of silver coin 585, 587 Of silver, restriction 589 Of minor coin 603 Of coins to Hawaii 619 Treasury notes, to reimburse or purchase 78, 83, 90 To pay for certain purloined 135 For issuing and reissuing 154 To issue _ 157, 1 60 INDEX. 729 APPROPRIATION Continued. rage. Unexpended, to be carried to "The surplus fund" 42 149 Balance to be carried to surplus fund ' 53 Of certain mints and assay offices transferred 549 United States notes, for redemption of 234, 423 Vessels, to build ' 33 War, Congress may apply surplus to any object in case of 100 ARTICLES OF CONFEDERATION: Power to borrow and issue money 1 Conditions 1 Pledge for loans, debts, and bills 1 Highland power to regulate alloy and value of coin 473 Fix standard of weights and measures 473 ARTISTS. (SeeMint.) ASSAY : Assaying and stamping at New Orleans 500 Bullion, of 537, 557 Not for coinage 495 And foreign coins at New York 515 Charges 516, 519, 521, 528 Coins annually, by commission 478, 489, 492, 493, 497, 506, 543 When to commence 482, 506, 543 Foreign 4'. 0, 51 7 Test for uniformity 499, 543 Gold at expense of depositor 511 In California 510 United States not responsible f< >r deposits 510 At branch mint 511 Ingots 503, 539 Metal 483 For minor coinage 538 ASSAY COMMISSION: Members, change of 4S9, 492, 493 Provision for 478, 506, 543, 563 Weights, annual test in presence of 494, 506, 543, 564 ASSAYKR: Assistants, and their duties 501 Assistant treasurer, may be constituted, to receive gold coin or bullion. 238, 582 Bars, to stamp fineness on 540, 560 Bond 475, 552 Branches, at 498 Bullion, fitness to be determined by 537, 557 Certificates, to verify and countersign 531 California, appointment, duties, salary 5!0 Calculations and countersign certificates, to verify 537, 554, 557 Clerks, workmen, etc., may employ 5-46 Disbursing agent, to be <">47 Duties 474, 501, 532, 554 Ingots, to assay f>03 Metal, to assay certain 483 Oath of office " *"> Provision for 474, 500, 531 , 551 Salary -I"', ; "> ; 54, 546 Subordinates, liable for acts of _ 533 Superintendent, to return bullion to 537,557 To give certificates to &W, >}) Report of assays to r>:>> 7, 5.>7 Trials of one and two cent pieces, and report, thereof 523 Three-cent piece, and report thereof T>24 Five-cent piece, and report thereof [>2<> Workmen, wages of, etc ;) ^' ! ASSAYING WORKS: In California ;> ' () ASSAY OFFICKH: Acts establishing, IN! of '>' Business limited to what - >">. ; ' (l( > Charges, etc., disposition of - 545, 565, 583 15712 10 47 730 INDEX. ASSAY OFFICES Continued. Page. Expenditures to be paid from appropriations 545, 565 Laws applicable 547, 567 Money and bullion to pay depositors 582, 583 Names of different 549, 551 Officers, clerks, and employees Appointment of acting 533 Compensation 566, 601 Duties and powers 546, 566, 566 Oath and bond 546, 566 Principal responsible for acting 533 To continue; bonds 549 Payment of depositors in coin certificates 583, 583 Regulations, returns, etc 547 Under Director of the Mint 547 Unexpended appropriations for certain, transferred 549 Boise City Appropriation for construction 528 Business limited to what 546, 566 Certificates for gold dust, etc 528 Depository for public moneys 211, 528, 568 Established '. 516, 527 Laws applicable 528, 529 Officers, workmen, etc., salaries, etc 528, 566, 566, 566 Regulations, returns, charges, etc 528 Superintendent, duties of 211, 528, 569 Under control of Director of Mint 528 Carson City Operation of, as an assay office 608 Charlotte, N. C. Established 516 Deadwood, S. Dak. Business 603 Established 516, 603 Wages and expenses 603 Denver, Colo. Branch mint as an assay office 520, 601, 602 Business limited to what, 546, 566, 601, 602 Officers, clerks, employees, duties, compensation, etc. . 5(i(i, 566, 566, 601, 602 Helena, Mont. Established 516, 573 Laws applicable 602 Refinery of gold and silver 601 New York, N. Y. Adjustment of accounts 515, 545, 565 Bullion for coinage to be transferred 545, 565 Business similar to mints, except 545, 565 Charges for assaying, etc 516, 585 Converting into coins 515 Established 515 Exchange of gold bars for coin - 616 Laws respecting mint and officers applicable 516, 546, 565 Form in which bullion and coin to be cast 515 Money or bullion to pay depositors 543, 563, 582 Officers, assistants, clerks, employees, duties, salaries, etc. . 545,546,565,566 Quarters and machinery 516 Refining and parting to be carried on at 577, 578, 607 Expense; payment 577, 578, 585, 607 Charges and by-products 607 Regulations of operations 516 Stamp of weight and fineness 515 Treasurer, assistant, as treasurer of 549 To give certificate of net value 515 To give receipt to depositors of bullion and foreign coin 515 St. Louis, Mo. Established 516 Salt Lake City, Utah Established., 516 INDEX. 731 ASSAY OFFICES Continued. Page. Seattle, Wash. Established 516, 606 Business 606 Officers 606 ASSISTANT TREASURERS OF THE UNITED STATES: Acting assistant treasurers and depositaries, provision for 189 Appointment of (sec. 3595, R. S.) 212 Salaries (sec. 3596, R. S.) 212 Receipt of commissions prohibited (sec. 3597, R. S.) 212 To give bonds, etc. (sees. 3600 and 3601) 213 Rooms for use of (sec. 3598, R. S.) 212 Business to be therein performed (sec. 3599, R. S.) 212 In case of absence or sickness who to act, liability, etc. (sec. 3613, R. S.). . . 213 Employment of subordinate officers, authorized (sees. 3603 to 3612, R. S.). . 213 Superintendents of mint at Carson City and assay office at Boise City 569 Baltimore Assistant treasurer provided 137 Appointment of (sec. 3595, R. S.) 212 Boise City Assistant treasurer provided 137 Superintendent of assay office to be; duties (sec. 3594, R. S.) 211 Boston Vaults, etc., for public moneys 122 Safe-keeping, etc., public moneys 136 Assistant treasurer United States, appointment and duties 137 Appointment of (sec. 3595, R. S.) 212 Carson City, superintendent of mint, to be (sec. 3594, R. S.) 211 Charleston, assistant treasurer, appointment and duties 137 Chicago, assistant treasurer provided 137 Appointment of (sec. 3595, R. S.) 212 Cincinnati, assistant treasurer provided 137 Appointment of (sec. 3595, R. S.) 212 Denver, assistant treasurer provided 137 New Orleans Assistant treasurer United States, appointment and duties 137 Appointment of (sec. 3595, R. S.) 212 Salary 549 New York Vaults, etc 122 Safekeeping, etc., public moneys 136 Assistant treasurer United States, appointment and duties 137 Appointment of (sec. 3505, R. S.) May appoint deputy; duties (sec. 3602, U.S.) Salary changed 516 Salary 549 To cease duties of treasurer of assay office 549 Philadelphia Assistant treasurer, appointment, of (sec. 3595, R. S.) Salary 549 Duties 136 St. Louis- Safekeeping, etc., public moneys... Assistant treasurer, appointment of (sec. :5. r >!)5, R. S.). . Appointment and duties 137 San Francisco Assistant treasurer provided. . Appointment of (see. 3595, R. S.) Salary "ASSOCIATIONS" DEFINED AUDITOR FOR THE TREASURY: Provision for Duties ,.- Not to be concerned in what BALANCES: Due States, to bear interest.. Duties pledged to pay the interest.. 732 INDEX. BALTIMORE. (See Assistant Treasurers of the United States.) Page. BANCO ESPANOL DE PUERTO Rico: May amend its by-laws 258 Substitute capital 259 Powers not enlarged 259 Federal control unabridged 259 "BANK" DEFINED 378 "BANKER" DEFINED 378 BANKERS: Tax upon sales of bullion and coin 188 BANKING COMPANIES: Comptroller to report condition to Congress annually 374 BANK NOTES: Payment by the United States of 129 Ten per cent per annum tax on, for part of a dollar 179 BANK OF ALEXANDRIA. (See Banks.) BANK OF THE UNITED STATES: Agent of United States for payment of Dutch debt, employment of 283 Bills. (See Business, this title.) Bribery. (See Penalty, this title.) Business of Banks, may employ other 306 Bills obligatory and of credit assignable 273, 304, 305 To be not less than $5,000 304 Or notes issued to be obligatory 273, 304 Receivable by United States 275, 307, 627, 630 Repealed 292, 315, 630 When payable 305 Commence when 301 , 309 Depository for public moneys, to be 307 Designated depositaries to render duties and services required of late bank 318 Duties of loan commissioners 96, 307 Repealed 115, 314 Records to be transferred to Secretary of the Treasury 314 All moneys to be paid into Treasury 314 Interest chargeable on refusal to pay 307 Loans, excessive, prohibited 20 Limitation of, to United States, etc 272, 275, 304, 311 Penalty for violation 274 To United States 277, 279, 280, 281, 282, 284, 285, 286, 288, 294 Authorized to lend to United States 21, 24, 29, 33, 34, 35, 36, 43, 46, 48, 50. 52, 53, 55, 56, 61, 64, 65, 66, 71, 72, 90, 103, 10!), 110, 112, 127 How to be paid off 27, 28, 32, 34 Payment of, by the United States of first and second installments. 278 Of third installment 280 Period of payment by United States of installments 278 Reference to authority to make 281 Sinking fund, commissioners to provide for payment of, made to United States .' 283 (See also Penalty, this title.) Note for less than $5 not to be issued 306 Payments in specie, or of notes, etc., not to suspend 307 To, of public debt 32, 41 Pensions, repeal of requirement to pay 310, 315 Public stocks held by bank may be sold 47, 60 Recovery on refusal to pay 308 Sale of certificates of public stock to 10!) Transacting business and trade, in what 272, 301, 304 Transfer, etc., public moneys without charge, to 307 By-laws ! 270, 299 Capital stock Amount and division 2(i!), 295 Assignable and transferable 273,208.304 Belonging to United States may be sold 47, 60 INDEX. 733 BANK OP THE UNITED STATES Continued Page. Capital stock Continued. Bonds held by United States under Pennsylvania charter, authority to sell 310 Public-debt stocks held by bank may be sold 272, 298 Secretary of the Treasury to act as agent of United States 310* 322 To receive and deposit dividends, profits, and capital stock.. 322,323 Subscriptions, in what to be paid 20 Time and place of making 269, 276, 295, 296 Under superintendents 269, 295 Who may make, and amount 269, 276, 295, 296, 297 United States may subscribe 21 Proportions of gold and silver and the public debt 269, 297 Public debt funded at 3 per cent, how paid 277 When to be paid 270, 276, 297 Specie proportion, when to be paid 276, 297 Loss of dividend on failure to pay any 273 By United States and how to be paid 275, 295, 298 Failure after first payment forfeits 276 Where and when to be opened, etc 295 In case of excess 296 Reduced 296 Lists to be made 296 Payment for transferring funded-debt certificates 298 Redemption of funded debt subscribed 298 Bank may sell funded debt subscribed for gold, etc 298 May sell stock subscribed by United States 299 Subscribers failing to pay, lose dividends 305 Cashier, to give bond : 271, 303 Constitution, articles of 270, 301 Counterfeiting. (See Penalty, this title.) Debts- Limitation of which shall owe 272, 303 Directors liable for excess, except 272, 303 Corporation not thereby exempt 272, 303 Statement of, to be made to stockholders 273 Directors Appointment, election, and number 270, 299, 300, 301 Annual election of 270, 299 One to be president 270, 300 First election of 270,300,301 To employ officers, etc., and manage affairs 270, 301 Number eligible for reelection 271, 302 None but stockholders eligible 271, 302 No emoluments unless 271, 302 Board, how constituted 271, 302 Liable for excess debts, except 272, 303, 304 To make statement to stockholders - 273, 305 To establish discount and deposit offices 27-1, 305, 306 Not to be director of any other bank 30() Time of service - 300, 301, 306 Failure to elect, not to dissolve bank To fill vacancy in office of president Vacancy, how fi lied 300 President of the United States may remove his appointees. . Rules concerning voting for - ; 502, 310 May employ other banks Number of managers to IK; appointed Stockholder must be a citizen to vote for 306 Discount and deposit, offices May be established -'7-1, - sr >, : *" : >- ; !(l( | May employ other banks as, except Dividends Half yearly, 1<> bo made Due United States appropriated to pay interest on loan.. 32,38,47,278 Appropriated to sinking fund Secretary of the Treasury to receive and deposit dividends, profits, and capital slock 1 734 INDEX. BANK OP THE UNITED STATES Continued. Page. Establishment of 269, 295 Articles governing 20 Title of corporation 270, 299 Powers and liabilities 270, 299 Only bank to be established during its continuance, except 275, 308 Duration 299 Not to be dissolved by failure to elect directors 300 Constitution 270, 301 Bonus to be paid United States for charter 308 Name may be used after charter expires, for what 309 Limitation of time of commencing operations 309 Violation of charter, etc. ; forfeiture 309 Settlement under Pennsylvania charter for stock of United States 310 (See also Business.) Examination. (See Inspection, this title.) Inspection of, may be made by Head of Treasury Department 274 Committees of Congress 309 Interest on loans not to exceed more than 6 per cent (see also Business, this title) 272 Loans. (See Business, this title.) Management Officers, clerks, etc 270, 301 Rules 270, 301 Cashier and treasurer to give bond 271, 303 Number of managers to be employed 306 (See also President; Cashier, this title.) Notes. (See Business, this title.) Officers. (See Management, this title.) Opening, time of, and where 270, 301 Organization. (See Establishment, this title.) Payments. (See Business, this title.) Penalty- Counterfeiting, forging, etc 282, 286, 308, 628, 629 Punishment of frauds on, extended to Louisiana 285 Unlawfully dealing in goods or making loans 274, 307 Bribery of officers 310 President To be chosen from directors 270, 300 Compensation 271, 302 Continuance in office 300, 306 Vacancy, how filled 300, 302 Time of service 301 To perform duties of loan commissioners 311 Profits- Secretary of the Treasury to receive and deposit 322, 323 To settle claim for surplus 323 Property Limitation of real, which may hold 271, 303 All kinds 299 Public debt, bank not at liberty to purchase 272 Rules 270, 301 Seal 270, 299 Statement Of debts, profits, etc., to be made to stockholders 273, 305 To be furnished head of the Treasury Department 274, 306, 322 Stock. (See Capital stock, this title.) Stockholders Subscribers 20 Votes to be in proportion to amount subscribed 270 Certain, may vote by proxy 271 Only eligible as directors 271 Meeting, number of, entitled to call, etc 271, 303 To supply director in case of vacancy 300 Must be a citizen to vote for director 306 Subscribers. (See Stockholders, this title.) INDEX. 735 BANK OF THE UNITED STATES Continued. Page. Suits, prevention of abatement of 310 Transferring public moneys. (See Business, this title.) Treasurer to give bond 271, 303 BANKS. (See also National banks; Bank of the United States): Bank of Alexandria, establishment of 288 Branch at Louisiana Purchase Exposition 451 Building associations 291 Capital of, expired or converted 378 Comptroller to take possession of trust, etc., banks as he would a national bank 291 District of Columbia banks, etc., acts relating to 288 May loan to United States 75, 81, 84, 87, 94, 292, 293, 629 Comptroller may examine 291, 374, 376 Payment expenses of examinations 291, 374, 376, 377 Safe deposit, trust, loan, mortgage, and other companies 291 To report to Comptroller 291 Not to deal in funded debt of the United States 101, 312 Renewal of charters 308 Incorporation of 312 Rules affecting 312, 313 No circulation less than $5 326, 633 Report of examination 376 Savings banks, etc., subject to national banking laws 428 Duties on notes, etc., during war of 1812 293 Composition with bankers in lieu of duties 293 Funded debt of United States, not to buy or sell 288 Indian Territory, banks and trust companies in 450 Loan to United States, any bank incorporated by the United States may. . 294 Notes for less than $5, not to issue 288, 289, 290 None less than $10 631, 634 None less than $20 631, 634 Less than $1 prohibited 641 Payments in bank, below par prohibited 630 Bills, etc., issuance of, by corporations created by Congress, but expired 326, 632 Or bills of banks issuing such for less than 5, not receivable for public debt 318, 325, 326, 632 Suspended until October 1, 1838. 321, 632 Public moneys (see also Designated depositories) Until depositories selected, state and district banks to continue 319 To be withdrawn from former depositories 324 If banks refuse, what 324 Interest, etc., to be charged 325 Act repealed 326 Deposits in solvent specie paying banks 327 Withdrawal 327 Receiving and paying out paper currency less than $5 Treasury notes, chargeable with interest when 77, 82, 85 Redeeming notes of $5 in gold and silver 290 Resuming specie payments Savings banks authorized To report to Comptroller, etc Existing, capital Or savings and trust companies to make reports (o Comptroller. . And be subject to banking lawn Law amended Spanish Bank of Porto Rico State banks may (secure circulating notes, how.. On failure to redeem, how paid Forfeiture, cancellation, etc., of .security Surplus to be paid bank How may become national Comptroller to report condition annually to Congress.. Shareholders liabilities - 335,386 When surplus deficient Comptroller may close when 736 INDEX. BANKS Continued. Tax, 10 per cent, on fractional notes 330 On banks and bankers 446 notes of, or persons 424 Territories, incorporating in 435 Acts in relation to banks in 288 Unchartered, not to issue notes 288 BANKS OF DEPOSIT: Established 315, 326 BARK. (See Bullion.) BILLS (see Banks; Loans; Money; Notes): United States not to emit, unless (Confederation) 1 Of banks of United States receivable by United States 627, 628, 630 Repealed 630 Of municipal corporations for less than $10 prohibited 631 Circulation to be withdrawn 631 Issue of by defunct corporations prohibited 632 Of banks issuing such for less than $5 not receivable for public debt 632 Suspended until October 1, 1838 632 BILLS OF CREDIT: States not to emit (Constitution) 3 To be received from subscribers to loan 9 No State to emit 473 Pledge of United States for (Confederation) 1 Authority to emit (Confederation) 1 Not to be emitted, unless (Confederation) 1 BIMETALLISM. (See Gold and Silver.) BLIND, AMERICAN PRINTING HOUSE FOR THE: Investment of 4 per cent bonds for use of 241 Trust fund created, etc 262 BOISE CITY. (See Assay offices; Assistant Treasurer of the United States.) BOISE CITY ASSAY OFFICE. (See Assay offices.) BOND-AIDED RAILROADS. (See Pacific Railroads; Union Pacific Railroad Company.) BONDS, OFFICIAL: Of Treasurer of the United States and other depositaries 138 BONUS OF THE UNITED STATES (see also Stock of the United States): Act of December 23, 1857, applied 164, 167, 178 Alabama claims, issue to pay; cancellation of certain 232 Exchange and sale to pay 237 Investment of amount in 5 per cent 209 Amount of canceled and destroyed to be deducteti from public debt. . . 205, 219 Of 5 per cent, may be increased 206 Bonded debt not to be increased 203 "Bonds of the United States" defined 331 Cancellation of, held to secure State bank circulation 329 And destruction of purchased 205, 219, 233 Record to be made 205, 219 Certificates of deposit may be converted into 4 per cent 240 Commissions, etc., none to be allowed for exchange 231 None for sale 249, 266 Counterfeiting, etc. (Sec. Penalty.) Coupon, transferable by delivery 162 Certain to be valid' 187 Coupons to bear signature, etc 186 Rebate of interest upon 220 Denominations 161, 1(57, 175, 180, 183, 184, 190, 203, 232, 241, 247, 249, 253, 256, 260, 265, 266, 4:53, 636, 642, 705 Destroyed, purchased and now in sinking fund to be- 205, 219 Record to be made of 205, 219 Amount to be deducted from public debt, 205, 219 Disposal of 1 67, 1 69, 175, 180, 184, 191, 192, 204, 232, 249, 260, 265, 636, 642, 649 Disposit ion of, not subscribed for 249 Duplicate.- may be issued in lieu of those destroyed or defaced or lost . 207. 220, 221 Engraving, printing, etc ' 428, 661, 6>S7, 690, 703, 710 INDEX. 737 BONDS OF THE UNITED STATES Continued. Page. Exchange of registered for coupon 187, 221 Five per cent for bonds of 1858 231 Allowance of interest 231 Exchangeable for treasury notes 160, 164, 166, 167, 184, 185, 190, 191, 192, 642, 646, 648 United States notes 166, 167, 177, 635, 639, 644 Other bonds 165, 185, 221, 231, 237, 338, 389, 433, 652, 661 Other obligations 191, 192, 642, 648 Annual interest bearing for semiannual 185 Five-twenties 204, 239 Five per cent and 6 per cent for 4 per cent 239 Three and one-half per cent for 3 per cent 241, 433 Five per cent, 4 per cent and 3 per cent for 2 per cent 256 Four per cent for 6 per cent 239 Valuation 256 Expenses of issuing, etc., appropriation 167, 180, 187, 204, 206, 218, 249, 257, 260, 265, 428, 661, 690 Five-twenties may be disposed of where and for what 167, 184, 189 Redemption of 204, 219, 235, 239 Other bonds may be exchanged for 204 Form, printing thereon, etc 167, 178, 186, 190, 203, 232, 241, 249, 253, 256, 260, 265, 433, 636, 705 Former, made valid 186 Gold certificates may be received in payment for 205 Instructions relative receiving and preparing 187 Interest, coupons to be signed, etc 162, 186 On matured and called to cease when 204, 220, 235, 257 On foreign loan, where payable 163 Payable in coin " 166, 180, 184, 219, 249, 642 Payable when 190, 206, 433, 705 Rate and character to be expressed on 191 On issue of 1858, to cease when 230 Payable in gold coin 256, 260, 265, 705 (See also Loans; Interest.) Issue of (kind not stated) 164,190,191 Six per cent for certain 7 per cent 165 Under section 1, act March 3, 1863, to cease, except 185 Registered in lieu of coupon 187 Of any description authorized 191 For materials or supplies 191 Two per cent Isthmian (/anal, authority repealed 266 To maintain redemption reserve fund Gil Coupon 161,164, 165, 180, 187, 190. 191, 206, 231, 236, 242, 247 Registered ' 187, 241, 433 Coupon or registered HJ1 , 166, 175, 180, 183, 185, 203, 232, 234, 249, 253, 256, 257, 260, 265, 423, 635, 636, 639, 642, 686, 705 To Pacific Railroads 171,194, 195 Isthmian Canal bonds 260, 265, 266 Two per cent, rights, privileges, etc 261, 454 Limitation on issue 161, 163, 166, 175, 180, 189, 206, 636, 646 On amount outstanding 175, 185, 643 Lost called, to be paid instead of issuing duplicates 207, 221 Names on portraits Negotiating in foreign country, authorized 16:5, 1S4, 189, 192, 649 Negotiation to market value 177, 644 "Obligation or other security of the United States " - 223, 675 Offer at less than par, not to be accepted l<)3 Order of payment 1S7, 220, 223, 2 12, 257, 4:1-1, <>75 Pacific Railroad, denominations, etc; . 171, 194, 195 Not paying interest on, what ~ ( >8, 223 Appropriation to pay interest Investment of sinking funds in Par, issue at. . -'<>!, -'32, 257, 260, 205, 423 738 INDEX. BONDS OF THE UNITED STATES Continued. Page. Payable- In coin 175, 180, 204, 642, 652, 661 In gold 253, 256, 260, 265, 266, 705 In coin or lawful money 190 Or its equivalent pledged 201, 218 At treasury 203 Not before maturity, unless 201, 219 Payment of foreign loan, rate of, exchange, etc 163 Order of 204, 434 Of coupon of 1858, time of 230 Appropriation of coin therefor 231 Popular loan 249, 260, 265 Portrait of living person on, prohibited; names 191, 211, 244, 658 Printing from hand-roller presses 250, 703 Proceeds of sale to retire notes, redeem bonds, etc 192, 204, 253, 649, 706 Proposals 163 Purchase of 639, 640, 644 Coin with 169, 220 Redemption 184, 190 May be in coin 190 In coin 175, 180, 203, 230, 232, 241, 249, 256, 260, 433, 642, 661 Of five-twenties 204, 205, 219, 235, 239, 569 When lower rates bonds can be sold 652, 661 After maturity 204, 661 Of issue of 1858 230 With surplus 241 Order of 220, 242, 257, 434 Five per cent and higher 239, 240 \Vith notes 253 Act July 12, 1862, not applicable 433 Not to be part of sinking fund 241 Not affected by national banks withdrawing bonds deposited as secu- rity 714 Of 3 per cent not until higher rates redeemed 434 Before maturity 202 Registered, may be transferred on Treasury books 162 In lieu of coupon, authorized 187, 221 Report to Congress, amount, etc., borrowed 1 63 All transactions relative 192 Sale of, to redeem United States notes 423, 686 At not less than par in coin 232, 234, 686 Disposition of funds from 253 Signing, sealing, etc 162, 167, 178, 186, 636 Subscriptions of individuals first accepted 249, 265 For lowest amounts first allotted 219 Taxation, exempt from state 167, 175, 180, 184, 191, 203, 220, 242, 249, 253, 256, 260, 265, 434, 636, 642, 706 Interest on, to be exempt from state 203 Exempt from United States taxes or duties 203, 249, 253, 256, 260, 265, 706 Duty levied on 188 Three percent, not to be called in until higher rate redeemed 242, 434 Transferable, how 162 Treasury notes may be issued in lieu of 184, 189 Two per cent, substitution of, by national banks to secure circulation 447 "United States bonds " defined 223, 331, 3S9 Used to purchase coin 220 BORROWING MONEYS. (See Loans.) BOSTON: Receiver-general of public moneys, appointment and duties 1 22 Safe-keeping, etc., of public moneys 136 (See also Assistant treasurers of United States.) BOSTON CUSTOM-HOUSE: Vaults, etc., for public moneys 122 BRANCH MINTS, (tiee Mints.) BRONZE COINS. (SVc Coin.) BUILUINC ASSOCIATIONS: Incorporation, etc., in District of Columbia 291 INDEX. 739 BULLION: Page. Account of coiner 542, 562 Advances in coin on, not to be made, except 514 Assaying 477,495,503,529,557,563 Certificate 539, 559 And stamping at New Orleans 500 Portion for 557 Bars, casting into 515, 536, 556 For payment of deposits 540, 560 Fineness; delivery to superintendent 540, 560 Stamping fineness and weight on 515, 536 Base and unsuitable, to be refused 536, 556 Certain, not to be received 484 Charges Assaying and certifying 495 Casting into disks, bars, or ingots 513, 601 Depositor to pay for refining, etc 511 Coining 496, 503, 512 Converting into coin, bars, etc 233, 537, 557, 574, 585 Disposition of charges, deductions, etc 545, 565, 585 Copper alloy ." 537, 557 Exchanging of bars for coin 596, 616 Melting, parting, assaying, and stamping 547, 553, 557 Refining or parting 512, 543, 557, 563, 577, 578, 582, 585, 601, 607 Clippings, etc. Disposition of 503, 542, 562 Delivery by coiner annually 542, 562 Coiner to be debited and credited 542, 562 Coining 477, 503 Certain, on special deposit, to be coined and placed in Treasury 527 Copper To be purchased 507 Fund to purchase 507 Planchets, delivery to chief coiner 507 No allowance for waste 507 All to be accounted for 542, 562 Delivery of Coins for, order 478 Bars to superintendent 540, 560 Deposits Of gold received 178 In California, United States not responsible 510 For subsidiary coinage 512 To be adapted to coinage 514 Speedy returns to depositors 543, 563 Value of 557 Certain special, to be coined 527 Of gold for coinage or bars 536 Receipt, memorandum, certificate given depositor 178, 478, 503, 515, 531, 537, 557, 582 At mints and assay offices; certificates of deposit 582, 583 With Treasurer or assistant treasurers; certificate of deposit 657 Disks, casting into 515, 536, 556 Stamping weight and fineness on 515, 536 Exchange of 478, 527 Bars for coin 573, 586, 596, 616 Bullion for coin 477, 586 Crude for refined 527, 582 Unrefined and imparted 529, 543, 550, 563, 582 Fineness, stamping on 515, 536 Certificate of 495 Fitness of 537, 557 Fund, purchase from 512, 517, 538, 558 To be charged with wastage 538, 623 Gold and silver redemption fund 434 Ingots- Forming into, for cokiage 503, 559 Transfer by inelter and refiner to Treasurer 503 740 INDEX. BULLION Continued. Page. Ingots Continued. Deviation from standard 503, 559, 560 Processes to make, into coins 504, 539, 540, 559, 560 Assaying; certificates 559 Used for 3-cent piece; deviation 511 Use of, when not standard 540 Casting into ingots, bars, and disks 515, 536, 556 Stamping weight and fineness 011 515, 536 Less than $100 to be refused 536, 556 Melting and refining 539, 557 Part to be retained 484, 485, 488, 493, 494 Mode of melting 537, 557 No unnecessary delay in refining 484 Not for coinage, to be received and assayed 495 Certificate of fineness 495 Regulations 495 Record of 539 Refining 527, 582 Of gold in private establishments 514 Refining and parting to be carried on, where 577, 578, 582, 607 Expense of, how defrayed 577, 578, 582, 585, 607 At Helena 601 Regulations 495 Payment for 505, 509 In five days 496 Without delay 563, 582 Deposit of money or bullion in mint, etc., for 506, 509, 520, 543, 563 Such deposit may be withdrawn 543, 563 Interest or discount on such payments 506, 509 Of deposits, bars for 540, 560 Of coins or bars to depositors 543, 563, 582 Of coin certificates to depositors 583 For silver, in gold deposits 556 In what coin 563 For dust and bullion at Denver 520 Carson City 521 Parting. (Sec Melting and refining, this title.) Preference to standard of the United States 484 Property of the United States 506, 509, 543, 563 Purchase of For subsidiary coinage 512, 576 Price and amount 576 Bullion fund 512, 517, 538, 558 For cent piece 517 Silver coinage 538, 558, 589, 591 Metal for minor coinage 538, 558, 622, 623 For standard silver dollars 579, 589, 591 Appropriation 579, 590 Amount 579, 589 Subject to existing laws, value, etc 591 Discontinued 599 For Lafayette souvenir dollar 608 Certain contracts for purchase of, or loan on, etc., unlawful 182 Receipt for, memorandum 478, 515, 531, 537, 557 By superintendent and transfer 539, 559 And safekeeping of 531 Recoined trade dollars not standard dollar bullion 588 Refining. (See Melting and refining, this title.) Reports relat i ve to 53 1 Reserve fund, gold bullion to be coined 257 Of gold coin and bullion to redeem notes (ill, 614 How maintained 611 Limit 611,614 Return of unassayed portion to superintendent 557 Seniorage. (See Coinage.) Separating gold and silver 557 INDEX. 741 BULLION Continued. Page. Silver- On coinage of, treasury notes to be canceled 255 For bars or trade dollars 536, 556 And for no other coinage 536, 556 Containing proportion of gold 495 Purchase of, discontinued 599 In Treasury to be coined into standard dollars 606 For subsidiary coinage 255, 614 Silver profit fund. (See Coinage.) Small proportions, no allowance for 536, 556 Stamping and devices 536, 556 At New Orleans 500 Subsidiary coinage, purchase 512, 576 Price and amount 576 Deposits not to be received, except 512 Test, expense of 494 Toughening 557 Transfer By treasurer to melter and refiner 503 Expense of 545, 565 For coinage 515 Gold mint bars to assistant treasurer, New York, to redeem certificates or exchange for coins 573 New York assay office to Philadelphia mint 545, 565 Adjustment of accounts 545, 565 Parcels by superintendent to melter and refiner 539, 559 Record to be kept 503, 504, 559 Vouchers 531, 559 Unparting 536, 556 Value of deposits; calculations 557 To be computed 531 Certificate of, net, to be given 515 Ascertaining 557 Silver bullion for standard dollars 591 Vouchers upon transfer of 531 Wastage, no allowance for copper 507 Allowance 494, 542, 562 Weighing, etc 557 Stamping on 515, 536 Determined by assay 529, 557, 563 When deposited or melted 537, 557 BULLION CERTIFICATES. (See Certificates.) BUREAU OF ENGRAVING AND PRINTING: Established 428 No work to be done for private parties 201 "CAPITAL OF EXPIRED OR CONVERTED STATE BANKS," DEFINED 378 CARSON CITY: Assistant treasurer provided 137 Mint superintendent to be Assistant Treasurer of the United States; duties. 211 Mint at, to be depository of public moneys 211 (See also Mint.) CKNT. (See. Coin.) CENTRAL PACIFIC RAILROAD: Settlement with 250 Foreclosure 251 (See also Pacific railroads.; ' 'I:KTIFICATES: Bullion Issue of 515, 521 , 528, 531 Receivable? for what 515 Act authorizing certain, repealed 240 Clearing house Lawful money within national bank act 400 As part of bank reserves 668 Coin Shall be given for deposit, of bullion 503 May be issued; purpose; limit; legal tender 178 742 INDEX. CERTIFICATES Continued. Page. Coin Continued . Act authorizing certain, repealed 240 Redemption of, with gold bars 573 Silver, issue of 580 Receivable for what 580 Redemption 580 Reissue 580 To pay depositors of bullion 582, 583 Issue of, and amount 657 Currency Accounts and reserve 612 Debt, purchase of 639 Denomination of 254, 255 Deposit Convertible into bonds 174 Four per cent bonds? 240 For United States notes 166, 167, 168, 635, 637 Convertible into bonds 166, 640 May be part of national bank reserve 374, 400 Provision for United States notes as part national bank reserve re- pealed 613 For gold and bullion, issue of 178 For coin or bullion, not to be paid in silver 579 For gold coin and bullion 657 Not to exceed what 657 Receivable for what 657 For, of gold coin 204 In aid of refunding public debt 240 Included in words "obligation or other security of the United States " . 187 Interest on " 637 Authority to issue certain, to national banks repealed 255 Issued to national banks for United States notes; use of 373, 668 Redemption of 669 Issued on loan of notes; when payable; interest 185 For treasury notes convertible into United States bonds 635 Domestic debt, to pay, how transferable 9, 10 "Final settlement." (See Loan office, this title.) Gold- Issue of 178, 204, 254, 434, 456, 586, 613 Receivable for what 205, 254, 434, 456, 586, 613 Reissue of 254, 434, 456, 586, 613 Receivable in settlement of clearing-house balances 434, 587 As national-bank reserve 254, 434, 587, 613 Accounts and reserve 612 Denomination of 254, 255, 456, 457, 613 Suspension 254, 255, 257, 434, 587, 613, 614 Legal tender 254 Suspension on increase of silver certificates 456 Reduction of reserve fund 456 Not to be held as collateral by banks 587 Indebtedness Convertible into bonds 174 Authorized, to pay audited demands 169 To holders of checks ] 69 Included in words "obligation or other security of the United States " . . 187 Issue of ' 202, 266 To < 'herokee Indians 247 To meet war expenses 248 Counterfeiting, etc., provisions extended to (1898) 249, 266 Hereafter issued payable in gold coin 266 Denominations and form 2fi6 Not to exceed $200,000,000 266 Exempt from United States and state taxation 266 Loan, temporary, issue of 185 To redeem compound-interest notes, issue of 199, 200 Principal and interest payable in lawful money on demand 199,200 INDEX. 743 CERTIFICATES Continued. Page. Loan temporary, may be held by national banks as part of reserve 365 Certain 3 per cent to be canceled 654 Not to bear interest after 654 Not to be part of bank reserve 654 May be held by national banks as a part of reserve fund 199, 200 Loan office, to be exchanged 42 "Loan office" or "Final settlements," to be exchanged 42 Renewal of destroyed; proceedings 29, 30 Time for presentation of, and indents of interest, exchange, discharge, etc 50 Exchange, discharge, etc., of, and indents of interest 51 Bar upon settlement removed 102, 106, 114 To be paid 107 Miscellaneous Descriptions of 8 To be received in payment of subscription to loan on what terms 9, 10 Certain, to draw interest must be exchanged 10, 11 Issue of, to pay state debts 12 Issue by the States, receivable in payment of loan, except 11, 12 To be presented for exchange 42 Issue of, authorized 46 Issued by the Register 46 To be given to redeem certain stocks 68, 69 On which interest is payable abroad may be exchanged 69 To be reimbursed to be designated; preference; priority of payment 70 Received by United States to be canceled 100 Issued to creditor States, transfer of 104 Issue of, to pay awards under treaty with Spain 109 Circulation as currency subject to state taxation 247 Issue of suspended, when 254, 255, 257 Mississippi stock, lost, how to be renewed 102 Registered or refunded debt, issue of, prohibited 51 Report of sales of, to be made to Congress 83, 85, 86 Silver- Reissue of 255 Issue of 254 Denomination of 255, 613 Cancellation and substitution 255 May be held as part of national-bank reserve 434 May be part of national-bank reserve 587 In settlement of clearing-house balances 587 Accounts and reserve 612 Issue upon retirement of Treasury notes 612 Redemption and substitution of certain denominations 613 Issue of $1, $2, and $5 697 Receivable, redeemable, payable 697 Issue and exchange for larger 697 Larger, upon exchange, to be destroyed 697 (Hawaiian Islands), redeniption of 618 Spanish claims, how to be paid 116 Stock, issue of 83, 85, 86, 103, 105, 110, 112, 128, 130, 148, 153, 155, 1 59 Loan of 1795, .signed by Register 40 Signed by Register, in favor of France 62 Issue of, to be signed by Register or commissioner of loans 72, 74 Signing and sealing 148, 153, 155 May be exchanged 63 Sealed proposals may be received 148 Interest on canceled, to cease 100, 101 Bona fides, purpose, and denomination 133 Coupons of interest may be attached 148 How reimbursable 148 Exchanged for Treasury notes, transferable and reimbursable 145, 146 How transferable 130, 148, 155, 158 May be exchanged for Treasury notes 92 Temporary, to issue on deposit of gold coin 204 Twenty-five per cent of deposit to be hold to pay certificates 204 744 INDEX. CHARLESTON, S. C.: Page. Custom-house, vaults, etc., for public moneys 122 Receiver-general of public moneys, appointment and duties 122 Assistant treasurer of the United States Appointment and duties 137 Appointment (sec. 3595, R. S.) 212 Safe-keeping, etc., of public moneys 136 CHARLOTTE, N. C. (See Mint.) For less than $1 prohibited 641, 659 CHECKS: To be printed from hand-roller presses 250 CHEROKEE INDIANS: Certificates of indebtedness to be issued to 247 CHICAGO. (See Assistant treasurer United States.) CHIEF COINER OF MINT: Assistants and their duties 501 Bond 475 Branches, at 498 Coins, to make 504 Copper, to coin 507 Director of Mint to prescribe as to coinage 483 Duties 474, 501 Oath of office 475 Provision for 474, 500 Salary 475 Treasurer, account and settlement with 505 To deliver clippings to 505 To deliver coins to 505 (See Coiner of the mint.) CINCINNATI. (See Assistant treasurers United States.) CIRCULATION (see National banks) : Of notes, etc., less than $1, prohibited 641 CLAIMS: War, to be presented within a certain time 51 CLEARING-HOUSE CERTIFICATES. (See Certificates.) CLEARING HOUSES: Not receiving gold certificates (see also National banks) 587 CLIPPINGS. (See Bullion.) COIN: Abrasion of, effect 535, 553, 555 Acts regulating, extended to Territories 489 Louisiana purchase 65 Former repealed 508 All laws to apply to gold dollar and double eagle 508 Act 1853, chapter 79, to take effect when 514 Extended to 2-cent piece 522 When act of 1873 to take effect 549 What to be known as ' ' coinage act " 550 Alloy- Regulation of 473, 502, 534, 535, 555 Silver and copper in gold 476, 534, 555 Report relative, of gold 476 Copper, in silver 477, 534, 555 Annual trial. (See Trial, this title.) Assay. (Se.e Assay.) Base metal Redemption of 530 Discontinuance of 530 Bronze Redemption of 530, 559 Discontinuance of 530, 559 (Sec also Minor, thin title.) Bullion, conversion into, charge abolished 233 Cent (see also Copper, this title)-- Value and description 476, 481 , 503, 5 17, 522, 523, 535, 555 To be coined, and issued 480, 485, 487 When paid into Treasury to be published 480 INDEX. 745 COIN Conti nued . Page. Cent Continued. Weight may be reduced 484 Mode of distribution 485 Weight 503, 517, 522, 523, 535, 555 Deviation in weight 517, 541, 560 Mint and coinage laws extended to 518 May be paid out and transmitted 518, 523 Trials of, and report thereof 523 Legal tender 523, 525, 535 Expenses and profits 523 Redemption 530 Discontinuance 530 Figure of eagle omitted 536, 556 Certain, on special deposit to be paid into Treasury 527 Certificates, act authorizing certain, repealed. (Sec also Certificates) 240 Clippings. (See Bullion.) Commissioner to test. (See Assay commission.) Congress shall have power to, money (Constitution) 3 Copper Paid into Treasury, when to be published 480 To pass current 480 Certain, not to pass 480 Weight may be reduced 484 Mode of distribution 485 Value and description 476, 481, 503 Deviation in weight 504 Coinage of 507 No allowance for waste 507 May be exchanged for other money 507 Transported at expense of mint 507 Disposition of money received in exchange for 507 Fund to pay transportation 508 Redemption 530, 559 Discontinuance 530, 559 (See also Minor, this title.) Counterfeiting, to provide punishment (Constitution) (sec also Penalty) 3 Counterfeits Disposition of 595 Search warrant 246, 595 Forfeiture of 595 Decimal system established 567 Delivery to superintendent. (See (Joiner; Melter and refiner.) Denominations not provided 555 In paying bullion depositors 563 Designs. (See Devices and legends, this title.) Debasing (see Penalty) 479 Deviations in 504, 507, 544, 564 Devices and legends 476, 503, 508, 536, 556, 592 "In God we trust " 525, 536 Restored "624 Eagle omitted on certain 536, 556 On trade dollar 536, 556 On silver dollar 536 On rim 536 On standard silver dollar 579 Diameter of coins not to be changed 592 Dime- Authorized 233 Value and description of d ismcs 475, 502, 535, 555 Legal tender 502, 512, 535 Deviation in weight 504, 540, 560 Weight 512, 535, 555 To be paid out for gold coins at par 512 To be transmitted to assistant treasurers, etc 5 12 Regulation of amount 512 Figure of ca^Io omitted 5;;^ 556 Coinage of, io redeem fractional currency 574, 575 1571210 48 746 INDEX. COIN Continued. Page. Dismes. (See Dime, this title.) Distribution. (See titles of particular coins.) Dollar (gold) Coinage of, authorized ; value, etc 252, 508, 534, 555, 567, 610 Legal tender 508, 535 All laws to apply to 508 Deviation in weight 509, 540, 560 Unit of value 534, 555, 610 Reduction by abrasion 535 Reduced to be recoined 535 Figure of eagle omitted from 536, 556 Coinage of, prohibited 593 Recoinage into other denominations 593 Standard of value 252, 610 Louisiana Purchase Exposition 617 Lewis and Clark Exposition 620 Parity of value with, to be maintained 252 Dollar (silver) Value and description 475, 502, 567 Legal tender 253, 502, 579 Deviation in weight 504, 540, 560 (See also Trade dollar, this title.) Standard, to be coined 579, 590 Weight and fineness 579 Devices, etc 579, 592 Legal tender 579 Purchase of bullion for 579, 589, 591, 599 Monthly amount to be coined 579, 590, 591 Seigniorage 579, 590 May be deposit 3d with Treasurer or assistant treasurers 580 And certificates of deposit issued therefor 580 Coin to be held to redeem certificates 580 Expense of transportation 589 Coinage from trade dollar and bullion 597 Bullion in Treasury to be coined into 606 And to retire Treasury notes 612 Issue of silver certificates 612 Lafayette souvenir 608 Double eagle Coinage authorized ; value 508, 555 Legal tender 508, 535 All laws to apply to 508 Deviation in weight 509, 540, 560 Provision for 534 Standard, and weight 534, 555 Reduction by abrasion 535 Reduced to be recoined 535 Duties to be paid in, or demand notes 168 And fees to be paid in, only, at what rates 4 Received from, to be set apart for what (sec. 3694, R. S.j 168, 219 Residue from, to be paid into Treasury 168 Eagle Value and description 475, 534, 555 Standard, and weight 496, 502, 534, 555 Legal tender 502, 535 Deviation in weight 508, 540, 560 Reduction by abrasion 535 Reduced to be recoined 535 Emblem. (Sec Devices and legends, this title.) Exchange of, for bullion 477, 574 Order of delivering 477 Undue preference 478 For Treasury notes 634 (Sec titles for particular coins.) Exportation of specie prohibited 491, 492 Fifty-cent piece. (Sec Half dollar, this title.) INDEX. 747 COIN Continued. Page. Fineness, officers responsible for 497, 544 Annual test 544, 563 Standard 555, 564 Five-cent piece (nickel) Authorized 525, 555 Weight, shape, device, etc 525,535,540,555,560,592 Laws applicable to 525, 526 Regulations 526 Trials and report thereof 526 Legal tender 526, 535 Payment and exchange of 526 Expense and profits 526 Redemption 527, 530 Discontinuance 530 Figure of eagle omitted 536, 556 Five-cent piece, silver. (See Half dime, this title.) Foreign, rates of established 481, 482, 490, 497, 517 Legal tender 481, 568 When cease to be legal tender or current, except 482, 486, 487 To be coined anew 482, 567 Acts regulating, extended to Territories 489 Louisiana 65 Annual assays to be made 490, 498 And result reported to Congress 490, 498 Melting, refining, etc., of 515 Spanish and Mexican coins receivable for what 517, 568 Not to be paid out again 517, 568 Recoinage and expense 568 Acts making, currency or legal tender repealed 517 Assays of, to be made, and reported 517 All, received for dues to be coined anew 518 Value, how established 3,4, 567, 593 Of, in money of United States, shall be that of pure metal 209 To be estimated annually 209, 567 Sovereign or pound sterling 209, 567 To be estimated quarterly 593 In estimating importations 593 Power to regulate (Constitution) 3 Fractional currency, issue of, to redeem 233 Fractional silver. (See Silver, this title.) Gold Standard for, alloy 476, 555 Silver and copper alloy 476, 502 Standard and weight 252, 496, 502, 534, 555 Certain foreign, to be assayed 107 Receivable in payment for lands 107 Receivable for what, according to weight, fineness, etc 496, 551 Received on deposit, how applied 204 A tender (Constitution) 3 Legal tender 502, 535, 568 Bonds and certificates of indebtedness hereafter issued payable in. ... 266 Deviation in weight 504, 508, 540, 560 To be coined at Denver 519 Subject to state taxation 247 Reduction by abrasion 535, 553, 555 Reduced to be recoined 535, 555 Received on deposit 582 Receivable for gold bars 586, 596 Charga for exchanging 596 Deposits, how to be withdrawn 204 Deposited or exchanged for gold certificates 254, 586, 613 To be held for redemption of certificates 25-1, 434, 456, 586, 613 Preserve fund to redeem notes 611 Limit 611, 613 Received on deposit and certificates issued therefor i 78, 204, 434, 657 Duties to be paid in 4 748 INDEX. COIN Continued. Page. Gold and silver A tender (Constitution) 3, 473, 478, 495, 535, 568 Parity between 476 Conformable to standards 478 Only to be paid by United States 125 Only receivable for duties, etc 140 Debasing and embezzling 479 Standard for 502, 534, 555 Reduction by abrasion 535 Reduced to be recoined 535 Commission to test. (See Assay commission.) Motto "In God we trust " restored 624 Loan, upon pledge of, restrictions, not applicable to United States 179 Half cent (see also Copper, this title) Value and description 476, 481, 502 To be coined and issued 480, 485, 487 When paid into Treasury to be published 480 Weight may be reduced 484 Mode of distribution 485 Coinage of, to cease 517 Redemption 530 Discontinuance 530 Half dime Value and description of half dismes 475, 502 Legal tender 502, 512 Deviation in weight 504 Weight. 512 To be paid out for gold coins at par 512 To be transmitted to assistant treasurers, etc 512 Regulation of amount 512 Figure of eagle omitted 536 Half dismes. (See Half dime, this title.) Half dollar- Value and description 475, 502, 535, 555 Legal tender 502, 512, 535 Deviation in weight 504, 540, 560 Weight 512, 535, 555 To be paid out for gold coins at par 512 To be transmitted to assistant treasurers, etc 512 Coinage of, to redeem fractional currency 574, 575 Columbian, coinage of 598 Authorized 233 Half eagle Value and description 475, 534, 555 Standard, and weight 4!)(i, 502, 534, 555 Legal tender 502, 535 Deviation in weight 508, 540, 560 Reduction by abrasion 535 Reduced to be recoined 535 Hawaiian silver Receivable for government dues 617 To be recoined into subsidiary 617 Expense of transportation 617, 619 Exchange for United States coins 618 Payment for mutilated 618 Legal tender 618 Illustrations of, permitted 620 "In God we trust." (Sec Devices and legends, this title.) Inscription. (See. Devices and legends, this title.) Interest payable in 1 (id International, conference in relation to 589 Issue of, none except as provided 536, 556 Lafayette souvenir dollar. (See Dollar, this title.) Lawful tender. (See Legal tender, this title.) Laws. (See Acts, this title.) Legal tender 473, 478, 495, 502, 508, 523, 524, 535. 551 , 5(,8, 575, 584, 612 International.. 589 INDEX. 749 COIN Continued. Page. Legends and devices (see Devices and legends, this title) 476, 53 Lewis and Clark Exposition, gold dollar 620 Loans on, certain contracts for, unlawful 179, 182 Louisiana Exposition, gold dollar 617 Louisiana Purchase, acts extended to 65 Metallic currency, to promote circulation of 126 Mexican dollar Value, etc 517, 568 Recoinage 568 Expense, etc 568 Minor Consists of what 535, 555 Alloy 535, 555 Weight 535, 555 Legal tender 535, 568 Purchase of metal for 538, 558, 622, 623 Profit fund 539, 558, 623 Wastage, cost of distribution, etc 539, 559, 623 Delivery of, in cities 539, 559, 623 Exchangeable for what 539, 559, 623 Redeemable in what sums 539, 559, 623 Cessation of coinage 539, 559, 623 Deviation in weight 540, 560 Recoinage, reissue, and transportation 603 Money, and regulate value thereof 2, 3, 473 No State shall 3, 473 New, designs, etc 592 Numismatic, books, illustrations permitted 620 Officers responsible for deviations 544, 564 One-cent piece. (See Cent, this title.) One dollar. (See Dollar, this title.) Order of delivering, in exchange for bullion 478 Parity between gold and silver 476, 590, 600, 610 (See Monetary Conference; Gold and Silver.) Payment of, to depositor of bullion 506, 509 For equivalent in other money 506, 509 To United States, what receivable 551 By United States in 125, 201, 630, 661 Obligations in, faith of United States pledged (sec. 3693, R. S.) 218 Penalty. (See Penalty.) Porto Rican Redemption of 615 Recoinage into United States coins 615 Legal tender 615 Payment of debts 616 Proceedings on delivery of, by coiner to superintendent 541 Purchase of, with bonds or notes 169, 220, 570 Certain contracts unlawful 179, 182 Quarter dollar- Value and description 475, 502, 535, 555 Authorized 233 Legal tender 502, 512, 535 Deviation in weight 504, 540, 560 Weight. 512, 535, 555 To be paid out for gold coins at par 512 To be transmitted to assistant treasurers, etc 512 Regulation of amount 512 Coinage of, to redeem fractional currency 574, 575 Coinage of, for Columbian Exposition 599 Quarter eagle- Value and description 475, 534, 555 Standard, and weight 496, 502, 534, 555 Legal tender 502, 535 Deviation in weight 508, 540, 560 Reduction by abrasion 535 Reduced to be recoined. . 535 750 INDEX. COIN Continued. Page. Recoining Not of legal weight 505, 561 Found on test unsatisfactory 541, 561 Reduced by abrasion 555 Minor 603 (See title of Particular coins.) Record of Kind, number, and weight 505 Trial pieces 541, 561 To be transmitted to Director of Mint 561 Redemption Of 5-cent piece (nickel) 527 Copper and base metal 530 Minor 559 Of bonds with coin 205, 569 Of United States notes, in, pledged '. 202 Refining. (See Melting and refining.) Remelting, found on test unsatisfactory 541, 561 Report Relative alloy of gold 476 Of trials of small coins 523, 524, 526 Reserve fund of gold coin and bullion to redeem United States and Treasury notes 611 How maintained 611 Limit 611, 614 Reserve pieces. (See Trial pieces, this title.) Silver (see also Names of coins) Duties to be paid in 4 Parity between gold and 476 Subject to state taxation 247 Standard for; alloy 477, 502, 534, 555 Weight 502, 535, 555 A tender (( 'onstitulion) 3 Legal tender 502, 535, 584, 612 To be paid out, where and for what 538, 558 Transmitting to subtreasuries, etc 538, 558, 585, 587 Deviation in weight 540, 560 What receivable 551 Coinage of, to redeem fractional currency 574, 575 Exchange for tegal-tender notes 576 Subsidiary Amount authorized 255, 576, 614 Limitation on coinage removed 619 Redemption 584 Exchange for lawful money 584 Legal tender 584 From bullion in Treasury 614 Profits on 512 Recoinage of worn, etc 256, 614 Free transportation of 585, 587 Including fractional 587 By mail or otherwise 587 Reports of cost to Congress 588 International, conference relative to 589 Recoinage of uncurrcnt frurtioiuil 256, 597 Of uncurrent 256, 597 Fifty-cent piece authorized 233 Ten-cent piece authorized 233 Twcnly-five-cent piece authorized 233 Hawaiian, receivable for government dues (117 Recoinage (i 1 7 Expense transportation (i!7, 618 Exchange for United States 618 Mutilated, payment for (J18 Legal tender.'. 618 Sovereign, or pound sterling, value 567 INDEX. 751 COIN Continued. Page. Spanish milled dollars, legal tender; rates 482, 486, 568 Recoinage, expense, etc 568 Specie, exportation prohibited 491, 492 Species of coins to be struck 475 Specimens, appropriation for 577 Standard. (See Weight, fineness, etc., this title.) States shall not, money (Constitution) 3 Nor make anything but gold and silver a tender (Constitution) 3 Subsidiary Profits on 512 Amount authorized 255, 576, 614 Legal tender 584 Limitation on coinage removed 619 From bullion in Treasury 614 Recoinage of worn, etc 614 Redemption 584 Exchange for lawful money 584 Taxation, subject to state 247, 442, 600 Ten-cent piece. (See Dime, this title.) Ten-dollar piece. (See Eagle, this title.) Tender. (See Legal tender, this title.) Three-cent piece To be coined 510, 523, 555 Weight; device, etc 511, 513, 523, 524, 535, 555 Legal tender 511, 524, 535, 568 Deviation in weight 511, 524, 541, 560 Laws applicable to 524 Regulations relative to 524 Trials and reports thereof 524 May be paid out, exchanged, and transmitted 524 Expenses and profits 524 Redemption 530 Discontinuance 530 Figure of eagle omitted 536, 556 Coinage of, prohibited ; recoinage 593 Three-dollar gold coin Coinage of 513 Laws applicable to 513 Devices and shapes 513 Provision for 534, 555 Standard, and weight 534, 540, 555, 560 Legal tender 535 Reduction by abrasion 535 Reduced to be recoined 535 Figure of eagle omitted 536, 556 Coinage of, prohibited 593 Recoinage into other denominations 593 Trade dollar- Provision for 535, 555 Legal tender 535 Weight and fineness to be inscribed 535, 536, 540, 555, 556 Bullion received for coinage of 536 Not to be paid out, when 538, 558 Not to be legal tender 576 Coinage of, may be limited 576 Exchange of 588 To be recoined into, what 588 Not to be counted as certain bullion 588 Authority to coin, repealed 588 Trade dollar and bullion, coinage of 597 Transmission. (See titles of Particular coins.) Transportation. (See titles (if Particular coins.) Trial pieces, how taken and preserved 505, 541, 561 Annual trial 494, 506, 54 I, 543, 561 Commission 478, 506, 543 Of new, by superintendent 561 752 INDEX. COIN Continued. Page. Twenty-cent piece Authorized 574 Legal tender 575 Deviation in weight 575 Existing laws applicable 575 To redeem fractional currency 575 Coinage prohibited 581 Twenty-dollar piece. (See Double eagle, this title.) Twenty-five cent piece. (See Quarter dollar, this title.) Two-and-a-half dollar piece. (See Quarter eagle, this title.) Two-cent piece To be coined 522 Composition, weight, etc 522, 523 Deviation 522 Shape, devices, etc 522 Laws extended to 522 Trials of, and report thereof 523 Legal tender 523, 525 May be paid out, exchanged, and transmitted 523 Expenses and profits 523 Redemption 530 Discontinuance 530 Uniformity. (See Weight, fineness, etc., this title.) Unit. (See Dollar, this title.) United States not to, money, unless (Constitution ; 1 Value of, regulation (Constitution) 2, 3, 4, 473, 567 Not to be regulated, unless (confederation) 1 Proportional between gold and silver 476, 610 Of foreign, how ascertained, etc 3, 4, .209, 567, 593 Estimates to be made when 209, 567, 593 (See also Coin.) Parity of 252, 610 Dollar, standard of 252 Weights, fixing standard of 473, 555, 563 Brass, troy pound to be standard 494, 544, 563 .Series of standard , to be procured 494, 544, 563 To be regulated at least annually 494, 544, 563 Coin of inferior, who responsible 497, 544, 564 Uniformity of weight, etc 499,519,521,544 Record of, of coins 505 Separately weighing coins 505, 561 Coins not of legal 505, 556, 561 Deviation in weight of gold 504, 509, 540, 560 Deviation in silver 540, 560 Minor 540, 560 Annual test 543, 563 Reduced by abrasion 535 COIXAC K : Act of 1873, when to go into effect 549 Known as "Coinage; act" 550 Inconsistent acts repealed 550 Repeal not to affect what 550 Artists to be engaged 513, 532, 554, 592 Bullion for depositors, of 477, 536, 556 Required to be adapted to 514 Charge for, provided 496, 5 12, 519, 557, 574, 5cS5 Coins, recoinage of Spanish and Mexican 517, 568 Foreign 518 Uneurrent fractional silver 597, 614 Commenced 486 Copper, delivery to chief coiner, of 507 No allowance for waste 507 And base metal, redemption of 51*7, 530, 559 Discontinuance 530, 559 Counterfeiting, punishment to be provided (Constitution) (sir Penalty) 3 Deductions, charges, etc., to be covered into Treasury 565 INDEX. 753 COINAGE Continued. Page. Denver, at 500 Designs, new, but not oftener than twenty-five years 592 For dollar and 5-cent piece 592 Diameter of coins, no change in 592 Dies, molds, etc., how procured 513, 592 Certain to be destroyed 545, 564 Duties and fees to be paid in coin only at what rates 4 Expense and profits, 1 and 2 cent pieces 523 Foreign coin and currency Rates of 3 Further provisions 4 Value of 3 Countries, coinage for authorized 572 Gold bullion held in reserve fund, of 614 And silver coin a tender (Constitution) 3 Ingots, what deviation allowed 503, 559, 560 Not standard, from .' 540 Lafayette dollar 608 Laws, provision for (Constitution) 3 Lewis and Clark Exposition gold dollar 620 Louisiana Exposition gold dollar 617 Minor At Philadelphia only 538, 558 Other places 623 Purchase of metal for 538, 558, 622, 623 By advertisement 538, 558, 623 Assay 538, 558, 623 Profit fund 539, 558, 623 Charged with wastage, etc 539, 569, 623 Disposition of balance 539, 559, 623 Cessation of 539, 559, 623 Recoinage of 603 Operations, certain work not to interfere with 565 Power to coin money (Constitution) 3 Money, regulate value thereof (Constitution) 3 And of foreign coin 3 Processes 504, 540, 560 Profit on subsidiary 512 Cent piece 517 Silver 538 Public moneys may be transferred to mint for supplying metal 320 Rates of foreign coin and currency 3 Further provisions 4 Remelted and recoined, not satisfactory, to be 541, 561 Seniorage from subsidiary coinago, to be accounted for 577 From, of standard silver dollars to be accounted for 579, 590 Minor 623 Silver, purchase of bullion for 512, 538, 576, 590 To redeem fractional currency, of 574 From bullion in Treasury 614 Profit fund to be charged with waste, etc 538, 558, 577, 597 Balance to be paid into Treasury 538,558,577 Not, for transportation 589 What to be credited to 558 Standard silver dollars from bullion in Treasury 606 States not to coin money (Constitution) 3 Nor make anything but gold and silver coin a tender 3 Subsidiary, deposits for, not to be received, except 512 Silver coin 255 Limit 255 Limitation removed 619 Tender, gold and silver a (Constitution) 3 Three-cent piece 524 Trade dollars -recoinagc; 588, 597 Trial pieces. (See Coin.) 754 INDEX. COINAGE Continued. Page. Uniformity 519, 522, 523, 544, 564 United States not to coin money, unless (Constitution) 1 Nor regulate the value, unless 1 Value of coin not to be regulated by United States, unless (Constitution).. 1 Foreign coin and currency 3 Further provisions 4 Weight by which regulated 544, 564 World's Columbian Exposition, for 598, 599 COIN CERTIFICATES. (See Certificates, coin.) COINER OP THE MINT. (See also Chief coiner of the mint.) Accounts of, annual settlement 542, 562 To be examined by the superintendent 542 Bond, to give 552 Bullion, responsible for 554 Coins, clippings, bullion, etc., to deliver to superintendent. . 541, 542, 560, 561, 562 Accompanied by statements 542, 562 Dies of a national character, and medals, may be struck by the 545, 565 To destroy certain 545, 564 Duties 532, 554 Ingots, to coin from 540, 559 Provision for 531, 551 Salaries 534 Subordinates, liable for acts of 533 Superintendent, to deliver coins, clippings, bullion, etc., to. 541, 542, 560, 561, 562 Accompanied by statements 542, 562 To be debited and credited by 542, 562 To examine accounts of 542 \Vaste, allowance for 562 COINS. (See Coin.) COLLECTORS OP CUSTOMS: Charged with custody of public moneys 122 Duties in relation to public moneys .' 138 COLLECTORS OP PUBLIC MONEYS. (See Public moneys.) COLUMBIAN EXPOSITION: Duplicate medals to be struck 598 COLUMBIAN HALF DOLLARS. (See Coin.) COLUMBIAN QUARTER DOLLARS. (See Coin.) "COMMERCIAL PAPER," defined 461 COMMISSIONERS: To conference on ratio between gold and silver 580, 586 COMMISSIONERS OP LOANS: To be appointed in each State 8, 10 Duties 10, 11 To open subscription to redeem certain stocks 68 To observe regulations 71 Duties transferred to Bank of United States 96 Act abolishing office repealed, but appointment of, not authorized; Secre- tary of the Treasury to perform duties 115 Duties to be performed by Bank of United States 311 Transfer of records, etc 311 Office abolished 312 Art transferring duties and records to Bank of United States repealed 314 Records to be transferred to Secretary of the Treasury 314 Not to be appointed 315 COMMISSIONERS OF THE SINKING FUND. (See Sinking fund.) COMMISSIONERS OK THE SINKING FUND OF THE DISTRICT OF COLUMBIA. (See Sinking fund of the District of Columbia.) COMMISSIONERS TO PURCHAHK DKBT: Appointment 18 Duties 18 (See alftn Commissioners of the sinking fund.) COMMISSIONERS TO SETTLE ACCOUNTS BETWEEN UNITED STATES AND STATES: [established 15, 16 Duties 16 COMPOUND INTEREST NOTES: Redemption of 199, 200 INDEX. 755 COMPTROLLER OP THE CURRENCY: Page. Bureau of Established 330 Chief, appointment, term of office, salary 330 Under general direction of the Secretary of the Treasury 330 Deputy, appointment, salary, duties 330 To act as Comptroller, when 330 Oath of, bond of 330 Clerks, employment, appointment, classification 330, 375 Comptroller to take oath within what time 330 To give bond 330 Comptroller and deputy comptroller not to be interested in national banks 331 Seal of office 331 Papers under such seal to be evidence 331, 378 Impression may be upon paper 331, 378 Force and expenses, carrying out act of 1874 235 Suitable rooms, with safe, etc., vaults, to be assigned for business 331 Plates, etc., to be kept therein 331 Furniture, etc., to be furnished 331 Capital To determine maximum and minimum 336, 384 To determine increase 384 To approve reduction 385 Certificate to do business May withhold 336 To give 338, 392, 393 Publication 338, 392, 393 Organization , to record and preserve 381 To safely keep 332 Charter of banks, may extend 452 Circulating notes To furnish 340, 364, 421, 467, 662, 666 To cause to be printed 340, 393, 469, 663 To issue new for worn-out and mutilated 341, 397, 666 To notify holders to present for payment 354, 671 To make statement of, in each State, and of amount to be retired .... 371, 664 To effect equitable distribution of 372, 664, 682 To issue new, in place of $55,000,000 withdrawn 421, 683 To prepare additional 467 Acts in relation to additional 468 Charter numbers on notes 682 Commencing business, to determine 338, 392 Creditors, to notify, of defaulting bank 356, 413 Dies. (See Plates and dies, this title.) Discharge of, after liquidation, etc 426 Examination by, of national banks in the District, of Columbia 290 Payment of expenses other than national banks 29L, 374, 376, 377 Dies, plates, etc., annually; list 376, 394 Examiners, may appoint 357, 41 5 May examine any bank in the District of Columbia 291, 374, 376 Mutilated and worn-out notes, to receive, and issue new 341, 397, 666 Name of bank, to approve 332 To certify approval of change of 437 Oath of directors, to file and preserve 334 Plates and dies, to cause to be engraved 340, 393, 467, 663 Remain in his custody 349, 394, 603 Print circulating notes therefrom 340, 393, 467, 663 Regulate desl ruction, of closed banks 37(5 Shall annually examine 376, 394 Possession, may take;, of trust, etc., companies, as he would of national banks 291 Power of attorney, to give associations to receive intoivst on security. . . . 342, 391 Purchase; of property at execution sales, duty 43(5, 437 Receiver May appoint, on failure of reserve 316, 100, 608 May appoint 355, 413, 425, 673 Disfharge of -12(5 756 INDEX. COMPTROLLER OF THE CURRENCY Continued. Page. Redemption, may approve associations for 346, 668 To give public notice of such association 346, 669 Proceedings by, on association failing to redeem 346, 669 To appoint agent to examine on failure to redeem 354, 411, 671 Reports by To Congress ".. 359,377 Annually to Congress conditions of state banks 374 May, to Congress examination of District of Columbia banks 376 Liquidation expenses. 452 Of circulating notes to Secretary of the Treasury 653 Reports to Savings banks or savings and trust companies to make same reports as national banks 290 Law amended 291 Safe deposit, trust, loan, mortgage, etc., companies to report to 291 Comptroller to prescribe forms for national banks 367 May require proof of publication 367 May call for special, from national banks 367 May assess penalty for failure to make 367 How, may collect penalty 367 Reserve banks, to approve 345 Cities, may approve certain southern cities as 346 May add to 439 Security bonds To have access to 340, 390 To give power of attorney for interest 342, 391 May require additional 342, 391 May permit an exchange of bonds 342, 391 May return bonds upon cancellation of notes 342, 391 When to declare forfeiture of 354, 671 To cancel bonds on payment of notes 354, 672 May sell, on failure to redeem notes 355, 672 To give receipt for 390 To sell, on failure of banks to withdraw circulation 420, 683 Shareholders' meeting after receiver has paid debts, to call 426 State banks to receive circulating notes from 328 On failure to redeem, how paid 329 Comptroller may withhold certificate 336 To report condition to Congress annually 374 Suits, to bring, to determine violations 357 Transfer of security bonds, to countersign assignment or 339, 340, 390 To keep a transfer book 339, 340, 390 To not ify banks when made 339, 390 To have access to treasurer's transfer books 340, 390 To have access to bonds 340, 390 Treasurer to have access to comptroller's transfer books 390 COMPTROLLER OP THE TREASURY: Provision for 5 Not to be concerned in what 6 CONGRESS: To have power to lay and collect taxes, duties, imposts, and excises (Con- stitution) 3 Coin money, regulate the value thereof, and of foreign coin (Constitu- tion) " '. 3 Report to, of sale of stock SO, S3, S5, 86, 94 Reports of Loans or sales of stock 43 Sales of stock, loans, and payments to be made, when (il Report of money borrowed, etc 131 To, of redemption of stolen Treasury notes 142 Of Treasury notes 147 To (loan of 184S) J48 Relative to loan to be made 153, 155, 158, 163 Discontinuance of a designated depository 319, 326 Number and names of designated depositories 319, 32I> To, relative assays of foreign coins 498 INDEX. 757 CONGRESS Continued. Page. Report of expenditures to protect commerce and seamen 65 Relative finances by Secretary of the Treasury 57 Expenditure of appropriation for foreign intercourse by President 61 Account of exchanges, loans, etc 649 Reports to, as to issue of bonds, etc 192 Of public revenue and expenditures 210 As to National bank matters. (See also National banks; Money; Coin- age; Public debts.) COPPER: Cents, in quality 478 Coinage, to be purchased for 480, 485, 487, 507 Silver, in 477 (See also Bullion.) COPPER ALLOY. (See Alloy.) COPPER COIN. (See Coin.) CONSTITUTION OF THE UNITED STATES: Power to Pay debts, etc 3 Borrow money 3 Coin money, and fix values 3 Punish counterfeiting 3 Make laws 3 Coin money and regulate the value thereof 473 No State to coin money, emit bills, or make anything a tender except. ... 3 Punishment for counterfeiting 473 No State to coin money, emit bills of credit, or make anything but gold and silver a tender 473 CONTRACTS: Certain, for purchase, sale, or loan on coin or bullion 179 CORPORATIONS: Expired not to issue notes, bills, etc 326 COUNTERFEITING. (See Penalty.) COUPONS: May be attached 148, 153, 154, 155, 159 Included in words "obligation or other security of the United States".. . 187 CREDIT: Bills of, a charge against the United States, when (Confederation) 1 No State to emit (Constitution) 3 To be received from subscribers to loan 9 Of United States, borrowing money and emitting bills, on (Confederation). 1 Money not to be borrowed on, unless (Confederation) 1 Congress shall have power to borrow money on (Constitution) 3 Plans for support of public 5 CREDITORS: Of United States not subscribing to loan, privilege of 29, 31, 35 (See Debts; Loans.) CREDITS: War claims to be presented within a certain time 51 CREDITOR STATES: Amount due, on account of advances to be retained 202 CRIMES AND OFFENSES. (See Penalty.) CUBA: Designation of depositories for public moneys 258 CURRENCY: Fixing value of foreign 3,4 Fractional, issue of 177, 186, 644, 646, 658 Denominations 525, 648, 649, 658 Form 644,646,658 Amouii t 177, 1 86, 645, 646, 647, 658 In lieu of postage and revenue stamps 177, 644 Cancellation../. 525, 526,650, 658 Destroying 659 Engraving, etc J 77, 644, 646, 658, 659 Exchangeable for United States notes or legal lender notes. . 177, 576, 645, 658 Expense of issue, etc 659, (561 Included in "obligation or other security of the United States" 187 758 INDEX. CURRENCY Continued. Page. Fractional, of less denomination than 5 cents to be canceled 525, 648 Ten cents to be canceled 526, 649, 658 Laws applicable to postage, etc., currency 647 Legal tender 177 , 186, 645, 646 Mutilated, etc 646, 658, 659 Payable for what 177, 186, 645 Portrait or likeness of living person on, prohibited 191, 658 Receivable for what 177, 186, 647, 658 Redemption 177, 186, 233, 574, 575, 645, 646, 648, 649, 658, 693 Redeemed to be part of sinking fund 576 Retirement and destruction 575, 576 Reserve, payment of pensions out of 693 Invoices to be made in what 4 Limitation on expansion or contraction 669 National, making, issuing, etc 687, 688 Reduction of the, suspended 200, 651, 659 CURRENCY BUREAU. (See Comptroller of the Currency.) CUSTOMS DUTIES. (See Duties.) DAHLONEGA, GA. (See Mint.) DEBT. (See Public debt.) DEBTS DUE THE UNITED STATES: In what to be paid 125 To be paid in gold and silver coin only 140 In what currency to be paid 210 Bills or notes of Bank of United States receivable for 275, 307 Repealed 292, 315 DEBTS OP THE STATES: Loan to pay, authorized 11 DECIMAL SYSTEM: Established 567 DEFACED BONDS: Duplicates may be issued for, when 207 DEMAND NOTES: Authorized 161, 164, 165 Receivable for what 166, 169 DENVER, COLO. (See Assistant treasurer United States; Mint.) DEPOSITARIES: To make returns of moneys received and paid (sec. 3644, R. S.) 216 Examination of, to be made (sec. 3694, R. S.) 216 Custodians of public moneys to be examined (sec. 3650, R. S.) 216 (See also Designated depositaries.) DEPOSITARY: In case of absence, etc., of assistant treasurer or depositary, who to a^t. . . . 213 DEPOSITORS (OF BULLION). (See Bullion.) DEPOSITS: Of gold coin, how applied 204 Of public moneys received by unauthorized persons, unlawful 194 DESIGNATED DEPOSITARIES: Compensation 150 Banks to be selected 315, 326 Agencies may be established where no banks 315, 326 At least one such bank in each State and Territory 316, 326 Deposits in proportion to capital stock 316, 326 Conditions 316, 317, 326 Where can not appoint in one place may in adjacent 316, 326 Congress reserves right to change 316, 326 Banks to furnish certain statements 317, 326 Right of the Secretary of the Treasury to inspect banks 317, 326 To credit deposits in specie, and to pay in specie 317, 326 To facilitate transfer of public funds 317, 326 To render duties and services performed by Bank of United States 318, 326 Bank must redeem its notes and bills in specie 318, 326 Not issue notes or bills for less than ?5 318, 326 A contract may bo entered into 318, 326 To be discontinued only for cause 318, 326 Discontinuance to be reported to Congress 319, 326 Another bank selected. . - 319, 326 INDEX. 759 DESIGNATED DEPOSITARIES Continued. Page. Until banks selected the present depositaries to continue 319, 326 May be required to deposit security 318, 326 Statement of number, etc., of depositaries to be given Congress 319, 326 To pay interest, when 263, 319, 326 Transfers of public moneys except for disbursement, etc. , illegal 320, 326 To be made to nearest safe bank 320, 326 May be made from banks in one State or Territory to those of another. 323 National banks ae Duties and liabilities 181, 222, 259, 353, 387, 451, 457 To give security 181, 222, 260, 353, 387, 452, 457 To receive national currency bills 181, 260, 387, 452, 458 To receive, what currency bills 223 In Cuba, Porto Rico, and Philippines 258, 261, 449 Duties in Alaska and Hawaiian Islands may be deposited in 451 As financial agents of government 353, 387, 452, 457 Statement of securities req uired 458 Distribution of deposits 458 Interest on special deposits 263, 468 Obligation for safekeeping not changed 263, 468 Branch mint at Denver 519 Carson City 521 Assay office at Boise City 528 Certain mints and assay offices 568 Rate on deposits to be uniform 263 (See also Depositaries.) DEVICES AND LEGENDS ON COINS. (See Coin.) DIES (see also Coinage; National banks): Of a national character may be made at mint 545, 565 Private medal not to be prepared 565 DIME PIECE. (See Coin.) DIRECTOR OF THE MINT: Provision for 474, 500, 501, 530, 550 Duties 474, 500, 530, 551 Appointment, and term of office 530, 550 Oath of office 475 Powers 530 To regulate standard for gold coins, and alloy 476 To report to Congress touching alloy 476 Option to exchange coin for bullion 477 To purchase copper for coinage 480 To publish when copper coin paid into Treasury 480 To prescribe quantities to be coined 483 To control delivery of ingots to coiner or treasurer 483 To direct duties of melter and refiner 484 To procure a series of standard weights 494, 544, 564 To approve charges for testing bullion 494 To employ necessary clerks, workmen, etc 495 To recei ve and assay bullion not for coinage 495 Issue certain certificates of fineness 495 To establish charges and regulations 495 At Philadelphia To have general direction of branches 499 To prescribe regulations 499 To require returns 499 Discriminating the coin 499 Preserving uniformity of weight, etc 499 Assays and tests for that purpose 499 To control Denver branch, etc 519 Carson City branch, etc 521 Boise City assay office 528 To establish charges and regulations at Boise City 528 To be styled superintendent 549 To report annually to President and Secretary of the Treasury 500, 51 8 Secretary of the Treasury 530, 551 760 INDEX. DIRECTOR OF THE MINT Continued. Page. Shall appoint assistants and clerks 501 Duties of assistants and clerks 501 To fill temporary vacancies 501 To give warrants for delivery of coin 501, 506 To direct assays of coin 501 To employ workmen and servants 502 To direct melter and refiner to deliver bullion to Treasurer 504 To prescribe number of trial pieces 505 May call meeting of assay or trial commissioners 507, 544, 564 To instruct purchase of copper bullion 507 To fix charges for coining, assaying, refining, stamping, etc 511, 521, 528, 557, 585, 602 To approve purchase of silver bullion 512, 558 To give warrant for transfer to coinage profit 512 To propose regulations as to exchanging and paying out of coins 512 To engage artists 513, 532, 554, 592 To regulate operations of assay office at New York 516 Boise City 528 To cause assays of foreign coins, and make report 517 To fix shape and device of cent 517 To regulate transfer of cents to depositaries 518 Preserving uniformity of weight, etc., at Carson City 521 To determine composition of the cent 522 To fix shape, etc. , of 2-cent coins 522 To secure uniformity of alloy in such coins 523 To order trials thereof 523 To make regulations in relation thereto 523 To determine composition, shape, etc. , of 3-cent piece 523 To make regulations in relation thereto 524 To cause motto " In God we trust" on certain coins 525, 536 To determine composition of 5-cent piece 525 To prescribe regulations in relation thereto 526 To submit annual estimates 530, 551 To have general supervision of mints and assays office 530 Superintendents to control mints subject to approval of 531, 552 Appointments by superintendents may be disapproved by 532, 553 To approve temporary appointments 533 To approve bond of superintendent and others 533, 552 Temporary absence, who to act 533 Salary and expenses 534 Salary 534 To determine salaries of assistants and clerks 534 To approve wages of workmen 534 To determine composition of minor coins 535, 555 To establish value of silver bullion in gold deposits 536, 556 To approve purchase of bullion for silver coinage 538 To regulate transfer of silver coins to depositaries 538, 558 To prescribe regulations relative to payment of silver coin for bullion 538 To approve purchase of metal for minor coinage 538, 558, 622, 623 Direction as to delivery of minor coins 539, 559, 623 May prescribe tests of coins 541, 561 May direct settlement of coiner's and rnelter's and refiner's accounts 542, 562 To compare balance sheet with liabilities 542, 562 May prescribe conditions an to exchange of imported bullion for fine bars. 543, 563 Test, etc., by assay commissioners in presence of 544, 563 Approval of dies of national character 545, 565 Assayer to employ clerks and others under direction of 546, 566 Bonds of officers and clerks in assay offices to satisfaction of 5-16, 566 To have direction of assay offices; prescribe regulations, returns and charges therefor 547 Absence, who to act 552 To approve temporary appointment 552 To prescribe forms of superintendents' reports 552 May require engraver to prepare dies, etc 554, 592 To prescribe regulations relative recoinage of Spanish and Mexican coins. . 568 To fix charges for foreign coinage 572 INDEX. 761 DIRECTOR OF THE MINT Continued. Page. To estimate Annually value of foreign coin 209, 567 Quarterly value of foreign coin 593 Power to cause new designs, etc 592 To prescribe devices, etc. Columbian quarter and half dollar 598, 599 Lafayette dollar 608 DISBURSING AGENTS AND OFFICERS: To keep public moneys where; transfer, etc 71, 214 To make payments in gold and silver only, violations to be reported 126 To exchange funds in gold and silver only, unless 126, 141 In what to make payments 140, 569 To deposit moneys with Treasurer, assistant treasurers, or public deposi- taries 151 Depositing moneys where there is no Treasurer or assistant 193 Deposit of and withdrawal of public moneys 193 Not to loan, deposit, etc., moneys except as authorized; penalty 193 Transfers of money to, to be by draft or warrant 193 Not to exchange funds, except 217, 569 Penalty for unlawfully depositing, converting, etc., public moneys 229 To deposit moneys without delay, or within thirty days 248 Exchanging or paying in certain funds restricted 569 Exchange and payment of funds by 660 Violation of this provision 660 DISKS. (See Bullion.) DISTINCTIVE PAPER: Having, etc., without authority 225 DISTRICT OF COLUMBIA: Loan authorized to the city of Washington 45 Banks in, may loan to United States 75, 81, 84, 87, 94, 629 Not to buy or sell funded debt of United States, except 101 Incorporation of trust, loan, mortgage, and other corporations 245 Notes and bills of municipal corporations, denominations, and withdrawal. . 631 Circulation of small notes in, prohibited 633 Bank; circulation of notes. (See Banks.) Sinking fund. (See Sinking fund of the District of Columbia.) DOLLAR. (See Coin.) DOMESTIC DEBT: To be loaned to full amount 8 Time to subscribe to loan, extended 25, 28, 31, 35 (See also Public debt.) DRAFTS: To transfer moneys to States receivable for public debt 119 Not to be thrown into circulation 216 DUPLICATE BONDS: May be issued, when 207, 220, 221 DUST. (See Bullion.) DUTCH DEBT: Sums to pay, may be borrowed 59 Manner of paying 60 DUTIES: Power to lay and collect (Constitution) 3 To be uniform (Constitution) 3 To be paid in coin only at what rate 4 Pledged to pay certain loans 7 Pledged to pay interest on foreign debt 7 Interest on Loans to be paid from 7 Foreign debt to be paid out of excess 7 Pledged and appropriated to pay interest on loan 14 Excess of, to be applied to purchase of debt 17 Supplementary act as to payment of debt out of 19 Pledged to pay interest on loans 21 Surplus of To be applied on debt, unless, and how long 22 To reimburse loan 24 To repay loan 27 15712 10 49 762 INDEX. DUTIES Continued. Page. Loan to be repaid from 29 Pledged to pay interest on balances due States 32 Loan of $2,000,000 to be repaid out of 34 (Internal) appropriated to pay loans on account of foreign intercourse act. . 36 Loan to be paid from 36 To be continued to be collected to pay loans and interest 37 Appropriated to sinking fund 38 How to be paid 125 To be paid in gold and silver coin only 140 Shall be paid in coin or demand notes 168 On imposts to be paid in what (sec. 3473, R. S.) 210 Coin received in payment to be set apart for what 219 On banks, bankers, notes, etc. (war of 1812) 293 Composition with bankers in lieu of 293 Payable in coin or demand notes 637 (See also Revenue.) EAGLE. (See Coin.) ENGRAVER (OF THE MINT): Provision for 474, 500 Duties 474, 501, 532. 592 Oath of office 474, 554 Assistants, and their duties 501 At Philadelphia 531, 534, 551 May execute dies of a national character 545, 565 ENGRAVING, PRINTING, ETC.: Of notes In Treasury Department 639 Bonds 646 At Washi ngton 658 Provision 658 Expense of 659 No extra compensation for 659 (Sec also Penalty.) ESTIMATES: Of value of foreign coins to be made Annually 209, 567 Quarterly 593 Of revenue and expenditures to be made to Congress 2JO EXCHANGE (.see Notes; Bonds; Coin): ( )f Treasury and United States notes of 1890 252 EXCHANGE OK FUNDS. (Sec Disbursing agents.) EXCISES: Power to lay and collect (Constitution) 3 To be uniform (Constitution) 3 EXECUTIVE POWERS: Laws in relation to (Constitution) 3 EXPENDITURES: Of public: moneys, accounts of, to be kept by register 6 Secretary of the Treasury to report to ( 'ongress estimates of 57 EXPENSES (arc the different notes and securities): Of issuing securities, defining and limiting appropriation 206 EXPOSITIONS: Memorial Coinage. f.SVv Coinage.) FAITH OK THE r.MTKIl STATES: Pledged to Provide permanent funds for the payment of interest 15 Make Ljood a ny deficiency i n a eerlain fund 21 Pay deficiency interest, due States 152 Provide further as to foreign intercourse' 34 Pay loans on account of foreign intercourse act 36 Apply money in sin kin;.; fund to redemption of debt 39 Repay a loan 50 Provide revenue to pay loan of 1798 and interest 52 Repay loan 53 Provide for interest and principal of debt 56, 73, 71, 75, 81, 84, 88, 92, 148, 154, 155, 156, 158, 160, 163 INDEX. 763 FAITH OF THE UNITED STATES Continued. Page. Pledged to Continued. Pay interest and debt continues 60 Pay interest and principal of stock 62 Reimbursement of Treasury notes 118 Pay interest and redeem stock 128 Redeem Treasury notes 144 The payment of obligations in coin, except 201 Early redemption in coin of United States notes 202 Coin payments 218 Establish Bank of United States only 275, 308 Pay in coin all obligations 652, 661 Redemption of United States notes in coin 661 FIFTY-CENT PIECE. (See Coin.) "FINAL SETTLEMENTS" CERTIFICATES. (See Certificates.) FINANCE: Secretary of the Treasury to perform services relative to 5 Provision for debts of the States 11, 15 Secretary of the Treasury to report to Congress on 57 Currency not to be expanded or contracted 374, 401 (See also Loans; Public debts; Monetary Conference; National Monetary Commission.) FINANCIAL AGENTS: National Banks may be employed as 181 Duties as, of designated national banks 222 National banks designated 259 FINANCIAL AGENTS OF THE GOVERNMENT: National banks as 387, 452, 457 National banks May be designated 353 To give security 353 FOREIGN COIN. (See Coin.) FOREIGN COUNTRIES: Coinage for, authorized 572 FOREIGN DEBT. (See Public debt; Loans.) FOREIGN EXCHANGE: Certain contracts for purchase, etc. , unlawful 182 FOREIGN INTERCOURSE. (See Intercourse.) FOREIGN LOAN. (See Loans) : $100,000,000 may be negotiated 163 FOREIGN OFFICERS: Debt to, to be discharged 25 FORGERY. (See Penalty.) FRACTIONAL CURRENCY. (See Currency.) FRACTIONAL NOTES. (See Currency.) FRONTIER: Loan for protection of 24 FUNDING: Of foreign and domestic debt 7, 15 FUNDS. (See Public moneys.) GALLEYS: Loan to build 33 GENEVA AWARD. (Sec Alabama claims.) GOLD: In Treasury not Needed for interest may be disposed of 181 Necessary for interest may be disposed of 220 A tender in payment of debts by the Government 630 A legal tender 631 Manufacturers of, stamping "United States assay," etc., on forfeiture of 62 1, 622 (See also Bullion; Coin.) GOLD AND SILVER: International conference as to ratio between 579, 586, 597, 602, 603. 604 Call for conference 603 Commissioners 5SO, 586, 597, 602, 603, 604 To make report 580 Compensation, etc 580, 597, 603, 604 764 INDEX. GOLD AND SILVER Continued. Page. Parity and ratio 252, 590, 597, 602, 603, 610 Policy of United States to be for 600 Ratio to be maintained 600, 610 Special commissioner 603 International bimetallism unhindered 614 (See also Coin.) GOLD BULLION. (See Bullion.) GOLD CERTIFICATES. (See Certificates.) GOLD COINS. (See Coin.) GOLD DOLLAR. (See Coin.) GOLD DUST: Adulterating, etc., in Alaska, penalty. 610 HALF DOLLAR. (See Coin.) HAWAII: Public debt of, to be assumed, limit 251 Silver coins Receivable for what 617 Recoinage, expense 617 Exchange for United States coins 618 Recoinage of mutilated 618 Legal tender 618 Silver certificates, redemption 618 Liability of United States 618 Coin transportation expenses 619 HOLLAND: Loan in, declared within meaning of act of 1790, chapter 47 23 ILLUSTRATIONS OF COINS: Permitted 620 IMPORTATIONS: Invoices to be made in what currency 4 IMPOSTS: Power to lay and collect (Constitution) 3 To be uniform (Constitution) 3 INDENTS OF INTEREST: To be received in payment of subscription to loan 9, 10 To be exchanged : 42 Time for presentation, exchange, discharge, etc 50 Bar from settlement of, suspended 102, 106, 1 1 4 To be paid 107 INDIAN HOSTILITIES: Bonds issued to pay expenses to Territories 161 "!N GOD WE TRUST:" Upon coins 525, 536 Restored (j24 INGOTS. (See Bullion.) INTERCOURSE: Loan to pay expenses of international 27 Interest on loan to promote foreign, to be paid 33 Appropriation to carry out act 34 Loan for purposes of foreign 35, 36 Appropriation arid loan for foreign, purposes 46 $2,000,000 appropriated for <; I Expenditure of appropriation to be reported to Congress fil INTEREST: Appropriation to pay 7, 70, 73, 74, 75, 79, 81, 84, 106, 147, 220 Permanent, annual appropriation for 218 Appropriation to pay- On foreign loan continued 37 To Bank of United States 47 Act making appropriation for payment of, on funded debt repealed 98 On foreign debt, provision to pay 8 On loan of 1790, when payable 10 On certain certificates not to be paid unless 10, 1 1 Certain certificates to draw, must be exchanged 10 Revenue pledged to pay 14. 148 p!clfred to pay 21,66, 131 INDEX. 765 INTEREST Continued. Page. Duties On imposts, tonnage, and internal revenue appropriated to pay 36, 37 To be continued to be collected to pay 37 And interest appropriated to pay 40 Appropriation of duties, etc., to pay 47 On loan of 1798, appropriation of duties and revenues to pay 52 Surplus duties Appropriated to pay 61 Pledged to pay 56 Duties appropriated to pay 64 Indents of interest, issue of 9 On certificates received in payment of loan to fund state debts 13 Pavable to States on loan not subscribed 13, 14 Faith of United States, pledged to pay 15, 128, 154, 155, 156, 158, 160 To avoid delay in payment of, on debt of the United States 18 On certain of the debt pledged to redeem what 25 Rate equal to, to be paid nonsubscribing creditors to loan of 1790, chap- ter 34 29 To be paid States on balances due 31 On loan from Bank of United States, dividends appropriated to pay 32 On loan on account of foreign intercourse 33 Loan to pay, and payment of loan 36 Priorities in payment of, to cease, unless 42 To be paid to nonsubscribers to domestic debt loan 44 Creditors of unfunded or registered debt to receive stock equal to interest. 51 Appropriation to sinking fund to pay 57 Further sum placed in sinking fund to pay 64 To foreign residents, how to be paid 69 Certificates on which, is payable abroad, may be exchanged 69 Banks chargeable with, on Treasury notes 82, 85, 93 On stock, payment of 92 On Treasury notes to be paid 95 On canceled certificates of stock to cease 100, 101 Payment of, shall continue, except 101 Payable in coin or lawful money 166, 190 On bonds and notes of United States, payment in coin 168, 635 Payable in coin ." 175 On Treasury notes, certificates of indebtedness and deposit payable in lawful money 176 On Treasury notes and certificates payable in lawful money 643 Rate of, upon deposits of United States notes with depositaries 170 Statement of accrued, to be printed on notes 178 May be anticipated 181, 220 < n bonds and notes, when payable 190 ( )n gold deposits to cease, when 204 On matured bonds to cease, when 204 Amount equal to, on bonds in sinking fund, to be applied on public debt.. 205 On certain bonds may be quarter yearly 206 Coin from duties set apart to pay (sec. 3694, R. S.) 219 On bonds in sinking fund to be applied on debt (sec. 3696, R. S.) 219 Three months may be allowed on bonds exchanged 239 On Hawaii debt to be paid 251 On called bonds to cease 257 On public moneys in designated depositaries 319, 326 Issue of coin certificates to pay 657 1 N T E U N A I > R K V E X U E : Loan to be paid from 36 Appropriated to sinking fund 38 Public.' moneys act of 184(j to include, ollicers 188 (Sec Taxation.; INTERNATIONAL COIN. (.S><; Coin.) I NTEKXATioxAL MoxETAKY CoxFEKENCK. (See Monetary conference.; INVOICES. (Hue. Importations.) ISSUE, DIVISION OF: Established, in Treasurer's office 612 766 INDEX. ISTHMIAN CANAL: Page. Loan 260 Additional loan 265 Repeal of authority for first loan 266 Appropriation to be reimbursed from sale of bonds 262 Account of all moneys received and expended required 262 Bonds, rights, privileges, etc., of 261, 454 LAFAYETTE MEMORIAL COMMISSION: Souvenir dollars at disposal of 608 LANDS: Proceeds sale of western, to form a sinking fund 15 Proceeds of sales appropriated to form a sinking fund 39 United States stock receivable for western 49 Acts authorizing receipt of evidences of public debt for, repealed 66 Certain foreign gold coins receivable in payment for 107 In what payments for, are to be received 125 Payment for, to be in gold and silver only 140 Sales pledged for payment of stock 146 Stocks of United States receivable for western 627, 628 "LAWFUL MONEY:" Defined 371, 398, 667 "LAWFUL MONEY OF THE UNITED STATES:" Defined 371, 398, 667 LEGAL CURRENCY: Duties, taxes, debts, etc., to be paid in 95 LEGAL TENDER: Gold and silver coin, by States (Constitution) 3 Not to be affected " 253 Treasury notes, when 380 States to make only gold and silver a tender 473 Gold and silver a tender 495 Gold and silver coins a tender 502 Of foreign coins 517 Treasury notes (bullion) 590 Money 612 Gold and silver only a tender in payment by Government of debts 630 Gold and silver only 631 United States notes for what 659 Treasury notes for what 635, 660 (See also Coin, Currency; Treasury notes; United States notes.) LEGAL-TENDER NOTES: No further issue authorized 189 Not to be issued 191 (See Notes; Treasury notes; United States notes.) LIMITATION: Upon amount of deposits of United States notes with depositaries 170, 174 LOAN CERTIFICATES. (See Certificates.) LOAN COMPANIES: Incorporation of, in the District of Columbia 291 Comptroller to take possession 291 (Sec also District of Columbia.) LOAN-OFFICE CERTIFICATES. (See Certificates.) LOAN OFFICES: BOOKS opened for subscription for exchange of stock 104 LOANS: March, 26, 1790, necessary amount to pay interest 7 August 4, 1790, 6 per cent and 3 per cent, full amount of domestic debt 8 August 4, 1790, $12,000,000, 35 years, for payment of foreign debt and in- terest 8 August 4, 1790, $21,500,000, 6 per cent and 3 per cent, to pay debts of the States 11,15 August 12, 1790, $2,000.000, 5 per cent, to purchase debt 18 February 25, 1791, $2,000,000 from Bank of the United States to pay certain debts.' 21 March 3, 1791, $312,086.20, fi per rent, for military purposes May 2, 1792, $523.000, 5 per cent, for protection of frontier May 8, 1792, $50,000 to pay international intercourse expenses 27 INDEX. 767 LOANS Continued. Page. February 28, 1793, $800,000, 5 per cent, for support of Government 27 March 20, 1794, $1,000,000, 5 per cent, for public purposes 29 June 5, 1794, $80,000 to build vessels 33 June 9, 1794, $1,000,000 for military, naval, and other purposes 33 December 18, 1794, $2,000,000, 5 per cent, for public purposes 34 March 3, 1795, $1,000,000 for payment of interest on public debt 36 March 3, 1795, in exchange for foreign debt 36 March 3, 1795, 6 per cent, by commissioners of the sinking fund, to pay public debt 40 May 30, 1796, $324,539.06, 6 per cent, for foreign intercourse purposes 46 May 31, 1796, $5,000,000, 6 per cent, 1819, to pay debt to banks and foreign debt 46 June 1, 1796, $650,000, 6 per cent, for military and naval purposes 48 July 8, 1797, $800,000, 6 per cent, 5 years, for public purposes 50 July 16, 1798, $5,000,000, 15 years, for military and other purposes 52 July 16, 1798, $2,000,000, 6 per cent, for military and other purposes 53 March 2, 1799, $2,000,000, 15 years, for military purposes 55 May 7, 1800, $3,500,000, 15 years, for military and general purposes 56 April 29, 1802, 5 per cent, 6 years, to pay Dutch debt 59 February 26, 1803, $2,000,000, 6 per cent, for foreign intercourse 61 November 10, 1803, $11,250,000, 6 per cent, for purchase of Louisiana 62 November 10, 1803, $1,750,000, 6 per cent, 5 years, to pay claims on France. 64 March 26, 1804, $1,000,000, 6 per cent, to protect commerce and seamen 65 February 13, 1806, $2,000,000, 6 per cent, for foreign intercourse 66 May 1, 1810, 6 percent, for public expenses 72 March 2, 1811, $5,000,000, 6 per cent, 6 years, for public expenses 73 March 14, 1812, $11,000,000, 6 per cent, 12 years, for public expenses 75 June 30, 1812, $5,000,000, 5g- per cent, 1-year Treasury notes, for debts, sup- plies, etc 76 July 6, 1812, ,6 per cent, 1824, to redeem old stocks 79 February 8, 1813, $16,000,000, 12 years, to defray expenses 80 February 25, 1813, $5,000,000, 5f per cent, 1-year Treasury notes, for gen- eral expenses 81 February 25, 1813, $5,000,000, second loan, part of $16,000,000 authorized in preceding act 81 August 2, 1813, $7,500,000, 12 years, to defray expenses 83 March 4, 1814, $5,000,000, 5| per cent, 1-year Treasury notes, part of sub- sequent loan 84 March 24, 1814, $25,000,000, 12 years To defray expenses 85 Supplementary act 89 November 15, 1814, $3,000,000, 12 years, to defray expenses 86 December 21, 1814, $6,000,000, 6 per cent, to maintain public credit 89 January 9, 1815, $6,000,000, 6 per cent, to defray expenses, etc 91 February 24, 1815, $25,000,000, Treasury notes; no interest on denomina- tions less than $100; 5| per cent on $100 or over 91 March 3, 1815, $18,450,800, 12 years, to defray expenses 94 April 10, 1816, $7,000,000, 5 per cent in stock, subscription to Bank of United States 298 May 15, 1820, $3,000,000, 5 per cent, 12 years, 6 per cent at pleasure, to defray expenses 103 March 3, 1821, $5,000,000, 5 per cent, 14 years, to defray expenses 103 April 20, 1822, $12, 000,000-$14, 000,000, 5 per cent, 12 years and at pleas- ure, to fund 6 per cent and 7 per cent debt 104 May 24, 1824, $5,000,000, 4 per cent, 12 years, for Spanish treaty awards. . 109 May 26, 1824, $5,000,000, 4\ per cent, 7 years, to fund 6 per cent stocks. . . 110 March 3, 1825, $12,000,000, 4| per cent, 3 and 4 years, to fund per cent loan 112 October 12, 1837, $10,000,000, not over 6 per cent, 1-year Treasury notes, in payment of debts 118, 120, 120, 121 February 15, 1841, $5,000,000, Treasury notes, act October 12, 1837, to apply for exigencies 127 July 21, J841, $12,000,000, 6 per cent, 3 years, 20 years, or on months' notice, for redemption of Treasury notes and exigencies 128, 130, 132 January 31, 1842, $5,000,000, Treasury notes, for exigencies and redemp- tion... 130 768 INDEX. LOANS Continued. Page. April 15, 1842, $5,000,000, for exigencies 131,132 July 22, 1846, - , 6 per cent, 10 years- Treasury notes or stock for exigencies 134 Extended 146 January 28, 1847, $23,000,000, 6 per cent, 1 or 2 year Treasury notes, for exigencies of Government 143 March 31, 1848, $16,000,000, 6 per cent, 20 years 147 September 9, 1850, $10,000,000, 5 per cent, 14 years, payment to Texas. . . 149 December 23, 1857, $20,000,000, 6 per cent, 1-year Treasury notes, for exigencies 151, 164 June 14, 1858, $20,000,000, 5 percent, 15 years 153 In coupon or registered stock 154 Redemption of 230 June 22, 1860, $21,000,000, 6 per cent, 10-20 years, for exigencies in redemp- tion of Treasury notes 155 December 17, 1860, $10,000,000, 6 per cent, 1-year Treasury notes, for exigencies 156 February 8, 1861, $25,000,000, 6 per cent, 10-20 years, for exigencies and redemption of Treasury notes 158 March 2, 1861, $10,000,000, 6 per cent, 10-20 years, for exigencies and bal- ance of Treasury notes 159 March 2, 1861, , 6 per cent, 20 years, Territorial Indian hostility expenses 161 July 17, 1861, $250,000,000, for public service, may issue bonds at 7 per cent, 20 years, or Treasury notes at 7^ per cent, 3 years; 3 r 6 5 5 7, $50,000,000, 3 per cent, demand temporary loan to redeem compound-interest notes 199 July 25, 1868, -, 3 per cent, demand, temporary loan to redeem com- pound-interest notes 200 July 8, 1870, , 4 per cent, 5-year certificates of indebtedness, to pay interest to Massachusetts on account of war of 1812 202 July II, 1870, 2i per cent gold certificates 204 July 14, 1870, $200,000,000,* 5 per cent, 10 years; $300,000,000, 4J per cent, 15 years; $100,000,000, 4 per cent, 30 years, for refunding the debt 203 *Iiicrcased to .",00,000.000 206 Total not to be increased. . 206 INDEX. 769 LOANS Continued. Page. December 17, 1873, 5 per cent, to exchange for loan of 1858 231 June 23, 1874, 5 per cent, 10 years, to pay Alabama claim judgments 232 January 14, 1875, same as authorized July 14, 1870, to redeem United States notes 234 March 3, 1875, 5 per cent, same as provided in act of July 14, 1870, to pay Eads for Mississippi jetty improvements 236 January 25, 1879, issue of 4 per cent bonds in exchange for those bearing higher rates of interest 239 July 12, 1882, exchange of 3 per cent for 3J per cent bonds; when redeem- able 241 July 12, 1882, 3 per cent bonds to exchange for 3 per cent 241 August 15, 1894, $6,640,000, 4 per cent certificates of indebtedness, to pay Cherokee Indians 247 June 13, 1898, $100,000,000, 3 per cent, I year, certificates of indebtedness, to meet public expenditures 248 Amount increased 266 June 13, 1898, $400,000,000, 3 per cent, 10-20 years, to meet war expendi- tures 249 March 14, 1900, 3 per cent, 1 year, to restore and maintain gold reserve fund . 253 March 14, 1900, 2 per cent, 30 years, to be exchanged for 3 per cent, 4 per cent, and 5 per cent bonds 256 June 28, 1902, $130,000,000, 2 per cent, 10-30 year bonds, to defray expenses Isthmian Canal 260 Repealed 266 August 5, 1909, $200,000,000, 3 per cent, 1 year, certificates of indebtedness, to meet public expenditures 266 August 5, 1909, $290,000,000, 3 per cent, 50 year bonds, to defray expenses Isthmian Canal 265 Pledge for moneys borrowed (Confederation) Authority to borrow money (Confederation) Emit bills (Confederation) 1 Power to borrow money (Constitution) 3 Duties pledged to pay interest 7 Interest, loan to pay 7 Interest of foreign, payable from excess duties and tonnage 7 Interest on, appropriation to pay 7 Funding debt 7, 15 Principal, payment of Foreign, duties pledged to pay Commissioner in each State to be appointed 8 Duties 10, 11 Certificates to be issued 9, 10 Terms of payment 9 Redemption of domestic loan, on what terms 9, 10 Indents of interest to be received in payment of subscription to loan 9 Transfer of stock (loan certificates) 10 Certificates, certain to draw interest must be exchanged 10 Rights of nonsubscriber creditors to loan of 1790 not impaired 10 Repayment of certain 19 What, declared to be within act of 1790, ch. 47 23 In Holland declared within meaning of act of 1790, ch. 47 23 Made from Bank of United States to be paid off, how 27, 28 Power of commissioner of sinking fund to borrow, not affected 60 Preference to what subscribers 72 Acts authorizing loans and issue of certificates of stock therefor, repealed. . 97 Secretary of the Treasury to perform duties of commissioners of loans 115 $100,000,000, of July 17, 1861, may be negotiated abroad 163 Upon pledge of gold or silver coin, restrictions, not applicable to United States 179 Banks in the District of Columbia may loan to the United States 629 Payment of. (See Public debts.) Interest on. (See Interest.) Report to be made to Congress of. (See Congress.) Commissioner of. (See Commissioner of loans.) LOST BONDS: Duplicates may be issued for, when ...... 207 770 INDEX. LOST TREASURY NOTES: Page- How to be paid 102 LOUISIANA: Payment to France for 62 Certain acts expended to 65 MACERATION : Of notes, etc 684 MANUFACTURING, ETC., CORPORATIONS: Tax on circulation, remission 424 MASSACHUSETTS : Payment for expenditures in war of 1812 202 MEDALS: May be made at mint 545, 565 Charges, etc., for disposition of 545, 565 Duplicates, Columbian Exposition 598 Medals, Lewis and Clark Exposition 621 MEDITERRANEAN FUND: To protect commerce and seamen 65 MELTER: At branch mints 498 At assay offices 546 MELTER AND REFINER: Provision for 483, 500, 531, 551 Duties 483, 501, 532, 554 Oath of office; bond and salary 484, 552 Temporary appointment 484 To determine expense of test and wastage 494 At branches 498 Assistants, and their duties 501 Account with Treasurer 504 To form ingots from bullion 503, 554 Liable for acts of subordinates 533 Salaries 534 To determine mode of melting 537, 557 To give receipt for bullion 539, 559 To form ingots for coinage 539, 554, 559 To prepare bars and deliver to superintendent 540, 560 Annual settlement of accounts 542, 562 To deliver coins, clippings, etc 542, 562 Accompanied by a statement 542, 562 Accounts to be examined by superintendent 542, 562 To be charged with all copper alloy 542, 562 To keep record of transactions 554 Responsible for bullion 554 Allowance for wastage 562 MELTING AND REFINING: Charge for 484, 516 Refining 485, 493, 494, 519, 539 Parting'. 519 Silver bullion containing proportion of gold 495 Bullion and foreign coins at New York 515 Under direction of Director of Mint 516 MEXICAN DOLLAR. (See Coin, foreign.) MILITARY ESTABLISHMENT: Loan to provide additional regiment 24 Loan for protection of frontier 24 MINING, ETC., CORPORATIONS: Tax on circulation, remission 424 MINOR COINAGE. (See Coinage.) MINOR COINS. (See Coin.) MINT: Public moneys may be transferred to, and branches, to supply metal for coinage 320 Establishment of 473, 474 Artiste to be engaged 474, 513, 532 Apparatus to be procured Officers ; appointment; duties 474, 500, 530, 551 INDEX. 771 MINT Continued. Page. Oaths of officers and clerks 475, 533, 551 Salaries, and bonds 475, 533, 534, 552 Settlement of accounts 475 Making reports 475 Expenses of, fund from exchange of coin and bullion 477 Debasing the coin, etc. (See Penalty.) Embezzlement, etc. (See Penalty.) To continue, at Philadelphia 488, 488, 489, 492, 493, 494 Laws in relation to, extended to Louisiana, etc 65, 489 Officers held for inferiority of coins 497, 544, 564 Branches to be established 498 Salaries of officers and clerks at branches 498, 534 Oath of office and bond 499, 533, 551, 552 Officers and salaries at branches 499, 530, 534, 552 General direction of branches to be under the Director of the Mint at Phil- adelphia 499 Regulations for branches 499 Returns 499 Discriminating the coin 499 Uniformity of weight, etc 499, 544, 564 Assays and tests 499, 544, 564 Branches, laws extended to 499 Assistants and clerks Appointment of 501, 530 Duties of 501 Oath, bond, salary 502, 552 Vacancies, temporary, how filled 501 Employment of workmen and servants 502 Deposit of public money or bullion in, to pay depositors of bullion 506, 543, 563, 582 Transportation of copper coins at expense of 507 Acts, former repealed 508 Refining to be reduced and excluded 514 Accounts between assay office, assistant treasurer and 516 And branches shall continue to refund bullion, and not to contract to exchange 527 Established as a bureau of Treasury 530, 550 Embracing what " 530, 550 Chief officer of 530, 550 (See Director of the Mint.) Appointing acting officers in 533, 552 Principal responsible for acting officer 533, 552 Officers liable for acts of subordinates 533, 552 Workmen, wages of 534 Moneys from charges, deductions, etc. Disposition of 545, 585 Not to pay salaries, etc 545, 585 Superintendent. (Sec also Superintendent of Mint; and under name of place, this title.) Officers. (See also particular titles.) Expenditures to be paid from appropriations 545, 565 Officers and employees of mints to continue; bonds, etc 549 Director at Philadelphia to be superintendent 549 Duties of treasurers to devolve upon superintendents 549 Treasurers to act only as assistant treasurers of the United States 549 Names of the different mints 549, 551 Unexpended appropriations of certain transferred 549 Clerks, Secretary of the Treasury to appoint 551 Acts establishing, list of 551 Oaths of Employees 551 Officers and clerks to bo transmitted to Secretary of the Treasury 551 nntment of acting officers to be reported for approval 552 ;lerk, provision for 553 Appointments in, and approval of 553 Appointrr Chief cler 772 INDEX. MINT Continued. Page- Refining and parting To be carried on at 577, 578, 607 Expenses; payment 577, 578, 583, 585, 607 Money from charges and by-products 607 Payment of depositors in coin certificates 583 To make duplicate Columbian Exposition medals 598 May exchange gold bars for coin 616 (See also Chief coiner; Coiner; Director of the Mint; Melter and refiner; Treasurer of mint, etc.) California, branch established 500, 511 Carson City, Nev. Branch established 500, 520 Officers, clerks, etc 520 Salaries, etc 521, 534 Under control of Director of Mint 521 Charges for parting, assaying, etc 521 Preserving weight, etc 521 Returns 521 Depository of public moneys 211, 521, 568 Superintendent, duties of 521, 569 How to. pay for dust and bullion 521 Laws respecting mint and officers applicable 521 Appropriation for 522 If not operated as a mint 607 Charlotte, N. C. - Branch established 498 Appropriation 498 Officers, salaries, etc. (See Mint, branches; Mint, assistants.) Dahlonega, Ga. Branch established 498 Appropriation 498 Officers, salaries, etc. (See Mint, branches; Mint, assistants.) Denver, Colo. Branch established 500 Coinage at 500 Established for coinage of gold 519 Officers, clerks, etc. ; salaries, oaths, bonds 519, 566, 601, 602 Under control of Director of Mint 519 Regulations 519 Charges for assaying, coining, etc 519 Uniformity in coining 519 Depository of public moneys 170, 211, 519, 568 Superintendent, duties of 170, 519 How to pay for dust and bullion 520 Laws respecting mint and officers applicable 520, 601, 602 To be carried on as assay office only 520 Business as an assay office 546, 566, 601 , 602 To coin gold and silver 601, 602 Assay office to continue until mint established 601, 602 Manila Established 500 New Orleans, La. To be depository of public moneys 12?, 136 Treasurer of, at New Orleans, to have custody, etc., of public moneys. . 122 Branch established 498 Appropriation 498 Reopening after war 499 Officers, salaries, etc. (arc also Mint, branches; Mint, assistants) 549 Office; of treasurer vacated 549 Superintendent to act, as treasurer 549, 551 Philadelphia. f.SW also Mint.) To be depository of public moneys J22, 136 Treasurer of, at Philadelphia, to have custody, etc., of public moneys. 122 Salary of officers 534, 549 Minor coinage at 538 Transfer to, of bullion from New York assay office 545, 565 Expense thereof and accounts 545, 565 INDEX. 773 MINT Continued. Page. Philadelphia Continued. Office of treasurer vacated 549 Superintendent to perform duties of treasurer 549, 551 San Francisco Branch established 500 Cost limited 529 Salary of officers 534, 549 Office of treasurer vacated 549 Superintendent to act as treasurer 549, 551 MISSISSIPPI JETTY IMPROVEMENTS: Bonds may be issued to Eads in payment 236 MISSISSIPPI STOCK: Lost, how to be renewed 102 MONETARY COMMISSION. (See National Monetary Commission.) MONETARY CONFERENCE: International, ratio between gold and silver 579, 586, 597, 602, 603, 604 Commissioners 580, 586, 597, 602, 603, 604 Compensation, report 580, 597, 603, 604 Call for conference 603 Special commissioner 603 MONETARY SYSTEM. (See National Monetary Commission.) MONEY: Authority to borrow (Confederation) 1 Emit bills (Confederation) 1 United States not to coin, unless (Confederation) 1 Nor regulate value thereof (Confederation) 1 Nor emit bills (Confederation) 1 Nor borrow money (Confederation ) 1 Value not to be regulated by United States, unless (Confederation) 1 Pledge for moneys borrowed, debts, and bills (Confederation) 1 Power to coin (Constitution) 3 Regulate value thereof (Constitution) 3 Of foreign coin (Constitution) 3 Power to borrow (Constitution) 3 States not to coin (Constitution) 3 Nor emit bills of credit (Constitution) 3 *Nor make anything but gold and silver coin a tender (Constitution). . 3 Counterfeiting, punishment to be provided (Constitution) 3 Laws, provision for (Constitution) 3 Treasurer to keep and disburse the moneys of the United States 5 Accounts of receipts and expenditures to be kept by register 6 Power to coin, and regulate value of 473 To be expressed in dollars, etc 479 Charges, deductions, etc., in mints and assay offices, disposition of 545 Use of bimetallic 579 Ratio between gold and silver, conference 579 All forms to be maintained at a parity v 610 Note, check, etc., for less than $1 prohibited 659 Borrowing. (Sec Loans.) MONEY ACCOUNT: Decimal system established 567 OK COMPANIES: Incorporation of, in Ihe District of Columbia 291 Comptroller to take possession 291. (See District of Columbia.) MUTILATED NOTES: May be replaced 170 Destruction of 170 Replacing arid destroying 638 Issue of new notes instead ; destruction 238 NATIONAL: Defined 416 NATIONAL HANK ACT: 1 h-fined 381 NATIONAL BANKING ASSOCIATIONS: Defined-. 389 774 INDEX. NATIONAL BANKS (see also Bank of the United States): Page. Act. (See National Bank Act, this title.) Act of February 25, 1863, repealed, except 360 Additional or emergency circulation (see also Circulation, this title) 458 Administrators, etc., may act in choosing shareholders' agent 427 Agent To ascertain facts of failure to redeem notes 354, 411 To report to comptroller 354, 411 Of shareholders. (See Shareholders, this title.) Amount of money to be kept on hand. (See Reserve, this title.) Articles of association. (See Organization, this title.) Assignments. (See Insolvency, this title.) "Associations," applicable to what 389 Attachment. (See Suite, this title.) Bad debts. (See Business, this title.) "Bank " defined 378 "Banker " denned 378 Bonds of the United States. (See Circulation, this title.) Branch. (See Organization; Conversion, this title.) Bureau of Engraving and Printing established 428 Business To commence, when 333, 382, 392 Power to carry on what 333, 382 Where to be transacted 333, 381, 399, 437 How to be conducted 333, 382 Certificate of comptroller before commencing 339, 382, 392 Comptroller may withhold his certificate to do 336, 392 Certificate to be published 338, 393 To deposit bonds before commencing 337, 389 May purchase, hold, and convey certain real estate 343, 383 Such real estate not to be held more than five years 344, 383 Loans Limitation on 344, 403, 455, 668 Certain discounts not included 344, 403, 455 Limitation on rate of interest 344, 402 Exception 345, 402 Penalty for taking greater 344, 402 Action to recover 344 Not to make, or discounts on own stock 347, 403 Computing interest 402 Usurious interest 344, 402 Gold certificates not receivable as security for 434, 587 Not on United States or national bank notes 366, 405, 670 Amount of money to be kept on hand. (See Reserve, this title.) Reports and statements 347 Indebtedness not to exceed capital stock, except .348, 403 Not to hypothecate; its notes 348, 403 " Bad debts," what 348, 404 Real estate subject to state taxation 351 Not 1o do business, except when 353, 411, 671 Not to withhold from use, etc., United States or national bank notes 366, 405, 670 Not to certify check, unless 368, 405 Clearing-house; balances, what in settlement 374,434,668 Manner of transferring property 382 To receive national currency bills as receiver or designated depository. 387 United Stales bonds to be deposited before commencing 337, 389 Not to purchase own slock, except 347, 403 If purchased, must be sold 348,403 Not to pay out uncurrent notes 405 Any certified check to be valid 405 All transfers and assignments after an act of insolvency, void 416 Financial agent of the (iovernnienl 353, 387, 452, 457 Depositories of public moneys. (Sec Designated depositaries.) Payment of interest on special deposits of public moneys 263, 468 Gold-note banks to receive other notes... 667 INDEX. 775 NATIONAL BANKS Continued. Page. By-laws What to provide 333, 382 To provide for transfer of stock 335, 382 Capital stock Amount to be not less than what 333, 381, 383, 437, 446 Increase of 336, 384, 437 Maximum and minimum 336, 384 Increase to be paid in 336, 384 Reduction of 336, 349, 385, 404 How to be paid in and proved 336, 383 Failure to pay installments; sale 337, 384 Must be increased if reduced by cancellation of delinquent's stock. . 337, 384 Manner of transferring 333, 382, 383 Shares, amount of 335, 381, 383 Deemed personal property, transferable 335, 383 Transfer of, not to impair creditors' rights 335 Not to purchase or loan on own, unless 347, 403 If purchased, must be sold or receiver appointed 348, 403 Hypothecation or use of own notes to secure, prohibited 348 Not to be withdrawn, in dividends or otherwise 348, 404 Return of, to be made to treasurer 350, 408 Penalty for failure 350, 408 How assessed when return not made 350, 408 Shares not exempt from state taxation 350, 409 Limitation 350, 409 Shares of converted bank, amount 352, 388 Converted state banks not to have a less 352, 388 Assignment of, between mother bank and branches 363 What considered capital 363, 378 Deficiency or impairment to be made up by assessment 375, 404 Interest on security to be withheld 375, 404 Not made good, receiver to be appointed 375, 404 Sale of stock 404, 427 Sale of, of shareholder not assenting to extension of corporate existence . 431 Cashier. (See Officers, this title.) Certificate of destruction of notes 666 Certificates. (See Organization, this title.) Associations to give, on examination of bonds deposited with treasurer. 342 Of deposit, authority to issue, repealed 255 Certifying checks. (See Business, this title.) Checks, certified. (See also Business, this title.) Good and valid obligation 368 Circulation Additional, may be issued ($54,000,000) 369,420 Additional or emergency (act 1908) National currency associations, how formed, etc 458, 459 Powers 459, 460 Members 459 Management, officers 459 Security for 460 To be deposited with association 460 Application for 460 Secretary may direct issue of 460 Amount on deposit of state, etc., bonds 460 Limi t as to commercial paper 461 "Commercial paper " defined 461 Liability of association for redemption 461 Lien created 461 Liability between members 461 Additional security or exchange; thereof 461 Sale of securities on failure 461 Deposit of proceeds 461 Suit if sum insufficient to redeem notes 461 Withdrawal and substitution of securities 461 Action if members fail to maintain redemption fund 461 Use of funds of other members... 462 776 INDEX. NATIONAL BANKS Continued. Page. Circulation Continued. Additional or emergency Continued. Additional security or exchange thereof, association to sell secu- rities of defaulting bank 462 Deposit of proceeds for redemption of notes 462 To banks on bonds other than United States bonds 462 Application to Comptroller 462 Approval by Secretary of the Treasury 462 Issue on deposit of bonds with Treasurer 462 Amount 462 Security, what bonds acceptable 463 Conditions as to city, etc., bonds 463 Discretion of Treasurer 463 Transfer of title in trust 463 Receipt from Treasurer 463 Assignments, custody, etc 463 Sections Revised Statutes applicable 463 Status of 464 Limitation of issue of notes by banks 464 Maximum of additional notes 464 Redemption of fund, special 464 Proportional assignment of additional circulation to States . . . 464 Emergency assignments 464 Information, etc., as to acceptable security : 465 Tax on circulation 465 Monthly returns of circulation on other than United States bonds 465 Use of taxes on notes secured by other than United States bonds 466 Retiring circulation 466 Withdrawal of notes 466 Deposits of lawful money 466 Monthly limit 466 Retention of deposits to redeem notes 466 Additional notes to be prepared 467 Amount 467 Deposit for delivery subject to order 467 Present form not for additional circulation 467 Redemption in lawful money 467 Acts and orders of comptroller and treasurer 468 Termination of act 469 Apportionment to associations according to population, capital, etc.. . 328, 361, 364, 369, 371, 384, 395, 648, 664 Assessment for cost of transportation and redemption 432 Associations not to pay out certain notes 349, 405, 670 Authorized to obtain, issue, and circulate notes 333 Bureau of Engraving and Printing established 428 Cancellation of, on payment at Treasury 413, 672 Charter n umbers on 419, 682 Comptroller to notify holders of notes to present them for payment, when 354, 411 Cancel bonds on payment of notes 35-1, 411 Counterfeiting, etc. (fire Penalty.) Default in payment of notes, not to do business 411 Delivery of, to associations 340, 364, 369, 393, 433, 446, 467, 647, 662 Denominations, and proportion 328, 340, 341, 361, 364, 370, 393, 394, 397, 446, 447, 457, 467, 647, 662, 663, 666 Designated depositaries shall receive national currency bills at par. . . 353 Destruction of plates, etc., of closed banks 376, 394 Of redeemed, etc., notes by burning 397, 410, 431, 666 Certificate of burning ." 397, 410, 666 By maceration 684 Devices 34 1, 394, 431 , 663 Dies, etc., to be examined by comptroller 376, 394 Disposition of notes of banks failing to withdraw circulation 421, 422 Evidence of payment of notes redeemed 354, 412, 672 INDEX. 777 NATIONAL BANKS Continued. Page. Circulation Continued . Each association to take notes of others 346, 370, 371, 398, 401, 669 Gold not3 banks 401, 667, 669 Entitled to receive 340, 421, 431, 433, 446, 647, 662 Equitable distribution, how to be secured 371, 395, 420, 422, 664, 682, 684 Withdrawals for this purpose 371 , 395, 420, 421, 422, 664, 682 Statement of circulation and amount to be retired 371, 396, 664 Process of redistribution 371, 396, 422, 664, 683, 684 Failure of banks to consent to withdrawal 372, 396, 421, 422, 664, 683 Not to be withdrawn until 372, 396, 420, 422 Effect of removal of association from State 372, 396, 665 Expenses of examination and destruction of dies, etc 394 Preparing, etc 349, 394, 419, 431, 663 Expired bank, when permitted 228, 679 To express what on face 340, 394, 433, 467, 663 Fees of notary for protesting notes 354, 411, 674 Fees for protesting notes, etc., how paid 357, 414, 674 Form 394, 467, 663 Gold note banks subject to national currency act, except 370, 423, 667 Conversion to national banks 429 Gold banks receiving notes of other banks 401, 667, 669 Limitation 667 Hypothecation of own notes, prohibited 348, 403 Increase of, when 433 Interest-bearing notes not legal tender for 185 Issued under act of 1863 360 Issuing authorized 667 Issue to equal par value of bonds deposited 446 Less than $1 prohibited 641 Lien upon assets in case deficiency of security 355, 412 Limitation on whole amount 328, 340, 369, 371, 395, 398, 422, 663, 664 Amount to each association 329, 340, 361, 364, 369, 370, 371, 395, 398, 422, 423, 432, 433, 446, 447, 647, 662, 664, 667 Withdrawals of 421, 433, 684 Liquidating banks to deposit lawful money for outstanding 373, 410 Certain banks exempt 373, 410 Loan of, to United States 185 Making and issuing 687 Mutilated and worn-out, replacing 341, 397, 666 Destruction, how and by whom 341, 397, 666 Certificate of, furnished banks 341, 397, 666 Mutilated on redemption 410 Charged to redemption account 410 New, to issue to banks extending existence 431 Banks to reimburse for plates 431 In place of $55,000,000 withdrawn 421 , 684 Payable in gold, may be issued 370,397,423,666,667 Penalty for unlawfully countersigning and delivering 343, 398, 667 Penalty. (See Penalty.) Plates and dies to be engraved 340, 393, 467, 663 To be kept by comptroller 349, 394, 663 Post notes, etc., not to be issued 341, 397, 666 Printing on hand-roller presses 703 Receivable for what 341 , 397, 398, 666 Receivable for debts of the United States, except 380 By designated depositaries, when 387 Redemption, money deposited for, in certain cities. . . . 345, 346, 400, 667, 668 Leaven worth struck from list of, cities 361 Agencies in New York 346, 401 , 669 Provision, not applicable to gold note banks in San Francisco. . . . 376, 669 At par 346, 401, 669 Comptroller to give public notice of agencies 340, 401, 669 Proceedings on failure to select agent 346, 40 L, 669 By association of its own notes 346, 401, 669 On bank going into liquidation 351, 410, 432, (583 Notes to be mutilated , etc 352, 410 10- ";() 778 INDEX. NATIONAL BANKS Continued. Page. Circulation Continued. Redemption, on failure to redeem, notes may be protested 353, 410, 670 Notice of protest to be sent comptroller 353, 410, 670 Not to be protested in certain cases 354, 410, 671 Comptroller to ascertain facts 354, 410, 671 Disposition of notes and evidence of payment 354, 412, 672 Notes to be canceled on 354, 413, 672 Security may be sold on failure to redeem notes 355, 412, 420, 672 Association denying failure may apply to courts 356, 414, 673 Converted state bank and branches 363, 388 In gold 370, 397 San Francisco bank notes in New York 371 Treasury notes not a legal tender in redemption of bank notes 380 On failure to redeem, receiver may be appointed 346, 401, 669, 673 Security to be forfeited 411, 671 Not to do business, except 411, 671 Five per cent fund to be deposited with treasurer 418, 681 May be counted as lawful reserve 418, 681 By treasurer, provisions 418, 591, 681 Of mutilated, etc., notes 418,681 Cost of, treasury to be reimbursed 419, 432, 681 Agencies in cities abolished 419 Of notes of banks extending existence 431 Deposit of lawful money for 431 Gam from failure to present notes for 431 Charleston and Richmond may be redemption cities, if 346 Balances with treasurer for, to be covered into treasury 440, 591 Not to apply to 5 per cent fund 440, 591 Treasurer to redeem certain notes from general cash 440, 591 Reimbursement to the treasurer from national-bank notes; redemption account 440, 591 Report of balance of deposits 441, 591 Of lost or stolen notes 441 Action on failure of members of national currency association to maintain, fund 461 To be in lawful money 467 In United States notes 681 Payment of notes and cancellation of security 672 Paramount lien for, not secured 672 Monthly notice to bank of 681 Deposit with treasurer for 681 Notes to be forwarded to banks 081 Mutilated, etc., to be destroyed 681 Reimbursement to treasurer 681 Where 682 Destruction of notes upon withdrawal 682 On withdrawal of, to effect equitable distribution 683 Replacing destroyed 397, 666 Report of, by Comptroller to Secretary 653 Reserve. (See Reserve, this title.) Retiring, circulation and withdrawing bonds 419, 420, 421, 422, 432 Return of, to be made to Treasurer 350, 408 Penalty for failure 350, 408 How assessed when no returns made 350, 408 Seal on 340, 394, 467, 663 Security fur, bonds, amount, etc 337, 389, 419, 432 Increasing and diminishing 338, 389, 432 Transfer to Treasurer, etc 339, 389 Assignment or transfer to be countersigned by Comptroller 339, 390 ( 'omptrollcr to keep transfer book and notify banks 339, 390 To have access to Treasurer's transfer books 340, 390 Treasurer to have access to ( 'omptroller's transfer books 3 40, 390 (.'omptrollcr to have access to bonds 340, 390 Associations to examine bonds annually, time, etc., and certify accordingly 342, 390, 391 To be held exclusively to secure 342, 391 INDEX. 779 NATIONAL BANKS Continued. Page. Circulation Continued . Security for, provision as to interest on 342, 391 Comptroller may permit an exchange 342, 391 Require additional security 342, 391, 447 May be returned to association upon cancellation of notes 342, 391, 420, 432, 682 Proviso..... 343, 391, 682 Taking up on liquidation 351, 410 When to declare securities forfeited 354, 411 To be canceled on payment of notes 354, 411, 412 Lien in case of deficiency 355, 412 May be sold on failure to redeem notes 355, 412, 420 What bonds to secure additional circulation 369 Surrender of, upon deposit of lawful money by liquidating banks. . 373, 432, 682 By banks withdrawing notes 683 May be sold of liquidating bank fails to deposit money. . . . 373, 410, 683 Certain banks exempt 373, 410 Exchange of coupon bonds for registered 389 Depreciation, additional security 343, 391, 447 Transfer and retransfer of 390, 410, 412, 432 Retiring circulation and withdrawing bonds 419, 420, 422, 432, 458, 466, 682 Limit of deposit for 419, 433, 458, 466, 682 To be sold on failure to return circulation 420, 422, 664 Called for redemption, consequence 433, 458 Substitution of 2 per cent bonds 447 Signature on 340, 394, 467, 663 Stamping fraudulent notes 427 Officers liable for wrongfully 427 State banks to secure, how 328 On failure of state banks to redeem, how paid 329 Cancellation, etc . , of bonds held as security 329 Surplus to be paid bank 329 Tax or duty on. (See Taxation, this title.) Use of own, to create or increase capital prohibited 348, 403 When may be circulated as money 341, 397, 665 Withdrawal of, and deposit of lawful money therefor 432, 433, 447, 458, 466, 682 Limit to such deposit 432, 458, 466, 682 Destruction of notes 682 When bonds called for redemption 433, 458 Limitation 684 Clearing houses Certificates lawful money within national bank act 400 As part of bank reserve 345, 400, 668 Of deposit received in settlement of balances 374, 669 Not receiving gold or silver certificates in settlement of balances . . . 434, 587 Limitation on issue of, certificates 669 Member of 587 "Commercial paper" defined 461 Consolidation Winding up for purposes of 373 Assets and liabilities of such banks to be reported 373, 410 Conversion of gold banks 429 Conversion of state banks Into national banks 328, 352, 387, 388 How certificate, etc., to be signed, etc 328, 387 Duties, privileges, etc 328, 352, 387 Converted bank may continue to hold stock in other banks 352, 388 Capital 352, 388 Preference in becoming national 302 May retain branches 303, 388 Assignment of capital between mother bank and branches 303, 388 Redemption at each 303, 388 Capital, what deemed 303, 378 780 INDEX. NATIONAL BANKS Continued. Page. Corporate existence 333 Powers. (See Organization, this title.) Corporation, Association becomes a, when (see Organization, this title) 333 Creditors- Impairment of rights, remedies, or security 383 Crimes. (See Penalty.) Debts, change of name not to release 437 Depositories. (See Designated depositaries.) Deposits, tax on 350, 407 Return of, to be made to Treasurer 350, 408 Method of assessment, when return not made 408 Designated depositaries of public moneys 259, 260, 353, 387, 451, 457 To give security 260, 353, 387, 452, 457 To receive national currency bills at par 260, 353, 458 Payment of interest on deposits; rate 263, 468 Difference between acts of February 25, 1863, and June 3, 1864 361 Dies. (See Circulation.) Directors Election or appointment of 333, 382, 385 Power of board of 333, 382 Five directors to manage affairs 334, 385 Qualifications of 334, 385, 454 Oath of, and where to be filed 334, 385 Term of office 334, 385 Elections 334, 385 Vacancies in the board, how filled 334,386 Failure to elect on proper day 334, 386 Board of, may fix day of elections, when 335, 386 When shareholders may fix day of election 386 Power of, to convert a state bank 352 Of converted bank, term 352 Penalty upon, for violation of act 357, 414 Liable in personal and individual capacity 357, 414 How violations to be determined 357, 414 To make by-laws 382 President of the board, election of 386 To sell stock of delinquent shareholders 40-1, 427 Qualifications of, in Oklahoma 440 Dissolution (see also Liquidation, this title) By act of shareholders 333, 382, 430 By violation of act 333, 382 Failure to elect directors not to cause 334, 386 Reduction of capital may cause appointment of receiver 337, 384 Receiver may be appointed on refusal to pay notes 355, 401, 413, 673 Duties and bond of 355, 413, 425, 673 To report to comptroller 356, 413, 673 On failure to make good deficiencies 375, 404 May be appointed on failure to make good reserve 346, 400, 668 To select redemption agency 346, 401, 669 To redeem notes 346, 401, 660, 673 To dispose of own stock purchased 403 When 425, 442, 443 Duty when property of bank to be sold under execution 43(5 Injunction upon 673 When claims to be presented 356, 413, 673 Redeeming note.-' and paying dividends 356, 413, 673 Balance to shareholders 356, 413, 445, 673 Fees of receivership 414 Proceedings after receiver has paid debts -12(1, 443, 444, 445 Discharge of comptroller and receiver 420 After term of existence -132 Purchase of property at execution sale 436 Approval, etc., to be, filed with Treasurer 437 Trust fund to be used for such purpose 436 Winding up business 443, 444 INDEX. 781 NATIONAL BANKS Continued. Page. Dissolution Continued. Agent to wind up ar'i'airs 426, 427, 444 Duties and powers 427 Transfer of property to 426, 444 Distribution of assets 445 Repayment of assessments 445 Dividends Not to be paid shareholders of state banks when surplus deficient... 336, 386 Semiannual 347, 402 No, in case of losses 348, 404 No, greater than net profits 348, 404 One-tenth to surplus fund 402 Payment of, by receiver 356 Not to be paid when reserve below requirement 345, 400 By comptroller to creditors 413 Duties. (See Officers.) Elections When to be held 334, 385 Failure to hold 334, 386 Directors to fix day, in what case 335, 386 Shareholders to fix day, in what case 335, 386 Voting and proxies 335, 385 Who not to act as proxy 335, 385 Embezzlement. (See Penalty, this title.) Engraving and Printing Bureau established 428 Evidence, instruments, and papers of comptroller 378 Seal 378 Organization certificate 332, 378 Examination No other, except 357, 358, 416 In District of Columbia 290 Fees, payment of 414 Expenses 674 Examiners (see also Fees, this title) May be appointed 357, 415 Qualifications and duties 358, 415 Report to comptroller 358, 415 Compensation and mileage 358, 415 Exchange of coupon for registered bonds 389 Existence. (See Organization, this title.) Expense in executing laws 235, 663 Fees of notary for protesting notes 354, 411 , 414 For protesting notes, etc., how paid 357, 414 Examination 414, 415 Receivership 414 Financial agents of the Government (see also Business, this title) . 353, 387, 452, 457 Franchise. (See Organization, this title.) Hawaii National banking laws extended to 448 How formed. (See Organization.) Indebtedness. (See Business, this title.) Indian Territory, national banking laws extended to 440 Injunction. (See Dissolution; Suits, this title.) Insolvency, all transfers, assignments, etc., in contemplation of, void. 357, 416, 674 Interest on loans (see Business, this title) That may be charged. (See Business, this title.) On security bonds 391 On special deposits of public moneys 408 "Lawful money" construed 371, 398 "Lawful money of the United States" construed 371, 398 Liability of holders of stocks as executors, etc 300 Of estates as stockholders 300 Not to be increased until reserve made good 345 Of persons to banks. (See Business; Organization, this title.) 782 INDEX. NATIONAL BANKS Continued. Page. Liquidation (see also Dissolution, this title) How may go into; proceedings 351, 409 Notice to be given comptroller 351, 409 Taking up security and redeeming notes 351, 409 Deposit of lawful money for outstanding circulation 373, 409 Whereupon bonds may be surrendered 373 If failure to so deposit, what 373 Certain banks exempt 373, 410 Loans. (See Business, this title.) Management. (See Directors and officers, this title.) Mutilation of notes, etc. (See Penalty, this title.) Name, approval by comptroller 332, 381 "National," use of word forbidden 361, 376, 416, 674 National bank act Carrying act into effect 235 What to be known as 381, 418 New associations subject to 421 National bank currency, "obligation of United States" 675 "National banking associations," applicable to what 389 National banking laws extended to Oklahoma 439 Indian Territory 440 Porto Rico 448 Hawaii 448 National currency associations How formed, etc 458,459 Corporate powers 459 Members 459 Management 459 Officers 459 Powers 480 National currency bills, receivable by designated depositaries, when... 387,452 Notes. (See Circulation, this title.) Offenses. (See Penalty, this title.) Officers President, appointment of 333, 382 Vice-president, appointment of 333, 382 Cashier, appointment of 333, 382 Other, appointment of 333, 382 Duties 333, 382 Bonds of 333, 382 Dismissal 333, 382 Fill vacancies 333, 382 President to be one of directors 334 Manner of appointing 382 And certain employees not to act as proxies 385 (See also Penalty, this title.) Oklahoma, national banking laws extended to 439 Organization, how formed 332, 381 Certificate, what to specify 332, 381 Acknowledgment of 332, 381 To be recorded and preserved by comptroller 332, 381 ( 'ertain copies to be evidence 332, 378 On state bank becoming a national 352 Name, approval of comptroller 332, 381 May be changed, conditions 437 Change not to affect debts, liabilities, rights, powers, etc 437 When to be a corporation 333, 382 When to commence! business 333, 382 What business to carry on 333, 382 Seal ' 333, 382 By-laws 333, 382 Comptroller to give certificate to commence business 338, 382, 392 May withhold certificate to do business 33(5, 392 Certificate to be published 338, 393 Comptroller to determine if can commence business. 338, 382, 392 INDEX. 783 NATIONAL BANKS Continued. Pago. Organization, articles of association of converted bank, execution of 352 Franchise, etc., to be forfeited for violations of act 357, 430 Violation, how to be determined 357 Repeal of act of February 25, 1863, not to affect what 360 Gold note banks 370, 397, 398, 423, 429, 666 Subject to currency act, except 370, 423, 429 Effect of removal on equalization of circulation 372 Articles of association 381,431 Powers and liabilities 382 Upon change of name 437 Successor corporate existence 333, 382, 430, 431, 452 (See also Dissolution, this title.) Manner of enjoying privileges 382 Articles of association, change of, not to affect creditors 383 Converted state banks 387, 388 Rights and duties of associations organized under act of 1863 388 New associations subject to national bank act 421 After term of existence, shall be wound up 432 Deemed citizens for certain purposes 438 Branch at Columbian Exposition 441 (See also Capital.) Branch at Louisiana Purchase Exposition 451 As member of clearing house not receiving gold certificates 587 Laws governing new associations 684 Penally. (See Penalty.) "Place where the bank is located and not elsewhere," defined 305 Plates. (See Circulation, this title.) Porto Rico, national banking laws extended to 448 Post notes. (See Circulation, this title.) Powers. (See Organization, this title.) Printing notes. (See Circulation, this title.) President. (See Officers, this title.) Real estate. (See Business, this title.) Receiver. (See Dissolution, this title.) Redemption. (See Circulation, this title.) Repeal Section 5177, Revised Statutes 422 Section 5185, Revised Statutes (part ) 423 Section 5171, Revised Statutes 433 Section 5176, Revised Statutes 433 Reports to comptroller quarterly 347 Contents " 347, 406 Penalty for failure to make 347 Comptroller to publish abstracts 347 Publication and proof 407 Monthly statement to comptroller 347 Return of circulation, deposits, and capital stock to treasurer 350, 408 Penalty for failure to make 350, 408 Of receiver to comptroller 356, 673 Of examiners to comptroller 358, 415 Associations to make not less than five annual reports to comptroller. 367, 406 How verified and to exhibit, what 367, 406, 430 To be sent within five days after request 367, 406 To be published ." 367, 407 Proof of publication 367, 407 Special reports 367, 407 Of dividends and net earnings 368, 407 II ow verified 368, 407 Statement of circulation in each State, and of amount to be retired.. 371 Assets and liabilities of consolidated banks to be reported 373, 410 Monthly returns of circulation, deposits, and of capital, and of notes of persons, state banks, etc., paid out 379, 424 In case of default , what 379, 421 Of converted shite hank 380 Provisions for making returns not to apply to nat ional hanks Statement before commencing business 392 784 INDEX. NATIONAL BANKS Continued. Page. Reports to comptroller quarterly, of protest of notes 411 To comptroller by savings banks, etc 428 Of liquidation expenses 452 Comptroller to Secretary, of circulation 653 Of failure to redeem notes 671 Reserve, amount to be kept on hand 345, 399, 439, 453, 667 In gold and silver coin 370, 398, 667 When amount falls below requirement 345, 399, 668 Money deposited for redemption in certain cities included 345, 400, 668 Leavenworth struck from list 361 Clearing-house certificates may be part 345, 400, 668 Charleston and Richmond may be redemption cities, if 346 If association fails to make good, what 346, 399, 668 One-half may be kept in New York 346,669 Except gold banks of San Francisco 669 Temporary loan certificates may be part of 199, 200, 365 Certain may not be part of 654 Certificates of deposit for United States notes may be part of. . 374,400, 668 Repealed 613 United States notes not to be counted as part of 374, 400, 668 Repealed 255, 613 On circulation abolished, except gold banks 418, 680 To be determined by deposits 418, 680 Five per cent redemption fund deposited with treasurer may be counted as part of 418, 681 Gold and silver certificates may be held as part of 434, 456, 587, 613 Additional reserve cities 438, 453 Central reserve cities 439 Not to apply to deposits of public moneys 468 Treasury notes (bullion) as part of 590 Three-fifths may be kept in certain cities 668 Rights. (See Organization, this title.) Return. (See Report, this title.) Seal 333, 378, 382 Security bonds. (See Circulation, this title.) Shareholders Power to dissolve corporations 333, 3S2, 409 \Vhen may fix day of election 335 Entitled to one vote at elections and shareholders meetings 335, 385 May vote bv proxies 335, 385 Not allowed to vote, when 335, 385 To succeed to liabilities and rights of prior holder 335, 383 Individual liability; exception 335, 386 Not to receive dividend from state banks when surplus deficient. . . 336, 386 Failing to pay stock instalments 337, 384 Assessments 404, 427 List of, to be kept by associations 349, 406 Subject to inspection 349,406 ( lopy to be sent comptroller 349, 406 Liable to state taxation on shares 350, 409 Limitations 350, 409 Holders of stock as executors, trustees, etc., liability 360, 387 Estates, liability of, as stockholders .' 360, 387 Names and residences in organization certificate 381 Meetings voting 3S5 Liability, how to be enforced 425 Meeting of, after receiver has paid debts 426 Agent Election of 426, 427, 444, 445 Duties and powers 427, 444, 445 Bonds for payment of debts of bank 426, 444 Transfer of properly to -i26, 444 Election of new 445 Not assenting to extension corporate existence, what 431 To decide whether agent or receiver wind up affairs 443 Executors, etc., may vote 445 Repayment to, of assessments 445 INDEX. 785 NATIONAL BANKS Continued. Page. Shares. (See Capital stock, this title.) Stamping Fraudulent notes to be stamped 427 Officers liable for wrongfully stamping 427 State banking associations- Liability of shareholder 335 Comptroller may close, when 336 Withhold certificate 336 As to conversion. (See Conversion of state banks, this title.) Capital of, expired or converted 378, 388 Statements (see also Report, this title) Monthly to comptroller 347 Stock. (See Capital stock, this title.) Succession, by name organized, time 333, 382 Suits, district attorneys to conduct under Solicitor of the Treasury 358, 377 Proceedings for injunction, jurisdiction 359, 414, 673 No attachment, injunction, etc., before judgment 375, 674 Jurisdiction of, against national banks 358, 377, 378, 402 To enjoin comptroller or receiver 378 Of, by or against national banks 438 Associations deemed citizens for purposes of suits, etc 437 Surplus fund, how provided 347, 402 Taxation Of evidences of indebtedness 237 Provisions as to national banks not affected 247 On circulation based on Isthmian Canal bonds deposited to secure circulation 262 Ten per cent on fractional notes 330 Of circulation 349, 362, 407, 442, 448, 454, 465 On deposits 350, 362, 407, 435 On capital stock 350, 362, 408, 435 Form, etc., of returns 350, 408, 424 How collected if not paid in time 350, 408, 424 Method of assessment when no return made 350, 408, 424 Shares of stock not exempt from State 350 Limitation 350, 366 Real estate subject to 351, 409 On state-bank notes paid out, or used 362, 363 None on circulation when below 5 per cent of capital 363, 378 On circulation of converted state bunk 363 State, on shares 365, 409 Shares of nonresidents 366 When redeeming circulation 379 On notes of persons or state banks, etc., paid out or used for circu- lation 379, 424, 425 Payment of taxes of converted state banks 380 Provisions for tax on deposits, capital, and circulation not to apply to national banks 380, 435 Refunding excess of duties paid 408 Deposits in certain savings banks exempt 417 Certain savings banks exempt 422 ( Circulation subject to State 442, 600 On national banking association not changed 442, 600 On banks and bankers 446 On notes of cities, etc., paid out, 650 Transfer. (See Capital stock, this title.) Transfers. (See Insolvency, this title.) Usury laws in the District of Columbia not to affect 362 Vice-president. (See Officers, this title.) Violations. (See Penalty.) Visitorial powers. (See Examinations, this title.) NATIONAL CURRENCY: Included in the words "obligation or other security of the United States". . 187 Not to be expanded or contracted 374, 401 Receivable by designated depositaries, when 387 786 INDEX. NATIONAL, CURRENCY ASSOCIATIONS. (See National banks.) Page. NATIONAL DEBT. (See Public debt.) NATIONAL MONETARY COMMISSION: Created 468 Appointment 468 To inquire into changes in monetary system, etc 468 Report to Congress 468 Powers 469 Appropriation 469 Accounts 469 Continued 469 Compensation 470 NEW ORLEANS. (See Assistant treasurer United States; Mint.) NEW YORK: Receiver-general of public money, appointment and duties 122 NEW YORK CUSTOM-HOUSE: Vaults, etc., for public moneys 122 Safe-keeping, etc., of public moneys 136 (See also Assistant treasurers United States; Assay offices.) NOTES: To be printed from hand-roller presses 250 Legal tender, exchange of, for silver coin 576 To be kept apart in Treasury 576 Issue upon retirement of fractional currency 576 Of Bank of United States receivable by United States 627, 628, 630 Repealed 630 Of municipal corporations for less than $10 prohibited 631 Circulation to be withdrawn 631 Bank, denominations under $10 and $20 not to be offered 631 Nor unless equivalent to specie 631 Repealed 634 Issue of, by defunct corporations prohibited 632 Of banks issuing such for less than $5 not receivable for public debt 662 Suspended until October 1, 1838 632 Circulation of, in the District of Columbia, less than $5 prohibited 633 Mutilated, worn-out, etc., replacing and destruction 638 For less than $1 prohibited 641, 659 (See also Bank of United States; Currency; National banks; Treasury notes; United States notes, etc.) "OBLIGATION ou OTHER SECURITY OP THE UNITED STATES" defined 187 OBLIGATIONS OF THE UNITED STATES: "Obligation or other security of the United States" defined 223,675 Destruction by maceration 684 Interest-bearing, may be exchangeable for bonds 191 Any, may be exchangeable for bonds 1 92 How, where, and what may be disposed of 191 Interest-bearing, not to be paid before maturity, unless 202 Names on portraits 244 Not to bear portrait of a living person 191 (Section 3576, Revised Statutes) 211 Payable in coin 201 (Section 3693, Revised Statutes) 218 Payable in coin 661 Permanent annual appropriations for expenses incident to (sec. 3689, R. S.). 218 Premium on sale of, to be accounted for (sec. 3652, R. S.) 217 Retirement, proceeds of sale of bonds for 192 Counterfeiting, etc. (Scr, Penalty.) Taxation of. (See, Taxation.) To be printed from hand-roller presses 250 OFFENSES. (See. Penalty.) OFFICER. (See Public officer.) OKLAHOMA: National banking laws extended to 439 ONE-DOLLAR PIECE. (Sec Coin.) PACIFIC RAILROADS: Issue of bonds to 171 Amount for freight to offset interest and earnings due United States. . . 208, 223 INDEX. 787 PACIFIC RAILROADS Continued. Pago. United States may pay prior liens and be subrogated 243 Proceedings to protect the United States 244 Investment of sinking funds 244 Settlement with central and western Pacific railroads 250 Foreclosure 251 Settlement with Sioux City and Pacific Railroad 257 PAR: National banks to take national currency at 260 Isthmian Canal bonds to be disposed of at not less than 260 PARITY: Of value (see also Gold and silver) 252 PARTING. (See Melting and refining.) PAYMENTS: On account of United States to be made in gold and silver 125 By disbursing officers in certain funds restricted 569 Gold and silver only a tender in payment by Government of debts 630 (See Debts; Public debts.) PENALTY: Adulterating, etc., gold dust in Alaska 610 Assistant treasurers to receive commissions, etc. (sec. 3597, R. S.) 212 Bank of United States buying or selling goods 274, 307 Making excessive loans 20, 274, 307 Penalty for fraud on, extended to Louisiana 284 Bribery of officers of 310 Buying, selling, etc., forged bonds, notes, etc 195, 225 Circulating notes, etc., for less than $1 641 Claims against the United States, carrying away, using, etc., papers bear- ing on 198 Coins, offering to pass, etc., certain copper 480 For debasing 479, 493, 507, 548, 571 And metals, for embezzling 479, 493, 548 Exporting specie 491,492 Impairing, falsifying, etc 491, 548, 571, 605 Importing false 491, 571 Laws Applicable to 2-cent piece 522 3-cent piece 524 5-cent piece 526 Extended to 20-cent piece 575 Applicable to gold dollar and double eagle 508 Making 1 and 2 cent pieces 523 Making, passing, etc., 3-cent pieces 525 5-cent piece 526 Or uttering, cards, etc., resembling money 572, 578, 594, 620 Devices of minor 572 Molds, hubs, dies, etc 594 Procuring or assisting, etc 594 Mutilating, defacing, etc 605 Passing, etc., or having in possession mutilated, etc 605 Provisions applicable to act of 1873 550 Taking impression of dies, tools, etc 196, 223, 677 Counterfeiting money, etc. (Constitution) 3, 153, 157, 179, 187, 245, 246 Bills, notes, etc.", of Bank of United States 282, 286, 308, 628, 629 Bonds and certificates of indebtedness 266 Provisions extended to certificates of indebtedness (1898) 249 Coin, bars, etc 473, 522, 523, 529, 547, 570, 578, 594, 609 Having in possession or uttering counterfeited, etc., gold or silver coin or bars 547, 570, 578 Minor coinage 548, 570 Gold or silver bars 547, 570, 578 Dealing in counterfeit securities 226, 678 Apparatus, disposition of 2 15, 246, 595 Exposition medals 621 Foreign notes, bonds, and securities 242 Forfeiture of apparatus, etc 595 Search warrants 245, 246, 595 788 INDEX. PENALTY Continued. Page. Counterfeiting money, national-bank notes 223, 359, 398, 595, 675, 703, 704 State-bank notes 595 Penalty for, to be printed on notes 178 Or forging securities 178, 223, 225, 266, 675 Buying, selling, etc., securities 195, 225 Treasury notes 78, 85, 90, 94 and bonds 168 And forging Treasury notes and other securities Ill, 119, 145, 313 Forgery, etc., in Alaska 609, 610, ?03 Defacing weights used at mints or assay offices 548 Disbursing officers, payments in unauthorized moneys, etc., by 14 0, 660 Unauthorized, loaning, depositing, etc., by, to be embezzlement 193 Unlawfully depositing, converting, etc., public moneys 229 Exchanging or paying in certain funds 569 Distinctive paper without authority, having 225, 676 Embezzling metals, medals, etc 548 Expired banks, circulating bills of 227 Corporations, issuance of bills, notes, etc., by officers of 326 Issuing bills, notes, etc., by 632 False demand ." 679 On fraudulent power of attorney (sec. 5436, R. S.) 227 Falsely personating holder of public stocks, or creditor (sec. 5435) 227, 678 Illustrations for numismatic books, etc 620 Imitating securities or printing advertisements thereon 196, 222, 662 Impressions, etc., having unlawful possession of 197, 678 Joining parts of notes, etc., in Alaska 704 Laws applicable to mint, officers and coinage extended to branches. . 499, 522, 529 Extended to assay offices 547, 567 Mining, manufacturing, etc., corporations remitted, certain on 424 National banks, buying, selling, etc., forged note of 195 Unlawfully countersigning and delivering notes 343, 398 Violation of act 357, 414 For embezzlement, etc 358, 406 For issuing, etc . , notes without authority 358 False entry, etc 358, 406 Mutilating, etc., notes, etc 359, 399 Counterfeiting, etc 223, 359, 398, 595, 675 Aiding and abetting embezzlement, etc 361, 369, 406 Construing embezzlement provision _ 362 Loaning on certain notes 366, 405, 670 Withholding them from use, etc 366, 405, 670 Failing to make reports 367, 368, 407 How collected 367, 407 To be paid into the Treasury 367, 407 Unlawfully certifying checks. 368, 405 Use word "national" 376, 416, 674 Failure to make monthly returns 379 Imitating notes with advertisements thereon 398 Taking usurious interest 344, 402 Upon directors 357,414 How violations to be determined 357, 414 Falsely certifying checks 434 Corporations contributing for political elections 455 Issuing unauthorized em-illation 667 Circulating bill of expired banks 227, 679 Forgery and counterfeiting in Alaska 703 Joining parts of notes in Alaska 701 Testimony as lo signatures to notes 704 Obligations of United States Buying, selling, etc., any forged 195 Making, etc., unauthorized impressions, tools, etc., of 196 Printing, etc., any business card, or notice, etc., upon J v J6, 222 For having in possession unauthorized impressions, tools, et." 197 For carrying u way, secreting, etc., tools, material, etc., used in print- ing ." 197 Using plates to print, without authority, etc. (sec. 5430, R. S., codified 1909) ". 224 INDEX. 789 PENALTY Continued. Page. Obligations of United States Continued. Making, having, etc., similitude of (sec. 5430, R. S., codified, 1909). . 225 Uttering, etc., forged 225 Making, having, etc., similitudes of 225 Having, etc., unauthorized impression of tool, etc., used in making. . . 226 Taking impressions of tool, etc., used in making 226 Officer charging a commission for services 141 Perjury in claiming redemption of stolen Treasury notes 142 Public moneys, embezzlement of 124, 139, 151 Conversion of 129 Faihire to deposit as required 151, 230 Unlawfully receiving, etc., on deposit, etc. (sec. 5497, R. S.) 194, 230 Failure of custodians to safely keep without loaning, etc 229 Disbursing officers unlawfully depositing, converting, etc 229 Failure of officer to render accounts, etc 229 Treasurer to safely keep (sec. 5489, R. S.) 229 Unlawfully receiving, etc., on deposit, etc. (sec. 5497, R. S.) 230 Purchase, etc., of coin, bullion, etc., to make unlawful contracts for 183 Savings banks, failure of, to make report to comptroller 407 Failing to report 428 And trust companies, failure to report to comptroller 407 Securities of the United States, printing, etc., any business card or notice, etc., on 196 Making or using cards, circulars, etc., in similitude of 196, 222 Imitating or printing advertisements thereon 222 Secreting, carrying away, etc., tools, etc., used in printing 197, 228 Stamping "United States assay," etc., on gold, silver, or manufactures of. 621, 622 Forfeiture of 622 State banks, etc., failure to make returns and pay taxes 424 Testimony as to signature to notes in Alaska .' 704 Treasurer, etc., failure of, to safely keep public moneys (sec. 5489, R. S.). 229 Treasury notes, etc., engraving 119 Using plates to print notes, etc., without authority, etc 224, 676 Uttering forged obligations, etc 677 PENSIONS: Payment of, by Bank of United States 1 15 Who to pay 1 23 Requirement that Bank of United States pay, repealed 310, 315 Act transferring duties of commissioner of loans to Bank of United States not to apply to military pensions 312 Secretary of War to direct payment of 315 Payment of arrearages from fractional-currency reserve 693 PESO. (See Coins, Porto Rico.) PHILADELPHIA. (See Assistant treasurer United States; Mint; Director of the Mint; Superintendent of the Mint, etc.) PHILIPPINE ISLANDS: Designation of depositories for public moneys 261, 258 Philippine treasury not required to give bonds, etc 261 "PLACK WHERE THE BANK is LOCATED AND NOT ELSEWHERE:" Defined 365 POPULAR LOAN: Subscriptions to 24!) Isthmian Canal bonds 260, 265 PORTO Rico: Designation of depositories for public moneys 258 Spanish Bank may amend its by-laws. Substitute capital Powers not enlarged Federal control unabridged Redemption of coins of Recoinage by United Stal CH Legal tender Payment of debts (As to banking, sec Banks; National banks; DesiVnal'-d dcposiuirics etc.) 790 INDEX. PORTRAIT: Page. Likeness of living person on bonds, notes, etc., prohibited 191 Section 3576, Revised Statutes 211 Names on 244 Of living person, not to be on bonds, notes, etc 658 POSTAGE CURRENCY: Fractional currency to be issued in lieu of 177 Notes may be issued in lieu of 644 Limitation on issue 645 Laws applicable to 647 POSTAGE STAMPS: Receivable for dues to United States 641 Exchange of, for United States notes 641 POSTAL CURRENCY: Portrait or likeness of living person on, prohibited 191 POSTMASTERS: Charged with custody of public moneys 122 Duties in relation to public moneys 138 POUND STERLING: Value of 567 PRESIDENT OF THE UNITED STATES: Authorized to borrow 7, 8, 48, 50, 52, 53, 55, 56, 61, 64, 65, 66, 72, 73, 75, 80, 83, 85, 86, 90, 94, 103, 103, 110, 112, 128, 131, 147, 149, 153, 155, 158, 159 To cause credit to be given States 54 Authorized to deliver stock to France for Louisiana purchase 62 To designate depositaries in which army and navy disbursing agents to keep money 71 To report to Congress sale of stock 80 May cause a subscription to stock of Bank or the United States 21 Authorized to appoint five directors of Bank of the United States 301 To appoint president of Bank of United States in case of vacancy 301 Power to remove certain directors of Bank of United States 301 Authorized to issue Treasury notes. ... 76, 81, 81, 84, 117, 127, 130, 134, 143, 151, 156 Power to issue Treasury notes to cease 119, 147 Authority to issue and reissue Treasury notes revived 154 May reduce weight of copper coin 484 (See also Loans; Treasury notes; United States notes, etc.) PRINTING: From hand-roller presses 703 PRIORITIES: In payment of interest to cease, unless 42 PROPOSALS (see also Loans) : For loan 131, 148, 155, 157, 158, 159, 163 Need not be accepted unless 158 May be readvertised 158, 160 PUBLIC ACCOUNTS. (See Accounts.) PUBLIC DEBT: Accounts of, to or from the United States to be kept by register 6 Alabama claims award to be used in payment of 208 Amount equal to interest on bonds in sinking fund to be applied on 205 Amount of bonds destroyed to be deducted from 205 Appropriation and payment of 70, 79 Bunk of t nited States to be paid off, how 27, 28 To pay into the Treasury money held to redeem 314 And Secretary to pay over to persons entitled thereto 314 Borrowing money to pay. (See Loans.) Certificates issued to creditor States, transfer of 104 Of indebtedness may be issued to pay audited demands and to holders of checks 169 Coin received from duties to create a sinking fund KiS Creditors not subscribing to loan, status of 10 Of unfunded or registered, to receive stock equal to interest 51 Demands under treaties, etc., how may be satisfied 59 Direct tax appropriated to pay loan 53 Domestic, loan to full amount authorized 8 Drafts for transfer of moneys to the- States receivable in payment, of 1 19 Dutch, manner of paying (iO INDEX. 791 PUBLIC DEBT Continued. Page. Duties appropriated to pay, to the Bank of the United States 48 Surplus appropriated to pay loan of 1798 52 To pay certain 61 Pledged to pay loan (1804) 65 For pay of 131 Surplus pledged to pay loan 55, 56 To be applied to payment of, unless, and how long 22 Appropriated to pay foreign 48 And tonnage excess, to be applied to purchase of 17 To be continued to be collected to pay 37 Evidences of, receivable for western lands 627, 628 Exchange of certificates on which interest is payable abroad 69 Six per cent and 7 per cent stock 104 Six per cent stocks 110, 112 Six per cent for 4 per cent bonds 239 Faith of United States pledged if revenues insufficient to pay loan 50 Pledged to provide revenues to pay loan of 1798 52 Pledged payment, continues 60 To pay interest 128 Payment of loan and interest 154, 155, 156, 158, 160 Five-twenty bonds may be redeemed or exchanged 204 Foreign, provision to pay 8 Foreign agent to receive subscriptions to certain stocks 69 Officers to be discharged 25 Funded debt of the United States, banks in the District of Columbia not to buy or sell, except 101 Not to be bought or sold by certain banks 288 Funds pledged for payment of 73, 74, 75, 81, 84, 85, 86, 87 To pay 105, 110 To pay, shall remain as pledged 70, 79 Gold and silver only a tender in payments by Government 630 Hawaiian assumed, limit 251 Increase forbidden 192 Of bonded, forbidden 203 Forbidden 649 Intercourse acts on account of, to be paid from internal revenue 36 Interest, payment of on foreign 7 Loan to pay, authorized 36 Upon may be anticipated 181 Bearing not to be paid before maturity, unless 202 Issue of registered or unfunded certificates prohibited 51 Limitation on amount of bonds and notes outstanding 175 Loaning to full amount 8 Loan of 1796 irredeemable xmtil 1819 47 "Loan office" certificates, "final settlements" and indents of interest to be exchanged 42 Loan office and final settlement certificates and indents of interest, settle- ment suspended 102, 106, 114 Loan office and final settlement certificates and indents of interest to be paid 107 Money held by banks to redeem, to be paid into Treasury 115 Nonsubscribing creditors to loan of 1790, ch. 34, privilege 29, 31, 35 Nonsubscribers to redemption loan not to be affected 80 Nonsubscribing creditors to loan (1807) not to be affected 71 Notes or bills of banks issuing such for less than $5, not receivable, when .' 318, 321, 325 Outstanding, amount of bonds, Treasury and United States notes (M3 Payment of the, power to make (Constitution) 3 Supplementary act as to 19 Of installments of loan from Bank of United States, time 32 To Bank of United States of second installment of loan, authorized. . . 32 Of foreign, due in 1795, authorized 34 To Bank of United States of third installment of loan authorized 34 Of foreign, and third installment of Bank of United States Inai!-; 34 Of foreign loan, authorized 36, 37 Of, bearing 6 per cent interest, appropriation to the sinking fund 37,38 792 INDEX. PUBLIC DEBT Continued. Page. Payment of the, what sums commissioners of sinking fund shall pay annu- ally 40 Bearing 6 per cent interest 44, 45 Secretary of the Treasury instead of sinking fund commissioners to make 117 Of, further sum placed in sinking fund 64 Of, shall continue, except 101 Payable in coin or lawful money 190 Payment of, in coin 201 Permanent annual appropriation for payment of, refunding, sinking fund, expenses, etc 218 Pledge for debts, etc. (Confederation) 1 Purchase to be made by commissioners 25 Future, to be at lowest price 26 At market rate 41 Not at higher rates than 67 Mode and time of 67 Of, acts making appropriations for, funded, repealed 98 From surplus in sinking fund, when 100 Of 7 per cent stock 107 Of stock from surplus fund, provided 150 Of evidences of 639 Receivable in what 95 Redemption of, moneys in sinking fund pledged 39 Loan of 1796, appropriation 47 Of, commissioners of sinking fund to continue 63 Of certain of, by voluntary subscription 68 Of certain stocks, credits and new certificates to be given 68, 69 Appropriation to sinking fund for payment of 99 Of compound interest notes 199, 200 Of United States notes in coin pledge, early 202 Reduction by retiring United States notes suspended 200 Refunding 203, 240 Reimbursement of part of the principal 43 Of unfunded or registered 51 To be under superintendence of commissioners of sinking fund 40 Reimbursements and payments, commissioners of sinking fund to super- intend 59 Powers of commissioners of sinking fund extended 71 Of certificates; preference; priority of payment 70 And purchase ol Treasury notes 77 Treasury notes 82 Renewal of destroyed unsubscribed debt certificates; proceedings 29, 30 Repayment, substitution of certain duties 37 Revenues, additional, provided to pay 87, 89 To pay, appropriated to sinking fund 98 Pledged to pay loan and interest (1848) 148 Sinking fund created 25 Permanent and adequate, to be established 87, 88 Approprial ion to, to pay 57 Additional appropriation to 113 And payment of, appropriation of certain surplus to, repealed 114 Statement, amount United Stateanotes to appear 682 Stock of 1810, how transferable; sale 72 Subscribers exchanging stock, preference to 72 Subscriptions to stork of Bank of United States, in payment of 2G9 Surplus of appropriations applicable to payment of 60 In Treasury appropriated to sinking fund 99 Temporary war certificates, principal and interest payable in lawful money on demand 199 Tender in payment of (Constitution) 3 Time to subscribe to loan extended 25, 28, 31 , 35 Domestic, loan extended 25, 28, 31, 35, 43, 49 Trail. -=f< -r of stock issued orr account of Louisiana purchase 78 Treasury notes bearing interest payable for 657 War claims to be presented within certain time 51 INDEX. 793 PUBLIC DEPOSITARIES. (See Depositaries; Designated depositaries.) Page. PUBLIC EXPENDITURES: Reports of, to be made to Congress (sec. 257, R. S.) 210 PUBLIC LANDS. (See Lands.) PUBLIC MONEYS: Act of June 23, 1836, except sections 13 and 14, repealed 326 Accounts to be kept separate 123 Of expenditures to be kept by register 6 Accurate, to be kept 124 Officers entrusted with, to keep accurate; embezzlement 139 Penalty for failure of officers to render (sec. 5491, R. S.) 229 Agencies for deposit and disbursement may be established where no banks. . 315 Army and navy disbursing agents, where to keep 71 Collectors and receivers of, to pay over 123, 138 Custodians of, duties of; bonds of, may be increased 215 Accounts to be examined 216 Depositaries, in other, to be withdrawn 124 Examination of 124, 138 Compensation to designated 150 Unauthorized, receiving, penalty 194 Certain mints and assay offices to be 211 Examination of 216 To make returns of moneys received and paid 216 National banks may be designated, except 181 Security required 181 Duties 181 Designation of, in the Philippines 261 Bank to be selected as 315 To be deposited in public, without delay, or within thirty days 248 Bank of United States to be 307 Reasons to be given Congress 307 Of, branch mint at Denver 519 Assay office at Boise, a 528 Certain mints and assay offices 568 Deposit Place of 136 To be made with treasurer, assistant treasurers or depositaries, by all persons having 151 Of public moneys, branch mint at Denver to be place of 170 Of, to be without deduction, except 214 As required, penalty for failure to 230 Of, in mint and branches to pay depositors of bullion 506, 509 Of, branch mint at Carson City place of 521 Depositing, converting, etc., penalty for unlawfully 229 Deposits In solvent specie-paying banks of proceeds of loans, withdrawal 165 Specie-paying banks, authorized 327 Withdrawal 327 Among banks, distribution of 458 Designated depositaries in Cuba, Porto Rico, and the Philippines 258 Difference between the funds receivable, to be no 126 Disbursing officers Payments by, in gold and silver or treasury notes; violations to be reported 140 To deposit, with treasurer, assistant treasurers, or depositaries 151 Deposit and withdrawal by 193 To be by draft or warrant, transfers to 193 Where no treasurer or assistant, deposit of 193 Duties; transfer of moneys to; where to keep, etc 214 Drafts on depositaries, time of payment, use as currency 126, 141 Duties, debts, etc., how to be paid 125 Embezzlement of 129 What declared to bo 1 24 Exchange funds in gold and silver only, unless by disbursing officers. . . . 126, 141 And payment of funds by disbursing officer 660 Violation of this provision 660 Of, by disbursing officers 560 Of funds for what 217 15712 10 51 794 INDEX. PUBLIC MONEYS Continued. Page. In default of designated depositaries to receive, Treasurer of the United States to keep 319, 326 Instructions, Secretary of the Treasury to issue 187 Internal-revenue officers, act of 1846 made applicable to 18 Interest On drafta; rate uniform, national banks to pay 263 On, in designated depositaries 319, 326 On special deposits in national banks 468 National bank depositaries, designation of 260 Officers charged with the custody of, duties 122 Paying over, by collectors and receivers, how often (sec. 3615, R. S.) 213 Other persons (sec. 3616, R. S.) 214 Paying in certain funds, restrictions on 569 Payments on account of the United States to be made in gold and silver. . 125 By United States of bank notes 129 To the United States, to whom to be made 124 And to whom 139 Postal revenues and debts, how paid into Treasury 248 Premiums received on sale of securities, officers must account for any 141 On sales of, to be accounted for 217, 661 Receipts for advance payments for lands, use of 126 Receiving on deposit, unlawfully, etc. (sec. 5497, R. S.) 230 Receivers-general. (See Receivers-general of public moneys.) Regulations for presentment of drafts (sec. 3645, R. S.) 216 Repeal of acts relating to 129 Safe keeping, etc 212 Disbursing, etc 136, 137 Paying out, etc., and by what officers 138 Of, by whom ; embezzlement 151 Penalty for failure of treasurer, etc 229 Without loaning, etc., penalty for failure of custodians 229 By national banks not modified 263 Specie, amount of at depositaries to be published 140 Subject to draft of Treasurer of United States in depositaries 123, 138 Section 3593, Revised Statutes 211 In Treasury and depositaries 216 Surplus to be deposited with the States 320 Fourth installment of deposits postponed 323 Prior installments to remain on deposit 324 Transfer of, from one depositary to another 123, 138 From one depositary to another; balance subject to draft 139 From a depositary to the Treasury or to another depositary 215 Without charge, bank of United States to 307 Transfers, except for disbursement, etc., illegal 320, 326 To be made to nearest safe bank 320, 320 May be made to mint or branches for supplying metal 320, 326 From banks in one State or Territory to those in another 323 Treasury of the United States, what to constitute 121 Vaults, temporary to be procured until permanent constructed 124, 139 And rooms of assistant treasurers 212 Where to be paid 215 Withdrawal from former deposit banks 324 Hanks refusing, suits to be brought, unless 324 Interest, etc., to be charged 325 Withdrawal 327 (See also Assay offices; Assistant treasurers; Designated depositaries; Mint; Moneys.) PUBMC OFFICERS: Certain, not, to be concerned in trade, etc 6 To account for premiums of sales of public securities 661 What, to keep and pay out public moneys 138 No salaried, to receive compensation for signing, etc., treasury notes 135 Provision for acting assistant treasurers or depositaries 189 PUBLISH. (See Advertise.) PURCHASE: Of coin with United States bonds or notes authorized 169 Of debt, from excess duties 18 INDEX. 795 PURCHASE Continued. Page. Commissioners appointed to, public debt 25 Future, to be made at lowest price 26 Of debt to be made at market rate 41 Debt not to be purchased at higher rates than 67 Mode and time of, of debt, acts amended 67 Of debt, appropriations for T 99 Of debt. (See Public debt.) Of stock authorized 75 Of stock before time of redemption 128 Of 7 per cent stock authorized 107 Of stock when surplus in Treasury 148 May be made from surplus funds, provided 150 Of treasury notes 82, 119 QUARTER DOLLAR. (See Coin.) QUARTER EAGLE. (See Coin.) RAILROADS. (See Pacific Railroads; Union Pacific Railroad Co.) RATES OF COIN. (See Coin; Coinage; Value.) RATIO BETWEEN GOLD AND SILVER: International conference 579, 586, 597, 602, 603, 604 Commissioners 580, 586, 597, 602, 603, 604 Compensation, report 580, 597, 603, 604 Parity to be maintained 590, 600, 602, 603, 610 President may call conference 604 President may appoint special commissioners 604 International bimetalism unhindered 614 RECEIPTS: Of public moneys, accounts to be kept by Register 6 RECEIVERS-GENERAL OF PUBLIC MONEY: Appointment and duties of, at New York, Boston, Charleston, and St. Louis 122 Charged with custody of public moneys 122 RECEIVERS OF PUBLIC MONEYS: At land offices, charged with custody of public moneys 122 Duties 138 (See also Public moneys.) RECOINAGE. (See Coinage.) REDEMPTION: Appropriations for, of debt 99 Bonds Five-twenty 204, 235 Gold coin deposits applied to 205 Six per cent, to be redeemed 219 Redeemed t o be destroyed 205 Record to be made 205 Amount to be deducted from public debt 205 To be canceled 219 Of 1858 230 Not to constitute part of sinking fund 241 Surplus to be applied to purchase 241 Redemption of 3 per cent, 4 per cent, and 5 per cent, with 2 per cunt. . 256 Compound interest notes J99, L'OO Copper and base metal coinage 530 Domestic; loan, on what terms 9, 10 Exchange of notes of 1890 for gold coin 252 Five-cent piece (nickel) 527 Fractional currency 233, 574, 575, 693 Fund of gold coin and bullion to redeem United States and Treasuiy notes. . 61 1 How maintained 611 Limit of reserve 611, 614 Exchange and reissue of notes 611 As trust fund 612 Funds for, of notes and certificates to bo hold as trust funds 254 Accounts transferred to divisions of issue and redemption 612 Interest bearing obligations not to be redeemed before maturity, unless. . . . 202 Money held by bank of Tnitod States for, of public debt to be paid into Treasury 314 Secretary to pay over to person entitled thereto 314 796 INDEX. REDEMPTION Continued. Page. Obligations of United States in coin 201 Public debt, what pledged 105 By voluntary subscription 68 Reserve fund to redeem notes of 1890 252 Silver certificates of certain denominations and substitution therefor 613 Stocks, of old 6 per cent and deferred ' 79 Subsidiary coins, of 584 Surplus revenue to be used 234 Treasury and United States notes of 1890 in gold coin 252 Notes (bullion) 590 And United States notes 610 Notes for others redeemed, etc 633 Notes, of certain demand 635 United States notes In coin 202, 219, 423, 661 And bonds 234 In excess of $300,000,000 at what ratio 234 And Treasury notes 610 Of certain denominations and substitution therefor 613 When gold in reserve fund falls below $50,000,000 257 As to national-bank notes. (See National banks.) (See also Bonds; Coin; National banks; Public debt; Treasury notes; United States notes, etc.) REDEMPTION DIVISION: Established in Treasurer's office 612 REDUCTION OF THE CURRENCY. (See Currency.) REFINER AT BRANCH MINTS. (See also Melter and refiner; Mints.) 498 REFINING. (See Bullion.) REFUNDING: National debt 203, 240, 252 Appropriations permanent annual, for 218 Exchange of higher interest bonds for lower 239 Certificates of deposit in aid of 240 REGISTERED STOCK: May be issued 154, 159 REGISTER OF THE TREASURY: Provision for 5 Duties 6 Not to be concerned in what 6 To keep accounts of debts to or from the United States 6 Receipts and expenditures of public moneys 6 Certificates of stock, signed by 40 To be issued by 1 46 REGULATIONS: As to loan of 1795 43 To carry act of 1796 into effect 48 REIMBURSEMENTS: Commissioners of sinking fund to superintend 40 Preference given to whom 70 Powers of the commissioners of sinking fund extended 71 Of stock exchanged for Treasury notes 92 REPEAL: Fifty-fifth section of act of 1789, chapter 22 482 Act April 2, 1792, chapter l(j, mint 481 Act 1792, chapter 16 (part), mint 483 Section 1, act February 9, 1793, foreign coins 490 Act of June 27, 1798, counterfeiting, etc., notes, etc., of Bank of United States 629 Act April 14, 1836, part as to bank notes 634 Part of act to regulate the deposits of public money, June 23, 1836 326 Partial, section 15, act June 23, 1874, Alabama claims 238 Act June 19, 1878, issue of coin or bullion certificates 584 Section 3524, Revised Statutes, part 574 Sections 3558, 3559, 3560, 3561, Revised Statutes, as affects Denver mint. . 601 Section 5177, Revised Statutes 422 Section 5193, Revised Statutes 255, 457, 613 INDEX. 797 REPEAL Continued. Page. Of acts authorizing receipt of evidence of public debt for land 66 Relative mode and time of purchasing debt, amended 67 Authorizing issue of Treasury notes, except 97 Loans and issue of Treasury notes 97 Certificates of stock therefor 97 Reissue of Treasury notes 98 Making appropriations for purchase, etc., of funded debt 98 Appropriation of certain surplus to sinking fund and payment of debt. . . . 114 Act abolishing office of commissioner of loans 115 Of acts relating to public moneys 129 Part of acts restricting the negotiation of bonds ao market value 177 Limitation of amount of national bank circulation 233 National bank act of February 25, 1863 360 Part section 32 of national bank act 681 Permanent appropriation for national loan 231 Authority to issue certain bullion certificates 240 First Isthmian Canal bonds 266 Section 10, act incorporating Bank of United States 292, 315 Acts requiring Bank of United States to pay pensions 310, 315 Transferring duties and records of commissioner of loans to Bank of United States 314 Certain acts relating to mints, assay offices, and coinage 550 Coinage of trade dollars 588 REPORTS: Of Isthmian Canal receipts and expenditures 262 From branches to Philadelphia mint 499, 519, 521, 528 Of assays of foreign coins 517 Of Director of the Mint 518, 530 Of superintendent of mint 531, 552, 553, 562 Of cost of transportation of silver, to Congress 588 To Congress. (See Congress.) (See also different offices and officers.) RESERVE FUND: Of national banks. (See National banks.) To redeem Treasury and United States notes of 1890 252 Maintenance of 252 For redemption of notes of 1890, sale of bonds to preserve 253 Limit 253 To be held as a trust fund 254 For redemption of notes of 1890, if can not be maintained, what 253 When gold coin falls below $100,000,000, what 254 $50,000,000 257 Gold coin and bullion to redeem United States and Treasury notes 611, 614 How maintained 611 Exchange and reissue of notes 611 Limit of reserve 611, 614 As trust fund 612 RESUMPTION OF SPECIE PAYMENTS: Silver coins for redemption of fractional currency 233 RETURNS. (See Reports.) REVENUE: Pledged and appropriated to pay interest of loan 14 Surplus, to be applied on debt unless, and how long 22 Loan to be reimbursed out of 33 Interest on loan to be reserved out of 33 Appropriated to build vessels 33 Secretary of the Treasury to- report to < 'ongress estimate of 57 In what payable 95 More effectual collection of 95 Appropriated to sinking fund 98 Reports of, to be made to Congress by Secretary of the Treasury 210 Secretary of the Treasury to perform all services relative to finances 210 (See also Duties.) REVENUE-STAMP CUKIIKNCY: Fractional currency to be issued in lieu of 177 798 INDEX. ST. Louis: Page. Receiver-general of public moneys, appointment 122 Safekeeping, etc., of public moneys 136 (See also Assistant Treasurer United States.) SAFE DEPOSIT COMPANIES: Incorporation of, in District of Columbia 291 Comptroller to take possession 291 (See also Banks; Comptroller of the Currency.) SAN FRANCISCO. (See Assistant Treasurer United States.) SAVINGS AND TRUST COMPANIES: To make reports to the comptroller 406, 407 SAVINGS BANKS: Organization 290 To report to the Comptroller of the Currency 290, 406, 407, 428 Subject to banking laws 291 Certain, exempt from internal revenue taxes 422 Paid-in capital of existing 428 In District of Columbia subject to national banking laws 428 SAVINGS BANKS (STATE): Comptroller to report condition to Congress annually 374 (See also Banks; Comptroller of the Currency.) SAVINGS COMPANIES: To report to Comptroller of the Currency 290 Subject to banking laws 291 SEALED PROPOSALS. (See Proposals.) SECRETARY OF THE TREASURY: Provision for 5 Duties 5 Not to be concerned in what 5 To perform services relative to the finances 5 To digest and prepare plans for support of public credit 5 To report estimates of public revenue and expenditures 5 Assistant provided 5 Duties 6 Not to be concerned in what 6 To make report to Congress on finance 57 Appropriations to sinking fund 58 To prescribe regulations for agents and commissioners of loans 71 To perform duties of commissioners of loans 115 Duties, powers, and records of sinking fund commissioners transferred to.. 117 To issue instructions as to public moneys 187 May delegate an assistant secretary to sign pay warrants 199 Duties of (sec. 248, R. S.) 210 Reports to be made by, to Congress (sec. 257, R. S.) 210 To maintain parity of value 252 To be furnished statements by Bank of United States 274 Bank of United States to make reports to 306 May inspect general accounts of Bank of United States 306 To give Congress reason if public moneys deposited with other than Bank of United States 307 To act as agent of United States in matters relating to Bank of United States 310, 322 Directors to furnish him statements 322 Authorized to examine bank 322 To receive and deposit dividends, capital stock, etc 322 To nettle claim for surplus profits 323 To notify and transfer records of commissioners of loans to bank of United States" 311 To pay over to persons entitled thereto money held by Hank of United States to redeem public debt 314 Records of commissioners of loans to be transferred to 314 To withdraw public moneys from deposit banks 324 Approval of purchase by receiver of national bank property at execution sale -" 436 Authority of, in respect, to additional national bank currency 468 Duty of, relative exchange of coin for bullion 477 To cause assays of foreign coins 490 Report to Congress 498 INDEX. 799 SECRETARY OF THE TREASURY Continued. Page. To appoint necessary clerks in mint bureau 551 To designate Acting Director of Mint 552 May deposit public moneys or bullion to pay bullion depositors 563 May purchase coin with bonds or notes 570 May transfer gold bars for redemption or exchange purposes 573 To report to Congress amount of exchanges, loans, etc 649 Power to make reduction of currency suspended 651, 659 SECURITIES: Congress to provide punishment for counterfeiting (Constitution) 3 Certain officers not to be concerned in purchase of public 6 SECURITY: May be required of designated depositaries 318, 326 SECURITY OF THE UNITED STATES. (See Obligations of the United States.) SEIGNIORAGE. (See Coinage.) SILVER: Or manufactures thereof, stamping wrongfully 621, 622 Forfeiture of ! 622 A legal tender 631 A tender in payment of debts by the Government 630 (See also Coin.) SILVER BARS. (See Bullion.) SILVER BULLION. (See Bullion.) SILVER CERTIFICATES. (See Certificates.) SILVER COINS. (See Coin, silver.) SILVER DOLLAR. (See Coin.) SILVER PROFIT FUND 538 Restriction on payment from 589 (See also Bullion; Coin; Coinage.) SINKING FUND: Proceeds of sale of western lands to form 15 Created 25 Accounts of to be rendered 25, 26 Interest on certain of the debt to establish a fund 25 Appropriation to 63 Continuance and application of 39 To pay interest and principal of debt 57 Secretary of the Treasury to pay certain appropriation to 59 Further sum to be paid to by Secretary of the Treasury 64 Permanent and adequate to be established ". 87, 88 Revenue appropriated to, application of 98 Surplus in Treasury appropriated to 99 Additional appropriations to, for payment of debt 99 Congress may apply surplus in, to any objects in case of war 100 When surplus, what debt to be purchased 100 Additional appropriation to 113 Appropriation of certain surplus and payment of debt repealed 114 Coin received from duties to create 168 Obligation to create, not to be impaired 181 Record to be made of bonds destroyed 205 Bonds held in , to be destroyed 205 Coin from duties set apart to pay 1 per cent of debt (sec. 3694, R. S.) 219 Addition to, of interest (sec. 3696, R. S.) 219 Obligation to create, not to be impaired (sec. 3699, R. S.) 220 Appropriations, permanent, annual for (sec. 3689, R. S.) 218 Redemption of five-twenty bonds, for the 235 Redeemed bonds not to constitute part of 2-11 Payments on account of 256 Fractional currency to be part 576 SINKING-FUND COMMISSIONERS: Appointment of, and duties 25 To purchase debt of tin; United States 25 Authorized to borrow $1,000,000 to pay interest on public debt 36 To have management of funds To superintend reimbursement of debt -10 Annual sums to be paid by the -10 Duties, etc., of, under act of 1795, extended to analogous cases 43 800 INDEX. SINKING-FUND COMMISSIONERS Continued. Page, To pay debt bearing 6 per cent interest 44, 45 Authorized to issue certificates of stock 40 To reimburse unfunded or registered debt 51 When to pay debts 58 To superintend reimbursement and payments of loan and debts 59 Specific appropriations to be applied under direction of 59 May borrow sums to pay Dutch debt 59 How to pay Dutch debt 60 Power to borrow money, or sell bank stock not affected 60 Former regulations, etc., shall apply to, under act of 1802 60 To report to Congress sale of stock, loans, and payments, when 61 To continue to redeem the stock and debt 63 Authority as to mode and time of purchasing debt, amended 67 Not to purchase debt at higher rates than 67 To pay interest and debt 70 73, 74, 75, 79, 81, 82, 84, 85, 86, 86, 94, 103, 103, 105, 110, 113, 113 Authorized to purchase stock 75, 81, 84, 85, 86, 94 To reimburse and purchase treasury notes 77, 82 To be given funds to pay treasury notes 83 To purchase 7 per cent stock 107 Duties, powers, and records of, transferred to Secretary of the Treasury. . 117 Additional appropriation of duties, etc., to 37 SINKING FUND OF THE DISTRICT OP COLUMBIA: Offices abolished; duties transferred to Treasurer of United States 239 Sioux CITY AND PACIFIC RAILROAD COMPANY: Settlement with 257 SOVEREIGN (see also Coin): Value of 567 SPAIN: Issue of stock to pay awards under treaty with 109 SPANISH BANK OF PORTO Rico: May amend its by-laws 258 Substitute capital 259 Powers not enlarged 259 Federal control unabridged 259, 450 Amendment of by-laws 449 Powers not enlarged 450 SPANISH CLAIMS: Receipt of money and payment 116 SPANISH MILLED DOLLARS. (See Coin.) SPECIE: Designated depositaries to pay government checks, warrants, etc., in ... 317, 326 Their own notes and bills 318, 326 To credit as, all government deposits 317, 326 To keep in vaults as required 318, 326 (See also Coin.) SPECIE PAYMENTS: Faith of United States pledged to 201 Section 3693, Revised Statutes ' 218 Silver coins for redemption of fractional currency 233 STAMP CURRENCY: Fractional notes may be issued in lieu of 644 Limitation on issue 645 Laws applicable to 647 Limitation on amount 658 STAMP DUTIES: During war of 1812 on banks, bankers, notes, etc 293 Composition with bankers in lieu of 293 STAMPING (.we Bullion): Fraudulent notes to be stamped 427 ( Mlicers liable for wrongfully stamping 427 STAMPS: Included in words "obligation or other security of the United States". . . . 187 Receivable for dues to United States 641 Exchange of, for United States notes 641 STATE BANKS. (See Hanks.) STATE DEBTS. (Sec States.) INDEX. 801 STATEMENT: Page. Monthly, of treasury notes issued or redeemed 119 STATEMENTS. (See Reports.) STATES: Not to coin money (Constitution), emit bills of credit, nor make anything but gold and silver coin a tender 3, 473 Commissioner of loans to be appointed in each State 8 Debts of, to amount of $21,500,000 assumed, and loan proposed 11 Chargeable with amount subscribed to loan 14 Settlement of accounts between United States and 15, 17 Time of settlement extended 17 Balances due, to bear interest 31 Duties pledged to pay the interest 32 May transfer interest credits 32 Transfer of credit stock, conditions 42 Debtor may obtain a discharge 54 Certificates issued to creditor, transfer of 104 Transfer drafts, settlement of 119 Owing United States on account of advances not to be paid 202 Payment to Massachusetts for expenditures in war of 1812 202 Retention of money due, in default (see. 3481, R. S.) 211 Surplus in the Treasury to be deposited with 320 Fourth installment of deposits postponed 323 Prior installments to remain on deposit 324 STOCK: Agents authorized to sell 76 May be appointed to sell 80, 81, 84, 85, 86, 86, 94, 128 Certificates of, signed by register in favor of France 62 New certificates to be given in redemption of certain 68, 69 Certificates received by the United States to be canceled 100 Lost or destroyed certificates, how certain to be paid and renewed 102 Duties of commissioners of loans transferred 96 Exchange of 6 per cent and 7 per cent debt 104 Six per cent debt 110 Exchanged for Treasury notes shall be transferrable and reimbursable .... 145, 146 Exempt from state taxation 636 Faith of United States pledged to payment 128 False demand on fraudulent power of attorney (sec. 5436, R. S.) 227 Falsely personating holder (sec. 5435, R. S.) 227 How to be disposed of; advertising; proposals 1 30 Issue of, to pay awards under treaty with Spain 1 09 Issue for bona fide purposes; and denominations 133 Issued to pay Texas, to be 149 Loan of June 14, 1858, may be in coupon or registered 154 May be issued in lieu of Treasury notes 134, 135 Instead of Treasury notes 146 But at not less than par 146 Purchased, 7 per cent to be 1 07 Purchase of 128 Purchased when surplus in the Treasury, may be 148 From surplus funds, provided, may be 150 Receivable for western lands of United States 49, 627, 628 Redemption of certain, after, what 58 Ola 6 per cent and deferred 79 Report of sale of, to be made to Congress 80, 83, 85, 86, 94 Sale of, what part under par 47 Sales of public lands pledged for payment of 116 Subscription to redeem certain 68 To Bank of United States may be paid in 298 Transfer of, standing to credit of a State 4'J Issued on account of Louisiana purchase 78 Transfer of !'2 Troa-sury notes may be converted into funded 93 Treasury notes may be issued instead of 160 (See also Bonds of the United States; Certificates; Loans.) STOLEN TREASURY XOTK.H: Officers receiving, to have credit, when (sec. 3707, It. S.) 222 802 INDEX. SUBSCRIPTIONS: Page. To domestic loan, how to be made 8 What subscribers entitled to. 9, 10 Rights of nonsubscribing creditors to loan of 1790 not impaired 10 To loan for funding state debts 11, 15 To loans to pay domestic and state debts, time extended 15 To domestic loan, time extended 25, 28, 31, 35, 43, 49 Privileges of nonsubscribing creditors 29, 31, 35 To the full amount of certain stocks 68 Nonsubscribing creditors to loan (1807) not to be affected 71 Preference given 72 To redeem old 6 per cent and deferred stocks 79 Nonsubscribers to redemption loan not to be affected 80 To exchange stock 104, 110, 112 Nonsubscribing creditors unaffected 106, 110, 113 To be opened for Treasury notes 162 Individual, to be received popular loan 249 Isthmian Canal loan open to citizens 260, 265 To stock of the Bank of the United States. (See Bank of the United States.) SUBSIDIARY SILVER COIN. (See Coin.) SUBTREASURIES. (See Assistant treasurers.) SUITS: Repeal provisions of coinage act of 1873 not to affect 550 SUPERINTENDENT OP MINT: At branches 498, 519 To employ clerks, workmen, etc 498, 531 Bond ; renewal; increase 509, 552 To pay profits into Treasury 514 To render quarterly account 514, 553 Appointment of 531, 551 Powers, etc 531 Duties 531, 552, 553 Reports 531, 552 Expenses, statements of 531, 553 Shall receive and safely keep moneys and bullion 531, 553 To deliver coins to persons to whom payable 531, 553 To compute value of deposits, charges, and deductions 531, 553, 557 To give memorandum and certificate to depositor 531, 553, 557 To give and receive vouchers on transfer of coin or bullion 531, 553 To appoint assistants, clerks, workmen, etc 531, 532, 553 Not in assay offices 532, 553 To appoint acting officers 533 Temporary absence of, chief clerk to act 533, 552 Liable for acts of subordinates 533 Increase of bonds 533 Salaries 534 To weigh bullion and give receipt to depositor 537, 557 To deliver portion of bullion for assay to assayer 537, 557 To purchase metal for minor coinage 538 To receipt for ingots 539, 559 To receipt for bars 540 To deliver ingots for coinage 540, 559 To keep record thereof, etc 540, 559 To receipt for coins and keep record thereof 54 1, 5(10 To test coins, and if not satisfactory, etc 541, 561 Proceedings on receipt of coins from coiner 54 1 , 561 To receipt for and keep record of clippings and bullion 542, 562 To debit and credit coiner 542, 562 To examine accounts of coiner and inelter and refiner 542, 562 To be satisfied as to wastage 542, 562 To forward balance sheet to Director 542, 562 Statement of expense account 54?, 562 To regulate standard weights 544, 564 Regulations as to dies and medals 515, 565 To be present when coiner destroys obverse working dies 545, 564 To act, as treasurers 549 May require oath from employees 552 INDEX. 803 SUPERINTENDENT OP MINT Continued. Page. Liable for acts of subordinates 552 To appoint acting officer 552 To report names, etc. , of persons appointed 553 To purchase^bullion for silver coinage 538, 558 To transfer parcels of bullion to melter and refiner 559 To keep record thereof 559 Voucher to be taken 559 To deliver coins or bars to depositors of bullion 563 Payment to depositors, in what coin 563 May be constituted an assistant treasurer to receive gold coin and bullion. 582 May exchange gold bars for coin 616 (See also Mint, for duties of superintendents at particular places, etc.) SURPLUS FUND: Unexpended appropriations to be carried to the 42, 58, 149 Balance of census appropriation to be passed to 114 Not to be applied to other purposes 150 SURVEYORS OP CUSTOMS: Charged with custody of public moneys 122 Duties in relation to public moneys 138 TAXATION: Ten per cent per annum on bank notes for less than one dollar 179 On capital and deposits of banks, etc., repealed 435 Bonds or other obligations exempt from State 191 Treasury notes exempt from State 175 Treasury notes, etc., exempt from State, municipal, or local 220 To be exempt from United States and State Issue of 1870 203 1898 249 1900 253 Isthmian Canal 260, 265 And other securities of the United States exempt from State 167 Stocks, etc., of United States exempt from State 636, 642 Banks and bankers 446 Brokers and bankers on sales of bullion and coin, duty on 188 Certificates of indebtedness exempt from United States and State 266 Of United States subject to State 247, 600 Coin. (See Coin.) Ten per cent on fractional bank notes 330 Gold, silver, and coin subject to State 247, 600 Incomes, including interest on notes, bonds, etc 188 Mining, etc., corporations, certain taxes on, to be adjusted 237 Mining, manufacturing, etc., corporations, remission, on circulation of. ... 424 National banks on evidences of indebtedness, taxing 237 Banking associations not affected, provisions relative 247 Bank circulation based on Isthmian Canal bond deposit 262 Bank, United States notes, etc., and coin subject to State 247 Bank notes subject to State 600 Banks. (See National banks.) Notes of persons or banks other than national, etc 424 And coin, State 442 Of cities, etc., paid out by banks, etc 650 Obligations of United States exempt from State 184,191,220,636 Savings banks, deposits in certain exempt 417 Certain exempt from internal revenue 422 Securities of United States exempt from State 167 Stamp duties on banks, notes, etc., during war of 1812 293 Composition with bankers in lieu of 293 Stocks, etc., exempt from State 220, (536, 642 Treasury notes exempt from State 175, 18!), 220 Subject to 247 United States and national bank notes subject to State 247, 600 (See also National batiks.) TAXES: Power to lay and collect (Constitution) 3 Due United States in what to be paid 125 To bo paid in gold and silver coin only 140 (See also Revenue.) 804 INDEX. TEMPORARY LOANS: Page. Provision for 204, 167 Aggregate not to exceed 167, 170, 174 TENDER. (See Legal tender.) TEXAS: , Stock to be issued to pay claims 149 THREE-DOLLAR PIECE. (See Coin.) TONNAGE: Duties pledged to pay loan 7 Interest on foreign debt to be paid out of excess 7 Excess of duties on to be applied to purchase of debt 17 Surplus to repay loan 27 To be applied to repay loan 29 Pledged to pay interest on balances due States 32 Loan of $2,000,000 to be repaid out of 34 (See also Revenue; Duties.) TRADE DOLLAR. (See Coin.) TRANSFER: Of loan stock (loan certificates) 10 Of public money between treasury and depositaries 215 TREASURER OF MINT: Provision for 474, 500 Duties 122, 138, 474, 483, 500 Oath of office 475 Bond 475,483 Renewal or increase of 509 Salary 475 To set apart pieces for assay 478 To retain part of bullion as charge for melting and refining 484 Not obliged to receive certain bullion 484 To account for refining charges 485, 488, 493, 494 At branches 122, 138, 498 To report quarterly to Treasury Department 501 Clerks, appointment and duties 501 Account with melter and refiner 504 To transfer bullion to melter and refiner 503 To keep record of ingots received 503 To deliver ingots to chief coiner 504 Duty on receiving coins from chief coiner 505 To preserve trial pieces 505 To keep record of clippings 505 Account with chief coiner 505 To deliver copper planchets to chief coiner 507 To exchange copper coins for other money 507 To purchase bullion for subsidiary coins 512 Charges and credits on account thereof 512 To purchase bullion for cent piece 517 Offices in Philadelphia, San Francisco, and New Orleans, vacated 549 Duties to devolve upon superintendents 549 To act as assistant treasurers of United States 549 (See also Mint for duties of treasurers at particular places, etc.) TREASURER OP THE UNITED STATES: To keep and disburse the moneys of the United States 5 Provision for 5 Duties 5. 138, 254 To give bond 6, 138 Not to be concerned in what 6 Charged with custody of public moneys 122 Public moneys in depositaries subject to draft of (sec. 3593, R. S.) 211 To perform duties of commissioners of Districtof Columbia sinking fund. . 239 Assistant treasurer provided 242 Divisions of issue and redemption established 253 Reimbursement for loss on recoinage uncurrent silver coins 25(J To keep public moneys on default of designated deposatories to receive. . 319 Duties relative redemption of national bank circulation 351 Act and order of, as to additional national bank currency 468 To coin certain bullion and pay into the Treasury 527 INDEX. 805 TREASURER OF THE UNITED STATES Continued. Page. To redeem certain bank notes from general cash 591 Divisions of issue and redemption established 612 Assistant treasurers. (See Assistant treasurers of the United States.) TREASURY DEPARTMENT: Established 5 Act establishing the, extended to territory of Louisiana 65 Bureau of the Mint-provided 550 Divisions of Issue and Redemption established 612 TREASURY NOTES (see also United States notes): Accounts of, to be kept 118, 152, 156 Act of December 23, 1857, revived 164, 167, 178 Acts of October 12, 1837, etc., renewed 121 Agents to sell; commissions 82, 85, 90 Bonds of United States may be disposed of for 167, 180, 184 Borrowed on, money may be 77, 93, 118, 121, 144, 152 Canceled or destroyed, when received by United States, to be 98, 119 Cancellation, etc 145, 152, 157, 163, 639, 643, 646 And destruction 98, 119, 120, 121, 127, 176, 177, 184, 646 For silver dollars coined 254, 707 On silver coinage 255, 614, 708 Of equal amount of silver dollars coined 612 Certificates of deposit may be given for United States notes 167, 635 Collectors, etc., shall, on receiving, take a receipt 145 Convertible into bonds 184, 190, 191, 645 Convertible into stock 93, 145, 146 Counterfeiting. (See Penalty). Crediting collectors and other receivers of public money with 93, 118 Credit for principal and interest to be given when received in payment of debts due the United States 118, 144, 152, 210 Custody and disposal of, received 152, 157 Demand, payable where 162, 164 To be taken up 166, 635 Shall be lawful money and legal tender like United States notes 660 Not to redeem national-bank notes 660 Denominations 77, 91, 117, 120, 121, 127, 130, 143, 151, 156, 160, 162, 166, 190, 590, 643, 698 Not less than $10 162, 176, 184, 634, 643 Not less than $5 164, 635 How disposed of 176, ] 77 Destroying 638, 646, 659 Disposal of, how 184, 191, 643 For what may be 189 Due and unpaid to bear interest 95, 1 32, 134 Engraving and preparation 428, 658, 659, 661, 687, 688, 690, 703, 710 Exchangeable for specie 152, 154 Stock or bonds 158, 1.60 Interest-bearing bonds 191 For any bonds 192, 646, 648 For 6 per cent bonds 185 For other notes 162 For United States notes 1 76, 643 Notes of ] 890 for gold coin 252, 253, 611, 706 For coin 162, 163 Expense of issue, etc; 90, 94, 1 1 9, 120, 154, 157, 158, 160, 164, 167, 187, 201, 206, 218, 428, 590, 661, 687, 690, 698 Form of 90, 178, 187, 190, 590, 639, 698 Statement of accrued interest, character, and penalty for counterfeit- ing to be printed thereon 1 78 Fraudulent , to be stamped 427, 689 Officers for wrongfully stamping 427, 689 Funding of 92, 1 06, 145, 146, 1 66, 636 Instructions relative to receiving or preparing I S7 Interest on 76,77,82,85,91,93, 117, UK, 119, 120, 121, 127, 132, 134, 135, 143, 152, 154, 156, 157, 159, 160, 161, 162, 163, 175, 184, 190, 643 Not to bear 9 1 , 92, 1 62, 634 Due to be paid 95 Payable when 190 806 INDEX. TREASURY NOTES Continued. Page. Interest payable in coin 166, 190, 219 In lawful money 176, 643 After maturity, payable in lawful money . 185 To cease after notice or call 143, 152, 156, 161 Rate and character to be expressed 191 (See also Interest.) Issue of 76,81,84,89,90,91,117,120,121,127,130,132,133,134,143 146, 151, 152, 156, 161, 162, 163, 165, 175, 184, 190, 590, 633, 635, 643, 645 Noninterest bearing 91, 92, 162, 634 Acts authorizing issue repealed 97 Power of President to issue to cease 119, 147, 153, 157, 163 Authority of President revived 154 In place of canceled 120, 121, 163 When stock can not be sold at par 132 Stock in lieu of, authorized 134, 135, 146, 160 Other notes for those redeemed 130, 133, 134, 145, 152, 157, 176, 633, 643 Instead of stock 89, 160 In lieu of certain bonds 184, 189 Demand notes 165, 636 United States notes 636 For supplies and materials 191 After 1862 forbidden 160 To purchase silver bullion 590, 698 In exchange for coin 634 Additional 635 Larger denominations in lieu of smaller retired 710 Legal tender 77, 82, 85, 93, 118, 144, 157, 160, 176, 177, 184, 211, 590, 635, 643, 645, 657, 660, 698 To same extent as United States notes 169, 176, 380, 643, 645, 660 Demand (United States) 166, 169, 635 Demand (Treasury) 660 Not for payment of national-bank circulation, when 185, 380, 646, 660 Notes authorized, no further issue of 189 Not to be issued (March 3, 1865) 191 Limitation on issue 77, 81, 84, 89, 91, 117, 121, 127, 130, 132, 133, 134, 143, 146, 151, ]52, 153, 156, 157, 162, 163, 185, 189, 590 'SYhole amount 127, 145, 146, 163, 166, 175, 635, 643, 646, 698 Upon deposits of United States notes with depositaries 170, 174 Lost or stolen, how to be paid 102 Mutilated or injured may be replaced 170 Destruction of 170 Cancellation, redemption, replacing, etc 238, 638, 658, 659 Not legal tender in redemption of bank notes 380 Not to be received, paid or funded, except at the Treasury 106 ' ' Obligation or other security of the United States, ' ' included in the words. 187, 223 Officers receiving, etc., stolen uncanceled, to have credit for 142 Outstanding not to exceed $5,000,000 (1840) 121 \Vhat 185, 646 Volume of certain 590 Paid out for public dues, etc., amount to be 162 Par, not to be issued under 77, 93 Part nut ional-bank reserve 590 (Sfc also National banks.) Payable to public creditors at par 76, 93, 144, 152, 157, 160, 176, 21 1, 615, 657 On demand authorized 162, 164, 165, 635 For what 76, 77, 82, 90, 93, 117, 120, 127, 157, 1(50, 162, 163, 176, 184 Only at the Treasury 106 At other places 164 In coin or lawful money 190 Or its equivalent pledged 201 , 21 8, 652, 661 Not before maturity, unless 201, 219, 652 For debts due the United States 210, 657 Payment of duties in demand notes 210 Penalty for counterfeiting, forging, etc 78, 83, 85, 90, 94. Ill, 119, 121, 127, 145, 153, 157, 168, 187, 195, 196, 197, 222, 223, 224, 225, 226, 228, 245, 246, 313, 640, 700, 703, 704 (See also Penalty.) INDEX. 807 TREASURY NOTES Continued. Page. Portrait or likeness of living person on, prohibited 191, 211, 658 Name 244 Premium on sale of, to be accounted for (sec. 3652, R. S.) 217 Printing from hand-roller presses 250, 703 Public officer receiving, what to be credited and charged with. 77, 82, 85, 93, 118 Purchase of, at par 78,82,119,145 Coin with 169, 220 Purloined. (See Stolen, this title.) Receipt of, except at Treasury, prohibited 106 To be taken on payment of 145, 152 Receivable in payment of loans, certain 86 In payment of loan 94, 175 For public dues, $50 165 For what 76, 77, 82, 85, 86, 90, 93, 94, 95, 118, 120, 127, 140, 144, 152, 157, 160, 165, 166, 169, 171, 175, 590, 635, 698 Redemption 76, 82, 84, 90, 117, 119, 121, 128, 130,143, 145, 152, 155, 156, 157, 158, 159, 160, 184, 190,590,643, 646,646 And purchase of 119 Of within a year if 121 By issue of stock 128, 134 Of stolen uncanceled, put into circulation; evidence required 142 Amount to be published 147 Money received under act of June 22, 1860 157 Residue of loan of June 22, 1860, to be applied to 158 Out of surplus revenue (United States) to be 234 At what ratio (United States) in excess of $300,000,000 234 Before maturity 202, 219 Of (United States notes), in coin and bonds 234 In gold coin (1890) 252, 705 In gold 610 Of certain demand 166, 635 Fund of gold coin and bullion 252, 253, 705 Maintenance of 252, 253, 705 Limit 706 Funds to be used for no other purpose 254 In coin 590, 698 Secretary shall make regulations respecting mutilated or defaced 658 Reimbursement of 77, 82, 84, 90, 117, 119, 143, 144, 145 Reissue of 92, 121, 130, 133, 133, 134, 145. 152, 154, 163, 177, 238, 590, 611, 698 Power to, to cease 119, 120, 153, 163 Power of President to, revived 154 Of, act repealed 97 Of new in place of worn-out, etc 170 Of notes for $50 or less 163 Replacing in the Treasury 155, 158 Report to be made to Congress 147, 163, 1 92 Reserve fund for redeeming, of 1890 252, 253 Maintenance of 252, 253 Addition to 721 Retirement, proceeds of sale of bond for; amount 192, 649 (United States notes) prohibited ; reissue, further 238 Rules and regulations as to receipt of M9 Sale and redemption 1 52 Or pledge of 82, 85, 93, 144, 152 Of, to pay Alabama claims 237 Seal of department on, not required 164 To be issued under 1 62 Signing and countersigning 76, 82, 85, 90, 91, 117, 143, 144, 152, 156, 162, 178 No salaried officer to receive compensation for 135 Sold, pledged, etc., for less than principal and interest, not to be 144 Signing by Treasurer and Register, and imprint of Treasury seal, to bear written or engraved 1 78 And sealing 187 By Treasurer, or some one for him; countersigning by Register, or fur him, and sealing 164 808 INDEX. TREASURY NOTES Continued. Page. Statement to be published, of issued or redeemed 119, 147 Issued in relation to, monthly 157 Of interest, etc., on 178, 187 Stock may be issued instead, but at not less than par 146 Stolen, officers receiving to have credit, when 222 To reimburse officers for 135 To give officer credit for 142 Redemption of 142 Statement of payments for 142 Subscription for, to be opened 162 Substituted for Treasury or United States, may be 184, 646 Substitution of United States notes for 166, 635, 646 Treasury notes for 646 Taxation, exempt from state 175, 184, 189, 220, 642 Subject to state 247, 442, 600, 703 Circulating as currency subject to state 247 Duty levied on 188 Transferable, how 77, 82, 85, 90, 91, 118, 130, 144, 152, 157 United States notes may be used to purchase coin 169 Worn-out, replacing and destroying 170, 638 TREASURY OF THE UNITED STATES: Sums borrowed (1798) to be paid into 53 Books opened for subscriptions for exchange of stock 104 What constituted and declared to be 121, 136 What shall be (sec. 3591, R. S.). 211 Division of Issue and Redemption in Treasurer's office established 253 Duties 254 Surplus in, to be deposited with States 320 Establishment of the Currency Bureau. (See Comptroller of the Currency.) TREASURY, SECRETARY OF. (See Secretary of the Treasury.) TRIAL PIECES. (See Coinage.) TRUST COMPANIES: To report to the Comptroller of the Currency 290 Subject to banking laws 290 Incorporation of, in the District of Columbia 291 Comptroller to take possession 291 To make report to comptroller 406, 407 To report to comptroller 428 In Indian Territory 450 Branch at Louisiana Purchase Exposition 451 (See also District of Columbia.) TRUST FUNDS: Held by United States, investment of 218 TWO-CENT PIECE. (See Coin.) UNIFORMITY. (Sec Coins; Mints; Weights.) UNION PACIFIC RAILROAD COMPANY: Incorporation of 171 Government bonds to aid construction 171 Lien of United States 171 Bonds, when and how paid 172 Difficult parts of the road, in what amounts bonded 172 Congress may compel speedy completion of road 173 Amounts to be reserved until completion 173, 174 Forfeiture 174 To designate general route of road 194 Lands along entire line to be reserved 194 Amount of bonds entitled to, if 194 Bonds issued to, may be of larger denominations than $1 ,000 195 Amount for freight to offset interest and earnings due United States 208, 223 United States may pay prior liens and be subrogatcd 243 Proceedings to protect the United States 244 Investment of sinking funds 244 Settlement with Central and Western Pacific railroads 250 Foreclosure 251 (Sec also Pacific railroads.) INDEX. 809 UNITED STATES: Page. Authority to borrow money (Confederation) 1 Emit bills (Confederation) 1 Not to coin money, unless (Confederation) 1 Nor regulate the value thereof, unless (Confederation) 1 Nor emit bills, unless (Confederation) 1 Nor borrow money, unless (Confederation) 1 Pledge for bills, money borrowed, and debts (Confederation) 1 To transmit to States an account of money borrowed or emitted (Confedera- tion) 1 Congress to make laws relating to loans, coinage, etc 3 Appropriations for support of (see also Appropriation) 7 Redemption of domestic loan, on what terms 9, 10 Debt of, to be purchased (see also Public debt) 17 Settlement of accounts between, and States 15, 17 Time of settlement extended 17 To subscribe to stock of Bank of United States 21 States indebted to, may obtain a discharge 54 Payments to, to what officers 139 All dues to, shall be paid in gold and silver coin only 140 Trust funds held by, to be invested 218 To subscribe to stock of Bank of United States 275, 298 Stock of, in Bank of United States settlement 310 Bonds of, in Bank of United States sale of 310 Secretary of Treasury to act as agent of, in matters relating to bank of United States 310 Not to be liable in assaying gold in California 510 Liability to redeem Hawaiian money 618 Banks in the District of Columbia may loan to the United States 629 (See also Faith of the United States; Loans; Banks, etc.) "UNITED STATES BONDS:" Defined (see Bonds of United States) 223, 331, 389 UNITED STATES NOTES: Act of December 23, 1857, ch. 1, revived 164,167,178,637 Bonds of United States to be issued on deposit of 166, 635 May be disposed of for 166, 635, 636 Exchanged for 639 Cancellation 184, 192, 200, 238, 639, 646, 649, 651, 659, 692, 708 And substitution 255, 457, 708 Of, suspended 651 , 659, 692 Of, prohibited 238 Certificates of deposit to be issued for 166, 167, 185, 373, 400, 635, 637, 639 May be accepted in settlement of clearing-house balances 373, 400, 669 Coin may be purchased with 169, 220 Convertible into bonds 1 66, 191 Coin 202, 219 Counterfeiting, etc. (See Penalty.) Denominations 165, 1 77, 457, 635, 638, 642, 644, 657 Small 638 Deposits of, may be received 166, 167, 1 85, 635, 637, 639, 646, 668 Withdrawal of 168, 174, 637, 640 Limitation on amount modified 170 Repealed 1 74, 639 Aggregate of 168, 186, 637 Reserve to pay 174, 186, MO, 616 Interest to determine at pleasure of Secretary 168, 637 To redeem certu in certificates 37 1, 401, 669 Interest on, may be increased or diminished 186 Destroying 170, 184, 638, 613, 646, 659 By maceration 681 Engraving and preparation 428, 658, 659, 661, 687, 688, 690, 703, 710 And printing of, in Treasury Department 42S, 639, 658, 687, 688, 690, 710 Exchange of, for postage stamps 64 1 Treasury notes 1 76, 643, (ill Certificates convertible into bonds 16(5, 639 Bonds 1 77, 1 92, 639, 644 15712 10 52 810 INDEX. UNITED STATES NOTES Continued. Page. Exchange of, fractional notes 177, 645, 658, 689 Coin 252,253,576,661,689,705 And reissue 611 Expense of issue, etc 167, 187, 206, 218, 640, 659, 661, 687, 690 Form 167, 177, 178, 187, 636, 639, 642, 644, 657 Fractional notes exchangeable for (see also Currency) 645, 658 Fraudulent to be stamped 427, 689 Officers liable for wrongfully stamping 427, 689 Included in "obligations or other security of the United States" 187,223 Instructions relative receiving or preparing 187 Interest on 168, 637 Payable in coin 166, 219 Interest, not to bear (see also Interest) 165, 177, 635, 638, 642, 644, 657 Issue of 165, 176, 186, 635, 638, 642, 643, 644, 646 For exchanges 176, 643 In lieu of notes canceled 177, 639, 644 In lieu of demand treasury notes 166, 635, 644 No further, of legal tender authorized 189, 191 When deficiency in small silver certificates 457, 713 To exchange for treasury notes 176, 643, 644 To Union Pacific Railroad Company 171 When deficiency in small silver certificates 457 Not for fractional part of a dollar 638 Larger denominations in lieu of small retired 697, 710 Lawful money. (See Legal tender, this title.) Legal tender 166, 177, 635, 638, 642, 644, 646, 657, 659 Legal tender notes, further retirement prohibited 238, 691 To be paid out again 238, 691 To be redeemed 423 Subject to state taxation 442, 600 Exchange of coin for 252, 253, 576, 661, 689 Held as a special fund for retirement of fractional currency 576, 689, 693 To be paid out for pensions 693 Reissue upon retirement of fractional currency 576 Limitation on amounts 166, 175, 176, 635, 643, 646, 682 Never to exceed $450.000.000 185 Amount with depositaries 170, 174 Maximum of outstand ing 234, 420, 422, 457, 6S2, 684, 713 To appear in public debt statement 420, 6S2 Mutilated, replacing, canceling, and destroying.. 170,200, 238, G3S, (i51, 65S, 059, 692 To be canceled and new notes issued instead 238 Or injured may be replaced 170 Destruction of 170 National banks not to loan on or withhold from use 366, 670, 405, 651 Noninterest bearing, issue 1 65, ] 77, 635, 638, 642, 657 Penalty. (See Penalty.) Portrait of living person on, prohibited 191, 211, 658 Name 244 Payable to bearer 635, 657 In coin 201, 639, 652, 661 For gold coin or bullion 182 Not before maturity unless 201, 219 Payment in coin or its equivalent pledged 201, 218, 652, 661 Of dues to United States in 210 Printing from hand-roller presses 250, 703 Provisions of act of February 25, 18G2, applicable to act of July 11, 1862.. 4-10,640 Receivable for what taxes, etc 166, 635, 637, 638 On loan 185 In payment of loans 166, 636 On deposit from national banks 373, 100, 613, 668 Redemption ] 84, 646, 652, 058, 661 In coin 202, 218, 219, 23 1, 423, 43<\ 686 A fter to be reissued 692 In gold coin (1890) 252, 703 In gold 610 INDEX. 811 UNITED STATES NOTES Continued. Page. Redemption out of surplus revenue 234 Of excess of $300,000,000; ratio 234, 685 Sale of bonds to provide means to redeem in coin 234, 686 Fund of gold coin and bullion 252, 253, 705 Maintenance of 252, 253, 705 To be reissued 253 On increase of national-bank circulation 422 Of national-bank notes with 418 When bullion fund below $100,000,000 434 Of certificates issued to national banks with 374, 400, 401 Before maturity 202, 219, 661 Funds to be used for no other purpose 254 Regulations respecting mutilated and defaced 658 Reissue of 177, 238, 253, 255, 611, 636, 638, 639, 644, 659, 692 Redeemed 238, 253 Exchanged 639 In place of worn-out, mutilated, etc 170, 238 To be held in reserve fund 253, 706 Upon retirement of fractional currency 576 Replacing from sales of Treasury notes. 176, 644 Mutilated, etc ." 200, 238, 659 Reserve, not to be held as part of 682 To pay temporary loan 186, 646 Not to be held as a 420 Fund for redeeming, of 1890 252, 253, 705 Maintenance 252, 253, 705 Limit 706 Additions to 721 Retirement, with proceeds of bonds 192, 649, 651, 659, 708 Prohibited 238, 692, 722 Suspended 200, 659 Limitation on 192 And substitution 613 Of higher denominations 457, 713 Seal 1 67, 178, 187, 636 Signing, countersigning, sealing 167, 178, 187, 636 Stamps receivable in exchange for 641 Statement of what to be printed on 178, 187 Substitution for Treasury notes 166, 184, 635, 646 United States notes 184, 646 Taxation, exempt from state 1 75, 184, 220, 6-12 Subject to state 247, 442, 600, 702 Duty levied on 188 Worn-out, replacing and destroying 638 UNITED STATES TREASURY. (See Treasury of the United States.) VALUE (see also Coin): Of coin, regulating the 473,567 Not to regulate, unless (confederation) 1 Dollar, the standard of, and parity to be maintained 252 Of money, regulating the 473, 610 Of certificates receivable from subscribers to domestic loan 9, 10 Foreign coin, how ascertained 3, 4, 209, 567 To be estimated annually 209, 567 To be estimated quarterly 593 Fixing, of foreign currency (Constitution) (sec Coin) 3 Power to regulate, of coins (Constitution) 3 Foreign (< 'onstitution) 3 Sovereign or pound sterling 567 United States not to regulate, of money unless (confederation) 1 VESSELS: Loan to build 33 WARRANTS: For payment of money, Assistant Secretary of the Treasury may be dele- gated to sign .' ' .' 199 WASHINGTON, CITY or. (Xr<: District of Columbia.) 812 INDEX. WASTAGE (IN MINT): Pago. Allowance for 504 No allowance in copper coinage 507 Bullion fund to be charged with 53 What allowable as necessary 542, 562 WEIGHTS AND MEASURES (sec also Coins): Fixing standard of 473, 544, 564 Brass troy pound to be standard 494, 544, 564 A series of standard weights to be procured 494, 544, 564 To be regulated at least annually 494, 544 Power to fix standards of (Constitution) 3 WESTERN PACIFIC RAILROAD: Settlement with 250 Foreclosure 251 o 61sT CONGRESS "I Q i?v A TF r DOCUMENT 580 fd Session } SENATE Parfc 2 NATIONAL MONETARY COMMISSION TABLE OF CONTENTS LAWS OF THE UNITED STATES CONCERNING MONEY, BANKING, AND LOANS, 1778-1909 Washington : Government Printing Office : 1910 TABLE OF OO^TEFTS. FINANCE. Page. Articles of Confederation 1 Constitution 3 ACTS OF CONGRESS. 1789, July 31. Collection of duties Rates of coins 3 Sept. 2. Treasury Department established 4 1790, Mar. 26. Payment of interest, appropriation for 6 Aug. 4. Payment of the public debt; commissioners 7 Aug. 5. Settling accounts with States 15 Aug. 12. Reduction of public debt 17 Dec. 27. Payment of the public debt 19 1791, Feb. 25. Bank of the United States incorporated 20 Mar. 3. Revenues pledged for interest and debt 21 Mar. 3. Reduction of the public debt 23 Mar. 3. Loan for protection of frontiers 24 1792, May 2. Loan for protection of frontiers 24 May 8. Supplementary provision for payment of the debt 25 May 8. Appropriation for foreign intercourse 27 1793, Feb. 28. Authorizing a loan 27 Mar. 2. Loan from Bank of United States, payment on 28 Mar. 2. Extending time for subscriptions by public creditors 28 1794, Mar. 20. Authorizing a loan of $1,000,000 29 Apr. 21. Claims for destroyed certificates 29 May 30. Extending time for subscriptions by public creditors 31 May 31 . Interest on balances due to States 31 June 4. Loan from Bank of United States, payment on 32 June 5. Appropriation for vessels 33 June 9. Authorizing a loan : Foreign intercourse 33 Dec. 18. Authorizing a loan of $2,000,000 34 1795, Jan. 8. Payment of foreign debts and loan from Bank of the United States 34 Jan. 28. Extending time for subscriptions by public creditors 35 Feb. 21. Reimbursement of a loan from revenue 35 Mar. 3. Further provision for credit and redemption of debt 36 1796, Feb. 19. Extending time for subscriptions by public creditors 43 Apr. 28. Further provision for credit and redemption of debt 44 May 6. Authorizing a loan for city of Washington 45 May 30. Additional loan for foreign intercourse 46 May 31 .Provision for payment of certain public debtfi 46 June 1. Loan for military and naval establishments 48 HI IV NATIONAL MONETARY COMMISSION. FINANCE. Page. 1797, Mar. 3. Appropriation of duties to pay debt 48 Mar. 3. Receipt of stock in payment for lands authorized 49 Mar. 3. Extending time for subscriptions by public creditors 49 July 8. Authorizing a loan of $800,000 50 1798, June 12. Respecting loan office and final settlement certificates, indents of interest, and the unfunded or registered debt 50 July 9. Time of presenting claims against the United States 51 July 16. Enabling the President to borrow $5,000,000 52 July 16. Authorizing loan to anticipate direct tax 53 1799, Feb. 15. Respecting balances due by States 54 Mar. 2. Appropriation for augmenting the army 55 1800, May 7. Enabling the President to borrow $3,500,000 56 May 10. Duties of the Secretary of the Treasury 57 1802, Apr. 29. Providing for redemption of whole of public debt 57 1803, Feb. 26. Additional loan for foreign intercourse 61 Nov. 10. Creating stock for Louisiana purchase 62 Nov. 10. Provision for payment of French spoliation claims 64 1804, Feb. 24. Extending certain acts to the Territories 65 Mar. 26. Authorizing loan to protect American commerce and seamen against the Barbary powers 65 1806, Feb. 13. Additional loan for foreign intercourse 66 Apr. 18. Discontinuing receipt of public debt for land 66 1807, Feb. 11.- Providing for exchange of stock 68 1809, Mar. 3. Requiring disbursing agents to keep public moneys in bank. . 71 June 28. Extending powers of sinking fund to all cases of reimburse- ment 71 1810, May 1. Authorizing a loan for a sinking fund 72 1811, Mar. 2. Authorizing a loan of $5,000,000 73 1812, Mar. 14. Authorizing a loan of $11,000,000 75 June 30. Authorizing Treasury notes 76 July 1 . Making Louisiana purchase stock transferable 78 July 6. Subscription and exchange of stock 79 July 6. Authorizing agents for $11,000,000 loan 80 1813, Feb. 8. Authorizing a loan of $16,000,000 80 Feb. 25. Authorizing Treasury notes 81 Aug. 2. Authorizing a loan of $7,500,000 83 1814, Mar. 4. Authorizing Treasury notes 84 Mar. 24. Authorizing a loan of $25,000,000 85 Nov. 15. Authorizing a loan of $3,000,000 86 Dec. 15. Pledging revenues for sinking fund 87 Dec. 21. Authorizing loan in anticipation of duties 89 Dec. 26. Authorizing Treasury notes 89 1815, Jan. 9. Authorizing a loan to anticipate direct tax 90 Feb. 24. Authorizing Treasury notes 91 Mar. 3. Authorizing a loan of $18,452,800 94 ]81fi, Apr. 30. Resolution: Use of legal currency 95 1817, Mar. 3. Duties of commissioners of loans transferred to Bank of the United States 95 Mar. 3. Terminating authority for loans and Treasury notes 97 1817, Mar. 3. Providing for redemption of debt 98 Mar. 3. Restrictions on banks in District of Columbia 101 1818, Apr. 13. Extending time for loan office and final settlement certificates 102 1819, Fob. 4. Payment of lost Treasury notes 102 FIKAKCB. LAWS CONCEKNING MONEY, BANKING, AND LOANS. V Page. 1820, May 15. Authorizing a loan of $3,000,000 103 1821, Mar. 3. Authorizing a loan of $5,000,000 103 1822, Feb. 19. Enabling States to transfer stock 104 Apr. 20. Authorizing exchange of stocks 104 May 3. Limiting receipt of Treasury notes 106 May 7. Extending time for loan office and final settlement certificates. 106 1823, Mar. 3. Making foreign gold coins receivable for lands 107 1824, Jan. 22. Authorizing purchase of 7 per cent stock 107 May 24. Authorizing stock for settlement of Spanish claims 109 May 26. Authorizing exchange of stocks 110 1825, Mar. 3. Providing punishment for counterfeiting, etc Ill Mar. 3. Authorizing a loan or exchange of stock of 1813 112 1830, Apr. 24. Authorizing redemption or purchase of debt 113 1832, July 14. Extending time for loan office and final settlement certificates 114 1836, Apr. 11. Repealing transfer of duties of commissioners of loans 115 June 7. Payment of Spanish claims 116 July 4. Suspending the sinking fund 117 1837, Oct. 12. Authorizing Treasury notes 117 Oct. 16. Settling drafts transferring deposits to States 119 1838, May 21. Authorizing Treasury notes 120 1839, Mar. 2. Authorizing Treasury notes 120 1840, Mar. 31. Authorizing Treasury notes 121 July 4. Establishing the Independent Treasury 121 1841, Feb. 15. Authorizing Treasury notes 127 July 21. Authorizing loan of $12,000,000 128 Aug. 13. Repealing the Independent Treasury act 129 1842, Jan. 31. Authorizing Treasury notes 129 Apr. 15. Extending the loan act of 1841 130 Aug. 31. Concerning sale of stock and authorizing Treasury notes 132 1843, Mar. 3. Reissue and funding of Treasury notes 133 1846, July 22. Authorizing Treasury notes and a loan, in all $10,000,000 134 Aug. 6. Better organization of the Treasury 136 Aug. 10. Payment of lost or stolen Treasury notes Ill 1847, Jan. 28. Authorizing Treasury notes and a loan, in all $23,000,000 143 Feb. 9. Payment of interest on public debt 147 1848, Mar. 31. Authorizing a loan of $16,000,000 147 1850, Sept, 9. Payment of $10,000,000 to Texas in stock 149 1852, Aug. 31. Disposition of unexpended appropriations 149 1853, Mar. 2. Compensation for designated depositaries 150 Mar. 3. Authorizing payment of market price for stock 150 1857, Mar. 3. Safe-keeping of public moneys 151 Dec. 23. Authorizing Treasury notes 151 1858, June 14. Authorizing a loan of $20,000,000 153 1859, Mar. 3. Continuing issue of Treasury notes 154 1860, June 22. Authorizing a loan of $21,000,000 to fund Tn usury notes 155 Dec. 17. Authorizing Treasury notes 156 1861, Feb. 8. Authorizing a loan of $25,000, 000 158 Mar. 2.- Authorizing a loan of $10,000,000 and payment or issue of Treasury notes or certificates 159 Mar. 2. Payment on account of Indian hostilities 161 July 17. Authorizing a loan of $250,000,000; issue of bonds or Treasury notes. . 161 VI NATIONAL MONETARY COMMISSION. FINANCE. Pags. 1861, Aug. 5. Exchange of bonds for Treasury notes; supplementary to pre- ceding act 164 1862, Feb. 25. Authorizing United States notes and redemption, and funding the floating debt 165 Mar. 1. Authorizing certificates of indebtedness 168 Mar. 17. Authorizing the purchase of coin 169 Apr. 21. Establishing a branch mint at Denver 170 July 1. Aiding construction of Pacific railroads 171 July 11. Authorizing United States notes 174 1863, Mar. 3. Authorizing a loan of $900,000,000 and third issue of legal- tender notes 175 Mar. 3. Coin or bullion contracts, and tax thereon 179 1864, Mar. 3. Supplementary to loan act of March 3, 1863 180 Mar. 17. Resolution: Interest on public debt may be anticipated 181 June 3. Providing a national currency, secured by bonds 181 June 17. Prohibiting certain sales of gold and foreign exchange 182 June 30. Authorizing a loan of $400,000,000 183 June 30. Safekeeping of internal-revenue moneys; taxes 188 1865, Jan. 28. Issue of Treasury notes instead of bonds 188 Feb. 13. Providing for acting assistant treasurers 189 Mar. 3. Authorizing a loan of $600,000,000 190 1866, Apr. 7. Prohibiting portrait on securities 191 Apr. 12. Exchanging Treasury notes for bonds 192 June 14. Safekeeping of public money intrusted to disbursing officers.. 193 July 3. Amending Pacific Railway act 194 July 26. Authorizing bonds in denominations greater than $1,000 195 1867, Feb. 5. Punishing forgery, counterfeiting, etc 195 Mar. 2. Authorizing Assistant Secretary of the Treasury to sign war- rants 199 Mar. 2. Authorizing temporary loan certificates; redemption com- pound-interest notes 199 1868, Feb. 4. Suspending further reduction of the currency 200 July 25. Authorizing further temporary loan certificates; redemption compound-interest notes 200 1869, Mar. 3. Prohibiting work for private parties in Engraving and Printing Bureau 201 Mar. 18. Strengthening the public credit; specie payments 201 1870, Mar. 25. Withholding money from States in default 202 July 8. Refunding interest paid by Massachusetts on account of war. . 202 July 14. Authorizing the refunding of the national debt 203 1871, Jan. 20. Amending act authorizing refunding of the national debt 206 1872, May 23. Limiting the appropriation for preparation of securities 206 June 1. Providing for the issue of bonds in lieu of those destroyed <>r defaced 207 1873, Mar. 3. Withholding payments to Pacific railroads for freight 208 Mar. 3. Use of money received on account of Geneva award 208 Mar. 3. Fixing the value of the English sovereign or pound sterling. . 209 REVISED STATUTES. Sec. 248. General duties of the Secretary of the Treasury 210 257. Annual reports to Congress 210 3473. Duties and other debts, in what currency to In- paid 210 FINANCE. LAWS CONCERNING MONEY, BANKING, AND LOANS. VII Sec. Page. 3476. Treasury notes payable for debts of the United States 211 3481. Retention of money due States in default 211 3576. Portrait on securities 211 3591. Treasury of the United States 211 3592. Certain mints and assay offices to be depositaries 211 3593. Public moneys subject to draft of the Treasurer 211 3594. Mint and assay officers as assistant treasurers 211 3595. Assistant treasurers 212 3596. Salaries of assistant treasurers 212 3597. Receipt of commissions and perquisites by assistant treasurers, forbidden. 212 3598. Rooms for use of assistant treasurers 212 3599. Their care and use of the rooms 212 3600-1. Bonds of assistant treasurers and subordinates 213 3602. Deputy assistant treasurer at New York 213 3603-12. Authorize the employment of subordinate officers, etc., at sub treas- uries 213 3613. Deputies in case of sickness or absence 213 3615. Collectors of public moneys to pay over 213 3616. How marshals and district attorneys may pay into the Treasury 214 3617. Moneys to be deposited without deduction 214 3620. Duty of disbursing officers 214 3621. Deposit of moneys required 215 Duties of officers as custodians of public moneys 215 Transfer of moneys from depositaries to Treasury 215 Transfer of postal deposits 215 Public moneys in Treasury and depositaries subject to draft of Treasurer. 216 3645. Regulations for presentment of drafts 216 3649. Examination of depositaries 216 3650. Examination of accounts of custodians of public moneys 216 3651. Exchange of funds restricted 217 3652. Premium on sales of public moneys to be accounted for 217 3659. Investment of trust funds 218 3689. Permanent annual appropriations 218 3693. Payment in coin 218 3694. Application of coin paid for duties 219 3695. Cancellation of bonds redeemed or paid 219 3696. Addition to sinking fund 219 3697. Redemption of 6 per cent bonds 219 3698. Payment of interest 220 3699. Anticipation of interest 220 3700. Purchase of coin 220 3701 . Exemption from taxation 220 3702. Duplicate for bonds destroyed 220 3703. Indemnity for destroyed bonds 221 3704 . Duplicate of lost registered bond may be issued 221 3705. Indemnity for missing bond 221 3706. Exchange of registered for coupon bonds 221 3707. Credit to officers for stolen notes 222 3708. Imitating securities or printing advertisements thereon 222 5153. Duties and liabilities of national-bank depositaries 222 5158. United States bonds defined 223 5260. Withholding payments to certain railroads 223 5413. Obligation or other security of the United States defined . . 223 VIII NATIONAL MONETARY COMMISSION. FINANCE. Sec. Page. 5414. Forging or counterfeiting securities 223 5415. Counterfeiting national-bank notes 223 5430. Using plates to print notes, without authority, etc 224 5431. Uttering, etc., forged obligations 225 5432. Taking impressions of tools, implements, etc 226 5433. Having unlawful possession of impressions 226 5434. Dealing in counterfeit securities 226 5435. False personation of holder of public stocks 227 5436. False demand on fraudulent power of attorney 227 5437. Circulating bills of expired banks 227 5453. Secreting or embezzling tools or materials for printing securities 228 5488. Disbursing officer unlawfully disposing of public moneys 229 5489. Failure of treasurer, etc., to safely keep public moneys 229 5490. Custodians of public money failing to safely keep without loaning, etc . . 229 5491. Failure of officer to render accounts, etc 229 5492. Failure to deposit as required 230 5497. Unlawfully receiving, to be embezzlement 230 ACTS SUBSEQUENT TO THE REVISED STATUTES. 1873, Dec. 17. Providing for the redemption of the loan of 1858 230 1874, June 20. Repeal of permanent appropriations for national loan 231 June 23. Payment of Alabama claims; issue of bonds 232 1875, Jan. 14. Providing for the resumption of specie payments 233 Mar. 3. Force to be employed in carrying out act of 1874; redemption of bonds 235 Mar. 3. Payment for Mississippi River improvements to be in money or bonds 236 Mar. 3. Adjustment of taxes and penalties due from mining and other corporations 237 1876, Apr. 11. Payment of Alabama claims; issue of bonds 237 1878, May 31. Forbidding the further retirement of United States legal-tender notes 238 June 8. Superintendents of mints and assayers may be constituted assistant treasurers 238 June 11. Sinking fund abolished and transferred 239 1879, Jan. 25. Facilitating the refunding of the national debt 239 Feb. 26. Authorizing the issue of certificates of deposit in aid of the refunding of the public debt 240 Mar. 3. Bullion certificates repealed 240 Mar. 3. Appropriation for the blind 241 1881, Mar. 3. Surplus in Treasury to purchase bonds 241 1882, July 12. Exchange of 3 per cent for 3 per cent bonds 241 1884, May 16. To prevent and punish counterfeiting 242 1886, Mar. 31. Authorizing the temporary appointment of an acting assistant treasurer 242 1887, Mar. 3. Investigation of Pacific railroads 243 1889, Mar. 2. Names on portraits 244 1890, Oct. 1. Incorporation of trust, loan, mortgage, and other corpora- tions within the District of Columbia 245 1891, Feb. 10. To prevent counterfeiting, etc 245 1894, Aug. 13. State taxation of national-bank and Treasury notes 247 Aug. 15. Bonds to be issued for paying Cherokee Nation 247 FINANCE. BANKING. LAWS CONCERNING MONEY, BANKING, AND LOANS. IX Page. 1896, May 28. Moneys to be deposited in public depositories 248 1898, June 13. Ways and means to meet war expenditures; certificates of indebtedness, bonds 248 July 1. Hand-roller presses 250 July 7. Settlement with Pacific railroads 250 July 7. Joint resolution: Annexing the Hawaiian Islands; assump- tion of debt 251 1900, Mar. 14. To define and fix the standard of value, and maintain the parity of money, to refund the debt, etc 252 June 6. Settlement with Pacific railroads 257 June 6. Safe-keeping and disbursement of moneys in the Philippines, Cuba, and Porto Rico 258 June 6. Joint resolution: Authorizing the Banco Espanol de Puerto Rico to amend by-laws 258 1901, Mar. 3. Amending section 5153, Revised Statutes; national-bank de- positaries 259 1902, June 28. Isthmian Canal loan 260 July 1. Depositaries of public money in the Philippines 261 1905, Dec. 21. Supplemental to Isthmian Canal act 261 1906, June 25. Modifying appropriation for the blind 262 1908, May 30. Amending the national banking law (Aldrich-Vreeland Act) . 263 1909, Mar. 4. National monetary commission continued 264 Aug. 5. Isthmian Canal; additional issue of bonds; certificates of in- debtedness 265 1910, Feb. 4. Bonds and certificates of indebtedness; conditions of issue 266 BANKING. ACTS OF CONGRESS. 1791, Feb. 25. Incorporating the Bank of the United States 269 Mar. 2. Supplementary to the bank act 276 1793, Feb. 28. Loan from the bank; how to be paid 277 Mar. 2. Payment of first installment on a loan due the bank 278 1794, June 4. Payment of second installment on a loan due the bank 278 June 5. Loan authorized; how to be paid 279 June 9. Loan authorized; how to be paid 279 1795, Jan. -8. Payment of foreign debts, and third installment on a loan due to the bank 280 Feb. 21. Reimbursement of a loan authorized at last session 280 1796, June 1. Loan authorized; how to be paid 281 1798, June 27. Penalty on forging or counterfeiting bills, etc., of the bank. . . 282 July 16. Obtaining a loan on credit of the direct tax 28? 1799, Mar. 2. Loan from the bank; how to be paid , . . . 282 1802, Apr. 29. Provision for the redemption of the whole of the public debt ; employment of the bank 1803, Feb. 26. Loan from the bank 1804, Feb. 24. Acts concerning the bank extended to Louisiana Mar. 23. Bank authorized to establish offices of discount and deposit. . Mar. 26. Loan from the bank; how to be paid 180G, Feb. 13. Loan from the bank; how to be paid 1807, Feb. 24. Punishment of frauds committed on the bank 1809, June 28. Loans from the bank authorized 15712 S. Doc. 580, pt 2, 61-2 2 X NATIONAL MONETARY COMMISSION. BANKING. Page. 1811, Feb. 15. Acts concerning banks in the District of Columbia and Terri- tories 288 1812, Mar. 14. Loans from banks in the District of Columbia 292 Mar. 19. Repealing tenth section of the bank act 292 1813, Feb. 8. Loans from the banks in the District of Columbia 292 Aug. 2. Loans from the banks in the District of Columbia 292 Aug. 2. Laying duties on notes of banks, etc 293 1814, Nov. 15. Loan from the banks in the District of Columbia 293 Dec. 10. Supplementary to act laying duties on notes of banks, etc 293 Dec. 21. Loan in anticipation of a direct tax 294 1815, Jan. 9. Loan from United States Bank in anticipation of taxes 294 1816, Apr. 10. Incorporating the Bank of the United States 295 1817, Mar. 3. Transferring duties of commissioners of loans to the bank 311 Mar. 3. Concerning banks in Washington, Georgetown, and Alexan- dria 312 1825, Mar. 3. Forgery of Treasury notes or other public securities 313 1836, Apr. 11. Repealing transfer of duties of commissioners of loans 314 June 15. Repealing fourteenth section of the United States Bank act .. 315 June 23. Regulating deposits of public money 315 June 23. Respecting government stock in the United States Bank .... 322 July 4. Supplementary to act regulating deposits of public money; transfers 323 1837, Oct. 2. Postponing further deposits with the States 323 Oct. 16. Adjusting claims upon deposit banks 324 1838, July 5. As to receipt of bank notes 325 July 7. Forbidding issue of notes of expired corporations 326 July 7. Restraining small notes in the District of Columbia 326 1841, Aug. 13. Deposit act of 1836 repealed, except 326 1861, Aug. 5. Deposits in solvent specie-paying banks 327 1863, Feb. 25. Providing a national-bank currency 327 Mar. 3. Tax on fractional notes of banks, etc 329 1864, June 3. Providing a national-bank currency 330 June 30. Duty on deposits, capital, and circulation of banks and bankers 362 1865, Mar. 3. Taxation and conversion of banks 362 Mar. 3. Amending national-bank act; circulation 364 1867, Mar. 2. Temporary loan certificates issued to redeem compound inter- est notes; part of bank reserve 365 1868, Feb. 10. In relation to taxing shares in national banks 365 1869, Feb. 19. Forbidding banks to lend upon United Stales notes 366 Mar. 3. Providing for reports by banks 367 Mar. 3. In reference to certifying checks by national banks 368 Mar. 3. Penalty for violating bank laws 368 1870, July 12. Redemption of 3 per cent temporary loan certificates and in- crease of bank notes (and gold banks) 369 July 14. Retirement of notes by banks in liquidation 372 J872, June 8. Receipt of United States notes on deposit; certificates there- for; reserve 373 1873, Jan. 20. Examination of banks in District of Columbia 374 Feb. 19. Condition of banks organized under state laws 374 Mar. 3. Banks to restore capital when impaired, and amending na- tional currency act 375 BANKING. LAWS CONCERNING MONEY, BANKING, AND LOANS. XI REVISED STATUTES. COMPTROLLER OF THE CURRENCY. Sec. Page. 332. Examination of banks in District of Columbia 376 333. Comptroller to report annually to Congress 377 SUITS, JURISDICTION, AND EVIDENCE. 380. Solicitor to supervise suits under banking laws 377 563. Jurisdiction of suits 377 629. Jurisdiction of suits 377 884. Papers of Comptroller as evidence 378 885. Organization certificates as evidence 378 BANKS AND BANKERS. 3407. Definition of words "bank," "banker"' 378 TAX ON CIRCULATION, ETC. 3410. Capital of banks expired or converted 378 3411. Circulation, when exempted from tax 378 3412. Tax on notes of persons or state banks 379 3413. Tax on notes of cities, etc 379 3414. Returns of notes of persons, cities, state banks, etc., paid out 379 3415. In default of returns, what 379 3416. Converted bank to make returns and pay tax 380 3417. Tax on deposits, capital, and circulation 380 DEBTS DUE I5Y Oil TO THE UNITED STATES. 3475. National bank notes, receivable for what 380 LEGAL TENDER. 3590. Interest-bearing notes, legal tender 380 ORGANIZATION AND POWERS OF NATIONAL HANKS. 5133. Formation of national banks 381 5134. Requisites of organization certificate 381 5135. Acknowledging and filling certificate 381 5136. Corporate powers of associations 382 5137. Power to hold real property 383 5138. Capital required 383 5139. Shares of stock and transfers 3S3 5140. How payment of stock must be made and proved 383 5141 . If shareholder fails to pay installments 384 5142. Increase of Capital stock ' 38-1 5143. Reduction of capital stock 384 5144. Right of shareholders to vote ;JS5 5145. Election of directors 385 5146. Qualifications of directors 385 5147. Oath required from directors 5148. Eillirig vacancies 5149. Where no election is held on (lie proper day.. 5150. Election of president of board 38(5 5151. Individual liability of shareholders . 3S(J XII NATIONAL MONETARY COMMISSION. BANKING. Sec. Page. 5152. Executors, trustees, etc., not personally liable 387 5153. Banks as designated depositaries for public moneys 387 5154. Conversion of state banks into national 387 5155. State banks having branches 388 5156. Rights of associations organized under act of 1863 388 OBTAINING AND ISSUING CIRCULATING NOTES. 5157. Provisions applicable to associations 389 5158. United States bonds denned 389 5159. United States bonds to be deposited before commencing business 389 5160. Bonds to be increased or diminished according to capital 389 5161. Exchange of coupon for registered bonds 389 5162. Manner of making transfers of bonds 389 5163. Registry of transfers 390 5164. Notice of transfer to be given to association 390 5165. Examination of registry and bonds 390 5166. Annual examination of bonds by associations 390 5167. Bonds to be held to secure circulation; interest; increase; exchange; with- drawal 391 5168. Comptroller to determine if associations can commence business 392 5169. Certificate of authority to commence business 392 5170. Publication of certificate 393 5171. Delivery of circulating notes to associations 393 5172. Form, denominations, and printing of circulating notes 393 5173. Control of plates and dies and expenses of Bureau 394 5174. Annual examination of plates, dies, etc 394 51 75. Issue of notes under $5 limited 394 5176. Circulation of certain banks limited to $500,000 395 5177. Aggregate amount of circulating notes 395 5178. Apportionment of circulating notes 395 5179. Equalizing the distribution of circulating notes 395 5180. Method of procedure in withdrawing excess of circulation 396 5181. Removal of associations from State having an excess of circulation to one having a deficiency 396 5182. Circulating notes, when may be issued by association 397 5183. Issue of other notes prohibited 397 5184. Destroying and replacing worn-out and mutilated notes 397 5185. Organization of association for issuing gold notes 397 5186. Gold bank reserve; to be received at par; "Lawful money" 398 5187. Penalty for unlawfully countersigning or delivering circulating notes. . . 398 5188. Imitating national-bank notes with advertisements thereon 398 5189. Mutilating, etc., national-bank notes 399 REGULATION OF THE HANKING BUSINESS. f> 190. Place of business 399 5191. Requirements as to lawful money reserve 399 5192. Redemption cites; reserve which may be kept ; clearing-house certificates. 400 5193. United States certificates of deposit may be issued, and count as reserve. 400 5194. Limitation upon the issue of certificates of deposit 401 5195. Agents for redemption of circulating notes to be designated 401 5190. National banks to receive notes of all oilier national banks 401 5197 Limitation upon rate of interest 402 5 1 *;.. Usurious interest. . 402 BANKING. LAWS CONCERNING MONEY, BANKING, AND LOANS. XIII Sec. Page. 5199. Dividends and surplus fund 402 5200. Limit of liabilities to an association of any person, firm, etc 403 5201. Association not to loan upon or purchase their own stock 403 5202. Limit of indebtedness of associations 403 5203. Circulating notes not to be hypothecated 403 5204. Withdrawal of capital prohibited 404 5205. Enforcing payment of deficiency in capital stock 404 5206. Associations not to pay out uncurrent notes 405 5207. Penalty for offering or receiving United States or national-bank notes as security for loans, etc 405 5208. Penalty for falsely certifying checks 405 5209. Embezzlement 406 5210. List of shareholders to be kept subject to inspection 406 5211. Reports of associations to Comptroller 406 5212. Dividends and earnings, reports of 407 5213. Penalty for failure to make reports 407 5214. Duty on circulation, deposits, etc 407 5215. Semiannual returns of circulation, deposits, and capital stock 408 5216. Method of assessment if return is not made 408 5217. How tax may be collected if association fails to pay 408 5218. Refunding excess of duties paid 408 5219. State taxation 409 DISSOLUTION AND RECEIVERSHIP. 5220. Voluntary liquidation 409 5221. Notice of intent to dissolve 409 5222. Deposit of lawful money to redeem circulation 409 5223. Consolidating banks need not deposit lawful money 410 5224. Reassignment of bonds to closed banks 410 5225. Destruction of redeemed notes 410 5226. Mode of protesting notes 410 5227. Examination by special agents, after notice of protest 411 5228. Association not to do business after notice of protest 411 5229. Notice to noteholders 411 5230. Sale of bonds at auction 412 5231. Sale of bonds at private sale 412 5232. Disposition to be made of notes redeemed 412 5233. Cancellation of notes 413 5234. Receiver, appointment and duties of 413 5235. Notice by Comptroller to creditors 413 5236. Dividends by Comptroller to creditors 413 5237. Injunction upon receivership 414 5238. Fees and expenses of protest and receivership -114 5239. Penalty for violation of this title 414 5240. Bank examiners, appointment, powers, etc 415 5241. Limitation of visitorial powers 416 5242. Transfers, assignments, etc., after an act of insolvency, void 416 5243. Use of the title "national" 416 ACTS SUBSEQUENT TO THK RKVISFD STATCTKS. 1874, June 18. Deposits in certain savings banks to be exempt from taxation. 417 June 20. Fixing the amount of United States notes, redistribution of national-bank currency, etc ... 418 June 22. Certain savings banks exempt from internal-revenue tax 422 XIV NATIONAL MONETARY COMMISSION. BANKING. Page. 1875, Jan. 14. Providing for the resumption of specie payments 422 Jan. 19. To remove the limitation restricting the circulation of bank- ing associations issuing notes payable in gold 423 Feb. 8. A tax on notes; returns to Commissioner of Internal Revenue. 424 Mar. 3. Taxes and penalties due from mining and other corporations. 424 1876, June 30. Authorizing the appointment of receivers of national banks, etc 425 1877, Mar. 3. Expenses of engraving and printing 428 1880, Feb. 14. Authorizing the conversion of national gold banks 429 1881, Feb. 26. Denning the verification of returns of national banks 430 1882, July 12. To enable national-banking associations to extend their cor- porate existence, etc 430 1883, Mar. 3. Internal-revenue taxes on banks, etc., repealed 435 1885, Mar. 3. Banks in Territories authorized 435 1886, Mar. 29. Additional to the national currency act of June 3, 1864 436 May 1. Increase of capital stock, and change of name or location 437 1887, Mar. 3. Jurisdiction of banks by the courts 438 Mar. 3. Amending sections 5191 and 5192, Revised Statutes; reserve cities 438 1890, May 2. Effect of national-banking laws in Oklahoma 439 July 14. Directing the purchase of silver bullion and the issue of treasury notes thereon; redemption of bank notes 440 1892, May 12. Branch bank at the World's Columbian Exposition, authorized . 441 July 28. Amending act for the redemption of national-bank notes stolen or lost 441 Aug. 3. Amending an act authorizing appointment of receivers 442 1894, Aug. 13. State taxation of national bank and United States notes 442 1897, Mar. 2. Amending an act authorizing appointment of receivers of national banks, etc 442 1898, June 13. Annual tax upon banks and bankers imposed 446 1900, Mar. 14. To define and fix the standard of value, maintain the parity of money, refund the public debt; provisions applicable to national banks 446 Apr. 12. Federal laws applicable to Porto Rico 448 Apr. 30. Federal laws applicable to Hawaii 448 June 6. Safekeeping and disbursement of public moneys in the Phil- ippines, Cuba, and Porto Rico 449 June 6. Joint resolution: To authorize and empower the Banco Espanol de Puerto Rico to amend by-laws 449 1901, Feb. 18. Banks and trust companies in the Indian Territory 450 Mar. 3. Branch bank at the Louisiana Purchase Exposition 451 Mar. 3. Amending section 5153, Revised Statutes; public depositaries. 451 1902, Apr. 12. Extension of charters of national banks 452 Apr. 28. Report of liquidation expenses 452 1903, Mar. 3. Amendment of sections 5191 and 5192, Revised Statutes; reserve cities, etc 453 1905, Feb. 28. Amending section 5146, Revised Statutes; qualifications of directors of national banking associations 453 Dec. 21. Isthmian Canal bonds, rights, etc 454 1906, June 22. Amending section 5200, Revised Statutes; indebtedness to banks 455 1907, Jan. 20. Corporations contributing for political elections 455 Mar. 4. Amending the national banking act 456 1908, May 30. Amending the national banking laws (Aldrich-Vreeland act).. 458 1909, Mar. 4. National monetary commission 469 COINAGE. LAWS CONCERNING MONEY, BANKING, AND LOANS. XV COINAGE. Page. Articles of Confederation 473 Constitution 473 ACTS OP CONT. ;ESS. 1791, Mar. 3. Resolution: Mint established 473 1792, Apr. 2. Establishing a mint and regulating the coinage 474 May 8. Providing for copper coinage 480 1793, Jan. 14. Amending act establishing a mint and regulating the coinage. . 481 Feb. 9. Regulating foreign coins 481 1794, Mar. 3. Alteration of the act establishing a mint and regulating the coinage 483 1795, Mar. 3. Supplementary to the act establishing a mint and regulating the coinage 483 1796, May 27. Respecting the mint 485 1797, July 22. Proclamation that the mint is open 486 1798, Feb. 1. Supplementary to the act regulating foreign coins 487 1800, Apr. 24. Respecting the mint 487 May 14. Supplementary to the act establishing the mint and regulating the coinage 488 1801, Mar. 3. Concerning the mint 488 1804, Feb. 24. Coinage acts extended to the Louisiana Purchase 489 1806, Apr. 10. Regulating foreign coins 490 Apr. 21. Counterfeiting the current coin 491 1812, Apr. 14. Prohibiting the exportation of specie, etc., for a limited time. . 491 1818, Jan. 14. Continuance of the mint at Philadelphia 492 1823, Mar. 3. Continuance of the mint at Philadelphia 493 1825, Mar. 3. Counterfeiting, embezzling, etc 493 1828, May 19. Continuance of the mint at Philadelphia, etc 494 1834, June 27. Gold and silver a tender 495 June 28. Concerning the gold coins of the United States 496 June 28. Regulating certain foreign gold coins 497 1835, Mar. 3. Establishing branches of the mint 498 1837, Jan. 18. Supplementary to the act establishing the Mint and regulat- ing the coinage 500 1849, Mar. 3. Coinage of gold dollars and double eagles 508 1850, May 23. Providing for advances of coin for bullion 509 Sept. 30. Assaying and stamping gold in California 510 1851, Mar. 3. Coinage of 3-cent piece 510 1852, July 3. Branch mint in California established, etc 511 1853, Feb. 21. Amendment relative to half dollar, quarter dollar, dime, and half dime 511 Mar. 3. Assaying; mint officers, and coinage 513 Mar. 3. -Assaying and coinage 514 1857, Feb. 21. Relating to foreign coins; coinage of cents, etc 517 1862, Apr. 21. Branch mint at Denver established 518 1863, Mar. 3.- Branch mint at Carson City established 520 1864, Apr. 22. Amending act relating to foreign coins and the coinage of centa 522 June 8. Counterfeiting coins 523 1865, Mar. 3. Coinage of 3-cent pieces, etc 523 1866, May 16. Five-cent pieces authorized 525 1867, Mar. 22. Joint resolution: Coin and bullion on special deposit in the Treasury 527 XVT NATIONAL MONETARY COMMISSION. COINAGE. Page. 1868, July 20. Refining gold and silver bullion; exchange for refined bars. . . 527 1869, 1 eb. 19. Assay office at Boise City established 527 1870, July 15. Exchange of bullion, weight, etc 529 1871, Mar. 3. Redemption of copper and other token coins 529 1873, Feb. 12. Revising and amending the laws relative to the mints, assay offices, and coinage 530 REVISKD STATUTES. Sec. 343. Bureau of the Mint established 550 345. Powers and reports by directors 551 3474. What coin receivable 551 3495. Enumeration of mints and assay offices 551 3496. Officers of mints 551 3497. Superintendent of certain mints to perform duties of treasurer 551 3500. Oath of office of officers, assistants, and clerks 551 3501. Bonds of officers, assistants, and clerks 552 3502. Who to act in absence of director, superintendent, etc 552 3503. General duties of superintendents of mints 552 3504. Ibid 553 3505. Coins reduced in weight by abrasion 553 3506. Duties of superintendents in respect to coins and bullion 553 3507. Duties of assayers 554 3508. Duties of melters and refiners 554 3509. Duties of coiners 554 3510. Duties of engravers 554 3511. Gold coins of the United States and their weight 555 3512. Gold coins, recoinage of 555 3513. Silver coins and their weight 555 3514. Standard for gold and silver coins 555 3515. Minor coins, their weight and alloy 555 3516. Issue of other coins prohibited 556 3517. Inscriptions upon coins 556 3518. Gold and silver bars 556 3519. Coining gold bullion; deposits may be refused 556 3520. Silver bullion may be received for forming into bars or trade dollars. . . . 556 3521 . Bullion, weighing and ascertaining its value 557 3522. Bullion, assay of 557 3523. Bullion, assayed, assayer to report to superintendent, quality of 557 3524. Bullion, etc., charges for converting into coin 557 3525. Assayer to verify calculations of value of deposits 557 3526. Bullion, purchase of, for silver coinage; the silver-profit fund 558 3527. Paying out silver coins for gold coins authorized 558 3528. Metal for minor coinage, purchase of; minor-coinage profit fund 558 3529. Minor coins, delivery and redemption of 559 3530. Bullion, transfer of, for making into ingots 559 3531. Ingots to be assayed and receipted for 559 3532. Ingots, delivery of, to coiner 559 3533. Ingots used for coinage, standard of 560 3534. Preparation and stamping of bars for payment of deposits 560 3535. Deviations allowed in adjusting weights of gold coins 560 3536. Deviations allowed in adjusting weights of silver coins 560 3537. Deviations allowed in adjusting weights of minor coins 560 3538. Delivery of coins by coiner and trial of pieces 560 COINAGE. LAWS CONCERNING MONEY, BANKING, AND LOANS. XVIl Sec. Page. 3539. Trial pieces to be sealed up and transmitted quarterly to the mint at Philadelphia 561 3540. Disposal of clippings, etc 561 3541. Yearly settlement of accounts of coiner and of melter and refiner 562 3542 . Allowance for wastage 562 3543. Statement of balance sheet to be forwarded by superintendent to director 562 3544. Delivery of coin or bars to depositor 563 3545. Payment in money to depositors when value ascertained. 563 3546. Exchange of unparted bullion for fine bars 563 3547. Appointment and meeting of assay commissioners 563 3548. Standard troy pound for the regulation of coinage 564 3549. Standard weights for mints and assay offices 564 3550. Yearly destruction of obverse working dies 564 3551. National and other medals may be struck at the mint at Philadelphia. . . 565 3552. Money arising from charges to be covered into the Treasury 565 3553. Business of assay office at New York 565 3554. Appointment of officers at New York 565 3555. Duties, etc.. of officers at New York 565 3557. Appointment and salaries of assistants and employees at New York 566 3558. Business of mint at Denver and assay offices, Boise City and Charlotte. . . 566 3559. Appointment of officers at Denver, Boise City, and Charlotte 566 3560. Powers and duties of assayers at assay offices 566 3561. Bond and oath of officer and clerk 566 3562. Laws relating to mints extended to assay offices 567 3563. Decimal system established 567 3564. Value of foreign coins, how ascertained 567 3565. Value of the sovereign or pound sterling 567 3566. Recoinage of foreign coins 567 3567. Spanish and Mexican coins 568 3568. Their transmission for recoinage 568 3584. Foreign coins, legal tender 568 3585. Gold coins of the United States 568 3586. Silver coins of the United States 568 3587 . Minor coins 568 3592. Certain mints and assay offices to be depositaries 568 3594. Certain superintendents to be assistant treasurers 569 3651. Disbursing officers exchanging funds for gold or silver; payments in coin. 569 3697. Redemption of 6 per cent bonds in coins 569 3700. Purchase of coin 570 5457. Counterfeiting gold or silver coins or bars 570 5458. Counterfeiting minor coins 570 5459. Falsifying, mutilating, or lightening coins 571 5460. Debasing coins by officers of the mint 571 5461 . Making or uttering coins resembling money 572 5462. Making or uttering devises of minor coins 572 ACTS SUBSEQUENT TO THE REVISED STATUTES. 1874, Jan. 29. Coinage at the mint for foreign countries 572 May 12. To establish an assay office at Helena 573 June 22. Transfer of gold mint bars from the assay office to the assistant treasurer at New York 573 1875, Jan. 14. To provide for the resumption of specie payments 574 Mar. 3. Authorizing the coinage of a 20-cent piece 574 XVIII NATIONAL MONETARY COMMISSION. COINAGE. Page. 1876, Apr. 17. Issue of silver coins in redemption of fractional currency 575 July 22. Joint resolution: Issue of silver coin 576 Aug. 15. Refining and parting bullion 577 1877, Jan. 16. Amending section 5457, Revised Statutes; counterfeiting 577 Mar. 3. Refining and parting bullion 578 1878, Feb. 28. To authorize the coinage of the standard silver dollar and to restore its legal-tender character 579 May 2. To prohibit the coinage of the 20-cent piece 581 June 8. To constitute superintendents of mints or assayers, assistant treasurers 581 June 19. Refining and parting bullion; payment to depositors; coin cer- tificates; charges to pay expenses 582 1879, Mar. 3. Bullion certificates 583 June 9. Exchange of subsidiary coins for lawful money; legal tender. . 584 1881, Mar. 1. To amend section 3524, Revised Statutes; charge for melting or refining bullion 584 Mar. 3. Parting and refining bullion 585 Mar. 3. Free transportation of silver coin 585 1882, May 26. Receipt of United States gold coin in exchange for gold bars. . 586 July 12. Gold certificates 586 Aug. 7. Free transportation of silver coin 587 1886, Aug. 4 . Free transportation of silver coin 587 1887, Mar. 3. Retirement and recoinage of the trade dollar 588 1888, May 24. Authorizing a conference with Mexico and other countries as to a common silver coin 589 1889, Mar. 2. Silver-profit fund, use of 589 1890, July 14. Purchase of silver bullion and the issue of treasury notes thereon 589 Sept. 26. To amend section 3510, Revised Statutes, and to provide for new designs of authorized devices of coins 592 Sept. 26. To discontinue the coinage of the $3 and $1 gold pieces and 3- cent nickel piece 593 Oct. 1. Value of foreign coins; estimated quarterly 593 1891, Feb. 10. Counterfeiting, etc 594 Mar. 3. Issuance of gold bars in exchange for gold coin 596 Mar. 3. Recoinage silver coins, trade dollars, etc., into standard 597 1892, Aug. 5. International monetary conference 597 Aug. 5. Coinage of souvenir half dollars for the World's Columbian Exposition 598 1893, Mar. 3, Authorizing coinage of souvenir quarter dollars for the World's Columbian Exposition 599 Nov. 1. Discontinues purchases of silver bullion 599 1894, Aug. 13. State taxation of coin 600 1895, Feb. 20. Coinage at the branch mint at Denver 601 Mar. 2. Assay office at Denver to continue; refinery of gold and silver. 601 Mar. 2. International monetary conference 602 1896, June 11. Minor coins, recoinage, etc 603 1897, Feb. 19. Assay office at Denver, rents, expenses, etc 603 Mar. 3. International monetary conference 604 Mar. 3. To amend section 5459, Revised Statutes; mutilating coins, etc 605 1898, May 21. Assay office at Seattle established 606 June 13. Coinage of silver dollars authorized 606 July 7. Refining of bullion, etc., at coinage minta, etc 607 PAPEK G MONEY. LAWS CONCERNING MONEY, BANKING, AND LOANS. XIX Page. 1899, Feb. 24. Mint at Carson, appropriation 607 Mar. 3. Lafayette souvenir dollars 608 Mar. 3. Counterfeiting, etc., in Alaska 609 1900, Mar. 14. To define and fix the standard of value, to maintain the par- ity, to refund the public debt, etc 610 Apr. 12. Redemption, etc., of Porto Rican coins 615 1901, Mar. 3. Amendment in relation to receipt of gold coin in exchange for gold bars 616 1902, June 28. Louisiana Exposition gold dollar 616 1903, Jan. 14. Hawaiian silver coinage and silver certificates 617 Mar. 3. Subsidiary coinage, limitation removed 619 Mar. 3. Counterfeiting, etc 619 1904, Apr. 13. Lewis and Clark Exposition gold dollar 620 1905, Feb. 21. Use of devices calculated to convey the impression that the United States certifies to the quality of gold or silver used in arts 621 1906, Apr. 24. Purchase of metal and the coinage of minor coins, and the distribution and redemption of said coins 622 1908, May 18. Restoration of the motto "In God we trust " 624 PAPER MONEY. ACTS OF CONGRESS. 1791, Feb. 25. Bank of the United States; bills or notes receivable by the United States 627 1797, Mar. 3. Receipt of evidences of the public debt in payment for lands. 627 1798, June 27. Forging or uttering counterfeit bills, etc., on the Bank of the United States 628 1807, Feb . 24 .To punish frauds on the Bank of the United States 628 1812, Mar. 14. Loans from banks in the District of Columbia 629 Mar. 19. Repealing the tenth section of the act to incorporate the Bank of the United States 630 1816, Apr. 10. Bills or notes of the Bank of the United States, receivable for what 630 1834, June 27. Payments not to be made in bank notes below par 630 June 30. Certain banks not to issue promissory notes for less than $10. . G31 1836, Apr. 14. Denominations of bank notes 631 1838, July 5. Modifying the last clause of section 5 of the deposite act of June 23, 1836 631 July 7. Bills, notes, etc., of expired corporations prohibited 632 July 7. To restrain the circulation of small notes in the District of Columbia 633 1840, Mar. 31. Additional to the act on the subject of Treasury notes 633 1841. Aug. 13. Denominations of bank notes 634 1861, July 17. To authorize a national loan 634 1862, Feb. 25. To authorize the issue of United States notes, and for the redemption or funding thereof 635 Mar. J 7. Demand notes may be legal tender; new notes in place of worn- out 637 July 11. Additional issue of United States notes 638 July 17. To authorize payments in stamps and to prohibit notes of less than $1 04 1 1863, Jan. 17. Joint resolution: Issue of United States notes for one hundred millions. . . .... 641 XX NATIONAL MONETARY COMMISSION. PAPEBMONKY. Page. 1863, Mar. 3. Issue of Treasury notes for four hundred millions 642 1864, June 3. Issue of national-bank notes 645 June 30. Interest-bearing Treasury notes, issue, legal tender, etc.; frac- tional currency 645 1865, Mar. 3. To amend act to provide a national currency 647 Mar. 3. No fractional note to be issued under 5 cents 648 1866, Apr. 12. Treasury notes exchangeable for bonds 648 May 16. No fractional currency of less than 10 cents 649 1867, Feb. 5. Counterfeiting, etc 650 Mar. 26. Notes of towns, cities, or municipalities taxable 650 1868, Feb. 4. Further reduction of the currency suspended 651 1869, Feb. 19. To prevent loaning money upon United States notes 651 Mar. 18. To strengthen the public credit; notes payable in coin 652 1870, July 12. Redemption of temporary loan certificates and increase of bank notes 653 REVISED STATUTES. Sec. 254. Gold certificates, issue of 657 3475. Legal-tender quality of national-bank notes 657 3476. Treasury notes payable for all debts of the United States 657 3571. United States notes 657 3572. Amount of fractional currency authorized 658 3573. No fractional currency less than 10 cents 658 3574. Form and redemption of fractional notes 658 3575. Regulations for the issue and redemption of notes 658 3576. No portrait of living person to be placed on securities 658 3577. Engraving and printing notes 658 3578. Expenses of issuing notes 659 3579. Reissue of United States notes 659 3580. Replacing mutilated notes 659 3581. Destruction of notes 659 3582. Reduction of the currency suspended 659 3583. Restriction on notes less than $1 659 3588. Legal-tender qualities of United States notes 659 3589. Legal-tender qualities of demand Treasury notes 660 3590. Legal-tender qualities of interest-bearing notes 660 3G51. Exchange of funds restricted 660 3652. Premium on sales of public moneys to be accounted for 661 3689. Permanent annual appropriations; expenses of issue, redemption, etc.. paper money - 661 3693. Payment in coin of all obligations of the United States 661 3708. Imitating securities or printing advertisements thereon 662 5171. Delivery of circulating notes to banks 662 5172. Form, denomination, and printing of bank notes 663 5173. Control of plates and dies and expenses of bureau 663 5175. Issue of notes under $5 limited 663 5177. Limit to aggregate amount of circulating notes 663 5178. Apportionment of aggregate amount of circulating notes 664 5179. Equalizing the apportionment of circulating notes 664 5180. Withdrawal of notes 664 5181. Removal of bank to another place 665 5182. For what demands national-bank notes may be received 665 PAPEBMONEY. LAWS CONCERNING MONEY, BANKING, AND LOANS. XXI s Sec. Page. 5183. Issue of other notes prohibited 666 5184. Destroying and replacing worn-out and mutilated notes 666 5185. Gold-note banks 666 5186. Bank reserve, and receiving notes of other banks 667 5187. Penalty of issuing notes to unauthorized banks 667 5191. Lawful money reserve of national banks 667 5192. What may be counted lawful money reserve ; redemption cities 668 5193. Certain certificates of deposit may be counted as reserve 668 5194. Limitation upon the issue of certificates of deposit 669 5195. Agents for redemption of circulating notes 669 5196. National banks to receive notes of other national banks 669 5206. Associations not to pay out uncurrent notes 670 5207. United States or national-bank notes not to be held as collateral 670 5226. Mode of protesting notes 670 5227. Examination of banks which fail to redeem their notes 671 5228. Continuing business after default 671 5229. Notice to holders; redemption; cancellation of bonds 671 5230. Sale of bonds of defaulting bank at auction 672 5231. Sale of bonds of defaulting bank at private sale 672 5232. Disposal of protested notes 672 5233. Cancellation of national-bank notes 672 5234. Appointment of receivers for national banks 673 5236. Dividends after bank defaults (573 5237. Injunction upon receivership 673 5238. Fees and expenses of receivership, etc 674 5242. Transfers of notes, etc., after insolvency, void 674 5243. Use of the title "national " 674 5413. "Obligation or other security of the United States " defined 675 5414. Forging or counterfeiting United States securities 675 5415. Counterfeiting national-bank notes 675 5430. Using plates to print obligations of the United States without authority, etc 676 5431. Uttering, etc., forged obligations 677 5432. Taking impressions of tools, implements, etc 677 5433. Having unlawful possession of impressions 678 5434. Dealing in counterfeit securities 678 5435. False personation of holder of public stock 678 5436. False demand on fraudulent power of attorney 679 5437. Circulating bills of expired banks 679 5453. Secreting or embezzling tools and materials for printing securities 679 ACTS SUBSEQUENT TO THE REVISED STATUTES. 1874, June 20. Fixing the amount of the United States notes, redistribution of the national-bank currency 680 June 23. Notes to be destroyed by macerat ion 684 1875, Jan 14. Resumption of specie payments 685 Jan. 1!>. Limit to circulation of gold banks removed 686 Feb. 8. Tax on circulation of other than national banks, etc 687 Mar. 3. Making and issuing currency 687 1876, Apr. 17. Redemption of fractional currency 688 June 30. Fraudulent notes to be stamped as "counterfeit " G89 July 22. Joint resolution: lasue of silver coin for legal-tender notes G89 XXII NATIONAL. MONETABY COMMISSION. PAPEBMONBY. 1877, Mar. 3. Engraving and Printing Bureau, appropriation for 690 1878, Feb. 28. Issue of certificates of deposit for silver dollars 691 May 31. Further retirement of United States legal-tender notes for- bidden 691 June 8. Superintendents of mints or assayers may be assistant treas- urers 692 1879, Mar. 3. Bullion certificates 692 June 21. Fractional currency reserve 693 1882, July 12. To enable national banking associations to extend their cor- porate existence, etc 693 1886, Aug. 4. Silver certificates to be issued; printing large denominations in lieu of small 697 1887, Mar. 3. Legal-tender notes may be redeemed at San Francisco 697 1890, July 14. Purchase of silver bullion and the issue of Treasury notes thereon 698 1891, Feb. 10. Counterfeiting, etc., United States obligations 700 1892, July 28. Redemption of national-bank notes stolen or lost 701 1893, Nov. 1. To repeal a part of the act directing the purchase of silver bul- lion and the issue of Treasury notes thereon 702 1894, Aug. 13. State taxation of national banks and United States Treasury notes 702 1898, July 1. Printing from hand-roller presses 703 1899, Mar. 3. Counterfeiting, etc., in Alaska 703 1900, Mar. 14. To define and fix the standard of value, to maintain the parity, to refund the public debt 704 Apr. 23. Printing notes of larger denomination 710 1901, Mar. 3. To amend section 5153, Revised Statutes; national-bank de- positaries 711 1907, Mar. 4. To amend the national banking act 711 1908, May 30. To amend the national banking laws (Aldrich-Vreeland act). . 714 o DATE DUE nro SFP 9 i m 'J5J.MAY ; L419M ! GAYLCR^ r R . N r E D : \ ' s A . L LIBRARY FACILITY 9368 1 3 1210001898525