APPENDIX

the currency, circulating notes of different denominations, in blank, registered and countersigned as hereinafter 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 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.1

SEC. 22. And be it further enacted, That the entire amount of notes for circulation to be issued under this act shall not exceed $300,000,000.2 ***

SEC. 34. And be it further enacted, That every association shall make to the comptroller of the currency, a report, 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 detail, and under appropriate heads, the resources and liabilities 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.3 *** In addition to the quarterly reports required by this section, every association shall, on the first Tuesday of each month, make to the Comptroller of the Currency 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 and discounts, specie, and other lawful money belonging to the association, deposits, and circulation. And associations 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.

ACT OF JUNE 30, 1864.

-An act to provide ways and means for the support of the Government, and for other purposes.

[13 Statutes at Large, p. 218.]

SEC. 2 And be it further enacted, That the Secretary of the Treasury may issue on the credit of the United States, and in lieu of an equal amount of bonds authorized by the preceding section, and as a part of said loan, not exceeding $200,000,000, in Treasury notes of any denomination not less than ten dollars, payable at any time not exceeding three years from date, or, if thought more expedient, redeemable at any time after three years from date, and bearing interest not exceeding the rate of seven and three-tenths per centum, payable in lawful money at maturity, or, at the discretion of the Secretary, semi-annually. And the said treasury notes may be disposed of by the Secretary of the Treasury, on the best terms that can be obtained, for lawful money; 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 them at par, including interest; and any treasury notes issued under the authority of this act may be made convertible, at the

2

'See Act of March 3, 1865, p. 511, and Sec. 10 of the Act of July 12, 1882, p. 538. See Act of March 3, 1865, p. 511; Act of July 12, 1870, p. 515; and Act of January 14, 1875, repealing limitation, p. 531.

3 See Act of March 3, 1869, p. 514.

discretion of the Secretary of the Treasury, 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 previous acts of Congress, and substitute, 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 treasury notes authorized by the first and second sections of this act shall not exceed $400,000,000, in addition to the amounts heretofore issued; nor shall the total amount of United States notes, issued or to be issued, ever exceed $400,000,000, and such additional sum, not exceeding $50,000,000, as may be temporarily required for the redemption of temporary loan; nor shall any treasury note bearing interest, issued under this act, be a legal tender in payment or redemption of any notes issued by any bank, banking association, or banker, calculated or intended to circulate as money.

SEC. 4. And be it further enacted, That the Secretary of the Treasury may authorize the receipt, as a temporary loan, of United States notes or the notes of national banking associations on deposit for not less than thirty days, in sums of not less than $50, 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, 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 Secretary of the Treasury may increase the interest on deposits at less than six per centum to that rate, or, on ten days' notice to depositors, may diminish the rate of interest as the public interest may require; but the aggregate of such deposits shall not exceed $150,000,000; and the Secretary of the Treasury may issue, and sha!l hold in reserve for payment of such deposits, United States notes not exceeding $50,000,000, 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 redemption of said fractional notes and other notes when mutilated or defaced, and for the receipt of said fractional 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 that all laws and parts of laws applicable to the fractional notes engraved and issued as herein authorized, apply equally and with like force to all the fractional notes heretofore authorized, whether known as postage currency or otherwise, and to postage-stamps issued as currency; but the whole amount of all descriptions of notes or stamps less than one dollar issued as currency, shall not exceed $50,000,000.

By the act of Mar. 3, 1865, authorizing the coinage of three-cent pieces and for other purposes, the issue of fractional notes of less denomination than five cents was forbidden, and by the act of May 16, 1866, the issue of such notes of less denomination than ten cents was forbidden.

ACT OF MARCH 3, 1865.— An act to authorize the coinage of three-cent pieces, and for other purposes.

[13 Statutes at Large, p. 517.]

[Provides for the coinage of a three-cent piece, weighing thirty grains, of nickel and copper, not exceeding 25 per cent. nickel-"a legal tender in any one payment to the amount of 60 cents, and that no fractional notes to be issued under five cents."]

ACT OF MARCH 3, 1865.-An act to provide ways and means for the support of the Government.

[13 Statutes at Large, p. 468.]

***Provided, 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 payable in coin shall not exceed seven and three tenths per centum per annum; and the rate and character of interest shall be expressed on all such bonds or treasury notes: * * *

ACT OF MARCH 3, 1865.-An act to amend 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."

*

[13 Statutes at Large, p. 498.]

* 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 association whose capital shall not exceed $500,000, ninety per centum of such capital; to each association whose capital exceeds $500,000, but does not exceed $1,000,000, eighty per centum of such capital; to each association whose capital exceeds $1,000,000, but does not exceed $3,000,000, seventy-five per centum of such capital; to'each association whose capital exceeds $3,000,000, sixty per cent. of such capital. And that $150,000,000 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 associations 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.

ACT OF MARCH 3, 1865.-An act to amend an act entitled "An Act to provide internal revenue, to support the Government, to pay interest on the public debt, and for other purposes," approved June 10, 1864.

[13 Statutes at Large, p. 469.]

SEC. 6. And be it further enacted, That every national banking association, state bank or state banking association, 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, 1866.

'See Sec. 21 of Act of June 3, 1864, above, and Sec. 10 of the Act of July 12, 1882,

P. 538.

SEC. 7. And be it further enacted, That any existing bank organized under the laws of any state, having a paid-up capital of not less than $75,000, which shall apply before the first day of July next for authority to become a national bank, under the act * * * approved June 3, 1864, and shall comply with all the requirements of said act, shall, if such bank be found by the Comptroller of the Currency to be in good standing and credit, receive such authority in preference to new associations applying for the same: ****

[Remainder of Section, referring to state banks having branches, same as Sec. 5155 of Rev. St., See p. 522.]

ACT OF APRIL 12, 1866.- -An act to amend an act entitled "An act to provide ways and means to support the Government," approved March 3, 1865.

[14 Statutes at Large, p. 31.]

Be it enacted, etc., That the act entitled "An act to provide ways and means to support the Government," approved March 3, 1865, shall be extended and construed to authorize the Secretary of the Treasury, 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 amendment; and also to dispose of any description of bonds authorized by said act, either in the United States or elsewhere, to such an amount, in such manner, and at such rates as he may think advisable, for lawful money of the United States, or for any treasury notes, 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 nothing herein contained shall be construed to authorize any increase of the public debt: Provided, That of United States notes not more than $10,000,000 may be retired and cancelled within six months from the passage of this act, and thereafter not more than $4,000,000 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.

ACT OF MAY 16, 1866.-An act to authorize the coinage of five-cent pieces.

[14 Statutes at Large, p. 47.]

[Provides for the coinage of a nickel five-cent piece, weighing 77.16 grains, legal tender in any one payment to the amount of one dollar.' Redeemable in national currency when presented in sums of not less than $100. Prohibits the issue of fractional notes of less denomination than ten cents.2]

ACT OF JULY 13, 1866

- to reduce internal taxation, etc.

[14 Statutes at Large, p. 98.]

SEC. 9. [bis] And be it further enacted, That Section six of the Act of March 3, 1865, * * * be amended by striking out all after the enacting clause, and inserting in lieu thereof the following: That every national banking

I See Sec. 3587 Rev. Statutes, p. 521.

Sec. 3 of the act of March 3, 1865, prohibited the issue of fractional notes of less denomination than five cents.

association, State bank, or State banking association, shall pay a tax of ten per centum on the amount of notes of any person, State bank, or State banking association, used for circulation and paid out by them after the first day of August, 1866, and such tax shall be assessed and paid in such manner as shall be prescribed by the commission of internal revenue.

ACT OF MARCH 2, 1867.

An act to provide ways and means for the payment of compound-interest notes.1

[14 Statutes at Large, p. 558.]

Be it enacted, etc., That for the purpose of redeeming and retiring any compound-interest notes outstanding, the Secretary of the Treasury is hereby authorized and directed to issue 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 25, 1862, bearing interest at a rate not exceeding three per centum per annum, principal and interest payable in lawful money on demand; and said certificates of temporary loan may constitute and be held, by any national bank holding or owning the same, as a part of the reserve provided for in sections 31 and 32 of 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 3, 1864: 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 $50,000,000.

ACT OF MARCH 26, 1867.- An act to exempt wrapping-paper made from wood or cornstalks from internal tax, and for other purposes.

[15 Statutes at Large, p. 6.]

SEC. 2. And be it further enacted, That every national banking association, state bank or banker, or association, shall pay a tax of ten per centum on the amount of notes of any town, city, or municipal corporation, paid out by them after the first day of May, A. D. 1867, to be collected in the mode and manner in which the tax on the notes of state banks is collected.

ACT OF FEBRUARY 4, 1868.-An act to suspend further reduction of the currency.

[15 Statues at Large, p. 34.]

Be it enacted, etc., That, from and after the passage of this act, the 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 nothing herein contained shall prevent the cancellation and destruction of mutilated United States notes, and the replacing of the same with notes of the same character and amount.

[Became a law without the President's signature on February 4, 1868.]

'See Act of July 25, 1868; also Act of July 12, 1870, p. 515, providing for the retirement of such loan certificates.