construed as to authorize the issue of bonds of any description authorized by this act. And any Treasury notes or other obligations bearing interest, issued under any act of Congress may, at the Secretary of the Treasury, and with the consent of the holder, be converted into any description of bonds authorized by this act; and no bonds so authorized shall be considered a part of the amount of $600,000,000 hereinbefore author ized. Sec. 3. And be it further enacted, * * * Provided That nothing herein contained shall be construed as authorizing the issue of legal-tender notes in any form. * Act of April 12, 1866–An act to amend an act entitled “An act to provide ways and mean; to support the Government,” approved March 3, 1865. Be it enacted, etc., That the act entitled "An act to provide ways and means to support the Government," approved March 3, 1855, 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 * * * * * * March 2, 1867-An act to provide ways and means for the payment of compound-interest notes.1 Be it enacted, etc., That for the purpose of redeeming and retiring any compoundinterest 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 thirty-one and thirtytwo 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 February 4, 1868-An act to suspend further reduction of the currency. 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. SCHUYLER COLFAX. Speaker of the House of R presentatives. B. F. WADE, President of the Scna e pro tmpore. 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 July 25, 1868-An act to provide for a further issue of temporary loan certificates, for the purpose of redeeming and retiring the remainder of the outstanding compound-interest notes. Be it enacted, etc., That for the sole purpose of redeeming and retiring the remainder of the compound-interest notes outstanding, the Secretary of the Treasury is hereby authorized and directed to issue an additional amount of temporary loan certificates, not exceeding $25,000,000; said certificates to bear interest at the rate of three per centum per annum, principal and interest payable in lawful money on demand, and to be similar in all respects to the certificates authorized by the act entitled "An act to provide ways and means for the payment of compound-interest notes," approved March 2. 1867; and the said certificates may constitute and be held by any national bank holding or owning the same as a part of the reserve, in accordance with the provisions of the above mentioned act of March 2, 1867. 1 Cec Act of July 25, 1838. Act of March 18, 1869-An act to strengthen the public credit. Be it enacted, etc., That in order to remove any doubt as to the purpose of the Government to discharge all just obligations to the public creditors, and to settle conflicting questions and interpretations of the laws by virtue of which such obligations have been contracted, it is hereby provided and declared that the faith of the United States is solemnly 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 interesthearing 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 said interest-bearing obligations not already due shall be redeemed or paid before maturity unless at such time United States notes shall be 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. And the United States also solemnly pledges its faith to make provision at the earliest practicable period for the redemption of the United States notes in coin. Act of July 12, 1870—An Act to provide for the redemption of three per cent. temporary loan certificates and for increase of national bank notes. * * * * * * SEC. 2. And be it further enacted, That at the end of each month after the passage of this act it shall be the duty of the Comptroller of the Currency to report to the Secretary of the Treasury the amount of circulating notes issued, under the provisions of the preceding section, to the national banking associations, during the previous month; whereupon the Secretary of the Treasury shall redeem and cancel an amount of three per centum temporary loan certificates issued under the ac.s of March 2, 1867, and July 25, 1868, not less than the amount of circulating notes so reported; and may, if necessary, in order to procure the presentation of such temporary loan certificates for redemption, give notice to the holders thereof, by publication or otherwise, that certain of said certificates (which shall be designated by 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 designate I shall no longer be available as any portion of the lawful money reserve in possession of any national banking association, and after the 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 association. Act of June 20, 1874-Fixing the amount of United States Notes, etc. [For remainder of act see under Laws relating to Banking.] SEC. 6. That the amount of United States notes outstanding and to be used as a part of the circulating medium shall not exceed the sum of 382.000,000, 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. Revised Statutes of the United States-Relating to the Currency. * * * * * * * * SEC. 3571. United States notes shall be of such denominations not less than $1 as the Secretary of the Treasury may prescribe, shall not bear interest, shall be payable to bearer, and shall be in such form as the Secretary may deem best. SEC. 3572. The whole amount of notes or stamps for the fractions of a dollar, issued as currency, shall not, at any time, exceed $50,000,000. SEC. 3573. No issue of fractional notes of the United States shall be of a less denomination than ten cents; and all issues of a less denomination shall, when paid into the treasury or any designated depositary of the United States, or redeemed or exchanged as now provided by law, be retained and canceled. SEC. 3574. The notes of the fractional currency shall be in such form, with such inscriptions and with such safeguards against counterfeiting, as the Secretary of the Treasury may deem best. They shall be exchangeable by the assistant treasurers and designated depositaries for United States no'es in sums of not less than $3, and shal' be receivable for postage and revenue stamps, and for all dues to the United States, except customs, in sums not over $5, and shall be redeemed on presentation at the Treasury of the United States in such sums and under such regulations as the Secretary of the Treasury shall prescribe. SEC. 3575. The Secretary of the Treasury may provide for the engraving and preparation, and for the issue of fractional and other notes, and shall make such regulations for the redemption of such notes when mutilated or defaced, and for the receipt of fractional notes in payment of debts to the United States, except for customs, in such sums, not over $5, as may appear to him expedient * 營 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. SEC. 3582. The authority given to the Secretary of the Treasury to mak any reduction of the currency, by retiring and canceling United States notes is suspended. SEC. 3583. 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 circu late as money or to be received or used in lieu of lawful money of the United States; and every person so offending shall be fined not more than $500, or imprisoned not more than six months, or both, at the discretion of the court. SEC. 3588. United States notes shall be lawful money, and a legal tender in payment of all debts, public and private, within the United States, except for duties or imports and interest on the public debt. SEC. 3589. Demand treasury notes authorized by the act of July 17, 1861, chapter 5, and the Act of February 12, 1862, chapter 20, shall be lawful money and a legal tender in like manner as United States notes. SEC. 3590. Treasury notes issued under the authority of the Acts of March 3, 1863. chapter 73, and June 30, 1864, chapter 172, shall be legal tender to the same extent as United States notes, for their face value, excluding interest. 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 circulate as money. Aet of January 14, 1875-An act to provide for the resumption of specie payments. Be it enacted, etc., That the Secretary of the Treasury is hereby 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 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 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 3524 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. SEC. 3. That section 5177 of the Revised Statutes, limiting the aggregate amount of circulating notes of 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 associations may be organized in accordance with existing law without respect to said aggregate limit; and the provisions of law for the withdrawal and redistribution of national bank currency among the several States and 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 duty of the Secretary of the Treasury to redeem the legal-tender United States notes in excess only of 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 sum of $300,000,000 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-tender notes then outstanding, on their presentation for redemption at the office of the Assistant Treasurer of the 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 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 of bonds of the United States described in the act of Congress approved July 14, 1870, entitled “An act to authorize the refunding 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. Act of May 31, 1878-An act to forbid the further retirement of United States legal tender notes. Be it enacted, etc., That from and after the passage of this act it shall not be lawful. for the Secretary of the Treasury or other officer under him to cancel or retire any more of the 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 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 denomination in their stead, as now provided by law. All acts and parts of acts in conflict herewith are hereby repealed. 1 Subsequent act of May 31, 1878, forbid further retirement of legal tender notes, and fixed the limit at amount then outstanding, $346.681,016. 2 San Francisco added by Section 3 of act of March 3, 1827. See page 44. Act of August 4, 1886-An act for making appropriations for sundry civil expenses of the Government for the fiscal year ending June 30, 1887, and for other purposes. * * * * * * * * * * * Be it enacted, etc., And the Secretary of the Treasury is hereby authorized and required to issue silver certificates in denominations of one, two and five dollars, and the silver certificates herein authorized shall be receivable, redeemable and payable in like manner and for like purposes as is provided for silver certificates by the act of February 28, 1878, entitled "An act to au.horize the coinage of the standard silver dollar, and to restore its legal-tender character." and denominations of one, two and five dollars may be issued in lieu of silver certificates of larger denominations in the Treasury or in exchange therefor upon presentation by the holders, and to that extent said certificates of larger denominations shall be cancelled and destroyed. * # III.-LAWS RELATING TO BANK CURRENCY. * * Act of February 25, 1791—An act to incorporate the subscribers to the Bank of the United States. Whereas, It is conceived that the establishment of a 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 conducting 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 considerable advantages to trade and industry in general; therefore : SEC. 1. Be it enacted, etc., That a Bank of the United States shall be established; the capital stock whereof shall not exceed $10,000,000, divided into 25 000 shares, each share being $400; and that subscriptions toward constituting the said stock, shall, on the first Monday of April next, be opened at the city of Philadelphia, under the superintendence of such persons, 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 accordingly); which subscriptions shall continue open, until the whole of the said stock shall have been subscribed. SEC. 2. And be it further enacted, That it shall be lawful for any person, copartnership, or body politic, to subscribe for such or so many shares as he, she or they shall think fit, not exceeding 1,000, except as shall be hereafter directed relatively to the United States; and that the sums respectively subscribed, except on behalf of the 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 provision 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 distance of six calendar months from each other; the first whereof shall be paid at the time of subscription. * * SEC. 7. * * * IX. The total amount of the debts which the said corporation shall at any time owe, whether by bond, bill, note or other contract, shall not exceed the sum of $10,000,000, over and above the monies then actually deposited in the bank for safekeeping, unless the contracting of any greater debt shall have been previously authorized by a law of the United States. In case of excess, the directors, under whose administration it shall happen, shall be liable for the same, in their natural and private capacities; and an action of debt may, in such case, be brought against them, or any of them, their or any of their heirs, executors or administrators, in any court of record in the United States, or of either of them, by any creditor or creditors of the said corporation, and may be prosecuted to judgment and execution; any condition, covenant, or agreement to the contrary notwithstanding. But this shall not be construed to exempt the said corporation, or the lands tenements, goods or chattels of the same, from 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 created, 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 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. XV. It shall be lawful for the directors aforesaid, to establish offices wheresoever they shall think fit, within the United States, for the purposes of discount and deposit 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. XVI-The officer at the head of the Treasury Department of the United States shall be furnished. from time to time, as often as he may require, not exceeding once & week, with statements of the amount of capital stock of the sail corporation, and of the debts due to the same; of the monies deposited therein; of the notes in circulation, and of the cash in hand; and shall have a right to inspect such general accounts in the books of the bank as shall relate to the said statements. Provided, That this shall not be construed to imply a right of inspecting the account of any private individual or individuals with the bank. * * * * SEC. 9. And be it further enacted, That if the said corporation shall advance or lend any sum, for the use or on account of the Government of the United States to any amount exceeding $100,000; or of any particular Siate to an amount exceeding $50,000; 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 connivance, 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 disposed of by law and not otherwise. SEC. 10. *And be it further enacted, That the bills or notes of the said corporation, originally made payable, or which shall have become payable on demand, in gold or silver coin, shall be receivable in all payments to the United States. SEC. 11. And be it further enacted, That it shall be lawful for the President of the United States, at any time or times, within 18 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 $10,000,000, on behalf of the United States, to an amount not exceeding $2,000,000, to be paid out of the monies which shall be borrowed by virtue of either of the acts, the one entitled An act making provision for the debt of the United States;" and the other entitled "An act making provision for the reduction of the public debt;" borrowing of the bank an equal sum, to be applied to the purposes, for which the said monies shall have been procured; reimbursable 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 shall be established by any future law of the United States, during the continuance of the corporation hereby created, for which the faith of the United States is hereby pledged. Act of June 27, 1798—An act to punish frauds committed on the Bank of the United States. [Provides penalties of imprisonment and fine for altering, forging or counterfeiting the bills or notes issued by the Bank of the United States, or any order or check on the cashier or corporation for the payment of money.] Act of April 10, 1816–An act to incorporate the subscribers to the Bank of the United States. Be it enacted, etc., That a Bank of the United States of America shall be established, with a capital of $35,000,000, divided into 350,000 shares, of one hundred dollars each share. Seventy thousand shares, amounting to the sum of $7,000.000, part of the capital of the said Bank, shall be subscribed and paid for by the United States, in the manner hereinafter specified; and two hundred and eighty thousand shares, amounting to the sum of $28,000,000, shall be subscribed and paid for by individuals, companies, or corporations, in the manner hereinafter specified. * * * SEC. 7. And be it further enacted, That the subscribers to the said Bank of the United States, their successors and assigns, shall be, and are hereby, created a 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 3d day of March, 1836. SEC. 11. * * * * * * Eighth-The total amount of debts which the said corporation shall at any time owe, whether by bond, bill, note, or other contract, over and above the debt or debts due for money deposited in the bank, shall not exceed the sum of $35,000,000, unless the contracting of any greater debt shall have been previously authorized by law of the United States. In case of excess, the directors under whose administration it shall happen shall be liable for the same in their natural and private capacities; and an action of debt may in such case be 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 be prosecuted to judgment and execution, any condition, covenant, or agreement to the contrary notwithstanding. But this provision shall not be construed to exempt the said corporation of the lands, tenements, goods, or chattels of the same from being also liable for, and chargeable with said excess. Such of the said directors who may have been absent when the said excess was contracted or created, 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 absence or dissent, to the *This section was repealed March 19, 1812, after the expiration of the charter. |