Banking, ancient and modern ..together with full instructions as to the business methods of the Treasury Department at Washington, . ised Statut-s, relating to the redemption of national banknotes at the Treasury uf the United States, of which the following arethe principal features. Section 3 of the Act of Congress approved June 20, 1874.(18 Stat,p. 123), provides that every national bank shall keep on deposit in theTreasury of the United States a sum of lawful money equal to 5 percentum of its circulation, to be held and used for the redemption of itsnotes; that the circulating notes o
Banking, ancient and modern ..together with full instructions as to the business methods of the Treasury Department at Washington, . ised Statut-s, relating to the redemption of national banknotes at the Treasury uf the United States, of which the following arethe principal features. Section 3 of the Act of Congress approved June 20, 1874.(18 Stat,p. 123), provides that every national bank shall keep on deposit in theTreasury of the United States a sum of lawful money equal to 5 percentum of its circulation, to be held and used for the redemption of itsnotes; that the circulating notes of the banks shall be redeemed by theTreasurer on presentation and charged to the respective bywhich they were issued ; that the redeemed shall be forwarded tothe banks of i^sue, but if any of the notes are unfit for circulation they 58 shall be delivered to the Comptroller of the Currency for destructionand replacement with new notes; and that the banks shall re-imburse tothe Treasury the charges for transportation and the costs of assorting thenotes redeemed. Section 4 of the same act provides that any bank may. I-RKDK rAHsr.|ki;sii>i;ni tiii; Wisconsin national i:k. :. wis. deposit lawful money and take up the bonds on deposit for the securityof an ecjual amount of circulation, and that this amount of its notes shallbe redeemed at the Treasury and destroyed. Section 3 of the Act ofMarch 3, 1875. (18 Stat., p. 399), requires the Secretary of the Treasury 59 to reimburse tiic i lo the full amount expended in carrying intoaffect the provisions of the Act c>f June 20, 1874. By Section 6, 8,and 9, of the Act of July 12, 1882,(22 Stat., p. 162), these provisionsare modified in some ])articulars, and each bank is required at the end ofthree ) ears from the date Cfthe extension of its corporate existence, todep >sit lawful money with theTreasurer sufficient to redeem the remain-der of the circulation which was outstanding at the date
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Keywords: ., bookcentury1800, bookde, booksubjectbanksandbanking, bookyear1895
