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A strictly “ bank note,” called "NATIONAL-RESERVE

NOTE,” is substituted for United States notes and declared "legal tender.”

Page.

Line.

$200,000,000 UNITED STATES NOTES PRESERVED AS GREENBACKS.

2 4 to 10 Deposit “lawful money" for. 2 21 to 25 Deposit United States notes, Treasury notes, coin or coin 3 1 to 7 certificates equal to 127 per cent of actual capital for new

issue of 6 UNITED STATES - LEGAL TENDER

NOTES." 3 12 to 15 They are made the “promise to pay” of the bank, by

the signatures of its officers. 3 20 to 21 Name of United States legal-tender note, plus currency

note, is "greenback." 5 14 to 18 Five per cent current redemption fund furnished by United

States Treasurer as a common fund for “greenbacks

and "currency." 7 7 to 11 Holdings to be reduced to 121 per cent to capital to all

associations from moneys paid for greenbacks after

transition is effected. 7 12 to 15 Amount of greenbacks held by a bank may be increased

by the Treasurer to amount required. 7 16 to 21 To be reduced below 124 per cent to capital as banking

capital increases so as to keep total amount uniform

(viz., $200,000,000). 8 1 to 4 May be reduced by banks to the amount required with the and

approval of the Comptroller and the Secretary of the 8 to 6 Treasury. 8 5 to 11 Upon the expiration of corporate existence by insolvency,

or by consent of Comptroller approved by Secretary of the Treasury, the Treasurer shall finally redeem green

backs. 8 18 to 25 Each bank to keep good its proportion of the 5 per cent

redemption fund furnished by the Treasurer. 9 1 to 2 Current redemption fund can not be counted in the reserve

of any bank. 9 3 to 8 Sums of greenbacks and currency aggregating $500 or 1

per cent to capital, of any association, to be redeemed. 9 9 to 11 Shall redeem in 6 LAWFUL MONEY,its " greenbacks,"

and "currency" at its own banking house and Atan agency approved by the Comptroller, in some reserve

city. 10 7 to 13 Banks to maintain parity, or be in default. 10 14 to 17 Can not plead in defense, when in default, that its own

“greenbacks" are “United States notes." 11 1 to 11 Not to be issued in denominations of less than $3. 15 1 to 2 Emergency greenbacks secured by bonds in denominations 16 21 to 24

of not less than $1,000 may be taken out by banks or 17 1 to 21 clearing house. 18 1 to 7 26 15 to 17 Five per cent reserved for redemption fund to be free

moneys in the Treasury in case of insolvency. 26 22 to 25 In case of insolvency to be immediately redeemed by the

Treasurer and canceled.

NATIONAL “RESERVE NOTES." Page. Line. 8 16 to 25 Exchange of United States notes (only) for “reserve

notes."

Redeemable in “gold coin” ONLY. 9 20 to 24 May exchange United States notes for “reserve notes" 10 1 to 7 equal to its paid-up capital. 12 15 to 20 To imitate the present United States legal-tender note

and contain “promise of association" to redeem at

office in gold coin. 13 18 to 23 This bank note a “full legal-tender” excepting for duties

on imports and interest on the public debt.

May be used in reserves of any association." 15 15 to 18 Deposits of gold coin instead of United States notes for 16 10 to 14 them, but not in excess of reserve notes destroyed. 15 19 to 25 Comptrollers may dispense with their use. 16 1 to 5 Withdraw holdings above 40 per cent to be first made. 16 6 to 8 Thereafter such withdrawal SHALL be equitably made. 16 8 & 9 Destroy all reserve notes "withdrawn." 16 24 & 25 Once "surplus revenues” are used to cancel reserve notes,

no more "reserve notes” can thereafter be issued. 16 25 to 23 Surplus funds as “surplus revenue” (after United States

notes and Treasury notes are destroyed) used to cancel

“reserve notes." 17 1 to 4 Reserve notes of any association deccoased shall not lessen

the "circulating notes” any banking association would

otherwise be entitled to. (See page 15, lines 18 to 25.) 21 14 to 20 Shall keep in Issue and Redemption Department a “re

demption fund” in “gold coin equal to 5 per cent of its

“reserve notes”" (and bank notes). 19 2 to 4 In case of insolvency to be redeemed from the general

“reserve” in Issue and Redemption Department. 20 1 to 5 Upon redemption, in case of insolvency, shall be destroyed. 21 21 to 23 22 12 to 23 Shall be redeemable at “subtreasuries". 21 25 & 25 Shall be currently redeemed in gold coin in amounts of 22 12 to 23 $1,000, including all circulating notes. 23 6 to 8 (Old law) 5 per cent gold redemption fund can be counted

in reserve. 24 21 to 24 Banks paid per cent per annum premium for taking out

reserve notes. 28 12 to 19 The taking of “reserve notes” made compulsory. 29 4 to 11 Banks shall be dissolved upon failure to comply with any

provision of this act.

NATIONAL “BANK NOTES."

9 1 to 3 Depositing United States bonds for bank notes." 9 9 to 11 Can secure “bank notes” plus "currency notes” to an

and 18 amount equal to its paid up capital.” 10

8 & 9 May take "bank notes equal to par of United States 10 14 to 27 bonds deposited, and to amount of capital, page 9, line

24, and page 11, line 17, but reduced by currency notes taken.

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Page. 11 5 to 9 If bonds depreciate below par, more bonds must be

deposited. 12 23 to 25 To imitate present “NATIONAL BANK NOTES.” 13 1 to 3 Contain promise of association to redeem at its office in

gold coin or reserve notes." 13 24 & 25 14 1 & 2

Legal tender “between banks." 14 3 to 5 Can not "count ITS OWN” bank notes or currency notes

in its cash or "cash assets." 17 1 to 4 Canceling reserve notes of any bank by use of “surplas

revenue” not to lessen “circulating notes” of such bank.

(See page 14, lines 18 to 21.) 17 5 to 12 Banks may reduce bank notes by depositing with the

“ASSISTANT TREASURER” in charge of the Issue and Redemption Department a sum in gold coin equal to the amount of the reduction desired, or by redeeming its notes in gold and sending them to the Comp

trollers of the Currency. 21 14 to 20 Shall keep in Issue and Redemption Department a "re

demption fund” in gold coin equal to 5 per cent of its

“bank notes." 19 4 to 9 Bonds deposited to be sold to redeem bank notes in case

of insolvency. 20 1 to 5 Destroyed when redeemed, in case of insolvency. 21 21 to 23 Redeemable at Treasury or subtreasuries” only. 22 13 to 23) 21 24 & 25 SHALL be "currently redeemed” in gold coin in sums of 22 13 to 23) $1,000, made up of all kinds of circulating notes. 23 6 to 8 (Old law) Its 5 per cent gold redemption fund can be

“COUNTED IN ITS RESERVE."

"CURRENCY NOTES."

NOT SECURED BY THE GUARANTY OF THE GOVERN

MENT.

9 4 to 8 Bank assets liable for "currency notes." 9 9 to 11 Can take out "currency notes” plus “bank notes” to an

and 18 amount equal to its paid-up capital. 11 10 to 24 Restrictions not to exceed “reserve notes” taken; not to

exceed bank notes taken; not to exceed 40 per cent to paid-up capital, but can take 20 per cent more, with 40 per cent of bank notes, equals 100 per cent by paying 6

per cent per annum tax on last 20 per cent. 12 11 In denominations of $10, and multiples thereof for all cir.

culating notes. 13 4 to 9 Shall contain promise of association to redeem at its

office in gold coin or “reserve notes." 13 10 to 15 To state on its face issued under this act. 17 18 to 22 To state on its face its clearing-house district. 17 23 to 25 To state on its face the number of its clearing-house dis

trict. (How many clearing-house districts.) 13 24 & 25 14 1 & 2}Legal tender “ between banks." 14 3 to 5 Can not count its own “currency notes” in its cash assets.

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