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4

"CURRENCY."

SECURED BY THE GUARANTY OF THE GOVERNMENT.

5 to 11 SHALL be issued to banks equal in amount to 25 per cent more than the currency the bank averaged to have in circulation during the two years next preceding (to be determined by amount of currency a tax was paid on), and the Comptroller may issue currency to a bank to the full amount of actual capital.

4 12 to 15

Current redemption fund equal to 5 per cent of currency in actual circulation.

4 16 to 18 A common redemption fund for currency and greenbacks. 20 Lawful name "currency."

4 19,

5

1,

5

8

2 To have printed on it that it is to be finally redeemed by the Treasurer of the United States.

3 to 5

12 to 17 8 18 to 25

9 1,

Supply may be printed in advance of use.

May be reduced only by being surrendered to Comptroller. Each bank to keep good its 5 per cent current redemption fund on its currency and the 5 per cent redemption fund on greenbacks furnished by the Treasurer.

2 Current redemption fund can not be counted in the reserve of any bank.

Page.

17

17

Line.

1 to 5 Withdrawal for cancellation of "reserve notes" of any
bank not to lessen "circulating notes" of such bank.
5 to 12 May reduce holding of "currency 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 Comptroller
of the Currency. (Where is the provision for an Assist-
ant Treasurer?)

17 18 to 25 1 to 4

18

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18 19 to 25 1 to 25

19

18

5 to 10

18 11 to 18

23 17 to 21

Shall be "redeemed" in their respective districts.
Shall be "currently redeemed" by some association in a
clearing-house city of its own district.

Failure to redeem any circulating notes in gold an act of
insolvency, and bank is immediately put in liquidation.
Can not be paid out "over the counter" of all banks out-
side its district, unless there is a redemption agency in
all redemption districts.

Shall keep an amount in "gold coin" in the Issue and
Redemption Department as a "guarantee fund" equal
to 5 per cent of its currency notes "not returned to the
Comptroller."

18 19 to 25 "Guarantee fund" used to redeem currency notes in case of insolvency.

20

19 10 to 12 Surplus over amount received on sale of bonds over that necessary to pay "bank notes" to be applied to the redemption of "currency notes" in case of insolvency. 1 to 5 Destroyed when redeemed in case of insolvency. 22 13 to 23 SHALL be currently redeemed in gold (as "circulating notes") at SUBTREASURIES in sums of $1,000 for all notes. (See page 21, lines 14 to 20.)

23

23

6 to 8
9 to 17

Can not count its 5 per cent gold "guarantee" fund in its

reserve.

Six per cent tax per annum on "currency notes" exceeding 40 per cent to capital or plus bank notes exceeding 80 per cent to capital.

23 18 to 21 Tax on all the last 20 per cent of 60 per cent capital of currency notes to capital not returned to the Comptroller or "gold coin" deposited with Comptroller for their retirement.

23 22 to 25

24

1 to 6)

Tax on currency notes collected each month.

25 13 to 20 Deposit of gold coin required equal to its "currency notes" in circulation, in case of insolvency.

3

3

8

"CIRCULATING NOTES."

(USED FOURTEEN TIMES.)

5 Means 66 reserve notes," ""bank notes," and "currency
notes."

16 Means " reserve notes,"
," "bank notes," and "

notes."

currency

16 The words "circulating notes" defined as including "reserve notes," "bank notes," and "

currency notes."

Page.

9

9

10

11 21

Line.

2 to 8 Sums of greenbacks and currency aggregating $500, or aggregating 1 per cent to capital, of any association to be redeemed.

9 to 11 Shall redeem in "LAWFUL MONEY" its "greenbacks" and currency at its own banking house, and also at an agency appointed by the Comptroller in some "reserve city."

14 to 17

1 to 11
3 to 17

26 18 to 21

26 22 to 25

Banks to maintain parity or be subject to penalty tax.
Not to be issued in denominations less than $3.
Taxed not more than one-fifth of 1 per cent per annum
when there is $8,000,000 in the Treasury, accumulated
for this tax and in no case over 1 per cent per annum,
the discretion of the Secretary of the Treasury.
The 5 per cent redemption fund to currency to be returned
to associations in case of insolvency.

at

In case of insolvency, currency to be immediately redeemed and canceled by United States Treasurer.

3394

14

"CIRCULATING NOTE."

(USED FOUR TIMES.)

4 Means "greenback."

10 Means "greenback."

6 Means "greenbacks" and "currency." 23 Means "greenbacks" and "currency."

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Line.

2 Means "bank notes" received upon deposit of United
States bonds.

19 Means "bank notes" in circulation when the act shall be

passed.

66

10 Means "reserve notes," "bank notes," and currency
notes."

20 Means "reserve notes," "bank notes," and " currency
notes."
(When bonds are withdrawn "bank notes" are necessarily
retired by the amount of bonds withdrawn, as "bank
notes" are described as bond-secured notes. (See page
9, lines 1 to 3.) To keep up the amount of "circulating
notes" the vacuum caused by the withdrawal of "bank
notes" must be supplied, if at all, by taking out one-
half "reserve notes" and one-half "currency notes," as
provided in page 11, lines 10 to 24, subject to the pro-
vision on page 17, lines 1 to 4.)

3 Means "bank notes" and "currency notes" which must
supply the place of the withdrawn "reserve notes," one-
half of each, as provided on page 11, lines 10 to 24, sub-
ject to page 14, lines 18 to 21.

12 Means "reserve notes," "bank notes," and " currency
notes" (and that the depositing of United States notes
and the securing "reserve notes," as provided on page
11, lines 10 to 24, is a "basis" or condition precedent to
securing either "bank notes" or "currency notes," and
continues for all time, excepting as modified on page 16,
lines 15 to 25, and page 17, lines 1 to 4).

3 Means "reserve notes," "bank notes," and " currency
notes."

17 Means "reserve notes," "bank notes," and "currency

notes."

24 Means "reserve notes," "bank notes," and "currency
notes."

17 Means the present bank notes secured by bonds.
12 Means "reserve notes," "bank notes," and "

notes."

1

currency

9 Means "reserve notes," "bank notes," and "currency
notes."

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SPECIAL FUNDS TO BE HELD IN TREASURY.

A RESERVE FUND.

A REDEMPTION FUND.

A GUARANTEE FUND.

Issue and Redemption Department "shall redeem the cir-
circulating notes of banking associations," shall hold all
"redemption funds" and all "guarantee funds" of banks.
To the Issue and Redemption Department shall be com-
mitted $137,500,000 gold to redeem United States notes
and Treasury notes. (Amount to be "kept" in this fund
decided by the Secretary of the Treasury. Page 4, lines
11 to 18.)

Page. Line.

4

5

SPECIAL FUNDS TO BE HELD IN TREASURY.

ONLY A CURRENT REDEMPTION FUND.

16 to 18 Equal to 5 per cent of currency, it averages to keep in circulation held as a common "current redemption fund" for the current redemption of "greenbacks" and "currency."

14 to 18 Equal to 5 per cent of greenbacks, held as a common “current redemption fund" for the current redemption of "greenbacks" and "currency."

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