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 17 18 to 25 1 to 4 18 8888 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. Failure to redeem any circulating notes in gold an act of Shall keep an amount in "gold coin" in the Issue and 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 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 16 Means " reserve notes," 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 26 18 to 21 26 22 to 25 Banks to maintain parity or be subject to penalty tax. 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." Line. 2 Means "bank notes" received upon deposit of United 19 Means "bank notes" in circulation when the act shall be passed. 66 10 Means "reserve notes," "bank notes," and currency 20 Means "reserve notes," "bank notes," and " currency 3 Means "bank notes" and "currency notes" which must 12 Means "reserve notes," "bank notes," and " currency 3 Means "reserve notes," "bank notes," and " currency 17 Means "reserve notes," "bank notes," and "currency notes." 24 Means "reserve notes," "bank notes," and "currency 17 Means the present bank notes secured by bonds. notes." 1 currency 9 Means "reserve notes," "bank notes," and "currency SPECIAL FUNDS TO BE HELD IN TREASURY. A RESERVE FUND. A REDEMPTION FUND. A GUARANTEE FUND. Issue and Redemption Department "shall redeem the cir- 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." |