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“CURRENCY."

SECURED BY THE GUARANTY OF THE GOVERNMENT.

4 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. 4 19, 20 Lawful name "currency." 5 1, 2 To have printed on it that it is to be finally redeemed by

the Treasurer of the United States. 5 3 to 5 Supply may be printed in advance of use.

12 to 17 May be reduced only by being surrendered to Comptroller. 8 18 to 25 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. 9 1, 2 Current redemption fund can not be counted in the reserve

of any bank.

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Page. Line.
17 1 to 5 Withdrawal for cancellation of “reserve notes” of any

bank not to lessen “circulating notes” of such bank.
17 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 Shall be “redeemed” in their respective districts.
18 1 to 4 Shall be currently redeemed” by some association in a

clearing-house city of its own district. 19 to 25 Failure to redeem any circulating notes in gold an act of 19 1 to 25 insolvency, and bank is immediately put in liquidation. 18 5 to 10 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. 18 11 to 18 Shall keep an amount in “gold coin” in the Issue and 23 17 to 21 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. 19 10 to 12 Surplus over amount received on sale of bonds over that

necessary to pay “bank notesto be applied to the

redemption of currency notes" in case of insolvency. 20 1 to 5 Destroyed when redeemed in case of insolvency. 22 13 to 23 SHALL be currently redeemned in gold (as circulating

notes”) at SUBTREASURIES in sums of $1,000 for all

notes. (See page 21, lines 14 to 20.) 23 6 to 8 Can not count its 5 per cent gold "guarantee" fund in its

9 to 17 reserve. 23

Six per cent tax per annum on "currency notes” exceed

ing 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.

“CIRCULATING NOTES.”

3

3

(USED FOURTEEN TIMES.)
5 Means “reserve notes,” “ bank notes,” and “currency

notes."
16 Means reserve notes," “ bank notes," and 66 currency

notes."
16 The words "circulating notes" defined as including “re-
serve notes,"

, bank notes," and "currency notes."

66

8

Line.

Page. 9 2 to 8 Sums of greenbacks and currency aggregating $500, or

aggregating 1 per cent to capital, of any association to

be redeemed. 9 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.” 10 14 to 17 Banks to maintain parity or be subject to penalty tax. 11 1 to 11 Not to be issued in denominations less than $3. 21 3 to 17 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, at

the discretion of the Secretary of the Treasury. 26 18 to 21 The 5 per cent redemption fund to currency to be returned

to associations in case of insolvency. 26 22 to 25 In case of insolvency, currency to be immediately redeemed

and canceled by United States Treasurer.

“CIRCULATING NOTE.”

(USED FOUR TIMES.)

3 3 9 14

4 Means “greenback." 10 Means “greenback.”

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

Line.

Page. 9

10

12

14

17

2 Means “bank notes” received upon deposit of United

States bonds. 19 Means “bank notes " in circulation when the act shall be

passed. 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

66 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 onehalf “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," onehalf 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 currency

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

notes."

15

17

17

18

21 22

29

SPECIAL FUNDS TO BE HELD IN TREASURY.

A RESERVE FUND.
A REDEMPTION FUND.
A GUARANTEE FUND.

2 23 to 25 Issue and Redemption Department “shall redeem the cir. 3 1 to 12 circulating notes of banking associations," shall hold all

"redemption funds" and all “guarantee fúnds” of banks. 23 to 15 To the Issue and Redemption Department shall be com4 1 to 6 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.)

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4 16 to 18 Equal to 5 per cent of currency, it averages to keep in cir

culation held as a common « current redemption fund” for the current redemption of “greenbacks and cur

rency." 5 14 to 18 Equal to 5 per cent of greenbacks, held as a common "cur

rent redemption fund” for the current redemption of

“greenbacks" and "currency." B & C -18

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