value of the bonds deposited, such additional notes to be held and treated in the same way as circulating notes of national banking associations heretofore issued, and subject to all the provisions of law affecting such notes: Provided, That nothing herein contained shall be construed to modify or repeal the provisions of section fiftyone hundred and sixty-seven of the Revised Statutes of the United States, authorizing the Comptroller of the Currency to require additional deposits of bonds or of lawful money in case the market value of the bonds held to secure the circulating notes shall fall below the par value of the circulating notes outstanding for which such bonds may be deposited as security: And provided further, That the circulating notes furnished to national banking associations under the provisions of this Act shall be of the denominations prescribed by law, except that no national banking association shall, after the passage of this Act, be entitled to receive from the Comptroller of the Currency, or to issue or reissue or place in circulation, more than one-third in amount of its circulating notes of the denomination of five dollars: And provided further, That the total amount of such notes issued to any such association may equal at any time but shall not exceed the amount at such time of its capital stock actually paid in: And provided further, That under regulations to be prescribed by the Secretary of the Treasury any national banking association may substitute the two per centum bonds issued under the provisions of this Act for any of the bonds deposited with the Treasurer to secure circulation or to secure deposits of public money; and so much of an Act entitled "An Act to enable national banking associations. to extend their corporate existence, and for other purposes," approved July twelfth, eighteen hundred and eighty-two, as prohibits any national bank which makes any deposit of lawful money in order to withdraw its circulating notes from receiving any increase of its circulation for the period of six months from the time it made such deposit of lawful money for the purpose aforesaid, is hereby repealed, and all other Acts or parts of Acts inconsistent with the provisions of this section are hereby repealed. (31 Stat. 49.) This section was part of the Parity Act of March 14, 1900, c. 41, cited above. This section superseded Act July 12, 1882, c. 290, § 10, 22 Stat. 165, which repealed R. S. § 5171, and provided a substitute therefor. It also superseded so much of section 8 of said act, ante, § 9708, as limited the circulation of banks having a capital of $150,000, or less, to ninety per centum of the bonds deposited. The denominations of circulating notes were prescribed by R. S. § 5172, post, § 9714. The two per cent. bonds mentioned in this section were those authorized to be issued by section 11 of this act, ante, § 6825. The provisions of the act referred to in this section as repealed thereby were part of the Currency Act of July 12, 1882, c. 290, § 9, ante, § 9709. See note under that section. Cited without definite application, 2 Sup. Ct. 561, 564, 107 U. S. 445, 27 Cook County Nat. Bank v. U. S. (1883) L. Ed. 537. § 9714. (R. S. § 5172, as amended, Act May 30, 1908, c. 229, § 11, Act Dec. 23, 1913, c. 6, § 27, and Act Aug. 4, 1914, c. 225.) Printing, denominations, and form of the circulating notes. In order to furnish suitable notes for circulation, the Comptroller of the Currency shall, under the direction of the Secretary of the Treasury, cause plates and dies to be engraved, in the best manner to guard against counterfeiting and fraudulent alterations, and shall have printed therefrom, and numbered, such quantity of circulating notes in blank, of the denominations of one dollar, two dollars, three dollars, five dollars, ten dollars, twenty dollars, fifty dollars, one hundred dollars, five hundred dollars, and one thousand dollars, as may be required to supply the associations en § 9714 NATIONAL BANKS Such notes shall express upon their titled to receive the same. face that they are secured by United States bonds, deposited with the Treasurer of the United States, by the written or engraved signatures of the Treasurer and Register, and by the imprint of the seal of the Treasury; and shall also express upon their face the promise of the association receiving the same to pay on demand, attested by the signatures of the president or vice-president and cashier; and shall bear such devices and such other statements, and shall be in such form, as the Secretary of the Treasury shall, by regulation, direct. Act June 3, 1864, c. 106, § 22, 13 Stat. 105. Act May 30, 1908, c. 229, § 11, 35 Stat. 551. Act Dec. 23, 1913, c. 6, § 27, 38 Stat. 274. Act Aug. 4, 1914, c. 225, 38 Stat. 682. This section was amended by the Aldrich-Vreeland (National Currency Associations) Act of May 30, 1908, c. 229, § 11, cited above, to read as follows: "In order to furnish suitable notes for circulation, the Comptroller of the Currency shall, under the direction of the Secretary of the Treasury, cause plates and dies to be engraved, in the best manner to guard against counterfeiting and fraudulent alterations, and shall have printed therefrom, and numbered, such quantity of circulating notes, in blank, of the denominations of five dollars, ten dollars, twenty dollars, fifty dollars, one hundred dollars, five Such notes hundred dollars, one thousand dollars, and ten thousand dollars, as may be required to supply the associations entitled to receive the same. shall state upon their face that they are secured by United States bonds or other securities, certified by the written or engraved signatures of the Treasurer and Register and by the imprint of the seal of the Treasury. They shall also express upon their face the promise of the association receiving the same to pay on demand, attested by the signature of the president or vice-president and cashier. The Comptroller of the Currency, acting under the direction of the Secretary of the Treasury, shall as soon as practicable cause to be prepared circulating notes in blank, registered and countersigned, as provided by law, to an amount equal to fifty per centum of the capital stock of each national banking association; such notes to be deposited in the Treasury or in the subtreasury of the United States nearest the place of business of each association, and to be held for such association, subject to the order of the Comptroller of the Currency, for their delivery as provided by law: Provided, That the Comptroller of the Currency may issue national bank notes of the present form until plates can be prepared and circulating notes issued as above provided: Provided, however, That in no event shall bank notes of the present form be issued to any bank as additional circulation provided for by this Act." It was re-enacted by the Federal Reserve Act of Dec. 23, 1913, c. 6, § 27, 38 Stat. 274, as amended by Act Aug. 4, 1914, c. 225, 38 Stat. 682, cited above, Said last-mentioned section provided that R. S. § to read as set forth here. 5172, which was amended by said Act May 30, 1908, c. 229, § 11, should be reenacted to read as such section read "prior to May thirtieth, nineteen hundred and eight, subject to such amendments or modifications as are prescribed in this Act." The charter-number of each banking association was required to be printed on each circulating note issued, by the Currency Act of June 20, 1874, c. 343. § 5, post, § 9715. The paper used in printing United States notes was required to be used in printing the circulating notes, by Act March 3, 1875, c. 130, § 1, post, § 9716. Circulating notes issued to banks after their period of corporate succession has been extended were required to be so printed as to be distinguishable from those issued before said extension, by the Currency Act of July 12, 1882, c. 290, § 6. ante, § 9670. Provisions defining and punishing the forging and uttering of circulating notes were made by R. S. § 5415, which was incorporated into the Criminal Code, in section 149 thereof, post, § 10319, and was repealed by section 341 thereof, post, § 10515. Provisions defining and punishing the trafficking in forged notes were made by R. S. § 5434, which was incorporated into the Criminal Code, in section 15! thereof, post, § 10324, and was repealed by section 341 thereof, post, § 10513. Notes of Decisions Local bond issue. The proposed issue of interest-bearing bonds in small denominations by the county commissioners of Floyd County, Ga., will not be in conflict with the banking laws of the United States. (1894) 21 Op. Atty. Gen. 70. Note for fractional sum.-No proví sion is made for a note for less than one dollar. A note for a fractional sum is not only unknown to the law, but its issue is unlawful. The supreme court, by deciding that an obligation "payable in goods" was not illegal, has left the inference to follow almost necessarily that it was not such a note as was contemplated by the statute, and therefore not taxable. In re Aldrich (D. C. 1883) 16 Fed. 369. Construction of vaults.-While the Secretary of the Treasury was not authorized by section 16 of the act of May 30, 1908 (35 Stat. 552), to rent vault room in the District of Columbia for the storage of certain emergency national bank notes until additional vault room can be constructed in the treasury building, he is authorized to make necessary expenditures for the construction of vaults to be used for the purposes mentioned in this section. (1909) 27 Op. Atty. Gen. 270. Cited without definite application, Logan v. U. S. (1903) 123 Fed. 291, 292, 59 C. C. A. 476; Ex parte Houghton (D. C. 1881) 7 Fed. 657, 658. § 9715. (Act June 20, 1874, c. 343, § 5.) Charter-numbers to be printed on notes. The Comptroller of the Currency shall, under such rules and regulations as the Secretary of the Treasury may prescribe, cause the charter-numbers of the association to be printed upon all national-bank notes which may be hereafter issued by him. (18 Stat. 124.) This section was part of the Currency Act of 1874, cited above. § 9716. (Act March 3, 1875, c. 130, § 1.) printing notes. Distinctive paper for The national-bank notes shall be printed under the direction of the Secretary of the Treasury, and upon the distinctive or special paper which has been, or may hereafter be, adopted by him for printing United States notes. (18 Stat. 372.) This was a proviso annexed to an appropriation for making and issuing the national currency in the sundry civil appropriation act for the fiscal year 1876, cited above. Any distinctive paper for use in the printing of national bank notes, which may be available, may be used for printing the federal reserve notes, by a provision of the Federal Reserve Act of Dec. 23, 1913, c. 6, § 16, post, § 9799. § 9717. (R. S. § 5173.) Plates and dies to be under control of Comptroller. The plates and special dies to be procured by the Comptroller of the Currency for the printing of such circulating notes shall remain under his control and direction, and the expenses necessarily incurred in executing the laws respecting the procuring of such notes, and all other expenses of the Bureau of the Currency, shall be paid out of the proceeds of the taxes or duties assessed and collected on the circulation of national banking associations under this Title. Act June 3, 1864, c. 106, § 41, 13 Stat. 111. Provisions requiring banks to reimburse the Treasury for the cost of engraving plates ordered by them were made by the Currency Act of June 20, 1874, c. 343, § 3, post, § 9751. Provisions requiring banks to pay the cost of making plates for their new notes in case they extend their corporate succession were made by the Currency Act of July 12, 1882, c. 290, § 6, ante, § 9670. § 9718. (R. S. § 5174, as amended, Act Feb. 27, 1877, c. 69, § 1.) Annual examination of plates, dies, etc. The Comptroller of the Currency shall cause to be examined, each year, the plates, dies, bed-pieces, and other material from which the national-bank circulation is printed, in whole or in part, and file in his Office annually a correct list of the same. Such material as shall have been used in the printing of the notes of associations which are in liquidation, or have closed business, shall be destroyed under such regulations as shall be prescribed by the Comptroller of the Currency and approved by the Secretary of the Treasury. The expenses of any such examination or destruction shall be paid out of any appropriation made by Congress for the special examination of national banks and bank-note plates. Act March 3, 1873, c. 269, § 4, 17 Stat. 603. Act Feb. 27, 1877, c. 69, 19 Stat. 252. This section was amended by Act Feb. 27, 1877, c. 69, § 1, cited above, by striking out, after the words "the plates, dies," the words "but pieces," and substituting therefor the word "bed-pieces," as set forth here. This section was made applicable to the plates, etc., for the printing of the federal reserve notes, by the Federal Reserve Act of Dec. 23, 1913, c. 6, by section 16 thereof, post, § 9799. § 9719. (R. S. § 5175.) Limit to issue of notes under five dollars. Not more than one-sixth part of the notes furnished to any association shall be of a less denomination than five dollars. After specie payments are resumed no association shall be furnished with notes of a less denomination than five dollars. Act June 3, 1864, c. 106, § 22, 13 Stat. 105. Subsequent provisions relating to the limit of the issuance of circulating notes of the denomination of five dollars were made by the Parity Act of March 14, 1900, c. 41, § 12, ante, § 9713. (R. S. § 5176. Repealed.) This section was as follows: "No banking association organized subsequent to the twelfth day of July, eighteen hundred and seventy, shall have a circulation in excess of five hundred thousand dollars." It was repealed by the Currency Act of July 12, 1882, c. 290, § 10, 22 Stat. 165, which enacted a substitute for R. S. § 5171, which in turn was superseded by the Parity Act of March 14, 1900, c. 41, § 12, ante, § 9713. (R. S. § 5177. Repealed.) This section provided that the aggregate amount of circulating notes issued under Act Feb. 25, 1863, c. 58, 12 Stat. 665; Act June 3, 1864, c. 106, 13 Stat. 99; Act July 12, 1870, c. 252, § 1, 16 Stat. 251, and this Title, should not exceed $354,000,000. It was repealed by the Resumption Act of Jan. 14, 1875, c. 15, § 3, post, § 9720. § 9720. (Act Jan. 14, 1875, c. 15, § 3.) Aggregate amount of circulating notes not limited. Section five thousand one hundred and seventy-seven of the Revised Statutes of the United States, limiting the aggregate amount of circulating-notes of national banking-associations, be, and is hereby, repealed; and each existing banking-association may increase its circulating-notes in accordance with existing law without respect to said aggregate limit; and new banking-associations may be organized in accordance with existing law without respect to said aggregate limit; and the provisions of law for the withdrawal and redistribution of national-bank currency among the several States and Territories are hereby repealed. (18 Stat. 296.) This was part of the last section of the Resumption Act of 1875, cited above. See notes to section 1 of the act, ante, § 6542. A further provision of this section was as follows: "And provided that whenever, and so often, as circulating notes shall be issued to any such banking association, so increasing its capital or circulat ing notes, or so newly organized as aforesaid, it shall be the duty of the Secretary of the Treasury to redeem the legal-tender United States notes in ex cess only of three hundred million of dollars, to the amount of eighty per centum of the sum of national bank notes so issued to any such banking as sociation as aforesaid, and to continue such redemption as such circulating notes are issued until there shall be outstanding the sum of three hundred mil lion dollars of such legal-tender United States notes, and no more." This provision was superseded by Act May 31, 1878, c. 146, ante, § 6562, which prohibited the further cancellation and retirement of United States legal-tender notes. The remaining provisions of this section, omitted here, relating to the re demption of legal-tender notes, and the issue and sale of bonds for that pur pose, are set forth ante, § 6543. R. S. § 5177, repealed by this section, limited the aggregate amount of circulating notes issued under certain acts to not to exceed $354,000,000. R. S. §§ 5178, 5179, 5180, and 5181, and Act June 20, 1874, c. 343, §§ 7, 8, 9, were also repealed by this section. Cited without definite application, Talbott v. Board of Com'rs of Silver Bow County (1891) 11 Sup. Ct. 594, (R. S. §§ 5178-5181. Repealed.) R. S. & 5178, was as follows: "One hundred and fifty millions of dollars of the entire amount of circulating notes authorized to be issued shall be apportioned to associations in the States, in the Territories, and in the District of Columbia, according to representative population. One hundred and fifty millions shall be apportioned by the Secretary of the Treasury among associations formed in the several States, in the Territories, and in the District of Columbia, having due regard to the existing banking capital, resources, and business of such States, Territories, and District. The remaining fifty-four millions shall be apportioned among associations in States and Territories having, under the apportionments above prescribed, less than their full proportion of the aggregate amount of notes authorized, which made due application for circulating notes prior to the twelfth day of July, eighteen hundred and seventy-one. Any remainder of such fifty-four millions shall be issued to banking associations applying for circulating notes in other States or Territories having less than their proportion." R. S. § 5179, was as follows: "In order to secure a more equitable distribution of the national banking currency, there may be issued circulating notes to banking associations organized in States and Territories having less than their proportion, and the amount of circulation herein authorized shall, under the direction of the Secretary of the Treasury, as it may be required for this purpose, be withdrawn, as herein provided, from banking associations organized in States having more than their proportion, but the amount so withdrawn shall not exceed twentyfive million dollars: Provided, That no circulation shall be withdrawn under the provisions of this section until after the fifty-four millions granted in the first section of the act of July twelfth, eighteen hundred and seventy, shall have been taken up." R. S. § 5180, was as follows: "The Comptroller of the Currency shall, under the direction of the Secretary of the Treasury, make a statement showing the amount of circulation in each State and Territory, and the amount necessary to be withdrawn from each association, and shall forthwith make a requisition for such amount upon such associations, commencing with those having a circulation exceeding one million of dollars, in States having an excess of circulation, and withdrawing their circulation in excess of one million of dollars, and then proceeding proportionately with other associations having a circulation exceeding three hundred thousand dollars, in States having the largest excess of circulation, and reducing the circulation of such associations in States having the greatest proportion in excess, leaving undisturbed the associations in States having a smaller proportion, until those in greater excess have been reduced to the same grade, and continuing thus to make such reductions until the full amount of twenty-five millions has been withdrawn; and the circulation so withdrawn shall be distributed among the States and Territories having less than their proportion, so as to equalize the same. Upon failure of any association to return the amount of circulating notes so required, within one year, the Comptroller shall sell at public auction, having given twenty days' notice thereof in one daily newspaper printed in Washington and one in New York City, an amount of the bonds deposited by that association as security for its circulation, equal to the circulation required to be withdrawn from the association and not returned in compliance with such requisition; and he shall, with the proceeds, redeem so many of the notes of such association, as they come into the Treasury, as will equal the amount required and not returned; and shall pay the balance, if any, to the association." R. S. § 5181, was as follows: "Any association located in any State having more than its proportion of circulation may be removed to any State having less than its proportion of circulation, under such rules and regulations as the Comptroller of the Currency, with the approval of the Secretary of the Treasury, shall prescribe: Provided, That the amount of the issue of said banks shall not be deducted from the issue of fifty-four millions mentioned in section five thousand one hundred and seventy-eight." These four sections were included in the repeal of "the provisions of law for the withdrawal and redistribution of national-bank currency among the several States and Territories," by the Resumption Act of Jan. 14, 1875, c. 15, § 3, ante, § 9720. |