which prohibited the further cancellation and retirement of United States legal-tender notes.

The remaining provisions of this section, omitted here, relating to the redemption of legal-tender notes, and the issue and sale of bonds for that purpose, are set forth ante, § 6543.

R. S. § 5177, repealed by this section, limited the aggregate amount of circulating notes issued under certain acts should not exceed $354,000,000.

R. S. §§ 5178, 5179, 5180, and 5181, and Act June 20, 1874, c. 343, §§ 7, 8, 9, were also repealed by this section.

(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 Repealed.)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authorized shall, under the direction of the Secretary of the Treasury, as it may be required for this purpose, be withdrawn, as herein provided, from banking associations organized in States having more than their proportion, but the amount so withdrawn shall not exceed twentyfive million dollars: Provided, That no circulation shall be withdrawn under the provisions of this section until after the fifty-four millions granted in the first section of the act of July twelfth, eighteen hundred and seventy,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 Treas

ury, 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.

§ 9721. (R. S. § 5182.) For what demands national bank notes may be received.

After any association receiving circulating notes under this Title has caused its promise to pay such notes on demand to be signed by the president or vice-president and cashier thereof, in such manner as to make them obligatory promissory notes, payable on demand, at its place of business, such association may issue and circulate the same as money. And the same shall be received at par in all parts of the United States in payment of taxes, excises, public lands, and all other dues to the United States, except duties on imports; and also for all salaries and other debts and demands owing by the United States to individuals, corporations, and associations within the United States, except interest on the public debt, and in redemption of the national currency.

Act June 3, 1864, c. 106, § 23, 13 Stat. 106.

Provisions requiring the redemption of lost or stolen notes put in circulation without the signature or upon the forged signature of the proper officers are contained in Act July 28, 1892, c. 317, post, § 9755.

§ 9722. (R. S. § 5183, as amended, Act Feb. 18, 1875, c. 80, § 1.) Issue of other notes prohibited.

No national banking association shall issue post notes or any other notes to circulate as money than such as are authorized by the provisions of this Title.

Act June 3, 1864, c. 106, § 23, 13 Stat. 106. Act Feb. 18, 1875, c. 80, § 1, 18 Stat. 320.

This section was amended by Act Feb. 18, 1875, c. 80, § 1, cited above, by adding, after the words "shall issue," the words "post notes or," as set forth here.

§ 9723. (R. S. § 5184.) Destroying and replacing worn-out and

mutilated notes.

It shall be the duty of the Comptroller of the Currency to receive worn-out or mutilated circulating notes issued by any banking association, and also, cn due proof of the destruction of any such circulating notes, to deliver in place thereof to the association other blank circulating notes to an equal amount. Such worn-out or mutilated notes, after a memorandum has been entered in the proper books, in accordance with such regulations as may be established by the Comptroller, as well as all circulating notes which shall have been paid or surrendered to be canceled, shall be burned to ashes in presence

of four persons, one to be appointed by the Secretary of the Treasury, one by the Comptroller of the Currency, one by the Treasurer of the United States, and one by the association, under such regulations as the Secretary of the Treasury may prescribe. A certificate of such burning, signed by the parties so appointed, shall be made in the books of the Comptroller, and a duplicate thereof forwarded to the association whose notes are thus canceled.

Act June 3, 1864, c. 106, § 24, 13 Stat. 106.

Provisions relating to the destruction of national bank notes by maceration, and repealing so much of this section as required such notes to be burned, were made by Act June 23, 1874, c. 455, § 1, ante, § 6560.

§ 9724. (R. S. § 5185.) Organization of associations to issue gold notes authorized.

Associations may be organized in the manner prescribed by this Title for the purpose of issuing notes payable in gold; and upon the deposit of any United States bonds bearing interest payable in gold with the Treasurer of the United States, in the manner prescribed for other associations, it shall be lawful for the Comptroller of the Currency to issue to the association making the deposit circulating notes of different denominations, but none of them of less than five dollars, and not exceeding in amount eighty per centum of the par value of the bonds deposited, which shall express the promise of the association to pay them, upon presentation at the office at which they are issued, in gold coin of the United States, and shall be so redeemable. But no such association shall have a circulation of more than one million of dollars.

Act July 12, 1870, c. 252, § 3, 16 Stat. 252.

Provisions relating to the removal of the limitation restricting the circulation of banking associations issuing notes payable in gold were made by Act Jan. 19. 1875, c. 19, post, § 9725.

Provisions authorizing the conversion of national gold banks into currency banks were made by Act Feb. 14, 1880, c. 25, post, § 9727.

§ 9725. (Act Jan. 19, 1875, c. 19.) Removal of limitation on circulation of gold banks.

So much of section five thousand one hundred and eighty-five of the Revised Statutes of the United States as limits the circulation of banking-associations, organized for the purpose of issuing notes payable in gold, severally to one million dollars, be, and the same is hereby, repealed; and each of such existing banking-associations may increase its circulating-notes, and new banking-associations may be organized, in accordance with existing law, without respect to such limitation. (18 Stat. 302.)

This was an act entitled "An act to remove the limitation restricting the circulation of banking-associations issuing notes payable in gold."

R. S. § 5185, mentioned in this section, is set forth ante, § 9724. See notes to that section.

§ 9726. (R. S. § 5186.) Their lawful money reserve, and duty of receiving notes of other associations.

Every association organized under the preceding section shall at all times keep on hand not less than twenty-five per centum of its outstanding circulation, in gold or silver coin of the United States;

and shall receive at par in the payment of debts the gold-notes of every other such association which at the time of such payment is redeeming its circulating notes in gold coin of the United States, and shall be subject to all the provisions of this Title: Provided, That, in applying the same to associations organized for issuing gold-notes, the terms "lawful money" and "lawful money of the United States" shall be construed to mean gold or silver coin of the United States; and the circulation of such associations shall not be within the limitation of circulation mentioned in this Title.

Act July 12, 1870, c. 252, §§ 3-5, 16 Stat. 252, 253.

§ 9727. (Act Feb. 14, 1880, c. 25.) banks into currency banks.

Conversion of national gold

Any national gold bank organized under the provisions of the laws of the United States, may, in the manner and subject to the. provisions prescribed by section fifty-one hundred and fifty-four of the Revised Statutes of the United States, for the conversion of banks incorporated under the laws of any State, cease to be a gold bank, and become such an association as is authorized by section fifty-one hundred and thirty-three, for carrying on the business of banking, and shall have the same powers and privileges, and shall be subject to the same duties, responsibilities, and rules, in all respects, as are by law prescribed for such associations: Provided, That all certificates of organization which shall be issued under this act shall bear the date of the original organization of each bank respectively as a gold bank. (21 Stat. 66.)

This was an act entitled "An act authorizing the conversion of national gold banks."

R. S. §§ 5153, 5154, mentioned in this section, are set forth ante, §§ 9658, 9659.

§ 9728. (R. S. § 5187.) Penalty for issuing circulating notes to unauthorized associations.

No officer acting under the provisions of this Title shall countersign or deliver to any association, or to any other company or person, any circulating notes contemplated by this Title, except in accordance with the true intent and meaning of its provisions. Every officer' who violates this section shall be deemed guilty of a high misdemeanor, and shall be fined not more than double the amount so countersigned and delivered, and imprisoned not less than one year and not more than fifteen years.

Act June 3, 1864, c. 106, § 27, 13 Stat. 107.

(R. S. §§ 5188, 5189. Repealed.)

R. S. 5188, made punishable the imitating of national bank notes by business, etc., cards, etc., or advertisements, or writing, printing, etc., on such notes, any business, etc., card, or notice or advertisement.

R. S. § 5189, made punishable the mutilating, etc., national bank notes, etc., with intent to render the same unfit to be reissued.

These two sections were incorporated into the Criminal Code, in sections 175, 176, thereof, respectively. post, §§ 10345, 10346, and were repealed by section 341 thereof, post, § 10515.

CHAPTER TWO A

National Currency Associations

This chapter, inserted here as additional to the original chapters of this Title of the Revised Statutes, includes the provisions for the issue by national currency associations of additional circulating notes, in emergencies; principally the Aldrich-Vreeland (National Currency Associations) Act of May 30, 1908, c. 229, with amendatory and additional provisions.

§ 9729. (Act May 30, 1908, c. 229, § 1.) (1) National currency associations; formation by national banks; certificate of organization.

National banking associations, each having an unimpaired capital and a surplus of not less than twenty per centum, not less