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ident and Secretary the free use of the forty-four | the basis of the act of 1865, the new banks to be million reserve to check the progress of the panic established upon the terms, liabilities, and reand alleviate its disasters. In his veto message strictions imposed upon existing banks, being and in his letter to Messrs. Claflin and Anthony required to secure their bills by deposits of on the 28th of September last, the President bonds, redeem them in United States notes upon treats the forty-four millions as being an exist- demand over their own counters, or in one of the ing reserve, a sum of money already in the redemption cities, and with the additional reTreasury, as much so as a like sum received striction that all banks, old and new, shall keep from taxes, to be used at the discretion of the one fourth of the coin interest they receive upon Secretary of the Treasury for certain purposes. their bonds deposited for the security of their He regards the maximum amount of United | notes. States notes as $400,000,000, and treats the $44,- This provision looked forward to the resump000,000 as in actual existence.

tion of specie payments, and was the first step The first section of the bill declares the law to that had been taken in that direction by Conbe what the President and Secretary have as- gress. The $46,000,000 provided for came full sumed it to be.* It declares that the maximum $30,000,000 short of equalizing the distribution amount of United States notes shall be $400,000,- among the States on the basis of the act of 1865. 000; that is, the amount beyond which the issue Under that act the New England States were enshall not be extended. The word maximum titled to less than $40,000,000, but received $110,means the greatest. It does not mean the pre-000,000, and the other Eastern States had aa cise amount, but simply the amount beyond excess of nearly $12,000,000. The most of the which the issue cannot go. The section relieved friends of the bill desired free banking; that is, the Government from the exercise of a doubtful the restriction taken off as to the amount and power, which had been the occasion of severe locality of the circulation of national banks, so animadversions. The Secretary of the Treasury, that people should be left free in every part in his last report, thought it important that Con of the United States to establish national banks gress should remove the doubt hanging over the wherever and whenever their local wants and issue of this forty-four million, and used the fol. necessities demanded them. The profit upon the lowing language:

currency of national banks is less than two per “But the law authorizing the issue of the max- cent., and they will not be established and mainimum of $400,000,000 has never been repealed, tained anywhere unless there be a local demand and has uniformly been held by the Treasury which will give to them a liberal line of deposits. Department and the law officers thereof to be in But the purpose of this letter is not to enter full force. In view of the uncertainty which into the defense of the second section of the bill, exists in public sentiment as to the right of the but to remove a misapprehension that appears to Secretary of the Treasury to issue United States prevail in regard to the first. Whether the volnotes in excess of the maximum, and conceding ume of the currency is sufficient for the business that he has the right under the law, I respect of the country is a question of fact about which fully recommend that Congress shall set these men may honestly differ. During the four years questions at rest by a distinct enactment." preceding the panic there had been an actual

It was the wish and expectation of the friends contraction of the currency, and a much larger of the bill that the Secretary should put into cir- comparative contraction resulting from the culation the remaining eighteen millions of the growth of population and business. A majority forty-four millions, and it was proposed by some of Congress were of the opinion that, to produce that the language of the section should be so a restoration of confidence, a speedy revival of changed as to require the amount to be put into business, and a return to the prosperity which circulation and kept outstanding; but it was de was eo suddenly destroyed by the panic, some termined otherwise, and that the bill should sim. addition should be made to the volume of the ply declare the maximum amount of circulation, currency. and leave the power and discretion of the Secre- That the bill which has failed to become a tary what they had been claimed to be. Had | law would have produced some contraction is Congress taken from the Secretary the enormous undoubtedly true. But it would have been power to put the circulation of United States almost entirely in the stock market in New notes up to $400,000,000, or reduce it to $356, York. It is a well-understood fact that the re000,000, by fixing it at $400,000,000, the act serves of the western and southern banks kept would have met the approbation of a large part in New York have been loaned by the New of the people who believe that a power so vast York banks almost exclusively upon call to should not be reposed in any public officer. But dealers in stocks, and have thus contributed to that was not done, and the whole effect of the stimulate unwholesome speculation, and have section was to establish the legality of the power been of very little benefit to the mercantile or which had been claimed, and the exercise of manufacturing community. The evil resultiog which had been declared by many to be a gross from this fact was strikingly illustrated during usurpation.

the panic last fall. The stock brokers, who had The other section of the bill authorizes the borrowed the money, were not able to repay the increase of the bank note circulation to the New York banks, and they in turn were unable amount of $46,000,000, to be distributed among to pay the country banks from which the money the States having less than their proportion upon had been received, and thus the disaster of the

panic was greatly aggravated. * The new Currency Act, passed by Forty-Third Con. This bill in effect required the banks outside gress, settles this question affirmatively.- Editor.] Tof the redemption cities to keep three-fourths of their reserve at home, and would bave with can be had to establish national banks in Misdrawn some millions from the stock market in souri, and oblige your obedient servant, New York, which would strengthen the banks

IRA B. HYDE. to which they belonged, and would have pro Hon. JOHN JAY Knox, duced contraction in a quarter where it is pretty Comptroller of the Currency. well understood that contraction would do no harm.

TREASURY DEPARTMENT, The act of 1869, to strengthen the public OFFICE OF COMPTROLLER OF THE CURRENCY, credit, declares that "the United States colemnly

WASHINGTON, April 24, 1874. pledges its faith to make provision at the earli Sir: I have received your letter of the 22d est practicable period for the redemption of the instant. United States notes in coin." In the debate upon The $4,200,000 of circulation referred to in the this bill nobody has denied the character or bind- President's message was long since assigned to ing force of that pledge, but the question as to the applicants in the States which were deficient, in "practicable period" for its performance remains accordance with the act of July 12, 1870, and all as open as it was upon the day it was passed. applications from Missouri with proper indorseVery few members of either house of Congress ments have been granted whenever there was any have agreed upon any method for the resump- circulation at my disposal. tion of specie payment. A few are in favor of During the month of March letters were adhoarding the gold in the Treasury until enough dressed to all applicants, requiring that the nehas been acquired to begin the redemption of cessary amount of bonds to secure circulation the notes. Others have proposed to acquire the should be deposited within thirty days or circurequisite amount of gold by selling our bonds in lation would be distributed to other applicants, Europe; others to fund a portion of the legal and, as far as practicable, such currency has been tender notes in bonds bearing five per cent. in- redistributed to the States to which it was origiterest, and retire them in that way, and to bring nally allotted. Four small banks in your State the rest to par by contraction; others to fund have been recently authorized, circulation to be them into a bond bearing five per cent. interest, supplied from circulation previously assigned to to be reissued and again funded. While the parties who had failed to perfect their organizaGovernment is pledged to redeem the legal ten- tions, and no applications with the proper inder notes in coin at the earliest practicable period, dorsements are now on file in this office from while the purpose to do so should ever be kept your State. Very respectfully, in view, yet that period is by many not deemed

Join Jay Knox, Comptroller. to be practicable when there is great stagnation Hon. IRA B. HYDE, House of Representatives. of business, much labor unemployed, and the revenues largely fallen off, and much distress

HOUSE OF REPRESENTATIVES, and suffering in every part of the country.

WASHINGTON, D. C., April 25, 1874. Very truly, yours,

O. P. Morton. DEAR SIR: I have the honor to acknowledge

the receipt of your letter of the 24th instant in reply to mine of the 22d.

I am not quite sure that I understand your Note G.

answer to the main point of my inquiry, which CORRESPONDENCE BETWEEN THE COMPTROLLER OF

is this, have you now at your disposal any national

bank circulation which you could grant for a new THE CURRENCY AND Hon. IRA B. HYDE RELA

bank in the State of Missouri, provided the apTIVE TO “UNASSIGNED CIRCULATION."

plication, properly indorsed, was to be immedi(From Congressional Record, May 20, 1874.] ately made ?

Very respectfully, yours, IRA B. HYDE.

Hon. JOHN Jay Knox,
WASHINGTON, D. C., April 22, 1874.

Comptroller of the Currency.
DEAR SIR: The President, in his veto message
to-day, states that there is still $4,000,000 of

: TREASURY DEPARTMENT, pational bank currency remaining in the Treas OFFICE OF COMPTROLLER OF THE CURRENCY. ury subject to the demand of sections desiring it

WASHINGTON, April 27, 1874. that have secured less than their quota.

SIR: I have recelved your letter of the 25th I do not pretend to give his exact language, instant. not having seen the message, but I think the There is no currency at this date at my disposal above is the substance.

for the organization of additional national banks. Missouri has received far less than her quota I write to-day to a national bank in the city of of such currency. Why is she not entitled to a Saint Louis who are entitled to $100,000 of adpart of this $4,000,000? There is a demand for ditional circulation. If they are not prepared to it from the section I represent, but no effort was deposit the necessary amount of bonds, I can made because it was understood that none could then organize the national bank proposed by you. be bad.

Very respectfully, Will you please inform me at your earliest

John Jay Knox, Comptroller. convenience whether any part of this currency Hon. Ira B. HYDE, House of Representatives.




The Cabinet.

KentuckyThomas C. McCreery, John W. Stev. Secretary of State-Hamilton Fish, of New York. I enson. Secretary of the Treasury-Benjamin H. Bristow, | Tennessee-Henry Cooper, William G. Brown

of Kentucky, June 4, 1874, vice William A. Richardson, of Massachusetts, appointed a Indiana--Daniel D. Pratt, Oliver P. Morton. judge of the Court of Claims.

Illinois John A. Logan, Richard J. Oglesby. Secretary of WarWilliam W. Belknap, of Iowa. Missouri-Lewis V. Bogy, Carl Schurz. Secretary of the Navy-George M. Robeson, of Arkansas--Powell Clayton, S. W. Dorsey. New Jersey.

Michigan-Zachariah Chandler, Thomas W. Secretary of the Interior--Columbus Delano, of Ferry. Ohio.

Florida-Simon B. Conover, Abijah Gilbert. Postmaster General-Marshall Jewell, of Con- ! Texas-Morgan C. Hamilton, James W. Flananecticut, vice John A. J. Creswell, of Mary. gan. land, resigned July 1, 1874.

Iowa—William B. Allison, George G. Wright. Attorney General-George H. Williams, of Ore

Wisconsin-- Timothy O. Howe, Matthew H. gon.


California-Aaron A. Sargent, John S. Hager.* Members of Forty-Third Congress.

Minnesota-Alexander Ramsey, William Win

dom. First session, December 1, 1873—June 23, 1874. Oregon-John H. Mitchell, James K. Kelly.

Kansas-John J. Ingalls, James M. Harvey.t The Senate.

West Virginia-Henry G. Davis, Arthur I. Bore HENRY WILSON, of Massachusetts, Vice President man.

of the United States, and President of the Senate. | Nevada-John P. Jones, William M. Stewart. George C. Gorham, of California, Secretary. Nebraska-Phineas W. Hitchcock, Thomas W. Maine-Lot M. Morrill, Hannibal Hamlin. Tipton. New Hampshire-Bainbridge Wadleigh, Aaron H. Cragin.

House of Representatives. Vermont-Justin S. Morrill, George F. Edmunds. JAMES G. BLAINE, of Maine, Speaker. Massachusetts-George S. Boutwell, William B. Edward McPherson, of Pennsylvania, Clerk. Washburn.*

Maine-Jobn H. Burleigh, William P. Frye, Rhode Island-Henry B. Anthony, William James G. Blaine, Samuel F. Hersey, Eugene Sprague.

Hale-5. Connecticut-Orris S. Ferry, William A. Buck- New Hampshire William B. Small. Austin ingham.

F. Pike, Hosea W. Parker-3. New York-Roscoe Conkling, Reuben E. Fenton. Vermont-Charles W. Willard, Luke P. PoNew Jersey-Frederick T. Frelinghuysen, John land, George W. Hendee-3. P. Stockton.

Massachusetts James Buffinton, Benjamin W. Pennsylvania-Simon Cameron, John Scott. !

Harris, Henry L. Pierce, Samuel Hooper, Daniel Delaware-Eli Saulsbury, Thomas F. Bayard. W. Gooch, Benjamin F. Butler, E. Rockwood Maryland-George R. Dennis, William T. Ham- Hoar, John M. S. Williams, George F. Hoar, ilton.

Alvah Crocker, Henry L. Dawes-10. Virginia, John W. Johnston, John F. Lewis. | Rhode Island -Benjamin T. Eames, James M. North Carolina-Augustus S. Merrimon, Mat- | Pendleton--2. thew W. Ransom.

Connecticut-Joseph R. Hawley, Stephen W. South Carolina John J. Patterson, Thomas J. Kellogg, Henry H. Starkweather, William H. Robertson.

Barnum-4. Georgia—John B. Gordon, Thomas M. Norwood. | New York-Henry J. Scudder, John G. SchuAlabama-George Goldthwaite, George E. Spen. maker, Stewart L. Woodford, Philip S. Crooke, cer.

William R. Roberts, Samuel S. Cox, Thomas J. Mississippi-James L. Alcorn, Henry R. Pease. I

Creamer, John D. Lawson, David B. Mellish, Louisiana-J. Rodman West, (vacanoy.) Fernando Wood, Clarkson N. Potter, Charles St. Ohio-Allen G. Thurman, John Sherman.

John, John O. Whitehouse, David M. DeWitt, * Qualified May 1, 1874, to fill the vacancy caused by

ho | Eli Perry, James S. Smart, Robert S. Hale, Wila the death of Charles Sumner, March 12, 1874.

liam A. Wheeler, Henry H. Hathorn, David + Election contested by Francis W. Sykes, May 28, 1874. The Senate declared Mr. Spencer entitled to the * Qualified February 9, 1874, to all the vacancy seat after an amendment declaring M Ir. Sykes entitled caused by the resignation of Eugene Casserly.. was rejected-yeas 11, nays 33.

+ Qualified February 12, 1874, in place of Robert Qualified February 12, 1874, to fill the vacancy Crozier, appointed by the Governor to fill the vacancy cansed by the resignation of Adelbert Ames.

caused by the resignation of Alexander Caldwell. Claimed by Pinckney B. S. Pinchback and W. L. I Qualified December 15, 1873. McMillen, but not awarded to either.

I Died May 23, 1874.

Wilber, Clinton L. Merriam, Ellis H. Roberts, | Brown, Charles W. Milliken, William B. Read,
William E. Lansing, R. Holland Duell, Clinton Elisha D. Standeford, William E. Arthur, James
D. McDougall, William H. Lamport, Thomas C. B. Beck, Milton J. Durham, George M. Adams,
Platt, H. Boardman Smith, Freeman Clarke, John D. Young-10.
George G. Hoskins, Lyman K. Bass, Walter L. Tennessee-Roderick R. Butler, Jacob M.
Sessions, Lyman Tremain-33.

| Thornburgh, William Crutchfield, John M.
New Jersey John W. Hazelton, Samuel A. Bright, Horace H. Harrison, Washington C.
Dobbins, Amos Clark, Jr., Robert Hamilton, | Whitthorne, John D. C. Atkins, David A. Nunn,
William Walter Phelps, Marcus L. Ward, Isaac Barbour Lewis, Horace Maynard-10.
W. Scudder-7.

Indiana, William E. Niblack, Simeon K. Pennsylvania-Samuel J. Randall, Charles Wolfe, William S. Holman, Jeremiah M. Wilson, O'Neill, Leonard Myers, William D. Kelley, John Coburn, Morton C. Hunter, Thomas J. CaAlfred C. Harmer, James S. Biery, Washington son, James N. Tyner, John P. C. Shanks,* Henry Townsend, Hiester Clymer, A. Herr Smith, John B. Sayler, Jasper Packard, Godlove S. Orth, W. Killinger, John B. Storm, Lazarus D. Shoe William Williams—13. maker, James D. Strawbridge, John B. Packer, Illinois-John B. Rice, Jasper D. Ward, John Á. Magee, John Cessna, R. Milton Speer, Charles B. Farwell, Stephen A. Hurlbut, HoSobieski Ross, Carlton B. Curtis, Hiram L. Rich- ratio C. Burchard, John B. Hawley, Franklin mond, Alexander W. Taylor, James S. Negley, Corwin, Greenbury L. Fort, Granville Barrere, Ebenezer McJunkin, William S. Moore, Lemuel William H. Ray, Robert M. Knapp, James C. Todd, Charles Albright, Glenni W. Scofield-27. Robinson, John McNulta, Joseph G. Cannon, Delaware-James R. Lofland-1.

John R. Eden, James S. Martin, William R. MorMaryland-Ephraim K. Wilson, Stevenson rison, Isaac Clements, Samuel S. Marshall-19. Archer, William J. O'Brien, Thomas Swann, Missouri— Edwin O. Stanard, Erastus Wells, William J. Albert, Lloyd Lowndes, Jr.–6. William H. Stone, Robert A. Hatcher, Richard

Virginia, James B. Sener, James H. Platt, P. Bland, Harrison E. Havens, Thomas T. CritJr., J. Ambler Smith, William H. H. Stowell, | tenden, Abram Comingo, Isaac C. Parker, Ira Christopher Y. Thomas,* Thomas Whitehead, B. Hyde, John B. Clark, jr., John M. Glover, John T. Harris, Eppa Hunton, Rees T. Bowen-9. Aylett H. Buckner-13.

North Carolina-Clinton L. Cobb, Charles R. Arkansas-Asa Hodges, Oliver P. Snyder, Thomas, Alfred M. Waddell, William A. Smith, Thomas M. Gunter,& William J. Hynes_4. James M. Leach, Thomas S. Ashe, William M. Michigan, Moses W. Field, Henry Waldron, Robbins, Robert B. Vance-8.

George Willard, Julius C. Burrows, William B. South Carolina-Joseph H. Rainey, Alonzo J. Williams, Josiah W. Begole, Omar D. Conger, Ransier, Robert B. Elliott, Alexander S. Wal- Nathan B. Bradley, Jay A. Hubbell-9. lace, Richard H. Cain-5.

Florida Josiah T. 'Walls, William J. PurGeorgia, Andrew Sloan,t Richard H. White-man-2. . ley, Philip Cook, Henry R. Harris, James C. Texas-William S. Herndon, William P. Mc· Freeman, James H. Blount, Pierce M. B. Young, Lean, DeWitt C. Giddings, John Hancock, Roger Alexander H. Stephens, Hiram P. Bell-9. Q. Mills, Asa H. Willie-6.

Alabama-Frederick G. Bromberg, James T. Iowa-George W. McCrary, Aylett R. Cotton, Rapier, Charles Pelham, Charles Hays, John H. William G. Donnan, Henry Ö. Pratt, James WilCaldwell, Joseph H. Sloss, Alexander White, son, William Loughridge, John A. Kasson, James Christopher C. Sheats-8.

W. McDill, Jackson Orr-9. . Mississippi—Lucius Q. C. Lamar, Albert R. Wisconsin-Charles G. Williams, Gerry W. Howe, Henry W. Barry, Jason Niles, George C. Hazelton, J. Allen Barber, Alexander Mitchell, McKee, John R. Lynch-6.

Charles A. Eldredge, Philetus Sawyer, Jeremiah Louisiana–J. Hale Sypher, & Lion A. Shel- M. Rusk, Alexander S. McDill-8. don, & Chester B. Darrall, George L. Smith, California-Charles Clayton, Horace F. Page, Frank Morey, (Vacancy.1)-6.

John K. Luttrell, Sherman 0. Houghton-4. Ohio-Milton Sayler, "Henry B. Banning, MinnesotaMark H. Dunnell, Horace B. John Q. Smith, Lewis B. Gunket, Charles N. Strait, Sohn T. Averill-3. Lamison, Isaac R. Sherwood, Lawrence T. Neal, Oregon-James W. Nesmith--l. William Lawrence, James W. Robinson, Charles Kansas—David P. Lowe, Stephen A. Cobb, Foster, Hezekiah S. Bundy, Hagh J. Jewett, William A. Phillips -3. Milton I. Southard, John Berry, William P. West Virginia -John J. Davis, J. Marshall Sprague, Lorenzo Danford, Laurin D. Wood-Hagans,& Frank Hereford-3. worth, James Monroe, James A. Garfield, Rich-| Nevada-Charles W. Kendall-1. ard C. Parsons--20

Nebraska-Lorenzo Crounse-1. Kentucky-Edward Crossland, John Young Total number of Representatives............ 292

Number of Delegates........................... 10 *Qualified March 6, 1874, in place of Alexander M. Davis, unseated without a division.

+ Qualified March 24, 1874, in place of Morgan Rawls, * Qualified December 8, 1873. anseated by a vote of 133 to 77.

+ Qualified February 5, 1874. I Qualified January 5, 1874.

I Qualified June 16, 1874, in place of William W. Qualified December 2, 1873.

Wilshire, who qualified February 18, under a resoluI Qualified December 3, 1873.

tion of the House, yeas 118, nays 96, deelaring him člaimed by Pinckney B. 8. Pinchback and George entitled prima facie to a seat, and who was unseated, A. Sheridan, but not awarded to either, the House, on a contest, without a division. June 9, 1874, having voted, 145 to 72, that Mr. Sheridan Qualified January 27, 1874-Mr. Davis being dewas not elected, and 121 to 94 that Mr. Pinchback was clared entitled to the seat, yeas 137, nays 81; Mr. Ha not elected, a right to contest being awarded to both. I gans, yeas 115, nays 75.


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Finances-"Legal Tender" and Bank | be deposited in the Treasury of the United States,

Note Currency-Free Banking-Ab- so much of the circulation of such association or olition of Reserves, &c.

associations shall be redeemed as will equal the A large part of the session was spent in debate

amount required and not returned; and if there

be any excess of proceeds over the amount reupon, and consideration of, the multitude of propositions made on this subject. The record is so

quired for such redemption, it shall be returned voluminous as to make its condensation a neces

to the association or associations whose bonds sity. The effort has been in the subjoined pages, lof the Treasurer assi

shall have been sold. And it shall be the duty

pages of the Treasurer, assistant treasurers, designated to present the more important facts of the case.

depositaries, and national bank depositories of

the United States, who shall be kept informed I. The Senate Distribution Bill.

by the Comptroller of the Currency of such assoIN SENATE.

ciations as shall fail to return circulation or to 1874, February 3-Mr. SHERMAN, from the deposit lawful money as required, to assort and Committee on Finance, reported a bill (S. 432) return to the Treasury for redemption the notes to amend "An act to provide for the redemption of such associations as they shall come into of the three per cent. temporary loan certificates, their hands until the amount required shall be and for an increase of national bank notes," ap- redeemed. proved July 12, 1870; which was read and passed SEC. 3. That from and after the passage of this to a second reading, as follows:

act it shall be lawful for the Comptroller of the Be it enacted, &c., That so much of the act Currency to issue circulating notes in the manentitled "An act to provide for the redemption ner and proportion now provided by law, to of the three per centum temporary loan certifi- associaticns organized or to be organized in those cates, and for an increase of national bank notes," States and Territories having less than their proas provides that no circulation shall be with portion of circulation, under an apportionment drawn, under the provisions of section six of said made on the basis of population and of wealth, act, until after the fifty-four millions granted in as shown by the returns of the census of eighsection one of said act shall have been taken up, teen hundred and seventy: Provided, That the is hereby repealed; and it shall be the duty of whole amount of circulation issued to such bankthe Comptroller of the Currency, under the direc-ing associations, and withdrawn and redeemed tion of the Secretary of the Treasury, to proceed from banking associations under the provisions forthwith to carry into execution the provisions of this act, shall not exceed twenty-five million of section six of said act, and, to enable him to dollars, and that such circulation shall from time do so, he is hereby authorized and required, from to time be withdrawn and redeemed only as it time to time, as needed for the execution of the shall be necessary to supply banks in those States said section, to make requisitions upon each of having less than their apportionment. the national banks described in said section, or- This bill was considered, debated, amended, ganized in States having an excess of circula- and then laid aside, with a view to consider a tion, to withdraw and return so much of their new bill reported by Mr. SHERMAN from the circulation as by said act may be apportioned to Finance Committee, (S. 612,) as follows: be withdrawn from them, or, in lieu thereof, to

II. The Senate Currency Bill. deposit in the Treasury of the United States law. ful money sufficient to redeem such circulation, That the maximum limit of United States and, upon the return of the circulation required, notes is hereby fixed at three hundred and or the deposit of lawful money, as herein pro- eighty-two million dollars, at which amount it vided, a proportionate amount of the bonds held shall remain until reduced as hereinafter proto secure the circulation of such association as vided. shall make such return or deposit shall be sur-/ SEC. 2. That on the first day of January, rendered to it.

eighteen hundred and seventy-six, the Secretary SEC. 2. That upon the failure of the national of the Treasury is authorized and required to banks upon which requisition for circulation pay on demand, at the office of the Treasurer of shall be made, or of any of them, to return the the United States, and at the office of the Asamount required, or to deposit in the Treasury sistant Treasurer in the city of New York, to lawful money to redeem the circulation required, I any holder of United States notes to the amount within thirty days, the Comptroller of the Cur- of one thousand dollars, or any multiple thereof, rency shall at once sell, as provided in section in exchange for such notes, an equal amount of forty-nine of the national currency act approved the gold coin of the United States; or, in lieu June third, eighteen hundred and sixty-four, of coin, he may, at his option, issue in exbonds held to secure the redemption of the cir- change for said notes an equal amount of coupon culation of the association or associations which or registered bonds of the United States, in such shall so fail, to an amount sufficient to redeem form as he may prescribe, and of denominations the circulation required of such association or of fifty dollars, or some multiple of that sum, reassociations, and with the proceeds, which shall I deemable in coin of the present standard value,

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