Chapter LXXXII. *to amend an Act entitled “An Act to provide a National Currency, secured by a Pledge of United States Bonds, and to provide for the Circulation and Redemption thereof.”* March 3, 1865. 1864, ch. 106, § 21. *Ante,* p. 105. *Be it enacted by the Senate and House of Representatives of the United State
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Chap. LXXXII.— An Act *to amend an Act entitled “An Act to provide a National Currency, secured by a Pledge of United States Bonds, and to provide for the Circulation and Redemption thereof.”* March 3, 1865. 1864, ch. 106, § 21. *Ante,* p. 105. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,* That section twenty-one of said act be so amended that said section shall read as follows: Banking associations after transfer, &c., of bonds, may receive circulating notes.
Sec. 21. *And be it further enacted,* That upon the transfer and delivery of bonds to the treasurer, as provided in the foregoing section, the association making the same shall be entitled to receive from the comptroller of the currency circulating notes of different denominations, in blank, reg istered and countersigned as hereinafter provided, equal in amount to ninety per centum of the current market value of the United States bonds Limit of amount of notes to be received.so transferred and delivered, but not exceeding ninety per centum of the amount of said bonds at the par value thereof, if bearing interest at a rate not less than five per centum per annum; and the amount of said circu lating notes to be furnished to each association shall be in proportion to its paid-up capital as follows, and no more:
To each association whose capital shall not exceed five hundred thousand dollars, ninety per centum of such capital; to each association whose capital exceeds five hundred thousand dollars, but does not exceed one million dollars, eighty per centum of such capital; to each association whose capital exceeds one million dollars, but does not exceed three millions of dollars, seventy-five per centum of such capital; to each association whose capital exceeds three millions Apportionment of authorized circulation.of dollars, sixty per cent, of such capital.
And that one hundred and fifty millions of dollars of the entire amount of circulating notes author ized to be issued shall be apportioned to associations in the states, in the District of Columbia, and in the territories, according to representative population, and the remainder shall be apportioned by the Secretary of the Treasury among associations formed in the several states, in the Dis trict of Columbia, and in the territories, having due regard to the existing banking capital, resources, and business of such states, district, and territories.
Approved, March 3, 1865.