Chapter CLXXIV. to prohibit the corporations of Washington, Georgetown, and Alexandria, in the District of Columbia, from issuing promissory notes or bills of any denomination less than ten dollars after the period therein mentioned, and for the gradual withdrawal from circulation of all such notes or bills
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Chap. CLXXIV.— An Act to prohibit the corporations of Washington, Georgetown, and Alexandria, in the District of Columbia, from issuing promissory notes or bills of any denomination less than ten dollars after the period therein mentioned, and for the gradual withdrawal from circulation of all such notes or bills.June 30, 1834. *Be it enacted by the Senate and House of Representatives of the United Notes of a less denomination than ten dollars not to be issued after March 1, 1839.
States of America, in Congress assembled,* That it shall not be lawful for the corporations of Washington, Georgetown, or Alexandria, in the District of Columbia, or either of them, after the first day of March, eighteen hundred and thirty-nine, to issue any promissory note or bill of a less denomination than ten dollars: *Provided,* That it shall not be lawful Proviso. for either of the corporations aforesaid to make or issue any new promissory note or bill, after the passage of this act, of a less denomination than ten dollars.
Sec. 2. *And be it further enacted,* That each and all the corporations One-fifth of the small notes to be taken, annually, from circulation. aforesaid shall annually withdraw from circulation and destroy promissory notes or bills respectively issued by either of them of a less denomination than ten dollars, so as to effect a reduction of one-fifth per annum of the amount which each corporation may have in circulation of the said notes or bills; and render an account at each session to Congress, showing the amount withdrawn and extinguished as aforesaid, and the balance still in circulation. 743TWENTY-THIRD CONGRESS.
Sess. I. Ch. 247, Res. 1. 1834. Sec. 3. *And be it further enacted,* That, on failure of either or all of Notes less than ten dollars not to be issued, if 2d section of act be not complied with. the corporations aforesaid to comply with the requirements of the second section of this act, it shall not thereafter be lawful for the corporation or corporations so failing, to issue any promissory note or bill of a less denomination than ten dollars. Approved, June 30, 1834.