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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to the same grade, and continuing thus to make such reductions until the full amount of twenty-five millions has been withdrawn; and the circulation so withdrawn shall be distributed among the States and Territories having less than their proportion, so as to equalize the same.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of the bonds deposited by that association as security for its circulation equal to the circulation required to be withdrawn from the association and not returned in compliance with such requisition; and he shall, with the proceeds, redeem so many of the notes of such association, as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.

See as to repeal of this section Act of January 14, 1875, § 3, post.

§ 5181. [U. S. Comp. Stat. 1901, p. 3481.] 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.

See as to repeal of this section Act of January 14, 1875, § 3, post.

§ 5182. [U. S. Comp. Stat. 1901, p. 3481.] 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 vicepresident and cashier thereof, in such manner as to make them oblig atory 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 duties 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, in redemption of the national currency.

§ 5183. [U. S. Comp. Stat. 1901, p. 3482.] 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.

See section 5172, U. S. Comp. Stat. 1901, p. 3477.

1. The certification of checks in the ordinary manner in the course of business, by national banks, does not come within the prohibition of this section. Merchants' Bank v. State Bank, 10 Wall. 604, 19 L. ed. 1008.

2. A certificate of deposit payable at a future day is a promissory note, and void under a statute prohibiting the circulation by a bank of its bills or notes not payable on demand. Bank of Orleans v. Merrill, 2 Hill, 295; Leavitt v. Palmer, 3 N. Y. 19, 51 Am. Dec. 333.

3. Certificates of deposit in the ordinary form payable to order are not postnotes within the meaning of above section. Riddle v. Nat. Bank, 27 Fed. Rep.

503.

4. The statute of limitations does not commence to run against such certificate until demand for payment. Id.

§ 5184. [U. S. Comp. Stat. 1901, p. 3482.] 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, on 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 cancelled, shall be macerated 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 maceration, 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 cancelled.

Maceration substituted for burning by Act of June 23, 1874.

§ 5185. [U. S. Comp. Stat. 1901, p. 3482.] 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.

See Act of January 19, 1875, post.

§ 5186. [U. S. Comp. Stat. 1901, p. 3483.] 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 cir culation of such association shall not be within the limitation of circulation mentioned in this Title.

§ 5187. [U. S. Comp. Stat. 1901, p. 3484.] 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 sertion 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.

§ 5188. [U. S. Comp. Stat. 1901, p. 3484.] It shall not be lawful to design, engrave, print, or in any manner make or execute, or to utter, issue, distribute, circulate, or use, any business or professional card, notice, placard, circular, hand-bill, or advertisement, in the likeness or similitude of any circulating note or other obligation or security of any banking association organized or acting under the laws of the United States which has been or may be issued under this Title, or any act of Congress, or to write, print, or otherwise impress upon any such note, obligation or security any business or professional card, notice or advertisement, or any notice of advertisement of any matter or thing whatever. Every person who violates this section shall be liable to a penalty of one hundred dollars, recoverable one-half to the use of the informer.

§ 5189. [U. S. Comp. Stat. 1901, p. 3484.] Every person who mutilates, cuts, defaces, disfigures, or perforates with holes, or unites or cements together, or does any other thing to any bank-bill, draft, note, or other evidence of debt, issued by any national banking association, or who causes or procures the same to be done, with intent to render such bank-bill, draft, note, or other evidence of debt unfit to be reissued by said association, shall be liable to a penalty of fifty dollars, recoverable by the association.

CHAPTER III.

REGULATIONS OF THE BANKING BUSINESS.

SECTION 5190. Place of business of banking associations.

5191. "Lawful money reserve" prescribed.

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5192. What may be counted toward the lawful money reserve."
5193. (Repealed.)

5194. (Superseded.)

5195. Place for redemption of circulating notes to be designated.
5196. National banks to receive notes of other national banks.
5197. Limitation upon rate of interest which may be taken.
5198. Consequences of taking usurious interest.

5199. Dividends.

5200. Limit to liabilities which may be incurred by any one person, etc.

5201. Associations not to loan or purchase their own stock.

5202. Limit upon indebtedness to be incurred.

5203. Restriction upon use of circulating notes.

5204. Prohibition upon withdrawal of capital.

5205. Enforcing payment of deficiency in capital stock.

5206. Restriction upon use of notes of other banks.

5207. United States notes not to be held as collateral, etc.; penalty.

5208. Penalty for falsely certifying checks.

5209. Embezzlement; penalty.

5210. List of shareholders, etc., to be kept.
5211. Reports to Comptroller of the Currency.

5212. Report as to dividends.

5213. Penalty for failure to make reports.

5214. Duties payable to the United States.

5215. Half-yearly return of circulation deposit and capital stock.
5216. Penalty for failure to make return.
5217. Penalty for failure to pay duties.
5218. Refunding excessive duties.

5219. State taxation.

§ 5190. [U. S. Comp. Stat. 1901, p. 3486.] The usual business of each national banking association shall be transacted at an office or banking-house located in the place specified in its organization certificate.

See Act of May 1, 1886, post.

1. This section does not prevent the transaction away from the banks of such of its business as is unavoidably done at some other and proper place than its office; e. g., it does not prevent the purchase of coin by one bank at the banking. house of another, or the certification of a check by the cashier of one bank at the office of another. Merchants' Bank v. State Bank, 10 Wall. 651, 19 L. ed. 1020. 2. A bank's certificate of organization designating its place of business deter

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