Select Statutes and Other Documents: Illustrative of the History of the United States, 1861-1898

By William MacDonald | Go to book overview

section of this act 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 banking association which at the time of such payments shall be redeeming its circulating notes in gold coin of the United States.

SEC. 5. And be it further enacted, That every association organized for the purpose of issuing gold notes as provided in this act shall be subject to all the requirements and provisions of the national currency act, except the first clause of section twenty-two, which limits the circulation of national banking associations to three hundred millions of dollars; the first clause of section thirty-two, which, taken in connection with the preceding section, would require national banking associations organized in the city of San Francisco to redeem their circulating notes at par in the city of New York; and the last clause of section thirty-two, which requires every national banking association to receive in payment of debts the notes of every other national banking association at par: Provided, That in applying the provisions and requirements of said act to the banking associations herein provided for, the terms "lawful money," and "lawful money of the United States," shall be held and construed to mean gold or silver coin of the United States.

APPROVED, July 12, 1870.


No. 87. Naturalization Act
July 14, 1870

NUMEROUS proposals to amend the naturalization laws came before Congress during the session of 1869-1870, called out in part by the recent election frauds in New York. Bills introduced February 2 and March 2, 1870, by Noah Davis of New York, from the Committee on the Judiciary, were recommitted. A new bill was introduced by Davis June 13, and passed the same day under suspension of the rules by a vote of 130 to 49, 51 not voting. This

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