Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1869-04-01

SENATE, March 3O.-The following is a
substantial copy of The currency bill as il
passed the Senate:
The first section provides that ever Ma
tional Banking Association, selected IS a
depository CT public moneys, shall de-
post United States Bonds with The Treas
urer of the United States MS security tor
such deposits, aud whenever the public
moneys deposited in such an association.
exceed ninety per centum OF line par walls
nc Of the bonds 50 held by the Treasurer
rs security, il shall be the duty of the
Treasurer forthwith, by draft or other
wise. 10 reduce the amount af 5; id depos-
It's TO sum not exceeding ninety per cen
lum OF the bond deposited. Penalties are
provided for bribery.
Section provides that the liquidatirg
banks shall take up their bonds within 20
days. in default of which they shall he
sod at public auction in The city oil New
York.
SECTION 3 provides for salaries for re>
ceiver of National Banking Associations
10 be paid from the assets of the Bank.
SECTION is as follows: That to secure a
better distribution of National Bank cur
rency there may be issued circulating
notes TO banking associations in the States
and Territories having less banking cir
cuiaiion than their pro rata, as herein
sci forth. The circulation herein author,
lied shall with in one year, il required, be
Withdrawn as herein provided from banks
organized in the States having circnla-
tisn exceeding that provided for by the
act entitled Al act 10 amend an act en-,
titled IN act 10 provide for national cur
rency, secured by a pledge of United
States bonds. and to provide for circula-
ton and redemption thereof approved
March ,, lS65, but the amount to be so
Withdrawn shall not exceed thirty
m ions OF dollars and the
rate of distribution for Sl50,oOO, 900 of
their circulation authorized by law shall
be according to the population, and for
the remaining sl5o.oo0,ooO shall he accor>
ding to the value OF all properly, real and
personal, within such State and Terrific
rics, the same 10 be asccrtained By the
Secrelery of the Treasury. The Comps
iroler of the currency shall, under inc di>
reciion of the SECRETARY OF the Treasury,
make statement showing the amount in
circulation in each State, and The amour
to be retired by each bank in accordance
with this section, aud shall, when circula-
ton is required, make requisilion for
such amount upon such banks, cominenc>
ing with banks that have Calculation of
more than one hundred thousand dollars
in States having an excess of circulation,
and Withdrawing one>th.rd of their circu
lation in excess Of one million dollars, and
then proceeding pro rata with banks
having circulation exceeding one hun
dred thousand dollars in States having the
largest excess of circulation, and reducing
the circulation of banks 10 States having
a smaller proportion, until those in great,
e. excess have been reduced to the same
grade, and continuing thus TO make re-
the full amount of 10000, 900, herein pro-
vided shall be withdrawn and shall be dis
tribnted among the States and Territories
having less than that proportion, so as 10
cqualize the distribution o. such circula>
ton among such States and Territories on
the basis provided by this acs; and on the
failure Of such hank to return the amount
SO required within ninety DAYS after
the Same requisition, it shall be tho duty
OF the Comptroller Of the Currency TO
sell at public auction, having given twenty
days notice in newspaper printed in
Washington city and New York city, an
amount Of bonds deposited by said bank
as security ior ils circulation, equal TO the
circulation to be .'iihdrawn from such
bank. andswiih-i The proceeds redeem SO
many OF the notes of such bank as they
ccmc into the Treasury as will equal the
the amount required from II, end shall
pay the balance 10 such bank: provided
hat the circulation herein authorized
shall bc issued cnly as The circulation Isl
withdrawn. so thst the aggregate of cir,
culation shall nut at any time exceed three
hundred millions Of dollars
Section provides that any banking
association located in any State having
more than its proportion Of circulation
may be removed 10 any Stale having less
ihan ia y,raroriiou &c -cirii.aiion, rndcr