Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1869-04-08
The Currency Bill.


amended and passed by the Senate:
The first section provided that every
national banking association selected as
depository of public moneys shall de-
pesit United States bonds with the
treasurer of the United States as security
for such deposits, and whenever the
public moneys deposited in such associ-
alton shall exceed ninety per centum OF
the treasurer as security, it shall be the
duty of the treasurer forthwith, by draft
or otherwise, to reduce the amount oil
such deposits to a sum not exceeding
ninety per centum of the bonds deposit
ed. Penalties are provided for bribery.
Section two provides that liquidating
banks shall take up their bonds within
ninety days, in default of which they
shall be sold at public auction in the
[city of New York;
Section third provides for salaries for
receivers of national banking associa-
tiops to.be paid from the assets of banks.
Section fourth Is as follows: That to
secure a better distribution of the ma
tional banking currency, there may be
issued circulation notes to banking asso-
Citations organized in the states and ter
ritories having less banking circulation
than their pro-r:,t:. is herein set forth.
The circulation ! lin authorized shall
within one year, if required, be with
drawn as herein provided frem banks
organized in the States having circu-
lation exceeding that provided for by
the act entitled an act to amend an act
entitled an act to provide for a national
currency secured by pledge of United
States bonds. and to provide for the cir
culation and redemption thereof, APP
proved March Sd, 1855, but the amount
to be withdrawn shall not exceed thirty
millions of dollars, and the rate of dis
tribution for one hundred and fifty mill
lions of the circulation authorized by
law shall be according to the proportion,
and for the remaining one hundred and
fifty millions, shall be according to the
value of all property, real and personal,
within such States and Territories, the
same to be ascertained by the Secretary
of the Treasury. The comptroller of the
currency shall, under the direction OF
the Secretary of the Treasury, make a
statement showing the amount of cireu-
lation in each State and the amount to
be retired by each bank, in accordance
| with each section, and shall, when Cir
culatien ishequired, make a requisition
for such amount upon such banks, COM
| meneing with banks having a oiroula-
| tion exceeding one hundred thousand
dollars in States having au excess of cir
culation, and withdrawing one third OF
their circulation in excess of one million
dollars, then proceeding pr0-rata with
| banks having circulation exceeding one
hundred Thousand dollars in States
having the largest circulation, and re-
ducing the circulation of banks in States
having the greatest proportion in excess,
leaving undisturbed the hanks in States
| having a smaller proportion until those
in greater excess have been reduced to
the same grade, ami continuing thus to
make the reduction provided for by this
act; until the full amount of thirty mil
lions herein. provided shall be with
drawn, and the circulation so withdrawn
shall be distributed among the States
and Territories having less than their
proportion SO as to equalize the distribu-
ton of such circulation among such
States and territories upon the basis
provided by this act, and upon failure of
such bank to return the amount so re-
quired within ninety days after the
same requisition, it shall be the duty of
the Comptroller of the Currency to sell
At public auction, having given twenty
days notice in a newspaper published ia
| Washingtoicity'an New York city,
an amount of bonds deposited by said
bank a. security for its circulatiofequal
to the circulation to be withdrawn from
such. bank, and with the proceeds re-
deem so many of he notes ofsueh bank
as they come lat, the trea sury as will
equal the amount requirett from it, and
shall pay the hailanae lp such bank;
provided that tlie cireulationt iiopuin au-
thorizedi issued only as eirculatian is
Withdrawn, so that tieaggregate of cir
culationishall not any time exceed three
hundred milliengf dollars. i o. ~
/ Section five, rhatany banking asso-
ciaticn located in any State having
more than its proportion circulation
may be removed 10 anyH State having
less than Its proportion or oirctlati91,
under such rules Ind reghiatiensas the
comptroller Of the CURRENCY, with the
approval of the Secretary OF the Treas
! ury, may require.