The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1870-07-15
THE cuRRHNcYR BILL.
Provisions ofthe New Act as it Pass-
ed Congress.


The new currency bill has finally passed
both Houses ofCongress, received the signature
of the President, and become law.
The first section provides for the issue Of
S54,OOO,0O0 circulating notes, in addition to the
S3OO,OOO,0OO already authorized, to national
banks, this amount to be distributed to bank
ing associations having less than their share Of
circulation under the apportionment act of
March Sd, 1865. A new apportionment is to
be made, based on the census of 1870. If up
plications for the new issue are not made in
States which have less than their share, the
Comptroller Of the Currency can issue the
amount unapplied for to banks in other States
and Territories which are deficient. No bank
hereafter organized shall have circulation of
over S500000.
Section second provides for the cancellation
at the end of each month, of an amount of the
three per cent, temporary loan certificates not
less than the amount of circulating notes re-
ported by the Comptroller of the Currency to
the Secretary of the Treasury
Section third provides for the issue of circula
ting no IS to banks organized under this act to
the amount Of eighty per cent, of the value of
the bonds deposited by each, said notes to be
redeemable in gold coin of the United States
at the bank which issues them; no bank organ
lied Unicr this section to have circulation of
more than Sl,000,000.
s 9tion fourth stipulates that each bank or
ganIzed under section three shall alwavs keen
on hand in gold not less than twenty-five per
cent Of its outstanding circulation, and shall
receive at par in the payment of debts the gold
notes OF every other banking association which
at the time Of such payments shall be redeem
ing its circulating notes in gold coin of the
United States.
Section fifth subjects banks organized under
the new bill to all the provisions of the nation
al currency act, except those which are sup
erceded, provided that in applying the proviis-
ions and requirements of said act to the bank
ing associations herein provided for, the terms
''lawful money" and "lawful money of tbe
United States" shall be held and construed Ia
mean gold or siver coin of the United States
Section sixth provides for the withdrawal
of circulation from States and territories hav-
ing more than their share, of an amount NOT
exceeding S25,000,000; for statement of the
amount of circulation in each State and terri
tory; and for a redistribution of circulation.
the comptroller of the currency to make a re-
QUESTION for the surplus upon banks having
more than their share, commencing with the
banks having circulation exceeding Sl00,OOO,-
900, in Stateshaving an excess of circulation.
Sl00,00Q.Q00, and then proceeding pro rata
with other banks! having circulation exceed
ing 100000, in States having the largest ex-
cess of circu lation, and reducing the circula-
ton of such banks in States having the grea-
test proportion in excess, leaving undisturbed |
the banks in States having smaller proper
ton, until those In greater excess have been |
reduced to the same grade, and continuing |
thus to make the reduction provided for BY |
H. a - lO mn
herein provided for, shall be withdrawn; and |
the circulation so withdrawn shall be distri- |
buted among the States and Territories hav-
ing less than their proportion so as to equalize |
the same. Upon failure of any of these banks |
TO return the amounts so required in one wear, |
the Comptroller of the Currency can sell bonds |
deposited for such bank equal to the circula- /
lion to be withdrawn from it, and with the |
proceeds redeem so many of the notes Of said |
bank as they come into the treasury as will |
9qua1 the amount required, and not so re-
turned, and shall pay the balance, if any to
such bank
Section seventh provides for the removal of
banks from State having more than its pro-
portion Of circulation to any State having
ess than its proportion of circulation, under
uch rules and regulations as the comptroller
If the currency, with the approval of the Sec
'etary of the Treasury, may require
The following named States and Territories
Will be entitled to the S54,00O,00O additional
under the new currency act, Vir-
Iinia, S4,9l5,965,; West Virginia, S457,77O;
illinois, Sl,087,572; Michigan, S7S6,776 Wis
onsin, S2,ll7,9 ,939; Iowa, S68l,363; Kansas,
STATE; Missouri, $4,000, ,412; Louisiana, So
25, 1913; Mississippi, S2,980,470; Nebraska, So
rs; Georgia, S4,63l, ,72s; North Carolina, S4,-
96,6l8; South Carolina S4,2lOS38; Alabama,
4, 4,0S1 212; Oregon, S161 273; Texas, 81 052, ,I04;
arkansas, 81, l,455,5l9 Utah, s5S, 1892; California,
l,717,386 Florida, s547, ,442; Dakota, S15,44I:
few Maxico, S277,939; Washington Territory,
47, ,1S0; Total, S54, 100000.