The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-07-08
The CURRENCY BILL IN FULL.
Our New Acknowledgement,
The ClOud Of War i'm Europe.
Prussia Calling to Arms.
Destructive Fire in Pitt. burg.
Etc, Etc. Etc. Etc., Etc.
FROM WASHINGTON.

reported by the conference committee and agreed
to by both houses, only awaiting the signature
of the President to become law, reads as fol-
lows
Be it enacted, etc., That hfy-our millions of dol
lars in notes for circulation may be issued to
national banking associations in addition to the three
hundred millions Of dollars authorized by the
twenty-second section of the "Act to provide
national currency secured by a pledge of United
States bonds and to provide for the circulation and
redemption thereof, approved June three, eighteen
hundred and sXty-f0ur; and the amount of notes
provided shall be furnished to banking
associations organized =, or to be organized
than their proportion under the apportionment
contemplated by the. provisions. of the "Act to
amend an act to provide national currency secured
by pledge OF United States bonds, ana to provide
for the circulation and redemption thereof" ap-
proved March g. 1865, and the bonds deposited with
the Treasurer Of the United states to secure the ad-
dtiOnal circulating notes herein authorized shall be
of any description Of bonds of the United States
bearing interest in coin; but new apportionment
of the increased circulation herein provided for
shall be made as soon as practicable based upon
the census of 1870: Provided, That If applications
for the circulation herein authorized shall not be
made within one year after the passage OF this act
by banking associations organized or to be organ
lied in States having less than their proportion it
shall be lawful for the Comptroller of the Currency
to issue such circulation to banking associations
applying for the same in other States
| or Territories having less than their
greatest deficiency: AID prOUided further, That no
banking association hereafter organized shall have
| circulation in excess of five hundred thousand
| dollars.
Section 2. And be it further enacted, That at the
end Of each month after the passage OF this act it
shall be the duty of the Comptroller Of the Currency
to report to the Secretary of the Treasury the
amount OF circulating notes issued, under the pro-
visions OF the preceding sections to national bank
YSereupon the Secretary | of D' the treasury 5Ssf;
shall redeem and cancel an amount OF
| the three per centum temporary loan certificate,
issued under the acts of March 1867, and July u.s.
so reported and may, necessary, in order pro.
cure the presentation OF such temporary loan Ger
RGssr %se that er'0 Certain sd Sg Gass
which shall be ben designated tied, by o1a number,
to be designated in such notice, and that the certd
Gates SO designated shall no longer be available as
| any portion OF the lawful money reserve In pos
session OF any national banking ASSOCIATION; and
after the day designated in such notice no interest
not therefore, be counted part Of the of
any banking association.
Section 8. And be it further enacted, That upon
the deposit of any United States bonds bearing in
| terest payable in gold, with the Treasurer OF the
teenth and tw entieth sections of the national
rency act, it shall be lawful for the Comptroller of
the Currency to issue to the association max;
different denominations not less than five
of the bar vaine Of the bonds deposed Which notes
shall bear upon their face the promise Of the asso-
ciation to which they are issued to pay them up IN
coin OF the United States, and shall be redeemable
| upon such presentation in such com: Provided,
That no banking association organized under this
section shall have circulation in excess OF one mil
| lion Of dollars.
Section 4. And be it further enacted, That every
national banking association formed under the pro-
visions OF the preceding section of this act shall at
cepm Of fet s ON IN god
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 pay
| ments shall be redeemiDg its circulating notes in
gold coin of the United States.
Section 8. And be 1t further enacted, That every
association organized for the purpose OF Issuing gold
notes as provided in this act shall be subject to all
the requirments and provisions of the national
rency act except the first clause OF section twenty
two which limits the circulation of national bank
the first clause of section thirty-two, which, taken
In connection with the preceding sectiOn would
guire national banking associations organized
their circulating notes at par in the city
OF New York and the last clause OF section thirty
Two, which requires every national banking assoca-
tion to receive in payment OF debts the notes OF
every other national banking association at par:
qulrements 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.
Section 6. And be it further enacted, That to Sc
cure more equitable distribution OF the natona
banking currency, there may be issued circulating
notes TO banking associations organized in States
and Territories having less than their proportion a.
herein set forth. And the amount OF circulation In
this section authorized SHALL under the direction o
the Secretary of the Treasury as it may be re
qured for this purpose, be Withdrawn, as hereiI
| provided, from banking associations ORGANIZED
IN states having a circulation exceeding that pro
vided for 10y the act entitled San act TO amend al
act entitled AN act TO provide for a national bank
ing currency secured by pledge OF United Sta.e
bonds, and to provide for the circulation and re
demption thereof, approved March 3, 1865, but thu
amount so withdrawn shall not exceed twenty-five
million dollars. The Comptroller OF the Currency
shall, under the direction of the Secretar
OF the Treasury, make state
ment showing the amount of cir
cUaton in each State and Territory, and the amour
to be retired by each banking association in accord
tributOn OF circulation is required, make a requis
ton for such amount upon such banks, commencin
with the banks having a circulation exceeding on
million OF dollars in States having excess OF ell
culaton, and Withdrawing their circulation in eXces
of one million OF dollars, and then proceeding pr
rata with other banks having circulation exceed
ing three hundred thousand dollars in States hayin
the largest excess OF circulation, aud reducing tn
circulation OF such banks in States having the great
, est proportion in excess, leaving undisturbed IN
banks in States having smaller proportion, unit
those in greater excess have been reduced TO tn
same grade, aud continuing thus to max
the reduction provided for by this act unit
the full amount OF twenty-five millions, herei
ton Withdrawn thal be distributed anon
the States and Territories having less their pre-
portion, SO as to equaze the same. And 1t shall D
the duty Of the Comptroller OF the Currency, unde
the direction OF the Secretary OF the Treasury forth
with TO make requisition for the amount thereC
| upon the banks above Indicated herein pre-
scribed. And upon failure OF such associations, G
any OF them, TO return the amount so r.
CURED within one year. Is shall be tn
duty of the Comptroller OF the Currency to sell
! public auction, having given twenty days motto
thereof In one daily newspaper printed in Washing
! | ton and one in New York city, an amount of BOND
deposited by said association security for sal
circulation, equal to the circulation TO be will
} | drawn from said association and not returne
in compliance with such requisition; an
the Comptroller OF the Currency shall with On
| proceeds redeem so manv Of the notes OF SAT
UanAlLg aesUUiatiOn az tney come into the treasnr