Wyandot County Republican. [volume] (Upper Sandusky, Ohio) 1869-1903, 1870-01-21
Senator Sherman's Currencv Bill

sIitute lor ail the various PROPOSE
tions relating to the national cur
rency, the following bill:
ABILL to provide National Currencv of
corn notes, and to equalize the distribution
of circulating notes.
SECTION l. Be 1t enacted, &c.,
That forty-five millions of dollars in
notes for circulation may be issued
to National Banking Associations,
in addition to the three hundred
millions of dollars authorized bv the
I'D 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
4, 1864; and the amount of notes so
provided shall be furnished to bank
ing associations organized, or to be
organized, in those States and Ter
ritories having less than their pro-
portion, under the apportionment
contemplated by the provisions of
"Act to amend an act to provide
national currency, secured by q
pledge of United States bonds, and
to provide for the circulation and
redemption thereof approved
March 81, 1865, but. a new appor-
tionment shall be made as soon as
practicable, based upon the census
of 1870.
Sec. 2. That at the end of each
month, after the passage of this
act, it shall be the duty of the Con
troller of the Currency to report to
the Secretary of the. Treasury the
amount of circulating notes issued
National Banking Associations dur
ing the month, whereupon the Sec
retary Of the Treasury shall redeem
and retire an amount Of the three
per cent. temporary loan certificates,
issued under the acts of March 81,
1867, and July 25, 1868, not less
than the amount of circulating notes
so reported; and he may, if necessa
ry in order to procure the presenta-
tion of such temporary loan certifi-
Gates for redemption, give notice to
the holders thereof, by publication
or otherwise, that certain of said
certificates for redemption, give no
tice to the holders thereof, by pub
lication or otherwise, that certain
of said certificates, which shall be
designated by number, date, and
amount, shall cease to bear interest
from and after the date of such no.
tice; and that the certificates so
designated shall no longer be availa-
BILE as any portion of the lawful
money reserve in the possession of
any national bank, and after such
notice no interest shall be paid on
such certificates, and they. shall not
be counted as part of the reserve
of any banking association.
Sec. 3. That upon the deposit OF
any United States bonds, bearing
interest payable in gold, with the
Treasurer of the United States ia
the manner prescribed in the 29th
and Goth sections of the National
Currency act, it shall be lawful fol
the Currency to issue to the asso.
citation making the same, circulating
notes of different denominations, moi
less than five dollars, equal in amount
to 80 per centum of the gold value
of the bonds deposited, but not ex-
ceeding so per centum of their PAL
value, which notes shall bear upon
their face the promise of the asso
citation to which they are issued to
pay them on presentation at the of
flee Of the association in gold or sill
yer coin Of the United States, ano
shall be redeemable upon such pre-
sentation in such coin.
Sec. 4. Anlb be 1t further enacted,
That every National Banking Asso
citation formed ueder the provisions
Of section Of this act, shall at al
times keep on hand not less than 25
per oentum of its outstanding circu
lation in gold or silver coin of the
United States, and shall receive al
par in the payment of debts the
gold notes of every other banking
association, which at the time O.
such payment shall be redeming its
circulating notes in gold or silver
coin Of the United States.
| Sec. 5. Ind be 1t further enacted,
That every association organized
for the purpose of issuing gol6
notes, as provided in the preceding
section, shall be subjected to the re
quirements and provisions of the
National Currency act, except the
first clause of session %, (which limits
the circulation Of natioral banking
associations to $300.0O0,0OO. The
first clause Of section 80, which, taker
in connection with the preceding
section, would require nationa
banking associations organized il
the city of San Fancisco to redeem
their circulating notes at par in The
city Of New York, and the las
clause of section 80, which require:
every national banking association
to receive in payment Of debts th'
notes of every other national bank
ing association at par; prorsded
that in applying the provisions ant
requirements of said act to the bank
ing associations herein provided for
the terms lawful money, and Lawful
money of the United States shal
be held and construed to mean gol'
or silver coin Of the United States
The Wheeling Girl Who Shot He
over