Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-04-05
BANKS.
important Congressional Action.

WASHINGTON, April 4.-Mr. Dawes,
with the approval OF Mr.. Boutwell,,
introduced bill in the House to-day
which provides that any national
banking association which shall have
deposited with the Treasurer of the
United States bonds for the security Of
its circulation in accordance with the
provisions of an act entitled an act
TO provide a national currency by
pledge of United States bonds, and to
provide for the circulation and re-
demption thereof, approved June 3,
1854, and the several sets RmendatOry
thereof, may, on or before the first
day OF January, 1873, in lieu of
bonds so deposited, deposit bonds
authorized by an act approved on the
14th of July, 1870, entitled an act to
authorize the rounding of the ma
tional debt in equal amounts of each
of the several classes of bonds author
lied by said act, provided, however,
that any bank which shall have de-
posted five per cent. bonds with
the Treasury Of the United States
previous to the passage of this act may
subscribe for and deposit an equal
amount of each of the said several
classes Of bonds for any sum additional
which may be required as security
for the circulation of such bank.
Sec. 2. That il any banking associa-
tiOn OF associations shall neglect to
deposit bonds with the Treasurer of
the United States agreeably to the
first section of this act, other banking
associations may be organized in the
State where any banking association
or associations which shall have so
neglected to make a deposit OF bonds
may be located, and such new asSOci-
atiOns shall have all the powers and
privileges, and be subjected to all the
| duties and liabilities of other banking
associations organized under the act
aforesaid; and it shall be the duty of
the Comptroller OF the Currency, un-
der regulations to be prescribed by
the Secretary Of the Treasury, to call
in the circulation Of banking assOcia-
tons so negleeting to deposit bonds as
provided in the first section of this
act, and the circulation so called in
shall, on presentation to the bank is
suing the same, be redeemed and
forthwith returned to the COmptrol-
Ter of the Currency TO be destroyed as
provided in section tWenty-four of the
National currency act; and If any
bank shall fail to return the said cir
culating notes for destruction in thir-
ty days after they shall have been re-
deemed the bank SO in default shall
forfeit, as 8 penalty therefor, sum
equal to ten per cent. on the amount
| of notes redeemed, which penalty
shall be retained by the Treasurer out
of any interest due or to become
due on the bonds held by
him as security for notes OF
said bank, and the circulation so
called in shall be awarded to such new
banking association In conformity
with existing laws.
Section 3. That the Secretary of the
Treasury is authorized TO provide for
registering and transfer OF registered
bonds issued under the act approved
July IA, 1870. entitled an act to au-
thOrize the refunding of the national
debt in London, England, and for the
payment in that city Of the interest
on bonds issued under said act.
Section 4. That section three Of an act
entitled an act TO authorize the re-
! funding of the national debt, approved
July IA, 1870, be amended by striking
out" all " after enacting clause, and
inserting In lieu thereof the follow
ing: That the payment Of any OF the
bonds heretofore authorized, after the
expiration of the said several terms
OF ten, fifteen and thirty years, shall
be made in amounts to be determined
from time to time by the Secretary OF
the Treasury, at his discretion, the
bonds so to be paid to be distinguished
and described by the dates and num-
Der Of issue, Of which intended pay.
ment or redemption the Secretary OF
the Treasury shall give public notice,
and interest on the particular bonds
80 selected at any time to be paid
shall cease at the expiration of three
months from the date 0f such notice,