The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1872-04-18
TEYr OF BoUTEELLS ELL

The following bill was introduced
in the House by Mr.. Dawes on the
4th inst, and referred TO the Com
mittee Of Ways and Means. It en-
braces the views Of the Secretary OF
the Treasury on the, subject which he
explained before the committee re-
Gently:
HBe It enacted DC, That any nation
al banking association which shall
have deposited bonds with the Treas
urer of the United States for the secur-
ity Of its circulation, in accordance
with the prOvisionssOf an act entitled
an act to provide national currency
secured by pledge Of the United States
bonds, and TO provide for the eircula-
ton and redemption thereof, approx
ed on the Sd of June, 1854, and OF sew
eral acts amendatOry thereof, may, on
or before the first of January, 1868, in
/ lieu of the bonds so deposited, depOs-
it the bonds authorized by the act ap-
proved July IA, 1870, entitled an act
/ to authorize the refunGing of the ma
/ tional debt in equal amounts of each
/ of several classes of bonds authorized
/ by said act. Provided, however, that
/ any bank which shall have deposited
! ) 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 each
of said several classes of bonds for any
sum additional which may be requir-
| ed AS security for the circulation OF
such bank.
"Sec. 2. That If any banking asso-
citation or associations shall neglect
to deposit bonds with the Treasurer of
the United States, agreeebiy 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 asso-
citation shall have all the-powers aud
privileges, and be subject to the du-
ties and Liabilities OF other banking
associations organized under the act
aforesaid, and it shall be the duty of
the Controller of the Currency, under
the regulations to be prescribed by
the Secretary of the Treasury, to call
i'm the circulation of banking associa-
tions so neglecting to deposit bonds as
provided in the first section of this
act, and the circulation so called in
shall, on presentation to the bank
issuing the same, be redeemed and
forthwith returned to the Controller
of the Currency to be destroyed, as
provlded in section "A of the national
currency act, and If any bank shall
fail to return said circulating notes
for destruction in thirty days after
they shall have been redeemed, the
bank so in default shall forfeit as n
penalty therefor a sum equal to ten
per cent. on the amount of notes re-
deemed, which penalty shall be re-
tanned by the Treasurer out of any in
terest due or tn become due on bonds
held by him as security for the notes
Of SAID bank and the circulation so
called in shall be awarded to such
new banking associations, in coformi-
ty with existing laws.
"Sec. 8. That the Secretary of the
Treasury he and he is hereby author
iz5d to provide for the registering and
transfer of the registered bonds issued
under the a0t approved July IA, 1870
entitled 'An act To authorize the
reiun0l0R OF Tile 0aLlODdl ueUL III
London, England, and for the pay
ment, in that city, of interest on
bonds issued under said act"
"SEC. 4. That section of the act
entitled 'An act to authorize the re-
funding of the national debt, approx
ed July IA, 1S70,' be amended by strik-
ing out all after the enaeting clause
and inserting in lieu thereof the fol-
lowing: That the payment of any of
the bonds hereto authorized, after the
expiration Of said several terms of
ten, fifteen, and thirty years, shall be
made i'm 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 dates and numbers
of the time of which the intended
payment or redemption, the Secretary
of the Treasury shall give public no.
tiee. ard the interest on the particular
bonds so selected at any time to be
paid shall cease at the expiration of
three months from date of such
notice."