The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1872-04-05
A BILL CONCERNING THE MA.
TI0NAL BANKS.
Allowing them to Deposit the New
Five Per Gents as Security for Cir.
culatiOn and for Other Purposes.

Allowing them to Deposit the New
Five Per Gents as Security for Cir.
culatiOn and for Other Purposes.
WASHINGTON, April 4.-The following
bill was introduced in the House to-day,
and referred to the Committe on WAYS
and means. II embraces the views Of the
Secretary Of the Treasury on the subject,
which he explained before the Committee
yesterday.
Be II enacted, DEC, That any national
banking association which shall have de-
posted bonds with the Treasurer Of the
United States for the security OF its cir.
culation, in accordance with IN act enti.
tied An act TO provide that national cur.
rency secured by pledges Of U. 3. bonds,
and TO provide for the circulation and re.
demption thereof" approved June Sd,
1864, and Of the several acts amendatorv
thereof, may on or before the first day Of
January, 1873, In lieu OF the bonds so de.
posted, deposit the bonds authorized BY
the act approved on the 14th OF July,
1870, entitled "An act TO authorize the
refunding OF the national debt in equal
amounts Of each Of the several classes
OF bonds authorized by the said act; pro
yided however that any bank which
shall have deposited'1iye per cent bonds
with the Treasurer OF the United States,
previous to the passage Of this act, may
subscribe for and deposit an equal amount
Of each Of said several classes of bonds
for any sum additional which may be
required as security Tor the circulation of
such bank.
2. That Il any banking association or
associations shall neglect 10 deposit bonds
with the Treasurer Of the United States,
agreeably to the first section OF this act;
other banking associations may be organ.
lied in the State where any banking asso.
citation or associations which shall have
so neglected to make deposit of bonds
may be located, and such new assoCia.
tons shall have all the powers and priVi.
leges, and be subject TO all the duties and
liabilities Of other banking associations
organized under the act aforesaid, and II
shall be the duty Of the Comptroller of
Currency under regulations to be pre-.
scribed by the Secretary OF the Treasury,
10 call in the circulation Of the banking
associations so neglecting 10 deposit bonds
as provided in the first section Of this act;
the circulation so called in, shall on pre-.
sentation to the bank issuing the same be
redeemed and forthwith returned to the
Comptroller Of Currency, to be DESTROYED
as provided In section oath OF tho national
currency act, tand if any bank shall fail
TO return said circulating notes for de.
struction within thirty days after they
shall have been redeemed, the bank so in
default shall forfeit as penalty therefor,
sums equal to 10 per cent on the amount
Of the 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 the
notes Of said bank, and the circulation so
called in shall be awarded to such new
banking association in conformity with
the existing laws.
.. That the Secretary Of the Treasury
be, and he is hereby authorized to provide
for the negotiating and transfer of the
registered bonds issued under the acts an.
proved July IA, 1870, entitled an act au.
thorizing the refunding Of the national
debt in London, England, and for the pay.
ment in that city Of the interest on the
bonds issued under said debt.
4. That section third of an act entitled
an act to authorize the retunding of the
national debt approved on the 18th oil
July, 1870, be amended by striking out
all after the enacting clause, and inserting
the following: THAT the payment ofany
OF the bonds hereto authorized after the
expiration of said several terms OF fifteen
aud thirty.seven years shall be made in
the amounts determined from time To
time BY the Secretary Of the Treasury at
bis discretion, the bonds so to be paid to
be distinguished and described by the
dates and numbers, and the time Of in.
tended payment or redemption. The
Secretary shall give public notice, and in.
terest on particular bonds so selected at
any time to be paid, shall cease at the
expiration Of three months from the date
of such notice"