Daily national Republican. (Washington City [D.C.]) 1870-1872, 1872-04-05
THE NATIONAL CURRENCY ACT.

Mr. Dawes Bill 10 Amend ".
The bill to amend the national currency not,
introduced In the House yesterday by MT.
Dawes, 10 o. follows
association, which shall have deposited bonds
with the Treasurer Of the United States for the
security Of Its circulation, In accordance with
Va, 4 natioasi currency secured b. 4 pledre Of
Unlted States bonds, and 10 provide tor the cir
culation and resumption thereof" approved
thereof may, on ot before the isI day Of Jsnl.
AIRY, lsT3 In lieu Of the bonds 30 deposited, de-
poslt bonds aul HORNED by the act approved July
isndinE Of the national debt" in equal smoshss
Of each Of the several classes Of bonds author.
lied by said acts PROVIDED, AOpsvey, That any
Sos "S ,s se q me sss
poslt an equal Amount Of each % aAid several
s.y 5. d lsss:a q :sSay ST Ss
u s sS 4 Tia, ifany banking association or as
ne treasurer Of he uni "a stsIss, aSTseabiy 70
the mrs section OF this Aot, other banking asso-
Citations may be organised In the Stats where
mn nave so nsslsstsd 10 make ! depoSiI S Of
hoods may be lOoatsdi ADD such new associations
shall have All the powers and privileges, and DO
banking associations organized under the act
Aforesaid, aud Il shall DO the duty Of the Comp
trOllsr Of the Ourreney, under regulations 10
be prescribed by the Secretary Of the Treasury,
10 call 10 the circulation Of the banking AssOciA.
tlonn % neglectinE TO deposit bonds, ~ provided
In the d. % section Of this act, and the eiroulA-
tlOn 90 called In shall, upon presentation 70 the
hank Issuing the same, be redeemed and forth
with returned 10 the OOmptrollor Of the Our.
rsnoy, TO be destroyed, AZ provided In section ~
Of the natiO nal currency aot; and II any bank
shall fall 10 return said circulating notes for
destruction for thirty days after they shall have
been redeemed, che bank % IN default shall for-
isit ~ q penalty therefor . sum equal 70 10 per
cent. On the amount Of Notes rodeemed, which
penalty shall be retained BY the Treasurer out
o. hny Interest due, or TO become due, on tue
bonds held by him A. security tor the notes II
aald bank, and the circulation 50 called In shall
be awarded 70 such new banking associations, 10
cOniOrmlty with existing laws.
See That tbs Secretary Of the Treasury
be. and he II hSlpby, authorised TO provide Tor
ths registry anl Transfer Of registered bonds,
Jssusd undsr tbs act approved July ~, 1870, 90,
titled "An act 10 HutheriHs tho TefundlnE OF the
national debit In London, England, and Tor the
payment IN that oily u the lntsrssl on the bonds
sec 4 That section three Of the act entitled
a An All 10 anLboriAe tho rofundinE VI the M.
tional debt, !" approved July IA, 1910 BE- amended
b. striking Ouf a1 eiier the rnaetiuE clause and
lasssilng 10 lieu thereof th9 lolloTlng That
thori1sd AiiaF the expiration Of Tbs taid several
terms vi ten, nftean sad thirty yeaTs, shall be
male In Hmounta u " dstefmined tr0m umo y
ilns " the Secretary q ~ TrsSSpIy 2, ~, "
EsI1hsd and described BY the dates aud nun.
kSrs 81 The tlme 0f watch intended paymont OF
rsdomption, the Soofotary 81 the TreaHafy ahAu
Nive pahlle noilos, and ihS inssrss. 90 'hs PAT
shall cease al the expiration Of three months
lrom tha dala OF such nOtioo.
Tks 6iIi vas IsiSFrod % the wsys and Means
Oommltlea