Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1873-01-30
mites on Finance the following sub

mites on Finance the following sub
stitute for Mr.. Buckingham's bill:
" Re it enacted, &c, That on the 1st
day Of January, 1874, tie Secretary Of
the Treasury Is authorized and requir-
ed 10 psy on demand, st ths Office OF
the Assistant Treasurer in the city OF
New York, to any holder of United
States notes TO the amount OF one
thousand dollars, or any multiple
thereof, in exchange for such notes an
equal amount Of gold coin Of the United
States, or In lieu Of coin. he NAV, at his
option, issue exchange for said notes
al equal amount of coupon or register
ed bonds of the United States in such
form a. he may prescribe; second, de-
nominations of fifty dollars, or some
multiple of that sum, redeemable in
coin OF the present standard value at
the pleasure Of the United States after
ten years from the date Of their issue,
and bsaring interest, payable quarterly
in such coin, at the rate Of five per
centum per annum; and the Secretary
OF the Treasury may receive United
States notes SO received, or, if they are
Cancelled, may issue United States
notes to the same amount, either TO
purchase or redeem the public debt, Or
meet current payments for public SER
vices, and said bonds and Interest
thereon shall he exempt from the pay
ment OF all taxes or duties Of the Unit
ed States, as we'll as from taxation in
any form By or under State, municipal
or local authority; and said bonds
shall have get forth and expressed up
on their face the above specified condi-
tious, and shall, with their coupons, be
made payable at the Treasury of the
| United States.
SEC. 2. That from and after the 1st
day of July next the limit of the aggre-
gate circulation of National Banks
no prescribed by law is repealed, and
all banks thereafter organized shall de-
posit a. security for their circulating
notes bands OF the United States issued
| under this act, or under the act enti-
| tied = y act to authorize the refunding
| of the National debit approved July
10, 1870.
"SEC. s. That all banking associa-
tions which shall, on and after July |,
1874, redeem their circulating notes at
such localities as are now, or may be
| hereafter designated by law, either in
coin or in Unitsd States legal-tender
notes, snail De exempt from the re-
quirsnent5 under existing la~, % to
| holding z reserve OF lawful money Of
the United State-; provided, that moth
ing heTsin contained shall authorize
any National Gold Bank established
| under an act entitled 'An act TO provide
| for the REDEEM ption OF threc per cent.
| tenn porary loan certificates, and for the
| increase OF National Bank notes. ap-
proved July Il, 1870, to redsem their
circulating notes in anything but gold
coin of the United States.
| ''SEc. 4. That Section G, of the act
entitled an Act to provide for the re-
demption OF thrce per cent. temporary
| loan certificates, and for an increase Of
| National Bank notes approved July
| Il, 1870, be and is hereby repealed.
'fSEc. 5. That banks without circu-
| latiOn may b organized under the
provisions Of an sAct to provide for ma
| tional currency secured by pledge OF
| United States bonds, ant: to provide
| for the circulation and redemption
thereof approved June 8, 1851, upon
| deposit with the Treasurer OF the Uni
ted States not less than $l0,050 United
States registared bonds, a9 provided in
Section 16 of that act.
''SEC. 6. That it shall be the duty of
the Comptroller of the Currency TO
cause to be examined each year the
plates, dies, bedpisces, and other ma
! terial from which the National Bank
circulation is printed, in whole or in
part, and file in his Office annually a
correct list of the same, and such ma
| teriaI as shall have been used in the
printing of notes for National Banks
which are in liquidation or have closed
business, shall be destroyed, under such
regulations rs shall be prescribed by
the Comptroller Of the Currency and
| approved by tho Secretary of The
Treasury, and the expense of such ex-
animation and destruction shall be
paid out Of any appropriation made by
Congress for the special examination Of
National Banks aud bank plates"
Bill ordered printed.