The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1873-01-24

Of the United States; in lieu Of coin he may at
his option issue In exchange for said notes an
equal amount OF coupon or registered bonds
of the United States, in such form as he may
prescribe, In denominations of fifty dollars OF
some multiple of that sum, redeemable in coin
of the present standard value, at the pleasure
Of the United States after ten years from dats
of their issue, and bearing interest payable
/ quarterly In such coin, at the rate Of i've pei
centum per annum; and the Secretary Of the
Treasury may reissue United States notes 80
received, or If they are cancellsd, may issue
United States notes to the same amount, eth
er to purchase or redeem the public debt, OF
meet current payments for public services,
and said bonds and interest thereon shall be
exempt IRON payment Of all taxes or duties OF
the United States, as we'll as from taxation IN
any form by or under State, municipal of To-
cal authority, and said bonds shall have SET
forth and expressed upon their face the above
| speclned conditions, and shall with their COUP
ons be made payable at the Treasury of the
United States.
Sec 2. That from and after the first day
of National Banks now prescribed bv Law 4
repealed, and all banks thereafter organized
shall deposit as security for their circulating
notes, bonds Of the United States issued under
this act or under the act entitled ian act 70
authorize refunding of National debt" an.
proved July IA, 1870.
SEC. 3. That all banking associations which
shall on and after J uly lst, 1874, redeem their
circulating notes at such localities az are now
or may be hereafter designated by law, either
IN coin or IN United States legal tender notes,
shall be exempt from requirements under ex-
isting law as to holding a reserve of Lawful
money of the United States; provided. that
nothing herein contained shall authorize anV
National gold bank established under an act
entitled "an act to provide for the REDEMPTION
OF three per cent temporary loan certificates
and for the increase of National bank notes. .
approved July II, 1870, to redeem their circu-
lating notes in anything bat gold coin Of the
United States.
SEQ. A.. That section C Of act entitled "An
act to provide for the redemption of three Der
cent temporary loan certificates and for an in
creese of National bank notes." approved july
18th, 1870, be and is hereby repealed
SEC D. That banks without circulation may
be organized nuder provisions of an act to
provide national currency secured by United
States bonds, and to provide for circulation
and redemption thereof, approved June Sd,
1864, upon deposit with the Treasurer of the
United States of not less than $4,000 United
states registered bonds, as provided in section
l6 of that act.
oEO- Os 1uhI IL snail De the duty OF the
Comptroller of the Currency to cause TO be
examined each year plates, dies, bad pieces
and other material from which National bank
circulation is printed, in whole or in part, and
lille IL his office annually, a correct list of the
same; and such material as shall have been
used IN the printing of notes of National banks
which are IN liquidation or have closed busi-
ness shall be destroyed, under such regulations
as shall be prescribed by the Compotrollsr of
Currency, and approved by the Secretary OF
the Treasury, and the expense of such exam
nation and destruction shall be paid out of
any appropriation made by Congress for spec
lal examination of National banks and bank
plates.
JAN. 1.-THE Vienna Exposition bill passed
after the Washington Monument appropria-
ton had been withdrawn.-A bill passed re-
pealing the act for the relief of certain Indians
in the Sioux superintendency.-A bill pass
ed amending the laws relative to mint and
coinage.
JAN. 2o.-A petition was presented for a
prohlbltory liquor law'-Majority and min
ority reports were received on the bill for the
relief of the Boston fire suffersrs.-A new
bankrupt act was reported. House amend.
ments to the bill fixing the time for holding
the annual United States Supreme Court
were adopted.-A bill was read relative 10
public lands.-House bill for the construe-
ton of steam vessels of war was called up and
discussed.