The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1874-04-15
Che Free Ranking Rill,
AhC CICC DdHAiHS DhA'
The fo1louipp 10 Mr. Mavnard's free hank

The following is Mr.. Maynard's free banking |
bill as passed by the House yesterday:
Be it enacted, etc, That section 81 of the act |
entitled IAN act to provide national currency |
secured by pledge OF United States bonds
and to provide for the circulation and reduc- |
tion thereof" approved on the third day of |
lime in the year 1854, be so amended that the ;
several associations therein provided for
not hereafter be required to keep ~ nall
amount of money whatever ,,d n'',,
amount of their respeef'- ,ea.or of ny
tue moueJ to4t I've calculations but
amoun' =. nand shall be determined BY the
- OF deposits in all respects as provided
. III in the said section.
SEC 2. That section %, of the said act, and
| the several amendments thereto, so far as thew
restrict the amount of notes of circulation nm
| der said act, be and the same are hereby re-
pealed; and that section of the act entitled
VI act to provide for the redemption of the
shree per cent. temporary loan certificates and
Tor an increase of national bank notes." approv-
ed July II, 1870, be amended by repeating the
second proviso in said section contained, and
| the act entitled can act to amend an act en-
Titled an act to provide national currency Sc
| cured by the pledge of the United States bonds,
and to provide for the circulation and redemp-
ton Thereof" approved on the Sd of March,
| 1865. be and the sane is hereby repealed; and
| section q of the original act to which the act
last aforesaid is an amendment, be and the
| same is hereby re-enacted.
SEC. g. That every association organized or
| to be organized under the provisions of the
| said act and of the several acts in amendment
thereof shall at all times keep and have on de-
| post in the Treasury of the United States, in
| lawful money of tie United States, sum
equal to per cent. of its circulation, to be held
| and used only for the redemption of such circu-
| lation; and when the circulating notes of any
| such association or associations shall be pre-
| sented, assorted or unassorted, for REDEMPTION
| sy,c, of pr fi,,1a 10
the Treasurer or to any Assistant Treasurer of
the United States, the same shall be redeemed
in United States notes. All notes redeemed
shall be charged by the Comptroller of the
| Currency to the respective associations issuing
the same, and he shall notify them severally on
the first day of each month or Oftener, at his
discretion, of the amount of such redemptions,
whereupon each association so notified shall
forthwith deposit with the Treasury of the
United States sum in United States notes
redeemed. and when such redemptons have
been so reimbursed the circulating notes so
redeemed, or if worn, mutiated or defaced,
new notes instead shall be forwarded to the
respective associations. Provided that each of
said associations shall reimburse to the TT, as
ury the costs of redemption and of supplying
new notes in place of those redeemed and the
associations hereafter organized shall also sew
engraving and printing their circulating notes
and provided further that the entire amount OF
United States notes outstanding and in circu.
lation at any one time shall not exceed the sum
of $400,000,000 now authorized by existing
law.
| Sec. 4.-That any association organized un.
der this act or any of the acts of which this is
an amendment, desiring to withdraw its circu
lating notes in whole or in part, may upon de-
post of lawful money within the meaning of
said acts, in sums of not less than 1000 with
the Treasurer of the United States withdraw a
proportionate amount of bonds deposited in
pledge for such circulation, and he shall re
deem, cancel and destroy an amount of the
circulating notes of such association equal tt
the amount issued upon such bonds.
| Sec. g. That sections 81 and 80 of the said
act be amended by requiring that each of the
associations shall keep its lawful money re-
serves within its own vaults at the place where
its operations of discount and deposit are car
ried on, and all the provisions of the said sec
tiOns requiring or permitting any of the sale
associations to keep any portions of its law
full money reserves elsewhere than in its OWL
vaults, or requiring or permitting the redemp
ton of its circulating notes elsewhere than al
its own counter except as provided for in this
act are hereby repealed.
| SEC g. That upon all circulating notes
hereafter issued, or hereafter to be issued when
ever the same shall come into the Treasury in
payment or deposit for redemption or other
wise, there shall be printed under such rules
and regulations as the Secretary of the Treas
ury may prescribe, the charter numbers of the
associations DO which they are severally issued.