The interior journal. [volume] (Stanford, Ky.) 1872-1881, 1874-04-17

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won Fa'~" " 70 vne'ner 'his o''' "ctn !"
crrsecs the circulating medium. a. tlssftlause
In the bill which requires that only one-qnar-
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uo"ai "ankins associations sns'' oo"-.< !"
balances due TO an as-ocistion FOR the redemp-
ton Of IT, circulating notes. will Operate a. a
measure of contraction nv ;,crc,s;ny tho 70.
=. .,,. -,
'crve"' Z" 'ho"gh' mat 'ongnes" VIII IN
order to prevent the artful construction OF the
law BY the Comptroller, pas bill doing away
nth Ill rcserve. nav reou;re5 and then The
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'ens' eAPe''e" anu "en'""e" " '"e PeoP'e
will be assured. Petitions have gone up to
the President BY hundreds, principally from
,be Eastern Slate. asking him 70 win the
su a.. -, "a, ,-.~...~. -
''", 'u' sue" u we i'01s"'e "o"s"'" 'ea'
upon him from the South and West, that ie
will hardly gainsay their expressed wishes.
A0.r co,c,r;,, in IN. s.,.,a hin Al.
r. - 10 -. Ian
iio"se 'os UP =" Wv" N"''e"e' o'" w re-
Ported by the Committee, and a vote upon its
passage resulted--yeas 12s. navs ZIG. The
c,i,ow;nv 4. tho ,s,t NJ III, in, ,..-.J.
~ sac1ed DC, That section 81 ,of the act
enutied An act 70 provide = national cur
sency secured oy P'edge OF United states
oonus, ana 20 p,",ioe 'or we eirpihuon ana
feascuon 'nsreo', appro'eu on inc thni gay
2, june, ~ .ne ysar lou. 70 amended 'na'
me sesers' aSsoc'aucns ner.in pro',ued ior
mana any ano"h. OF money ~ha'eVer py rea-
son OF 'he amount OF 'heir respective eircuia-
uone' out .ne money required py sa,u secuon
70 ~ ksp' a. al u'nes On manu- .,'ai &c oe-
termineu ny ,ne ,moun' OF nePosis IN all res
pects as provided 'or 10 ss'd sesuon, :,
sEc. : in' Scton = OF .he saiu act' ana
the several amehdmehts thefs'o, 80 Jar a. tney
restrict tne amount OF notes ior circulation
under said act, DC, and taey are hereby, re,
peaieu ana that section OF the act ehtitieu
AN act to provide Tor the redemption Of the
thr'e per cent. temporary loan certificates,
ana Tor an increase o. national bank notes,
approved July II, 1919. be amended by re-
peaiing the second proviSo IN said section con-
tanned, and The acs entitled An act TO
amend an act enutied an act 10 provide
national currency secured oy pledge OF United
states ,ponns, had 10 PROVIDE Ior the circnia-
tion and redempuon 'nereo',, approved on
the "a OF Asreh, 1900, DC, ana me same Is
hereby repeated; ana secuon ~ OF 'he origin
q act, 70 which the act last Aforesaid u an
amendment, De, ana The same Ia hereby, re-
enacted
SEC. . That every association organized or
TO he organized under the provisions Of the
raid act and OF the several'acts in amendment
thercof shall at all tsmes keep and heve on
deposit in the Treasury OF the Tinted States,
In lawful money OF the United States, a sum
equal 10 per cent. OF its circulation. to be
held and used only for the redemption of such
any such association or associations shall be
| pFeurntsd, assorted or unassorted. for redemp-
ten In sums Of II 900 or any multiple thereof
| % 4he Treasurer or 70 any Assistant Treas
uef 81 The usIteQ STATES, the same shall be
redeemed in oA1eed States notes. All notes
redeemed shall be charged bx the Controller
Of the Curssncy to the respective associations
isuuing the same, and be shall notify them
tseyersily on Me .hrst day Of each month or
ofteoer, At his discretion, OF tho amount Of
such redemptions, vhese.l,on each assoeia-
lion 70 notineu shall nrthwith deposit with
the Trsssurerof the United States . SUN In
United ceafes notes equsl 10 the amount Of It's
circulating notes 90 redeemed, and when snch
redemptions nave been 80 reimbursed, the cir
cuiat'ng notes 70 edeemea, or ihworn, muu-
lated, or deisced, per notes instead shall be
forv9rded 20 the respecsye associations Fro
yb!sd th2t each OF said associations shall re-
iupune y sne treasury We costs on reden'p,
I tion ard o. snppylng new noses IN place o.
l tnose roceeI'e,', uno 'he aSa'sens nerea''
ter orken'sso snl'i a.so se' II. o,iIre 70
tne i!e.sury tne cos's q ehe's''ns snu psih'
sinR tnesx 9fcuiaank hs"e~, anu Rlo''ueu 'ur'
| ther, thai sne enufe a,ouh' F." sn''ei o'ate-
noers, ou's,t naing ana an e,fcuiaiion ~ any
one one t,1's snaii n.y. exeseu me sun. OF Sf"o''
ou10ov nov ae1oTssec =! existing Jaw.
or: .n o ssn.;ns . ~
aer mis a9s or my ing hcs o. whlen W: ;u
calating notes In whole or In part, may upon
depo:ls p lawful money vl'n'n the meaning 9, an
in a. T'e,r,,sr ~ he United states win.
draw a proportiopate amount Of bonds de-