Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1874-06-30
NEW CURRENCY LAW.
TEXT OF THE COMPROMISE
FINANCE MEASURE lNS
FINALLY PASSED,
It Fixes the Amount OF 4. s Notes
at $685., 100000, and Pro-
VltteS for the IseGIStri-
button OF National
Bank Currency.

WASHINGTON, June 22.-Th4 follow
ing is the text of the conference finance
measure which. having been approved
by the President, is now the law:
SECTION l. The act entitled An act
to 20 vide national currency, stcIIt d
by pledge Of United States bonds. and
To provide for the circulation and re-
demption thereof, approved June 8,
1864" shall be hereafter known as the
national bank act.
Sec. 2 That section 81 of the national
bank act be so amended that the seve-
raj associations therein provided for
shall not hereafter be required to keen
OH hand any amount of money what
ever by reason of the amount Of their
respective calculations; bat the mon
eys required by said section to be kept
at all times on hand shall be deter
mined by the amount of deposits in all
respects as provided for in the said sec
ton.
Sec. 3. That every association organ
lied or to be organized under the pro-
visions of the said act, and of the sevt-
raj acts amendatOry thereof. shall at all
times keep and have on deposit in the
treasury OF the United States, in lawful
money of the United States. sum
equal to five per centum of its circula-
ton, to be held aud used for the re-
demptiOn of such circulation, which
sum shall be counted as part of its
lawful reserve as provided in section
of this act; and when the circulating
notes of any such associations, assorted
or gnassorted, shall be presented for
REDEEM ption in sums of 81 900 or any
multiple thereof to the Treasurer of
the United States, the same shall be
redeemed in United States notes. All
notes so TedeeE'ed shall be charged by
the Treasurer OF the United States to
the respective associations issuing the
same, and he shall notify them seve-
rally on the first day of each month.
or oflener, at bis discl elton, of the
amount of such Tedemr lions, and
whenever such redemptiOns for any
association shall amount to the sum of
$500, such association so notified shall
forthwith deposit with the Treasurer
of the United States a sum in United
States notes equal to the amount of its
circulating notes so redeemed, and all
notes of national banks worn, defaced,
mutilated or otherwise unfit for circu-
lation, shall, when received by any as
sistant treasurer, or at any designated
depository of the United States, be for
warded to the Treasurer of the United
States for redemption. as provided
herein and when such redemptions
have been so reimbursed, the circula-
ting notes so redeemed shall be for
warded to the respective associations
by which they were issued; but if any
such rotes are worn, mutilated, de-
faced or rendered otherwise unfit for
use. they shall be forwarded TO the
Comptroller of the Currency. and de-
stroyed and replaced as now provided
by law. Provided, that each of said
associations shall reimburse to the
treasury the charges for transportation
and the costs for asserting such notes,
and the associations hereafter organ
lied shall also severalIy reimburse to
the treasury the cost of engraving such
plates as shall be ordered by each asso-
citation respectively, and the amount
upon each association shall be
in proportion to the circulation re-
deemed, and be charged to the fund
on deposit with the Treasurer; and,
provided further, that so much OF sec
ton 80 of said national bank act re-
curing or permitting the redemption
of its circulating notes elsewhere than
at its own counter, except as provided
for in this section, is hereby repeated.
See. 4. That any association organ
lied under this act, or any of the acts
of which this is an amendment, desir-
ing TO withdraw its circulating notes.