Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1874-05-15
The Proposed New Currency Bill.

THE following is the full text Of the bill re-
! ported in the United States Senate on the 9th
by Mr.. Sherman, from the Finance Commit
tee, as O substitute for the House Currency
bill:
SECTION 1. Be u enacted, ETC., That the act to
provide national currency, secured by pledge
United Ses
| 1864, shall be hereafter known as the National
Bank act Of 1864.
SEC Q. That sec 81 Of the National Bank act of
1864 be so amended that the several associations
therein provided for shall not hereafter be required
to keep on hand any amount OF money whatever,
by reason Of the amount OF their respective clrcu-
lations, but the moneys required by said section to
be kept at all times on hand shall be determined
by the amount OF deposits In all respects as pro-
yided in said section, and such Netionai Banking
Associations now organized, or hereafter to be
organized shall keep and maintain as a part OF
their reserve onefourth part Of the coin received
by them as interest on bonds OF the United States
deposited as security for circulating notes or GOV
ernment deposits.
SEC 8. That Secs 81 and 81 of said act be
amended by requiring that each OF said associa-
tions shall, within ninety days after the passage OF
this act, keep its lawful money reserve within Its
own vaults at the place where its operations OF
discount and deposit are carried on, and all pro-
visions Of said sections requiring or permitting any
Of said associations to keep any portion OF Its law
ful money reserves elsewhere than In its own own
Of its circulating notes elsewhere than at its own
counters, except as pro ded for in this act, are
repeated.
SEC. a. That Sec. 20 OF said act and the sew
eral amendments thereto, SO far as they restrict
the amount Of notes for circulation under
said acts, be, and the same arc hereby
repealed; and the proviso in the first section
OF the act approved July 10, 1870, entitled IAN
act to provide for the redemption Of the per cent
temporary loan certificates and for an increase OF
National Bank notes." prohibiting to banks
thereafter organized circulation OF over $5O00OO
and The proyso in the third section OF said act lin
itine the eircnaiion Of the banks anlhoTized M M to
issue notes redeemable In gold coin to $100O,0OO.
and Sec. Of said act relating % redisributon OF
$2o0O0eOO Of Circulating notes, be and the same
after organized shall be subject 10 and be gov
erned by Che rules, resuictions and fimitations
and possess the rights, privileges and franchises
now hereafter to be prescribed by law as to the
| National Banking Associations, with the same
power to amend, alter and repeal provided by the
| National Banking act OF 1854 . ~
SEC. 8. That every association organized or TO
be organized under the provisions of said act, and
OF tke several acts IA amendment thereof, shall at
OF the United States, in lawful money ofhe United
States, asumequai TO per cent tits circulation,
to be held and used only for the redemption Of
such circulation, and when the circulating notes
OF any such organization or association shall be
presented for redemption in sums OF $1,000 or any
multiple thereof to the Treasury OF the United
States the same shall be redeemed in United States
notes, All notes so redeemed shall be charged by
the Comptroller OF the Currency TO the respective
associations Issuing the same and he L shall notify
oftener, at his discretion, Of the amount OF such
redemptOns, whereupon each association go no.
| titled shall forthwith deposit with the Treasurer
| OF the United States sum equal to the amount OF
its circulating notes so redeemed; and all notes OF
| National Banks worn, defaced, mutilated, or
otherwise unit for circulation SHALL when re-
ceived by any Assistant Treasurer, or at any des-
| iLnated repository Of the United States, be for
warded TO the Treasury Of the United States for
redemption as provided herein, and, when such re-
| demptiOns have been so reimbursed, the circulat-
! ing notes SO redeemed shall be. forwarded TO
| the respective 4 associations by whom they
were Issued; but II such notes are worn, muti-
lated, torn, delaced, or rendered Otherwise unht
| for use they shall he forwarded 10 the Comp
| troller OF the Currency and destroyed and re-
placed, as now provided by law: PIoUtdsd, That
| each OF said associations shall reimburse 70 the
| Treasury the charges for transportation and the
cost Of asserting said notes; and the associations
hereafter organized shall also severally reimburse
TO the Treasury the cost OF engraving such plates
as shall be ordered by each association respective
| ly; and the amount assessed upon each aseocia-
ton shall be In prOpOruoa 70 the circulation re-
deemed, and be Charged to the fund on deposit
wlthrthe Treasurer. - "a
| the act Of which this is an amendment desiring 10
withdraw It's circulating notes in whole or in part
may upon deposit OF lawful money with the Treas
urer u hc United States, In sums Of not less than
Y 50 600. take up the bonds which said association
has on deposA with the lressprer for security Of
such circuiating notes, which bonds shall be as
signed 10 the bank In the manner specified In the
nineteenth section OF The act OF 1864, and out
standing notes OF said association 10 an amount
sSSs 60 4 ssSs eGS e S
d: SJHdG S
'ns SEC no. + The 6SpSisF * % tSS ounSnSy shan
!, under such regulations as the Secretary Of the
Treasury may prescribe, cause the charter number