The Andrew County Republican. [volume] (Savannah, Mo.) 1871-1876, 1874-07-03

The following is the Compromised Currency
hill a. it passed Congress. 1t is now q law
having received the approval Of the Presi-
dent
SECTION !. The act entitled "An act to provide a
national currency secured by a pledge of United
States bonds, and to provide for the circulation and
redemption thereof" approved Juue 3, 1864, shall
~. hereafter known as the National Bank act.
SEC. .. That Sec. 81 of the National Bank act be
50 amended that the several associations therein
nroyided for shall not hereafter be required to keep
on hand any amount of money whatever by reason
of the amount Of their respective circulations; 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 us provided for
in the said section
SIC. 3. That every association organized or to be
organized under the provisions of the said act, and
of the several acts amendatory thereof, shall at all
times keep and have on deposit in the Treasury
q. the United States, in lawful money OF the
United States, a sun equal to 5 per centum Of its
circulation. 10 I've held and used for the redemption
of such circulation. which sum shall be counted as
a part Of its lawful reserve, az provided in section
. Of this act. and when the circulating notes of any
such associations, assorted or uuassOrted, shall be
presented for redemption in suns of $1,000 or any
mul,iyie thereof to the Treasurer of the United
States. the game shall be redeemed i'll United States
notes. All notes so redeemed shall be charged by
the Treasurer Of the United States TO tine respective
associations issuing the same. and he shall
notify them severally on the first day of
each month, or oftener at his discre-
ton. Of the amount of such redemp-
tions. and whenever such redemptiors OF any asso-
Citations shall amount 20 the sum of $500 sucb asso-
Citations so notified shall forthwith deposit with the
Treasurer of the United States i sum i'll Unired
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
circulation. shall, when received by any Assistant
Treasurer. or nj any designated depository of the
United States, be forwarded to the Treasurer of the
United States Tor redemption, as provided herein /;
and when such redeInptions have been SO reim-
bursel, the circulating notes so redeemed shall be
forwarded TO the respective associations By which
they were issued ba, il any such notes are worn.
mutillted, def@ced. or rendered otherwise unfit for
Use. they shall be forwarded to the Comptroller of
tie Currency and destroyed aud replaced as now
provided by law. Provided, that each Of said a.
sOclations shall reimburse to the Treasury the
charges for transportation and the costs for assort-
ing suca notes, and the associations hereafter or
gilized shall also seyeraily~ reimburse 20 the Treas
u-y the cost Of engraving such plates as shall be
ordered by each association respectively, and the
amount assessed upon each association shall be III
proportion TO the circulation redeemed, and be
charged to the fund on deposit with the Treasurer
and. provided further, that SO much Of section 81
of said National Bank &C. recognizing or permit
ting the redemption OF it's circulating notes else
where than at its counter, except as provided for
in this section. is hereby repealed.
SEC. 1. That any association organized I'M
der this act, or any OF the acts TO which this
is an amendment, desiring to withdraw its
circulating notes, i'll whole or in part, may, upon
the deposit Of lawful money with the Treasurer Of
the United States, in sums Of not less than 5000,
take up the bonds which said association has On de-
post with the Treasurer for the security Of such
circulating notes, which bonds shall be assigned TO
the banks III the manner specified in the nineteenth
section Of the National Bank act, and the outstand-
ing notes of said association, to an amount equal te
the legal-tender notes deposited, shall be redeemed
at the Treasury of the United States and destroyed,
as now provided by law, provided tina; the amount
Of the bonds on deposit for circulation shall not be
reduced below $4,000.
SIC. :. That the Comptroller OF the Currency
SHALL uhuef Sucn rules anu regulations 4 Tue 'eo-
rotary of the Treasury may prescribe, cause the
charter numbers Of the association to be printed
upon all national bank notes which may be hereafter
Issued D! hlni.
SIC. G. That the amount of the United States
notes outstanding, and to be issued a. a part of the
circulating medium, shall not exceed the rum of
$3.50, G0,0o0, which said sum shall appear in each
hi0h'h'S statement oi Il puo'c ue'"' AAh no p@f'
thereof shah nc he'u Ut useu as reserve.
SIC :. That so much Of the at entitled IAN
act TO provide for the redemption OF the J-per
centum temporary loan certificates, and for
an increase Of national bank notes" ar pro-
yides that 10 circulation shall be withdrawn