Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-04-16
THE CURRENCY.
Tex OF the House Bill, which Now
Goes 10 the senate.

0oCS ~ AtAc BCnotcs
The following is the text OF Mr.. May
nard's bill, which wa passed by the House
of Representatives on the 18th instant:
Be it enacted, etc, That Section 81 Of
the act entitled "An act to provide a ma
tional currency, secured by a pledge of
United States bonds, and to provide for the
| circulation and reduction thereof ap-
proved on the third day Of June, in the
year 1864, be Sc 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 calculations,
bit the money required by said section to
be kept at all times ON hand shall be deter
mined by the amount of deposits, in all re-
spects as provided for in the said section.
Sec. 2. That section % of the said act,
and the several amendments thereto, so far
as they restrict the amount Of notes for cir
culation under said act, be and the same
are hereby appealed; and that section 1 of
the act entitled IAN act to provide for the
redemption of the three per cent temporary
loan certificates and for an increase of ma
tional bank notes" approved July II, 1870,
be amended by repeating hesecond proyiSo
IN said section contained, and the act enti-
tied San act to amend an act entitled an
act to provide a national CURRENCY secured
by pledge of United States bonds, and to
provide for the circulation and redemption
Thereof" approved on the Sd of March, 1866,
be and the same is hereby repealed; and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.
Co. , IT,
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 deposit in the Treasury of the
United States, in lawful money of the
United States, asum equal to 5 per cent.
of its circulation, to be held and used only
for the redemption of such circulation;
and when the circulating notes of any such
association or associations shall be present.
ed, assorted or unassorted, for redemption
in sunis of $1,000 or any multiple thereof
TO the Treasurer or Assistant Treasurer of
the 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 respec-
tive 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 a sum in
United States notes equal to the amount of
its circulating notes so redeemed, and
when such redemptions have been so re-
imbursed, the circulating notes so re-
deemed, or if worn, mutilated, or defaced,
new notes instead shall be forwarded to
the respective associations. Provided that
each of said associations shall reimburse to
the Treasury the costs of redemption and
of supplying new notes in place of those
redeemed, and the associations hereafter Or
ganiZed sLall also severally reimburse to
the Treasury the costs of engraving and
printing their circulating notes, and pro-
vided further, that the entire amount of
United States notes outstanding and in
circulation at any n time shall not ex-
coed the sum of S4O0, 100000 now author
lied by existing law.
Sec. 4. That any association organized
under this act or n of the acts of which
this is an amendment, desiring to withdraw
its circulating notes in whole OF in part,
may upon deposit Of lawful money within
the meaning of said acts, in sums of not
less than $1,000 with the Treasurer of the
United States, withdraw a proportionate
amount of bonds deposited in pledge for
such circulation, and he shall redeem, can
eel, and destroy an amount of the circulat-
ing notes of such association equal to the
amount issued upon such bonds.
Sec. 5. The sections 81 and 80 Of the
said act be amended by requiring that each
of the associations shall keep its lawful
money reserves within its own vaults at
the place where its operations Of discount
and deposit are carried on, and all the pro-
visions of the said sections requiring or per-
hitting any of the said associations to keep
any portions OF its lawful money reserves
elsewhere than in its own vaults, or requir-
ing or permitting the redemption Of its cir
c~ulating notes elsewhere than at its own
counter except as proved for in this act are
hereby repealed.
Sec. 6. That upon all circulating notes
hereafter issued, or hereafter to be issued,
whenever the same shall come into the
Treasury in payment or deposit for re-
demption or otherwise, there shall be
printed, Under such rules and regulations
as the Secretary Of the Treasury may pre-
scribe, the charter numbers of the a~SSOcia-
tiOns by which they are seyerally issued.