The Elk County advocate. [volume] (Ridgway, Pa.) 1868-1883, 1874-07-02
THE NEW FINANCE ELL.
Washington, D, c., June %, 1874

in both houses, who were very confden
that it would be vetoed. The measure
fails to meet the views of those opposed
to increase in the volume of currency,
but they say it is better than no legis-
latiop, and will partially revive trade
and commerce.
The bill as it was approved by the
President is as follows:
An Act fring the amount of United
,States notes, providing for reaistri-
button ofthe Natio nal Bank Currency
and for other purposes.
SECTION l. That the act entitled
"An act to provide national currency
secured by pledge of United States
bonds, and to provide for tie circulation
and redemption thereof" approved June
), 1874, shall be hereafter known as
"the national bank act.'
Sec. 2. That section 81 of "the ma
tional bank act" be so amended that the
several associations therein provided for
shall not hereafter be required to keep
on hand any amount OF money what
ever, by reason of the amount OF their re-
pective circulations; but the moneys re-
quired by said sections to be kept at all
times on hand shall be determined by
the amount of deposits in all respects,
as provided for in the said section.
SEC 2 Thnt ouoru ,ccoo;,t;o, o,u,o;,ol
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 of the United States, in lawful
money of the United States, a sum equal
to five per cent, of its circulation, to be
held and used for the redemption of
such circulation; which sum shall be
counted as part Of its lawful reserve,
as provided in section 2 of this act and
when the circulating notes of any such
associations, assorted or unassorted, shall
be presented for redemption in sums Of
$1,000 or any multiple thereof, to the
Treasurer Of the United States the same
shall be redeemed in United States
notes. All notes so redeemed shall. be
charged by the Treasurer of the United
States to the respective associations issu-
ing 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; and when
ever such redemptions for any associa-
ton shall amonnt to the sum of $500,
such association so notified shall forth
with deposit with the Treasurer Of the
United States sum in United States
notes equal to the amount of its circu-
lating notes 50 redeemed. And all
notes of national banks, worn, deface d
mutilated or otherwise unfit for circula.
tion shall, when received by any assis-
tant treasurer or at any designated de-
pository of the United States, be for
warded to the Treasurer of tie United
States for redemption as'provided herein
And when such redemptiops have been
SO reimbursed, the circulating notes so
redeemed shall be forwarded to the res
pective associations by which they were
issued; bat if any of such notes are worn
mutilated defaced or rendered other
wise unfit for use, they shall be forward
edto the Comptroller of the Currency,
and destroyed and replaced as now pro-
vided by law: provided, That each OF
said associations shall reimburse to the
Treasury the charges tor transportation
and the costs for asserting such 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 assc-
citation respectively; and the amount as
sessed upon each association shall be in
proportion to the circulation redeemed.
and be charged to tie fund on deposit
with the Treasurer; And prouided .tar-
tier, That so much of section of said ma
tional-bank act requiring or permitting
the redemption OF its circulating notes
elsewhere than at its own counter, ex-
cept as provided for in this section, is
hereby repealed.
SEC. 4 That any association organized
under this act, or any Of the acts of
which this is an amendment, desiring to
withdraw its circulating notes, in whole
or in part, may, upon the deposit of law
iul money with the Treasurer of the
United States in sums of not less than
$4,000, take up the bonds which said
association has on deposit with the Trea-
surer fol the security of such circulat
lag notes; which bonds shall BIZ assigned
to the bank in the manner specified in
the nineteenth section of the national
bank act; and the outstanding notes Of
said association, to an amount equal to
the legal tender notes deposited, shall
be redeemed at the Treasurer OF the
United States, and destroyed as now
provided by law; Provided, That the
amount of the bonds on deposit for cir
culation shall not be reduced be low
$4,000.
Sec, 5. That the Comptroller of the
Currency shall, under such rules and
regulations as the Secretary 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 by him.
Sec. 6. That the amount of Unite ed
States notes outstanding aud to beused
as a part of the circulating medium shall
not exceed the sum of $382,000, 900,
which said sum shall appear in each
monthly statement of the public debt
and no part thereof shall be held or