Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1874-07-01
The Currency Bill.

The following is the full text of the
currency bill passed by Congress, and
which has received the approval of the
President
SECTIoN1. The act entitled can act to pro-
vide national currency, secured by a pledge
of United States bonds, and to provide for the
circulation and redemption thereof" approved
June g. 1864, shall be hereafter known as the
National Bank act
Sec. 2. That Sec. 81 of the National Bank
act be SO amended that the several associa-
tons 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 but the moneys
OH hand, shall be determined by the amountof
deposits. in all respects as provided for in the
said section.
Sec. 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 de-
post in the Treasury of the United States in
lawful money of the United States, a sum
equal to 5 per centum of its circulation, to be
held and used for the redemption of such cir
culatiOn. which sum shall be counted as part
of its lawful reserve. as provided in Sec. 2 Of
this act; and when the circulating notes of any
such associations, assorted or unassorted
shall be presented for redemption in sums of
81 900 or any multiple thereof to the Traes-
urer 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 assOcia-
tons issuing the same. and he shall notify
them severally on the first day of each month
OF oftener. at his discretion of the amount of
such redemptions. and whenever such redemp-
tons Of any associations shall amount to the
Snch shall
forthwith deposit with the Treasurer of the
United States a sum in United States notes
equal to the amount of it's circulating Dates so
redeemed; and all notes Of National Banks
worn. defaced. mutilated. or otherwise unfit
for circulation shall. when received by
any Assistant Treasurer or at any deslg-
mated depository of the United States, be
forwarded to the Treasurer of the United
States for resumption, as provided herein !;
and when such reGemptions have been so re-
lmbursed the circulating notes so redeemed
shall be forwarded to the respective associa-
tons by which they were issued. but if any
such notes are worn, mutilated, defaced or
rendered otherwise unfit for use they shall be
forwarded to til; {. mptroller of the Currency
and destroyed AMI replaced as now provided
by law. Provided, that each of said associa-
tons shall reimburse to the Treasury the
charges for transportation and the costs for
asserting such notes, and the association here
to the Treasury the cost of engraving such
plates as shall be ordered by each association
respectively and the amount assessed upon
each association shall be in proportion to the
circulation redeemed, and be charged to the
fund on deposit with the Treasurer; and pro-
vided further. that SO much of Sec. 80 of said
National Bank act recognizing or permitting
the redemption of its circulating notes else
where than at its OWL counter, except as pro-
vlded 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 cir
culating notes, in whole or in part, may, upon
the deposit Of lawful money with the Treasur
er of the United States. III sums of not less
than $4,000, take up the bonds which said as
ISOLATION has On deposit with the Treasurer
for the security of such circulating notes.
which bonds shall be assigned to the banks 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 Treasury of the United States
and destroyed, as now provided by law: pro-
vided that the amount of the bonds on de-
post for circulation shall not be reduced be-
low $50. 900.
Sec. 5. That the Comptroller of the Curren-
cy 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 the United
States notes outstanding. and to be issued as a
part Of the circulating medium, shall not ex-
ceed the sum Of $685.. 900. 900. which said SUM
shall appear in each monthly statement Of the
public debt, and no part thereof shall be hdd
or used as a reserve.
Sec. Z. That so much of the act entitled,
an act to provide for the redemption Of the
per centum temporary loan certificrtes and for
an increase Of National Bank notes, as Pre-
vides, that no circulation shall be withdraw
under the provisions of Sec 6 of said act, u1l
til after the $54, 100000 granted in Sec. l o.
said act shall have been taken up, is hereby
repealed. and it shall be the duty of the Comp
troller Of the Currency, under the direction (f
the Secretary Of the Treasury. to proceed
forthwith, and he is hereby authorized and re-
quired, from time to time, as application shall
be only made therefor, and until the full
amount Of the $54, 900, 600 shall be withdrawn
to make a requisition on each of the National
Banks described in said section, and in the
manner therein provided, organized in states
| having an excess Of circulation, to withdraw
and return so much Of this circulation as by
said act may be appOrtiOned to be withdrawn
| from them, or in lieu thereof. to deposit in
the Treasury of the United States lawful
money sufficient to redeem such circulation,
| and upon the return Of the circulation re-
quired, or the deposit of lawful money, as
herein provided, proportionate amount of
| the bonds held to secure the circulation OF
such association as shall make such return or
| deposit shall be surrendered to it.
Sec. s. That upon the failure of the Ma
| tional Banks upon which requisition for circu-
| lation shall be made or CT any of them, to
return the amount required, or to deposit in
| the Treasury lawful money to redeem the cir
| culation required within thirty days, the Comp
trolIer Of the Currency shall at once SELL as
provided in Sec. 40 of the National Currency
act, approved June 3, 1864, bonds held to Sc
cure the redemption OF the circulation of the
association or associations which shall so fail
! to all amount sufficient to redeem the circula-
ton required of such association or associations
and with the proceeds which shall be deposited
| in the Treasury of the United States so much
of the circulation Of said association Or associa-
tons shall be redeemed as will equal the
| amount required and not returned, and if
there be any excess of proceeds over the
amount required for such redemption, it shall
| be returned to the association or association
IL, a.