Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-01-30
THE NATIONAL BANK LAW.
Proposed Amendments of House
Bill
Gradual Specie Resumption by
Means of Gold Notes.
FnIi Te.t nf fl,e Rin.

U1CdilS VI OOlu NOtCss
Full Text Of the Bill.
WASHINGTON, Jan. 2y.-Th5 following
is the texs tt;1s Of the bill from the House Conf
mittee on Banking and Currency, reported
by Mr.. Maynard to-day:
Be 1t enacted, etc, That section 81 of the
act entitled, "An act to provide the national
currency secured by a pledge OF United
STATES bonds, and to provide for the cireu-
lation and redemption thereof" approved
on the Sd day of June, 1864, be so aIllefid-
ed that the several associations therein pro-
yided for shall not hereafter be required to
keep ON hand any amount of money what
ever by reason OF their respective circula-
tion; but the moneys required by said sec
tion to be kept at all times on hand shall
be determined by the amount OF deposits
in all respects as provided IN said section.
Sec. 2. That section 21 of said act, and
the several amendments thereto so far as
they restrict the amount of notes for circu-
lation under the said act, and the same are
hereby repealed; and that section 1 Of the
act entitled '.An act to provide for redemp-
tiOn of the 3 per cent temporary loan ceTtif-
Gates and for an increase of National bank
notes. approved the 18th OF July, 1870, be
amended by repeating the second prOvisO
in the said section contained.
A Five Per Cent. DeROsIt-Banks to |
Pay their Engraving and Printing |
BiIIs.
Sec. 3. That every association organized |
or 10 be organized under the provisions Of |
said act and the several acts in amendment
thereof, shall at all times keep and haye1
deposited in the Treasury of the United |
II Of ba init fa1
States, a sum equal to five per centum of its |
circulation, to be held and used only for |
the redemption of such circulation and |
when circulating notes of any such assOci- |
alton or associations shall be presented, as
sorted or unassOrted, for redemption in |
sums of one thousand dollars or any null
tiple thereof to the Secretary of the Treas
UIry or to the Assistant Treasurer in the |
city of New York, the same shall be re-
deemed in United States notes. All notes
so redeemed shall be charged by the Secre-
tary of the Treasury to the respective assO-
Citations issuing the same, and he shall no
tity them seVerally on the first day Of each
month, or Oftener at his discretion, Of the
amount of such redemption, whereUpOn
each association so notified, shall forthwith /
deposit with the Treasurer of the United
States notes equal to the amount of its cir
culatiOn notes so redeemed, and when such /
redemptiOnS have been so reimbursed, tie
circulating notes so redeemed, or if worn,
mutilated, or defaced new notes instead |
shall be forwarded to the respective assO-
Citations; provided thai each Of said aSSO-
Citations shall reimburse the Treasury, the |
costs of redemption and of supplying the
new notes in place of those redeemed, and |
that associations hereafter organized shall /
also seyerally reimburse the Treasury, the /
costs of engraving and printing their circu-
latina notes; and provided further thai the !
entire United States notes outstanding IN |
circulation at any one timeshall not exceed |
the sum of S4OO,OOO,OO0, now authorized by |
existing law.
How 10 Decrease Circulation.
Section 4. That any association Organi- |
Zel under this act or any of the acts of |
which this is an amendment, desiring to |
withdraw is notes in whole or in part, |
may, upon the deposit Of lawful money |
within the meaning Of said acts, in sums |
not less than $4,000, with the Treasurer
Of the United States, withdraw a proper
tiOnate amount Of the bonds deposited in
pledge for said circulation, and he shall re-
deem, cancel, or destroy an amount of the
circulating notes of such association equal
to the amount pursued on such bonds.
Shall Redeem over Their Own COun-
| terS-
Sec. ). That sections 81 and 50 of said
act be amended. 10y requiring that such Of
said associations shall keep its lawful
money reserve within its own vaults al the
place where its operations Of discount and
| deposits are carried on, and all provisions
/ of said sections requiring or permitting
any of said associations to keep any pOr-
| ton Of its lawful money reserves else
where than in its own vaults, or requiring
or permitting the redempfOns Of its circu-
| lating notes elsewhere than at its own
counter, are hereby repealed.
Charter Numbers.
| 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 on deposit for re-
demptiOn or otherwise, there shall be print
ed, under such rules and regulations as the
Treasury may prescribe, the charter num-
bers of the associations by which they are
| severally issued.
Banks without Circulation.
Sec. Z. That associations without circu-
lationmay be organized under the provisions
of said act upon the deposit withthe Treas
| urer OF the United states OF not less than
$4,000, of United States registered bonds
as provided in section 10 of said act, and
associations already organized without cir
culatiOn are authorized to withdraw their
bonds in excess Of $4,000.
Gradual Resumption by Means of
Gold Notes.
Sec. 6. That the Secretary Of the Treas
ury is hereby AUTHORIZED and directed to
issue at the beginning of each and every
month from and including July, 1874,
S2,OOO000 of United States notes not bear
ing interest, payable in gold twOyears after
date, of such denominations as he may
deem expedient, not less than SO each, in
exchange for and as a substitute for the
same amount Of United States notes now
in circulation, which shall be cancelled,
and any excess of gold coming into the
Treasury of the United States after the
payment of interest upon the public deb.
and supplying any deficiency in the reve-
nues provided TO meet the current expenses
of the government, shall hereafter be re-
tanned as a reserve for the redemption Of
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