Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1874-07-02
The New Compromise Currency Bill.

The following is the full text of the
new Finance bill which finally passed
| both houses of Congress and was signed
| by the President on the 22d:
SECTION l. The act entitled AN act to pro-
| vide a national currency, secured by a pledge Of
United States bonds. and to provide for the Cir
! culatiOn and redemption thereof" approved June
3. 1864, shall be hereafter known as the National
SEC. ,. That Section 81 of the National Bank
act be so amended that the several associations
therein provided for shall not hereafter be re-
| quired to keep on hand any amount of money
whatever by reason OF the amount OF their respect
| i've calculations; but the moneys required by
said section to be kept at all times on hand shall
| be determined by the amount of deposits i'll 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 deposit in the
Treasury of the United States, III lawful money of
! the United States, sum equal to per centum of
/ its circulation. to be held and used for the re-
demption of such circulation, which sum shall be
| counted a part of its lawful reserve, as pro-
vided in Sec. of this act; and when the circulat-
| ing notes of any such association, 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 shall be
| redeemed in United States notes. All notes SO
redeemed shall be charged by the Treasurer of the
United States to the respective association issu-
ing the same and he shall notify them severally
on the first day of each month Oftener at his
-
and whenever such redemptiOns of any assOcia
ton shall amount to the $500 such assOcia-
ton notified shall forthwith deposit with the
Treasurer of the United States notes equal to the
amount of its circulating notes redeemed; and
all notes of National Banks worn, detaced, mute
lated, or otherwise unfit for circulation shalld
when received by any Assistant Treasurer, or at
any designated depository of the United States,
be forwarded to the Treasurer of the United
States for redemption, as provided herein and
when such redemptions have been so reimbursed
the circulating notes redeemed shall be for
warded to the respective associations by which
they were issued; but if any such notes are worn,
mutliated, defaCed, or rendered otherwise unfit
for use they shall be forwarded to the Comp
troller of the Currency and destroyed and re-
placed provided by law: PrOUided, That
each OF said associations shall reimburse to the
Treasury the charges for transportation and the
costs for asserting such notes, and the assOcia-
lions hereafter organized shall also generally re-
imburse to the Treasury the cost of engraving
such plates as shall be ordered by each associa-
ton respectively, and the amount assessed upon
each association shall be in proportion to the cir
culatiOn redeemed, and be charged to the fund on
deposit with the Treasurer: Ind prOUided,
further, That so much of Sec. % of said National
Bank act recognizing or permitting the redemp-
ton OF its circulating notes elsewhere than at its
own counter except as provided for in this sec
ton, is hereby repealed.
SEC. a. That any association organized under
this act or any of the acts to which this Is an
amendment, desiring to withdraw its circulating
notes, in whole in part, may, upon the deposit
OF lawful money with the Treasurer of the United
States in sums not less than $4,000, 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
10 the banks in the manner specified In the nine
Ieenth section of the National Bank act, and the
outstanding notes of said association to
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:
PT0CSded, That the amount of the bonds on de-
| $4,000.
SEC 5. That the Comptroller of the Currency
SNAIL under such rules and regulations the
| secretary of the Treasury may prescribe, cause
| the charter number of the association to be
| printed upon all National Bank notes which NAV
| be hereafter issued by him.
SEC o. That the amount of the United States
hotes outstanding and to be issued as a part of
tne circulating medium shall not exceed the
sum OF S3o2OOO,OO0, which said sum shall appear
| III each monthly statement of the public debt
ana no part thereof shall be held or used as
SEC I! That so much of the act entitled e An act
| 10 provide for the redemption of the per centum
Sepofary loan certificates, and for an increase of
7NdiIonal Bank notes. as provided that circu-
Sc sn ~ De Withdrawn under the PROVISIONS of
sgc. OF said act until after the S540000O0 grant
- - gee. OF said act shall have been taken up
- hereby repealed and it shall be the duty of the
CoiuptToller OF the Currency, under the direction
vi le secretary of the Treasury to proceed forth
MI Nh ana he Is hereby authorized and required,
III tlne 70 time, as application shall be duly
| maze therefor, and until the full amount of the
SSt,UOU'VO0 shall be Withdrawn, to make requis-
80 oA e!tch OF the National Banks described in
go sectlon and in the manner therein provided,
$50 SoHized IN States having excess of circula-
cITn: 70 withdraw and return so much of this cir
UGdion as by said act may be apportioned to be
mlSauiaWn from them, or in lieu thereof, to de-
P0IC II the Treasury of the United States lawful
lion fi0ney SUFFICIENT to redeem such circula-
| t Gon' ana. upon the return of the circula-
m mon required ~ or the. deposit of lawful
| a nIOneS. as herein provided, a proportionate
-; IN oI the bonds held to secure the circula-
t tron vi such association as shall make such re-
III VI deposit shall be surrendered to it.
DEC FEC :. That upon the failure of the National
a G%dHs upon which acquisitions for circulation
onaII oe maze, or of any of Them TO return the
amount l required, or to deposit in the Treasury
IaMLI money to redeem the circulation required
With Lh1Tty days the Comptroller of the Cur
tSn0E snan az once SELL as provided in Sec. 49 of
t sae Hauonal Currency act, approved June 8,
doo4 ponds held to secure the redemption of the
oIcuIalon OF the association or associations
Tnlcn shal! so fail, to amount sufficient to re-
ueem the circulation required of such association
oT dSsoclatons, and with the proceeds, which
snall De deposited in the Treasury of the
united States, much of the circulation of
saIu association associations shall be
oeemeo as VIII equal the amount required and
not returned, and if there be any excess pro-
ceeds over the amount required for such redemp-