The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1874-07-03

Text Of the Currency Hill. Passed by
10th Houses Of Congress and Sigoed
nv the President.

n
notes, provide for the redistribution OF the
national bank currency, and for other pur-
poses.
SECTION I. BE IL enacted, etc.. That the act
entitled, 4" An Act 10 provide a national eur
rency. secured by n pledge OF United States
bonds, Ind 10 provide for the circulation and
redemption thereof" approved June 3, 1864,
shall hereafter be known as The National
Bank Aot.'
SEC. =. That section thirty-one Of the Ma
tiOnal Bank Act be 30 amended that the sew
eral associations therein provided for shall
not hereafter be required 10 keep on hand any
amount OF money whatever. by reason of the
amount of their respective circuations; but
the moneys required by said section to he kept
al all times on hand shall be determined by
the amount Of deposits in all respects, IA pro-
yided for IA the said section.
SEC. }. That every association organized,
or 10 bc organized. under the provisions of
the said act and OF the several acts amend
atOry 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 centum Of it, circula-
ton " be held and used for the redemption
of such circulation, which sum shall be count
ed ~ a part OF it, lawful reserve, A. provided
in section . Of this act aud when the circu-
lating notes of any such associations, assort-
ed or unassoried. shall be presented for re-
demption ia sums of ! 900 or any multiple
thereof, 10 the Treasurer OF the United States,
the same shall be redeemed in United
states notes. All notes redeemed
shall he charged bv the Treasurer of the
United States 10 the respective associations
issuing the same, aud he shall notify them
severaily On the first day Of each month. or
Oftener at his discretion. Of the amount Of
such redemptions: and whenever such re-
demption for any association shall amount to
$500, such association notified shall forth
i. Ir..te
ed States "A sum in United states notes equal
20 the anount OF its circulating notes 80 Ie-
deemed; and all notes Of national banks
worn. dtaeed, mutilated or otherwise unfit
for circulation shall. wnen received BY an as
sistant treasurer or AT any designated deposit
tory of the United States. be forwarded To
the Treasurer Of the Inited States for re-
demption. as provided herein: and when
such redemptions have been 50 reimbursed,
the circulating notes so redeemed shall be for
warded 10 the respective associations by
which they were issued but, if any such
notes are worn. mutlated, defaccd or render
ed otherwise unfit for use. they shall be for
warded to the Comptroller Of the Currency.
and destroyed and replaced a. now provided
by law provided that each of said assOcia-
tons shall reimburse 10 the Treasury the
charges for transportation and the cost for a.
sorting such notes, and the associations here
after organized shall also seVeraly reimburse
plates as shall be ordered BY each association
respectively. and the amount assessed upon
each association shall Ice in proportion 10 the
circulation redeemed. and be charged 10 the
fund on deposit with the Treasurer; and,
prov ided further. that 30 much OF section 32
of said National Bank Act requiring or per-
hitting the redemption Of IT, circulating
notes elsewhere than 1T it, own counter, ex-
cept a. provided for in this section. Is hereby
repealed.
SEC. t. That any association organized un-
der this act. or any Of the acts Of which this
T. an amendment, desiring to withdraw it,
circulating notes, in whole or IN part. may.
upon the deposit Of lawful money with the
Treasurer of the nited States. ia sums OF not
less than 5000, take up the bonds which
said association has on deposit with the
Treasurer for the security Of such circulating
notes. which bonds shall be assigned 10 the
bank in the manner specified in the nineteenth
section OF the National Bank Act, and the out
standing notes of said association. 10 an
amount equal TO the legal-tender notes de-
posted, shall be redeemed AZ the Treasury of
the United States aud destroyed, as now pro-
vded by law; provided that the amount of
the bonds on deposit for circulation shall not
be redeemed below $4,000.
SEC. 3. That the Comptroller Of the Cur
rency shall, under such rules and regulations
as the Secretary Of the Treasury may pre-
scribe, cause the charter numbers of the asso-
citation To be printed upon all national bank
notes which may be hereafter issued by him.
SEC. y. That the amount Of United States
notes outstanding and To be issued a. part
OF the circulating medium shall not exceed
the sum of 33S2 900 900. which said sum shall
appear in each monthly statement of the
public debt, and no part thereof shall be held
or used ~ a reserve.
SEC. 7. That 80 much of the act entitled
An Act To provide for the redemption of the
three per centum temporary loan certificates.
and for AN increase of national bank notes."
As provides, that no circulation shall he with
drawn under the provisions of section 4 Of
said act, until after the $4,000 900 granted in
section Of said act shall have been taken up.
i hereby repealed: and IL shall be the duty
OF the Comptroller of the Currency, under
the direction of the Secretary of
the Treasury. to proceed forthwith,
and ne il hereby authorized and
required, from time TO time, as applica-
ton shall be duly made therefor, and until
the full amount OF the s54.O0O,0O0 shall be
Withdrawn, To make "A requisition on each of
the national banks described in said section.
and in the manner therein provided. organ
lied in States having an excess Of circulation,
TO withdraw and return so much of this cir
culation rs by said act may be apportioned TO
he withdrawn from them, or in lieu thereof
to deposit in the Treasury Of the United States
lawful money sufficient TO redeem such circu-
lation; and upon the return of the circulation
required, 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 IL.
SEC. 4. That upon the failure of the nation
al banks, upon which acquisitions for circua-
ton shall be made, or OF any of them, to re-
turn the amount required, or to deposit IN
the Treasury lawful money To redeem the cir
cuation required within thirty days, the Comp
troller OF the Currency shall at once sell,
As provided In section ~ of the National Cur
rency Act. approved June 3. 1864, bonds held
70 secure the redemption Of the circulation of
the association or associations which shall so
fail, TO an amount sufficient to redeem the cir