The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1874-05-07
BY TELEGRAPH.
Substitute Currency Bill.
WAsl,tSGToy. Nav

BE it enacted, &c. that the act to pro-
vide national currency secured by pledge
Of United States bonds, and to provide for
the circulation and redemption thereof, APP
proved June 3D., 1864, shall be hereafter
known us the national bank act of 1864.
Sec. .. That section 81 of the national
bank act of 1864 be so amended that
the several associations, 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 moneys required by said
section to be kept at all times oil hand,
shall be determined by the amount of de-
posts, in all respects, as provided in said
section. and such national banking associa-
tions, now organized or hereafter to be or
gani,ed, shall keep and maintain, as part
of its reserve, one-fourlh part of the coin
received by IL as interest ON bonds of the
United States, deposited as security for
circulation notes or government deposits.
3. That sections 81 and 32 OF said act be
aiithNNN " iNNihiiiitt 'hsN' Wv u WI ''iN tt7-
soclatons shall within ninety days after
passage of this act, keep the lawful money
reserve within its own vaults, at the place
where its own operations and deposits are
carried on, and all provisions Of said sec
ton requiring or permitting any of the
said associations to keep any portion Of the
lawful money reserves elsewhere than in
its own vaults, or requiring or permitting
redemption of It's circulating notes else
where than at lis own counter except as
provided for in this act are hereby repealed
L. That section % of said act, and sew
eral amendments thereto. so far rs they re-
strict the amount of notes for circulation
under said acts be, and the same are here
by repealed and proyiso in the first sec
ton of an act approved July 12th. 1870,
entitled, IAN act to provide for the re-
demptiSn, and for IN increase of national
bank notes, prohibiting banks thereafter
organized a circulation of over five hun
dred Thousand dollars" and proviso in
that section If said act, limiting the circu-
laton of banks authorized to issue notes
redeemable in gold coin to one million dol
lars. Section of said act relating to the
distribution of twenty-five millions of cir
culahng notes be, and the same are here
by repealed and that every association here
aftc: organized shall be subject to, and be
governed by rules, restrictions and limit
ations, and possess the rights, privileges
and franchises now or hereafter to be pre-
scribed by law is to national banking asso-
Citations, with the same power to amend,
alter and repeal, provided by the national
bank act of 1864.
D. That every association organized or to
be organized under the provisions of said
act, or OF the several acts in amendment
thereof, shall at all times keep and have on
deposit in the treasury of the United States
and in the lawful money of the United
States sum equal to FIVE per cent of its
circulation, TO be held and used only for
the redemption Of such circulation and
when the circulating notes of any such as
sociaton or organization shall be presented
for redemption in Sums of 81 900 or any
multiple thereof to the treasury of the
! United States the same shall be redeemed
/ in United States notes. All notes so re-
| deemed shall he charged by the comptrol-
! Ter of the currency to the respective associ-
alions issuing the same, and he shall notify
them severdlly or on the first day Of each
month. or oftener, at his discretion
the amount of snch rcdemptions where
upon each association so notified
shall forthwith deposit with the treasurer
of the United States q sum equal To the
amount Of its circulating notes So redeemed
and all notes of national banks worn, de
faced. mutlatcd or otherwise unfit for cir
culalion shall when received by any assist
ant treasurer or Mt any designated dcposi-
tory Of the nited States he forwarded to
the treasury OF the United States for re-
demption as provided herein. When such
rcdcmptions have been SO reimbursed cir
culatng notes so redeemed shall be for
warded to the respective associations by
whom they were issued, but If such notes
are worn, mutiated, detaced or rendered
otherwise unfit for use they shall be for
warded to the comptroller of curaency
destroyed and replaced rs nov
provided by law, provided that each Of
said associations shall reimburse to tn
treasury the charges for transportation ant
cost of asserting said notes; and associa
tions hereafter organized shall also several
" reimburse to the treasury the cost of en-
craving such plates as shall be ordered b,
E. by each association respectively, and tn
amount assessed upon each association
shall be in proportion TO the circulation re
deemed and be charged 10 the fund on de
! post with the trcasurer's.
! 6. That any associotion, organized unde
the act of which this is an amendment, dc
/ string tn withdraw its circulating notes i
= whole or in part may, upon the deposit q
, lawful money with the treasurer of tn
: United States in sums not less than 80, 00(
: take up the bonds which said associatio
t has on deposit with the treasurer, fc
a bonds shall be assigned to the bank in til
It manner specified in the 10th section of III
act of 1864; and outstanding notes of sal
association to an amount equal to the legi
9 tender notes deposited, shall be redeeme
n at the treasury OF the United States an
e destroyed, ms now provided by law. Pr
r vided, the amount of bonds on deposit fc
y circulation shall not be reduced belO
+ $50, GOO