The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1874-02-12
THE NATIONAL BANK Law.
Graduai Specie Resumption by mea.
or f.oTT rTosea

Graduai Specie Resumption by Means
OF Gold Notes.
The following is the text of the bill
4 from the house committee on banking
and currency, reported by Mr.. MAYNARD:
/ BE it enacted, etc., That section 81 OF
| the act entitled, g An act to provide for
national currency secured by a pledge
| of United States bonds, and to provide
/ for the circulation and REDEMPTION
thereof" approved on the Sd day of
/ June, 1864, be 50 amended that the
several associations therein provided for
shall not hereafter be required to keen
on hand any amount of money whatever
| By reason of their respective oiroula-
ion but the moneys required by said
| section to be kept at all Il es on hand
shall be determined blythe amount of
| deposits in ali respects as provided In
said section.
SEC. 2. That section 81 of said act.
and the several amendments thereto so
far as they restrict the amount of notes
for circulation under the said act, and
the same are hereby repealed and tn
section / OF the act entitled can act to
provide for redemption of the 3 per cent
temporary loan certificates and for an
increase of national bank notes." ap-
proved the 12th of July, 1870, be
amended by repeating the second pro-
vlso IN the section contained.
SEC. 3. That every association
ganlzed or to be organized under the
provisions of said act and the several
acts In amendment thereof. shall at all
times keep and have deposited in the
treasury of the United States, in lawful
money of the United States, a sum
equal to five per centum OF its cir
culation, TO be paid and used only for
the re femptiOn Of such circulation, and
when circulating notes of any such asso-
citation OF associations shall be pre-
sented, assorted or unassorted, for re-
demptlon IN sums of one thousand dol
lars or any multiple thereof to the secre-
tary OF the treasury or to the assistant
treasurer In the city of New York, the
same shall be redeemed in United
States notes. All notes SO redeemed
shall be charged by the secretary of
the treasury to the respective associa-
tions issuing the same, and he shall no.
tlfy 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 treas
urer of the United States notes equal to
the amount of its circulation notes so
redeemed, and when such redemptions
have been so reimbursed, the circulating
notes so redeemed, or if worn, mutt
lated, or defaced new notes instead
shall be forwarded to the respective as
sociatiOns; provided that each of said
associations shall reimburse the treasu-
ry the cost of redemption and of sup
plying the new notes in place of those /
redeemed, and that associations hereaf- |
ter organized shall also severalIy reiua- |
burse the treasury the cost of engrav-
ing and printing their circulating notes; |
and provided further that the entire |
United States notes outstanding Ia cir |
culatiOn at any one time shall not ex |
ceed the sum of 800, 600, 600, now
authorized by existing law.
Sec. 4. That any association orpan- /
lied under this act or any of the acts of |
which this is an amendment, desiring to
its notes in whole or in part. |
may, upon the deposit of lawful money /
within the meaning of said acts, in /
sums not less than so, goo, with the /
treasurer of the United States, with /
draw a proDOrtionate amount of the
bonds deposited in pledge for said cir
and he shall redeem, cancel,
or destroy an amount of the circulating I
notes of such association equal to the
amount issued on such bonds.
SEC. 5. That sections 81 and 80 of
said act be amended by requiring that
each of said associations shall keep its
lawful money reserve within its own
vaults at the place where its operations
Of discount and deposits are carried on,
and all provisions of said sections re-
quiring or permitting anY of said asso-
Citations TO keep any portion of its law
ful m ney reserves elsewhere than in its
own vaults, or requiring or permitting
The redemption of its circulating notes
elsewhere than at its own counter, are
hereby repealed.
SEC. g. That upon all circulating
notes hereafter Issued or hereafter TO be
issued, whenever the same shall come
into the treasury in payment or on de-
posit for redemption or otherwise, there
shall be printed, under such rules and
as the treasury may pre-
scribe, the charter numbers of the asso-
by which they are severally is
sued.
SEC. z. That associations without cir
may be organized under the
provisions of said act upon the deposit
with the treasurer Of the United States
of not less than $4,000 of United
States registered bonds, as provided In
section IL of said act, and associations
already organized without circulation
are authorized to withdraw their bonds
IN excess of so, 900.
SEC. 8. That the secretary of the
treasury Is hereby authorized and di-
rected to issue at the beginning of each
and every month from aud incIuding
July, 1874, 8, 600, 600 of United States
notes not bearing interest, payable in
gold two years after date, of such de-
nominations as he may deem expedient,
not less that $40 each, in exchange for
and as a substitute for the same amount |
Of United States notes now in circula-
ton, which shall be cancelled, and any
excess Of gold coming inte the treasury
Of the United States after the payment
Of interest upo. the public debt and
supplying any deficiency in the reve-
1ues provided to meet the current ex-
Penses of the government, shall hereaf-
ter be retained as a reserve for the re-