Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1874-06-25
The Compromise Currency Bill.

The following is the full text Of the
Currency bill submitted by the Congress.
sional Conference Committee, and which
was agreed to by the Senate on the 18TH
but rejected by the House on the 18th:
The act entitled An act to provide national
currency secured by pledge of United States
bonds, and to provide for the circulation and re.
dempton thereof, approved June 3, 1864, shall be
hereafter known as " the National Bank act
SEC : That Sec 81 of the National Bank act''
be amended that the several associations there
in provided for shall not be hereafter required to
keep on hand any amount of money whatever by
reason of the amount of their respective circala-
items; but the moneys required by said section to
be kept at all times on hand shall be determined
by the amount of deposits in all respect, pro-
yided for in the said section.
SEC 8. That Sec. y of The said act, and the sew.
eral amendments thereto, so far they restrict
the amount of notes for circulation under SAID act,
be,and the same are hereby, repealed; and the pro-
yiSo in the first section OF the act approved July r.
1870, entitled An act tO provide for the redemp-
uon OF the 3 per centum temporary loan Certih-
Gates aud for an increase of National Bank notes,
prohibiting the banks hereafter organized a cirCu-
iation over $4,000 and the prOyiso in the third
section of SAID act limiting the circulation of banks
authorized TO Issue notes redCemabe in gold
coin to SlO00,0O0; and Sec. Of said act,
ating TO the redistribution of $3.50 00OO of cirCu-
lating notes, be, and the same are hereby re-
peaed that every association hereafter organized
shall be subject 10, and be governed by, the rules
RESTRICTIONS ana llmltauous, ana possess the rights,
privileges and franchises, now or hereafter 10 be
prescribed by law As TO national banking assOCia-
tons with the same power TO amend, alter ana re-
peal provided by =" the National Bank act"
SEC T. That every association organized. or to
be organized. under the provisions OF said act and
of the several acts amendGtory thereof, shall
at all times keep and have on deposit in the Treas
ury OF the United States, in lawful money of the
United States, sum equal TO per ceutum Of its
circulation, TO be held and used for he redemption
OF such circulation; which sum shall be counted a.
part Of IT. lewfnl reserve, rs provided in Sec.
of This act and when the circulating notes Of any
such associations assorted or uus0rtrd. shall
be presented for redemption, in sums Of
5000 or any multiple thereof, TO the
Treasurer Of the United States the same
shall be redeemed in United States notes All
notes 30 redeemed shall be charged by the Treas
urer Of the United States to the respective asso-
Citations issuing the same, and no shah notify them
er, az his discretion, of the amount of such re.
dcmptous: and whenever such redempuous for
any association shall amount % the sum of $500
such association 20 notified shall forthwith deposit
with 'ac Treasurer of the United States sum in
United states notes equal 20 the amount Of It's cir
cUatinE notes 80 redeemed. And all notes Of Va
ti0ual Banks, worn, defaCpa. mutilated or other
wise unfit for circulation shall. when received by
any Assistant Treasurer or Al any designated de-
pOsitOry Of the United States be forwarded To tbe
Treasurer OF the United States for redemption
a. provided heron. And when such rcdemUtIous
have been so reimbursed the CircUIatiug.uotes 30
redeemed shall he forwarded TO the respective as
sociBiOns by which they We're issued. but IL any
Of such notes are worn. mutilated dtiaced or rem.
dered otherwise unit for use they shall be for