National Republican. (Washington City (D.C.)) 1872-1888, 1874-07-24
Approved, June 20, 1874.
TGESEnAL NArrRE-No. 70


AN ACT fixing the amount of United States
notes, providing for q redistribution of the
national bank currency, and for other pur-
poses.
Be Il enacted 6y the Senate and House of Rep
T6Sattatirss Of TIE Unite States Of America IN
Congress assembled, That the act entitled "Ap
act to provide a national currency secured hE
. pledge OF United States bonds, and TO pro
vide for the circulation and redemption there
Of" approved June third, eighteen hundred
&nd SiKty-fouT, shall hereafteF be known as
''the natinnal-6ank act-pa uu. ...
Sec. .. That section thirty-one Of "the na-
tional-bank ast'' be 50 amended that the set-
eral associations therein provided for shall not
hereafter be required to keep Oh hand Any
amount Of their respective calculations; but
the moneys required by said section TO be kept
1t all times on hand shall be determined ~
the amount of deposits in all respects, as pro-
Sided for 10 the said section.
Sec. s. That every association organized, or
to be organized, Under the provisions OF the
said act, aud Of the several acts amendRtory
thereof, shall ct all times keep and have on
deposit IN the treasury Of the United StIteS, in
lawful money Of the United States, a sum
equal to Eve per centum Of its circulation, to
be held and used for the redemption of such
circulation; which snm shall be counted as q
part of its lawful reserve, as provided in SEC
notes Of any such associations, assorted Or IN
assorted, shall be presented for redemption, in
sums of ono Thousand dollars, or any multiple
thereof, to thetTreasurer Of the United States,
the same shall be redeemed in United States
notes. All notes so redeemed shall be charged
by the Treasurer Of the United States to the
respective associations issuing the same, and
he shall notify them severally, on the first day
OF each month, OF Oftener, at his discretion, Of
the amount of such redemptiOns; and when
ever such redempdons for any association shall
amount to the sum of five hundred dollars,
such association so notified shall forthwith de-
post with the Trea surer Of the United States
sum IN United States notes equal to the
amount Of fits circulating notes so redeemed.
And all notes Of national banks worn, de-
faced, mutilated, or otherwise unfit for cir
culatien shall, when received by any assistant
treasurer, or ST any designated depository Of
the United States, be forwarded 10 the Treas
Urer Of the United States for redemption as
provided herein. And when such redemptions
have been so reimbursed, the circulating notes
90 redeemed shall be forwarded to the respec-
tive associations by which they were Teissued;
but If any Of such notes are worn, mutilated,
deiaced or rendered otherwise unfit for use,
they shall be forwarded to the Comptroller OF
the Currency and destroyed and replaced as
bow provided by law: ProVided, That each of
said associations shall reimburse TO the TfeaI-
pry the charges for transportation, opd the
COTS for asserting such Totes; and the asso-
Citations hereafter organized shall also severaIly
reimburse to the Treasury the cost Of engrav-
ing such plates as shall be ordered by each as
ISOLATION respectively; and the amount assessed
upon each association shall be 10 proportion 10
the circulation redeemed, and be charged to
the fund on deposit with the Treasurer: AIld
Pf0vided further, That so much of section
tlirty-two Of said national bank act requiring
OF permitting the redemption Of its circulating
notes elsewhere than at its own counter, eX-
cept as provided for in this section, Is hereby
repealed.
Sec. l. That any association organized under
this act, or any OF the acts Of which this is an
amendment, desiring to withdraw its eirculat-
ing notes, III whole or in part, may, upon the
deposit Of lawful money with the Treasurer
Of the United States in sums Of not less than
nine thousand dollars, take upthe bonds which
said association has on deposit with the Treas
Urer for the security Of such circulating notes;
which bonds shall hc assigned to the bank in
the manner specified in the nineteenth section
of the LatiOnal-bauk act; and the outstanding
notes OF said association, to an amount equal
70 the legal tender notes deposited, shall be
redeemed at the Treasury Of the United States,
and destroyed as now provided By law: Pro-
dsd, That the amount Of the bonds on deposit
for circulation shal! not be reduced below fifty
thousand dollars.
Sec. 8. That the Comptroller Of the Currency
shall, under such rules and regulations as the
Secretary Of the Treasury may prescribe, cause
the charter-numbeTs Of the association to be
printed upon all natiOnal-bsnk notes which
may be hereafter issued by him.
Sec. 6. That the amount of United States
notes outstanding and TO be used as part of
the circulating medium, shall not exceed the
sum Of three hundred and eighty-two million
dollars, which said sum appear in each monthly
statement OF the public debt and no part thereof
shall be held or used as q reserve.
Sec. Z. That so much of the act entitled Gan
act 10 provide for the redemption of the three
per centum temporary loan certificates, and for
an increase Of national bank notes, !" as pro-
Vides that no circulation shall be withdrawn
under the provisions OF section six Of said act
until after the ffty-fouF millions granted in
section one Of said act shall have been taken
up, is hereby repealed; and it shall be the duty
OF the Comptroller Of the Currency, under the
direction Of the Secretary OF the Treasury, TO
proceed forthwith, and he is hereby authorized
and required, from time 20 time; as applications
shall be duly made therefor, and until the full
amount Of ffty-fve million dollars shall be
Withdrawn, 70 make requisitions upon each Of
the national banks described in said section,
and in the manner therein provided, organized
in states having an excess Of circulation; to
withdraw aud return 60 much Of their eircuIa-
ton as by said act may be spportioncd to be
Withdrawn from them, or, in lieu thereof, 70
deposit in the Treasury OF the United States
lawful MONEY sufficient to redeem such circnlG-
ton, and upon the return Of the circulation
required, or the deposit Of lawful money, as
herein provided, & proPOrtienate amount Of the
bonds held to secure the circulation of such
association as shall make such return or de-
post shall be surrendered to il ..-. -.
Sec. 8. That upon the failure Of the ma
tional banks upon which requisitIon for eircu-
lation shall be made, or Of any OF them, TO re-
turn the amount required, or 20 deposit IA the
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