Holmes County Republican. [volume] (Millersburg, Holmes Co., O. [Ohio]) 1870-1895, 1874-06-25
The Finance Bill.
Full Text of the Bill az It
Passed the Senate and
House.
The Measure which it is said the Pres
ident will Sign.

The Measure which IT is ssid the Pres
ident will Sign.
SECTION 1. The act entitled San
act to provide national currency,
secured by pledge of United States
bonds, and to provide for the circu-
lation and redemption thereof" ap-
proved June 3, 1864, shall be here
after known as the national bank
act.
SEC. 2. That section 81 of the ma
tional bank act be so amended that
the several associations therein pro-
vided for shall not hereafter be re-
quired to keep on hand any amount
of money whatever, by reason of
the amount of their respective cir
citations; 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 re-
spects as provided for in the said
section.
SEC. 8. That every association or
ganized, or to be organized, under
the provisions of the said act, and
of the several acts amendatory there
of, shall at all times keep and have
on deposit in the Treasury of the
United States, in lawful money of
the United States, sum equal to
FIVE per centum of its circulation, to
be held and used for the redemption
of such circulat ion, which sum
shall be counted as part of its law
full reserve, as provided in section 2
of this act, and when the cirCulat-
ing notes Of any such associations,
assorted or unassorted, shall be pre-
sented for redemption in sums Of
81, 900 or any multiple thereof to the
Treasurer of the United States, the
same shall be redeemed in United
States notes. ALI notes SO redeem
ed shall be charged by the Treasur-
er of the United States to the re-
spective associations issuing the
same, and he shall notify them Sc
verally on the first day of each
month or oftener, at his discretion,
of the amount of such redemptions,
and whenever such redemptions for
ANY association shall amount to the
sum of $500, such association so
notified shall forthwith deposit with
the Treasurer of the United States a
sum in United States notes equal
to the amount OF. its circulating
notes so redeemed, and all notes of
national bank worn, defaced, mutt
lated, or otherwise unfit for circula-
ton shall, when received by any As
sistant Treasurer, or at any desig-
mated depository of the United
States, be forwarded to the Treas
urer of the United States for re-
demption, as provided herein; and
when such redemptions have been
so reimbursed the circulating notes
so redeemed shall be forwarded
to the respective associations by
which they were issued; but if any
such notes are worn, mutilated, de-
faced, or rendered otherwise unfit
for use, they shall he forwarded to
the Controller of the Currency and
destroyed and replaced as now pro-
vided by law. Provided, that each
of said associations shall reimburse
to the Treasury the charges for
transportation and the costs for as
sorting such notes, and the associa-
tions hereafter organized shall also
generally reimburse to the Treasury
the cost of engraving such plates as
shall be ordered by each association
respectively, and the amount assess
ed upon each association shall be in
proportion to the circulation re-
deemed, and be charged to the fund
on deposit with the Treasurer; and,
provided further, that SO much of
section 80 of said national bank act
recognizing, or permitting the re-
demption of its circulating notes
elsewhere than at its own counter,
except as provided for in this sec
tion, is hereby repealed.
Sec. 4. That any association Or
ganized under this act, or any of
the acts to which this is an amend
ment, desiring to withdraw its cir
culating notes, in whole or in part,
may upon the deposit of lawful
money with the treasurer of the
United States, in sums of not less
than $4,000, take up the bonds
which said association has on de-
posit with the Treasurer for the Sc
curity of such circulating notes,
which bonds shall be, assigned to
the banks in the manner specified
in the nineteenth section of the ma
tional bank act, AID the Outstand-
ing notes Of said association to an
amount equal to the legal tender
notes deposited, shall be redeemed
at the Treasury of the United States
and destroyed, as now provided by
law; provided that the amount of
the bonds ON deposit for circulation
shall not be reduced below $4,000.
SEC. 5. That the Controller ofthe
Currency shall, under such rules and
regulations as the Secretary of the
Treasury may prescribe, cause the
charter numbers of the association
to be printed upon all national bank
notes which may be hereafter be is
sued by him
Sec. 6 That the amount of United
States notes outstanding, and to be
issued as part of the circulating
medium, shall not exceed the sum of
$685., 900, 900, which said sum shall
appear in each monthly statement of
the public debt, and no part thereof
shall be held or used as reserve.
SEC. Z That so much of the act
entitled an act to provide for the re-
demption of the three per centum
temporary loan certificates, and for
an increase of national bank notes,
as provided, that no circulation shall
be withdrawn under the provisions
of section 6 of said act, until after
the $54, 600, 900 granted in section l
Of said act shall have been taken up,
is hereby repealed, and it shall be
the duty ofthe Controller of the Cur
reney, under the direction of the
Secretary Of the Treasury, to proceed
forthwith, and he is hereby author
lied and required, from time to time,
as application shall be duly made
therefor, and until the fnll amount
of the $54 600, 900 shall be withdrawn