New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-04-15
WASHINGTON.
The Currency Bill in the House

| WASHINGTON, A pril 1.-The House, by a
majority OF thirteen, passed the currency
bill as follows this goes 10 the Senate):
| That section thirty-one Of the act entitled
| an act to provide national currency Sc
cured by pledge Of United States bonds,
ana 70 provide tor the circulation and re-
| 0emptl0n thereof, approved on the third
day OF June, in the year 1864, be so amended
| that the several associations therein pro-
| vlded Tor shall not hereafter be required to
! Keep on hand any amount Of money what
ever by reason of the amount of the respec-
| tive circulatiOns, but the moneys required
by said section to be kept at all times on
original act, to which the act last aforesaid
is an amendment, being the same, is hereby
re enacted.
SEC 3. That every association organized
or to be organized under the provisions of
the said act, and of the several acts in
amendment thereof, 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 cent
OF lts circulation, to be held and used only
tor the redemption of such circulation, and
when the circulating notes on any such as
sociatiOn or associations shall be presented,
asserted or unasserted, for redemption in
sums OF $1,000, or any multiple thereof, to
the treasurer or any assistant treasurer of
the United States, the same shall be re-
deemed in United States notes. All notes
so redeemed shall be charged by the con-
troller OF the currency to the respective as
soclatlons issuing the same, and he shall
notify them severally, on the first
day OF each month or Ofteper, at his dis
cretion, OF the amount of such redemption.
WhereUpon each association so notified
shall forthwith deposit with the Treasurer of
the United States a sum in United States
notes equal to the amount of it's circulating
notes SO redeemed, and when such redemp
tons have been SO reimbursed, the crcu-
latlng notes SO redeemed, or if wOrn or de-
faced, new notes instead shall be furnished
to tue respective associations; provided that |
each OF said associations shall reimburse to |
the treasury the costs of redemption and of |
supplying new notes in place Of those re- |
deemed, and the associations hereafter or
ganized shall also severally reimburse to |
the treasury the cost of engraving and |
printing their circulating notes; and pro
vlded further. that the entire amount of |
United States notes outstanding and in cir
culatlon at any one time shall not exceed
the sum Of four hundred millions of dollars,
now authorized by existing G law.
SEC. 4. That any association organized
under this act, or any of the acts OF which
this is an amendment, desiring to withdraw
is circulating notes IN whole, or in part. |
nay upon deposit of lawful money within
he meaning of said act in sums Of not less
han $4,000 with the Treasurer of the
United States, withdraw proportionate
amount Of bonds deposited in pledge for
uch circulation, and he shall redeem, can
el and destroy an amount equal 10 the
mount Issued upon such bonds.
SEC ). That sections thirty-one and
hirty-two of the said act be amended by
equiring that each Of the said associations
hall keep its lawful money reserves within
Is own vaults at the place where it's opera
ions of discount and deposits are carried
n, and all the provisions of the said section
equiring or permitting any of the said a.
oeiations to keep any portion of it's lawful
loney reserves elsewhere than in itA vaults.