The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-06-22

An act 10 fir the amount of United States
notes, prOridc for the redistribution Of
the National Bank currency, and for
other purposes.
Section l. The act entitled "an act to pro.
vide national currency secured by pledge
H United States bonds, and to provide for
the circulation and redemption thereof" ap.
proved June 3. 1864, Shall be hereafter
known as ''The National Bank Act"
Section =. That section thirty-one Of" The
National Bank Act" be so amended that the
several associations therein provided for shall
not hereafter be required to keep on hand
any amount of money whatever by reason Of
the amount of their respective circulations;
but the moneys required by said section TO
be kept at all times on hand shah be deter
mined by the amount of deposits in all re-
spectS, is provided for in the said section.
Section ). That every association organ
lied or to be organized under the provi-
sions of the said act, and of the several acts
amendatory thereof, shall at all times keep
and have on deposit in the Treasury Of the
United States, in lawful money Of the
United States, a sum equal to five per
! centum of its circulation, to be held and
| used for the redemption Of such circulation,
| which sum shall be counted as part of its
lawful reserve, as provided in section two OF
this act and when the circulating notes of
any snch associations, assorted or unaSSOrt-
| ed, shall be presented 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. 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
sererally, on the first day Of each month, or
oftener, at his discretion, of the amount of
such rcdemptionS and whenever such re-
dcmptions for any association shall amount
to the sum of five hundred dollars, such as
ISOLATION 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 80 redeemed.
| And all notes of national banks worn, de.
faced, mutilated, or otherwise unfit for cir
culation shall, when received by any assist
ant treasurer, or at any designated deposit
tory of the United States, be forwarded to
the Treasurer 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 We're issued but if any of such
notes are worn, mutilated, defaced, or rem
dered otherwise unfit for use, they shall be
forwarded to the Comptroller Of the Cur.
rency and destroyed and replaced, as now
provided by law: Provided, That each oil
said associations shall reimburse to the
Treasury the charges for transportation, and
the costs for asserting such notes and the
associations hereafter organized shall also
severally reimburse to the Treasury the cost
Of engraving such plates as shall be ordered
by each association respectively; and the
amount assessed upon each association shall
be in proportion to the circulation redeemed
ana be charged to the fund on deposit with
the Treasurer And provided further, That
so much of section - of said national bank
act requiring or permitting the redemption
Of its circulating notes elsew here than at its
own counter, except as provided for in this
section, is hereby repealed.
Section 4. That any association organized
under this act, or any Of the acts of which
this is an amendment, desiring to withdraw
its circulating 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 nine thousand dollars, take
up the bonds which said association has on
deposit with the Treasurer for the security OF
such circulating notes; which bonds shall
be assigned to the bank in the manner speci.
fled in the nineteenth section Of the national
bank act and the outstanding notes OF said
association TO an amount equal to the legal.
tender notes deposited shall be redeemed nj
the Treasury of the United States, and de.
stroyed as now provided by law: PROVIDED,
That the amount Of the bonds on deposit for
circulation shall not be reduced below fifty
thousand dollars.
Section g.. That the Comptroller of the
Currency shall, under such rules and regu
laIions as the Secretary of the Treasury may