Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-01-30
HOUgF.

Mr.. Maynard, from the committee on
banking and currency, reported bill to
amend the several acts relating to the
national currency, and to establish free
banking. The bill was read.
After discussion as to the disposition
to be made of the bill, the house refused
to recommit it to the committee on
banking and currency, as desired by the
chairman of that committee, and it was
sent to the committee of the whole,
with the understanding that it be called
UP for discussion in two weeks.
Mr.. Maynard also reported bill linn
iting the amount of United States notes
in circulation to four hundred million
dollars, and allowing their exch lnge
into convertible 3.45-10O bonds. Re-
ferred to the committee OF the whole.
The following is the text of the bill:
Be It enacted, ETC., That section thir-
ty-One of the act to provide for a ma
tional currency secured by a pledge Of
United States bonds, and to provide for
the circulation and redemption thereof,
approved on the third day of June, 1854,
be so amended that the several associa-
tions therein provided for shall not
hereafter be required to keep on hand
any amount of money whatever by rea-
son Of the amount Of their re-
spective circulation; but moneys re-
quired by said section to be kept at all
times, and shall be determined by
amount of deposits in all respects as
provided in said section.
Section 2. That section twenty-one of
said act, and the several amend
ments thereto, so far as they re-
strict the amount of notes for
circulation under said act, and the same
are hereby repealed, and that section one
of the act entitled San act to provide
for the redemption of the three per cent.
temporary loan certificates, and for an
increase of national bank notes." ap-
proved July II, 1870, be amended by re-
Pealing the second proviso in said Sec
ton contained.
Section 3. That every association Or
ganized, or to be organized, under the
provisions of said act, and of the several
acts in amendment thereof, shall at all
times keep and have deposited in the
treasury of the United States, in lawful
money of the United States, sum equal
to five per cent. of its circulation, to be
held only for the redemption of such cir
culation; and when the circulating notes
of any such association or associations
shall be presented, asserted or unassert-
ed, for redemption, in sums Of one thou
sand dollars, or any multiple thereof, to
the secretary of the treasury, or to the
assistant treasurer in New York, the
same shall be redeemed in United
States notes. All notes so redeemed
shall be charged by the secretary of the
treasury to the respective associations
issuing the same, and shall notify them
severally, on the first day OF each
month, or oftener, at his discretion, of
the amount of such redemptions,
whereupon each association so notified
shall forthwith deposit with the treasur-
er of the United States, in United
States notes, equal to the amount of its
circulation notes so redeemed, and when
such redemptions have been so
reimbursed, circulating notes 50
redeemed, or if worn, mutilated or de-
faced, new notes instead shall be for
warded to the 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 redeemed, and
associations hereafter organized shall
also severally reimburse to the treasury
the costs of engraving and printing their
circulating notes; and provided further
that the entire United States notes out
standing In circulation at any one time
shall not exceed the sum of four hum
dred millions of dollaFs, now authorized
by the existing law.
Section s. That any association or
ganized 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
deposit of lawful money within the
meaning OF said acts, sums not less
than ten thousand dollars, with the
treasury of the United States, with
draw a propOrtionate amount OF bonds
deposited in pledge for such circulation,
and he shall redeem, cancel, and des-
troy an amoQnt Of the circulating notes
Of such association equal to the amount
issued on sucb bonds.
Section 5. Thai sections thirty-one
snd thirty-tWo of said act be amended
by requiring that such of said
associations shall keep its lawful
money in reserve within its own
vaults at the place where its operations
of discount and deposits are carried on:
and all provisions of said sections re-
quiring or permitting any of said asso-