Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1874-02-07
NUMBER 30.
THE NATIONAL BANK LAW.
Gradual specie Resumption by Means
Of Gold Notes.


The following is the text of the bill
from the house committee on banking
and currency, reported by Mr.. Maynard:
he II eaacted, etc., That section 81 OF
! the act entitled, can act 10 provide for
national currency secured by pledge
of United States bonds, and to provide
for the circulation and redemption
thereof" approved on the 3D. day Of
June, 1864, be SO amended that the
several associations therein provided for
hall not hereafter be required to keep
on hand any amount of money whatever
By reason of their respective circula-
ion but the moneys required by said
section to be kept at all ii es on hand
shall be determined by the amount Of
deposits in all respects as provided in
said ction.
SEC. 2. That section q of said act,
and the several amendments thereto so
far as they restrict the amount of notes
for circulation under the said act, and
the same are hereby repealed and til t
section / Of the act entitled "An act to
provide for redemption of the per cent
temporary loan certificates and for an
increase OF national bank notes" ap-
proved the 18th of July, 1870, be
amended by repeating the second pro-
viso in the section contained.
Sec. 3. That every association Or
ganized or to be organized under the
provisions of said act aud 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, a sum
equal to five per centnm OF its cir
culation, to be paid and used only for
the re lemption Of such circulation, and
when Gil culating notes of any such asso.
ciation o. associations shall be pre-
sented, assorted or unassorted, for re-
demption in sums of one thousand dol
lars or any multiple thereof to the secre-
tary of the treasury or to the assistant
treasurer in the city of 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 associa-
tions issuing the same, and he shall no.
tify them geverally on the first day Of
each month, or oftener at his discretion,
of the amount of such redemption,
whereupon each association so notified,
shall forthwith deposit with the treas
urer of the United States notes equal to
the amount of its circulation notes so
redeemed, and when such redemptions
have been so reimbursed, the circulating
notes so redeemed, or if worp, mutt
lated, or dcfaced new notes in 'tead
shall be forwarded to the respective as.
sccialions; provided that each of said
associations shall reimburse the treasu.
~ the cost Of redemption and Of sup
plying the new notes in place Of those
redeemed, and that associations hereaf-
ter organized shall also seve1ally reim-
burse the treasury the cost of engrav
ing and print Dg their circulating notes;
and provided further that the entire
United States notes outstanding in cir
culation at any one time shall not ex
eeed the sum Of 100000, GOO, now
authorized by existing law.
SEC 4. That any association organ
lied under this act Or any of the acts OF
which this is an amendment, desiring to
withdraw its notes in whole or in part,
may, upon the deposit Of lawful money
within the meaning Of said acts, in
sums not less. than $4,000, with the
treasurer of the United States, with |
draw proportionate amount of the /.
bonds deposited in pledge for said cir
culation, and he shall redeem, cancel, I.
or destroy an amount OF the circulating
notes Of such association equal to the /
amount issued on such bonds.
SEC. ). That sections 81 and % of
said act be amended by requiring that
each of said associations shall keep its /.
lawful money 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-
Citations to keep any portion of its law
full m ney reserves elsewhere than in its /
own vaults, or requiring or permitting
the redemption Of its circulating notes
elsewhere than at its own counter, are
hereby rept aled.
Sec. 6. That upon all circulating |
notes hereafter issued or hereafter to be /.
whenever the same shall come
into the treasury in payment or on de-
post for redemption or otherwise, there
shall be printed, under such rules and
as the treasury may pre-
scribe, the charter numbers of the asso-
Citations by which they are severally is
sued.
SEC. Z. That assoc atoms without cir
may De orgauizei audsf the
provisions Of said act upon The deposs
with the treasurer Of the United States
OF not less thm $4,000 Of United
States registered bonds, as provided in
section II of said act and associations
already organized without circulation
are authorized to withdraw their bonds
in excess of $4,000.
SEC. s. That the secretary of the
treasury is hereby authorized and di-
rected to issue at the beginning of each
and every month from aud including
July, 1874, S2,000,00 of United States
notes not bearing interest, payable in
gold two years after date, of such de-
nominations as he may deem expedient,
not less that $40 each, in exchange for
and as a substitute for the same amount
of United States notes now in circula-
ton, which shall be cancelled, and any
excess of gold coming inte the treasury
of the United States after the payment
of interest upo the public debt and
supplying any deficiency in the reve-
nues provided to meet the current ex-
penses of the government, shall hereaf-
ter be retained as reserve for the re-
demption of such notes.
The Account "Squared."