Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1874-06-26
The Currency Bill.

The following is the full text of the
new Finance bill which finally passed
both houses of Congress and was signed
by tile President On SIIo sSu.
SECTION /. The act entitled IAN act to provide
| n national currency, secured by pledge OF
United States bonds, and TO provide for the cir
| culation and redemption thereof approved June
| 3, 1864, shall be hereafter known as the National
| Bank act.
SEc O. That Section 81 of the National Bank
| act be amended that the several associations
therein provided for shall not hereafter be re-
| quiTed to keep on hand any amount of money
whatever by reason Of the amount of their respec-
| tive circulatiOns; 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
| respects as provided for in the said section.
SEC. 3. That every association organized or TO
be organized under the provisions OF the said ac
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 per ccntum
of its circulation to be held and used for the re-
| dcmptiOn Of such circulation, which sum shall be
counted as a part Of Its lawful reserve, as pro-
vided in Sec Of this act; and when the circnlat-
ing notes Of any such association assorted or un-
/ assorted, shall be presented for redemption in
sums of $1,000 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 iss-
ing the same, and he shall notify them scverally
on the first day Of each month or oftener, at his
discretion, OF the amount OF such redemptions
and whenever such redempuOns of any associa-
ton shall amount to the sum of 500 such asso-
citation so notified shall forthwith deposit with
the Treasurer of the United States notes equal to
the amount OF its circulating notes redeemed
and all notes of National Banks worn, defaced,
mutated, or otherwise unfit for circulation shall,
when received by any Assistant Treasurer. or at
any designated depository of the United States,
be forwarded to the Treasurer OF the United States
for redemption, as provided herein; and when
snch redemptions have been so reimbursed the
circulating notes so redeemed shall be forwarded
to the respective associations by which they
were Issued; but II any such notes are worn,
mutiated, defaced, or rendered otherwise unit
for use, they shall be forwarded to the Comp
troller OF the Currency and destroyed and re-
placed as now provided by law: PrOcided That
each of said associations shall reimburse to the
Treasury the charges for transportation and the
costs for asserting such notes and the assoeia-
tiOns hereafter organized shall also generally re-
imburse to the Treasury the cost of engraving
such plates as shall be ordered by each associa.
tiOn respectively, and the amount assessed upon
each association shall be IN proportion to the cir
culation redeemed, and be charged to the fund on
deposit with the Treasurer: And proDided further,
That 20 much Of Sec 30 of said National Bank act
recognizing or permitting the redemption of it's
circulating notes elsewhere than at its own coun-
ter, except as provided for in this section, is
SIC. 4. That any association organized under
this act or any OF the acts to 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 5000, take up
IN haAN IL INAuN dan NaaaNH
Win the Tycasnrer for ihS sernray o smcb crcn
lating notes, which bonds shall be assigned to
teentb section of the National Rank act and IN q
ontstanding notes Of soid assnniaUnn 10 an
on,onnt enTal 10 he Local tnnder notes danosited
shall he redeemed at tIe Treasury of tbe United
States and destroved ~ now nrovided Nv law
ProSjdcd Thai tbe amonnt fine bonds on deposit
for circniation shaII nor Ne p 'dnced helow
sso az ooo '''"'''i ''''''' NV 10 i'"'" '''o"
sc K That the Comntrollar of the Cnrroncv
sbsI nndeT snch rules and regniations as The
SecretaTv M tbe Treasury NAV nrescpihe. cause
me cb"riep nnmher of the assncjstion IN he
nrintnd mon ali National RAM notes which NAV
he hereaftar issned Inv him - ""0" ''"'
src a That The amount or the Tinted States
notes ontstandinS and To he issned as n part Of
the circnIatinS medium shall not exceed the
snm os ss,ss Od1 0o0 which said snm shall anneaT
| in each monthly statement of the public debt.
| and No mart thereof shall he held or nsed ss !
| Reserve
SEc That an mucb of tho act entitled UAn ACT
m nrovide for Tho redemntinn Of the a ner cantnm
temporary loan certiGcafes and for nm fncreNse Of
NntIonel 'RonL notcs'' as nrovIded thaf1o circt.
istIop sbaII he Wind undsr tbe prolieioi,s NJ
Sec. Of said act until after the si 900 900 grant