Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1874-06-26
NUMBER 42.
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 the President on the 22d:
SECTION I. The act entitled g An act to provide
| national currency, secured by pledge of United
States bonds, and to provide for the circulation
/ and redemption thereof" approved June 8. 1864
i act.
| SEC 2. That Sec 81 of the National Bank act be
j 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 circula-
tions: but the moneys required by said section to
pc kept at all times on hand shall be determ med
by the amount of deposits in all respects as pro-
| yided for in the said section.
SEC g. That every association Organised or to
he organized under the provisions of the SAID act,
and 9f the Severei ests aleendatory thereof shall
| ury of the United States, in lawful money of the
i United States, sum equal to per centum of it's
/ circulation to be held and used for the redemp-
-tlons of such circulation, which sum shall be
counted part of its lawful reserve, as provided
| in Sec. of this act; and when the circulating
notes of any such association, assorted or unas
sorted, shall be presented for redemption in sums
ofES1 600 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 severally on the
first day of each month, or oftener, at his
| discretion, of the amount of such redemption;
| and whenever such redemptions of any assoeia-
tion shall amount to the sum of $500 such associ-
alton so notified shall forthwith deposit with the
| Treasurer of the United States sum in United
States notes equal to the amount of its circulat-
| ing notes redeemed; and all notes of National
| Banks worn, defaced, mutilated, or otherwise
unfit for circulation shall, when received by any
| Assistant Treasurer or at any designated depos-
| itory of the United States, be forwarded to the
| Treasurer of the United States for redemption,
| 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 were issued; but If
any such notes are worn, mutilated, defaced,
or rendered otherwise unfit for use,
| they shall be forwarded to the Comp
/ troler of the Currency and destroyed and re-
| placed as now provided by law: PFo05ded, That
| each of said associations shall reimburse to the
Treasury the charges for transportation and the
| costs for asserting such notes. and the associa-
tions hereafter organized shall also generally re-
| imburse to the Treasury the cost of engraving
such plates as shall be ordered by each associa-
| ton 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 pr0O5ded,
further, That so much of Sec. 32 of said National
Bank act recognizing or permitting the redemp-
ton of its circulating notes elsewhere than at its
own counter, except as provided for in this sec
ton, is hereby repealed
SEC. 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
the bonds which said association has on ndeposit
with the Treasurer for the security of such circu-
lating notes which bonds shall be assigned to
the banks in the manner specified in the nine
teenth section of the National Bank act, and the
outstanding notes of said association to amount
equal to the legal-tender notes deposited shall be
redeemed at the Treasury of the United States
and destroyed as now provided by law: PTO0ided,
That the amount of the bonds on deposit for eirr
culation shall not be reduced below $4,000
SEC. 5. That the Comptroller of the Currency
SHALL under such rules and regulations as the
Secretary of the Treasury may prescribe, cause
printed upon all National Bank notes which may
be hereafter issued by him.
SEC. 6. That the amount of the United States
notes outstanding and to be issued as part OF
the circulating medium shall not exceed the
sum of $3S2, ,000,000 which said sum shall appear
In each monthly statement OF the puDac debt
| and no part thereof shall be held or used as
reserve.
SEC T. That so much of the act entitled, " An act
to provide for the redemption of the per centum
temporary loan certificates and for an increase OF
National Bank notes. as provided that no clrcuc
laton shall be Withdrawn under the PROVISIONS OF
Sec. of said act until after the S54,O00,0O0
granted in Sec of said act shall have been
taken up is hereby repealed, and it shall be the
duty of the Comptroller of the Currency, under
the direction of the Secretary of the Treasury
to proceed forthwith, and he is hereby author
| lied and required, from time to time as appI,
cation shall be duly made therefor ana until
the full amount of the 100000 shall be with
drawn, to make requisition on each OF the Ma
tonal Banks described in said section, and IN the
| manner therein provided, organized III States
having an excess of circulation, to Withdraw and
return much of this circulation as by SAID act
may be apportioned to be Withdrawn from them2
or in lieu thereof. to deposit in the Treasury oil
the United States lawful money sufficient to re-
deem such circulation, and upon the return oi
the circulation required, or the deposit OF lawful
money, as herein provided pr0portIonate
amount of the bonds held to secure the eircula-
ton of such association shall make such re-
turn or deposit shall be surrendered to It,. .
SEC. s. That upon the failure of the National
Banks upon which acquisitions for circulation
shall be made or Of any of them, TO return the
amount required. or to deposit in the Treasury
| lawful money to redeem the circulation required
within thirty days, the Comptroller OF the Cur
rency shall at once sell, provided IN Sec. Az OF
the National Currency act, approved june ), 1864
bonds held to secure the redemption of the cir
culation of the association or associations
which shall SO fail to an amount sufficient
to redeem the circulation required of such
association or associations, and with the pro-
ceeds which shall be deposited in the Treasury of
the United States, so much of the circulation OF
said association associations shall be re-
deemed as will equal the amount required and
not returned, and if there be any excess OF pro-
demption it shall be returned to the
association associations whose bonds
shall have been sold; and it shall be
the duty of the Treasurer, Assistant lreas-
urers designated repositories and National Bank
repositories of the United States, who shall
be kept informed by the Comptroller OF the cur
rency of such associations as shall fall TO return
circulation as required, to assort and return TO
the Treasurer for redemption the notes Of such
ASSOCIATIONS as Snd1l come INTO
the amount required shall be redeemed. and In
like manner to assort and return to the Treasury
for redemption the notes OF such National Banks
as have failed or gone into voluntary liquidation
for the purpose of winding up the affairs OF such
as shall hereafter SO fail or go into liquidation.
SEC g. That from and after the passage OF this
act it shall be lawful for the Comptroller OF the
Currency, and he is hereby ordered, to issue cir
culating notes without delay, as applications
therefor made, not to exceed the sum OF S5o,-
0.000 to associations organized or to be organ
lied, in those States and Territories having less
than their proportion OF circulation under an APP
portionment made ON the basis of population ana
of wealth as shown by the returns of the census
of 1870, and every association hereafter organized
shall be subject to and be governed by the rules,
restrictions and limitations, and possess the
rights, privileges and franchises, now or mere
after to be prescribed by law to National BANKING
Associations, with the same power TO amend
alter and repeal provided by the Nallonal 6ank
act: PrOUided. That the whole amount OF c1f-
culation withdrawn and redeemed from the banks
transacting business shall not exceed S3o,OOouOD.
and that such circulation shall be Withdrawn and
redeemed as snail be necessary to supply the cir
culation previously issued to the banks in those
States having less than their apportionment: 4Rd
Dr0Uided fu5tter, That not more than S30.0000e0
Shall be withdrawn and redeemed, as herein con-
templated, during the fiscal year ending June 30,
1875
The title of the bill is amended to read
as follows:
IAN act to fix the amount of United States
notes, provide for the redistribution OF the Na-
tional Bank currency and for other purposes"
THE prevalent custom on the part of
most women of wearing the hair twisted
into mass on the top or back of the
head. and the more modern and still more