The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1874-02-06
THE NATIONAL BANK LAW.
GrRduaI Specie Resumption by Mean
OF Gold Notes.

OF Gold Notes.
The following is the text of the bill
! from the house committee on banking
and currency, reported by Mr.. Maynard
BE 1t enacted, etc, That section 81 o.
the act entitled, can act to provide fol
national currency secured by a pledgs
of United States bonds, snd to provide
| for the circulation and redemption
! thereof" approved on the Sd day OF
| June, 1864, be so amended that the
! several associations therein provided fol
| shall 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 tia es On hand
shall be determined by the amount OF
deposits in all respects as provided IN
said S -ction.
SEC. 2. That section 81 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the same are hereby repealed !; and tn
section 1 of the act entitled Gan act to
provide for redemption of the 3 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 and 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 centum OF its cir
cuiation, to be paid and used only for
ha "a 7ar,V,fioT, r,f cT7o1, oiraT7 of and
when circulating notes of any such asso-
citation or 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 severally 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 worn, mutt
lated, or defaced new notes In stead
shall be rwarded to the respective as
sociations; provided that each of said
associations shall reimburse the treasu-
ry the cost of redemption and of sup
plying the new notes in place of those
redeemed, and that associations hereaf-
ter organized shall also severally reim-
burse the treasury the cost of engrav-
ing and print ng their circulating notes;
and provided further that the entire
United States notes outstanding in Cir
culation at any one time shall not ex
ceed the sum of $40O, ,O00,0 now
authorized by existing law.
SEQ. 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 a propOrtionate amount of the
bonds deposited in pledge for said cir
culation, and he shall redeem, cancel,
or destroy an amount of the circulating
notes of such association equal to the
amount issued on such bonds.
SEC. ;. That sections 81 and 80 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 anv 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
issued, 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
regulations as the treasury may pre-
scribe, the charter numbers of the asso-
Citations by which they are severally is
sued.
SEC. z. That associations without cir
culatiOn may be organized under the
provisions of said act upon the deposit
with the treasurer of the United States
of not less than $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 SO, 900.
SEC. 8. 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, 3, 900, 900 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 clrcula-
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 ana
supplying any deficiency in the reve-
| nues provided to meet the current ex-
Denses of the government, shall hereaf-
! ter be retained as a reserve for the re-
| demption of such notes.