The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-05-12
WA SHINGTON.
FINANCE.

THE NEW BILL IN FULL-A SUBSTITUTE FOR
THE HOUSE CURRENCY BILL-sPEcIE PAY
MENT TO BE RESUMED JANUARY 4, 1877.
WASHINGTON, May 6.-Mr. Sherman re.
ported the following from the Senate finance
committee to-day as a substitute for tie
House currency bill: Be it enacted etc.
Section l. That the act to provide national
currency secured by a pledge of United
States bonds and to provide for the circula-
ton and redemption thereof, approved June
8, 1874, shall hereafter be known as the
national bank act of 1864.
Section ? That section 81 of the national
bank act of 1864 be so amended that the sew
eral associations therein provided for shall not
hereafter be required to keep on hand any
amount OF money whatever, by reason ofthe
amount of their respective calculations, but
the moneys required by the said section to
be kept at all times on hand, shall be deter
mined by the amount OF deposits in all re-
spects as provided in the said section, and such
national banking associations now organized
or hereafter TO be organized, shall keep and
maintain. as a part of their reserve, one-fourth
part of the coin received by il as interest
on the bonds of the United States deposited
as security for the circulating notes or gov
eminent deposits.
Section 8. That sections 81 and 80 of said act
be amended by requiring thateach of the said
passage of this act, keep its lawful money
reserve within its own vaults at the place
where its operations OF discount and deposit
are carried on, and all provisions of the said
sections requiring or permitting any of the
said associations to keep any portion of their
lawful money reserves elsewhere than in its
own vaults or requiring or permitting the re-
demption of its circulating notes elsewhere
than at its own counters, except as provided
for in this act, are hereby repealed
Section 4. that section. 20 of the said
act and the several amendments thereto, so
far as they restrict the amount of notes for
circulation under the said acts be and the
same are hereby repealed, and the proviso in
the first section of the act approved July IL,
1870, entitled an act to provide for the
redemption of the temporary three per cent.
loan certificates, and for an increase of the
national bank notes, prohibiting to
BANKS THEREAFTER ORGANIZED
q circulation of over five hundred thousand
dollars, and the proviso in the third section
of said act limiting the circulation of
banks authorized to issue notes, reedeema-
BILE in gold coin, to 81, 600 900, and section six
of said act, relating to the redistribution of
the 100000 of circulating notes be
and the the same are hereby re
pealed. That every association here
after organized shall be subject
to, and be governed by the rules, restric
tions and limitations and possess the rights.
privileges and franchises, now or hereafter
to be prescribed by law to the national
banking associations, with the same power
to amend, alter and repeal provided by the
national banking act of 1864,
Section 5. That every association, organ
lied or to be organized under
the provisions of the said act and of the
several acts in amendment 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
five per cent. of the circulation to be held
and used only for The redemption of such
circulation, and when the circulating notes
of any such organization or association shall
be presented for redemption in
sums of $1,000 or any multiple thereof
to the treasurer of the United States, the
same shall be redeemed in United States
notes. All notes so redeemed shall by
charged by the comptroller ofthe currence
to the respective associations issuing the
same, and he shall notify them severally on
the first day of each month, or oftener al
his discretion, of the amount OF such re-
demptions, wbereupon each association so
notified shall fort hwithdepcsit with the treas
urer of the United States a sum equal to the
amount OF it's circulating notes so redeemed
and all the notes of the national banks
worn, defaced, muilated or otherwise I'M
fit for circulation shall when received by
any assistant treasurer of the United States,
be forw arded to the treasury OF the United
States for redemption, as provided herein,
and when such redemptiops have been so re-
imbursed, the circulating notes so redeemed
shall be forwarded. to the respective associa-
lions by whom they were issued. But IL
such notes are worn, mutilated, defaced or
rendered otherwise pnft for use they shall be
iorwarded d4 The seotApeIoler of the currency
and destroyed and r6Placed as now provid-
ed by law. provided that each of said asso-
Citations shall reimburse TO the treasury the
,sco az CHARGES FOR TRANSPORTATION, \
ardthe cost for asserting the said notes
and the associations hereafter organized shall
also severally reimburse the treasury the
cost of engraving such plates as shall be