The Albany register. [volume] (Albany, Or.) 1868-18??, 1874-11-06

tribution of the national-bank cur
rency, aud for other purposes.
I'e 1t enacted By the Senate 01id House
0f Representatives Of the United States Of
<l''e7'tcd ia Congress assembled,
That the act entitled ''An act to pro- |
vide national currency secured by Il |
pledge of United States bonds, and to |
provide for the circulation and retlemp- |
tion thereof approved June third, |
eighteen hundred and sixty-four. shall |
hereafter he known as "the national
bank act
Sec. 2. That section thirty-one of
''the national-bank act'' be so amended
that the several associations therein
provided for shall not hereafter be re-
quired to keep on hand any amount
of money wllateverl by reason of the
amount of their respective circulations;
but the moneys required by said sec
ton to ye kept at all times on hand
shall be determined by the amount of
deposits in ali respects, as provided for
in the said section.
Sec. B. That every association Or
ganiZed. or to be organized, under the
provisions of the said act. and of the
| several acts amendatory thereof. shall
at all times keep and have on deposit
| in the treasury of the United States, a
sum equal to five per centum Of its cir
culation, to be held and used for the
redemption of such circulation; which
] sum shall be counted as a part of its
| lawful reserve, as provided in section
| two of this act; and when the circuiat-
ing notes of any such associations, as
sorted or unassorted, shall be present
| ell for redemption, in sums of one
thousand dollars. or any multiple
thereof, to the Treasurer of thsiU United
States, the same shall be redeemed in
United States notes. All notes 80 re-
deemed shall be charged by the Treas
urer of the United States to the respec-
tive 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
reClemptionS; and whenever such re-
demptions for any association shall
amount to the sum of five hundred
dollars, such association so notified
shall forthwith deposit with the Treas
urer of the United States q sum in
United States notes equal to the
amount of its circulating-notes so re-
deemed. And all notes of national
banks worn, defaced. mutilated, or
otherwise unfit for circulation shall.
when received by any assistant treas
urer, or at any designated depository
of the United States. be forwarded to
the Treasurer of the United States for
redemption as provided herein. And
such redemptions have been so re-im-
bursed, the circulating-notes SO re-
deemed shall be forwarded to the re-
: spective associations by which they
were ISSUED; but if any of such notes
} are worn. mutilated. defaced, or rem
| dered otherwise unfit for use, they
| ct hc ln1 RI
of the Currency ard destroyed and re-
: placed as now provided by law Pro
: uided, That each of said associations
shall reimburse of the Treasury the
+ charges for transportation, and the
: costs for asserting such notes and the
f associations hereafter organized shall
all also severally reimburse to the
Treasury the cost of engraving sucf
t plates as shall be ordered by each as
sociation respectively; and the amount
= assessed npon each association shall be
in proportion to the circulation re
= deemed, and be charged to the flnt
: on deposit with the Treasurer: Ant
e prOrided further, That so much of sec
: ton thirty-two of said national-banl
= act requiring or permitting the re
9 demption of its oirculating-n notes else
y where than at its own counter, excep
e as provided for in this section, is here
It by repealed.
: Sec. 4. That any association organ
g lied under this act. or any of the act
d of which this is an amendment, desir
p p ing to withdraw its circulating notes
le in whole or in part, may. upon the de
/ posit of lawful money with the Treas
n n urer of the United States in sums c
is not less than nine thousand dollars
t. take up the bonds which said associa
u ton has on deposit with the'Treasure
:: for the security Of such circulating
1e notes; which bonds shall be assigne
r to the bank in the manner specified /
le the nineteenth section of the nationa
a: bank act; and the outstanding notes {
u said association. to an amount equs
IN IN to the legal-tender notes deposited
shall be redeemed at the Treasury
United States, and destroyed as no
Is provided by law: PrOvided, That I'll
amount of the bonds on deposit for ci
of culation shall not be reduced belo
r. fifty thousand dollars.
Sec. ). That the Comptroller of Il
te Currency shall, under such rules al
n regulations as the Secretary of Il
1g Treasury may prescribe, cause Il
of charter-numbers of the association
u: Il: be printed upon all national-bar
he notes which may be hereafter ISSUE
&c by him.
"a Sec. 6. That the amount of Unit,
States notes outstanding and to
Of used as part of the circulating-meG
- um, shall not exceed the sum of thr
ce hundred and eighty-two million dC
IN lars, which said sum shall appear
er each monthly statement of the pub
as. debt, and no part thereof shall be he
tn or used as a reserve.
ast Sec. 7. That SO much of the a
is' entitled IAN act to provide for the !
he demptton of the three per centum tol
It; porary loan certificates, and for an i
ms ms crease of national bank notes. as pI
vides that no circulation shall be wit
lth drawn under the provisions OF secti,
+as as six of said act, until after the fift
cts four millions granted fin section one
les said act shall have been taken up.
an an hereby repealed; and it shall be t
aid duty Of the Comptroller of the Cure
cy, under the direction OF the Seereta
Of the Trea suFy. to proceed fOTthWtt
Ils. and he is hereby authorized and i
quired. from time to time. as apple
of tions shall be duly made therefor, a
YER until the full amount Of fifty-fiVe mi
ion dollars shall be withdrawn,
t,,a %. make requisitiOns upon each of t
3rv national banks described in said 8
lty ton. and in the manner therein ID
.n' vided, organized In States having
III: excess of circulation, to withdraw a
fps return so much Of their circulation
to to by said act may be apportioned to
aSv withdrawn from them or in lieu the
int of to Deposit in the Treasury Of [
:ty- United States lawful money suffici.
nee nee TO redeem such circulation, and ul
ght the return of the circulation reqair
nm nm or the deposit of lawful money,
lsn .or. herein provided, proportion
the | amount OF the bonds held to secure