Daily Kennebec journal., 1874-04-16
THE FREE BANKING ELL.

The following is Mr.. Maynard's free bank
ing bill as passed by the House Tuesday:
BE ii enacted, etc, That section 81 OF the act
entitled Gan act to provide a national cur
rency secured by a pledge of United States
bonds, and to provide for the circulation and
reduction thereof" approved on the third day
of June, in the year 1864, be so amended that
the several associations therein provided for
shall not hereafter be required to keep on
hand any amount of money whatever by rea-
son of the amount of their respective circu-
lations, but the money required by said sec
ton 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 2. That section 22, of the said act,
and the several amendments thereto, so far
as they restrict the amount of notes of circu-
lation under said act, be and the same are
hereby repealed; and that section / of the act
entitled .An act 10 provide for the re-
dempton Of the three per cent. temporary
loan certificates and for an increase of na-
tonal bank notes., approved July -, 1870,
be amended by repeating the second proviso
in said section contained, and the act entitled
can act to amend an act entitled an act to
provide national currency secured by the
pledge of the United States bonds, and to
provide for the circulation and redemption
thereof" approved on the Sd of March, 1865,
be and the same is hereby repealed; and Sec
tion 2l of the original act. to which the act
last aforesaid is an amendment, be and the
same is hereby re-enacted.
SEC. 3. That every association organized
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,
a sum equal 10 per cent. of its circulation
to be Leld and used only for the redemption
of such circulation; and when the circulating
notes of any such association or associations,
shall be presented, assorted or unassorted,
for redemption in sums of 81 900 or any null
tiple thereof to the Treasurer or to any AS
sistant Treasurer Of the United States, the
same shall be redeemed in United States
notes. All notes redeemed shall be charged
by the Comptroller of the Currency to the re-
spective 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 redemptions, whereupon
each association so notified shall forthwith
deposit with the Treasury of the United
States a sum in United States notes equal to
the amount of its circulating notes so re-
deemed, and when such redemptions have
been so reimbursed, the circulating notes so
redeemed, or if worn, mutilated or defaced.
new notes instead shall be forwarded to the
respective associations. Provided that each of
said associations shall reimburse to the Treas.
ury the costs Of redemption and of supplying
new notes in places of those redeemed, and
the associations hereafter organized shall also
severally reimbure to the Treasury the costs
of engraving and printing their circulating
notes, and provided further, that the entire
amount of Uuited States notes outstanding
and in circulation at any one time shall not
exceed the sum of 500, 900, 900, now author
ICED by existing law.
Sec 4.-That any association organized
under this act or any of the acts of which this
is an amendment, desiring to withdraw its
circulating notes in whole or in part, may
upon deposit of lawful money within the
meaning of said acts, in SUMS of not less
than 81 900 with the Treasurer Of the United
States withdraw propor,ionate amount of
bonds deposited in pledge for such circulation
and he shall redeem, cancel and destroy an
amount OF the circulating notes of such asso-
citation equal to the amount issued upon such
bonds.
Sec. g. That sections 81 and 80 of the
said act be amended by requiring that each
of the associations shall keep its lawful mon
ey reserves within its own vaults at the place
where its operations of discount and deposit
are carried on, and all the provisions of the
| said sections requiring or permitting any of
| the said associations to keep any portions of
| its lawful money reserves elsewhere than in
its own vaults. or requirngor permitting the
! redemption of its circulating notes elsewhere
than at its own counter except as provided
for in this act are hereby repealed.
SEC. q. That upon all circulating notes
hereafter issued, or hereafter to be issued,
whenever the same shall come into the Treas
ury in payment or deposit for redemption or
otherwise, there shall be printed, under such
rules and regulations as the Secretary of the
| Treasury may prescribe, the charter numbers
of the associations by which they are sever
ally issued.