Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1874-04-23
The House Currency Bill.


Tho following is the text of Maynard's bill
providing for free banking, and for an in
crease Of the volume of the currency. Il
passed the House by a vote of 1913 to 116, and
is now before the Senate:
Be IL enacted etc., That section 81 Of the act en-
titled An act to provide national currency Sc
cured by pledge of United States bonds, and tc
provide for the circulation and redemption thereof
approved the day of June, in the year 1864 bt
40 amended that the several associations therein
provided for shall not hereafter be required to keep
on haLd any amount of money Whatever by reason
of the amount of their respective clrculations but
the money required by said section to be KEEP. at al
times on hand shall be determined by the amount
of deposits in all respects as provided for in the
said section.
SEC .. That section % of the said act and the
several amendments thereto, far they restric,
the amount Of notes for circulation under said act
be and the same hereby repealed and that sec
ton of the act entitled IAN act TO provide for the
redemption of the per cent. temporary loan GER
tifcates and for an increase Of national
bank notes" approved July IL, 1870, be amended
by repeating the second proviso in said sec
ton contained, and the act entitled I" An act to
amend an act entitled an act to provide national
currency secured by pledge of United States bonds,
and to provide for the circulation and rede mption
thereof" approved on the Sd of March, 1865, be,
and the same is hereby, repealed and section II OF
the ORIGINAL act to which the act last aforesaid is
an amendment, be, and the same is hereby, re-
enacted.
Sec. 4. 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 sum equal to 5 per cent. OF
its circulation, to be held and used only for the
demption OF such circulation and when the circu-
atng notes Of any such association or associations
shall be presented assorted or unassorted, for
dempton in sums of 81 900, any multiple there
Of to the Treasurer or to any Assistant Treasurer
of the United States, the same shall be redeemed
tn Unit afa
be charged by the Comptroller q the Cur
rency to the respective associations issuing
the same, and he shall notify them severaly,
on the first day Of each month, or oftener at his
discretion, Of the amount Of such redemptions,
whereupon each association so notified shall forth
with deposit with the Treasurer of the United States
sum in United States notes equal to the amount
of its circulating notes redeemed and, when such
redemptiops have been SO reimbursed. the circu-
lating 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 Treasury
the costs Of redemption and Of supplying new notes
in place of those redeemed and the associations
hereafter organized shall also severally reimburse
the Treasury the costs Of engraving and printing
their circulating notes, and provided further, that
the entire amount of United States notes oustand-
ing and in circulation at any one time shall not
exceed the sum Of $500, 100000 now authorized by
existing law.
SEC. 4. That any association organized under
this act any of the acts Of which this is an
notes in whole or in part, may upon deposit
of lawful money within the meaning of
said acts in sums of not less than 81 600
with the Treasurer Of the United States, withdraw
a proportionate amount Of bonds deposited in
pledge for such circulation, and he shall redeem,
cancel and destroy amount Of the circulating
notes of such association equal to the amount is
sued 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 money reserves within its own
vaults at the place where its operations Of discount
and deposit carried on, and all the provisions
of the said sections requiring permitting any of
the said associations to keep any portion Of its
lawful money reserve elsewhere than in its own
vaults, or requiring permitting the redemption
of its circulating notes elsewhere than at Its own
counter, except as provided for in this act, are
hereby repealed.
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
deposit for redemption otherwise, there shall be
printed, under such rules and regulations the
Secretary Of the Treasury may prescribe, the
charter numbers Of the associations by which they
are seyerally issued.