The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1874-07-09
THE CURRENCY BILL
Comp1sts Text of the B1ll as Passed
by Congress and Signed by the
y -sF- ~ Praufdnmk.. .-LA - =.

| The Act to flx the amount OF United
States notes, provide for the redistribution
of the National Bank Currency, and fol-
other purposes" reported from the Con-
ference Committee, and passed by both
branches of Congress without amendment,
is as follows : ,bel al1i 3zs -
SEcr1oE ]. The act ENTITLED An act
to provide national currency, secured by
a pledge of United States bonds, and to
provide for the circulation and redemp-
ton thereof, approved June Sd, 1864"
shall be hereafter known as the National
Bank act, ,rr5 l- g. --
SEC. 2. That Section 81 of the National
Bank act be 80 amended that the several
associations therein provided for shall not
hereafter be required to keep on hand any
amount of their respective circulations ;
but the moneys required by said section
to be kept at all times on hand shall be
determined by the amount Of deposits In
all respects as provided for in said section
Sec. 8. That every association organ
lied or to be organized under the pro-
visions of 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, IN lawful money of
the United States, s SUN equal to five per
.eentum Of its circulation. TO -bs held and
used for the redemption of such circuIa-
ton, which sum shall be counted as pay
of its lawful reserve as provided in Section
of this act; and when the circulation
notes any such associations, assorted or
unassorted, shall be presented for re.
demption 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 re-
deemed shall be charged by the Treasurer
of the United States to the respectiv
associationg issuing the same, and he
shall notify them seVerallY on the first
day of each month or oftener, at his dis
eretionj of the amount of such redemp-
fions; and whenever such redemptions
or any association shall amount to the
sum of $500, such association so notified
shall forthwith deposit with the Treasurer
of the United States a sum In United
States notes equal to the amount of its
circulating notes so redeemed and all
notes Of National Banks worn, defaced,
mutilated or otherwise unit for circula-
ton shall, when received by any Assist
) ant Treasurer, or at any designated de-
pository of the United States, be forward
ed to the Treasurer of the United States
for redemption, az provided herein and
when such redemptionB have been so re-
imbursed; the circulating notes so re-.
deemed shall be forwarded to the respects
i've associations BY which they were
issued but il any notes are worn, mutil-
Rted, delaced or rendered otherwise unfit
for use, they shall be forwarded to the
Comptroller of the Currency, and destroy-
ed and replaced as now provided by law
Provided, that each of said associations
shall reimburse the Treasury the charges
ing such notes, and the associations here
aftefo organized shall also seYefaIly re-
imburse TO the Treasury the cost Of en-
craving. such plates as shall be ordered
by zach association, in the proportion to
the circulation redeemed, and be charged
to the fund on deposit with the Treasured
and provided further, that 50 much of
Section 80 of said National Bank act re-
quiring or permitting the redemption Of
its circulating notes elsewhere than at its
own counter, except as provided for in
this section, is hereby repealed. go,
. SEQ. 4. That any association organized
under this act, or any of the acts Of which !
this Is an amendment, desiring to with
draw its circulating notes, In whole or in
part, may, upon the deposit of lawful
money with the Treasury of the United
States, in sums not less than So 600, take
up the bonds which said association has
on deposit with the Treasury for the Sc
curity of such circulating notes, which
bonds shall be assigned to the bank in the
manner specified in the nineteenth section
of the national bank act, and the out
standing notes of said association, to an
amount equal to the legal tender notes
deposited shall be redeemed at the Tres-
sury of the United States, and destroyed
as now provided by law; provided that
the amount Of bonds now on deposit |
for circulation shall not be reduced below
SEC. 5. That the Comptroller of the |
Currency shall, under such rules and
as the Secretary of the Trea- |
sury may prescribe, cause the charter |
members of the association to be printed |
upon all national bank notes which may |
be hereafter issued by him. - - |
Z SEQ. 6. That the amount of UHited !
States notes outstanding and to be issued /
as a part of the circulating medium shall |
not exceed the sum Of 1882, ,000, 900, |
which said sum shall appear on each |
statement Of the public debt, |
and no part thereof shall be held as a /
reserve. - -, go,
; SEC. Z. That SO much of the act enti-
tied !" An act to provide for the redemp- |
loan certificates and for the increase of /
national bank notes." as provides that no
circulation shall be Withdrawn, under the
provisions Of Sec. 6 of said act until alter
the $54 900, 600 granted in Section i Of
SAID act shall have been taken, up, is
hereby repealed !; and it shall be the duty
of the Comptroller Of the Currency, under
the direction Of the Secretary of the
Treasury, 10 proceed iorthaith,s and he is
hereby authorized and required, from
time to time, as application shall be duly
made, therefor and until the amount or
SS54 COZ, 900 shall be withdrawn Ito1make |,
a requisition on each of ther National
banks described In said section, and in the
manner therein provided, organized in
States having an excess Of circulation, to
Withdraw and return 30 much of this cir