The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1874-06-26
THE FINANCES.
Full Text Of the Currency Bill as Passed
by Congress.


dent
SECTION 1. The act entitled Z" An act to pro-
vide national currency secured by pledge
of United States bonds, and to provide for the
circulation and redemption thereof" approved
June 3, 1864, shall be hereafter known as the
| National Bank act.
SEC q That Sec 81 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
whatever by reason Of the amount of their re-
spectve circulations but the moneys required
10y said section to be kept at all times on hand
shall be determined by the amount of depos-
it's. in all respects as provided for in the said
section.
SEC 3. That every association organized 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 i'll the Treasury of the United States,
in lawful money of the United States. sum
equal to per centum Of its circulation to be
| held and used for the redemption of such
circulation, which sum shall be counted az
part OF its lawful reserve, provided in
section 2 of this act, and when the circulat-
| ing notes of any such associations. assorted
or unassorted shall be presented for re-
demption in sums of II, 900 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 be charged
/ DIV the treasurer OF tle united States 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. and
! whenever such redemptions of any associa-
| tions shall amount to the sum of $500 such
! associations so notified shall forthwith de-
| post with the Treasurer of the United States
sum in United States notes equal to the
amount of its circulating notes so redeemed;
and all notes of national banks worn, de-
! faced, mutilated or otherwise unfit
! for circulation shall, when received
! by any Assistant Treasurer, at any
designated depository of the United States
be forwarded TO the Treasurer Of the United
States for redemption, as provided herein
and when such redemptions have been so re-
imbursed the circulating notes so redeemed
shall be forwarded to the respective associa-
tions by which they were issued /; but if any
such notes are worn, mutilated. defaced. or
rendered otherwise unfit for use, they shall
be forwarded to the Comptroller of the Cur
rency and destroyed and replaced as now pro
vided by law. Provided that each of said as
sociations shall reimburse to the Treasury the
charges for transportation and the costs for
asserting such notes, and the associations
hereafter organized shall also severally REIN
burse to the Treasury the cost of engraving
such plates a. shall be ordered by each asso-
citation respectively, and the amount assessed
upon each association shall be in proportion
W Jllb ClICuldLlOll IcuctlleNl anu DC charged
to the fund on deposit with the Treasurer:
and, provided further. that 30 much of section
81 of said National Bank act recognizing or
permitting the redemption of its circulating
notes elsewhere than at Its own counter, eX-
cept as provided for III this section, IL hereby
repealed.
SEC. 4. That any association organized I'M
der this act or any of the acts to which this is
all amendment, desiring to withdraw its cir
culatlng notes, In whole or In part, may, upon
the deposit of lawful money with the Treas
urer of the United States in sums of not less
than -, 900, take mp the bonds which said
association has on deposit with the Treasurer
for the security of such circulating notes,
which bonds shall be assigned to the banks
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 de-
posted, shall be redeemed at the Treasury of
the United States and destroyed, as now pro-
vded by law; provided that the amount of
bonds on deposit for circulation shall not be
reduced below $50, 600.
SEC. 5. That the Comptroller of the Cur
rency shall, under such rules and regulations
as the Secretary of the Treasury may pre-
scribe, cause the charter numbers of the as
ISOLATION to be printed upon all national bank
notes which may be hereafter issued by him.
SEC. 6. That the amount of the United
States notes outstanding, and to tie issued as
Il ldIb VI lht ClICuldllilb HltuluHl, Hlldll DOt
exceed the sum of 1892, 000 600, which said
sum shall appear i'll each monthly statement
OF the public debt. and no part thereof shall
be held or used az a reserve.
SEC. z. That 80 much OF the act entitled. IAN
act to provide for the redemption of the 3-per-
centum temporary loan certificates and for
an increase Of national bank notes. as pro-
vides, that no circulation shall be withdrawn
under the provisions of section Of said act un-
til after the S54 600, 900 granted in section / of
said act shall have been taken up, is hereby |
repealed. and it shall be the duty of the Comp
troller of the Currency, under the direction of |
the Secretary of the Treasury to proceed forth !
with. and he is hereby authorized and required, !
from time to time, as application shall be only |
made therefor and until the full amount of !
the S54, co., 600 shall be withdrawn, to make |
requisition on each of the national banks de-
scnbed III said section, and i'll the manner there |
in provided organized in States having all ex-
cess of circulation, to withdraw and return 30 |
much of this circulation as by said act may be |
apportoned to be withdrawn from them. or in |
lieu thereof. to deposit in the Treasury of |
the United States lawful money suf-
ficent to redeem such circulation. and upon |
the return of the circulation required or the |
deposit of lawful money, az herein provided. |
a proportiOnate amount of the bonds held to |
secure the circulation of such association az
shall make such return or deposit shall be |
surrendered to it.
DEN. O. Inv uDOu ZIG OF tie ma ]
tional banks upon which acquisitions for cir
culation shall be made, or of any of them to
return the amount required, or to deposit in
the Treasury lawful money to redeem the
circulation required within thirty DAYS the
Comptroller of the Currency shall at once sell,
az provided in section 40 of the National Cur
rency act, approved June 3, 1864 bonds held
to secure the redemption of the circulation of
the association or associations which shall 20
fail TO an amount sufficient to redeem the
circulation required of such association or
associations, and with the proceeds, which
shall be deposited in tho Treasury Of the
United States, so much OF the circulation of
said association or associations shall be re
deemed will equal the amount required
and not returned, and il there be any
excess of proceeds over the amount re
quired for such redemption, it shall be re
turned to the association or associations
whose bonds shall have been sold and it
shall be the duty of the Treasurer, Assistant
Ireasurers, designated repositories and ma
tional bank repositories of the United States
who shall be kept informed by the Comp
troller of the Currency OF such associations as
shall fail to return circulation as required. TO
assert and return to the Treasurer for redemp-
ton the notes of such associations as shall
come into their hands until the amount re
CURED shall be redeemed, and i'm like manner
to assert and return to the Treasury for re-