The Tipton advertiser. [volume] (Tipton, Cedar Co., Iowa) 1856-1962, 1874-04-23

TN "a BILL.
re following i the text Of the
Free Banking Bill passed by the
House On tho 14thipst:
Be i en0csed, &C., That Sec. 81 Of
the oct entitled IAN oct to provide q
national currency secured By spledge
Of United States bonda and to pro-
vide for the circu1ation and reduction
thesoof," appeoved on the Sd day Of
June, in the year 1868, be SO amend
ed that the several associations there
in provided for shall not hereafter be
required 70 keep on hand any amount
If money whatever by reason OF
the amount Of their respective circu-
lation, but the money required by
said section to be kept Il oil times on
hard shan be determined BY the
au0unt q deposits N I'll respects as
provided for in said section.
SEC. 2. That Sec. % of the act,
and the several amendments thereto,
Is fsr . they restrict the amount Of
notcs for circuhticn under said oct,
BE-, and the same are hereby repealed;
and that Sec.1 of the act entitled
IAN act to provide for the redemp-
ton or the ) per cent. temporary
loan certificates and for an increase
of National Bank notes." approved
July l2, 1870, be amended by repeal
ing the second proviso in said section
Contained, aud the act entitieda An act
to amend IN act entitled an act to pro-
vide national currency secured by
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same is hereby repealed; and Sec. II
Of the original oct, to which the act
last aforesaid mentioned is an
amendment, be, and the same is here
BY re-enacted.
SEC. 3. That every association or
ganized 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 per cent, OF
its circulation, to be held and used
only for the redemption of such cir
culation; and when the circulating
notes of any such association or asso-
ciations shall be presented, assorted
or unassorted, for redemption in sums
of 81, 900, or any multiple thereof, to
the Treasurer or to any Assistant
Treasurer of the United States, the
same shall be redeemed in United
States notes. AL notes redeemed
shall be charged by the Comptroller
Of the Currency to the respective as
sociations 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
redemption, whereupon each associs-
ton SO notified sha!! forthwith depos-
it with the Treasury of the United
States a sum in United States
notes equal 10 the amount Of its cir
culating notes SO redeemed. and.
when such redemptions have been SO
reimbursed, the circulating notes SO
redeemed, or, il worn, mutilated, or
defaced, new notes instead shall be
forwarded to the respective associs-
tions. 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 several.
" reimburse to the Treasury the
costs Of engraving and printing their
circulating notes, aud provided furth-
er, that the entire amount of United
States notes outstanding and in cir
culation at any one time shall not ex-
coed the sum Of s400,0OO,0Oo now
authorized by existing law.
SEC. 4. That any association or
ganized 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 pro-
portiona,e amount Of bonds deposit
ed in pledge for such circulation, and
he shall redeem, cancel, and destroy
an amount of the circulation notes of
such association equal to the amount
issued upon such bonds.
SIC. 5. That sections 81 and 32
Of the said act be amended by re-
curing 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 are carried or, and all the ro-
visions Of the said sections requiring
or permitting any Of the said associa-
tions to keep any portion of its law
full money reserves elsewhere than in
its own vaults, or requiring or per-
hitting the redemption Of its circu-
lating notes elsewhere than at its
own counter, except as provided for
in this act, are hereby repealed.
6. That upon all circulating notes
hereafter issued, or hereafter to be
issued, whenever the same shall come
into the Treasury in payment or de-
post for redemption or otherwise,
there shall be printed, under such
rules and regulations as the Secretly
of the Treasury may prescribe, the
charter numbers of the associations
by which they are severally issued
The old patriarch Of the NORTH
Carolina range seems to have drop
ped off to sleep again without carry
ing out his sensational promises Of |
volcanic eruption. After all it
grumblings and mutterings, which
drove all the inhabitants of the slop.
and valleys in terror from theil
homes, Bald Mountain has concluded
to put off the exhibition, whether def
initely or not remains to be seen. Ii
we believe the memory of the "oldesl
;nhob;tout - tho Loot d;eturbo,ooe