Knoxville weekly chronicle. [volume] (Knoxville, Tenn.) 1870-1875, 1874-04-22
coNcRES SIoNAL.
T,r,, session ror,y.tn,rd Congress.
WASHINGTON, April ii.
HOUSF.


By majority of 10, the House passed the
Currency bill, which is as follows. This bill
| goes to the Senate to be acted on by that body
That section thirty-one of the net entitled an
act to provide national currency, secured by
q pledge of United States bonds, and to provide
for the circulation and redemption thereof, APP
prov ed on the Sd day of June, in the year 1864
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-
spective circulations, but the moneys required
by said section to be kept at all times on the
original act, to which the act last aforesaid is an
amendment, be and the same is hereby re-
enacted.
Section 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 de-
post in the Treasury of the United States, in
| lawful money of the United States, sum equal
| to FIVE per centum of its circulation, TO be held
| and used only for the redemption of such circu-
laton, and when the circulating notes of any
such association associations shall be present.
ed, assorted or unassorted, for redemption in
sums of one thousand dollars OF any multiple
| thereof TO the Treasurer or to any Assistant
| Treasurer of the United States. the same shall
be redeemed in United States notes. All notes SO
redeemed, shall be charged by the Comptroller
| of the Currency to the respective associations
| issuing the same, and he shall notify them sew
orally on the first day of each month, or often
|
| redemptions. Whereupon, each associa-
| ton so notified shall forthwith de-
post with the Treasurer of the United States
| a sum in United States notes equal to the
| amount of its circulating notes so redeemed,
and when such redemptions have been so re-
| imbursed. the circulating notes so redeemed, or
| if worn, mutilated or defaced, new notes in
stead shall be forwarded to the respective as So
| Citations provided, that each of said associa-
tons 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 severaliy reims
burse to the treasury the costs of engraving
| and printing their circulating notes and provi-
| ded further, that the entire amount of United
| States notes outstanding and in circulation at
| any one time shall not exceed the sum
of four hundred million dollars now authorized
| by existing law.
| Section a. That any association organized un>
| der this act any of the acts of which this is
an amendment, desiring to withdraw its circu-
lating notes in whole or in part, may upon the
| deposit of lawful money within the meaning of
said acts in sums of not less than ten thousand
| dollars, with the Treasurer ofthe United States
| withdraw a proportional amount of bonds
| deposited in pledge for such circulation, and he
| shall redeem, cancel and destroy an amount of
the circulating notes of such association equal
| to the amount issued upon such bonds
| Section D. That sections thirty>one and thir-
| ty-two of the said act be amended by recurring
that each of the said associations shall Keen its
| the place where its operations of discount and
deposits are carried on and all the provisions of
| the said sections requiring or permitting any of
the SAID associations to keep any portion of
| its lawful money reserves elsewhere than in its
| vaults, or requiring or permitting the redemp-
ton of its circulating notes elsewhere than at its
| own counter, except as provided for in this act,
are hereby repealed.
Section 6. That upon all circulating notes
hereafter issued or hereafter to be issued, when
| ever the same shall come into the Treasury in
payment or deposit for redemption or otherwise,
there shall be printed under such rules and reg
| ulations as the Secretary of the Treasury may
prescribe the charter numbers of the associa-
tons by which they are severally issued.
The House then passed. by majority of So,
the Senate bill, as follows
Section /. That the maximum amount of
nlted States notes is hereby fixed at four hun
dred million dollars.
| Section 2. That forty-six millions in notes
| for circulation, in addition to such circulation
now allowed by law, shall be issued to National
| banking associations now organized and which
| may be organized hereafter, and such increased
circulation shall be distributed among the
| several States as provided in Section | of the
act entitled An act to provide for the redemp-
ton of the three per cent, temporary loan GER
| thcates and for an increase of National Bank
notes, lIapproved July 10Th, 1870 and
each national banking association now or
ganlZed or hereafter to be organized, shall
| keep and maintain, as part of its reserve re-
quired by law, one-fourth part of the coin re-
ceived by it as interest on bonds of the United
States, deposited as security for circulating
notes or Government deposits, and that here
| after only one-fourth of the reserve now pre-
scribed by law for national banking associations
shall consist of balances due to an association
available for the redemption of its circulating
notes from associations in cities of redemption,
and upon which balances no interest shall be
paid.
- The status of the currency bill now is this :
The House bill has to await the action of the
Senate which may or may not be favorable or
may be delayed indefinitely whereas the Sen
ate Bill goes directly to the President for his
signature. 1t is currently reported that il will
| not receive his approval