The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1874-07-02
THE EINAYCE BILL.

/. ticnal bank act be so amended tina
the several associations therein pro
vided for shall not hereafter berequir
ed to keep on nand any amount o
money whatever, by reason of tn
amount OF their respective cireula
tions; but the moneys required by SAT-
section to be kept at all times on han,
shall be determined by the amount @
deposits, in all respects as provide,
for in the said section.
SEC. 3. Tbat every association or
ganized, or to be organized, under tn,
provisions of the SAID act, and of the
several acts amendatOry thereof, shal
at all times keep and have on deposit
in the Treasury of the United States
in lawful money of the United States
a sum equal to five per centum Of il
circulation, to be held and used fo
the redemption of such circulation
which sum shall be counted as a par
OF its lawful reserve, as provided II
section of this act, and when thu
circulating notes of any such assoeia
tiOns, assorted or unassorted, shall bC
presented for redemption in sums Of
81 600 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 by the Treasurer OI
the United States 10 the respective
association issuing the same, and ht
shall notify them severally on the
first day of each month or Oftener, at
his discretion, Of the amount of such
redemptiOns, and whenever such re-
demptions for any association shall
amount to the sum of $500, such asso.
citation so notified shall forthwith de-
pOsit with the Treasurer of the Uni
ted States q sum in United States
notes equal to the amount of its cir
latipg notes so redeemed, and al
notes of national banks worn, ,defaced,
mutilated, or otherwise unfit for cir
eulation shall, when received by any
Assistant Treasurer, or at any desig.
mated depository of the United States,
be forwarded to the Treasury of the
United States for redemption, as pro-
vided herein and when such re-
/ demptions have been so reimbursed
the circulating notes so redeemed
shall he forwarded to the respective
associations by which they were is
sued but if any such notes are worn,
mutIlated, defaeed, or rendered other
wise unfit for use, they shall be for
warded to the Controller of the Curren-
Oy and destroyed aud replaced as now
provided by law. Provided, that each
of said associations shall reimburse
/ to the Treasury tile charges for trans.
portation and the cost for asserting
such notes, and the associations here
after organized shall also generally
reimburse to the Treasury the cost of
engraving such plates as shall be or
| dered by each association respectively
and the amount assessed upon each
association shall be in proportion So
/ the circulation redeemed, and be
charged TO the fund ON deposit with
the Treasurer; and, provided further,
| that so much of section 80 of said ma
/ tiOnal bank act recognizing, or per-
mitting the redemption of its eircu-
lating notes elsewhere than at its
own counter, except as provided for
IN this section. is hereby repealed.
SEC. 4. That any association or
ganiZed under this act, or any of the
acts to which this is an amendment,
desiring to withdraw its circulating
notes, in whole or in part, may upon
/ the deposit of lawful money with the
Treasurer of the United States, in
sums of not less than $1,000, take up
/ the bouds which said association had
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 pational
bank act, and the outstanding notes
of said association to an amount
equal to the legal tender notes deposit
ed, shall be redeemed at the Treasu-
nv of the United States and destroyed
as now provided by law; provided
that the amount of the bonds on de-
pOsit for circulation shall not be re-
duced below $50, 600.
SEC. 5. That the controller of the
Currency shall under such rules and
regulations as The Secretary Of the
Treasury may prescribe, cause the
charter numbers of the association
to be printed upon all national bank
notes which may be hereafter issued
by him.
SEC. 6. That the amount of United
States notes outstanding, and to be
issued as a part of the circulating
medium, shall not exceed the sum OF
S382, ,00O, 900, which said sum shall ap-
pear in each monthly statement Oi
the public debt, and no part thereof
shall be held or used as a reserve.
SEC. Z. That so much of the act
entitled an act to provide for the re-
demptiOn of the three per centum
temporary loan certificates, and for
an increase of national bank notes, as
provided, that no circulation shall be
Withdrawn under the provisions OF
section Of said act, until after the
S54, 100000 granted in section Ol
said act shall have been taken up, is
hereby repealed, and it shall be the
duty of the Controller of the Currency
under the direction of the Secretary
of the Treasury, to proceed forthwith,
and he is hereby authorized and re-
quired, from time to time, as applics-
tiOn shall be duly made therefor, and
until the full amount Of the So, ,OOO, ,OOO
shall be withdrawn, to make a requi-
sition on each of the national banks
described in said section, and in the
manner therein provided, organized
in States having an excess of eireula-
ton, to withdraw and return 50 much
of this circulation as by said act may
be appOTtioned to be Withdrawn from
them, or in lieu thereof 10 deposit in
the Treasury of the United States
lawful money sufficient to redeem
such circulation, and upon the re-
turn of the circulation required, or
the deposit of lawful money as here
in provided, a prOpOrtionate amount
of the bonds held to secure the
circulation OF such association as
shall make such return or deposit,
shall be surrendered to it.
SEC. s. That upon the failure OF
the national banks upon which req
uisiIions for circulation shall be made
or any of them, to return the amount
required, or to deposit in the Treasu-
~ lawful money to redeem the circu-
lation required within thirty days, the
Controller of the Currency shall
at once sell, as provided in
section 80 Of the national cur
rency act, approved June 3, 1864, bonds
held to secure the redemption
of the circulation of the assoeia-
ton or association which shall so fail
an amount sufficient TO redeem the
va DaSh 49,"
citation or associations, and with
the proceeds which shall be deposited
in the Treasury of the United States
so much of the circulation OF said
association or associations shall be re-
deemed as will equal the amount re-
quired and not returned and if there
be any excess Of proceeds over the
amount required for such redemption
it shall be returned to the association
or associations whose bonds shall
have been sold and it shall be
the duty Of the Treasurer, Assistant
TreasuFers, designated depOsitaries,
and national Eank depOsitaries of the
United States, who shall be kept in
formed by the Controller Of the cur
rency of such associations as shall
fail to return circulation as required,
TO assort and return TO the Treasurer
for redemption the notes Of such ass0-
Citations as shall come into their
hands until the amount required
shall be redeemed, and in like man
ner to assort and return to the Treas-
ury for redemption the notes of such
national banks as have failed or gone
into voluntary liquidation for the
purpose of winding up their affairs OF
such as shall hereafter so fail or go in
to liquidation.
SEC. 8. That from and after the pas
90 % of fhia act II ahaIf la aurfIal for