The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-06-30
THE FINANCE BILL.
FULL TEXT OF THE BILL AS IT PASsED
THE SENATE AND HOUSE.

woe natlonal currency secured by |
pledge ofUnited States bonds, and to provide !
for the circulation thereof" approved June
8, 1864. shall be hereafter known as the ma
tional bank act.
Sec. 2. That section 81 of the national
bank act be so amended that the several as
sociations therein provided for shall not
hereafter he required to keep on hand any
amount of money whatever, by reason oftbe
amount of their respective circulations; but
the moneys required by said section to be
kept at all times on hand shall be deter
mined by the amount of deposits, in all
respects as provided for in the said section.
: SEC. 3. That every association organized,
or TO be organized, under the provisions 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, a sum
equal TO five per centum of its circulation, to
be held and used for the redemption of such
circulation, which sum shall be counted as
part of its lawful reserve, as provided in
section of this act, and when the circu-
lating notes OF any such associations, as
sorted or unassorted, shall be presented for
redemption in sums of 81 900 or any multi
pie thereof to the treasurer of the United
States, the same shall be redeemed in Uni
shall be charged by the treasurer of the Uni
ted States to the respective associations
issuing the same, and ne shall notify them
severally on the first day of each
month, or oftener, at his discre-
ton, of the amount of such redemp-
tions, and whenever such redemptions
tor any association shall amount to the sum
of $500, such association so notified shall
forthwith deposit with the treasurer of the
United States notes equal to the amount of
its circulating notes so redee ned, and all
notes of national banks worn, defaced, mutt
lated, or otherwise unfit for circulation,
SHALL when received by any assistant
treasurer, or at any general depository of
the United States, be forwarded to the
treasury OF the United States for redemp-
ton, as provided herein: and when such re-
demptions have been so reimbursed the cir
culating notes so redeemed shall. be for
warded to the respective associations by
which they were issued; but if any such
notes are worn, mutilated, defaced, or rem
dered otherwise unfit for use, they
the currency and destroyed and replaced
as now provided by law Provided,
| that each of said associations shall reim-
burse to the treasury the charges for trans
! portation and the cost for asserting such
notes, and the associations hereafter organ
lied shall also generally reimburse to the
treasury the cost of engraving such plates
as shall be ordered by each association re-
spectively, and tne amount assessed upon
each association shall be in proportion to
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 national bank recognizing, or permit
ling the redemption Of its circulating notes
elsewhere than at its own counter, except as
provided for in this section, is hereby re-
pealed.
Sec. 4. That any association organic ed un-
der 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 $4,000. take up 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 18th
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-
vided by law; provided that the amount of
the bonds on deposit for circulation shall not
be reduced below $4,000.
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 numbt rs of the association
to be printed upon all national BANK notes
which may hereafter be issued by him.
SEC. 6. That the amount of United States
notes outstanding, and to be issued as part
of the circulating mediUm, shall not exceed
the sum Of 1882 600, 600, which said sum shall
appear in each monthly statement of the
public debt, and no part thereof shall be
held or used as reserve. to
SEC. l. That so much of the act entitled
an act to provide for the redemption of the
three per centum temporary loan certificates,
and for an increase of national bank notes,
| as provided, that no circulation shall be
| Il no ~ Gs inrn
6 of said act until after the S54, 600, 900 grant
ed in section l of said act shall have been
taken up, is hereby repealed; and it shall be
the duty of the controller OF currency, under
the direction of the secretary of the treasu-
| nv, to proceed forthwith, and he is hereby
authorized and required, from time to time,
as application shall be duly made therefor,
| and until the full amount of the S54 000, 900
shall be withdrawn, to make requisition
on each of the railroad banks described in
said section, and in the manner therein pro-
vided, organized in states having an excess
| of circulation. to withdraw and return so
much of this circulation as by said act may
be apportioned to be withdrawn from them,
or in lien thereofto 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 de-
posts of lawful money as herein 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 ma
tional banks upon which acquisitions for cir
culation shall be made, or any of them, to
return the amount required, or 20 deposit IN
the treasury lawful money TO redeem the cir
culation required within thirty days, the
controller of the currency shall at once sell,
as provided in section 40 of the national cur
rency act, approved June 3, 1874, bonds held
to secure the redemption of the circulation
of the association or associations which
shall so fail to an amount sufficient to re-
deem the circulation required of such an as
ISOLATION or associations. and with the pro-
ceeds which shall be deposited in the treas
ury of the United States SO much of the cir
cuiation of said association>or associations
shall be redeemed as will equal the amount
REQUIRED and not returned, and if there be
any excess of proceeds over the amount re-
o,,;rad for suoh radamntion il shall he re-