The Lake County star. [volume] (Chase, Mich.) 1873-current, 1874-07-02
THEFINANCE BILL.
EUhre.' or'hs s'i, L.. :: :'snes by the Prs.,.

|
SECTION 1. The act entitled "An act TO
provide a national currency, secured by a
pledge Of United States bonds, and to pro-
vide for the circulation and redemption
thereof" approved June 8, 1854, shall be
hereafter known as the national 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 be required to keep on hand any
amount OF money whatever, by reason of the
amount OF their respective calculations; but
the moneys required by said section to be
kept at all times on hand shall be determined
by the amount of deposits, i'm all respects as
provided for i'm said section.
SEC. .. That every association organized,
or to be organized, under the provisions of
the said act, and of the several acts amenda-
tory thereof, shall at all times keep and have
on deposit in the Treasury of the United
States, in lawful money of the United States,
sum equal to five per centum of its circu-
lation, to be held and used for the redemp-
ton OF its circulation, which sum shall be
counted as part of its lawful reserve, as
provided in section 2 of this act, and when
the circulating notes of any such associations,
assorted or unassorted, shall be presented
for redemption in sums of II 900 or any null
tiple thereof to the Treasurer of the United
States, the same shall be redeemed i'm United
States notes. All notes so redeemed shall be
charged by the Treasurer of the United
States to the respective associations 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 re-
4 demptions, and when ever such redemptions
for any association shall amount to 1900,
such association so notified shall forthwith
deposit with the Treasurer of the United
States a sum i'm United States notes equal to
the amount Of its circulating notes so re-
deemed, and all notes of national banks
worn, defaced, mutilated, or otherwise unfit
for circulction SHALL when received by any
Assistant Treasurer, or at any designated de-
to the Treasury of the United States for re-
demption, as provided herein; and when
such redemptiOns have been so reimbursed,
the circulating notes so redeemed shall be
forwarded to the respective associations by
which they were issued; but If any such
notes are worn, mutilated, defaced, or other
wise rendered unfit for use, they shall be for
warded to the Controller of the Currency
and destroyed and replaced as now provided
by law. Provided, that each of said associa-
tons shall reimburse to the Treasury the
charges for transportation and the costs for
asserting such notes, and the associations
hereafter organized shall also reimburse to
the Treasury the cost of engraving such
plates as shall be ordered by each association
respectively, and the 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 32
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 in this section, is hereby
repealed.
Sec. A. That any association organized UNI
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 Treas
urer 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 outstanding notes of said association
to an amount equal to the legal tender notes
deposited, shall be redeemed ut the Treasury
of the United States and destroyed, as now
provided that the amount of the bonds on de-
post for circulating shall not be reduced be-
low $4,000.
SEC. 5. That the Controller of the Cur
rency shall under such rules and regulations
as the Secretaryof the Treasury may prescribe,
cause the charter numbers Of the association
| to be printed upon all national bank notes
SEC. g. 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, 900, which said sum shall
appear in each monthly statement of the
public debt, and no part thereof shall be held
or used as reserve.
SEC. T. 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 with.
drawn under the provisions of section six of
said act, until after the $54,000,000 granted
i'm section one of 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 fOrthworth 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
So, 900, 900 shall be withdrawn, to make a
requisition on each of the national banks
described in said section, and in the manner
therein provided, organized in States having
| an excess of circulation, to withdraw and
return so 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
sufficient to redeem such circulation, and
upon the return of the circulation required,
or the deposit of lawful money as herein pro-
vided, prOportionate amount of the bonds
held to secure the circulation of such asssO-
citation as shall make such return or deposit,
shall be surrendered tOit.
SEC. 8. That upon the failure of the ma
tional banks upon which acquisitions for cir
culsttiOn shall be made, or any of them, to re-
turn the amount required, or to 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, 1876, bonds held
to secure the redemption of the circulation
of the association or associations 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 required
and not returned and If there be any excess
of the 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 Treasurers, des-
| ignated depositaries, and national bank de-
positaries Of the United States, who shall be
kept informed by the Controller of the Cur
rency of such associations as shall fail to re-
turn circulation as required, to assert and re-
turn to the Treasurer for redemption the
notes of such associations as shall come into
their hands until the amount required shall
be redeemed, and in like manner to assert
and return to the Treasury for redemption
the notes of such national banks as have
failed or gone into voluntary liquidation
for the purpose of winding up the affairs of
such as shall hereafter so fail or 60 into
liquidation.
SEC.9. That from and after the passage of
this act it shall be lawful for the Controller
of the Currency, and he is hereby ordered
to issue circulating notes without delay as
applications thereof are made, not to exceed
Sol, 900, 900, to associations organized, or to
be organized, in those States and Territories
having less than their proportion of circula-
ton under an apportionment made on the
basis of population and wealth as shown by
the returns of the census Of 1870, and every
association hereafter organized shall be sub
ject to and be governed by the rules, restric-
tons, and limitations, and possess the rights,
privileges and franchises now or hereafter
to be prescribed by law as national banking