Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-04-17
THE CURRENCY QUESTION.
Text of the Senate and House Bills Now
Before the President for his
Approval
The Circulation Not to Exceed Four
Hundred Million Dollars, TO
be Divided Among the
States.

WASHINGTON, April 14-The follow
ing is the full text of the house currency
bill, which, with that of the senate,
only needs the Presidents signature to
become alaw:
Be IL enacted, ETC., That section 81 of the act
entitled IAN act TO provide national curren-
cy secured by a pledge Of United states OOuGs,
and to provide for the circulation and reduc-
tion thereof" approved on the third day OF
June, in the year 1854, be so amended that the
several associations therein provided fer shall
not hereafter be required to keep on hand any
amount of money whatever by reason OF the
amount of their respective circulations, but
the money required by said section 70 be kept
at all times on hand shall be determined by
the amount of deposits in all respects as pro-
vided for in the said section.
SECTION 2. That section z of the said act,
and the several amendments thereto, so far as
they restrict the amount of notes for circula-
tiOn under said act, be and the same are here
by repealed; and that section of the act en-
titled "An act to provide for the redemption
OF the three per cent. temporary loan certifi-
Gates, and for an increase OF national bank
notes, approved July u, $50, be amended by
repeating the second provisO in said section
contained, and the act entitled "An act to
amend an act entitled an act 10 provide a ma
tional currency secured by pledge or United
tion and redemption thereof, approved on the
third of March, 1865, be and the same is here
by repealed; and section q OF the original
act, to which the act last aforesaid Is
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 amend
ment 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 20 five per cent. of its circulation,
to De held and used only for the redemption Of
such circulation; and when the circulating
notes Of any such association or associations
shall be presented, assorted or unassorted, for
redemption in sums OF one thousand dollars,
r.
any assistant treasurer Of the United states,
the same shall be redeemed in United states
notes. All notes redeemed shall be charged
by the comptroller Of the currency to the re-
spectiYe assoc atiOns 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 redemptionS, whereupon
each association so notified shall forthwith
deposit 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 defaeed, new notes
instead shall be forwarded 10 the respective
associations. Provided, that each OF said as
SociatiOns shall REIN burse to the treasury the
costs of redemption, and of supplying new
notes in place OF those redeemed, and the as
sOciatiOns hereafter organized shall also sew
orally reimburse to the treasury the costs Of
engraving and printing tEeir circulating
notes; and, provided 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 Tlillion dol
lars, now authorized by existing law.
SECTION 4. That any association organized
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
one thousand dollars with the treasurer OF the
United States, withdraw a propOrtiOnate
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 s. qhat sections 81 and 81 of the said
act be amended by requiring that each Of the
associations shall keep its lawful money re-
serves within its own vaults at the place
where It's Operations of discount and deposit
are carried on; and all the provisions OF the
said sections requiring or permitting any of
the said associations TO keep any portions of
its lawful money reserves elsewhere than in
its own vaults, or requiring or permitting the
redemption Of its circulating notes elsewhere
than at its own counter, except as provided
for in this act, are hereby repealed.
SECTION 8. That upon all circulating notes
hereafter issued or hereafter 70 be issued,
whenever the same shall cone into the treas
ury in payment or deposit for redemption or
otherwise, there shall be printed, under such
rules and regulations as the secretary of the
treasury may prescribe, the charter numbers
of the associations by which they are severally
issued.
THE SENATE BILL.
The following is the text of the four
hundred d-milliOn-dollars currency bill
The maximum amount Of United
States notes is hereby fixed at four hun
dred million dollars.
Section provides that forty-six mil
lions in notes for circulation in addition
to such circulation now allowed by law,
shall be issued to national banking as
sociations now organized, and which
may be organized hereafter, and such in
creased circulation shall be distributed
among the several States as provided in
section one of an act entitled an act to
provide for the redemption Of the three
per cent temporary loan certificates, and
for an increase of national bank notes,
approved July II, 1870, and each nation
al banking association now organized,
or hereafter to be organized, shall keep
and maintain as part of its reserve re-
quired by law, One-fourth part of the
coin received by it as interest on bonds of
the United States deposited as security
for circulating notes or government de-
posits, and that hereafter only one
fourth of the reserve now prescribed by
law for national banking associations
shall consist of balances due to an assO-
citation available for the redemption of
its circulating notes from associations in
cities of redemption, upon which balane-