The weekly Oskaloosa herald. [volume] (Oskaloosa, Iowa) 1855-1885, 1874-07-02

Chicago Inter. Ocean.
THE NEW CURRENCY BILL.
The Full Text of the Bill as Finally
Passed and Signed.
SECTION l. The act entitled "An
act to provide a national currency,
secured by pledge of United States
bonds, and to provide for the circu.
lation and redemption thereof" ap-
proved June 8, 1864, shall be hereaf-
ter known as the National Bank act.
SEC. 2. That section 81 of the
National Bank act be SO amended
that the several associations 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 circu-
lutions but the moneys required by
said section to be kept at all times
on hand shall be determined 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, sum equal to 5 per centum
OF its circulation, 10 be held and
used for the redemption of such cir
culation, which sum shall be counted
as a part of its lawful reserve, as
provided in Sec. 2 of this act, and
when the circulating notes of any
such associations, assorted or unas-
sorted, shall be presented for re-
demption in sums of $1,000 or any
multiple thereof to the Treasurer of
the United States, the same shall be
in United States notes.
All notes SO redeemed shall be charg-
ed by the Treasurer of the United
States to the respective associations
issuing the same, and shall notify
them severally on the first day of
each month or oftener, at his Giscre-
ton of the amount of such redemp-
ton, and whenever such redemptions
of any associations shall amount to
the sum of $500 such associations so
notified shall forth with deposit with
the Treasurer of the United States
sum in United States notes equal to
the amount of its circulating notes SO
redeemed and all notes of National
Banks worn, defaced, mutilated, or
otherwise unfit for circulation shall,
when received by any Assistant
Treasurer, or at any designated de.
pository of the United States, be for.
warded to the Treasurer of the
United States, for redemption as
provided herein and when such re-
demptions have been 80 reimbursed
the circulating notes SO redeemed
shall be forwarded to the respective
associations by which they were is
sued but if any such notes are
worn, mutilated, defaced, or render
ed otherwise unfit for use, they shall
be forwarded to the Comptroller of
the Currency and destroyed and re-
placed as now provided by law.
Provided, that each of said associa-
tions shall reimburse to the Treasury
the charges for transportation and
the costs for asserting such notes,
and the association hereafter organi.
zed shall also generally reimburse
to the Treasurer the cost of engrav
ing such plates as shall be ordered by
each association shall be in proper
ton to the circulation redeemed,
and be charged TO the fund on de-
posit with the Treasurer and, pro
vided further, tn at so much of Sec. 80
of said National Bank Act re ,organi-
zing or permitin the redemption of
its circulating notes elsewhere than
at its own counter, except as provi-
ded for in this section, is hereby re.
pealed.
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 $4,000, to take
up the bonds which said Associa-
ton has on deposit with the Treasu.
rer for the security OF such circula-
ting notes, which bonds shall be as
signed to the banks in the manner
specified in the nineteenth section of
the National Bank Act, and the out
standing notes of said Association to
an amount equal to the legal tender
notes deposited, shall be redeemed
at the Treasury Of the United States
and destroyed, as now provided by
law provided that the amount oil
the bonds on deposit for circulation
shall not be reduced below $4,000.
Sec. 5. That the Comptroller OF
the Currency shall, under such rules
and regulations as the Secretary OF
the Treasury may prescribe, cause
the charter numbers of the Associa
ton to be printed upon all National
bank notes which may be hereafter
issued by him.
Sec. 6. That the amount of the
United State notes outstanding, and
to be issued part of the circulating
medium, shall not exceed the sum OF
$685., 900, 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. 7. That so much of the act
entitled, an act to provide for the
redemption of the per centum tenn
porary loan certificates, and for an
increase of National Bank notes, as
provided, that no circulation shall be
Withdrawn under the provisions oi
Sec. 5 of said act until after the
$54, 100000 granted in Section l, OF
said act shall have been taken up, is
hereby repealed, and it shall be the
duty of the Comptroller OF the cur.
rency, under the direction of the
Secretary of the Treasury, to pro-
ceed forthwith, and he is hereby
authorized and required, from time
to time, as applications shall be only
made therefore, and until the full
amount of the S54,0oe,00O shall be
Withdrawn, to make a requisition on
each of the National Banks describ-
ed in said section, and in the man
ner therein provided, organized in
Sfafaa HAVING an aYcaas of circnla a