The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1874-07-02
CURRENCY BILL.
1T Is SIGNED BY THE PRESIDENT.
The Bill LaW-It Gives General Salts
faction Except to Extreme Hard
Money Men-EndOrsed by Financiers
in New York.
THE FINANCE BILL.

WASHINGTON, June 22.-The President
has signed the currency bill reported from
the last committee on conference and it has
therefore become a law, and it gives very
general satisfaction, except among the
extreme hard-money men, like Jones, of
Nevada. There were many of the opinion
that the President would pocket the bill, if
he did not veto it. These gentlemen based
their hopes or fears upon the statements
contained IN the Presidents memorandum
to Jones. They did not see how he could
consistently sign the measure if he was
sincere in his pronunciamento. 1t appears
that he was strongly advised to sign by his
financial friends in New York. Some of
them, it is alleged, have as a consequence
made large gains by the advance in stocks
The following is the bill as passed by
Congress and signed by the President:
SECTION l. The act entitled ''An act
to provide national currency, secured by
pledge of United States bonds. and to
provide for the circulation and redemption
thereof" approved June 3, 1864, 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
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 circulations ;
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 sec
ton.
SEC. 3. That every association organized
or to be organized under the provisions of
the 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 It's 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
two Of this act, and when the circulating
notes of any such associations, assorted or
unassorted, shall be presented for redemp-
ton In sums of 81 600, or any multiple
thereof, to the Treasurere Of the United
States, the same shall be redeemed in
United States notes. All notes so re-
deemed shall be charged by the Treasurer
Of the United States to the respective as
sociations 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, and when
ever such redemptions for any association
shall amount to the sum Of $500 such as
A.. Go1 I'LL
with the Treasurer Of the United States
a sum in United States notes equal to the
amount of its circulating notes so redeemed +;
and all notes of national banks worn, defaced
mutilatcd, or otherwise unfit for circulation
shall. when received by any Assistant
Treasurer, or at any designated depository
of the United States for redemption, as
provided herein and when such redemp-
tons have been so reimbursed to 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 rendered otherwise
unfit for use, they shall be forwarded to the
Controller Of the Currency and destroyed
and replaced as now provided by law.
Provided, that each of said associations shall
reimburse to the Treasury the charges for
transportation and the costs for asserting
scuh notes, and the associations hereafter
organized shall also generally reimburse to
the Treasury the cost of engraving such
plates as shall be ordered by each assocIa-
ton 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 sec
ton 50 of said National Bank act recogniz-
ING the redemption of its circulating notes
elsewhere than It's own counter, except as
provided for in this section, is hereby re-
pealed.