Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1874-08-28
GENERAL NArrRE-No. 70.l


AN ACT fixing the amount Of the United
States notes, Trovding for a re-dislribu-
ton of the national bank currency, and
for other purposes.
BE IL enacted by tie Senate and House Of
Representatives. Of The United .StdtcS Of
.4me1fcd, in Congress assembled, That 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" approved
June third, eighteen hundred and sixty
four, shall hereafter lie known as line
national bank act"
SEC. .. That section thirty-one 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 de-
posits in all respects, as provided for in the
said section.
SEC. 3. That every association organized,
or to be organized, under the provisions of
the said act, and of the several acts amen
datory thereof, shall at all times keep and
have on deposit in the treasury oi the
United States, in lawful money OF the
United States, a sum equal to five per cert
um of its circulation, to be held and used
for the redemption of such circulation
which sum shall he counted as part o. its
lawful reserve, as provided IN section two
of this act; and when the circulating notes
of any such associations, assorted or un-
assorted, shall be presental for red drmptiOn,
in sums of one thousand dollars. or any
multiple thereof, tn the Treasurer of The
United States, the same shall pe redeemed
in United States notes. All notes so re-
deemed shall he charged by the Treasurer
of the United States TO the respective asso.
Citations issuing the same, and he shall no.
tify them seNerally, on the first day OF each
month, or oltener, al his discretion, OF the
amount of such redemptiOus anf when
ever such redemptions for any association
shall amount to the sum of tive hundred
dollars, such association so notified shall
forthwith deposit with the Treasurer Of
the United States n sum in United States
notes equal 10 the amount OF its circulating
notes So redeemed. Aud all notes of ma
tional banks worn, deiaced, mutilaied, or
otherwise unfit for circulation shall, WHOM
received by any assistant treasurer, or at
auy designated depository of the United
| States, be forwarded to the Treasurer OF the
| United States for redemption as provided
| herein. And when such redemptiOns have
| been so re-impursed, the circulating g-nOtos
| so redeemed shall be forwarded TO the re-
| spective associations by which they were
| issued but if any of such notes are worn,
mutilated, defaced, or rendered otherwise
unfit for use, they shall be forwarded to the
| ComDtrOller of the Currency and destroyed
| and replaced as now provided by law I:
| P,'ODided, That each of said associations
shall reimburse to the Treasury the charg-
| es for transportation, and the cost for as
| sorting such notes and the associations
| hereafter organized shall also severally re-
| imburse to the Treasury the cost of engrav-
ing 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 und on deposit with
| the Treasurer: and prOpided further,
| That 50 much of section thirty-twO of said
nationa-bank act requiring or permitting
| the redemption of its circulatng-notes
| elsewhere than at its own counter, except
as provided for in this section, is hereby
| repealed.
SEC. 4. That any association organized
under this act, or any of the acts of which
| this is an amendment, desiring to with
draw its circulating notes, in whole or in
part, may, upon the deposit of lawful mon
ey with the Treasurer of the United States
| in sums of not less than nine thousand dol
| lars, take up the bonds which said assoca-
ton has on deposit with the Treasurer for
| the security of such circulating notes
| which bonds shall be assigned to the bank
! 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 de-
posited, shall be redeemed to the Treasury
of the United States, and destroyed as now
provided by law: Provided, That the
amount of bonds on deposit for circulation
shall not be reduced below tify thousand
! dollars.
SEC. s. That the Comptroller of the Cur
rency shall, under such rules and regula-