Evening star. [volume] (Washington, D.C.) 1854-1972, 1874-06-10
The Currency Bill.

1he currency bill reported to Congress by the
onfeTence committee yesterday amends the
IatiOnsl banking act of 1851 so that the several
associations therein;prov ded for hall not here
,tter be required TO keep on hand any amount
+ money whatever by reason of the amount Of
beir respective Calculations; but the moneys
eGured by said act to he kept az all times on
laEd shall be determined by the amount of de-
iosits in all respects as provided for in said act
iectlon % Of said act and the several amend
nents thereto, 50 far as they restrict the amount
f notes for circulation under said acts are re-
called; and the provisions in the first section Of
he act of July II, 1870, prohibiting 10 banks
iereafter organized q circulation over $500, 900,
and the prOvisO in the third section of said act,
Uniting the circulation Of gold note banks to
Il ,0O0 600, and section OF said act relating to
he redistribution OF s25, OOO, 900 Of circulating
notes are repealed. Every association hereafter
organized shall be subject to, and be governed
BY, the rules, restrictions, and limitations, and
possess the rights, privileges, and franchises
ow or hereafter to be prescribed by law as 10
national banking assoc iations, with the same
power to amend, alter, and repeal provided by
the national bank act.
Every association organized or to be organ
'Zed under the provisions of said act, and of the
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 equaI TO five per centum of lis
circulation, to be held aud used for the re-
.iempti0n q Such circulation, which sum shall
5e counted as a part OF its lawful reserve: and
'ions, assorted or unassorted, shall be presented
Tor redemption in sums of one thousand dollars,
OF any multiple thereof, the same shall be re-
deemed in United States notes. All notes 50
redeemed shall be charged by the Treasurer of
The United States to the respective associations
'ssuing the same, and he shall notify them sew
orally on the first day OF each month, or Oftener,
1t his discretion, OF the amount Of such re-
iemptions; and whenever such redemptions for
any association shall amount to the sum OF
$3.50, such association so notified shall forth
nr fha
United States a sum In United States
notes equal to the amount OF its circu-
ating notes 80 redeemed. And all notes
II national banks worn, defaced, multi
ated, or otherwise unfit for circulation,
shall when received by any assistant treasurer
or at any designated depository OF the United
states, be forwarded TO the Treasurer OF the
United States for redemption; and when such
exemptions have been 50 reimbursed the cir
:ulating notes so redeemed shall be forwarded
o the respective associations by which they
we're Issued; but If any OF such notes are worn
INITIATED, defaced, or otherwise unit for USE
hey shall be forwarded TO the Comptroller OF
The Currency and destroyed, ana replaced as
aow provided by law: Provided, That each OF
aid associations shall reimburse to the Treasu-
~ the charges for transportation and the costs
for asserting such notes; and the associations
hereafter organized shall also seyerally REIN
ourse TO the Treasury the cost OF engra vi ng such
plates as shall be ordered by each association
respectively. and the amount so assessed upon
each association shall be in proportion TO the
circulation redeemed, aud he charged TO the
tund on deposit with the Treasurer: And pro-
ctded further, That so much of section 80 of said
national bank act requiring permitting the
redemption by any bank of its circulating notes
elsewhere than at its own counter, except as
p divided for in this section, is hereby repealed.
ANY association organized under this act or
airy OF the acts Of which this is an amend ent
desiring to withdraw its circulating notes, in
thole or In part, may, upon the deposit of law
full money with the Treasurer of the United
States. in sums of not less than nine thousand
dollars, take up the bonds which such associa-
ton has GU deposit with the Treasurer tor
security OF such circulating notes, which bonds
shall be assigned to the bank in the manner
specified IN the 18th section Of the national bank
act, and the outstanding notes OF said asSocia-
non to an amount equal to the legal tender
ny OF the United States and destroyed as now
crowded by law: Pyorided, That the amount of
bonds on deposit for circulation shall not be
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 association to be printed upon
all national bank notes which may be here
after iseued by him. The entire amount of
United States notes outstanding and In circula-
OF three hundred and eigbty-two million dol
lars, to be retired and reduced in the manner
prescribed In this act, and such reduction shall
continue until the maximum amount of United
States notes outstanding shall be three hundred
million dollars; and United States notes so
retired shall be Cancelled and carried to the ac-
count OF the sinking fund, and shall constitute
portion of said sinking fund, ana the interest
thereon, computed at the rate of five per cent,
shall be added annually to the said sinking
fund; but If the surplus revenue be not sufc ient
fcr this purpose the Secretary of the Treasury
is iautborized to issue and sell at public sale.
after ten days notice Of time and place OF sale
= sufficient amount OF bonds of the Unite,
States; OF the character and description pre-
scribed in this act for United States notes to he
hen retired and Cancelled.
On and after the first day of January, 1873,
n nj fafs v.nAou 81
of fifty dollars, or any ,multiple tberso1 NAV
present them for payment Mt the Office OF the
Treasurer of the United States, or at the Office
o. the Assistant Treasurer at the city of New
York, and thereupon he shaIl be entitled to re.
ceive at his option from the Secretary of the
Treasury, who Is authorized and required to
amount Of either class of the coupon or rsgis-
tered bonds of the United States provided for
IN first section Of the act approved July IA, 1870
Nothing In this act shall be construed to author.