Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-05-07
House Finance Bill as Amended
by Senate Committee
Greenbacks Limited to $751;
100000.
Imitation by National Banks G
$164, 100000,
Modified by the SimultaneOu
Withdrawal of So, OOO,-
900 Greenbacks.
Provision Made for Redemption
in Gold Notes Jan. I, 1877.

a national currency, secured by pledge o
United States bonds, and to provide for tbs
circulation and redemption thereof, ap
proved June >, 1864, shall hereafter bt
known as the national bank act Of 1884.
Reserves to be Regulated by Deposits
Sec. 2. That section 81 OF the national
bank act of 1854 be so amended that the
several associations therein provided fol
shall not hereafter be required to keep Oh
hand any amount Of money by reason o.
the amount of their respective circulafions
but the moneys required by said section t
be kept at all times on hand, shall be de-
teImined by the amount Of deposits IN al
respects as provided by said section, and
such national banking associations now or.
ganized, or hereafter to be organized. shall
keep and maintain as part of its reserve
One-fOurth part of the coin received by il as
interest on the bonds of the United States
deposited as security for circulating means
or Government deposits.
Reserves TO be Kept at Home
Sec. 3. That sections 81 and 81 OF
said act be amended by requiring that each
of said associations shall, within 80 days
after the passage of this act. keep its lawful
money reserve within its own vaults, or the
place where its operations of discount are
carried on, and the provisions of said sec
tionS requiring or permitting any Of said
associations 10 keep any portion of its law
ful money reserves elsewhere than in its
own vaults, or requiring or permitting a re-
| ductiOn of its circulating notes elsewhere
| than at its counters, or the department. as
| provided for in this act, are repealed.
Former Limitations Repealed.
Section 4. Section 20 of said act and the
several amendments thereto, so far as they
restrict the amount of rates for circulation
under said acts be, and the same are hereby
repealed; and the provisO in the first section
of the act approved July II, 1870, entitled
ian act to provide for the redemption of
the three per cent. temporary loan certifi-
Gates and for an increase of National bank
notes prohibiting TO banks thereafter
organized circulation of over S50O.0JO.
The proSiso in the third section of said
act limiting the circulation of bonds
authorized TO issue notes redeemable in
gold coin to one million dollars, and
section six for the redistribution Of twenty
five millions of circulating notes be. and
the same is hereby repealed. That every
association hereafter organized shall be
subject TO and be governed by the rules,
restrictions and limitations, and possess
all rights, privileges and franchises now or
hereafter TO be prescribed by law as to
National banking associations, with the
same power TO amend, alter and repeal.
provided by the National banking act of
1864.
Five Per Cent Reserve at washington
Sec. .. That every assOciatian organized
or to be organized under the provisions of
said act, or the several acts in amendment
thereof, shall at times keep and have on de-
post in the Treasury Of the United States
IN lawful money of the United States. a
sum equal TO five per cent of its circulation.
to be held and used only for the redemp-
ton of such circulation; and when the
circulating notes OF any such association or
organization, shall be presented forredemp-
ton in sums Of $1,000, or any multiple
thereof to the Treasurer of the United
States, the same shall be redeemed in
/ United States notes. AllnOteS so redeemed
shall be charged by the Comptroller Of Cur
rency TO the respective associations issuing
the same, and he shall nO;ifythem severaIly
on the first day of each month or oflener at
his discretion of the amount of such re-
demptlOnS, wheTeupOn such association so
notified shall forthwith deposit with the
Treasurer Of the United States. a sum
equal 20 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 treasurer or at a
designated depository of the United States.
be forwarded to the Treasury of the United
States for redemption, as provided herein:
and when such redemptions have been so
reimbursed, the circulating notes so re-
deemed shall be forwarded to the respec-
tive associations by whom they were issued.
But II such notes are worn, mutilated. de-
faced, or rendered 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 associations shall reim-
burse, to the Treasury, the charges for
transportation and the cost of asserting
said notes. Associations hereafter organ
lied shall also severally reimburse to the |
treasury the cost Of engraving such plates
as shall be ordered by each association re-
spectiyely, 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.
Power TO Contract Circulation.
Sec. q. That any association organized |
under the act of which this is an amend |
ment, desiring to withdraw its circulating
notes in whole or in part, may, on the de /
poSlt OF lawful money with the Treasurer
OF the United States in sums of not less
than $1,000, take up the bonds which said
association has on deposit with the Treas
urer for the security of such circulating
notes, which bonds shall be assigned To the
BANK in the manner specified in the 18th
section of the act of 1864. Outstanding
notes OF said association TO an amount equal
to legal tender notes deposited shall be re-
deemed at the Treasury of the United
States, and destroyed as now provided by
law; provided, that the amount of the
bonds on deposit for circulation shall not
be reduced below $4,000.
Charter Number.
Sec. Z. The Comptroller of the Currency
shall, under such regulations as the Secre-
rotary of the Treasury may prescribe, cause
the charter number of the association to be
printed upon all National Bank notes which
may hereafter be issued by him.
Greenbaeks Limited TO $3.50 600. 600.
Sec. s. That the amount of United
States notes outstanding and in circulation,
at any one time shall not exceed the sum of
three hundred and eighty-tWo million dol
lars, and within thirty days after circulate
ing notes TO the amount of one million
dollars shall from time to time be issued to
the National Banking Association under
this act, it shall be the duty of the Secre-
tary OF the Treasury to retire an amount of
United States notes equal to fifty per cent
OF the notes so issued, which shall be in
reduction of the maximum amount of
the S3S2 100000 fixed by this section, and
such reduction shall continue until the
amount of United States notes
shall be three hundred million
dollars, and for that purpose he is author
lied to issue and sell at public sales, after
ten days notice of time and place of sale,
sufficient amount of bonds of the United
States, OF the character and description
prescribed in this act for United States
notes, to be then retired and Cancelled.
Provisions for Specie Resumption.
Sec. y. That on and after the first day of
January, 1877, any holder of United States
notes to the amount Of one thousand dol
lars or any multiple thereof, may present
hem for payment at the office of the Treas
lrer OF the United States or a. the Office Of !
he Assistant Treasurer at the city of New
\ N a