Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-06-23
THE FINANCE BILL.
Full Text of the Measure as
Passed by Congress.
No Change i'm fhe Volume of Circula-
tIou-But New England Must Dis

fIou-Buf New England Must Dis
gorge Every Dollar Of Her Excess.
can act to fix the amount of United
States notes. provide for the redistri-
button Of the Natioral Bank currency,
and for other purposes
SECTION l. The act entitled San
act 10 provide National currency, Sc
cured by a pledge of United States
bonds, and TO provide for the circula-
ton and redemption thereof" approx
ed June 3, 1864, shall be hereafter
known as the National Bank Act.
RESERVES TO SECURE CIRCULATION
ABOLISHED.
Sec. 2. That section 81 of the Ma
tional Bank Act be so amended that
the several associations therein provid-
ed for shall not hereafter be re luired to
keep on hand any amount of. money
whatever, by reason of the amount of
their respective calculations; but the
moneys required by said section to be
kept at all times on hand shall be de-
termined by the amount of deposits, in
all respects as provided for in the said
section.
REDEMPTION CITIES ABOLISHED
NEW BANKS MUST PAY FOR ENGRAv-
ING, ETC.
Sec. 8. That every association organ.
lied or to be organized under the pro-
visions 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 law
full money of the United States, sum
equal to five per centum of its circula-
ton, to be held and used for the re-
demption of such circulation, which
sum shall be counted as a part of its
lawful reserve, as provided in section 2
of this act; and when the circulating
notes of any such associations, assorted
or unassorted, shall be presented for
redemption 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. All
notes so redeemed shall be charged by
the Treasurer Of the United States to
the respective associations issuing
the same, and he shall notify them
seyerally on the first day of
each month, or oftener, at his
discretion, of the amount of such re-
demptions, and whenever such redemp-
tions for any association shall amount
to the sum of $500 such association SO
notified shall forthwith deposit with
the Treasurer of the United States a
sum in United States notes equal to
the amount of its circulating medium
SO redeemed; and all notes of National
banks worn. defaced, mutilated, or 9TH
erwise 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 tae United States for re-
demption, as provided herein; aad
when such redemptions have been SO
reimbursed the circulating notes SO
redeemed shall be forwarded to the re-
spective 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 Comptroller OF the
Currency and destroyed and replaced
as now provided by law. Provided that
each of said associations shall reim-
burse to the Treasury the charges for
transportation and the costs for assert
ing such notes, and the associations
hereafter organized shall also general
" reimburse to the Treasury the cost
of engraving such plates as shall be or
dered by each association respectively,
and the amount assessed upon each
association snail be in proportion to the
circulation redeemed, and be charged
to tha Gard 1aso}fdedt that b
much Of section 80 of said national
bank act recognizing, or permitting the
redemption Of its circulating notes
elsewhere than at its own counter, ex-
cept as provided for in this section, is
hereby repealed.
PROVISIONS FOR RETIRING CIRCULA-
LATION IN WHOLE OR IN PART.
Sec. 4. That any association organ
lied under this act, or any of the acts
to which this is an amendment, de-
string to withdraw its circulating notes,
IN whole or in part, may upon the de-
post of lawful money with the Treasu-
rer of the United States, in sums of
not less than $4,000, take up the bonds
which said association has on deposit
with the Treasurer for the security of
such circulating notes, which bonds
shall be assigned to the banks in the
manner specified in the nineteenth Sec
ton of the national bank act, and the
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 of the bonds
on deposit for circulation shall not be
below $4,000.
CHARTER NUMBERS.
Sec. ). That the Comptroller of the
Currency shall, under such rules and
as the Secretary of the
Treasury shall prescribe, cause the
charter numbers of the association to
be printed upon all National Bank
notes which may be hereafter issued by
him.
FIXED AT THE PRESENT
AMOUNT.
Sec 6. That the amount of United
States notes outstanding, and to be
issued as part of the circulating me-
dunn. shall not exceed the sum of $751;
DOG, 900, which said sum shall appear in
each monthly statement of the public
debt, and no part thereof shall be held |
0T used as a reserve.
THE PRESENT OBSTRUCTION To Reds |
TRIBUTIoN REMOVED.
Sec. z. That SO much of the act, en-
titled "An Act to provide for the re-
lenlptiOn of the three per centum tenn
Dorary loan certificates, and for an in
crease of national bank notes" as pro-
rides that no circulation shall be with
lrawn under the provisions of section
of said act, until after the S54 ,000,- |
700 granted in section of said act
shall have been taken up, is hereby re-
oealed, and it shall be the duty of the
Comptroller of the Cum ency, under
he direction of the Secretary
# the Treasury, to proceed
and he is hereby anthor.
zed and required, from time to time,
Is application shall be duly made there
or, and until the full amount of the
~ 900 0On cban hn ,ifbd,-ourt, 20