Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1874-07-02
THE FINANCES.
Full Text OF the Currency Bill Passed
by Congress.

having received the signature Of the Presi-
dent
SECTION /. The act entitled San act to pro-
vide natiousl currency secured by pledge
of United States bonds, and to provide for
the circulation and redemption thereof" ap-
proved June 3, 1864, shall be hereafter known
as the National Bank act.
SEC. 2. That Sec. 81 of the National Bank
act be so amended that the several associations
therein provided for shall not hereafter be re-
quired to keep on hand any amount of money
whatever by reason of the amount of their
respective circulations but the moneys re-
quired 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 section
SEC. g. That every association organized
or to be organized under the provisions of
the said act, and of the several acts amenda-
tory 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 5 per centum OF its circula-
ton, to be held and used for the redemption
of such circulation, which sum shall be
counted as a part of its lawful reserve, as
provided in section of this act. and when
the circulating notes of any such associations.
assorted or unassorted, shall be presented for
redemption in sums Of 81, 900 or any multiple
thereof to the Treasurer of the 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 severally on
the first day Of each month or oftener. at his
discretion. of the amount of such redemp-
tions, and whenever such redemptions of any
associations shall amount to the sum of $500
such associations so notified shall forthwith
deposit with the Treasurer of the United
States a sum III United States notes equal to
the amount of it's circulating notes so re-
deemed; and all notes of national banks
worn, defaced, mutilated, 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 OK the United
States for redemption, as provided herein
and when such redemptions have been so
imbursed the circulating notes so redeemed
shall be forwarded to the respective associa-
tions by which they were issued but if any
such notes are worn, mutilat, d, defaced, or
rendered otherwise unfit for use, they shall
be forwarded to the Comptroller of the Cur
rency and destroyed and replaced as now pro-
vided by law. Provided that each of said AS
sociations shall REIN burse to the Treasury the
charges for transportation and the costs for
asserting such notes, aud the association
hereafter organized shall also generally reim-
burse to the Treasury the cost of engraving
citation 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
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.
SEC. 4. That any Association organized un-
der this act, or any of the acts to which this
is an amendment, desiring to withdraw it's
circulating notes, in whole or in part, may.
upon the deposit of lawful money with the
Treasurer Of the United States, III sums of
not less than $4,000, take mp the bonds which
said Association has on deposit with the
Treasurer for the security OF such circulating
notes, which bouds shall be assigned to the
banks in the manner specified in the nine
teenth section of the National Bank act and
the outstanding notes of said Association to
ar amount equal to the legal-tender notes de-
posted, shall be redeemed at the Treasury of
the United States and destroyed. as now pro-
vided that the amount OF the bonds of de-
post for circulation shall Lot be reduced be-
low $4,000.
SEC. 5. That the Comptroller of the Cur
rency shall, under such rules and regulations
as the Secretary Of the Treasury may pre-
scribe, cause the charter numbers of the As
ISOLATION to be printed upon all National Bank
notes which may be hereafter issued BY him
SEC. 6. That the amount of the United
States notes outstanding, and to be issued as
part of the circulating medium, shall not ex-
coed the sum Of 1882, 000, 900, which said sum
shall appear in each monthly statement of the
public debt, and no part thereof shall be held
or used as a reserve
SEC 7. That go much of the act entitled, an
act to provide for the redemption of the 3-per-
centum temporary loan certificates. and for
an increase Of national bank notes." as pro-
vides that no circulation shall be withdrawn
under the provisions of Sec. of said act until
after the S54. 900, 600 granted in Sec of said
act shall have been taken up, is hereby re-
pealed and it shall be the duty of the Comp
trollsr of tho Currency, under the direction of
the Secretary of the Treasury, to proceed
forthwith, and he is hereby authorized and
required, from time to time. as application
shall be only made therefor and until the full
amount of the S54. 0OO, 900 shall be withdrawn,
to make a requisition on each OF the national
banks described IN said section, and in the
manner therein provided organized in States
having an excess Of circulation, to withdraw
and return so much of this circulation as by
said act may be appointed 20 BE- withdrawn
from them, or in lieu thereof, to deposit in
the Treasury of the United States lawful money
sufficient to redeem such circulation. and, upon
the return of the circulation required, or the
deposit Of lawful money as herein provided,
proportionate amount Of the bonds held to
secure the circulation of such association as
shall make such return or deposit shall be
surrendered to it.
Sec g. That upon the failure Of the nation
al banks upon which acquisitions for circula-
ton shall be made, or of any OF them, to re-
turn the amount required, or to deposit in the
Treasury lawful money to redeem the circula-
ton required within thirty days, the Comp
troller of the Currency shall at once sell, as
provided in section 40 of the National Curren-
cy act approved June 8, 1864, bonds held to
secure the redemption of the circulation of
the association or associations which shall
SO fail to an amount sufficient to redeem
the circulation required Of such association
or associations and with the proceeds which
shall be deposited in the Treasury of the
United States 90 much Of the circulation of
said association or associations shall be
redeemed as will equal the amo mt re-
quired and not returned, and if there be
any excess of proceeds over the amount re-
quired for such redemption, it shall be re-
turned to the association or associations