The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1874-07-11
THE NATIONAL BANK ACT.
.uu Text Of the New Currency Law.

SECTION 1. Be it enacted, etc, That the
act entitled, /" An Act to PROVIDE natlonai
currency, secured by pledge OF United
States bonds, and to provide for the cirGuia-
2 1894. shall hereafter be known as 1.-The
National Bank Act"
SEC, 2. That section thirty-one of the Ma
tjonaI Bank Act be so amended that the sew
eraI associations therein provided for snail
not hereafter be required to Keep on haho
any amount of money whatever. by reason
of the amount of their respective clrcula-
lions: but the moneys required by said sec
ton to be kept at all times on hand snail De De
determined by the amount of deposits IN all
respects as provided for in said section.
SEC. 8. That every association organized,
or to be organized, under the provisions OF
the said act and of the several acts amends
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 five per centum of its clrcula-
ton, to be held and used for the redemption
of such circulation, which sum shall be count
ed as part of its lawful reserve. as provided
in section 2 of this act; and when the clrcu-
lating notes of any such associations, assort-
ed or unassorted, shall be presented for re-
demption in sums of 1000 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 severally on
the first day of each month, or oftener at bis
discretion, of the amount of such redemption;
and whenever such redemption for any asso-
citation shall amount to $500, such association
so notified shall forthwith deposit with the
Treasurer of the United States sum In Uni
ted States notes equal to the amount OF Its
circulating notes so redeemed; and all notes
of national banks worn, defaced, mutllated or
otherwise unfit for circulation shall, when re-
ceived by an assistant treasurer or at any des-
ignated depositary of the United States, be
forwarded to the Treasurer of the United
States for redemption, as provided herein land
when such redemptions have been so re1m-
bursed, the circulating notes SO redeemed
shall be forwarded to the respective associa-
tons 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 Cur
rency, and DESTROYED and replaced as now
provided by law; provided, that each of said
associations shall reimburse to the Treasury
the charges for transportation and the cost
for asserting such notes, and the associations
hereafter organized shall also severally reim-
burse to the Treasury the cost of engraving
such plates as shall be ordered by each ass D
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 section
80 of said National Bank Act requiring 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 I'M
der this act, or any of the acts of which this
is an amendment. desiring to withdraw its
IoAsv -l1r,fr
upon the deposit 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
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-
posted, shall be redeemed at the Treasury OF
the United States and destroyed, as now pro-
vided by law; provided that the amount of
the bonds on deposit for circulation shall not
be redeemed below $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 asso-
citation to be printed upon all national bank
notes which may be hereafter issued by him.
SEC. 8. That the amount of United States
notes outstanding and to be issued as part
of the circulating medium shall not exceed
the sum OF 1882 600, 900, which said sum shall
appear in each monthly statement of the pub
lie debt, and no part thereof shall be held OF
used as reserve.
Sec. 7. That so much of the act entitled
IAN Act to provide for the redemption of the
TIRES per centum temporary loan certificates
and for an increase ofnational bank notes.
as provides, that no circulation shall be with.
drawn, under the provisions of section Of
said act, until after the $54 900 900 granted in
section of said act shall have been taken up
is hereby repealed; and it shall be the duty
of the Comptroller of the Currency, un.
der the direction of the Secretary o.
the Treasury, to proceed forthwith, and he il
hereby authorized and required, from time tt
time, as application shall be duly made there
for, and until the full amount of the $54 900,
900 shall be Withdrawn, to make requisitioI
on each of the national banks described il
said section, and in the manner therein pro
Vided, organized in States having an excess o
circulation, to withdraw and return so mucl
OF this circulation as by said act may be ap
portioned to be withdrawn from them, or il
lieu thereof to deposit in the Treasury of th,
United States lawful money sufficient to re
deem such circulation; and upon the return
of the circulation required, or the deposit 0
lawful money as herein provided, a proper
tionate amount of the bonds held to secur
the circulation of such association as shal
make such return or deposit shall be surren
dered to it.
SEC. s. That upon the failure of the nation
al banks, upon which acquisitions for circua
ton shall be made, or of any of them, to re
turn the amount required, or to deposit il
the Treasury lawful money to redeem the cir
culatioH required within thirty days, tn
Comptroller of the Currency shall at once sell
as provided Ii section 40 of the National Gun
reney Act, approved June 8, 1864, bonds he'll
to secure the redemption of the circulation Q
the association or associations which shall 8
fail, to an amount sufficient to redeem the Gil
culation required of such association or assc
citations, and with the proceeds, which sha
be deposited In the Treasury of the Unite
States, so much of the circulation of said assc
citation or associations shall be redeemed a
will equal the amount required and not re
turned; and, If there be any excess of pre-
ceeds over the amount required for such ri
demption, it shall be returned to such assc
citation or associations whose bonds shall hav
been sold; and it shall be the duty of tn
Treasurer, assistant treasurerS, designate
depositaries and national bank depositaries
the United States, who shall be kept informe