The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1874-08-20
GENERAL NATURE-No. 70.l

! GENERAL NATURE-No. 70.l
AN ACT fixing the amount of United States
| notes, providing for a redistribution OF the
| natlonal-bank currency, and for other pllrpo-
ses.
Be it enacted by the Senate and House of
| Representatives OF the United States OF Amer
| lea in Congress assembled. That the act enti-
tied 'sAn act to provide national currency Sc
cured by pledge of United States bonds, and
to provide for the circulation and redemption
| thereof" approved June third, eighteen hull
dred and sixty four, shall hereafter be known
as ssthe national-bank act.'
| Sec. 2. That section thirty-one Of ''the ma
| tional-bank act'' be SO amended that the sever
1 al associations therein provided for shall not
hereafter be required to keep ON hand any
amount Of money whatever, by reason OF the
amount of their respective calculations but
| the moneys required by said lection 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. 8. That every association organized, OF
| to be organized, under the provisions OF the
| said act and of the several acts amendatory
| thereof shall at all times keep and have OIL de-
post in the treasury OF the United States, in
lawful money of the United States, sum equal
to five per centum OF its circulation, to be held
and used for the redemption OF such ciroula-
| ton; which sum shall be counted as q part OF
its lawful reserve, as provided in section two OF
this act; and when the circulating notes OF any
| such associations, assorted or unassOrted, Shall
be presented for redemption, in sums of one
thousand dollars Or any multiple thereof, to
the Treasury Of the United States, the same
shall be redeemed in United States notes. All
notes 50 redeemed shall be charged by the
Treasurer Of the United States to the respec- |
tive associations issuing the same, and he shall
fI,,4 s,.SLf
month. or oftener, at his discretion. of the
amount of such redepptions; and whenever
! such redemptions for any association Shall a.
mount to the sum Of five hundred dollais. 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 acknowledgements so redeemed. And all
notes of national banks worn, defaeed. mutila-
ted, or otherwise unfit for circulation. shall,
when received ny any assistant treasurer, or at
any designated depository OF the United states,
be forwarded to the Treasurer OF the United
States Tor redemption as provided herelh. ana
when suen redemptons have been SO re-lm,
| bursed, the acknowledgements so redeemed snail
| De forwarded to the respective ASSOCIATIONS ny
! Which they were issued; but IL any OF stcn
notes are worn, mutlated, defacet!, or render
I ed otherwise unfit Tor use, they shall be Tor
warded to the Comptroller of the Currency and
destroyed and replaced as now provided by law:
Provided, That each Of said associations Shall
reimburse to the Treasury the charges Tor
transportation, and the costs for asserting silch
! notes; and the associations hereafter OfSaillz-
| ed shall also severally reimburse to the Treas
ury the cost of engraving such plates as shaii
be ordered by each association respectively; ana
| the amount assessed upon each association snail
be in proportion to the circulation redeemed,
and be charged to the fund on deposit Win the
Treasurer: And provided further, That so
| ,4o LIs lie
bank act recurring OF permitting the redemp-
ton of its circulating notes elsewhere than at
| it's own counter excent as provided for in this
section. is hereby renaaled.
| SEC. 4. That any association organized under
this act. or any of the acts of which this is an
amendment. DESIRING To withdraw its circula-
| ting notes. in whole or in part NAV upon the
deposit of lawful money with the IRE asurer OF
the Tinted States in SIMS Of NOT less than nine
/ thousand dollars take IN tbe bonds which said
association has on denost with the Treasurer
for the security of s,,ch circnatino notes which
bonds shall he ASSIGNED to the bank In the man
ner snecifed in the nineteentb section OF the
national bank not and the outstanding notes
of said association. to an amount equal TO the
| leoal-tender notes denosited shall he redeemed
| at the Treasury of the limited States. and de-
stroved as now provided by law = Provided,
| That the an,ount of the bonds on deposit for
circulation shall not be reduced below fifty
| thousand dollars.
Sac < That the Comntroller Of the Cllrren-
1 CIV shall. under sucb rules and regulations as
| the Secretary Of the Treasurv NAV prescribe,
cause the charter-numbers of the association to
be printed upon all national bank notes which
NAV be hereafter issued BY him.
SIC. 6. That the amount of United States
notes outstanding and to be used as part of
| the circulating medium. shall not exceed the
sum OF three hundred and eighty-two million
dollars, which sum snail appear III each MONTH
SEC. Z. That 50 much OF the act entitled AN
act to provide Tor the redemption Of. OF the three
per eentum temporary loan ceftlllcafess ana fof
an increase OF national oailh ilotes as PROVIDES
tnat no cifesliaIio.i siiali pe WitauraWn ui.uef
provisions Oh section SIX Oh say! ael Until after