Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1874-08-27
[GENERAL NAruRE-No. 20. /

n6IlonaI- Oank currency, ana Iof oJhef Pur--
poses
Be it enacted by the Senate and House Of Rep
TesentatiUes of the United STATES Of America in
Congress assembled, That that act entitled IAN
act to provide a national currency secured by
pledge of the United States bonds, and to
provide for the circulation and redemption
thereof approved June third, eighteen hun
dred and sixty-four, Fhall hereafter be known
1.-THE national bank act.'
SEC. 2. That section thirty one of ''the ma
tional- bank acts be so amended that the sew
eral associations therein provided for shall not
hereafter be required to keep on hand any
amount of money whatever, by reason of the
the moneys required by said section to be
kept at all times on hand shall be determined
by the .ameuRt of deposits in all respects, as
provided forzin the said section.
Sec. ,3E'Fhat every association organized or
to be afganized under the provisions of the
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,
sum equal to five per centum of its circulation.
to be held and used for the redemption of such
circulation; which sum shall oe counted as a
part of its lawful reserve, as provided in sec
ton two of this act; and when the circulating
notes of any such associations. assorted or un-
assorted, shall be presented for redemption, in
sums of one thousand dollars, 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 his discretion,
of the amount of such rsdemptions; and when
ever such redemptions for any association shall
amount to the sum of five hundred dollars,
such association SO notified shall forth with
deposit with the treasurer of the United States
a n f0 he
amount of its circulating notes SO redeemed
And all notes ofnatlonal banks worn, defaced,
mutilated, or otherwise unfit for circulation
shall, when received by any assistant treasu-
rer, or any other designated depository of the
United States, be forwarded to Treasurer of
the United States for redemption as provided
herein. And when such redemptions have
been so reimbursed, the circulating go
redeemed shall be forwarded to the respective
associations by which they were issued; but
II any of such notes are worn, mutilatec, de
faced, 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 re-emburse to the Treasury
the charges for transportation, and the costs
for asserting such notes; and the associations
hereafter organized shall also severally re-em-
burse to the Treasury the cost of engraving
such plates as shall be ordered by each asso-
citation respectively; and the amount assessed
upon each association shall be in proportion
to the circulation redeemed, and be charged
to the fund deposit with the Treasury:
And pTOoided further, That so much of section
thirty-two 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 IN
der this act, or any of the acts of which this
A.
culating notes, in whole or in part, may, up
on the deposite of lawful money with the
Treasurer of the United States in sums not
less than nine thousand dollars, take up the
bonds which said association has on deposit
with the Treasurer for the security of such
circulating notes; which bonds shall be as
signed to the bank in the manner specified in
| the nineteenth section Of the national-bank
act; and the outstanding notes of said asso-
citation, to an amount equal to the legal-tender
notes deposited, shall be redeemed at the
| Treasury of the United States, and des.
troyed as now provided by law: Prooided,
That the amount of the bonds on deposit for
circulation shall not be reduced below fifty
| thousand dollors.
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 banl
notes which may be hereafter issued by him
SEC. 6. That the amount of United States
notes outstanding and to be used ae part O
the circulating medium, shall not exceed tn
| sum of three hundred and eighty-two milliol
I dollars, which said sum shall appear in eacl
monthly statement of the public debt, and n
part thereof shall be held or used as a re
serve.
Sec. I. That so much of the act entitle
can act to provide for the redemption OF tn
| three per centum temporary loan Certificates
| nd for IN nj nj hlD n
provides that no circulation shall be with
drawn under the provisions of section six
said act, until after the fifty-four million
! granted in section one of said act shall hav
been taken up, is hereby repealed; and it sha
be the duty of the Comptroller of the Curren
: cY, under the direction of the Secretary of til
), Treasury, to proceed forthwith, and he
hereby authorized and required, from time
time, as applications shall be duly made ther
= for and until the full amount of fifty-f
million dollars shall be withdrawn, to NAL
| requisitions upon each of the national banI
described in said section, and in the mann
, therein provided, organized in States havin
an excess of circulation, to withdraw and r
turn so much of their circulation as by sal
act may be Apportioned to be withdra frol
them, or, in lieu thereof. to deposit in IL
Treasury of the United States lawful none
sufficient to redeem such circulation, and u
on the return of the circulation required.
the deposit of lawful money, as herein prC
Yided, Q proportionate amount of the bon
held to secure the circulation of such ass
citation as shall make such return or depos
;. shall be surrendered to it.
SEQ. 8. That upon the failure of the natio
al banks upon which requisition for circul
ton shall be made, or of any of them, to
= turn the amount required, or to deposit in Il
y Treasury lawful money to redeem the circul
ton required, within thirty days, the Com
is troller of the Currency shall at once sell.
i lal, e a.,
te currency act approved June third, eighte
;h hundred sixty-fouF, bonds held to secure t
20. redemption of the circulation of the assoc
e. tions which shall so fail, to an amount SUI
cisnt to redeem the circulation required
rd such association or associations, and with
We proceeds, which shall be deposited in t
Treasury of the United States, so much of
ne circulation of such association or associate
shall be redeemed as will equal the amoU
m required and not returned; and if there be a
excess of proceeds over the amount requil
~ for such REDEEM ptiOn, it shall be returned to
d association or associations whose bonds sh
have been sold. And it shall be the duty
Treasurer, assistant treasurors. depositari
and national bank depositaries of the Uni
States, who shall be kept informed by
Comptroller of the Currency of such assoc
tions shall fail to return circulation as
RI quired, to Gssort and return to the TreasI
es. for redemption the notes of such associate
in as shall come into their hands until the amo
required shall be redeemed, and in like m
ner to assort and return to the eaTreasu urY,
redemption, the notes of such national ba
as have failed, or gone into voluntary liqui
ton for the purpose of winding up their
on fairs, and of such shall hereafter so fail
go into liquidation.
eN- SEC. 3. That from and after the passage
(. this act it shall be lawful for the Comptro
. of the Currency, and he is hereby required
issue circulating notes without delay, as
pig pI plications therefor are made, not to exceed
cod sum of ffty-fve million dollars, to asso
be tions organized, or to be organized in IL
eet proportion OF circulation, under an airport
: be DC ment made on the basis of population and
me-. wealth. as shown by the returns of the ceI
. of eighteen hundred and seventy; and el
g association hereafter organized shall be s
ject to, and be governed by, the rules,
strietions, and limitations, and possess