Year: 1874

socations with the power TO amend alter and
peal provided by the National Banking act.


SIC l. That every ASSOCIATION organized or TO be or
ganzed under the provisions OF said act and OF the acts
amendatory thereof. shall at all times keep and have
deposit in the Treasury of the United statcs lawful
money OF United States sum equal to per
Of Its circulation to be held and used for the redemption
Of such circulation, which shall be counted part
Of its lawful reserve, provided in Section Of this
ac and when the circulating notes Of any such asso-
Ons assorted unassorted, shall be presented for re-
dempuon in OF $1,000 any multiple thereof. the
same shall be redeemed In United States notes. All
notes redeemed shall be charged by the Treasurer OF
the United States to the respective associations using
the same and he shall notify them severally the first
day OF each month oftencr at his discretion of the
amount OF such redemptons. anduwhepever such re-
demptions for any association shall amount to the
of $780, such association notified shall
forthwith deposit with the Treasurer of the United
States in United States equal the amount
OF its circulating notes so redeemed; and all notes OF
National banks, defaced, mutilated. otherwise
unfit for circulation SHALL when received by any Assist
ant Treasurer at any designated depository Of the
United States, be forwarded TO the Treasurer OF the
United States for redemption provided herein and
when redempons have been reimbursed the cir
cuating notes redeemed shall be forwarded TO the
respective associations by which they issued but
any of such notes are mutated defaced or other
wise unfit for they shall be forwarded TO the Con-





provided by law, provided that each said assoca
ton sbal reimburse to the Treasury the charges for
transportation and the costs for asserting such notes
and the associations shall also severaly reimburse to
the Treasury the cost Of engraving such plates shall
be ordered by each association respectively that the
amount so assessed upon each association shall be IN
proportion to the circulation redeemed. and charged to
the fund deposit with the Treasurer and provided
further that much of Section 81 of the said National
Bank act requiring permitting the redemption by
any bank Of it's circulating notes elsewhere than at its
counter except provided for in this section is
hereby repealed.


SIC That any association organized under this act
any OF the acts OF which tins is amendment desir
ing withdraw its circulating notes IN whole In
part, may upon the deposit of lawful money with the
Treasurer Of the United States Of not less than
So OOO up bonds which said association has
deposit with the Treasurer for the security OF such cir
bank the specified IN the 10th section Of the
National Banking act andhe outstanding notes OF said
pOeed shall be redeemed by the Treasury OF the United
States and DESTROYED as now provided by law provided
that the amount Of bonds on deposit for circulation snail
not be reduced below $4,000


SEC g. That the Controller Of the Currency shall un-
der such rules and regulations as the Secretary OF the
Treasury may prescribe cause the charer members OF
the association 10 be printed upon all National bank
notes which may be hereafter issued by him.


SIC That the entire amount or United states notes
outstanding md in circulation at any time shall
exceed the of s3s2OoOoO which shall be retired
and reduced III the following manner only, TO VII:





81 100000 snail from time to time De issued 10 the Ma
OnA banking associations under this act in excess OF
prior to such shall be the duty of the Secre
tary OF the Treasury 10 retire an amount of United
notes 20 issued which shall reduction OF the max
apount OF $Ss2OocOcO fixed by this act and such
reduction shall continue until the maximum amount
OF United States notes outstanding shall be
s3O0OOCOO aud United States notes 80 retired shall
iged f & 'ne @ entitled Jan act 10 a u
rho iSs1a nj Tuif ed %
redemption and fundiDg thereof, and Tor fundlng the


portion OF said snking fund and tue interest thereon.
computed at the rate o per GENT, saai De aaaea aa
not sufficient for this purpose the Secretary Of
Treasury hereby authorized to issue and sell at
public sale after days notice Of time and place Of
sale, sufficient amount of bonds of the United States
of tn character and description prescribed IN TINS act


SEC g. That and after the lst day OF January 1873
any holder of United States notes TO the amount Oh to
any multiple there H. may present tnem LOT pay ient
office OF the Treasurer OF he United States or at
Office Of the Assistant Treasurer at the CITY OF New
York ana tIereupon he shall be entitled to receive at
ms option the Secretary OF the Treasury who IS
ana 10 Sse an ok iSr or S e
isered bonds OF the United States provided for IN the
AN act 70 authorize the reminding OF the National debt.
and the act amendstory thereof, approved jan
cInpt from taxation as provided in said act;
provided however, that the Secretary OF .ne
Ieasdr IN ~ e e e Sd spfe STATES aud me SECRETARY Of
the Treasury shall the United States notes so re-
celved either IN eXcnaHSe iOF com NJ
the holder III the redemption OF bonds theu
redeemabe Ut par, or In the purchase Oh oohu at NOT
To meet the current payments Tor the puo-
lie service and when used to payments
an OF the gold in the Treasury shall be ap-
Piled IN redemption Of the honds known as hyet~enty
bonds.


sFc @ That nothing this shall be construed to
authorize any of principal OF the public
debt OF the United states.


The report recommending the passage Of the fore
going substitute bill is signed by Messrs. Morton,
Sbermas, and Merrmon, members of the Conference
Oh the part of the Senate and by Messrs. Maynard
of Tennessee aud Farwel of Illinois on the part of
the House of Representatives,. The report is not
signed by Hester Clymer of Pennsylvania, the re-
manning member of tue Conference Committee.