Rensselaer Union, Volume 6, Number 41, Rensselaer, Jasper County, 2 July 1874 — The Currency Bill. [ARTICLE]

The Currency Bill.

The following is the full text of the new Finance bill which finally passed both houses of Congress and was signed by the President on the 22d: Section 1. The act entitled "An act to provide a national currency, secured by a pledge or United States bonds, and to provide for the circulation and redemption thereof,” approved June 3,1864, shall be hereafter known ns the National Bank act. Sec. 2. That Sec. 31 of the National Bank act be so amended that the several 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 circulations; but the moneys required bv said section to be kept at all times on hand shall be determined bv the amount of deposits iu all respects as provlded for in the said section. : Sec. 3. That every association organized or to be organized under the provisions of the said act, and of the several nets amendatory thereof, shall at all rime 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 circulation, to he held and used for the redemption of such circulation, which sum shall be counted as a part of its lawful reserve, as provided in Sec. 2 of this act; and when the circulating notes of anv such association, assorted or unassorted, shall be presented for redemption in sums of SI,pOO 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 .ssuing 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 redemption; and whenever such redemptions of any association shall amount to the sum of $560 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 circulating notca so redeemed; nndali notes of Natiohul Bankß 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 of the United Stateß for redemption, as provided herein; and when such redemptions have been ao reimbursed the circulating notes so redeemed shall he forwarded to the respective associations by which they were issued; but if any such notes are worn, mutilated, defaced, or rendered otherwise nuflt 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 Bald associations shall reimburse to the Treasury the charges for transportation and the costs for assorting such notes, and the associations hereafter organized shall also generally reimburse to the Treasury the cost of engraving such plates as shall be ordered by each association respectively, and the amount assessed upon each association shall he in proportion to the circulation redeemed, and he charged to the fund on deposit with the Treasurer: And provided , further , That so much of Bec, 32 of said National Bank act recognizing or permitting the redemption of its circulating notes elsewhere than at ils own counter, except as provided for iu this section, is hereby repealed. Sec. 4. That any asaociation organized under this act, or any of the acts to which this is an amendment, desiring to withdraw its circulating notes, in whole or iu part, may, upon the deposit of lawful money with the Treasurer of the United States, in sums of not less than *9,000 take np the bonds which said associatioa has on deposit with the Treasnrer for the security of snch circulating notes, which bonds shall lie assigned to the banks 111 the manner specified in the nine teenth section of the National Bank act, and the outstanding notes of said association to an amount equal to the legal-tender notca deposited shall bo redeemed at the Treflanry of the United States and destroyed a* now provided by law: Provided , That the amount of the bonds on deposit for circulation shall not bo reduced below $50,000. Sec. 5. That the Comptroller of the Currency shall, under such rules and regulations as the Secretary of the Treasury may prescribe, cause the charter number of the association to be printed upon all National Bank notes which may be hereafter issued bv him. Sec. 6. That the amount of tho United States notes outstanding and to be Issued aa a part of the circulating medium shall not exceed the sum of $382,000.0(0. which said sum shall apoear in each monthly statement of the public debt, and no part thereof shall be held or used as a reserve. >—: —— Sec. 7. That so much of theact entitled, “ Anacto to provide for the redemption ofthe 3 per centum temporary loan certificates, undfor an increase of National Bank notes” as provided that no circulation shall be withdrawn under the provisions of .Sec. 6 of said act until after the *54,000.000 ’granted in Sec. 1 of said act shall have been taken up is hereby repealed, and it shall be the duty of the Comptroller of the Currency, under the dircction of the Secretary of the Treasury, to proceod forthwith, and he is hereby authorized and required, from time to time, as application shall be duly made therefor, and until the full amount of tlie $54,000,000 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 aa by said act mav be apportioned to be withdrawn from them, or, In lien thereof, to deposit in the Treasury of the United Slates lawful niouey sufficient to rei deem such circulation, and. upon the return of the circulation required, or the deposit of lawful money, as herein provided, a proportionate amount of tho bonds held to secure the circulation Of such association as shall make such return ordeposit shall be surrendered to if. Sec. 8. That upon the failure of the National Ranks qpon which requisitions for circulation shall be made, or of any of them, to return the amount required, or to deposit In the Treasure lawful money to redeem tne circulation required, within thirty days, the Comptroller of the Currency shall at once sell, as provided in Sec. 49 ol the National Currency, act, approved June 3, 1864, bonds held to secure the reoeroption v of rife 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 11l the Treasury ol the United States, so much of the circulation ol said association or associations shall be redeemed as Mill equal the amount required and noLretnrued, and if there be any excess of proceedsover the amount required for such redemption It shall he returned lo the assoclarion' or associations whose bonds shall hare been sold; and it shall he the duly of the Treasurer, Assistant Treasuret». designated depositories and National Bank depositories of the United Slates, who shall be kept informed by the Comptroller of reney of such associations as shall fail to return circulation as required, to assort and return to the Treasnrer for redemption the notes of snch associations as shall come intotheir hands until the amouutrequired shall be redeemed, and,in like manner to assort and return to the Treasury for redemption the notes of such National Banks as have failed or cone Into voluntary liquidation, for tho purpose of winding np the affairs of snch as shall hereafter so fail or go into liquidation. Sec.' 9. Thai from and after the passage of this act it shall he lawful for the Comptroller ofthe Currency, and he Is hereby Ordered, to issne circulating notes without 'delay, aa applications therefor are made, not to exceed the sttm or $55,000,000, to associations organized, or to be organized, in those States and Territories having leas (han their proportion of circulation under an apportionment made on the basis of population and of wealth aa shown by the returns or the census of 1870, snd every association hereafter organized shall be subject to and be governed by the rules, restriction* and limitation*, and posses* the rights, privileges and frabchlses, now or bereafler to oe prescribed by taw to National Bauking Associations, with the same power to amend 1 alter and repeal provided by the Nationalßank 1 att: Provided. That the whole amount of clxcnlatlou withdrawn and redeemed from the banks transacting bnslneaaahall not exceed sss.«»um and that each circulation shall be withdrawn and

! redeemed aa shall he necessary to supply the cir- ’ dilation previously issned to the hanks ill those StiUeshaving less than their apportionment: And provided f urther , That not more than $30,000,000 shall lie withdrawn and redeemed, as herein contemplated, during the fiscal year ending June 30, 1875. The title of tlie bill is amended to read as follows: “An act to. fix the amount of United States notes, provide for the redistribution of the National Bank currency, and for otlior purposes.”