The New Currency Bill

The following is a copy of the Currenc; bill as signed by the President : Section 1. The act entitled " An act t provide a National currency, secured b a pledge of United States bonds, and t provide for the circulation and redemi tion thereof, approved June Í, 1864," sha be hereafterknowu as the National Ban act. Sec. 2. That section 31 of the Nationa Bank act be so amended that tho severa associations therein provided lor shal not hereafter be roquired to keep on hanc any amount of money whatever by rea son of the amount of their respective cir culations; but tho moneys required b; said section to be kopt at all times o shall bo deterniined by the amoun of deposits in all respects, as provided fo in the said section. Sec. 3 That every association organizet or to be organized under the provisión o the said act, and of the several acts amen datory thereof, shall at all times kee and have on deposit in the Treasury o the United States, in lawful money o: the United States, a suui equal to five pe: cent. of itB circulation, to bo held anc usod for tho rcdemption of such circula tion, which sutn shall bo counted as part of its lawful reserve as provided in section 2 of this act ; aud when tho cir culating notes of any such association assorted or unsorted, shall bo proseutec for redemption in sums of $1,000 or au; multiple thereof to the Treasurer of th United States notes. All notes so re deemed shall be charged by the Treasure of the United States to the respective asso ciations issuing the same, and he sha] notify them severally on tho first day o each month or oftener, at bis discretion of the amount of such redemptions, anc whenever such redemption for any asso ciation shall amount to the sum of $50 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 notes so redeemed ; and all notes of National banks, worn, defaced, mutilated, or otherwise untit for circulation, shall, when received by any AsBistant Treasurer, or at any designated depository of the United States, be forwarded to the Treasurer of the United States for rodemption, as provided herein ; and when such redemptions havo been so roimbursed, the circulating notos so redeemed shall be forwarded to the respective associations 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 Controller of the Currency, and destroyed and replaced as now provided by law. Provided, that each of the said association shall reimburse to the Troasury the charges for transportation and the costs for assorting such notes, and the associations hereafter organized Bhall also severally reimburse to the Treasury the cost of engraving such plates as shall be ordered by each assooiations respeotively, and the aniount assessed upon each association shall be in proportion to the circulation redeoraed, and be charged to the fund on deposit with the Treasurer ; and, provided, further, that so much of section 32 of said National Bank act requiring or permitting the redeinption of the circulating notes elsewhere than at its own counter, except as providod for in this section, is hereby repoaled. Sec. 4. That any association organized under this, or any of the acts of which this is an amendment, dusiring to withdraw its circulating notes, in whole or in part, may, upon the deposit of lawfu] inoney with the Treasurer of the United States, in suma of not less than $9,000, take up the bonds which said assooiation has on deposit with the treasurer lor the security of such circulating notes, which bonds shall be assigned to the bank in the manner specified in the 19th section of tho National Bank act ; and the outstanding notes of said association, to an aniount equal to the legal tender notes deposited, shall be redeemed at the Treasury of the United States, and destroyed, as now provided by law ; provided that the amount of the bonds on deposit for circulation shall not be rcduced below $50,000. Sec. 5. That the Controller of the Currency shall, under such rules and regulations as the oL ito loomj j c .o_, uu me cnarter members of the association to be printed upon all National bank notes which may be hereafter issued by him. Sec. 6. That the amount of United States notes outstanding, and to be issued as a part of the circulating medium, shall not. exceed the sum of $382,000,000, which said sum shall appear in each nionthly statement of the public debt, and no part thereof shalll be held or used as a reserve. Sec. 7. That so much of the act entitled " an act to provide for the redemption of the three per centum temporary loan certificates and for an increase of National bank notes" as provides that no circulation shall be withdrawn under the provisions of section 6 of said act until after the $54,000,000 granted in section 1 of Baid act shall have been taken up, ia hereby repealed; and it shall be the duty of the Controller of the Currency, under the direction of the Secretary of the Treasury, to proceed 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 the $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 as by said act may be apportioned to be withdrawn from them, or in lieu thereto to deposit in the Treasury of the United States lawful nioney sufficient to redeem such circulation, and upon tho return of the circulation required, or the deposit of lawful money as herein provided, a proportionate amount of the bonds held to secure the circulation of such associations as shall make such return or deposit shall be surrendered to it. Sec. 8. That upon the failure of the National banks upon which requisitions for circulation shall be made, or of any of them, to return the amount required, or to deposit in tho Treasury lawful money to redeem the circulation required within.30 days, the Controller of the Currency shall at once sell, as provided in section 40 of the National Currency aot, approved June 3, 1864, bonds held to secure the redemption of the circulation of 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 doposited in the Treasury of the United States, so much of the circulation of said association or associations shall be redeemed as will equal the amount required and not returned ; and, if there be any excess of proceeds over tho amouut required for such redemption it shall be returned to the association or associations whose bonds shall have been sold ; and it shall be the duty of the Treasuror, Assistant Treasurers, designated depositories, and National bank depositories of the United States, who shall be kept informed by the Controller of the Currency of such associations as shall fail to return circulation as required, to assort and return to to the Treasurer for redemption the notes of such associations as shall come into their hands until the amount required 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 gouo into voluntary liquidation. for the purpose of winding up their affairs, or such as shall hereafter so fail or go into liquidation. Sec. 9. That from and after the pasage of this act it shall be lawful for the Controller of the Currency, and he is hereby ordered to issue circulating notes without delay as applications therefor are made, not to exceed the sum of $55,000,000, to associations organized or to be organized in those States and Territories having less than their proportion of circulation under an apportionment made ou the basis of population and of wealth, as shown by the returns of tho cenaus o 1870, and every association hereafter or ganized shall be subject to and governec by the rules, restrictions and liniitation and possess the rights, privileges an( franchise now or hercaftor to be pro scribed by law as National banking asso ciations, with tho same power to ainent alter and appeal, provided by the Na tional bank act, provided that the whol amouut of circulation withdrawn an( removed from tlio banks transacting bus iness shall not oxoeed $50,000,000, nn that 8uch circulation shall be withdrawn and redoemed as shall bo necessary t Buj]ly the oirculation previously issuet to the bauks in those StateB having lei than tlieir apportionmont ; and providet further, that not more than $30,000,00 shull be withdrawn and redeemed ai herein contemplated during the fisc: year ending Juno 30, 1875.