་་ notes to national banks by the Comptroller of the | by striking out of section three the words: Currency, whether for the renewal of defaced outstanding and in circulation at any one and torn bank notes or for any other purpose, is time," and insert the words which shall be hereby prohibited. permanently issued," and after the words "existing law," to insert the words "and for the purposes of a reserve," so that the section would read: "that the entire amount of United States notes which shall be permanently issued shall not exceed the sum of $400,000,000 now authorized by existing law; and, for the purposes of a reserve, that the Secretary of the Treasury be, and he is hereby, authorized to issue the sum of $50,000,000 of United States notes," &c. Mr. HUNTER moved to amend by adding to the original bill the following new sections: SEC. 8. That in lieu of the tax of 1 per cent. per annum now imposed by law on the outstanding circulation of national banks, a tax of 3 per cent. per annum, payable semi-annually in gold, shall be collected upon the circulation which has been issued to each national bank which has not been returned for cancellation. This tax shall be collected by withholding onehalf of said tax semi-annually from the semiannual interest upon the registered bonds deposited by said banks as security for their circulation; and if the interest of said registered SEC. That no national bank shall herebonds is payable in currency, there shall be re- after take, receive, reserve, or charge on any tained of said currency the equivalent of said loan or discount made, or upon any note, bill of tax at the market premium on gold, which pre-exchange, or other evidence of debt, a greater mium shall be fixed by the Secretary of the interest than the rate allowed by the laws of Treasury. the State or Territory where the bank is located, SEC. 9. That each national bank may withdraw which shall in no case exceed 10 per cent. per any part of its United States registered bonds annum; and every contract knowingly made by deposited as security for the redemption of its any officer or officers of a national bank, where circulation by paying into the proper depart- the amount received by or to be paid to said ment of the Treasury $900 of its circulation for bank, or for its use or benefit, either directly or each $1,000 of bonds so withdrawn, and may indirectly, in the shape of interest, discount, withdraw all of said registered bonds by pay premium, profit, or remuneration of any kind, ing a sum equal to its whole circulation, in for the use of its money, where such sums so reits own bank notes, and United States legal-ceived or to be paid shall be greater than the tender notes, or wholly in either of them; and thereupon the United States shall be bound to redeem, on demand, the whole of such circulation of said bank which shall be outstanding. When such circulation is redeemed or paid into the Treasury as provided herein, it shall be destroyed in the manner now provided by law. SEC. 10. That the United States legal-tender notes paid into the Treasury under the provisions of section 9 shall only be used, first, for redeeming the circulation for which it was paid into the Treasury, for doing which promptly a sufficient reserve shall be kept in aid of the fund provided in section 5; and, secondly, in purchasing United States five-twenty bonds. SEC. 11. That whenever the Secretary of the Treasury may think it expedient, he may use any coin in the Treasury not required for the payment of demands against the United States payable in coin, in redeeming any United States five-twenty bonds that have become payable at the pleasure of the Government, the market value of which coin, as fixed by said Secretary, shall be substituted by Treasury notes issued by authority of this act, or by legal-tender notes received under the authority of this act, which shall thereupon become subject to be used in the Treasury for the payment of all claims and demands against the United States. SEC. 12. That no purchase of United States five-twenty bonds shall be made under the provisions of section 2 or sections 6 and 10 of this act when the price demanded shall be at a greater rate of premium upon the bonds than 10 per cent. above their par value of principal and accrued interest; nor shall any redemption of said bonds be made in pursuance of section 11 while the premium on gold is above 10 per cent. in lawful money. Mr. COBURN moved to amend the original bill amount of interest or discount allowed to be taken by such bank upon any loan or discount made by it, such contract shall be deemed usurious and shall be absolutely null and void, and all money paid thereon shall be recoverable back by the party or parties who paid the same, or by his, her, or their heirs or legal representatives, in case of his, her, or their death, by suit at law, in any court having competent jurisdiction, providing the suit shall be brought within six years from such payment, and the officer or officers of such bank who made, or advised to be made, such contract shall be guilty of a misdemeanor, and upon conviction thereof in any court of the United States, within the State or Territory where said bank shall be situated having jurisdiction of such cases, shall be fined in any sum not less than $100, to which may be added imprisonment in the penitentiary for any period of time not exceeding one year, within the discretion of the court or jury trying the case; and every direct or indirect means used by any bank or its officers to evade the provisions of this section by using the money of the bank in any other manner than in bona fide loans or discounts by the bank, as provided in this section, shall be prima facie evidence of usury, and the officer or officers so committing usury shall be guilty of a misdemeanor, and shall be punished as provided in this section for punishing misdemeanors. The words "bona fide loans or discounts," as used in this section, shall be construed to mean only such loans or discounts in which the bank parts with its entire interest in the money so used by it or its officers in making such loan or discount, without any understanding, hope, or expectation of receiving any benefit therefrom, directly or indirectly, except the note, draft, bill of exchange, or thing of value received in exchange by the bank for such loan or dis Mr. COBURN's amendment was disagreed toyeas 21, nays not counted. Mr. HUNTER'S amendment was disagreed to. Mr. PACKER's substitute for Mr. BECK's amend ment was disagreed to-yeas 76, nays 151: count. And it is hereby made the special duty | aforesaid, until the whole amount or volume of of the Comptroller of the Currency to see that United States legal tender notes shall be reevery officer of any such banks who shall be duced to the sum of $250,000,000. guilty of a violation of any of the provisions of this section shall be prosecuted and punished as above provided; and if such Comptroller shall fail to have prosecuted all officers of banks whose violations of the provisions of this section shall come to his knowledge within a reasonable time thereafter, he shall himself be subject to like punishment with the officer or officers so offending as an accessory after the fact; and upon the failure of such Comptroller to promptly put into full force the provisions of this section against all bank officers who shall violate the same, in addition to the punishment above provided for him, he shall be dismissed from office by the President of the United States, but such dismissal from office shall in nowise prevent or extenuate his punishment as above provided. SEC.. That hereafter all United States notes commonly called greenbacks, and all national bank notes, shall be taxable within the States and Territories the same as money is therein, and not otherwise. Mr. PACKER moved to amend by substituting for Mr. BECK's amendment the following: YEAS-Messrs. Albert, Albright, Barber, Bass, Biery, Bradley, Buffinton, Burchard, Burleigh, Burrows, R. R. Butler, Cessna, Clements, S. A. Cobb, Conger, Cook, Cotton, Creamer, Crooke, Crutchfield, Danford, Darrall, Donnan, Dunnell, Farwell, C. Foster, Frye, E. Hale, R. S. Hale, Hamilton, Harmer, B. W. Harris, G. W. Hazelton, J.W. Hazelton, Hendee, Hodges, Houghton, Hubbell, Hurlbut, Kasson, Kendall, Killinger, Lamport, Lansing, Lawson, Lowe, Martin, Maynard, McCrary, J. W. McDill, McJunkin, L. Myers, Orr, Packard, Packer, Pratt, Rainey, Ray, Richmond, Ross, Sawyer, I. W. Scudder, Sessions, Shanks, L. D. Shoemaker, Sprague, Stowell Strawbridge, Tremain, Waldron, Wallace, J. D. Ward, Wilber, C. G. Williams, J. M. S. Williams, Williams of Indiana-76. NAYS-Messrs. Adams, Archer, Ashe, Atkins, Averill, BANNING, Barnum, Barrere, J. B. Beck, Begole, H. P. Bell, Berry, Bland, Blount, Bowen, Bright, Brown, Buckner, Bundy, B. F. Butler, J. H. Caldwell, Cannon, Cason, J. B. Clark, Clayton, Clymer, Coburn, Comingo, Corwin, Cox, Crittenden, Crossland, J. J. Davis, Dawes, De Witt, Dobbins, Durham, Eames, Eden, Field, Fort, Freeman, Garfield, Giddings, Gooch, Gunckel, Hagan, Hancock, H. R. Harris, J. T. Harris, Harrison, Hatcher, Hathorn, Havens, J. B. Hawley, J. R. Hawley, Herndon, E. R. Hoar, G. F. Hoar, Holman, Hooper, Hoskins, Hunter, Hyde, HYNES, Kellogg, Knapp, Lamar, Leach, Loughridge, Lowndes, Marshall, A. S. McDill MacDougall, McKee, McLean, McNulta, Mellish, Merriam, Milliken, Mills, Mitchell, Monroe, W. S. Moore, Morey, Neal, W. E. Niblack, Niles, Nunn, O'Brien, O'Neill, Orth, Page, H. W. Parker, I. C. Parker, Parsons, Pelham, Pendleton, E. Perry, Phelps, Pierce, Pike, T. C. Platt, Poland, Potter, Randall, Rapier, Read, J. B. Rice, Robbins, E. H. Roberts, J. W. Robinson, Rusk, M. Sayler, H. J. Scudder, Sener, Sheats, I. R. Sherwood, Smart, A. H. Smith, H. B. Smith, J. A. Smith, J. Q. Smith, Snyder, Southard, Speer, Stanard, Standeford, Stark weather, Stone, Swann, C. Y. Thomas, Tyner, Vance, Waddell, Walls, M. L. Ward, Wells, Wheeler, White, Whitehead, WHITEHOUSE, Whitthorne, C. W. Willard, G. Willard, Willie, Wilshire, J. Wilson, J. M. Wilson, Wood, J. D. Young-151 Mr. BECK'S amendment was then disagreed to-yeas 68, nays 163: That so much of the twenty-second section of the act entitled "An act to provide a national currency secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof," approved June 3, 1864, and of the several acts supplementary thereto and amendatory thereof, and such of the provisions of the act entitled "An act to provide for the redemption of the three per cent. temporary loan certificates and for an increase of national bank notes," approved July 12, 1870, and so much of such parts of any other act or acts of Congress as limit, or as may be construed to limit or restrict, the entire amount of notes for circulation to be issued under said act of June 3, 1864, and the several supplements thereto be, and the same are hereby, repealed; and that hereafter all associations organized, or that may be organized, for carrying on the business of bauking under the provisions of said act shall be free to establish and organize national banks with circulation at any place within the several States and Territories of the United States upon the terms and conditions and subject to all the limitations and restrictions now provided by law, except the limitation upon the entire amount of circulation, which is hereby repealed. SEC. 2. That after notes for circulation shall have been issued, under the provisions of the preceding section and of the several acts of Congress therein referred to, to national banking associations to the aggregate amount or sum of $400,000,000, the Comptroller of the Currency YEAS-Messrs. Adams, Ashe, Atkins, BANshall report to the Secretary of the Treasury, at NING, J. B. Beck, H. P. Bell, Berry, Bland, the end of each month thereafter, the amount of Blount, Bowen, Bright, Brown, Buckner, B. E. notes for circulation issued to national banking Butler, J. II. Caldwell, Cessna, J. B. Clarke, associations, in addition to said sum of $400,- Clymer, Comingo, Cook, Crittenden, Crossland, J. 000,000, during the said month, and thereupon J. Davis, Durham, Eden, Field, Fort, Giddings, the Secretary of the Treasury shall cause to be R. S. Hale, Hancock, H. R. Harris, J. T. Harris, redeemed, retired, and canceled an amount of Hatcher, Havens, Herndon, Holman, Knapp, United States legal tender notes equal to said Lamar, Leach, Marshall, McLean, Mellish, Miladditional amount of notes for circulation so liken, Mills, Neal, W. E. Niblack, O'Brien, Orth, issued to such national banking associations as I I. C. Parker, Pelham, Randall, Robbins, M. Say Ler, Sener, Sheats, Southard, Speer, Stone, Vance, | legal tender notes of the United States shall be NAYS-Messrs. Albert, Albright, Archer, Averill, Barber, Barnum, Barrere, Begole, Biery, Bradley, Buffinton, Bundy, Burchard, Burleigh, Burrows, R. R. Butler, Cain, Cannon, Cason, Clayton, Clements, S. A. Cobb, Coburn, Conger, Corwin, Cotton, Cox, Creamer, Crooke, Crounse, Crutchfield, Curtis, Danford, Darrall, Dawes, De Witt, Dobbins, Donnan, Dunnell, Eames, Farwell, C. Foster, Freeman, Frye, Garfield, Gooch, Gunckel, Hagans, E. Hale, Hamilton, Harmer, B. W. Harris, Harrison, Hathorn, J. B. Hawley, J. R. Hawley, G. W. Hazelton, J. W. Hazelton, Hendee, E. R. Hoar, G. F. Hoar, Hodges, Hoskins, Houghton, Hubbell, Hunter, Hurlbut, Hyde, HYNES, Kasson, Kellogg, Kendall, Killinger, Lamport, Lansing, Lawson, B. Lewis, Lofland, Loughridge, Lowe, Lowndes, J. R. Lynch, Mar tin, Maynard, McCrary, A. S. McDill, J. W. McDill, MacDougall, McJunkin, McKee, McNulta, Merriam, Monroe, L. Myers, Niles, Nunn, O'Neill, Orr, Packard, Packer, Page, H. W. Parker, Parsons, Pendleton, E. Perry, Phelps, Pierce, Pike, T. C. Platt, Poland, Potter, Pratt, Rapier, Ray, Read, J. B. Rice, Richmond, E. H. Roberts, J. W. Robinson, Ross, Sawyer, H. J. Scudder, I. W. Scudder, Sessions, Shanks, Sheldon, I. R. Sherwood, L. D. Shoemaker, Smart, A. H. Smith, H. B. Smith, J. A. Smith, J. Q. Smith, Snyder, Sprague, Stanard, Standeford, Starkweather, St. John, Stowell, Strawbridge, Swann, C. Y. Thomas, W. Townsend, Tremain, Tyner, Waldron, Walls, J. D. Ward, M. L. Ward, Wheeler, WHITEHOUSE, Whitely, Wilber, C. W. Willard, G. Willard, C. G. Williams, J. M. S. Williams, Williams of Indiana, Wilshire, J. Wilson, J. M. Wilson, Woodford-163. Mr. E. R. HOAR moved to amend the original bill by adding to it the following: That from and after the fourth day of July, in the year 1876, nothing but gold and silver coin of the United States shall be a legal tender for the payment of any debt thereafter contracted. That from and after the fourth day of July, in the year 1876, every holder of United States notes shall have the right to exchange them at the Treasury of the United States, in sums of $100 or any multiple thereof, for bonds of the United States, coupon or registered, bearing interest at the rate of 4 per cent. a year, payable semi-annually, which bonds shall be redeemable after ten years from their date, at the pleasure of the United States, and payable at thirty years from their date, payable principal and interest in gold; and the notes so exchanged shall be canceled and destroyed, and not reissued; and no new notes shall be issued in lieu thereof. SEC. -. That to enable the Secretary of the Treasury to perform the duty imposed by the preceding section, so much of the fifth section of the act entitled "An act to authorize the issue of United States notes, and for the funding and redemption thereof, and for funding the floating debt of the United States," approved February 25, 1862, as relates to the purchase or payment of 1 per cent. of the entire debt of the United States annually, and the setting the same apart as a sinking fund, be so amended that said purchase of 1 per cent. therein prescribed shall apply to the extent of the legal tender notes of the Unites States directed to be retired, redeemed, and canceled under the preceding section of this act. April 14-Mr. E. R. HOAR's amendment was disagreed to-yeas 70, nays 171: YEAS-Messrs. Albert, Arthur, Barnum, Bass, BROMBERG, Buffinton, Clayton, Clymer, Cox, Crooke, Curtis, Dawes, De Witt, Eames, Frye, Garfield, Gooch, E. Hale, Hamilton, Hancock, B. W. Harris, J. R. Hawley, Herndon, E. R. Hoar, G. F. Hoar, Hooper, HYNES, Kellogg, Kendall, Lawson, Lowndes, Luttrell, Magee, MacDougall, Mitchell, W. S. Moore, Nesmith, Niles, Page, H. W. Parker, Pendleton, E. Perry, Phelps, Pierce, Pike, J. H. Platt, Poland, Potter, Randall, J. B. Rice, E. H. Roberts, Sawyer, J. G. Schu maker, Scofield, Small, Smart, J. Q. Smith, Speer, Starkweather, Tremain, Waldron, Wheeler, WHITEHOUSE, C. W. Willard, G. Willard, J. M. S. Williams, Willie, E. K. Wilson, Wood, Woodford-70. NAYS-Messrs. Adams, Albright, Atkins, Averill, Barber, Barrere, Barry, J. B. Beck, Begole, H. P. Bell, Biery, Bland, Blount, Bowen, Bradley, Bright, Brown, Buckner, Bundy, Burchard, Burleigh, Burrows, B. F. Butler, R. R. Butler, Cain, J. H. Caldwell, Cannon, Cason, Cessna, A. Clark, J. B. Clark, Clements, C. L. Cobb, S. A. Cobb, Coburn, Comingo, Conger, Cook, Corwin, Cotton, Creamer, Crittenden, Crounse, Crutchfield, Danford, Darrall, J. J. Davis, Dobbins, Donnan, Duell, Dunnell, Durham, Eden, Eldredge, Farwell, Field, Fort, C. Foster, Freeman, Gunckel, Hagans, Harmer, H. R. Harris, J. T. Harris, Harrison, Hatcher, Hathorn, Havens, J. B. Hawley, Hays, G. W. Hazelton, J. W. Hazelton, Hereford, Hodges, Holman, Houghton, Hubbell, Hunter, Hunton, Hurlbut, Hyde, Jewett, Kasson, Kelley, Killinger, Knapp, Lamison, Lamport, Lansing, B. Lewis, Lofland, Loughridge, Lowe, Marshall, Martin, Maynard, McCrary, A. S. McDill, J. W. McDill, Mo Junkin, McKee, McLean, McNulty, Mellish, Merriam, Milliken, Mills, Monroe, Morey, L. Myers, Neal, W. E. Niblack, Nunn, O'Neill, Orr, Orth, Packard, Packer, I. C. Parker, Pelham, Phillips, T. C. Platt, Pratt, Rainey, Rapier, SEC. That whenever the national bank Ray, Richmond, Robbins, W. R. Roberts, J. W. note circulation shall exceed the aggregate of Robinson, Ross, M. Sayler, I. W. Scudder, $400,000,000, the Secretary of the Treasury is Sener, Sessions, Shanks, Sheats, Sheldon, I. R. hereby authorized and directed, so far as the Sherwood, L. D. Shoemaker, Sloss, A. H. Smith, fund hereinafter provided will permit, to retire, G. L. Smith, H. B. Smith, Snyder, Southard, redeem, and cancel legal tender notes of the Sprague, Stanard, St. John, Stone, Stowell, C. United States to the extent of 25 per cent. of Y. Thomas, Tyner, Vance, Waddell, Wallace, such excess, until the outstanding and unpaid J. D. Ward, M. L. Ward, Wells, White, White Mr. FOSTER moved to amend the bill by adding to it the following: head, Whiteley, Whitthorne, Wilber, C. G. Williams, Williams of Indiana, J. Wilson, J. M. Wilson, Woodworth, J. D. Young, P. M. B. Young-171. Mr. FOSTER'S amendment was disagreed toyeas 104, nays 133. YEAS-Messrs. Albert, Albright, Barber, Barnum, Bradley, BROMBERG, Buffinton, Burchard, Burleigh, Burrows, Cannon, A. Clark, Clements, Cotton, Cox, Creamer, Crooke, Darrall, Dawes, De Witt, Donnan, Duell, Eames, Farwell, C. Foster, Frye, Garfield, Gooch, Gunckel, E. Hale, R. S. Hale, Hamilton, Hancock, B. W. Harris, J. B. Hawley, J. R. Hawley, J. W. Hazelton, E. R. Hoar, G. F. Hoar, Hooper, Hoskins, Howe, Hubbell, Hurlbut, Kasson, Kellogg, Kendall, Lansing, Lawson, B. Lewis, Lowndes, Martin, McCrary, A. S. McDill, J. W. McDill, McDougall, Merriam, Mitchell, W. S. Moore, Niles, Orr, Packard, Packer, Page, H. W. Parker, Parsons, Pendleton, E. Perry, Phelps, Pierce, Pike, T. C. Platt, Poland, Potter, Pratt, Ray, J. B. Rice, E. H. Roberts, Sawyer, Scofield, I. W. Scudder, Sessions, L. D. Shoemaker, Small, Smart, A. H. Smith, J. Q. Smith, Sprague, Starkweather, Stowell, Strawbridge, Tremain, Waldron, J. D. Ward, M. L. Ward, Wheeler, Wilber, C. W. Willard, G. Willard, C. G. Williams, J. M. S. Williams, E. K. Wilson, J. Wilson, Wood-104. | Hawley, Hays, G. W. Hazelton, J. W. Hazelton, NAYS-Messrs. Albert, Arthur, Atkins, BAN- NAYS-Messrs. Adams, Arthur, Atkins, Averill, Barrere. Barry, Bass, J. B. Beck, Begole, H. P. Bell, Biery, Bland. Blount, Bowen, Bright, Brown, Buckner, Bundy, B. F. Butler, R. R. Butler, Cain, J. H. Caldwell, Cason, Cessna, J. B. Clark, Clymer, C. L. Cobb, S. A. Cobb, Coburn, Comingo, Conger, Cook, Corwin, Crittenden, Crounse, Crutchfield, Curtis, Danford, J. J. Davis, Dobbins, Dunnell, Durham, Eden, Eldredge, Field, Fort, Freeman, Giddings, Hagans, Harmer, H. R. Harris, J. T. Harris, Harrison, Hatcher, Hathorn, Havens, Hays, G. W. Hazelton, Hereford, Herndon, Hodges, Holman, Houghton, Hunter, Hunton, Hyde, HYNES, Jewett, Kelley, Killinger, Knapp, Lamar, Lami son, Lamport, Lofland, Loughridge, Lowe, Magee, Marshall, Maynard, McLean, McNulta, Mellish, Milliken, Mills, Monroe, L. Myers, Neal, W. E. Niblack, Nunn, O'Neill, Orth, I. C. Parker, Pelham, Phillips, Rainey, Randall, Rapier, Richmond, Robbins, W. R. Roberts, J. W. Robinson, J. G. Schumaker, Sener, Shanks, Sheats, That the act entitled "An act to provide a naSheldon, I. R. Sherwood, H. B. Smith, Southard, tional currency secured by a pledge of United Speer, Stanard, Standeford, St. John, Stone, States bonds, and to provide for the circulation Swann, C. Y. Thomas, Tyner, Vance, Waddell, and redemption thereof," approved June third, Wells, White, Whitehead, WHITEHOUSE, White-eighteen hundred and sixty-four, shall be hereley, Whitthorne, Williams of Indiana, Willie, after known as "the national bank act of eighWilshire, J. M. Wilson, Woodworth, J. D. Young, teen hundred and sixty-four." P. M. B. Young-133. The bill of the committee as amended then passed-yeas 129, nays 116: YEAS-Messrs. Adams, Albright, Averill, Barrere, Barry, Begole, H. P. Bell, Biery, Bowen, Bradley, Bundy, Burchard, Burrrows, B. F. Butler, R. R. Butler, Cain, Cannon, Cason, Cessna, J. B. Clark, Clements, C. L. Cobb, S. A. Cobb, Coburn, Conger, Corwin, Crittenden, Crounse, Crutchfield, Curtis, Darrall, Dobbins, Donnan, Dunnell, Farwell, Field, Fort, C. Foster, Freeman, Gunckel, Hagans, Harmer, H. R. Harris, J. T. Harris, Harrison, Hatcher, Havens, J. B. IN SENATE. May 6-House bill 1572 was reported by Mr. SHERMAN, with an amendment, viz: to strike out all after the enacting clause and insert the following: SEC. 2. That section thirty-one of "the national bank act of eighteen hundred and sixty-four" 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 by said section 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; and each national banking association, now organized or hereafter to be organized, shall keep and maintain, as a part of its reserve, one-fourth part of the coin received by it as interest on bonds of the United States deposited as security for circulating notes or Government deposits. SEC. 3. That sections thirty-one and thirtytwo of the said act be amended by requiring that each of the said associations shall, within ninety days after the passage of this act, and thereafter, keep its lawful money reserves within its own vaults at the place where its operations of discount and deposit are carried on. And all the provisions of the said sections requiring or permitting any of the said associations to keep any portion of its lawful money reserves elsewhere than in its own vaults, or requiring or permitting the redemption of its circulating notes elsewhere than at its own counter, except as provided for in this act, are hereby repealed. forwarded to the Treasurer of the United States for redemption as provided herein. And when such redemptions have been so reimbursed, the curculating notes so redeemed shall be forwarded to the respective associations by whom they were issued; but if such notes are worn, mutilated, defaced, 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 reimburse to the Treasury the charges for transportation, and the costs for assorting such notes; and the associations hereafter organized shall also severally 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 be in proportion to the circulation redeemed, and be charged to the fund on deposit with the Treasurer. SEC. 6. That any association organized under this act, or any of the acts of which this is an amendment, desiring to withdraw its circulating notes in whole or in part, may, upon the deposit of lawful money with the Treasurer of the United States in sums of 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 assigned to the bank in the manner specified in the nineteenth section of the national bank act of eighteen hundred and SEC. 4. That section twenty-two of the said act, and the several amendments thereto, so far as they restrict the amount of notes for circulation under said acts, be, and the same are hereby, repealed; and the proviso in the first section of the act approved July twelfth, eighteen hundred and seventy, entitled "An act to provide for the redemption of the three per centum temporary loan certificates, and for an increase of national bank notes," prohibiting to banks hereafter organized a circulation over five hundred thousand dollars; and the proviso in the third section of said act limiting the circulation of banks authorized to issue notes redeemable in gold coin to one million dollars; and section six of said act, relating to the redistribution of twenty-five mil-sixty-four; and the outstanding notes of said lions of circulating notes, be, and the same are hereby, repealed; that every association hereafter organized shall be subject to and be governed by the rules, restrictions, and limitations, and possess the rights, privileges, and franchises now or hereafter to be prescribed by law as to national banking associations, with the same power to amend, alter, and repeal provided by "the national bank act of eighteen hundred and sixtyfour." SEC. 5. That every association organized, or to be organized, under the provisions of the said act, and of the several acts in amendment thereof, shall at all times keep and have on deposit in the Treasury of the United States, in lawful money of the United States, a sum equal to five per centum of its circulation, to be held and used only for the redemption of such circulation; and when the circulating notes of any such association or associations 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 Comptroller of the Currency to the respective associations issuing the same, and be shall notify them severally on the first day of each month, or oftener at his discretion, of the amount of such redemptions; whereupon each 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 unfit for circulation, shall, when received by any assistant treasurer, or at any designated depository of the United States, be, association, to an amount 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 reduced below thirty thousand dollars. SEC. 7. That the Comptroller of the Currency shall, under such rules and regulations as the Secretary of the Treasury may prescribe, cause the charter numbers of the association to be printed upon all national bank notes which may be hereafter issued by him. SEC. 8. That the entire amount of United States notes outstanding and in circulation at any one time shall not exceed the sum of three hundred and eighty-two million dollars. And within thirty days after circulating notes to the amount of one million dollars shall from time to time be issued to national banking associations under this act, it shall be the duty of the Secretary of the Treasury to retire an amount of United States notes equal to fifty per centum of the circulating notes so issued, which shall be in reduction of the maximum amount of three hundred and eighty-two million dollars fixed by this section; and such reduction shall continue until the maximum amount of United States notes outstanding shall be three hundred million dollars. And for that purpose he is authorized to issue and sell at public sale, after ten days' notice of the time and place of sale, a sufficient amount of the bonds of the United States of the character and description prescribed in this act for United States notes to be then retired and canceled. SEC. 9. That on and after the first day of Jan |