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A. B. F.
& VOLTTME Till. pFFICUL, i »n LAWS OF THE UNITED STATES, pM9td At tht l^rat Kmtlon of like Thtrty» fclffhtb ConfriM. caiicy 'fFcuuc—No. S6,] v» AN ACT to provide a national curren cy, secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof. lit it enacleil Ly the Sciuitr atul llunse of Representatives of the I 'uited States of America in Congress a tumbled, That there shall be established iu tbe Treas ury Department a separate bureau, I U ty of one hundred thonsand dollars, with not less thsn two responsible sureties, to be approved by the Secre tary of the Tieasuiy, conditioned for tbe faithful discharge of the duties of his office. The Deputy Comptroller so appointed shall aiso take tlie oath of o&oo prescribed by the Con§tit".# *0n and laws of the o btiull £i»e a like bond in the penalty of fifty thousand dollara. The Comp troller and Deputy Comptroller shall not, either directly or indirectly, be in terested in any association issuing national currency nnder the provis ions of this act. Sec. 3. Aud be it further enactcd, that there stiall assigned to the Comptroller of thc CiHrency by the Cur tha tfftusactiou uf the said busi ness. Sec. 4. And bo it further enacted, ffhat the term United States bonds," HILDRETII, EDITOR & PROPRIETOR na- advice and consent of the Scuate, and courts and s ic shal 1 receive an annual salary of by the production vf the original ccr fivo thousand dollara he aliall have tificab a competent deputy, appointed by tho! Sec. 7. And lie if further cnacted, Secretary, whoso salary ahull bo two 'Ihat no association shall be organized tlK»usand five hundred dollars, and, under this act, with a who shall possess the power and per- than one hundred thousand dollars, form tho duties attached by law to] nor iu a cjty whoso population ex the office of Comptroller during a va- coeds fifty thousand persons, with a Sec. 2. And be it further enacted, That the Comptroller of the Currency, be sued, complain aud defend, in any with the approval of the Secretary of court of law aud equity aa fully as the Treasury, shall devise a seal, with, natural persons it may elect or ap suitable inscriptions, for his office, a' point directors, and by its board of di description of which, with a certifi-' rectors appoint a president, vice presi cate of approval by the Secretary of dent, cashier, and other officers, de the Treasury, shall be filed in tho of-' fino their duties, require bonds of fiee of the Secretary of State with an UuMU.and fix the penalty thereof, dis Secretary of the Treasury suitable !the privileges grautud by this act to rooms in the Treasury building for I associations organized under it shall Conducting the business of the Cur-j be exercised and enjoyed and its n$ncy bureau, iu which shall be safe usual bnsiness shal! bo transacted at •ltd secure fire-proof vaults, iu which an office or banking house located in shall be the duty of the Comptroller tlte plac« specified in its organization to deposit aud safely keep all the I certificate. plates not necessarily in tho posses-j Sec. 9. And be it further euacted, •ion of eugravers or printers and oth-1 That tho affairs of every association er valuable things belonging to his) shall be managed by not I ssthan five Department aud the Comptroller I directors, one uf whom shall bo the •hall from tiuio to time furnish the ne-1 president. Every director shall, du Ct'ssary furniture, stationery, fuel, i riug his whole term of service, be a lights, aud other piopfer cyjuveuieuces, citizeu of the United States and at #ued, or that inuy hereafter be issued, uanco in office. Kach director shall S0n the faith of the Uuilcd States by own, iu his own light, at least ten the Secretary of the Treasury iu pur* shares of tho capital 'stock of the as £uauce of law. aocia.tion of which ho is a director. fhat associations for carryiug on the ted, shall business of banking may be formed so far as the duty devolves on hiui, by any number of persous, not less in diligently and honestly administer the ®ny case than five, who shall outer in- afl'ans of such association, and will to articles of association, which shall uot kuowiugly violate, or willingly fpecify iu geueral topim the object (or permit to be violated, any of tho pio %hich the association is formed, aud visions of this act, aud that he is the |aay contain any other provisions, net boua fide owner, in his own right, of fucousistent with the provisions of, the number of shares of stock requir fhis act, which the association may Sec. 6. And be .it further euacted, That tho persons aniting to form such ftu association shall, under their hands, inako an organisation certificate, vhUjh thall speciry— association which name whall be sub ject to tbe approval of the Comptrol ler. Second. The place where its ope rations of diHcount and deposit are to be carried on, designating the State, Territory, or District, and also the particular county and city, town, or tillage. Third. Tho amount of its capital Stock, am! the number of shares iuto which the same shall be divided. Fourth. Tho names and places of residents of the shareholders, and the number of shares held by each of them. Fifth., A declaration that said cer tificate YS made to enable such per sons to arail theraselvesof Urn advan tages of this act. Tho said certificate shall be ac knowledged before a judge of some cord act all such incidental powers as shall be necessary to carry on tho business of banking by discouuting and nego tiating promissory notes, drafts, bills of exchange, and other evidences of debt by receiving deposits by buy iug aud aclliag exchange, coio, aud bullion by loaning mottoy on person al security by obtaining, issuing, and circulating notes according to the provisions of this act aud its gcucral business conducted, and all i fee fit to adopt for the regulation ot1 standing in his name on the books of |he business of th« association and tho association, and that thu same is |he conduct of its affairs, which said ftrticlcs Bhall be signed by the per sons uniting to form the association, and a copy of them forwarded lo U*e f'omptrutlet of thu Curiieucy, to fee fled aud preserved in his office. Firat T$e name •Momed by tuch least three-fourths of the directors shall have resided in tho State, Terri- ed by this act, subscribed by him, or not hypothecated, or iu any way pledged, as sccuiity for any loan or debt which oath, subscribed by him self, and certified by the officer before whom it is taken shall bo immediate ly transmitted to the Comptroller of the Currency, aud by bin Hied Aid pieserved iu his office. 8|'i a'i less from the date of ho execution of its organization certificate, be a body corporate, but shall transact no busi ness except such as may be inciden tal to it* organization and necessarily preliminary, until authorize by the Comptroller of tho Currency to com mence the business of banking. Such association whall have power to adopt coVjr«.»i"ate ti c8 nd seal, aud shall ',mve suc i Mu- ,(c*or O which shall bo charged with the eie- tho said certificate stiall be ac- but au election may be held on any where tho association is located, and ontion of this and all other laws thatj knowledged before a may be passed by Congress respect- court of record or a notary public,1 thereof iu all cases having been given city or county, then in a newspaper ing the issuo and regulation of a sonal currency secured by United edgement thereof authenticated by town, or county in which the ossocia- son who will pay the highest price States bonds. Tho chief officer of the seal of audi court or notary shall tion is located ami if no newspaper therefor, and not less than the amount the said bureau shall be denominated be transmitted to the Comptroller of is published in such city, town, or then due thereon, with the expenses the Comptroller of the Currency, and the Currency, who shall record and! county, such notice shall be published of advertisement and sale and the shall be under the general direction of carefully preserve the same in his of-j in a newspaper publishd nearest there- excess, if any, shall be paid'to the de the Secretary of tho Treasury. lie flee. Copies of such certificate, duly to. If the articles of asvocition delinquent shareholder If no bidder shall be appointed by the President, certified by the Comptroller, and aw- not fix the day on which the election places within the United BO time appointed, the association in capital of shareholders, each shareholder shall bo eutillod to ono volo on each share of stock held by him. Shareholders may vote by proxies duly authorized such office and during Ins ab-1 less capital than two hundred thou-' in writing but no officer, clerk, tel- such cancellation, be increased to the sence or inability he shall employ, sand dollars: I'rtvuUd, That banks ler, or lnx/k keeper of such association from time to time, the necessary clerks with a capital of not less than fifty jsliall aet as proxy aud no sharehold-1 which a receiver may be appointed to to discharge such duties as be shall thousand dollars uiay, with the ap er whoso liability is past due aud uu- .close up tho business of the associa dirett, which clerks shall be appoint- proval of the Secretary of the Treasu id and classified by tho Secretary of ry, be organized in any place the pop the 'Ilea sili)- in the nmnner now pro- illation of which does uot exceed six vuWi by law. Within fifteen d«ys^ thousand inhabitants. fiom the time of notice of bis appoint- ijoc. 8. And be it further enacted, niest the Comptroller f*h»ll take aod That every association formed pursu subscribc the oath of office prescribed by the Constitution and laws of the United States and he shall give to the I'nited States a bond in the oenal- cession uy the uamc Ucaiguated in its organization certificate, for the period of twenty years from its organization, unless sooner dissolved according to trie piovision* of its articles of aaso-J isting bauk or banking association ciatiou, or by the act of ila aharehold-j that may accept the ers owning two-thirds of its stock, or litis act, shall be held unless the franchise shall be forfeited sponsible, equally and by a violation of this act by such not ono for another, for all contracts, shall be impaired, of each association their stock therein at thc par impression thereof, which shall there-1 miss said officers or any of thein at and a surphis of twenty p.*r centnm l«ection shall proveut an association I nuui aud at no time upon become the seal of office of the pleasure, an 1 appoint others to fill on hand, both to be determined by the that may desire to reduce its capital amount of sut^i notes, Comptroller of the Currency, aud the same may be renewed when necessa ry. Every certificate, assignment, and conveyanco executed by the Comptroller, iu pursuance of any au thority conferred on in in by law, ami Sealed with his seal of office, shall be received iu evidence in ail places aud courts whatsoever and all copies of papers in the office of the Comptrol ler, certified by him ami authenticated by the aaid seal, shall iu all cases be evidcuce equally and in liko manner as tho original. An impression of •uch seal directly ou the paper shall be aa valid as if wade on wax or wa fer. t«y, or district in which audi assttcia-l of capital shall be valid until the whole S6c. 10. And bo it farther cuncted, n any other manner become disqualified, That if any shareholder, or his assig shall thereby vacate his place. Any nee, shall fail to pay any instalment vacant apfi•ointment tors shall two-thirda of the shares may. nre, and if not sold it shall be cancel Sec. 11. And be it further enacted, led and deducted from the capita! That in all elections of directors, and stock of the association and if such in deciding all questions at meetings cancellation and reduction shall re- .... within thirty days from the date of 1 1 ant to the provisions of this act shall,, property and transferable mi the books "f banking business nnder its provis- ascertaining the correctness of the of the association iu such manner as uiaybe prescribed in the by-laws or article* of association and every per son becoming a shareholder by S U U transfer shall, in proper*',on to his shares, succeed to all the rights and liabilities of the prior holder of such shares, no change shall be maJe '.•I Hie articles of association by which tho rights, remedies, or security of the existing creditors of the association o value'fd kept nndi-itroller per board of directors shall also have power to define and regulate by-laws,i the Currency may compel said bank- act, aud the associaliou transmitting nut incunsUtent with the provision* of} ing association to close its business i the same shall notify the Comptroller this act, the manner in which its! and wind up its affairs under the pro-1 that at least fifty per centum «f its stock shall be transferred, its directors visions of this act. Aud the Comp- capital stock haa been paid in as afore- have formed the same for any oth er than the legitimate objects Contem plated by this act. Sec. 5. Aud bs it further enacted, Each director, wheu appointed or elec- duly paid in as part of the capital of That if, upon a caref ul examination of nomination take au oath that ho will, such association. Aud every associa- vided, That by no such reduction shall shareholders until such deficiency That whenever a certificate shall have! shall be made good} and in ease of I wen transmitted to the Comptroller such deficiency, tho Comptroller of or cashier of the association. Sec. 15. And be it further enacto), i I v a judge of some subsequent day, thirty days' notice if no newspaper is published in'said and such certificate with the acknowl in a newspaper published in the city, published nearest thereto, to any per on the recommendation of the ^ecre thentieated by his seal of office, shall shall bo held, or if the election sl.onld stock the amount duo thereon to the in his 1 tajry of the 1 reasury, by and with the be legal and sufficient evidence in all, not be held on the d«\y fixed, the day association, and the cost of advertise-! entered tho name of every association jof such burning, signed by the parties ction shall be designated nient and sale, the amount previously from whose accounts such transfers so appointed, shall be made in the duce the capital of the association be low the minimum of capital required by this act, the capital stock shall, requirements of the act in default of fiftieth section of this act Sec. 16. And be it further dollars nor less than one-third of the capital stock paid in, which bonds shall be deposited with the Treasurer of the United States and by him safe ly kept in his office nnti) the same The shareholder* shall be otherwise disposed of, in pur formed under tbe suauce of tho provisions of this act provisions of,eel provisions of this act, and of each ex-,:l,u' tho Secretary of the Treasury is, of bonds to the lreasu hereby authorized to receive and can- di?d in the foregoing section, (of 1 Seo. 13. And be it further enacted, That it shall bo lawful for any asso ciation formed under this act, by its articles uf association, to provide lor association, aud an increase of its capital from time capital stock of to time, as may be deemed expedient,' bona fide owner, and geuerally whetl. subject to the limitations of this act er such association has complied with 1 Currency, aud his certiticaie obtained whi ther such associatiou is law! specifying the amount of such in-leutitled to commence the battues* crease of capital stock, with his ap- banking uuder this act. .proval thereof, and that it has Ween I Sec. 18. And bo it further enacted, all contracts, 'to of interest, and having the aaiue different denominations, in blank, leg-1 haukiug, the Comptroller shall exam- ^Sfltslfoarii Course of (Empire falits its (Rttaji." e e etted and qualified. Ail subsc-(each on tho whole amount uf the capi- thereof: Pmriled, That if no news-| the public debt, and in redemption of qnent elections shall be held annually i tal as frequently as one instalment at paper is published in such eity or the national currency. And no such on sHcb day in the month of January the end of each anoceeding month county the rertitiate shall bo published association shall issue pout notes or as »y be specified iu the articles of from tbe time it shall be authorized association and the directors so by the Comptroller to commence busi elected shall hold their places for one ness and the payment of each in year, and until their successors are stalment shall be certified to the Comp elected and qualified. But any direc- troller, nnder oath, by the president tor ceasing to be tho owner of tho re quisite amount of stock, or having in tion according to the provision* of t*© aforesaid, every transfer or assign- paid shall be allowed to vote. Sec. 12. Aud bo it further eoMtsd, That tU- capi!:.]Utork „f any as.swi.-' St-o. 16. MbfilhnW enactm!.'! urer' pre.ci.lcj lor IM sijinnro Md iSiliTth. sa.no at« 1» tlx tion formed under this act shall be di-' Ihat every association, after having1 the Comptroller shall have at all times L„j custody of the Treasurer at the vided into shares of one hundred 1M- i I!!!."1 name it may make contracts, sue audi debts, and engagements of »uch asso- time to run and the deposit of bon is istered and countersigned as hereiuaf- pr}ate to its own use the iuterest on taking or receiving tho same i'/vrt ciation to the extent of the amount of shall be. by every association, inereas-! ter provided, equal iu •mouut to niue- shareholders of any bauking associa-, tho I rcasurcr registered uited States ceoding ninety per centum of the fu.il to redeem its circulating notes as tion now existing under State laws, bonds to the amount of at least one-. amount of said bonds at the par value aforesaid. Whenever the market or 1 their place?, and exercise under this Comptroller of tho Curreucy, shall be "r to close up its business and dis- such association, exceed tho amount jggucd for the same, the Comptroller, receiving a greater rate of iuterest. liable only to the amount invested in solve its organization from taking up at such time actually paid iu ot its of the Currency is hereby authorized Sec. 31. And be it further enacted, their shares snd such Surplus of 'its bonds npon returning to the Comp-, capiul stock. I to demand and receive the anmnnt of1 That every association in the cities twenty p«M uenlam shall capital, tho naino and place of rcsi-! (thefacts lion shall have power, by the vote of facts which may come to the kuowl shareholders owning two-thirds of its edge of the Comptroller, whether by capital stock, to reduce the capital of I means of a special commission ap such associatiou to any sum not be- pointed by him for the purpose of in- 1 V* WW a ta» ilfvi viiisvivu 9 stock and opon which no circulating lions of dollars. I« order to furnish i the Currency, as provided in this the amount of thej ty of the directors and by the presi tiou is located one year next preceding amount of such increase shall be paid Ident or cashier of such association, a Aud the said uotes shall bear such do- act Auti prvndcd, That there shall from association's approved by the used iu this act, shall be cuustrued their electiou as directors, and be resi-j in, and uoticc thereof shall have been statement of all the facts ucoessary vices aud such other statements, aud ^bave been no failure by such associa-j Comptroller of the Currency, organic i&> uteau ail registered bonds now is- dents of the stitne during their contin-i transmitted to the Comptroller of the to enable the Comptroller to determine shall be in such form, as tho Secretary tiun to redeem its circulating notes, ed uuder this act, in the cities of .St. •illy i Treasury shall, by regulation, and no other violation by such associ-1 Louis, louisvilic, Chicago, Detroit, of, direct: Ptwutul, That not in ore thuu atiou uf tho provisions of this act, aud i Milwaukie, Now Orleans, Cincinnati, so reported, aud of an}* other tsijui 11, l|iU Itiuw otlvii iiOB'n I s |l O CHARLES CITY, FLOYD COUNTY, IOAVA, THURSDAY, AUGUST 18, 1864. in a newspaper *PP°!nted the directors of such association may* of the association making the deposit, such association other i I hu U is pl.ico until the next sell the stock of such delinquent share- a receipt therefor to be given to said ting notes to an equal L'tion. If fiom any causo an elec- holder at public auction, having given association, or by the Comptroller of such worn-out or mutii.iv.i tion of directors shall not be made at three weeks'previous notice thereof the Currency, or by a clerk appointed ter shall not for that canse be dissolved, eral circulation in the eity or county it is held in trnat for the association cordanco with such regulsti enacted.' —. complied with the provisions of this duiing office hours acoess to the books idilto lars t-aoh, aud bo deemed personal H»ct, preliminary to tho commencement of th« Treasurer, for the purpose of nation may be made by an officer or ions, and before it shall be authorized I transfer or assignment presented to to commence business, (j'nall transfer him to countersign and the Troasur and deliver to iho Treasurer of thc' er shall have the like acoess to the United States any United States reg-j book above mentioned, kept hy the istorcd bonds bearing interest to an Comptroller, during office hours, to as amouut not less than thirty thonsand certain the correctness of the entries published nearest thereto. See. 19 And he it further enacted, That all transfers of United States bonds which shall be made by any as sociation under the provisions of this act shall be made to the Treasurer of the Lnited States in trust for the as sociation. with a memorandum writ V !ancy in the board shall be filled by on the stock when the same is rcquir-j ten or printed on each bond, and sign- 'strnction of any sn by the remaining direc- ed by the foregoing section to be paid, ed by the cashiei or some other officer notes, to deliver in pi n u n a i I I niiuuni v» u h'mi, newspaper published and of gen- by him for that purpose, stating that entered in the proper books, on whose behalf such transfer is inadt and as security lor the redemption and payment of any circulating notes that have been or may be delivered to such association. No assignment be found who will pay for snch I Comptroller of the Currency to keep tions as the Secretary of the Treasu office in tho same and the Comptroller shall also at all times have access to thc bonds ou deposit with the Treasur er, to ascertain their amouut and con dition. any United States coupon bonds, i ciatiou making tho same shall be cn- ^.pt thereof, in addition to the amount in- increased, so that every association value of tho United States bonds so powers shall become inoperative when-' usurious transaction occurred. But vested in such shares. except that shall at all times Inrve on deposit with transferred and delivered, but not ex- ever such banking association having not less than five millions of third of its capital stock actually paid thereof, if beariug iuterest at ft rata cash value of any bonds deposited purchase, discount, or sale, at not more dollars of capital actually paid in, i" ProviiM, That nothing iu this not less thau fivo per centum per an- ininished, aud be iu addition to the iportiou hereinafter named iu this act, That the entire amonnt of notes for States bonds at cash value, or in uion-' have on hand, in lawful money of the surplus piovidcd for in this act aud "«»r from taking up any excess of, circulation to bo issued under this act if at any time thore shall bo a defi^•. bonds beyond one-third of its capital shall uot exceed three hundred mil-, bUlg, to bo deposited with the Treasu-! least twentv-five per centum of the ag ciency in said surplus of twenty centum, the said banking association uotea have been delivered. I suitable notes for circulation, the^8UC|) depreciation coutinaes. And tion and its deposits and every oth shall uot pay any dividends to ita I Sec. 17. And be it further enactcd,' Comptroller of tho Currency is hereby tt,ld elected or appointed, its officers ap- troller shall have authority to with-, said, aud that such association has circulating uotes, in blank, of the de- shall be of opinion that such an ex- ahall be below the amount of twenty pointed, its property transferred, its fiold from an association his certificate authorizing the commencement of baa-' this act as required to be complied frill three dollars, five dollars, ten dollars, jj uesa, whenever he shall have reason before snch association shall be an-! twenty dollars, fifty dollars, one huu- direct the retnru of any of said bonds I money of any other association shall to suppose that the shareholders there-, thorized to commence the business of dollars, five huudrcd dollars, and That the dnettol's of any association, the remainder of the capital stock of paper published iu the city or county first elected or appointed shal! hold' such association shall be pait! in in- where tho associatiou is located fur at' corporations, aud associatioud within .association to purchase, hold, aud cou-1 of the Curtency to notify any associa their places until their taoccMora shall staluMnU of at Uast tea per centum least sixty daya next after tbe issuing the United States, except iuterest ou vey real estate as follow* tioo, whoee lawful money reserve as iue into the condition of such associa- 4,,'l'pd to supply, under this act, the than ono thousand dollars, upon the 0,1 tbe I I'roLuitU, That tho maximum of such i all the requirements of this act to cn- ^l,d shall afso express upon their surrendered by such banking associa- United States shall be restored Pro increase iu tlte articles of association title it to engage in the business ofjl^ce the promise of the association re- tiou, and that the amouut of bonds in! rid'J, That three-filths of said fifteen shall be determined by the Comptrol-. bauking and shall causo to be made ceiving the same to pay on demand, the hands of the Treasurer shall uot be i per centum may consist of balance ler of the Currency aud no iuerease and attested by the oaths of a niajoi i- attested b^ the signatures of the diminished below the amount required 'dent or vioe president and cashier, duly ot the Comptroller, immediately j! banking association :iving bonds de upon countersigning and entering the 'posited in the office of tho Tre asnrer same, to advise by mail the association from whose account such transfer was^j made of the kind and numerical desig- *Kl=.by thc ir( as any other notes to circulate as mon ey than such as are authorized by the foregoing provision* of this act. Sec. 24. And be it further enacted, That it shall be the duty of the Comp troller of the Currency to receive worn ont or mutilated circulating notes issued by any such hanking associa tion, and also, on duo proof of the dc* nch circulating ace thereof to U I I U U I O V "ii \nn. a memorandum shall havi or transfer of any such bonds by the one to be appointed by the Secretary ation, of any person, or of any com pa Treasurer shall be deemed valid or of of the Treasury, one by the Comptrol- ny, corporation, or firm for money bor binding force and effect unless conn-, ler of the Currency, ono by the Treasu- rowed, including in tho liabilities of tersigned by the Comptroller of thejrerof the I'nited States, and one by a company or firm the liabilities of Currency. It shall be the duty of the the association, nnder such regnla- the several members thereof, shall at no time exceed one-tenth part of the amount of the capital stock of such a book in which shall be i ry may prescribe. And a certificate and the name of the party to whom cate thereof forwarded to the associa uch transfer is made and the par I tion whose notes are thus cancelled. ne of the bonds so transferred shall be entered therein and it shall be the bonds is made by the Treasurer, books of the Comptroller, and a dupli- exchange drawn against actually ex- That it shall be the duty of every 0f 0p the United States, once or oftener rieac nation of the bonds and ajnujmt. hours as said officer or officers may or discount made, or upon any note, thereof so transferred. 'select, to examine and compare the' kill of exchange, or other evidences of Sec. 20. And be it further cnacted, bonds so pledged That it shall be the duty of the Coinp-1 jjj0 Comptroller and tho accounts of laws of the Stale or Territory troller ot the Currency to countersign association, aud, if fouud correct, where tbe bauk is located, aud no and enter in the btiuk, in tho mauuer 0 Uifioato 0f f.r •».« g^.jj aH individually re-1 and to issne in lieu thereof registered titled to receive from the Comptroller Comptroller of the Currency shall give tives, may recover back, in any ac ratably, and bonds of like amount, bearing a like i «»f the Currency circulating notes of to erg l(f ttic as its capital may be paid tip or' ty per centum of tho current market ferred to tho Treasurer but such I within two years from the time the wjth iiny its circulating notes iu tl»e pro-1 Sec. 2*2. And be it farther enacted, 18Ue), depreciation in other United hereinafter named shall, at all times, (t.y, rtr uf 8u numbered, such quautity of complied with all the provisions of nominations of one dollar, two dollars, change can bo made without preju- five per centum of its circulation and 1 one thousand dollars, as may be re-: furred tho same, in sums of not less tion, ascertain especially thc amount *s«Mciatiou® entitled to receive the surrender to him and the cancellation' by making any new loansordiscounts of money paid in on account of its which uotes shall express up- their face that they are secured by Gf 1 deuce of each of tlte directors of such I United States bouds, deposited with Qiaiuing bonds which shall have been sight, nor make any dividend of its i with notes of a less denomination thau jThat it shall low the amouut required by this act, quiring into the condition of such as* That after any such association shall .associatiou, or to auy other couipauy ed to be lawful in the formation of associations Pro-1sociation or otherwise, it shall appear have caused its promise to pay such or person, auy circulating notes cou-1 sion of any ass its capital be brought below the tied to Commence the business of president or vice president and cash- inbeforo provided, and in accordance i ing such certificate, and shall be cou amount required by tiou act fur its i bauking, the Comptroller shall give i ier thereof, in such manner as to make 1 with the true intent aud meaning of i sidored to be a pail of the lawful mon outstandiug circulation, uor shall any to such association a certificate, uuder them obligatory promissory uotes, this act. Aud auy officer who shall i ey which such association is required such reduction be made until the his hand and official seal, that such payable on demand, at its placo of i violate the provisions of this sectiou I to have uuder the foregoing provisions amount of the proposed reduction has association has complied with all the business, such association is hereby shall be deeuied guilty of a high mis-1 of this section Prvvui&l, That the lie en reported to the Comptroller of I provisions of this act required to be' authorized to issue aud circulate tho deuieauor, and on conviction thereof cities of Charleston uud Richmond tho Currency and his approval there-1complied with before being entitled toj same as mnney and the same shall 'shall be punished by fine not exceed-! may be added to the list of cities iu of obtained. commence the business of banking be received at par in all parts of the I ing double thc amount so couutersigu-j tho national associations of which oth i Sec. 14. Aud bo it further enacted, under it, apd that such association is States iu paymcut of taxes, ex- ed aud delivered, aud imprisonment er associations may keep three-fifths That at least capital stock shall be paid in beforo it shall be an-jof the association to cause said certl-jon imports and also for all salaries the court iu which he shall bo tried. [Currency, the condition of the South thori&ed to commence business and flcate to be published iu soo»e news- provided in this act but the any such banking authorized aud required, under the di- scribed by the Secretary of the Trasu-jon hand, ic lawful money of the United lection of the Secretary of the Irtas- ,yf n,ay ury, to cause plates and dies to bo en- made of any of tho bonds dep»sitcd fifteen per centn u of the aggregate grayed, in tlte best manner to guaid tbo Treasurer by sn association amouut of its notes in circulation, and against counterfeiting and fraudulent for ot alterations, and to have priuted t.iere- authorized by this act to be received lawful money of any association in the cities hereinafter named aB ce 27. Aud •. HHL.U<p></p>United OlttiwS A*' U V v*i IU .\v0| v A w uwn n uvs 111 JJI OU fifty per centum of the authorised to commence said business rises, public landsj aud all other dues not less than one year aud not exceed-: of their lawful mouey, whenever, in of every association accordingly and it shall bo the dnty to the United States, except for duties iug tiiteeu years, at tbe discretion of the opinion of the Cciuptrvller of the on imports-and also for all salaries the court iu which he shall bo tried, Currency, the condition of the South altd other drbts ftnd demands owing I Sec. 518. And bo it further enacted, eru States will warrant it. And it by thc United States to individuals, That it shall be lawful for any such shall be competent for the Comptroller be be i that such association is lawfully enti-I uotes on demand to bo signed by the teinplatcd by this act, except as here-1 such clearing house holding aud own- five dollars. icor acting uuder the provisions of this deposited for the purpose of any clear Sec. 23. And be it further enacted, 1 association shall1 1 1 to the banking association which trans- be below fifteen per centum of its cir- i Treasurer of the I uited States by i transferred by the banking associa- profits until the required proportion ations iu other places thau those cities which each is tlte U'10 written or engraved signatures of tion offering to surrender circulating I between tho aggregate amount of its named in the thirty-first section ol •th-1 the Treasurer and Kegister, and by mites shall be equal to the amount re-' outstanding notes of circulation and I this act shall also return the amount the imprint of the sea! of the Treasu-1 quired for the circulating notes not deposits ami its lawful money of the duo them available for tha redentp- prov one-sixth pait of the notes furnished i that the market or cast* value of the i Cleveland, Pittsburg, Baltimore, I'hila to au association shall bo of a less de- remaining bonds shall not be below i delphia, lVston, New York, Albany, than five dollars, and that the amouut required for tho circula-, Leaven worth, Sau Francisco, aud after specie payments shall be resum-i tiou issued for the same. Washington city Provided, u/m, That •d no association shall bo furnished Sec. i to be kept ou deposit with him by this! redemption of its circulating notes First. Such as shall be necessary for its immediate accommodation the transaction of its business. Sec. 25. And be it further cnacted,1 owned by the person or persons, cor- |, fiSCal year, and at such time times during the ordinary business certificate Such exami-1 Sec. 2G. And be it further cnacted, That tho bonds transferred to aud de posited with the Treasurer of the Uni ted States, as hereinbefore provided, 1 utWociation, duly ap- pointed iu writing for that purpose, whose certificate beforo mentioned shall bo of like force and validity as if executed by such president or cash ier and a duplicate signed by the Treasurer shalt be retained by thc association. Sec. 91. Afitf be it farther cnacted, ^y any banking association for the se-' debt carries with it, or which has That npon tho transfer and delivery curity of its circulating notes, shall be been agreed to l-e paid thereon. And That every association shall make to r. as provi- exclusively for that purpose, un-' case a greater rate of interest lias tho as so- til such notes shall be redeemed, ex-' heen paid the person or persons pay- in Second. Such as shall be mortgag it in satisfaction of debts previously contracted in course of its dealings. Fourth. Snch as it shall purchase at sales under judgment, decrees, or mortgages held by such association, or shall purchase to secure debts due to said association. Such association shall not purchase or hold real estate in any other ease or for any other purpose than as specified in this section. Nor shall ft in ac- hold the possession of any real estate tions as under mortgage, or hold the title and may be established by the Comptrol-1 possession of any real estate purchas er, as well as all circulating notes ed to secure any debts due to it for a which shall have been paid or surren- louger period than five rears. dered to bo cancelled, shall be burned Sec. 29. And be it further chactcd, to ashes in presence of four persons, That the total liabilities to any associ- association actually paid in Provided, isting valoes, and the discount of com mercial or business paper actually poration, or firm negotiating the same shall uot L»0 considered as wemey bor rowed. Sec. 30. And be it further enacted, That every association may take, re ceive, reserve, and charge on any loan, '"g the same, or their legal representa- pow-j tion of debt, twice the amount of the attorney to receive and appro-! interest thus paid from the association bonds which it shall have so trans-1 dot. That such action is commenced the purchase, discount, or sale of a bona tide bill of exchange, payable at another placo than the place of such tho Treasurer of the United than the current rate of exchange for shall the total States, as aforesaid, shall be reduced sight drafts in addition to the interest, below the amount of the circulation shall not be considered as takiugor from the association receiving said United States, an amount equal to at tiro United States as long as 1 gregate amUnnt of its notes iu circula- jj Comptroller, npon the terms pre-| er association shall, at all times, have permit an exchange lo be1 States, an amount equal to at least Iter bonds of the United States I of its deposits. And whenever the ._ security for circulating notes, if he1 anv of to the United States, aud he may i deposits, and whenever the lawful tions shall not increase its liabilities a proportionate amount of such cir*( otherwise than by discounting or pur- culating notes Provided, That the ro- chasing bills of exchange payable at due to an association available for the it further enactcd, i clearing-house certificates, represent- uulawful for any offi* ing specie or lawful mouey specially act to couutersigu or deliver to any ing-houae association, shall be deom money in the posses association belonging to 11 111 wile vl uoocv1** v* us «vv v 11» ili it so ed to it in good faith by way of seen- thereafter so to make good ita reserve rity foi debts previously contracted. of lawful money of the United States, Ihird. .Such as shall lie conveyed to the Comptroller may, with the concur- lliat the discount of bos.a fide bills of by the respective associations, and of' 0 with the books of debt, interest at the rate allowed by execute to the said Treasurer a cer- more, except that where by the laws setting forth the different of any State a different rate is limited "nd tho° amounts thereof, aud' f,)r hanks of issue organized under ....... Siato laws, the rate so limited shall be allowed for associations organized in any such State nnder this act. And when no rate is fixed by the laws of the State or Territory thc bank may take, receive, reserve, or charge a rate not exceeding seven per centum, and such interest may be taken in ad vance, reckoning thc days for which tho note, bill, or other evidence of debt has to run. And thc knowingly taking, receiving, reserving, or charg ing a rate of interest greater than aforesaid shall be held and udjudged a forfeiture of the entire iuterest which the note, bill, or other evidence of rulatiou and deposits, such associa- date ot such statement, in respect to the following items and particulars, to wit average amouut of loans aud discounts, specie, aud other lawful money belonging to tho association, deposits and circulation. Aud associ- PRICE, THREE DOLLARS PER ANNUAL aforesaid shall be below the amoant to be kept on hand as aforesaid, to make good such reserve and if sach association shall fail for thirty days rence of the Secretary of the Treasu ry, appoint a receiver to wind up the business of such association, as provi ded in this act. Sec. 32. And be it farther enacted, That each association organized in any of the cities named in the forego ing section shall select, subject to the approval of the Comptroller of the Currency, an association in the city of New Y( rk, at which it will redeem its circulating notes at par. And each of such associations may keep one half of its lawful money reserve in cash deposits in the city of New York. And each association not or ganized within the cities named in the preceding section shall select, subject to the approval of the Comptroller of the Currency an association in cither of the cities named in the preceding section at which it will redeem its cir culating notes at par, and the Comp troller shall give public notice of the names of the associations so selected at which redemptions are to be made any change that may be made of the association at which the notes of any association are redeemed. If any association shall fail either to make thc selection or to redeem its notes as aforesaid, tho Comptroller of the Cur rency may, upon receiving satisfacto ry evidence thereof, appoint a receiv er, in the manner provided for in this I act, to wind up ita affairs Proridtd, That nothing in this section shall re lieve any association from its liabili ty to redeem its circulating notes at its own counter, at par, in lawful mon ey, ou demand Amiproridol, further, That every association formed or ex isting under the provisions of this act shall take and receive at par, for any debt or liability to said association, any and all notes or bills issued by any association existing under and by virtue of this act. Sec. 33. And be it further enacted, That the directors of any association may, semi-annually, each year, de clare a dividend of so ninch of the nett profits of tho association as they shall judge expedient but each asso ciation shall, before tho declaration of a dividend, carry one-tenth part of its nett profits of the preceding half year to ils surplus fund until the same shall amouut to twenty per centum of its capital stock. Sec. 34. And be it farther enacted, the Comptroller o the Currency a re port, according to the form which may be prescribed by him, verified by the oath or affirmation of the president or cashier of such association which report shall exhibit in detail, and under appropriate heads, the resources and liabilities of the association before the commencement of business on the morning of the first Monday of the mouths of January, April, duly, aud October of each year, and shall trans mit the same to the Comptroller with in five days thereafter. And any bank failing to make aud trausmit such report shall be subject to a pen alty of one hundred dollars for each day after five days that such report is delayed beyond that time. And the Comptroller shall publish abstracts of said reports in a newspaper to be de signated by him for that purpose in the city of Washington, and tho sepa-! rate report of each association shall be published in a newspaper in the place where such association is estab lished, or if there be uo newspaper at such place, then in a newspaper pub lished at the nearest placo therto, at the expeuse of thc associatiou making such report. Iu addition to tho quar-i terly reports required by this section, every associatiou shall, ou the first Tuesday of each mouth, make to the Comptroller of the Currency a state ment, under the oath of the president or cashier, showiug the condition of the association making such state ment, on the day next preceding the tion of their circulation. Sec. 35. And be it further cnacted, That no association shall mako auy i loan or discount on the security of the shares of its own capital stock, nor be the purchaser or holder of any such shares, unless such security or pur chase shall be necessary to prevent loss upou a debt previously contract ed in good faith and stock so pur chased or acquired shall, withiu six mouths from the time of its putchasc, bo sold or disposed of at public or private sale, in default of which a re ceiver may be appointed to close up the business of the association, ac cording to thc provisions of this act. Sec. 38. And be it further enacted, That uo association slmll at auy time be indebted, or in any way liable, to au amount exceeding the amount of its capital stock at such time actual ly paid iu and remaining undiminish ed by losses or otherwise, except on the following accounts, that is to say Fiist. On account of its notes of circulation. Second. On account of moneye de posited with, or collected by, such association. Third. On scconnt of bills of ex change or drafts drawn against mon ey actually on deposit to tlte- credit of such association, or due thereto. Fourth. Ou accouut of liabilities to ils stockholders for dividcuds aud m served profits. NUMBER 33. Sec. 37. And be it further enacted. That no association shall, either di rectly or indirectly, pledge or hypothe cate any of its notes of circulation, for the purpose of procuring money to be paid in on its capital stock, or to be used in its banking operations, or otherwise nor shall any association use its circulating notes, or any part thereof, in any manner or form, to cre ate or increase its capital stock. Sec. S8. And be it further enacted. That no association, or any member thereof, shall, during the time it shall continue its banking operations, with draw, or permit to bo withdrawn, either in form of dividends or other wise, any portion of its capital. And if losses shall at any time have been sustained by any such association equal to or exceeding its undivided profits then on hand, no dividend shall be made and no dividend shall ever be made by any association, while it shall continue its banking opera tions, to an amonnt greater than its nett profits then on hand, deducting therefrom its losses and bad debts. And all debts due to any association, on which interest is past due and un paid for a period of six months, unless the same shall be well secured, and shall be in process of collection, shall' be considered bad debts within tho meaning of this act Prorided, That nothing in this section shall prevent the reduction of the capital stock of thc association under the thirteenth section of this act. Sec. 39. And be it further enartcd. That no association shall at any timo pay out on loans or discounts, or it* purchasing drafts or bills of exchange, or in payment of deposits, or in any other mode pay or put in circulation? tho notes of any bank or bauking1 association which shall not, at any such time, he received, at par, on de posit and in payment of debts by the association so paying ont or circula ting such notes nor shall it know in^ly pay out or put in circulation any" notes issued by any bank or banking association which at the time of such paying out or putting in circulation not redeeming its circulating notes iu lawful m6uey of thc United States. Sec. 40. And bo it further enacted, That the president and cashier of eve ry such associatiou shall cause to be kept nt all times a full and correcb list of the names and residences of aH tho shareholders in the association, and the number of shares held by each, in the office where its business i* transacted aud such list shall bei subject to tho inspection of all tho shareholders aud creditors of th£ asso ciation, and the officers authorized to assess taxes tinder Stato authority, duiing business hours of each day which business may be legally trans acted and a copy of such list, oil tho first Monday of July in each year, verified by the oath of such president or cashier, shall be transmitted to tho Comptroller of the Currency. Sec. 41. A'ud be it further enacted* That tl ic plates and special dies to be procured by the Comptroller of tbe Currency for the printing of such cir culating notes shall remain under his control and direction, and the expens es necessarily incurred in executing the provisioua of this act respecting the procuring of such notes, and all other expenses of the bureau, shall bo paid out of the proceeds of the taxes or duties now or hereafter to be asses sed ou the circulation, and collection from associations organized under, this act. And iu lieu of all existing taxes, every association shall pay to the Treasurer of the United States, in the mouths of January aud July, a du ty of one half of one per centum each half year from and after the first day of January, eighteeu hundred atul sixty-four, upon the average amount of its notes iu circulation, aud a duty of one quarter of one per centum e.ich half year upon the average amount of its deposits, aud a duty of one-quar* ter of one per centum each half year, as aforesaid, on the average amouut of its capital stock beyoud the amount invested in United States bonds aud in case of default iu the payment thereof by any association, the duties aforesaid tr.ay bo collected in the man ner provided for the collection of Uni ted States duties of other corporations, or the Treasurer may reserve the amount of said duties out of the in terest, as it may become due, on the bonds deposited with him by Buch de faulting association. And it shall bo the duly of each association, withiu ten days from the first days of Janua ry and July of each year, to make a return, under the oath of its presideut or cashier, to the Treasurer of the Uni ted States, in such form as he may prescribe, of the average amount of ita uotes iu circulation, and of the av erage amount of its deposits, and of the average amount of its capital stock, beyond the amount invested in United States bonds, for the six mouths next preceding said first daya of January and .July as aforesaid, and in default of such return, aud for each default thereof, each defaulting asso ciation shall forfeit and pay to the Unittfl States the sum of two hun dred dollars, to be collected either out of the iuterest as it may become due such association ou the bouds deposit ed with tho Treasurer, or, at his op tion, in the manner iu which penalties are to be collected of other corpora-* tions uuder tho laws of the Uuited States and in case of such default the amount of the duties to be paid by such association shall be assessed up on tho amouut of notes delivered to such associatiou by the Comptroller of the Currency, and upon the highest amouut of its deports and capital stock, to be uscertained in such other manner as the Treasurer may deem best Providetl, That nothing in this act shall be construed to prevent all tho shares in any of the said associa tions, held by auy person or body cor porate, from being included ia tbe