OCR Interpretation

Daily national Republican. (Washington, D.C.) 1862-1866, June 10, 1864, Second Edition, Image 1

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W. J. MCT.Tion A Co., and It nrnlshcd
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One square, fpnr days, ...(...&... 1.3
ne square, five days , ,, ... , 1,5
One square, six days 1,7
rVery cthot- day advertUcmenta, 60 po Coal
Ones a week aWvertiwinetiU chargad aa naw,
for each Insertion.
fill lines ot loss constitute a square.
Advertisements should bs Jhanded In by 1
t'elock. rn JlS
U) ear inbicribcn (bj carriers) at f 0 cents per J
MU sobscrlbira, 5.00 w imim tXW
ror sir, montha.aed tl.M forthree month. In-TAilaMT-lii
NO 1U8
fflMfrlTwias mi!i.
or nci a L. J
ABMil attti. Plrstfftsslnintrih, Thirty
cicntn congress
Pubuo No. 83.1
An aot to Arc-Tide a national cnrrcner. secured
bjr a pleueo of United Rtatcs bond, and tp
prnriae lor mg circDiauon ana redemption
S U tndtUd by Vu Oaati and ITouti of Iitp
rtuntaturtioj 1. United StaUt of America in
Congreu uu nUtJ, That there (ball b. estab
lished In tlio Treasury Department a separate
bureau, which shall bo charged with tho execu
tion of this and all other lava that majrbe
parsed by Congress respecting tho lssno and
reirnlatlon of a national currency secured by
United States bonds. Tho chlif ofllcer or the
said bureau shall bo denominated the Comn-
trollor of lbs Currency, and shall bo under the
general direction 01 mo aacrciary 01 tuo i reas
ury. He shall be appointed by the I'rraldent,
on the recommendation of tho Secretary of the
Treasury, by and with the adrlco and consent
of the Senate, and shall hold hb ofllce for the
terra of Ore year unless sooner Mooted by
tho President, upon reasons to bo cftMmunl
catcd by him to tho Senate) ho shall rccclre an
annual salary of Ore thousand dollars) lie shall
hTO a competent deputy, appointed by tlio
Bccrctary, whose salary shall be two thousand
five hundred dollars, and who shall possess
tho power and perform the duties attached by
law to tho offlco of Comptroller during a va
cancy In such omco and during hts absenco or
lnabllltyi ho shall employ, from time to Urns,
tho necessary clcrLa to oiechargo such duties
as be shall direct, which cleiLs shall be up
pointed and classified by tbe Secretary of toe
Trcasuir In the manner now urorlded br law.
Within Uftctn days from tbe time of nollco of
ma appointment uiu uompironer anau nil
and snbscrlbo tho oath of oClco prescribed by
tbe Constitution and laws of the United Btalrai
and he shall giro to tbe United States a bond
In the penally of one hnndrod thousand dol
lars, with not less than two responsible sure
ilea, to be approved by the Secntary or the
lIGifUi'i iwsiia,i"ssv w. tuu miiuiui uio-
c barge of tbe duties of bli ofllco. Thu Deputy
Comptroller so appointed shall also take thu
oatU of office proscribed by tho Constitution
and laws of Ih United Btatos, And shall give
4 like bond In tho penally or flRy thousand
dollars. The Comptroller and Deputy Comp
troller ahall not. either directly or Indirectly,
bo Interested la any association Issuing na
tional currency under tbe provisions of tnls
Bcc. 2. Ami be it further enacted, That the
CoropUollcr of tboCurrency, with tho approval
of thq Bi crctary of tho Treasury, shall devise a
seal, with snltable Inscriptions, for his offlco, a
description of which, with a certificate of ap-
Eroval by tho Secretary of tho Treasury, shall
o tiled In tboofllcoof thoFcercliry or Bute
with an Impression thereof, which shall there
upon become tho seal of omco of tho Comptrol
ler of tho Currency, and tho same may be re
newed when necessary. Every certificate, as
slgnment, otd conveyance! executed by the
Comptroller, In pursuance of any authority
conferred on hlin by law, and sealed with hla
seal of office, shall be receive 1 In evidence In
all places and courts wlistsorcr, aud all coptes
or papers In tho office of tho Comptroller certi
fied by Mm and authenticated by tho said sea),
shall in all cases bo evldcnco equally and Id
Uko manner as the original. An Imnrcsslon
of such seal directly on Iho paper shnll teas
Talld as If made on wax or wafer.
Sec. 8. And be it farther enacted, That thoro
sha 1 be assigned to the Comptroller of the Cur
rency byal8)creJry,UievTreAnry -citable
rooms In the Trc-fury building fJr conducting
tne oosiness oi mo i. urrtney tiureau, in which
shall be safo and r-ecuro tire Proof vaults, in
which It shall bolhe duly of the Comptroller
todtpoUaud safely keep all tho plates not
necessarily in tho possession of enjjraersor
crlntera and other valuable thlnira bcloDtrtnir
to his Department) aud tho Comptroller shall
from time to tlmo furnish the necessary furni
ture, stationery, fuel, Hunts, and other proper
conveniences for tho transaction of the said
Sec. 4. And be it jurtltce enacteil, That the
term " United Slate bonds," as used In this
act, shall be construed to mean all registered
bonds now Issued, or that may hereafter bo
Issued, on the faith of tho United Statea by the
Secretary of tho Treasury In pursusneo of law.
Sec. S. And be it further enacted. That asso
ciations for carrying on tho business of bank
ing may be formed by any number of persons,
not less In any caso than llvo, who shall en tor
into articles otasso.latlon, which shall specify
In Ktntrul terms tho object fur which tho asao
elation Is formed, and may oontaln any other
provisions not Inconsistent with the provisions
of this act. ft l.tch the arsoclatlon mar sue lit to
adopt for tho rejjula Ion of the business of then
association ana tne conaact or us affairs, which
said articles shall bo signed by tho persons
uniting to form tho assioclatlon, and a copy of
them forwarded to tho Comptroller of tho Cur
rency, to be filed and prisorved In his offlco.
Bcc. 0. A'td be it furtfur enacted, That tbe
persons uniting to form such an association
ball, under their hands make an organization
certificate, which shall specify
First. Tbe namo assumed by such associa
tion, which name shall bo subject to the ap
proval of the Comptroller,
Second. The ptaco where its, operations of
discount and deposit aro to bo carried on, des
ignating the State, Territory, or District, and
also thu particular county and city, town, or
Third. Tho am lUtil of Its capital atock, aud
the muni er of shares Int which tho samo shall
bo divided.
Fourth The names and places of resldeuce
of tho shareholders, and thu number of shsres
hold by eaeh of them.
Fifiti. A declaration that said ccrtlQcato la
made to enablo such persons lo avail them
Sf Ires of the advantages of this act.
The said cirtltlcate shall bo acknonledgtd
before ix 1 udco of somo court of record or
Ury public, und such certificate with the ac
knowledgment thereof authenticated by the
seal of such court or notary shall bo transmit
ted lo the Comptroller of tho Currency, who
shall recoid and carefully preserve the same in
hti o 111 co Copies of such cert Ucate.duly cer
tified by the Comptroller, and authenticated by
bis seal of olQce, shall bo Ical and fuQUIent
evidence lu all court ami places within tho
united mjtu urine j iinsi.euonoi iiiouovcrn
ment tb.reor, of tboixlstimeuof suchossocla
tlou. aud of ter oilur m lttcr or thlnir which
could bu iovc1 by tho r ulnctlon of tho origi
nal CuUltlCtitU
floe. 7. dltui be it furtfar enacted, That no
assi elation shall bo orgaulrud under this act,
with a less capital than unu hundred thouaautl
dollars, nor In a city whoso population exceeds
fifty tbriusaud persons, with a less capital than
two hundred thousand dollars i Provlhil, Tint
banks with a capital of not Ices than fifty
luonsanu uouaia ui3j,mm tue approval 01 mo
Secretary of tho '1 reusury, bo organized lu any
1 i..n .I. m.miiatlon of whirl, (bun nnr f-roi d
six thousand Inhabitants.
Sec. 8. And be It further enacted, lbat eterj
association formed pursuant, lo the proaiona
or this act shall, from tho dalo of thu cxetu-
tlon of Its organization certificate, bo a body
corporate, but snail transact no dusiucis ex
c-pt auch as may bo incidental to Ita orgaulra
tlon and necossarlly preliminary until author
Ised oy the comptroller oi tno currency to
commence tho business of bauklng Such as.
soeiatlon shall havo poaerto adopt a corporate
seal, ana suaii uavo suiccttsion uy tuu uaiuy
designated In Its organization c erll Ileal 0, fur
the l erlod of twenty years from Us orgaulra
tinn nnlMft (w.nrr ditnuiivpil annrdlnir to thu
provisions of Its articles of association, or by
the act of It shareholders owning two thirds
of Us stock, or uuliss tho franchise shall bo authorized to commence business; and thoro- to receive from thw Comptroller or tbo Uur
forfeited by a violation of this acL ty such maludcr of tbo capital stock of such assocla rency circulating notes of different deuouilna
n,tnA it miv mika conir.eti. iuo sn Ih. sulJ. tlou shall bo Djld in Instalments of at least ten tlons. In blank, registered aud countoi sinned
complain and defend, In any court of law and
equity as fully as natural persons; It may elect
or appoint directors, and by Us board of dl-
rectors appoint a president, vice president,
cashier, and other officers, define their duties,
require bonds of them and fix the penalty
thereof, dismiss ssld officers or any of thorn at
pleasure, and appoint others to fill their places,
and cxcrclso under this act all such Incidental
powers as shall bo necessary to carry on tho
business of banking by discounting and nego
tiating promissory notes, drafts, bills of ex
change, and other evidences of debet by ro
colvlog deposits) by buying and aclllog ex
change coin, and bullion by loaning money
on personal security by obtaining. Issuing,
and circulating notes according to the provls
Ions of this act andr Its board of directors
shall also have power to define and regal sto by
by-laws, not Inconsistent with tho provisions
of this act, the manner in which Its stock shall
bo transferred, U directors elected or appoint
ed. Its officers appointed. Its property trans
ferred. Its general harness conducted, and all
the privileges granted bj this act to assocla
tlons organized uider It shall bo exerelsed and
tnjoycflj ana its nsuu Business snail do trans
acted at an office or banking houe located In
tho place specified In lu organisation renin-
ec. V And be it further tnackd. That the
nffalrs of every'' asoelatton shall bo managed
or not less man nvo oirccion, one or wuoca
shall bo tho president. Every director shall,
during his wholo term of servleo, bo a citizen
of the United States! and at least three fourths
of the directors shall hare resided In the Bute.
Territory, or district In which such association
is located one year next preceding their otec
tlon as directors, and bo residents or the same
during their contlnuaoce In offlco. Kich
director shall own, in his own right, at lsast
ten shares of tho capital stock of tho associa
tion of which ho Is a director. Each director,
when appointed or elected, shall take an oath
that ho will, so far aa the duty devolves ou
him, diligently and honestly administer tho
affairs of sueh association, and will not know
ingly violate, or wllllugly permit to be lolated,
any of tho provisions of this act. and that he Is
the bona 11 lo owner, lubls own right, of tho
number of shares of stock required bv this act.
subscribed by him, or standing In his namo on
the looks of the association, and that tho same
Is not hypothecated, or In any way pledged, as
secnrlt) for anr loin or debtf which oath, sub
scribed by himself, and certified by 4he officer
before whom It Is taken shall bo Immediately
transmitted lo tho Comptroller of the Currency,
ana uy mm uiea ana preserved in nis omcc.
Sec. 10. And be it further enacted. That tho
directors oi any association nrii elected or ap
pointed shall hold. their places until their suc
cessors shall bo elected and qualified. All sub
sequent elections shall bo held annually on
such dav In the wnth of January as may bo
peel tied in tno articles or association and tho
directors so elected anau nolo tnclr viaces for
one vear. and until their successor aro elected
and quail ilea, uuiany uircctor ceasing to bo
tho owner of tho rvqulsito amount f stock, or
having In any other manner become disqualified,
snail tucrcoy vacate na piace. Any vacancy
In the board shall be tilled by appointment by
tho remaining directors, and any director so
appolnlod shall hold h s place until the next
election. If from any cause an election of di
rectors shall i ot bo mado at the tlmo appointed,
tho at location sin 11 not for that cause be dis
solved, I at an (.lection may bo held on any
ubscqneut da, lu'rty dayb notice thereof In
alleaees having been given In a newspaper
published In the city, town, or county In which
tho association Is located; and If no uewspapor
Is published In sueh city, town, or county,
such notice shall be published In a newspsper
published nearest thereto. If tbeartlcles of as
sociation do not fix the day ou which tho elec
tion shall bo held, or If the election should not
bo hld ou thoday flxai, tho day for tho elec
tlon ahall be designated by the board of direc
tors In their by laws, or otherwise: rrotided,
That If the directors fall loflx thoday, as afore
said, pharoholdcrs representing two thirds of
tho shares may,
Dec. lis ini4 vo it jnriur rnmtit , iuh man
elections of directors, and In docldlng all ques
tions at meetings of shareholders, each share
holder shall bo tnlltlod toonotote on each
aharo of stock held by him. Shareholder may
otoby proxies duly authorized In writing) but
no ouicir, clerk, tuicr, or oooittceeper ot aucu
association shall act as proxy; and no sharo
holder whoso liability Id past duo and unpaid
shall be allowed tovoto.
Sec. 12. And be it furUier enmted. That the
capital stoek of any association formed under
mis act snail uo uiviaeu mto snaies or one
hundred dollari each, and bo deemed personal
properly and transferable on the books of tbe
atsoclatlon lu such manner as may be pre
scribed Intbo by-law a or article of associa
tion j and cytry person becoming a shareholder
oy aucu trausier anau, in proportion to ins
shares, succeed to all ths rlicbts and liabilities
of the prior holder of such shares, and no change
sua.i oe maao id toe article oi association oy
which the rights, remedies, or security of tho
existing creditors of the association ahall bd
Impaired. The shareholders of each associa
tion formed under the provisions of this act,
and of each existing bank or bauklng assoela
tlon that may accept tbe provisions of this act,
shall bo held Individually responsible, equally
and ratably, aud not one for another, for all con
tracts, debts, aud engagements of such asso
elation to the extent of the amount of their
atock therein at tbe par value thereof. In addi
tion to the amount Invtsted In such shares)
excent that shareholders of any banklnir asso
ciation now existing nnder State laws, having
not less than five millions of dollars of canltal
actually paid lu, and a surplus of twenty per
centum on uauu, unm to ue aotermineu uy tne
Comptroller of tho Currency, shall be liable
only to the amount Invested In thelrshsresi and
such surplus of twenty per centum shall bo
kept undiminished, and be In addition to the
surplus provided for In this act; and If at any
time there shall bo a deficiency In said surplus
of twonty per centum, the said banking asso
elation shall not pa) any dividend to Us share
holders until sueh deficiency shuH bo made
good and In case of such deficiency, tho Comp
troller of the Currency may compel said bank
ing association to closo Us busluess and wind
up Its affairs under tho provisions of this act.
And tho Comptroller shall have authority to
withhold from an association his certificate
authorizing tho commencement of business,
, whenever he shall have reason to aupposo that
the shareholders thereof have formed Iho samo
for auy other than tho legitimate objects con
lainnlatrd bv this ait.
Sec. 13 IikI be it farthei en ctJ, That It
shall Im lawful for any association formed un
der this uct, by Its aillcles or association, to
prut idu fur an Increase of Its capital from time
to time, es may be dsetned expedient, subject
to the limitations of this acti lrotUl, Thst
tho maximum of such Increase In tho articles
of association shall bo determined by iheComp
trailer of tho Currency! and no Increase of tan-
Usl shall bo valid uotll the wbolo amount of
iiiehiurntnse shall bo paid In, and notice thereof
I shall havo been transmitted to Ihe Comptroller
ui uu eunuukj, uu , n.iuw uummpi
spwlfjlng tho amount of such lncrcasoof cap!
(ui utotk. with his approal thereof, and that it
i has been duly paid In as part of the capital of
'such association. And every association
shall hao power, by the votoof shareholders
'owning two thlrdsofltscapUalstock.torcduco
tho capital of such association to any snm not
- 1 uciow mo amount rnquiruu vj iuib nci, in tne
formation ofasaoclatlonsi Provided. That by no
such reduction Bhill its capital bo brought be-
iuw iuc aiauum ru,mn.a 17 ui tuui imoui
standing circulation, nor shsll any such re
due loo bo made until tho amount of tho pro-
iui:u ruui-t.uu una uwu lujmi.su iuh4wiujm
troller of tho Currency and his approval thereof
Sec H Indbe it furtfur enacted. That at least
fifty I cr centum ol thu capital no-k of oery
association snail no paia lu before it shall bo
per centum each on tho whole amount or the
capital as frequently as one Instalment at the
end of each succeeding month from the time
it shall bo authorized by the Comptroller to
commence buslnossj and tho payment of each
Instalment shall bo certified to tho Comptrol
ler under oath, by tho president or cashier of
mo association.
Sec. 10 And be U further enacted. That if any
shareholder, or his assignee, shall fall to pay
any Instalment on the stoek when tho samo
Is required by the foregoing section to be paid,
the directors of such association may sell tho
siock oi iucu uuiiDquenb inareooiaer at puunc
auction, having given three weeks' previous
notice thereof In a newspsper published and
of general circulation In tho city or county
where tho association Is located, and if no news
paper Is published In said city or conntr. then
In a newspaper published nearest thereto, to
any person who wilt pay tho highest prlco
therefor, and not leas than tho amount then
due thereon, with tho expenses of advertise
ment and sslc; and the excess, If any, ehall bo
paid to the delinquent shareholder. If no bid
der can bo found who will pay for such stock
tho amount duo theroon to tho association, and
tho cost of advertisement and sale, tho amount
previously paid shall bo forfeited to tho asso
ciation, and such stock shall bo sold as tho di
rector may order, within six mouths from tho
lime of such forfeiture, and If not sold It ahall
bo cancelled and deducted from tho capital
slock of tho association! and If such cancella
tion and reduction shall rcduco tho capital of
the association below tho minimum of capital
required bv ibis act, llje capital stock shall,
within thirty days from tho data of such can
cellation, bo Increased to the requirements of
tho act; in default of which a receiver may bo
appoimea to cioso up mo business or mo aso
elation according lo the provisions of tho fif
tieth section of this act
Bee. 19. And be it furtfur enacted, That every
association, after having complied with the
provisions of this aet preliminary tn tho com
meneemont of banking business nnder Its pro.
vl'lnns, and before it shall be authorized to
commence business, shall transfer and deliver
to the Treasurer of tho United States anv United
St ilea registered bonds be. ring Interest to
an amount not lets than thirty thousand dollar
nor less than one-third of the capital stock paid
In. whlcfc i bonds shall bodepostod with Ihe Treas
urer of tho United Stales and by him safely
kept in ms nuire ntiiu ino samo snail uo otner
wIia ilUnopcd of. In Turnnrn of iho ninvl-
slons of this act) and the Secretary "f ttiu
Treasury Is hereby authorized to rerc4ru and
cancel any United Stales coupon bond, and to
lsiuoln lieu thereof rrgtstcn-d bonds of Uko
amount, bearing a like rata of Interest, and
having tho same time to run; and the deposit of
Don as snsu no, uy every association, increase :
aa Its canltal may ho paid up or Increased
so that everv association shall at all tlmea have
on deposit with tho Treasurer registered United
States bonds to tho amount of it least one
third of Its cspltal stock actually piM In : Pro-
tiled. That nothing In this sect loii shall rue
Tent an association that may destro to reduce
Its capital or to cioae up it nuftinrssand dls
solve Ita organization from taking up lis bonds
upon returning to tuo uoropironer us circulat
ing notes In the proportion hereinafter named
in this ac, nor from taking up nny exu ss of
bonds beyond one-third of It car Ital etock nu1
upon which no circulating n tcs hire Wen nV.
Sec. 17. ind be Ufm thcr enact, That wht n
ever a certificate shall havo been ttansmtttud to
tho Comptroller of the Currency, as provided
In this aet, aud tho association transmitting
the sino shall notify the Comptroller that at
least fifty per centum of Ita capital stock hss
been paid In as aforesaid, and that such asso
ciation has compiled with all tho provisions of
Ih act as tcqulrtd to bo compiled with before
such association shall bo authorized to roni
menco tho basinets of banking, ibo Comptrol
ler shall examloo Into tho condition of inch as.
soctatlon. ascertain especially tho amount of
money pan in on account or iu capital, tho
namoand Place ofnsldcnco of each of iho
directors of such association aud the amount
of the capital stock of which each Is tho bona
fldo owner, ana generally w nether such associ
ation as complied with all the requirement of
this aet to entitle it to cngagu lu tho business
of banking) and ahall causa to bo inaJo nu I
attested by tho oaths of a majorlt) of tho di
rectors and by the picsldcnt or cashier of su U
association, a statement of all the facts nee
sary to enablo tbo Comptroller to determluo
whether such association 1 lawfully entitled
to commence Ihe business of banking nndtr
thts acU
Sec. 18. And be it further enacted, That If,
upon a careful examination of tho facta so ro.
ported, and of anv other facts which may coin 0
to thoknowlcdgoof tho Comptroller, whether
by means or a special coiurnisilon appoluted by
hliu for tbo purpose of Inquiring Into tbo con
dition of such association or otherwise, It slnll
appear that such association la lawfully entitled
to com men co tbe business of banking, tho
Comptroller shall give to such association a
rertlflcato) under his hand and official scat.
that such association has compiled with all
the provisions of this act required to bo com
piled with before being entitled lo comment 0
the busluess of banking under It, aud that such
association Is authorized to eommenco said
business aec rdlbgly and It shall bo tho duty
of the asaoelatl in lo cause said certificate to bo
pibllshod In some newspaper published In the
city or county where tbo association Is located
for at least sixty dais next artcr tbe Issuing
thereof Prtnided, Thatlf no newspaper Is pub
Ushed In such city or county tho certificate shall
be published In a newspaper published nearest
80c. 17 And be it furtfur inated. Tlni till
irauficra ui uuim.uchhouuju wiucu anau do
made by any association under the provisions
oftblsact shall be made to the Treasurer of
the United States In trust for the association,
with a memorandum written or prluted ou each
bond, and signed by tbo cashier or somo other
officer or tho association making tbo deposit, a
receipt tt erefor to be given to said asocltlou,
or by the Comptroller of iho Currenc, or by a
clerk appointed by him for that purpose, stat
ing that it is ncia in trust lormo association
on whose behalf such transfer Is made, aud as
security for the redemption and payment of
any circulating notes that havo been or mi) bo
delivered to sueh association No assignment
or transfer of any such bond by tho Treasurer
shsil be deemed valid or ot binding force and
effect unions countersigned by tho Comptroller
of the Currency. It nhnli bo the duly of iho
Comptroller of tho Currency to keep In his
office a book In which shall be entered the namo
of every ass ldallon from whose ace miits such
transferor bouds Is made by the Truasurcr, and
tho name of the party to whom such transfer is
raadei and the par value of tlio bonds so trans
ferred shall bu entered therein; au I It shall bo
tbe dutyor the Comptroller, Immediately upon
countersigning and entering thosaino, to ad
vise by mall Ihe asaoclatlou from w hose accouut
such transfer was made of the kind and numeri
cal designation of tho bonds and tlio amount
(Woof so transferred.
Sec SO. 1nrIUUiVfAirfiarfA,'lbatUsliaIl
bo the duty of tho Comptroller or tho Currency
to countersign and enter lu the book, lu tho
manner aforesaid, every transfer or assign
ment of any bonds held by tho 1 assurer pre
sented for his slgnsture; and tho Comptroller
sb-ill havo at all limes during officohnura access
to the books of the Treasurer, for tho purposo
of ascertaining tho eorrcclnnaof ihe transfer
or assignment presented to him to couutcrelgu;
and the Treasurer shall havo tho like access to
tho book above mentioned, k y the Comp
troller, during olUco hours, ui ascertain thu
correctness of tho entries lu thu samui nnd tbo
Comptroller shall also al all ttui s iuo aiuss
to tho bonds ou deposit with thu Oca-mrcr, to
ascertain their amount and cundltlou.
Sec, 31. And be it further t mi t if, Ilutupon
tho transfer and delivery 01 uonas ioiik ire li
' urer, ss provided lu tho foregoing sccth u, Iho
association making mo samo anau no cuuiuu
as hereinafter provided, oqual lu amount to
ninety Ptr cuntum. or the current market a!uo
of the United Slates bouds so transferred and
delivered, but not exceeding ninety per centum
of ihe amount of said bemda at tho par value
mercor. 11 Hearing interest ax a rato not less
than flTo per centum per annumi and at no
time shall the total amount of such notes, Is
sued lo any such association, exceed tho amount
at such time actually paid In of lu cspltal
Sec. 32. And be it further entcted. That tho
entire amount of notea for circulation to bs
lasucd under this act shall not exceed three
hundred million.- of dollars. In order to fur
nish suitable notes for circulation, the Comp
trailer of tho Currency Is hereby authorized
aud required, under the direction of tho Secre
tary of tho Treasury, to cause platea and dies
to bo engraved, tn tho best manner to guard
against counterfeiting and fraudulent altera
tlons, and to have printed therefrom, and num
bered, such quantity of circulating notes. In
blank, of tho denominations of ono dollar,
two dollars, threo dollars, five dollars, ten dol
lars, twenty dollars, fifty dollars, one hundred
dollars, five hundred dollars, aud ouo thousand
dollar J, as may bo required to supply, under
this act, tho associations entitled to receive the
ssmct which note shaU express npon their
faeo that they arc secured by United Statea
bonds, deposited with the Treasurer of tho
unuia Biaies uy tuo written or, engraved sig
natures of thu Treasurer and Keg later, and by
the Imprint of tho seal of tho Treasury: and
shall also express upon their face tho promise
oi tue association receiving mo same to pay on
notnana, attested oyme signature oi tne presi
dent or vlco president and cashier. And the
said notes shall be r such devices and such
other statements, and ahall bo In such form.
as tho Set rctary of the Treasury shall, by regu
lation, direct! Provided, That notlnore than
one sixin part oi tne notes lurnisnoa to an as
sociation shall bo of a less denomination than
five dollars, an 1 that after specie payments
shall bo resumed no association shall be fur
nished with notes of a less denomination than
fire dollars.
Sue. til. And be it further enacted, That after
any such association shall havo caused Its
promise to pay such notes on demand to be
signed by the president or vice prtsldont and
cashier thereof, In such manner as to tnska
them obligatory promissory notes, piyablo on
demand, at Its place of business, such assocla
tlon Is hereby authorized to Issue and circulate
tho same as money j and Iho same shall ho ro
celled at par In all parts of tbe Uulled Statea
In payment of tares, excises, public lands, and
all other dues to the United Slates, except for
du'Its on hnpirUj anl also for all salaries and
other debts and demands owing b iho United
8-Jtes to lodivldu lis, corporjtlous, and asso
ciations within the United States except Inter
tstnn tho public debt, and In redemption of
the rational curnney. And no sueh associa
tion ib ill Who post notes or on) other nott-s
to circulate aa money than such as arc author
ized by the foregoing provisions of ihls act.
Sec Ml Aiul be if further ea ted, That It
shsll bu the duty of the Comptrol cr of tho Cur
rency to rocclro worn-out or mmilstod clrcn
Utlug note Issued by any such banking asso
ciation, aDd also, on duo proof of the destruc
tion ofaoysucli circulating notes, to dellrerln
place thereof to sueh association other blauk
circulating notes to an equal amount And
such w orn out or mutilated note, after a memo
randum shall have been enterud In tho proper
books. In accordance with sueh regulations as
may bo established by the Comptroller, as well
as all circulating notes which shsll have been
paid or surrendered to bo canceled, shall be times, hire on band, In lawfal money of the' any time havo bo n snstalncl bv any sueh an
burned to ashes In presence of fonr persons, Culled States, an amount equal to at least flf soeiatlon e pial to or exceeding Us undivided
ono to be appointed by tbo Secretary of tho teen per centum ofthcaggrcgato amuuul of Us profits then on hand, no dividend shall be
Treasurj,ouo by ihe Lou), t roller of iho Cur- note In circulation, and of lis deposits. Aud made; aud no dividend shall ever be made by
rene), one by tho Tremrcr of tho United whenever thu lawful ranc of an) association an) association, while It shall continue Ita
States, and one by tho association, under such i iu any of tho title hereinafter named shall be banking o erations, to au amount greater than
rcgnlulons a tho Secretary of tho Treasury I below the ntuouut of twenty-five per centum Its nett proflta then ou hand, deduct loir there
may paeribc And a certificate of such burn of Us circulation and derails, and whenever from Ita Ins sea and bad dubts. And all debts
log, signed by the parties lo appointed, shall tho lawful mouey of any other association I duo tn any association, ou which Intcrost Is
bo made In the books of the Comptroller, and t shall bo bf tow fifteen ner centum of iu rlrcn past due and unpaid for a porlod of six months.
a duplicate thereof forwarded to ttu assocla
i tlou whoso notes are thus canceled
St.35 .OiJ tHrt.r(ArrtHati. That it shall
bo tho duty of every banking association hav-
Ing bouds deposited in tho oflleu of thu Trens
urcr of tho United Statu, ouco or ufteucr lu
each fiscal jcar, and at such tlmo or times dur-
lng tho ordinary business hour as said officer
or ofllcer may select, to examine au I compare
thu bond so pledged with the books of tho
comptroller ana me accounts 01 mo assocla
tlon, and. If found correct, to cxecuto to tho
said Treasurer a curtlficatu selling forth thu
different kind aud tho amounts thereof, aud
that tbo same aro In tbopossesstou and custody
of the Treasurer at tho ditto ol such certificate,
buch uxauilnatlou may bo made by an officer or
agcutof such association, duly appointed lu
writing for that purpose, whoso certificate bo
fore mentioned shall beof Uko force and validity
as If executed by such presl lent or cashier; and
a duplicate signed by iho Treasurer shall bo re
tained by the association
Bcc. JO And U U further enucted, Ihal thu
bonds transferred to und deposited with tho
Treasurer of tbo United Stales, as hereinbefore
provided, by any bauklng asioclatlou for thu
security of ita circulating notes, shall to held
cxclushely for that purpu3C, mull such notes
shall bo rod emed, except at provided in this
actt but tho Comptroller of ihe Currency shall
give lo any such bauking association powers
of attorney to receive and appropriate to Its
own use the Interest on the bonds which It
shall havo so transferred to tho Treasurer; bal
such power shall boeomo Inoperative when
ctcr such banking association shall fall to
redeem Its clreuiatlug notes as aforesaid.
Whemvur tuo market or ciuu aluu or any
1 ' omls deposited with tho Trtasurtrof tho Unl
lt d Stutts, as aforesaid, ahall bo reduced below
lh auount of tho circulation Issued for tho
same tho Comptroller of tho I urrciicy I hereby
authorized to demand and reccivo tbo amount
of such depreciation In other United Statea
bonds at cash value, or In mouey, from tho as
sociation receiving said bills, lo bo deposited
v, Ith tho Treasurer of lbs United States as long
as such depreciation continues. And said
Comptroller, upon tbo terms prescribed by the
Secretary of tho Treasury, may permit an ex
chango to bo made of any of the bonds dtq os
Utd with tho Treasuier by on association for
other bonds of tho United States authorized by
this act to no received as security tor circulat
ing notes, U he shall bu of oplulou that sucn
an exchange can bo made without prejudice to
tha United States, and bo may direct the return
of auv of said bonds to thu banking associa
tion w hicn trans lerreu tuo mibc. iq sums 01
not lesa than one tnoussna aouars, upon llie
surrender to hjm and the canr. Uatlou of a pro
portlonatu amount of su h circulating nntci
Provide, Thai tho remaining bouds which
shall hate loin transferred by tho bauklng as
sociation offering to surrender clrculitlng
notes shall bo equal to Uiu atnouut required fc r
tho circulating notes not surrun icrca uy
auch banklnir assoclall u. au 1 that the amount
of bonds lu tho hands of the 'treasurer shall
not bo diminish! below thu amount required
to bo kept on deposit with hiui by this act 1
Ami protulrd, lhat Iheru skill havo been no
falluro by such aseoeittiou to redeem Its circu
lating nous, uud uo other violation by such
association of tho provisions of this act, and
that Iho market or cash valuo of iho remain
ing bonds shall not bo below tho amount re
quired f r tho circulation Issued for tho ssine
Bee. 27 1im( bettfurthn tnadrd. That It shall
bo unlawful for any oiTUcr acting under the
provisions or this act to counlerslgu or deliver
to any association, or to anyolher company or
person, any circulating uoles coutemplaled by
this act, except as hereinbefore provided, an I
lu accordance with tho iruo Intent aud meau
lng of this act. And any officer who shall lo
laty tho provisions of thin etctiuu shall b
deemed guilty of a high mlsdomeauor, au I on
conviction theruof shall iio punUhed by tioo
nut exceeding double thu amount so counter
signed aud delUurtd, and imprUouincnt not
ius lhau onu eur aud uot exceeding fifteen
years, at tho discretion of the court In whit h
no sn ten uu 1 nod.
See. 28 And be itjurtf enaUed, That U shall
bo lawful for auy such attoclutlun to purchase,
hold, aud convey real estate, as fo'lows 1
Flrat Buch as shsll bu necessary for Us Im
mediate accommodation In tho transaction of
Its business.
Second. Such al shall bo mortgaged to It In
good faith by way of security for; debts pre
viously contracted.
Third, Such aa shall bo conveyed to It In
satisfaction of debts previously contracted In
course of Us dealings.
Fourth. Such as It shall purchaso at sslc
under Judgment, decrees, or mortgages held
by such association, or shall purchaso tosccuro
debts due to .a aid association.
Such association shall not purchaso or bold
real estate- In any other caso or for nny .other
purpose than aa specified In this section. Nor
shall It hold tho possession of any real citato
under mortgage, or hold tho title and posses
sion of any real estate purchased to secure any
acDisuuoioii lor a longer perioa man nve
See. 2l. And be it furtfur ewuUd, That tho
total liabilities to any association of any per
son, or of any company, corporation, or firm
tor money uorrowed, incjuoing in tue usnmuc
of a company or firm tho liabilities of the scvo
ral members thereof, shall at no time exceed
ono tenth part of tho amount of tho capital
stock of such association actually paid Int Pro
vided, That tbe discount of bona fide bills of
exchaogo drawn against actually existing
values, and the discount of commercial or
business paper actually owned by the person or
persons, corporation, or firm negotiating th6
same shall not bo considered as money bor
rowed. Sec. 30. And be it further enacted, That every
association may take, receive, reserve, and
charge on any loan or discount made, or upon
any note, bill of exchaogo, or other evidence of
debt. Interest at tbo rato allowed by tho laws of
tho Bute or Territory whoro the bank la loca
ted, and no more, excot that where by tho
laws of any State a different rato Is limited
for banks of Issue organized under State laws,
tho rato sollmtted shall bo allowed for associa
tions organized In any such Stale under this
act. And when no rate Is fixed by the laws of
luoDiuour territory, mo uank may take, re
cclvo. reserve, or charge a rato not exceeding
seven per centum, and such Intcrost maybe
taken in advance, rcckoDluglhcdays for which
tho note, bill, or oihtr evidence of debt has to
run Andthcknowlnclv takloir. rectlrlnir. re (
serving, cr charging a rate of interest greaUr
than aforesaid, khatl bo held and adjudged a
forfelturo of tko entire Interest which tbo note,
bill, or other evldcnco of debt carries wlihlt,
or which has been agreed to bo paid thereon
And In cao a greater rato of Interest hss been
pall, tho person or persons paying the same,
or their legal representatives, mar recover
back In nr v action of debt, twlco the amount
of tho Interest thus paid from tho association
taking or receh log the satuot ProvHcd, That
such action Is commenced within two year
But tho purchnsc, discount, or sale of a bon '
lido bill of exchange, parablo at another placq
than the placo of such purchase, discount or I
sale, at rot mora than tho current rato r ex- j
change for sight drafts In addition to tho In-'
ten at, Rhall not bo rousl lercd as taking or re
diving a greater rate of Interest.
Ccc. 31. f ml & it further cna-tcd. 1 hat every I
association In tho cities hereinafter niuicd
shall, at all tlmva, hare on hind, lu lawful
inonoy oi tno uuiicu states, an amount equal to
atleast twiuty-firopcrcentumof thoaif,;regate
amount of 1 s notes In circulation and its do
posits: aud even other association shall, at all
latlon and dtpof Its, such ussxlatlon shall not
1 incruaso us liaoiiiucs uy making any new loans
'or dlscouuts othcrwlso than bv dlaeonntlntr or
' purchasing bill of exchang 1 payable al sight,
nor mako an dividend of Us profit until tho
required proportion between tho aggrrgato
amount of Its outstanding notes of circulation
nod deposits, and Its lawful mono) of tbe Unl-
Ud States shall bo restored) Ptonitkd, That
threo fifths of sal 1 fifteen per centum may urn -
sist of balances duo to au association available
for tho redemption of It ilrculatluguote from
associations approved by tho Comptroller of
tho Currency, organ Ired under this act. In tho
cuita 01 oaiue uoun, iouibmuo, lUICJgo, j;o-
troll, Milwaukle, New Orleans, Cluclnuatl,
iietcittuu, 1 iimuurg, uaiiiuiore, l iiuauupiila,
Iloston, New York. Albiny, Lcaveuwonh, San
1-rancUco, and Washington city Prviidct,
alto. That clearing-house certificates, re pre-
scntlng specie or lawful money specially de -
posited for tlio pnrnoes of any clearing bruin
association, shall be deemed to be lawful
mouey in the possession or nny association be
ionglng to such clearing house holding and
ownln such certificates, and shtll beconshl-
cred to be a part of tbo lawful money which
sucu association is required to nave tinner tuo
foregoing provisions of this section: Provided.
That tho cities of Charleston and Klchmond
may bo added to tho list of cities lu th na -
tloual assoclatlona of which other associations
may keep thrco-llllhS or their Mwlut mouty,
whenever. In tho onlnlon of the Comntrollcr nf
the Currenci,tho condition of tho Southern
State will warrant It. And it shall bo eompe-
tent for the Comptroller of the Currency to
notify any association, whoso lawful money ro-
seiu as aforesaid shall be below the amount to
be kept on hand ns aforesaid, to make go d
such reserve, and If such association shall fail
for thlrt) days thereafter so to make good n
rrservo of lawful money of tho Lulled Stales,
the C in pi roller may, with the concurrence of
tho oicrcury 01 tno ireasurv, appoint a ro 1 m un .., .co,nWK m iwunuu i
teiver to win 1 up the business of such n'socla such not., and all other oxponses of Iho bu
tlon, as provide I In this act. ' reau, shall bo paid out or tho proceeds of the
Sec, Zi. And be It further emct . That c h tai or dutlo bow or hereafter to bo assessed
association organized In auy of the cities ' n tho c1rculatln, and collected from asaocla
named In tho foregoing section shall stint, tions organlz d under Ihls act, Aud In lUu of
subject to tro approval ur the ( ornptroller of nil existing Uxmi, ever association shall piy
the Currency, an association In thu city of New to tho Ireasurer of the Uulled States, In tho
York, at which It will redeem Irs clrenlallng mouths of Jonuar aud July, a dul of one
notes at par Aud inch of vueli association I half of ouo per centum each hair year from
may keep ono half of lis Inwfnl money reverve and after the first day of January, eighteen
hi 1 ash deposits In tbocttj orVowYork And hundred and sixty bur, upon tho average
. .. i iitk.il uttftn noLnrpAnlzM wtihin thm tiio amount of Us notes Iu circulation, and a dutv
uamtdlnthu pn ceding section shall selecl,
subject in llio approval of tbo Comptroller of
1 ecurrumy, au as icinttou iu ettner 01 tuu
snip iiiinui In thu urecixfln? SLCtlon nt whlih
it will redeem It circulating notes at , ir, aid
thu Comptroller shall giro public notiee of tho
names of ihe associations soaeleetcd at which
redemptions aru lo bo nude by thu rcspetilvo
associations aud of au cbaugo that ma bo
mddoof the association at which tho notes or
auy association uiuredeemcJ If au assocla
tlon shall fall Ulncr to inaku tho selection or to
reduLtn it notes as aforesaid, tho Comptroller
of thu Currency 111 u, upon receh 1 0k, satlsfac
tor evidence ibcfcof, appolut a reether, lu
thu mumier , rovlded for In this nc , to wind
up Us allilrsi Provided, lhat nothing lu this
ecctlou s .all relievo auy aBsoelatim from It
liability la redeem U circulating notes at Its
own counter, at par, lu lawful money, ou de
mand: twljnuttd d,futtfter, 'Ihateury asso
ciation formed or existing under the prut Uions
of this act shall lako ana rocchu at iar, ror
any debtor liability lo said assjelatlun, nnj
and all note or bllU Issued by an uiisutlaLlm.
existlug ttndei and by vlttuo of this act.
Sec. J3 imllcit jmtUt enaittd, That tho
diutiorn of uuj HbSoiUtion maj, sural uiuiu
jill) ouch er, declare a dlttdcnl of so much
of iho ttetl 1 rotiu of tho arsoclatiou as the)
Miall judge expedient; but each associatlm
shall, beioro tlio dcclaiatiou ol u (IlvidMud,cur
ry ouo-tenlh part of its netl profit or tho ) re
ceding half ear to Us surplus lunl uutll the
same shall amount u twuuty er centum ol us
c.pltal stock,
SlC 14 l4(l be it further enact d. That every
lisoelallm shall tuakO lo iho Coiui ti -Her of
tho Currtucy a report, according lu the loim
which maybe prescribed by hlua, verified b
the oath or aturmatlou of tho preslUcul or
cashier of sueh association; which report shall
exhibit In detail, and under appropriate Leads,
the resources and liabilities of tho association
bebro the commencement of business on the
morning of the first Monday of the months of
Jannarj , April, July, and October of each year,
and shall transmit the samo to the Comptrol
ler within five days thereafter. And any bank
falling to mafco and transmit such report shall
be subject to a penalty of ono hundred dollars
for with day after tiro days that euch report is
delayed borund that time." And tho Comp
t roller shall publish abstracts of said report
In a newspsper to bo designated by Mm for
that purposo In the city of Washington, and
thu sepsrato report of each association shall
bo published In a ncwspsperlu the place where
such association Is established, or If there be
no newspaper at snch place, then In a news
paper published at the nearest placo thereto, at
iho expense of the association making such
report, lu addition to tbe quarterly ro,Hrts
required by this section, every association shall
on tho first Tuesday of each month, tnakoto
tho Comptroller of tho Currency a statement,
under tho oath of tho president or cashier,
showing tho condition of tho association tnak
tug such statement, on tho moraine of tho dsv :
next preceding tbe date of euch statement, lul
to wilt averagaainuuntof loans and discounts,
specie, and other lawful inonc) belonging to
the association, deposits and circulation. And
associations In other placet than those cities
named In the thirty-first section of this act shall
als return tho amount due them available for
tho redemption of their circulation.
SEC. 31 And be it further enacted. That no
association shall make any loan or discount on
tho security of tboahareaof Its own capital
atock, nor bo tho purchaser or holder of any
such shrcs, unless such security or purchase
ehill bo necessary to provent loss upon a debt
previously contracted In good faith and stock
so purchased or acquired shall, within six
months from tho time of t purchase, bo sold
or disposed of ot public or private sale. In de
fault of which a receiver may bo appointed to
close up tho business of the association, ac
cording to tho provisions of this act.
SEC. SI. And hr it further enacted. That no
AsoeIpllon shall at any time be indebted, or
In any way liable, to au amount exceeding the
amount of Its canital stock at aueh itmonein
ally paid In aud remaining undiminished by
losses or othcrwlsj, except on the following
at counts, that Is to a tyi
First. On account of Usnotesof circulation
I Bccond. On account of moneys deposited
i with, or collected by, such association.
Third. On account of bills of exchange or
drafts drawn acralnst monev aetuallr on Ao.
posit to the credit of such association, or duo
Fourth. On account of liabilities to Its stock
holler for dlvldrnds and reserved proQ's.
See. S7. ind be it fnrfer enacted That no
association shall, cither directly or Indirectly,
pled.ee or hypothecate any of Its notes of clr
dilation, fir tbo purposo of procuring mnnet
to bo paid In on It capital stock, or to bo used
In Its banking operations, or otherwise nor
i-l.all nny n's-Klnllon we Us clreuiatlug ntc,
or an part thereof. In any manner or form to
crosto or Increase Its enplial tnck,
Sec. 33 And be it further ttiaeted. That uoas-
socUtlon or any member thereof, shall, during
tho tlmo It shall continue Us banklnir opera
tlons, withdraw, or permit to be withdrawn,
clthur tn form of dividends or otherwise, any
portion of its capital. And If lossc shall at
' uuloss tho same shall be well secured, and shall
00 in process 01 collection, man do consiuorea
bad deta within tho meaning of this acti Pro-
ruled, That nothing in this nectlnn shall 1 re-
vent thu reduction of thu caplul stock of tbe
association undir tho thirteenth section of this
Sec. SJ, .1 (if U U furtfur enacted. That u as-
soclatlou shall at any tlmo pay out on loans or
1 discounts, or lu purchaslug drafts or bills of
exchange, or Iu payment of deposits, or luany
I other mode pay or put iu circulation thu uoles
ofuny bank or banking association which shall
not, at any sueh lime, bo receh able, at par, ou
cicpoaib ouu iu (mjiucui 01 uouio uy tuu asso
1 elation so payluguutorclrcuiatlng suchuoles;
1 nnr buhu iv nuuinukij y vu. ur put iu circu
latlon any nolo issued b any bank or banking
association which at tho tlmoof such pajing
out or putting lu cliculatlon Is not redeeming
1 Us circulating notes In lawful money of the
United Slates.
1 Sec, 10 And be it furtfur emute I, That the
I president aud cashier 01 every sueti association
shall cause to bo kept at al times a full anl
correct list of tho names and residences of all
tho shareholder in the association, aud tho
numierot suarcs ucm uy uicu, iu tuo omco
where Its builut-ss Is transacted, and such list
shall bo subject to tho Inspection of all tbe
1 shareholder aud creditors of the association,
and the officers au horlzed to assess taxes under
Htato autnoniy, uunog uusioe&s uours 01 eacu
dav In wbUh business ma bo legally trans
acted; and a copy of such list, ou the first
Monday ot July lu each year, urlflcd by the
'oath of such president or cashier, ahall be
transmitted to tho Comptroller or thoturrcucy
Slc 41 Ami be d further enacted. Tint the
plains and special dies ti bo procured by the
Comptroller of tho Currency for tho printing
of n-h circulating uotca ab-ill roraalu under
his control and direction, and the expense
, necessarily incurred lu executing the provls-
of one-quarter of one per leuiuta eaeh half
year 11 mn the utcngo amount of Us deposits,
hu um-j ui .Fuom.n. u, ..uu il iimum
' eich balfvetr.ns aton-said, ou the Avera.ii
amount oi It cuplul stock beyond tho
umouut Invented In L uited State bondst nnd
In case of deUutt lu iho payment thereof
by any assoelalloti, the du les aforesaid may
be collected iu thu runout r provided for
the collection of Lulled States duties of other
corporation, or ihu treasurer may reserve
tno amouut 01 aia ciuuea out 01 mo luio
rest, as It may become duo, on tho bonds do
ported with him by such defaulting udeoclo
tl m ud U shall bu Ihoduly ol each u'Socla
tluu, within ten days from thu first days 01 Ju
nary and Jul) ol euch year, lo make a return,
under tho oath of Us presided orcashnr, t
thu Troosurtr of tho Uultud dtte, Iu such form
aa ho may prescribe, of lb avtrago am mnt ol
iu notes lu circulation, aud of iho avtragt
amountofilsdi posits an loMbcaveragcainouul
of it ca pllal slock, beoud iho amount In veste't
In Culled Slates bon l, f r ihosix month next
iprueudjug t,ald first dajsof Jauuary aud Jul)
a aforesaid, aud In Jefau't of such return,
aud for eaeh default tuereoi, eacu uciauiung
si-.., i.i i u ..hjll it, felt and pay to tho lulled
biaiuc the um of two hundred dollars, to b
e dteete I either out orinu inttrci as it miy
i in 1 Lojihasso litlon on tho bond de
p (iid th Ue Treasurer, or, at his option, Iu
ih. nun uur hi which penalties are to bu coll eel
ed of othur eorjwjraUuus under tho laws of the
LulUo states, uud in case 01 sucu ueiauit tue
uiuuunt of the duties 1 1 bu paid by snch avtocu
tluu sha 1 bo asicsso 1 upon tbe am unt of notes
delltirel losucti una J lallu by tbe Comptrol
in uf the CurreU v. and upon the htichest
utuouuL of its deposits and capital stock, to be
ascertained lu such other manner as tbe Trea
lurcrmaydeembesti Prmidtd, Thstnothlngln
this act shall bo MMtrnJdtO"' prevent all tho
shares In aofof-lhoSSld aasoclatfyins, held by
any person or boUy Corporate, from being In
eluded In tha valuation of the personal prop
rrty of such person Or corporation In the assess
mcnl of taxes) Imposed by or (under State
anthorlty at tho placo whero such bank Is
located and not elsewhere, but not at a greater
rato than Is attOMsd noon other motMrM can
ltal In tbo hands oflndlvldnal citizens of snch
State rtoeided further. That tho tarsor.ni-
posed under Cm laws of any State upwtt.6
shares of any of tbe associations autborlrod by
thts act shsll not exceed thorste tmpoiedupon
the shares In any of the bank organized under
lumoriiyoa mtotato wnere soen sssociauon
Is located! Prot Uled, alio, That nothing In this
tct asall exempt tbo roal estate of siAtntatloas
from cither Btate, county, or municipal tiici
to the samo extent, according to Its value, as
other real estate Is taicl.
Sec 42 .11 be it further enacted, That any
association may co Into Hnuldatloi and be
closod by tho vote of Its shareholders ownlog
two thirds of Its stock. And whenever such
voto shsll bo taken It shall bo tho duty of, iha
board of directors to cause notice of this fact
to be certified, nn dor the seal of the association,
by Us president or cashier, to the Comptroller
of tho Currency, and publication thereof to be
made for a period of two months In a news-
psper puousuea in tuo city or ew 1 one, to a
Uo In a newspaper published In a city or town
In which tBrtssoclartbn','i,1ocstcdf,and If. DO
newspaper bo there pfabfisttcd, Ihen la the
newspaper published nearest .hereto, that said
association Is cloalnir! up Its affairs, and notify
ing tbo holders of Us notea and other creditors
t present the notes and other claims aja'nst
tho association for payment. And at any ttme
after tho expiration of ono year from the time
of the publication of such notlco as afircsald,
tho said association may pay over to thoTreas
urer or tho United Stales tbo amount or Us out
standing notes in tho lawful money of tho
unitc-i states, ana taite up tne nornis wnicn
said association has on deposit with the Treis
urer for tho security of Its clrculitlng notes;
whleh bonds shall bo assigned to the bank lh
tho manner specified In tho nineteenth section
of this act, and from lhat tlmotho outUindlng
note or sail sssociation niil boredsemutax
thu rouury of tho United States, aud tin said
assnciatloo and tha phireholder thereof thsll
bo discharged from all lUblllllea thercftr.
Sec. 43 And be it further enacted, That the
Treasurer, ou receiving from an association
lawful money fir the payment anl redemption
of Its outstanding note, as provl led for In the
preceding suction of this act, shall exacqta da
pllcaio receipts tbercror, one to the association
and ine oiuer tome enrapmuer or tnecnr
rency, staling tho amount received by him, and
tho purposo for which It has been received,
which antoonf shall bo paid Int 1 the Treasury
of the Lullul States, and planed to tho credit
ti men association uou redemption account
And It shall bo the doty of theTreasuror.wr.un
over ho sh til redeem any of tbo notes of sail
association, to causa tho simolo bo mutlltted.
ind chanced to the reditu pll iu ace rant nr said
dMoclatlooj ami all notes so roleo nJ oy tho
rreiurer shall, every taroo mmihSf be certl
tied 1 1 and burned In tho mann r prescribed In
tho twenty-fourth section of th's art
Sec 44. Inlflw ilfn'her enieted. That any
bank Incorporated by special law, or any bank
lng Instlt'Ui m orgaulz d un ler a general law 01
any State, may, by authority of this act, become
a national association under Us provisions, by
tho namo prescribed In Hi nranlzulon ccrtlfl
cate; and In auch cise the artlelw of aocU
rion and tho organization cerllllcato roqnirel
by this act nny he executed by a majority of ttti
directors or the bank nr banking lostltnllon
and said certificate shall d icl iro that tho own
rr of two-third or the capital stock havo au
thorlztu tho director to make sucn certificate
and to cluojro and convert the si' 1 bank or
banking instltntloa India national astoedtion
after executing said artlclosof aisoclatl m and
nrganlrstlon certificate hnU havo power to e;
ecuto all other pipers, and to d wlni v rnia)
bo reqnlrcd to make It organisation perfect
ind com(Ieto as a uational assocUllou. The
shires of an) such bank may continue to bo for
tho same amount each as thov wero bef rossid
conversion, and tho directors aforeul 1 may lo
tho directors or tho ns-oclitlon until otrura
aro elected or nppolnti J Inaceordaneo with thu
provlstonaof this act; and ati) State haul; whici
is a tiocKiioiacj iu auy otucr cunt, oy autnontj
of Statu laws, may conUuue lo hoi I tUsto U,
allhough either bank, or both, may be or, an
I zed nn ler and hsvo accepted tho provisions 01
this act. When iho ComulrolUr uliil. mvu
to such ussoclatlui a cortifluato, under his baud
and official seal, that the provli'ons of this ad
havo been compiled with, and that It Is author
(red to eommenco tho business of banking un
der It, tho usoclatlon shall havo tho same
powers aud privilege, and shaU be subject to
thu samo duties, responsibilities, nn 1 rulci, in
all res pec U aa aro prcucribol In this act f r
otlit r associations organized uudcr It, and shsll
bo held an 1 regarded a au awoJallou uuder
.1.1. ,1. . ..l,.T l..,,.i. Tl.l lin aimli ..ar.-
lllia ai hi A I V iuiu, "" 1 ( ' iiiit im .mil o.ju"
elation shall havo a less. ci ital than tho amount
proicriocd ror banning asioi laiions nnder mis
Sec. 43. 4nJ be tt further cittl, Thit al
assoclall ins under this act, when delimited
for that p irp iso oy toe Becrelary or the Pre a
ury, shall be depositaries of public money, ex
tent receipts from cuitnrua, under such regu
lailona as may ho prvscrihctl by tho Serretar),
and they ruayatsj beoropl.ycd as financial
agents of the (Jorernnieni una they ahall per
f rm all snch reason Viledutien, a depositaries
of public moneys and financial agents of ihe
(Jovernuieut, as may bo required of thorn Aul
thoSoeretar) of tho Treasury shall reqalro of
the associations thus deslguatud UU factory
ecurlt), by tho deposit of I uited Statos bond
ind otherwise. Or tho safo keeping tud prompt
payment of tho public money dtposlujt with
them, aud for tho faithful performance of th f
duties as nnanciat agents or tue uovernuioiu
ProfUUL lhat every association which shi
bo ele led uud designated as receiver or U
poltary of thu public money ahall take au 1 r
cclvo at par all of tho national curreu j 4
o) w 11 at ever association issued, win 1 mv
been paid Into tho Government f r lu rua
revenue, or for loans or stocks.
Sec. 4u. And be it further cmcUU lust if aa)
ulU aisoclatlou shall at an) time fail i ro-
deem, In tho lawnil mouey or mo unitea attt ,
nv nf It rlrrnlatlnir II lies, when IMymeUl
(hereof shall buliwfal') demanded, dunug the
usual hour of im.me, at tuo out ' 01 imu
ass .elation, or it it pliceof redemption af r
said, tho hot I r 111 r cauo tho aum t tu pro
teste i, tu ono package, by a not try publio, un
lo- iho president or cashier or tho asioeiatio 1
whose n ue aro ireientcl for piyuieut, on 1
irtid t or cashier of tho ossocUi'on a' tu
l tue a' which they aro redeem ible, skill nf r
ui aho deinsol und notice of the pr itest au I
lmll, lu pursuaiieoof sucUodur, muke, ,,
aud uullver t thu p irty miUiug su U de
uauJ an aJiulest m lu writing, stating die
ut no or tho ucmini, tno amouut d
(Uitudod, aul tho fact of the nou pay nent
there if; aui uh notary public, ou uiaktug
iucti protest or upourcc,eiviugucnaaiui- ju
hall forthwith forword such AtmUshu, jr
mtln of prtest to tlio Co 11 pt roller ol iu
Current y, retaining a copy thereof n 1 uili
atueh dulatult, on cxamlnatl u of the fact uj
iho Coai pi roller, uud uotl u by hiuito tho asso
ciatlun, It Shall not bo lawful for tho ass icla
tion sufloringthu samo to pay out auy of us
uoles, discouut auy uoie or u..i, or oturwiH
prosoeuto tho UustUfs "f b inking, except to
cecehouudsaMj ti in mey beloaglug to r
tud lo deliver p e ildopisltOM Proxtef, In it
if saLlsfaci t") proof bs produce 1 to sm 11 u n r
publU lhat tho na mentor auy nch 1111
restrained by order of auy cnnrl of eMin,i t a
lurlsdlction, sm h notiry public shall not pi
test tho same, aud when tho holder of su h
n iei shall caise more than ouj u to or pa k
igo to bo protested on the sain d y, he Khali
not receive pay for more than one protest,
Bee 4.T. And be it further utHeJ, That on ro
C civ In g notice that any such aaaoclatlon has
Concluded on fourth ityt

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