Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1862-01-18

PfnanciHI Projects Of the Federal Govern
Inenf-secnetary Ghnse's Proportions
The following IS said to be the fret draft of the
bill now in preparation by the proper committees
Of Congress for utilizing the entire capital Of the
country in support Of the government, on the
basis Of Br. Chase's recommendations
SECTION l. Authorizes in the Treasury De-
partment "a bureau, entitled " The Currency Blu
reau,' for the safe keeping Of securities.
SEC. 2. Banks now existing or authorized IN
der the laws Of any State, Territory or govern
ment may transfer 10 the Secretary Of the Treas
ury any number Of the bonds Of the United
States, hereafter issued, bearing interest, and be-
ing g portion of the public debt. And such
banks shall be entitled 10 receive from the Secre-
tary OF tbs Treasury circulating notes Of different
denomination in blank, registered and counter
sigued, equal in the aggregate 20 the market
value Of the bonds deposited ia case OF the de-
precia;ion Of the bonds a corresponding amount
Of notes 70 be returned.
SgC. ,. Provides for the engraving Of the
notes.
Sac. (. Notes TO be countenigned, registered,
etc, and each denomination TO bear a uniform
signature.
SEC. ;. Notes to be stamped on the face there
Of, Secured by pledge Of the bonds of the
United States in the treasury thereof"
SEC. 6. The banks receiving the notes in blank
shall execute and sign the notes, making them
obligatory promissory notes, payable on demand
at the place Of business Of such banks.
SEc. :. In case Of refusal Of auy bank 70 re-
deem any such notes on demand, in lawful
money Of the United States, the same being
protested, the Secretary Of the Treasury shall
4 give notice to the banks so refusing, and If pay
ment ia not made within ten day, be will redeem
sill the circulating notes Of said bank out of the
trust fund placed IN his hands for the purpose.
SEC. 8. Authorizes the Secretary OF The Treas
ury to give to the bank power Of attorney TO re
eeive interest on the deposited government
bonds, and to revoke the ssae should the bank
fall into discTedit
SIC. o. Authorizes sale OF the government
bonds 70 pay discTedited circulation.
SEC. 10. The Secretary Of the Treasury to
hold the plates snd dies Of the circulating notes,
the cost Of printing aud preparing the same TO
be borne by the banks.
SEC. II. Provides for punishment for the I'M
proper cOuntersignment Of notes for circulation.
SEC. u. Directs the Secretary Of the Tressu-
y to receive mutlsted notes and give others in
exchange,
SEC -. Fees for protesting to be borne by
the banks suffering the protest.
SECS. Il aud 10. Provides for the discontinue
ance Of any bank aud the surrender Of the secu-
rites.
SEC. IL. Any number Of persons NTH a cap.
ital Of not less than Si00.0O0 may associate
under the provisions of this act, and do a bank
ing business.
SEC. H. All persons desiring to associate IN
der this act shall certify the name OF the associA-
ton, the place where located, the capital, and
number of shares, the names and residence Of
the first associates, and the period at which such
association shall and terminate.
SECS. Il and 10. Certificates to be sworn to
and filed, the same to be used in judicial proceed
ings.
SIC. ~. Authorizes the dissenting bills,
notes, and other evidences of debt by reeeiy-
ing deposits, by buying and selling gold aud
silver bullion, foreign coins, and bills of ex-
change oy loaning money on real and personal
security snd by exercising such incidental
powers as shall be necessary TO carry on the bu-
siness, elect officers, etc.
SEC. u. The shares of the associations, per
sonal property, and tTsnsierable, and every per
son becoming a shareholder shall, In proportion
10 hs shares, succeed to all the rights aud La
blities Of pdor SHAREHOLDERS, and ne change
shall be made in she articles Of association by
which the rights, remedies, OF security ofits ex-
siing creditors shall be weakened OF impaired
SEC. p Articles Of association may provide
for An increase or diminution OF the capital
SEC .. AL notes to be signed by the presi-
dent and cashier, and no snit instituted against
them shall sbGte by reason vi their death, rcsig-
nation or removal.
SEC. "a. No shareholder shall be liable in his
individual capacity for any. contract, debt or
engagement Of such association, unless the aTii-
! oles BY him signed shall larla1ath2 shareholders
I shall be 50 hzbfF
SEC. -. Al judgments and DEGREES obtained
or rendered against such president for any debt
or liability of such association shall be enforced
! against the Joint property Of the association.
SIC. 20. Gives the right 70 hold zeal estate in
certain cases.
SIC. - Authorizes an examination of ahairs.
with a view 70 a dissolution OF any association,
on application OF any stakeholder.
SEC. .. Any portion Of original capital with
drawn for any purpose while debts remain
unpaid, dividends OF profits on the shares 20
cease until all debts are satisfied.
SEC. .. Lists Of shareholders to De kept in
bank, and 70 be open 10 all shareholders and
1 creditors Of the association.
SIC. 80. Associations ere liable in damages Of
fourteen per cent per snuun for refusal 70 pay
notes on demand.
SIC. 81. Twenty-Five per cent Of circulation
continually TO be held in coin, the Secretary Of
the Treasury having tbs right az any time 20 In
thirty days after notice 10 make the amount
good, authorizes application for an injunction TO
stay turther business.
SIC. y. Authorizes the investing OF all or
any part Of their capital in bonds hereafter Is
sued by the government, but prohibits the
issue Of any promise 10 pay coin or any other
thing to be used As currency except in con-
formity with the true intent and meaning Of this
act.
SIC. 80. The bills authorized by this act to be
received at par in payment Of all dues TO the
government, Except revenues from imposts.)
and al disbuTsing agents ara directed to make
payments in said currency when the public
creditor is willing to receive it.
SIC. *. Authorizes tho Secretary Of the
Treasury = empty the banks hereby authorized,
as agen tts Treasury Department, for col
Iaexting xes, dues, property aud funds Of
tbe g9F hsnt, and discussing the same
SEC. Whenever the Secretary Of the Treas
uy shall a3shed that any bank that he shall
select ss ~ sat has secured al It's circulation
by the bonds bis government. he shall not
demand furths Aeurity for the faithful performs
anoe Of such duties as tie agency may tevolve
upon such institution
"THB SoUTmsRs N8SrHLY."-Ths Mont
$1,000 aF-n-s- H. Cf Ill