Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1862-01-02
Programme Of a National Bank,
WAsHrNGros. Dec. q, 1851.

WAsHiNGToS, Dec. n, lS6l.-s-
The following is brief synopsis Of the
act to authorize national currency, se-
cured by hypothccation of United States
Stocks, and to provide for the circulation
and redemption thereof prepared by the
Committee of Ways anil Means, and to be
introduced into the House. .l ma
1t provides first for Admitted States
Bank Department in the Treasury buihing.
with Bank Comptroller to be appointed
by the President and Senate, with a salary
of $4,000. to have general charge and SUI
pervision over all banking operations under
the act. su ff aafs afs Ho s4rIif
1t provides for issuing circulating notes
in the similitude Of bank notes, to be coun.
tersigned and registered innthe Bank De-
partment, to be stamped on their face "Se-
cured by pledge of United States Stocks.
and receivable for all dues to and from
the United States except duties on i'm ports
AMI made legal tender for these purposes.
All existing banks In all States and
Territories of the United States may elect
or not to avail themselves Of The benefits
of this national currency on complying
with the provisions Of this act. lis 4
New banks ma, be formed by any num-
Der of persons under its provisiors. with a
capital Of 800, 600 or more, to circulate
this currency and carry on general bank
Ing business m any part Of the United
States. - essa o. eta
All banks issuing national currency are
required to keep constantly on hand twen-
ty five per cent. of their outstanding circu
lating notes in specie to secure the prompt
redemption of the same. ai.a4a
Stockholders are made Individually liza.
bic for the debts OF the bank to the amount
Of their stock r.f fsa a5 81 49,
Banks organized nnder this act are to
have a seal, may sue anil be sued in all
conits. and may make ell by laws nccessa-
ny to carry on their business.
Banks under the act are to make quar-
terly reports to the Bank Comptroller,
who Is annually to report to Congress.
Ii banks fail to redeem their bills and
become insolvcnt, the securities in the
hands Of the Bank Comptroller may be
soil at public auction and the bill-holders
first PAIL ass aL
Insolvcnt banks are to have Receiver
appointed, and be wound up by order Of
the CONT i $50 sfu
Frauds and counterfciting are carefully
guarded against This bill will, the Com
niittee believe. create large demand for
United States Stocks to be issued for bank
ing purposes. Tao bills issned on a n.y.
lpothecation Of these stocks will have the
faith of the Government pledged to that
extent for their redemption. ~
These bills are 20 be receivable for tax
cs and all other public dues to the Gov
eminent. and for all salaries, and for all
other debts and demands dine from the
United States for services rendered. and
for supplies and materials furnished. The
banks issuing this national currency are
made liable for its redemption. and the
Stockholders are made liable for il.
The bill-holders have as security: First
the United States Stocks deposited with
the Bank Comptroller; second the liability
OF the banks issuing bills; third the per-
sonal liabilities of the stockholders of the
bank TO an amount equal to their stock;
and it is TINS thought to constitute very
safe and secure currency for circulation a
tmong the people, to pay the army. and all
other extraordinary expenses of the war.
t. When the America sailei it was ru-
Emored in London and Paris that the allied
isquadrops of France and England IN the
Pacific had received orders to pounce upon
the golden prize. California. at the earliest
intelligence of an outbreak ofihostilhies.
20 Ii is un,lerst ood that Seward told Lyons
he should re4nire some time to prepare a
reply to his dispatch. ,lil b sssis ri
II Four fl g officers. Captains Dupont.
lGoldsborough, McKean. and Bell, im the
Pacific, who were retire,l by the operation
loftbe new naval bill will be renppointed.
b. MpCall's official report of the battle of
DrainsviIIe sets our loss at seven killed
and sixty -onc wounded. and three missing.
The enemy left ninety bodies on the field,
besides number carried away, and seven
taken prisoners. ~ tss1isf .sssas ~ .,.ss
Gen. Rosecans is here to bring charges
against Gen. Bephan; FIRST. thai he per
mitted Floyd to- escape, second that he dis
obeyed his superior officer: third. that he
was gniity of condnct unbecoming an Of
6eer and gentlemanc5lfs1..i Haa sl.e -
Minister Webb writes that the Brazil
liam Government is favorable to us, mot
withstanding Indications on the coast OF
rebel sympathy, which are in direct yio-
lation Of Instructions. -.. N.1t sa;.s
/: There are 200 charred horses still. lying
;lia the burned stables near the observatory
Two Weeks Work in Missonr;-A Clean
i Sweep Made. n,
i ST.. Louis. Dec. 2.-The following is, a
resume of recent military operations 10
| Missouri, obtained from a reliable source
| within the past two weeks Union army
captured $500 rebels. including. about Q