The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1862-01-02
The National Currency ELL.

The following is Il brlsf synopsis of The act to
authorize a national currency, secured by hyr"th-
ecatiOn OF United states Stocks, AID to provide
for the circulation and redemption thereof, pre-
pared by the Committee of Ways and Means,
aud t. be introduced into The House
II provides first ter a United States Bank Depart
ment in the Treasury Building, n til I5ynk Comp
ROLLER. to be appointed by tne President aud Sen
ate with salary of S., 900 10 have general charg
and supervision over all Banking operations I'M
der the
1t provides for issuing circulating notes in the
smitude of bank uctes, 10 be counrerslgned and
registered in the Bank Department, TO be stamped
On their face, . Secured by a pledge OF United
states Stocks, and receivable for all dues to and
from the United STATES, except duties on imports,
and made legal tender tor these purposes.
Ali existing banks in al! states and Territories
of the United States may elect lot to avail
themselves of the benefits "t this national currency
on complying with the provisions OF the act.
New banks may he formed by any number CT
persons under its provisions, with capital ot
500 $50 more, 10 circulate this currency and 10
carry on Il general banking business Ia any part
If the United States.
All banks issuing national currency are required
TO keep constantly on nand tive lty.ive per cent.
OF their outstanding circulating notes in spec lie, TO
secure the prompt redemption of the same.
Stockholders mHue individually liable for
the debts Of t-e banks 10 the amount OF their
stock.
Banks organ 'zed under this act are to have a
seal, may sue ana g SUED IN all courts anu may
make all bye-laws necessary to carry on their bus
mess
Banks under the act are to make quarterly re-
ports to the Bank Comptroller who IS annually to
report to Congress.
ii banks tail to redeem their bills and become in
rov ent. the securities IN the hands of the Bank
Comptroller may be sold public auction and the
bl-holders first paid
insUi vent banks are to have Receiver appoint
ed, and be wound up by order of Tie court.
Frauds and counterfeiting carefully guarded
against This bill will the Committee believe ere
ale great demand for United ofates Stocks to he
issued Tor banking purposes The bills issued on
hypoIhecati0n of these stocks viii have the faith
of the Government pledged to that extent for their
redemption.
These bills are to he receivable for taxes and all
other punic duties to the Government, and for ali
salaries and for ali other debts aud demands due
from the UnGed States for services renaeied and
for supplies md materials furnished. he haI.kr
issuing this national currency are made liable for
IFS REDEEM ption, and the stockho ders are made liza.
file for II.
The bill holders have as secuTity-kirstf The Uni
led STATES Stocks deposited with The Bani. {, mp
roller Second the Liability ot the banks issuing
he bills; Third be personal liabilities The stuck
holders OF the bank 10 an amount equal TO their
is"ck, and it is thought tn constitute a very safe
-ecuye currency for circulation among the people
pay the army and all Fother extraordinary ex
penses ot the war.