The Lansing state Republican. [volume] (Lansing, Mich.) 1855-1874, 1863-04-15

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Uon s established, or, there be no newspaper q
such place then newsgAp-r P2b.shsd a. Tie esPi
IA " th- Sste a. the expense q The association
king s-ch report. II adctlOn 10 the quarterly reporl
required Is tlis section every association located
dCiIg the ci Boston Providence New
York Pbia11luhlz Baltimore Cincinnati Chicago -
LOUIS ard Nv Orleans shall publish caused % be
pub is1sc The morning o. the nst Tuesday IN each
month. in lrwspaper printed % Tie city Il Which Tie
ass0ciaou mixing such report i lccaiec 70 be destg
nate- .! tns Comptroller o. he Currency statement
ts cath OF the president cashier show ng tht
concitou Of the association making such statement ou
tie morning " the cay next preceding TIE date Of such
statement Do respect the follow ng psrtlc-
uzrs. % VII average amount Of loans and discounts
, specs. cepCs.ts, and circulation.
- And b 4 fuT1her e-1dctod That any such
ASSOCIATION shall a. any time fail 20 redeem, IN the law
'ul money the United states any Of circulating
notes wAer payment thereof shsl be lawfully cemAn
del during the usual hours Of business the otee OF
such association, the holder may The 10 be
protested package, BY notary public, unless
III president cashier u tue shall offer
waive demand and notice Of the protest. and shall
pursuance Of such O1rr make, sign Auc deliver 70 the
party making such demand admission in writing
ing The time Of The demand the amount demanded
and The fact OF Tie payment thereof and such
tsry public, making such protest, upon receiving
such Zdmssion shall forthwith forward such admission
n"ce u protest 10 the Com ptoer of the Currency
and after ceisut shall be awful for the
citation suffering the same 70 pay out any OF It's
notes, discount any notes OF bills otherwise pros
ecute the business Of banking except 70 receive and
safely keep money belonging IT, and deliver special
deposits FTor1ded hoCeuer That satisfactory proof
I
Of such notes is restrained by order of any %
competent jurisdiction. such notary public shall
protest the and when the holder Of such notes
Eha than note or package 10 be protes
ted on the day be shall not receive pay for
l than one protest.
SEC g And Be- II ftrther enGcted, That on receiving
notice that any such association has failed redeem
any of lis circulating notes as specified n the neIt pre-
ceding section the Comptroller Of the Currency with
The Of the secretary Of the Treasury may
appoint special agent, (of whose appointment imme-
eIate shall be given u such association who
shall Immediately proceed TO ascertain whether such
association has refused 10 pay its circulating notes
TIE lawful money Of The United states when demanded
aforesaid and report To the Comptroller the
ascersined and H. from such protest the reports
made Comptroller shall be satisfied that such Asso
catou nas refused 10 its circulating notes afore
said aud 10 IN default be shall within thirty after
be shall have received nOtics Of such failure declare
the United states bonds and securities pledged by such
association forfeited 10 the United States the same
snail ihsreuPon be forfeited accordingly and Ihereupou
The Comptroller shall Immediately give notice in such
manner as the Secretary Of the Treasury shall by gen
ea rules or Otherwise direct 70 the holders Of the
cuatmS notes Of such association 10 present them fo-
payment al the Treasury OF the United States and the
shall be paid presented whereupon said Comp
rOer may, IN hs discretion cancel equal Of
the bonds pledged by such association equal at current
market rates not exceeding par TO the paid and
i shall be lawful for the Secretary Of the Treasury
from tine 70 time 10 make such regulations respecting
the disposition te be made OF suchcrculang notes after
preseu atOr thereof for payment as aforesaid and re
spectAg the perpetuation OF the evidence Of the pay
thereof may seem TO him proper, but all such
notes being paid shall be cancelled and for any de-
dcency 10 the proceeds Of the bonds pledged bv such
association when disposed Of as hereinafter
reimburse the United States the amount so exDep
cec IL paying the circulating notes OF such association
the Untsd states shall have first and paramount lien
upon all the assets Of such association such Gencer
shall be made good Out Of such in preference
any and all other claims Whatsoever except the neces
sary costs and expenses OF administering the same
sec q. And Be u further enacted, that whenever
Tie Comptroller shall become satisfied, in the last
preceding section specified that any such association
aF To cr~c fha
toned he may instead OF cancelng the United States
bonds pledged by such association provided IN the
next preceding section cause much OF them as NAV
De necessary 70 redeem the outstanding circulating
Of such association to be sold public auction in
the city Of New York after giving thirty days notice
| u such sale such association
Sec % And be Il further enaoted, That the Comp
roer Of the Currency may, be shall be Of opinion
that the interests Of the United States will be best pro
NOTED thereby sell al private sale any Of the stock
transferred to him by such association and receive
therefor either money the circulating notes Of such
falling association; PrOvlded That such bonds shall
De sold by private sale for less than the par less
than the market value thereof At the time sale And
pTor1dsd further That sales Of any such stock either
public or private, shall be complete until the transfer
thereof shal have been mace vh the fOrnalties pre-
scribed IN this act.
sec p And Be- 1t further enacted, That OF becoming
satisfied specified IL this any such associs
has refused to pay its circulating therein
mentioned and default the Comptroller Of the Cur
rency may forthwith appoint receiver and require o.
| an such bond and security as be shall deem proper
who the direction Of the Comptroller shall take
possession Of the books, records and assets OF every
description Of such association collect all debts dues
ana claims belonging TO such association and upon the
order Of court OF record OF competent jurisdiction
| may sell compound all bad doubtful debts ana
Ike order sell all the real and personal property
such association such terms the court shall c
rect and such receiver shall pay over all moneys SC
made the Treasurer Of the United States and als
make report 10 the Controller Of the Currency OF a.
as acts and proceedings The Comptroller shall there
Upon notice 70 be given by advertisement in sucf
newspapers as he may direct, for three CONSECUTIVE,
months, calling on ali persons who may have claims
against such association TO present the same and 10 max,
egs proof thereof and from the ComDtrol
er after full provision shall have been fst made fo
refundDg the United States any such deficiency il
receemng the notes Of such association snt
this act shall make raabie dividend Of the moneys
paid to him by such receiver on all such claims
may have been proved or adJudicated in court
competent jurisdiction, and from time to time as th
proceeds Of the sss-ts Of sach association shall be pai,
him, be shall make further dividends as sfore
said, on all claims previously proved adjudicated
and the remainder OF such proceeds. II anv shall b.
paid 10 the shareholders of such ASSOCIATION %
their legal representatives, propot TO the stoc
by them respectively held; PROVIDED h0sceuer That
any sech association, against which proceedings hav
been instituted account OF any alleged refusal
redeem its circulating notes Aforesaid shall den,
having failed 10 90 such association may any tim
within days after such association shall have bee
notified Of the appointment Of an agent, provided
this act apply 10 the circuit district or ter
rioral or the United states enjoin fcrthe
proceeding in the premises and court after citin
the Comptroller Of the Currency to show why fur
/
decision Of the court or finding OF jury that such assC
not refused TO redeem its circulating note.
when legally presented 10 the lawful money OF the Cn
Ted States shall make order enoining the Compiro
and any receiver acting under his direction fror
all further proceedings account o, such alleged T,
fusAl.
' Sec 80. And be IL firthsr enacted That the bond
transferred TO the Treasurer Of the United states
herenbefore provided, by any banking association fC
the security Of its Circulating notes shall be held excJ
svey or that purpose until such notes shall be redeem
ed except provided in this act; but the Conptrols
Of the Currency may give 10 any such banking assoc
ton powers OF attorney 70 receive and appropriate
Il It's the interest the bonds which shall hay
powers shall become imperative whenever such bani
ing association shall fail 10 redeem its circulating nots
Aforesaid and ssio Comptroller nsy direct the retur
any Of said bonds TO the banking association whic
} transferred the same, upon the surrender 10 him az
the cancellation Of proportionats amount Of such ci
culatng Prorsded That ninety per caniu OF Il
II current market value Of the remaining bonds whic
shall have been transferred BY the banking
u OF ring surrender such Circulating notes shall
equal the OF all the circulating notes retaas
oy such banking association And provided fssrthe
That there shall have been failure BY such associ
Y redeem its circulating and that there shs
been other violation by such association Of Ar
OF the provisions OF this FOR the security OF q
creditors Of such association shall the Treasurer
required 10 surrender such bonds II fractional sums
said bonds shall be deposited with the Treasurer Of
ig U1ed States Aforesaid The market or cash val
shall be reduced, the Comptroller OF the Currency
hereby auhoriEsd 70 demand and receive the amount
such depreciation il other United States bonds al ca
p vsiue money, from the association receiving
bills be deposited with the Treasurer Of The Cnit
II Stales. as long such depreciation continues
Sec. 81. And Be Il further enacted That vherez
10 the price o. any Of the bonds pledged aforesaid
of the redemption OF the Circulating notes Of snv -
hark ra-fo -ha ~