Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1863-03-04

in the lawful money of the United States, when
demanded us aforesaid, and report TO the comp
troller the facts so ascertained; and it, from such
protests or the reports so made, the comptroller
shall be satisfied that such association has refused
to pay its circulating notes as aforesaid and is in
default he shall, within thirty days after he shall
have received notice of such failure declare the
United States bonds and securities pledged by
such association forfeited to the United States
and the same shall thereupon he forfeited accord
inglv; and thereupon the comptroller shall i'm
mediateIy give notice in such manner az the sec
rotary of the treasury shall, nv general rules or
otherwise direct, to the holders of the circulating
notes of such association to hem for pay
ment at the treasury of the United States; and
the same shall be paid as presented, Whereupon
said comptroller may, in his discretion, cancel an
equal amount Of the bonds pledged by such as
soclatlon, equal at current market rates. not eX-
ceediug par, 10 the notes paid; and it shall be
lawful for the secretary of the treasury, from
time to time, to make such regulations respect
ing the disposition TO he made of such circulating
notes after presentation thereof for payment as
aforesaid, and respecting the pcrpetuation of the
evidence of the payment thereof as may seem
to him proper; but all such notes, on being plid
Shall he cancelled; and for any deficiency in the
proceeds of the bonds pledged by such associa-
ton, when disposed of as hereinafter specified to
reimburse to the United States the amount so
expended in paying the circulating notes of such
association, the United States shall have first
and paramount lien upon all the assets of such
association, and such deficiency shall be made
good OFT OF such assets in preference to any and
all other claims whatsoever, except the neces-
sary costs and expenses of administering the
same.
Sect 81. And be it further enacted, that when
ever the comptroller shall become satisfied as in
the last preceding section specified, that any
such association has refused to pay its crculat-
I'M notes as therein mentioned he NAV instead of
cancelling the United States bonds pledged by
such association, as provided in the next pre-
cedlng section, cause so much of them as may
be necessary to redeem the outstanding circulat-
ing notes of such asSoCi iton, to be sold at public
auction in the city of New York, after giving
thirty days notice of such sale to such associa-
ton.
Sect 2S And be it further enacted, that the
comptroller of the currency may, if he shall be
OF opinion that the interests of the United States
VIII be best promoted thereby, sell at private sale
any OF the stock so transferred TO him by such
ASSOCIATION, and receive therefor either money or
the circulating notes of such failing association
Provided, That no such bonds shall be sold by
private sale for less than The par nor less than the
market value thereof at the time of sale Aud
provided, further, That no sales of any such
stock, either public or private, shall be complete
until the transfer thereof shall have been made
with the formalities prescribed in this act.
sect. ~. And be 1t further enacted, that on be-
coming satisfied as specified in this act, that any
such association has refused to pay its crculat.
the comntroler Of tha n"rrency mo-"
annoint a rnceiver ond reo,;;ra ~ hi, a.
bond and security as he shall deem proper
who, under the direction of the comptroller shall
take possession of the books, records, and assets
of every description Of such association, collect
sociation a"d mo- +bo orJo - ~ So 20 90
cord of con,no,a,,t ;ili.; W Ii. Vi ~
nound all had or donhtfnI dob," I'D n u a.
nrdar coll ali tho 81 ,,1 800, ~ w., :. .
,6 di 49, l'.0 io'lt i"' poioora property ol
dirrt. ond s,h -, , ii1 30 'no ou'i,
mnnrIs en- r,ado 70 ~ ,s,os',r", P'2 T; aii
Stnta ~ ai ~ ~ u VI lno oiiucu
C ~ o','a "'oo ' w tue coiptTollcr
Tic co,,ntrnI I'll III 40 am 20
he 49, h, NEUTRALITY-SUSPICIOUS. om etuse moslce W
ae he nov drac+ e., tI,r s' - - 10
coliing an al nar,,s ho 80, - I;
AGAINST snch asspcistion IN nrosant tb 49,.
To make Ie0ol ,roof Thereof, and ron, i'm
tn time the comntroIler AFR fn nrn,i si,l,,
sb r. - e. e., 49, 90 .ui Pio' ~
Tnited States any,, eb dGoia,,I ~ tlie
the notes of eurb oSeocia,i,, as ;e ,,,on,ioad T.
This act shall male rstohio ' d;ida,d 10
rnonevs co naid ove 70 bi' h & saoa; W NV Wv,
all sncb claims as NAV have Iecn so nro,,od 90
adIndirated in a couIt of romnctent iur;sdi,.tion
and from time to tine as rho rocaede Of tb o.
sets of such association shall he maid over m him
he shall make further dividends as aforesaid on
all claims nreviouslv prove5 or adiudc.ted and
the remainder of snch nroceeds + anv shall he
Maid over IN the ehareb6 ders of snch osSociotion
or their legaI renrcsentativas in nronsr,i,n ~
the stock nv them respectively held. Provided
however thar if any snch association arainSt
which npoceedinos have heen 81 insttntsd On az.
count of arv alleped refusal To redeem its c;rcu
latinr notes as aforesaid shall deny hovinp
failed to do so sucb assoc,ation NAV ot .nv +i,n9
within ton DAYS after such ASSOCIATION sb.iI ba vo
heen notifed of the onnointment Of m aren't as
nrovded in This ACT apnlv IN the near,st circ,,it
or district or terrtoriai court of the ITnitsd
States to eninin further nroceedinys in tho
nrnmisas. and sucb court aftar citnar IL. no,,,n0
troler If tba currnncv to show nanse ,yb,,
ther nroc5edinps shonld NOT he enioined and az
fer the decisinn of the court ar fn3inp of n inv
thar such aSsociatinn has nor refused 70 rndna1
lis circnlai lin r notes when lrgaIIv Dreeanted in
the lawful money of tbe limited States sboU
make an order enioininp the comntrollcr md
any receiver acting under his direction. from ali
further proceedinTs ON account of surb alIe5ed
refusal
Sect 20. And he if further enacted that the
bonds transferred 10 the treasury of the TInifed
States. AS hereinbefore nrovided nv any BANKING
association far tho securitv Of rs crcnIati,f2
notes shall he held excIusivelv for that nurnose
until sucb notes shall ne raIeemed evnent 40
provided in this act. Int the comptroller Of the
currency NAV give tn anv sucb hanking assoeia
tion mowers Of attorney 70 receive and annronri-
ATE TO its own se the interest nm the bonds which
shall have heen 90 ransferred to the treasurer nv
il. but spch powers shall become inoperative
whenpver such bonLinp association shall fail tn
redeem lis circulatinT notes &c aforesaid and
said comptroller NAV direct tbe return Of anv
of sad hnnde 70 tho bantinr assoc;otion which
transferred the same mon he Surrender to him
and the Cancellation Of a nronortionate amount
of sucb circnIatin,r notes prpv;ded that ninotv
ner centnm of tho current markat valne of the