The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1863-04-04
[OFFICIAL,I
LAWS OF THE UNITED STATES,
Passed at gie Third Session Of he Thirty
seventh Congress


[PURLIc--No. 42.l
An act TO provide national currency, sectred 10y
pledge Of United States stocks, and 10 provide Tor
the circulation aud redemption thereof
Be enacted By he Senate and House Of Eepreseia-
tires Of ne Unsf States Of America IN Congress ossal-
bed That there shall be established In the Treasury
Department separate bureau, which shall De
that may be passed by Congress respecting the issue
and regula Of national currency secured By Uni
ted States bonds. The chief officer Of the said bu
roau shall be denomnattd the Comptroller Of ths
Currency and shall be under the general direction Of
the Secretary Of the Treasury. Besha be appointed
by the President, on the nom nation Of the cretary
Of the Treasury, by and with the advice and consent
Of the Senate and shall hold his Office for the term
OF Ye years unless qoOnCr removed by the pfesd nt
by and with the advice and consent Of the Senate
he shall receive an annual salary Of five thousand
dollars; he shall have competent deputy, appointed
by the Secretary whose salary shall be two thousand
five hundred dollars, and who shall possess the DO
and perform the duties attached by Law 70 the Office
of Comptroller during vacancy in such office aud
during his absence or Inability; he shall employ,
from time 10 time, the necessary clerks to
such duties be shall direct which clerks shall be
! appointed and classified by the Secretary Of the
Treasury in the manner now provided by law. With
In feen days from the time Of notice OF his appoint
neI,t the Comptroller shall take and subscribe the
oath Of Office prescribed by the and laws
OF the United States and be shall give to the United
/ States bond In the penalty Of one hundred fhous-
aud dollars, with not less than two responsible Free
holders as sureties TO be approved by the secretary
Of tho Treasury, conditioned for the faithful dis
charge Of the duties Of his Office The Deputy Comm
roler appointed shall also take the oath Of oflee
present. ed by the Constitution and laws of the Uni
ted States and shall give like bond In the uenalty
Of fifty thousand dollars. The Comptroller nd Dep
uty Comptroller shall not, either directly or Indirect
y, be interested in any association Issuing nu tonal
| currency under the provisions Of this act
SIC. 2. ARd Be further enacted, That the Comp.
trOller Of the Currency with the approval Of the Sec
reary Of the Treasury, shall devise seal with suit.
able Inscriptions, for his otce description of which,
with certificate Of approval by the S oretary of the
Treasury shall be filed in the office Of the Secretary
Of State with an impression thereof, which shail
thereupon become the seal of Olce of the Comptrol
| Ter Of the Currency, and the same may be renewed
when necessary. Every certificate, assignment and
conveyance executed by the COmptrOl llrr in tlu,u.
auoe Of any authority conferred on him by law aud
sealed with his seal Of olce shall be received in evi.
dence in all places and courts whatsoever and all
copies Of apers in the Office Of the Comptroller Ger.
titled by him and authenticated y the said seal shall
in all cases be evidence equally and in like nner as
the original. An impression Of such seal directly ON
the paler shall be as valid as II made on wax or wa
fer.
sEo. D. And be Il Jvtsr enacted That there shall be
assigned To the Comptroller Of the Currency by the
Secretary Of the Treasury suitable rooms in the
Treasury building for conducting the business Of the
currency bureau, In which shall be safe and secure
re proof vaults, in which 1t shall be the duty of the
CnHptroer TO deposit and safely keep all the plates
and Other valuable things belonging to his depart
| meut aud the Comptroller shall from time to time
furnish the necessary furniture, stationery, fuel,
lights and other proper conyeniencos for the rausac
tiuu Of the said business.
sEc 4. aud he q farther snoeied, That tho term
"United States bonds, used In this act, shall be
construed TO mean all coupon and registered bonds
now issued or that may hereafter be issned on the
faith Of the Unitod States by the Secretary or the
Treasury in pursuance of Jaw.
SKc. s. lad be farther enacted, That assaoatons
for carrying on the business Of banking may be
formed by any number OF persons, not lees Ia any
than tve.
src 8. Ind be q further enacted That persons uni.
ting TO form such association shnl, under their
hands and seals, m ke certi cate which shall spo
city
First. The namo assumed by such ossocI,tion.
he MIA Nhara
| and deposlte 20 be carried on designating the
State Territory district and also the pariicuui
| city, town. or village.
Third ihe amount Of its oapital stock. ana IN,
number Of shares into which the same shall b5 diyi
ded which capital stock shall not be less than Cit,
thousand dollars; and ia cities whose population Il
over ton thousand persons the oapta stock sla no
be less than one hundred thousand dollars.
Fourth. The mines and places OF residence Of thu
OF them. fi
fif.h. The timO when such association shall CON
| mence.
Sixth A declaration that said certificate is mad
TO enable such rersons to avail themselves Of the ad
yantagcs Of this act
Tho said certificate shalt he ackno,yedpcd before
Judge Of some court Of record OF notary public an
the acknowledgment thereof certified under the sea
OF such court or notary and shall be tiansmited TO
gether with a copy Of the articles OF association
which shall haze been adopted 10 tho Coinptroe
of the Currency, who shall record and carefully pre-
serve the same IN his office. Copies Of such certin
cato, duly certified by the Comptroller, and anthem
cated by his seal of office, shall be legal and ,uf
cient evidence in all courts and places within tn
United states, OF the jurisdicion Of the
thereof of the existence Of such assooia ton and
every other matteror thing which could be proved b
!. the production OF the original certificate. 'iF
SIC Z. AHd be ffher enscfeu, That at least thirt
per centum Of the capital stock OF such associa ito
shall be paid In at the time 0f tho cOmmenc 9ment
ITS banking business, aud the remainder Of the cap
tai stock Of such association shall be paid in insta
inents OF at eust ten per centum ea ch ON the who
amount TO which the association shall be Jmted,
frequently iustalmept az the end Of each ~,
/ of he en-
ment Of It's banking operations, until the whole
the capital stock shall be paid in. .s --
SEc. B. And be hTfher enacted, That II any shan
holder, or assignce, shall fail 20 pay any instalmei
on the stock when the Is required by the for
~ going section to be paid the directors Of such assoc
>, alton may sell the stock held by such denquel
70 SHAREHOLDER, at public auction, having gycn thr
so weeks previous notice thereof In newspaper pn
d libhed ard OF general circulation In the city whe
en- the association Is locato n the same be located IN
" city, aud II not 50 loeated then newspa per prin
ed orof general circulation, In the county where Il
" same Is located, 10 any person who viii pay the hig
h est price therefor and not ess than the amount th
" due thereopi with The expenses Of advertisement al
sale and the excess, II any shall be paid to the 4
- linquent sharsholder. IL no bidder can ba iOui
who will pay tor such stock the amount due there's
q, to the association, and the eosts of adyertiseme
and sale, the AMOUNT previously paid shall be forte
cd a. the association, and such stock may subsequeI
ly be sold aa the directors may order.
CSC. Y. Aad b L further siiaofsd That Whenever
cert hcate shall have been transmitted 10 the Com
troler Of the Currency, as provided In this act,
na the association uansmitting the same shall notify
NNnphhiigA AilhA al ieAnA AhiftJ per NeuNuln Ni
capital stock has been paid a. aforesaid and N
such association has complied with all the provisiu
ol this act required 10 be complied with before
association shall be authorized 20 commence the bi
iueHs OF banking, and that such association Is do
rOus OF commencing such business the Comptrol
shall lmmediately proceed, IN such munner
shall by general rules prescribe, 20 examine the
dition oi such associatoui 20 ascertain especia
Au the amount VI money paid In ON account Of its cd
I've tl stock the name and place Of residence Of "a
" tho directors Of such association and the Rmou
= Of the capital stock Of which each IL the bona
Ia 9wpor, aud generally whether such essocintion
coihplied With all the requirements Of this act 20
title IL % engage n the business of banking
shall cause 10 be made, and attssted BY the OATH
~ a majority Of the directors aud by the president
WI cashier of such association, a statement OF all
iaets necessary 10 enable the Comptroller 10 det
miue whether such association Is lawfully emit tlet
eorlm0nce the business Of banking under this act
- sEc 40 And b flu0.er oHaoiai, That II, upo
careful examination OF the iaots ~ reported, anf
any other facts which may come 70 the knowledg'
the COMPTROLLER, whether by means ui special e.
- mission appointed b. him tor Tie puFposa Of int
~ ring into The condition Of suQh association, on
wise, il shall appear that such association s lawt,
entitled 10 commence the business Of banking,
C0mptrolleF shall give TO such association cert
cate under his hand and oihcial seal, showing {
such association has complied with All the prov s
Of this act required to be complied with before be-
AZ entitled 60 commence the business OF banking un
H. and that such association Is authorized 60 a
msnco said business accordingly and II shall be
~ duty Of such association o. cause said oertihcat
-. be published In some newepaper, published In the
or county where such ASSOCIATION D. Gated, H.
l. least sixty days neEt amor the Issuing thereof
~, h ridsd That if DO newspaper is published m such
@ or county, such certificate shall be published ha
AZ / Comptroller Of the Currency shall direct
- sac N. AHd b . gafihT .iaeiea' That every o.
na % citation formed pursuant 60 the provisions Of ttis
-'e' may make aud use common seal, aud shall D
succ sssion by tho name dcsignatcd in lts articls
~ association and for the period limited therein,