Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1863-02-21

The National Currency Kill.

The National Currency Bill.
We su}io;n a synopsis Of its leading provi-
SOM;
Banks are to be organized by the subscrip-
non Of stock ia shares Of 500 each. Stock
Iodprs are entitled to one vote for every share
end are allowed to vote by proxy. under prop
..rIy o1auleG restrictions It bank OF issue
be coatenDlated, then bonds Of the i ;.
?ru,r be deposited in the treasury, FOR which
The government will furnish notes for the bank
20 sign. circulate and redeem as It's own, to the
2,nouut Of ninety per cent Of the bonds denos-
jteG 10 notes will be furnished OF 3 less
amount than S., and no other notes may be
issued ny the bank. These notes, during the
suspension ot specie payments, are to be le-
ga tender tor all debts except public dues, by
and 10 al persons, except to the banks issuing
them The banks must redeem them III law
iul money Of the t. 5, and tor this purpose
are required to keep on hand an amount
equivalent to twenty-five per CT. OF the amount
d notes they may have IL circulation, and
should this redemption fund tall below this
twenty-five per ct, they ape forbidden to issue
any more notes until the deficiency is made
GOOD
Should the bonds Of the [. g., deposited in
ed to the banks for circulation, fall below par,
ald continue so Tor a specified period; the
bal ks are required to deposit additional bonds.
The government will appoint special agent to
take charge of the affairs Of any association
that tails TO redeem its issues, and will pro
ceed to redeem the notes Of such association at
the public Treasury, retaining and selling the
bonds deposited to pay for the same.
Banks ale forbidden from paying out uncur~
rent on deprecated money over their counters;
from speclllating in real estate; from loaning
extensively to their own stock kholders from
paying any dividends upon profits, except all
bad and doubtful debts are first deducted from
such profits; from pledsirg or depositing their
. own funds as security 1or any debts due to Or
advances received from other banks; and from
oanng 10 their own officers, directors ard
] stockholders upon terms more favorable than
those exacted from strangers
Officers directors and stockholders are for1
Didden from becoming indebted 10 their own
banks beyond certain prescribed amount, in
defined proportion to the stock owned by them;
au0 they are forbidden to sell or transfer any
. stock owned BY them while directly OF ]nd5-
FectIy Indebted to their bank.
banks are required periodically to putilSh
. statement or their condition, made under oath;
. 60 Keep publicly posted: tor the information OF
. all 'who may be interested, q lit OF the names
and residences Of their ot:icers> directors and
st3ckhoI4eIS and OF the amount Of stock own
Cd BY each and a l)erioClical examination into
tie condition OF their affairs is to be made bya
. person appointed by the government.
. Payments, transfers, assignments, mortgag-
s, deposits. Or any acts prejudlca TO creditors
!. gone III contemplation OF insolvency: are de-
. 1ared VOID. Directors are required TO be
. >Hor. officers, and acting under oath
!. Ample provisions protect associations IN the
& exercise OF all customary powers and privileges