The Lansing state Republican. [volume] (Lansing, Mich.) 1855-1874, 1863-03-04

Provision. of'hs Act OF Congress

The banking Dill, which passed the Senate on
the Ia, passed the House the Jth. when
Mr. Lincoln sigus it it will be the law OF the Iald
II creates a Bureau in the Treasury Department
under the title OF the Comptroller Of the Curreu-
cy, nominated by the secretary of the Treasury
aud appointed bv the President and Senate; Sal
ary $500; bonds 800 600; TO hold Office for
i've wears; to have deputy clerks. Sc, none OF
whom shall be interested in any banking under
She act
Associations for banking NAV be formed bv
not less than FIVE persons, Who shall make Ger
riicates. specifying the name Of their association
- location, amount OF capital, which -hal be nor
les. than fly thousand dollars land in cities Of
over ten thousand popu alton not less than one
hundred thousand dollars; rames residence an
number of shares Of stockholders and time Of
beginning business; this certificate 60 De- legal
ly scki owledged. Thirty per cent OF the CAPT
tai stock Isto be paid 10 at commencing. aud
he remaining capital al ten per cent. every Two
months, until paid Up.
Il any enc fails to pay, his stock is TO be sold
A. auction, after three weeks advertising If
nDt bid 10 80 as to cover assessments and costs
it Is forfeited 10 the association. When ire
Comp'rol err j. satisfied that these conditions are
complied With, he shall give tue association a
c-rtfclte. authorizing them to commence bust
ness which fac, shall DC advertised tor sixtv
days All these associations are authorized 20
a., htsira.s ID, rha usY.I f,~,,, s,,. . - ..-s
and TO perform al the usual functions of bank
ing Their shares are Transferable personal prop
erty, carrying their liabilities with them Cap
tai may be inc eased from time 10 time as nav
ov deemed eHpediert They mas hold real e
tate necessary for their business, such as nav De
nortgaged as security tor losus. sue as nav be.
conveyed for debts and suca as they may pur
chase under their mortgages, bus 10 other
Preliminary 10 com ueucing, they deliver to
the United States Treasurer interest bearing
bonds OF tue Government TO The spec Ted amount
aud receive currency circulating notes IN aux.
registered and eountersisued, 20 AL to uine,y
per cent Of the current value OF the bond. de-
posted, but not exceeding the par value. aud a.
10 tine shAll such notes exceed tue capital stock
paid in. The entire amount shall Tot exceed
$500, 900 Oo0-<l50,O 800 OOO to sssociations In
states aud Territories, according to representa-
i've population; the other $50 % 900 TO be
distributed ~ith regard TO existing bank CAPITA
4nd business.
The notes are TO be from S to 81 900, and
x press on their face that they are secured. and
bear the signatures and seal OF the Treasury De
partmenf, also the signatures Of the President
and Cashier OF the Association. The Secretary
: to devise the form and emoelshnent, aai 10
Rave custody OF the dies ami manufacture.
Ia leu OF a. taxes On circulation ander this
act, or bonds deposited, each ass citation shall
pay semi annually, one per cent upon the notes
received. returns 10 De made on the first OF july
aud st Of January, and IN default, iwo per cent
IF the capital 10 be recovered for the Treasury
When duly issued, these notes shall De re
,eived al par IN payment OF t.1es. excuses, pub
ic ands, snd al other dues 70 the Uuiied STATES
except duties on imports and for al salaries
sud other debts o<iRg b. tue United States, ex-
,ept interest on the public debt; and no asso-
,i.tioa shall is-ae any other circulating notes,
luder penalty Of 6ne and Imprisonment
If any bank fail 70 redeem rs notes, tie hold
sr nav protest them before notary. vhere=0ca
he bank may De suspended oy the Comptroller,
lnder forms prescribed, their securities forfeited
10 the Uuiled States, Aad enough Cancelled to re-
deem the notes refused. Il case OF suspension
he securities 70 be sod az auction. in New
York. after thirty days notice. Tae Coaptrol-
e. nav, to promote the public interest. sci such
stock a. private sale, bat for not less sb.n tie
current market value.
The stockholders are not liable for principal,