Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1863-09-05


centum of the aggregate amount Of its out
standing notes of circulation aud its deposits
and whenever the amount of its outstanding
notes Of circulation and its deposits shall ex
coed the above named proportion for the spac.
of twelve days, or whenever such lawful mon
ey of the United States shall at any time fall
below the amount of twenty-five per centu,r
of its circulation and deposits, such associa
ton shall not increase its liabilities by making
any new loans or discounts otherwise than by
discounting or purchasing bills of exchange
payable at sight, nor make any dividend of it,
profits, until the required proportion between
the aggregate amount of its outstanding notes
of circulation and its deposits and Lawful
money of the United States shall be restored
Prorided, Aouerer, That clearing house Ger
tifcates, representing specie or lawful money
specially deposited for the purpose of any
clearing. house association, shall be deemed ia
be lawful money in the possession of any asso
citation belonging to such clearinghouse hold
ing and owning such certificates, and consid
cred to be part of the lawful money which
such association is required to have, under the
foregoing provisions Of this section: Proridcd
further, That any balance due to any associ.
alton organized under this act in other places
from any association in the cities of Boston,
Providence, New York, Philadelphia, Balti
more, Cincinnati, Chicago, ST. Louis, or New
Orleans, in good credit, subject to be drawn
for at sight, and available to redeem their Cit
culating notes and deposits, may DO deemed
to be part Of the lawful money which such
association in other places than the cities OF
Boston, Providence, New York, Philadelphia,
Baltimore, Cincinnati, Chicago, st. Louis, and
New Orleans, are required to have be the fore
going provisions of this section, to the extent
of three fths of the said amount of twenty.
five per centum required. And it shall be
competent for the comptroller of the currency
to notify any such association whose lawful
money reserve, as aforesaid, shall fall below
said proportion of twenty-five per centum to
make good such reserve; and if such associa-
ton shall fail for thirty days thereafter so TO
make good its reserve of lawful money of the
United States, the comptroller may. with the
concurrence of the Secretary of the Treasury.
appoint n receiver to wind up the business of
such association, as provided in this act.
Sec. 40. -iad be 1t further enacted, That
no association shall at any time he indebted,
or in any way liable. to an amount exceeding
the amount Of its capital stock at such time
actually paid in. and remaining undiminished
by losses or otherwise. except on the follow
ing accounts, that is to say:
First. On account of its notes of circula-
ton.
Second. On account Of moneys deposited
with, or collected by, such association.
Third. On account of bills Of exchange or
drafts drawn against money actually on de.
post to the credit of such association, or due
thereto.
Fourth. On account of liabilities to its
for money paid in on capital
stock, and dividends thereon, and reserved
profits.
Sec. 43. And be it .faythv cuoctcd, That
no association shall. either directly or indir-
ectly, pledge or hypothccate any Of its notes
of circulation, for the purpose Of procuring
money to be paid in on its capital stock, or to
be- used in its banking operations, or other
wise.
Sec. Al. and he 1t further enacted, That
no association, or any member thereof, shall,
during the time it shall continue its banking
operations. withdraw, or permit to be with
drawn, either in form of dividends, loans to
for longer time than six months
or in any other manner, any portion of its cap
ital; and if losses shall Mt any time have been
sustained by ony such association equal to or
exceeding it's undivided profits then on hand,
no dividend shall be made; and no dividend
shall even be made by any association, while
it shall continue it's banking operations. to an
amount greater than its nett profits then on
hand, deducting therefrom its losses and bad
debts and all debts due to any association,
on which interest is past due and unpaid for
a period of six months, unless the same shall
be we'll secured, and shall be in process Of
collection, shall be considered bad debts
within the meaning Of this act.
Sac. As. And be It further enacted. That
the directors of every association shall semi
annually in the months of May and Novcm-
Der, declare dividend Of 80 much of the pro-
fits of such association as they shall judge ex-
pedient; and on each dividend day. the cash
Ter shall make, and verify by his oath. a full,
clear, and accurate statement of the condition
of the association, as it shall be on that day
after declaring the dividend; which statement
shall contain
First. The amount of the capital stock act
ally paid and then remaining, as the capital
stock of such association.
Secondly. The amount Of the circulating
notes of such association then in circulation.
Thirdly. The greatest amount in circula.
ton at any time since the making ofthe last
previous statement, as shall have been exhib-
tied by the weekly statements Of the cashier,
specifying the times when the same occurred.
Fourthly. The amount Of balances and
debts Of every kind due to other banks and
banking associations.
Filthy. The amount due to depositors.
Sixthly. The total amount of debts and liza.
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