Delaware State journal and statesman. [volume] (Wilmington, Del.) 1855-1870, 1863-03-06


circulation and redemption thereof.
be il enacted by ne Senate and House Of RepTeienia
tiuss # The United STATES Of america IL Congress
bied That there shall be established in the treasury
the execution OF this and all other laws that may b.
passed by COngiess pectng the issue and regulation u
national currency ured by United States bonds The
chief officer of the said bureau shall be denOmaated the
Comptroller Of the Currency and shall be under the gene
raj direction of the Secretary Of the Treasury lie snail
be appointed by the Presidsnt the nomination Of the
Secretary OF the Treasury, by and with the advice and
consent Of the Senate and shall hold his Office the
term OF Eve years unless removed by the resident
by and with the advice and consent Of the Senate; he
shall receive an annual salary OF SbO00i he shall have
a competent Deputy, appointed by the Secretary whose
salary shall be $2500 and who shall possess the power
and perform the duties attached by law the office O
Comptroller during vacancy In such Office and qurinH
Ills Abenee inability; he shall employ, from time Ia
time, the necessary clerks discharge such duties he
shall direct which clerks shall be appointed ind classified
by the Secretary of the Treasury In the manner pro
vlded by law. Within fifteen days from the time of
tce OF his appointments, the Comptroller shall take and
ton and awsOf the United Satesi and he shall give Ia
the United States bona n the penalty Of Si000O0, with
not less than two responsible reoholders az Bureies To
be approved by the Secretary Of the Treasury conditioned
for the faithful discharge Of the duties OF his Office The
Deputy Copptroler appentd 'ha also take the oath
Office prescribed by the Constitution laws of The
Unlied States, and shall give like bond in the penalty
$50 900 The Comptroller and Deputy Comptroller shall
not either directly or Indirectly bi Interested In any
ISOLATION issuing national currency under the provisions
Of this act
sec >. And bet further endeed That the Comptroller
the treasury, shall devise seal with suitable inserp
t0ns. Tor his Ohcea description Of which, with certih
cate Of approval by the Secretary Of the Treasury, shall
be hle In the Office Of the Sec etary OF late with
impression thereof, which shall thereupon become the
seal Of office of the Comptroller of the Currency, and the
same may be renewed when necessary Every certificate
assignment and conveyance executed by tho Comptroller
in pursuance Of any Authority conferred him bY Law
and sealed with his seal of office shall be received Ia
evidence in all places Hnd courts whatsoever and all
copies Of ptpers in the office of the Comptroller certified
BY him and au,hsu.i.nud by the said seal shall In al
~ n liza tlaa
glna An impression OF such seal directly the papol
shall be as valid as II made on wafer
SEC 3. And be further enacted. That there shall bf
assigned to the Comptroller the Currency by the secre
Ery Of the Treasury suitable rooms in the Treasury
building for conducting the business Of the Currency
bureau, In which shall be SAFE and secure tireprOo
vaults In which it shall be the duty of the Comptroller
deposit and safely keep all the plates and oer valuable
things belonging to his departments and the Comptroller
shall from time to time furnish the necessary furniture
stationery, fuel lights and other proper conveniences
for the transaction Of the said business.
sgo 4. And be il further enacted That the term "United
States bonds, as used Ia this act shall be construed "a
mean all copon apu regstered bonds now iHsued or
may hereafter be issued the faith of the United statei
by The Secretary of the Treasury in pursuance of law
Sic o. And be IL further enacted, That associations fol
carrying the business Of banking may be formed by
any number OF persons not less in any than fve
SEC o. And be Afrihsr enacted That persons uniting
to t0rm such an association shall under their hands aud
seals make acertffcate which shall specify
First; The name assumed by such association.
Second The pac whore its operations Of discount and
deposit TO be carried on, designating the state, Terri
tory district and also the particular city, town, viii
lage
Der Of shares Into which the same shall be divided
which capital stock shall not be less than S50000 and In
cities whose population Is over 10000 persons the ca
stock shall not he less than 100000.
E6urth The names and places of residence of the
Shareholders and the number of shares he'd ny each Of
them.
FyfM, The time when such association shall com
mence.
Sisi: A declaration that said certificate is made Ia
enable such to avail themselves OF the advantages
of this act.
Judge Of Court OF Record Notary Public, and
the acknowledgment thereof certified under the seal
such Court Notary, aud shall be transmitted together
with copy Of the articles Of association which shall
have adopted to the Comptroller the Currency who
Comics of such certificate duly certified by the Comptrol.
er aud authenticated by his seal OF office shall be legal
and sufficient evidence in all courts and places within
the United states or the Jurisdiction of tho Government
thereof OF the existence OF such association and OF every
other mater thing which could be proved BY the pro-
ductlon Of The original certificate
Sec 4 And be Jrtter enlcied That at least 80 per
centum OF the capital stock Of such association shall be
paid in at the nG of the commencement Of It's banking
business and the reniander OF me capital stock Of such
association shall BIZ paid IN stments OF Al least 10 per
centum each the whole snount - which tue assoeia
tion sh be limited frequently as one installment at
the end Of succeeding months from the time Of
the commencement 0f its banking operations, untl the
whole Of the capital stock shall be paid in.
sec s. And belt furtt-r enacted, That II any share
holder or his assignee shall fail to pay any instament
the stock when the il required by the foregoing
section to be paid the directors Of such association may
public auction having given three weeks previous notice
thereof in newspaper published and OF general ercua-
lion In the city where the association is located, II the
same located In city and II not so located then in
newspapev printed, of general circulation, in the
county whee me saMe II located 10 any person VINO w
pay the highest price therefor and not less than the
amount then due theroon with the expenses OF advertise
ment and sale ant the excess II any shall be paid to
the delinquent ehoaeT II no bidder can be found
who will nav for such tock the amount due thereon to
the association and the costs Of advertisement and SALE
the amount previously paid snail be forfeited 70 he asso-
rfafto and surh m
directors may order. z,
Sec. 0, And Be II further enGeied' That whenever a
certificate shall have been transmitted TO the Comptroller
of the Currency provided In this act anu the assoea
ton Transmitting the shall notify the Comptroller
that at least thirty per cenum o. It's capital stock has
been paid aforesaid, and that such association has
complied with all the provisions VI this act required TO
be complied with before such association Hual ne hutDoi'
lied commence the business o banking and that such
association is desrous Of commencing such business tho
Comptroller shall mm edaiey proceed In such manner rs
he shall by general rules pruserbe TO examine the con
diten of such association to ascertain especially the
Of money paid in account of Its capital stock
the name place of residence Of eich Of the directors
Of such association, aud the amount Of capital stock OF
which each is the bona de owner aud generally whether
sueh association has complied with ali the requirements
Of this act to ente II to engage in the business Of bank
ing; and shall to be made, and Atested by the
oaths Of majority OF the directors and by the President
or Cashier Of such association statement Of all the cs
necessary enable the Comptroller to determine whether
such Association is lawfuy entitled to ocommenee the bu-
sinesH of banking under this hct
Sec. TO- And be Il further Cndcfed, That II, upon
careful examination 0 the facts reported and Of any
other facts which come to the knowledge OF the Comp
tr0ler, whether by means OF special commission ap-
pointed by him for the purpose VI nquiring into the
dtion Of such association or otherwise y shall appear
that such association is lawfully entitled 10 commence
the business Of bAnging the Comptroller shall give such
association certificate under his hand and official seal
showing that such association has complied with all the
prOyons Of this required to be complied with before
being entitled commence the business Of banking
der H. and that such association Is authorized 10 COM
mence said business accordingly; and II shall be the
duty Of such citation tQ said certificate to b.
pabshed in some newspaper published In the city o.
sis
days next after the issuing thereof; IToUided That,
no newspaper Is published in such city or county, such
certificate shah be published as the Comptroller OF the
Currency shall direct.
sec IL And be Il further eRdeisd. That every associa
on formed pursuant the provisions Of this may
make and use a common seal and sha have succession
by the name designated in It's articles Of association and
for the period limited therein not however exceeding
may make contracts, and he sued complain and de
fend in any court of law or equity, as lully natu
PERSONS may make bylaws approved by the Comptrol
Ter Of the Currency Inconsistent with the laws Of the
United State The provisions Of this act for the eec
tiOD Of directors the management Of Its property the RI
eulation Of its affairs for the transfer uf It's stock
and shall have power carry the business Of banking
nv obanug and issuing crcul ting notes in
with the provisions OF this act by discounting bills
notes and other evidences u debt by receiving deposits
by buying and selling gold and silver bullion, foreigt
coins and bills OF exctangei by loaning money
and personal security In the manner p ied In their
tees association ior the purpose authorized by this
and by exercising such ucden al powers shall be
cessary TO carry such business to choose OF the
number president Of such association and TO appoint
cashier and such other octfs anu agents AZ nef busl
ness may reque and to remove such president cashier
officers and agents pleasure, and appoint others in ho
place. and their usual business shall be
banking Offices located at the places pecihod respectively
in its certificate Of association, and NOT elsewhere
Sec II. and Je further endaed, That the shares o
ASSOCIATIONS formed under this shall be- deemed per
eona properly and shall be transferable the iooks
the association In such manner may be prescribed Il
he bylaws or articles of association and every perso
becoming shareholder by such transfer snail in plopoF
on 10 his shares succeed to all the rights and abilie
of be prior holder Of such shares and no change sha
be made in the articles OF association by which the rights
remedies security of the existing creditors Of the
oison shall be Impaired. For all debts contracted
such association for circulation deposits otherwis,