Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1863-02-24

The bill to regulate the national currency
by establishing a uniform banking system
based on government securities, passed the
house last Friday night, just as it came from
the senate. 1t will, of course, have the sig
nature Of the president, for he recommended
the systom to congress, and it has the appro-
val of the whole administration The svs-
TEN established by the bill is substantially the
same as that which has been in operation in
the state of New York. The following is
summary of the main provisions of the act :
1t creates bureau in the treasury depart
ment under the title OF the comptroller Of the
currency, nominated by the secretary of the
treasury and appointed by the president and
senate; salary S5000 bonds 100000; to
hold office for five years; to have deputy
clerks, &C., none of whom shall be interested
in any banking under the act.
Associations for banking may be formed by
not less than five persons, who shall make
certificates specifying the name Of their asso-
citation, amount of capital, which shall be not
less than fifty thousand dollars (and in cities
OF over ten thousand population, not less than
one hundred thousand names, residence
and number of shares of stockholders, and
time OF beginning business. Thirty per cent.
OF capital stock to be paid in at commencing.
and the remaining capital at ten per cent every
two months until paid up. All these associa-
tons are authorized to do business in the usual
form, sue and be sued, and to perform all the
ordinary functions of banking. Capital may
be increased from time to time as NAV be
deemed eXpedient
Irehmnary to commencing business they
ueIlier to the United States treasurer interest
bearing bonds of the government to the snec-
lhed amount, and receive currency circulat-
ing notes In bank, to be issued by each bank
iii its own name, registered and countersigned.
equal to ninety pc: cent of the current value
of the bonds deposited, but not exceeding the
par value, and atno time shall such notes ex-
coed the capital stock paid in. The notes are
to be from So to $1,000, and express on their
face that they are secured, and bear the sigma
lures and seal of the treasury departments
also the signatures of the president and cash
Ter of the bank that puts them in circulation
The secretary is to devise the form and en-
Enlistment, and have custody OF the dies and
manufacture.
In lieu of all taxes on circulation under this
act, or bonds deposited, each association shall
pay semi-annually one per cent on the notes
received, returns to be made on the LIST of Ju-
~ and the LIST of January, and in default two
per cent Of the capital. When duly issued,
.lese notes shall be received at par in pay
n,eht OF taxes, excises, public lands, and all
ON i, uues 70 the United States Except duties
Jah Imports p also for all salaries and other
terest ON psb y '5e United States, except in
Issue any other Circulating notes ssor Unda Sa
any OF me and imprisonr9ant uluer pen
holder any m o1nk 61 fail to redeem its notes. the
whereupon the bank NAV be snoneu notary,
comptroller under forms prescribed ~, 9y the
curities forfeited to the United S,a tleir Sc
enough cancelled to redeem the notes refuS ana
In case Of suspension the securities to be's
at auction III New York after thirty davs, wv
tice. The comptroller may, to promote TIC
public interest, sell such stock at private sale
but for not less than the current market value
Inc stockholders are not liable for principal
debtors or sureties to an amount greater thar
three-htths Of the capital stock paid in. The
shares shall be 500 each; no stockholdei
can sell or transfer while he is liable for an,