The daily Green Mountain freeman. [volume] (Montpelier, Vt.) 1861-1865, 1863-03-04
The Banking Act-What it Creates.

1t creates Bureau in the Treasury Department
under the title OF the Comptrol er of the Curren-
cy, nominated by the Secretary Of the Treasur,
and appointed by the President and Senate .al
arN, s. GOO; bonds, $l00,0O0 to hold office for
five Years; to have deputy clerks &C., none o.
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 association, its oca-
ton, amount OF capital, which shall be not less
than fifty thousand dollars (lnd IN cities of over
ten thousand population, not less than one hun
Died thousand dollars) names, residence and
number of shares, of stakeholder, and time OF be-
ginning BUSINESS this certificate to be legal ac-
knowledged. Thirty per cent Of capital stock to
be paid IN at commencing, and the remaining cap
ltal at ten per cent every two months until p.id
up. Ii any enc rails to pay, his stock to be sold
at auction, after three weeks Advertising If not
bid IN SO as to cover assessments and costs it is
forfeited to the association. Whe, The Comp
tro-r is satisfied that these conditions ge COM
piled WITH he shall give the association certl6.
cate authorizing hem to commence business, which
TACT shall be advertised for sixty days. All these
associations are authorized 10 do business in the
usual form, sue and be sued, and to perform all
the ordinary functions of banking. Their shares
are transferable, personal property carrying their
liabilities with them. Capital mas be increased
from time to time, as may be deemed expedient
They may hold real estate necessary for their
business such as may be moetgaged as security
for lands, such as may be conveyed for debts, and
such as they may purchase under their mortgages,
but no other.
TO lolsw IL
United States Treasurer interest.bearng bonds of
the government to the specified amount, aud re.
ceive currency-clrculating notes in blank, regis
tered and countersgned, equal to ninety per cent
of the value of the bonds deposited, but not ex-
ceeding the par value and at no time shall such
notes exceed the capital stock psiG in. The en-
tire amount shall not exceed $500 900 900
$l50,000,000 to associations in States and Terri
torles, according to representative population The
other $3.50, 100000 to be distributed with regard
to existing bank capital and business.
The notes are TO be from S. to $1,000, and tx
press on their face that they are secured, and
bear the signatures and seal of the Treasury De-
psrtment; also TIE signatures of the President
and Cashier of the Association. The Secretary is
to devise the form and establishment, and have
custody OF the dies and manufacture.
10 lieu OF all taxes on circulation under this ac'
or bonds deposited, each association shall pay semi
annually one per ceat upon the notes received, re-
turns to be made on the 1st July and lst January
and in default two per cent of the capital TO be re.
covered for the Treasury.
When duly issued, these notes shall be received
| At par in payment of taxes, exesss, pablo lands
| and all other dues to he United States kept
duties on mports, also for all salaries and othe,