Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1863-06-11

| the association on whose behalf luci ,ransSsr Is
made, ana as security tor the redemption and
payment OF the circulating notes delivered TO
! sueh ASSOCIATION and no transfer Of any sAch
bonds by the Treasurer shall be d cine 1 valid
or OF binding force and effect, unless sanctioned
| by the order or request OF the Comptrol err of
the Currency upon the Treasurer, 1t shall be
, the duty OF the Comptroller of the Currency
to keep IN his othes book in ", ieh shall be EN-.
se.eo W. name OF every association from whose
account such transfer OF bonds is made by the
treasurer ard the name OF tho party to whom
suen transfer 10 made unless such transfer rs
maze IN blank, IN which csse the fact shall Be
stat d IN SAID book, and in either case the par
value OF the bonds transferred shall be entered
therein; and II shall be the duty of the Comm.
.U, llinieelateiy upon eountersigning and en-
terng the same, TO advise by mail the association
nom whose account such transfer was made. the
ferred. '' as'''
Sec. 49, And Be IL further enacted. That il
Z shall be the duty of the Comptroller Of the Cur
ehcy TO eountersign and enter IN the book in the
,, er aforesaid, every transfer or assipnment Of
anv bono, held by the Treasurer presented for hls
s;sna,,i,c I'D the Comptrol.e r Shall have an ali
the Treasurer Tor ths purpose OF aseertaning the
correctness of the ttans. " or assignment pre-
scented to him 20 Countersign, ana inc Treasurer
shall have the hike access 10 the ,Nook above men
tioD ID kept by the Comptroller ..,urng office
hours to ascertain the correctness OF the entries IN
the same.
Sec, %, Ind be IL further enacted, That il shai,
be the duty OF either the president or cashier of
every banking ASSOCIATION having stocks deposi ed
IN the once oil the Treasurer of the United States
once OF more in each fiscal year, and at such time
or tlmts during the ordinary business hours as
said officer or officers may select, to examine and
compare the bonds so pledged with the books Of
said Department, and, II found correct to execute
to the said Treasurer certificate setting forth the
different kinds and the amounts thereof and that
the same are in the possession and custody of the
Irpng1 "a fhp lqf 70 At glah fHnfa GnaI
examination may be made by agent of such
association, duly appointed IN writing for that
purpose, whose certificate before mentioned shall
be OF like force and validity as if executed by such
president or cashier
Sec. "a. .ind be 10 further enacted That every
association issuing circulating notes under the
provisions OF this act shall make quarterly re-
port to the Comptroller of the Currency, COM
mencing the first day of the quarter of the year
next succeeding the organization of such associ-
alton, and continuing on the first days of each
succeeding quarter in every year thereafter, which
| report shall be verified by the oath affirmation
OF the president and cashier and all wiful false
swearing in respect to such report shall be perjury
I and subject 10 the punishment prescribed by law
for such otfense. The report hereby required shall
be in the form prescribed by the Comptroller and
shall contain true statement of the condition Of
| the association making such report before the
transaction of any business on the morning of the
day specified next preceding the date of such re.
port, in respect TO the following items and partcu-
| lars, to wit loans and discounts, oyerdrafts due
! from banks, amount due from the directors of the
association, real estate, specie, cash tems stocks,
| bonds, and prOmlSsory notes, bills of solvent
banks, bills of suspended banks, loss and expense
account, capital circulation, p.oiits, amount due
to banks, amount due TO individuals and corpora
| tons other than banks, amount due the Treasurer
OF the United states, amount due to depoSiters on
demand amount due not included under either of
| the above heads. And it shall be the duty of the
Comptroller to publish full abstracts of such re-
ports together III two newspapers to be designated
fNh IN Ia nsRV
| ington and the other in the city of New York
exhibiting the items Of capital, circulation, and
deposits, specie and cash items, public securities
and private securities; and the separate report of
each ASSOCIATION shall be published in newspaper
| published in the place where such association is
| established or, If there be no newspaper at such
place, then IN newspaper published at the capt.
tal OF the state at the expense of the association
| making such report. In addition to the quarterly
reports required by this section, every association
located and doing business in the cities of Boston
| Providence, New York, Philadelph a. Baltimore
| CINCINNATI, chicago, ST. Louis, and New Orleans,
! shall publish, or cause to be published, on the
morning of the first Tuesdays in each month in a
newspaper printed in the city in which the assoei-
alton making such report is located, to be desig-
mated by the Comptroller of the Currency a state
mcnt, under the oath of the president or cashier
showing the condition OF the association making
| such statement, ON the morning of the day next
preceding the date of such statement, in respect
the following items and particulars, to wit aver
age amount Of loans and discounts, specie, depos.
! its, and circulation.
Sec. %. and be ii further enacted, That il any
such association shall at any time fail to redeem
: IN the lawful money of the United States, any OF
its circulating notes, when payment thereof shall
/ be lawfully demanded, during the usual hours OF
business at the Office OF such ASSOCIATION, the
holder may cause the same TO be protested, in one
package, by notary public, unless the president
or cashier of the association shall offer IL v,ivr
demand and notice OF the protest, and shall in
! pursuance Of such offer, make, sign, and deliver
to the party making such demand an admission in
writing stating the time of the demand, the amount
demanded, and the fact Of the non-p payment there
OF and such notary public, on making such pro.
test, or upon receiving such admission, shall forth
with forward such admission or notice of protest
TO the Comptroller of the Currency; andafter such
default 1t shall not be lawful for the association
suffering the same to pay out any of its notes
discount any notes or bills or otherwise prosecute
the business of banking, except to receive and
safely keep money belonging to it, and TO deliver
special deposits Pr0Utded, holoeccY, That if sat.
istaetory proof be produced to such notary public
that the payment of any such notes is restrained
by order OF any court OF competent jurisdiction
such notary public shall not protest the same
and when the holder of such notes shall cans
more than one note or package to be protested on
the same day he shall not receive pay for NOR,
than one protest.
See. &C. ind be IL further enacted, That on re
celvlns notice that any such association has failed
TO redeem any OF Its circulating notes as sneefsf
III the next preceding section, the ComntroIler y
the currency, with the concurrence of the Secre.
tary OF the treasury, may appoint special agent
(ot whose appointment immediate notice shall BIZ
given to such association,) who shall immediately
proceed to ascertain whether such association has
refused to pay its circulating notes in the Lawful
money of the United States, when demanded a
aforesaid, and report to the Comptroller the fact
so ascertained and if, from such protest or tn
reports so made, the Comptroller shall be Statistic,
that such ASSOCIATION has refused to pay It's cir
euatlng notes as aforesaid, and is in default h,
shall, within thirty days after he shall have re
Sel.eu notce oil such failure declare the United
states bonds and securities pledged by such asso
cation forfeited to the United States and the
shall thereupon be forfeited acoordinolv' AM
thereupon the Comptroller shall immediatelr civ,
notlce, IN such mannerias the Secretary of tn,
treasury shall, by general rules or otherwise di.
rect to the holders of the circulating notes Of suct
association to present them for payment AT thf
Treasury Of the United States; and the same shall
be paid as presented, whereupon said Comptroller
may, IN ms discretion, cancel an equal amount OF
the bonds pledged by such association, equal at
current market rates, not exceeding par to the
notes paid and it shall be lawful for the Score
tary OF the Treasury, from time to time, to make
SUCH regulations respecting the disposition to be
made OF such circulating notes after presentation
tnefeoi Tor payment as aforesaid, and RESPECTING
the perpetuation of the evidence VI the PAYMENT
thereof, as may seem to him proper but ali sucb
notes, on beng paid, shall be Cancelled and for
any deficiency in the proceeds OF the bonds pledged
10y sucn association when disposed of as herein
after Speclhed, TO reimburse to the United States
the amount so expended in paying the circulating
notes OF such association the United States shall
have first and paramount hen upon all the assets
oil such association, and such deficiency shall be