The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1863-02-27


The National Banking bill was introduced
In the Senate some weeks ago, by Mr. Sher-
man, of Ohio, and passed that body on Thurs
day, 18th instant. We published meager sy-
nopsis OF the bill on the following Tuesday.
1t passed the House last Friday, 10Th instant.
just rs II came from the Senate. The Presi-
dent win undoubtedly sign the bill. The prin-
these
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 5000; bonds 100000; TO hold
office for five years; to have deputy clerks,
DC, 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 GER
tificates specifying the name of their associa-
ton, its location, amount OF capital, which shall
be not less than fifty thousand dollars land
In cities Of over ten thousand population,
one hundred thousand dollars); names, resi-
dence aud number of shares OF stockholders,
and time Of beginning business this ccrtih-
cate TO be legally acknowledged. Thirty per
cent. Of capital stock 10 be paid In at com
mencing, and the remaining capital at ten per
cent. every two months until paid up If any
one fails TO pay, his stock to be sold at auction
afler three weeks advertising II not bid in
So as TO cover assessments and costs, 1t Is for
feifed to the association. When the Comp
trollcr Is satisfied that these conditions are
complied with, he shall give the association a
certificate authorizing them to commence bu-
sness, which fact shall he advertised for sixty
days. All these associations are authorized to
do business in the usual forms, sue and be sued,
and to perform all the ordinary functions of
banking. Their shares are transferable per-
sonal property, carrying their liabilities with
them. Capital may be increased from time to
time may be deemed expedient. They may
bold real estate necessary to do their business,
such may be mortgagcd as security for
lands, such as may be conveyed for debts and
such as they may purchase under their mort
cages but no other.
Preliminary to commencing, they deliver to
the United States Treasurer interest bearing
bonds of the government to the specified
amount, and receive currency circulating notes
in blank, registered and countersigned, equal
to ninety per cent. of the current value OF the
bonds deposited, but not exceeding the par
value, and at no time shall such notes exceed
5000 000,000-$150.000,00 to associations in
States and Territories, according to represent
alive population; the other $3.50, 100000 10 be
distributed with regard to existing bank capt.
| tai and business The allotment to Maine will
al representation, aud 8, ,S33 900 In proper
ton to her present banking capital-in all 3d.,
$4,000.
The notes are to be from IS to 1000, and
express on their face that they are secured,
and bear the signatures and seal of the Treas
ury Department; also the signatures of the
| President and Cashier of the Association. The
! Secretary Is TO devise the form and embellish-
ment, and have custody of the dies and manu-
facture.
In lieu of all taxes on circulation under this
act, or bonds deposited, each association shall
! pay semi-annually one per cent. upon the
notes received, returns to be made on the LIST
July and lst January, and in default two per
cent OF the capital, to be recovered for the
Treasury.
When duly issued, these notes will be re-
ceived at par in payment for taxes, excises,
public lands and all other dues to the United
States Except duties on Imports also tor all
salaries and other debts owing by the United
States, except interest on public debt: and no
association shall issue any other circulating
notes, under penalty Of fine and imprison-
| ment.
If any bank fail to redeem its notes. the
holder may protest them before a notary,
whereupon the bank may be suspended by the
Comptroller under forms prescribed, their Sc
curities forwarded to the United States, and
enough Cancelled to redeem the notes refused.
In case oil suspension the securities TO be sold
at auction In New York after thirty days no.
tice. The Comptroller may, to promote the
public interest, sell such stock at private SALE
but not for less than the current market value
The stockholders are not liable for principal
debtors or sureties to an amount greater than
three-fifths of the capital stock paid in. The
shares shall be 800 each; no stockholder can
sell or transfer while he is liable for any debt
OF the association, nor receive any dividend
interest or profit while such liability contin-
ues. The same security, both in kind and
amount, shall be required of shareholders as
OF other persons. No bank shall purchase or
hoid It's own stock or the stock of any other
company, unless in case of forfeiture or to pre-
vent loss upon debts.
! Everysuc bank shall be managed by five