The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1863-04-04

banking by obtaining and issuing circulating notes
In accordance with the provisions Of this act by dis
counting bills notes, aud othetevdences Of dahil =
receiving deposits by huyinp selling gold aud
sivor bullion, iOregn coins, aud bills of exchange;
by leaning money real aud personal security In
the manner spechcd In their articles q association
for the purposes authorized by this act and by eNer
cuing such Incidental powers shall be necessary 20
carry on such business 10 choose one Of their num
Der president OF such collation. and to appointa
eaehbr and such other officers and agents a. their
business may require and to remove snch president,
cashier officers, and agents at pleasure, and appoint
others IN therplaoes and their usual businesssball
be transacted in banking Offices located a the places
fpeehed respectively In its certificate ol association,
SEC. 10. And be further enorted That the hares
Of associations formed under this act shall be deemed
personal property, and shall be transferable on the
hooks Of the association In such manner as may BE-
prescribed ia the by laws articles Of association;
and every person becoming shareholder by such
transfer shall In proportion 20 his shares succeed to
all the rights end liabilities Of the pior holder Of
such shpes and no change shall be made In the ar
ucles Of ASSOCIATION ny which tn rights, remedies
N scuty of the existing creditors OF the lion
shall be Iu alre. FoI all debts, contracted by such
assocat 90 for circulation, deposits, otherwise,
each stakeholder slal be liable to the amount at
their par NaLe, 81 the shares held By him In addition
to the Rmouut invested In such shares
SIC. Is And De Il tWtlsr enacted that it shall be
lawful for any association formed under this act by
ts articles ol association, 10 provide for Increase
of It's capital from time to time as may be deemed
expedent subject to the limitations OF this act but
such increase shall be yFlid until the increased
capital shall be paid in and notice thereof shan have
been transmited TO the Comptroller Of tho Currency
and his certificate obtained specifying the amount Of
such increase Of capital stock, and that The same has
been duly paid TO such association
SEC a. Ind be farther enacted, That Il shall he
lawful for any such association purchase hold aud
| convey real estate as follows:
First. Such shah be necessary for its mmedi te
accommodation ia the transaction Of its business.
| eeond Such as shah be mortgaged TO II in good
faith by way of security for loans made ~ such
citation, or 7 money dus1tereto. -.r
Third. such as shall be conveyed TO II In satisinc.
/ contracted
Fourth such AZ IL shall purchase at sales under
Judgments deesees, or mo gages held by such asso-
| citation. .. II. -t.fs 's
such association shall not purchase or hold real
ogtatc in any other for any other purose than
| asspecihediu this section. rIHlI Sd.
SIC. Is. And be further eHactd, That every asso-
citation, after having complied with the provisions Of
this act preliminary 70 the commencement Of bank
ing business under its provisions, shall transfer and
deliver to the Treasurer OF the United States any
United states bonds bearing interest TO an amount
not lees than third of the capital stock paid in
which bonds shall - deposited with tie Treasurer Of
the United States, and by him safely kept iu his ohoe
until the same shall be otherwise disposed Of in pur
| suance OF the provisions of this act. ..
SEc lG And BE- Il hrthor enacted That upon the
| making Of any such transfer and delivery, the
citation making the same shall be entitled 10 receive
| from tho Comptroller of the Currency circulating
notes Of different denominations in blank registered
and countersgned as hereinafter provided, eqnal in
amount to ninety per contum OF the current market
value Of the United States bonds transferred aud
delivered but not excceding the par value thereof IL
equivalent United States bonds bearing less rate of
int rest; and at no me shall the total amount of
such notes. issued 70 any such association exceed the
amount at such time actually paid In Of It's capital
stock.
sEc II. and be il further enacted, That this entire
amount Of circulating notes to be issued under this
act shall not exceed three hundred millions Of dol
lars One hundred apd fifty millions Of which sum
shall bo aportoned TO associations In the state In
the District of Columbia Fnd IN the Territories
coTding to representative population, and the remain
der sh he apporoned by the Secretary OF the Treas
ury among associations formed in the several States,
in the District Of Columba, and In the Territories,
having due regard 10 tho existing banking capital,
resources, aud business, Of such States, District and
| 7, rritories.
sEc. IS Ind Dc q f,tAsr snaoied That, in order to
furnish suitable notes for circulation, the Couptrol
or Of the Currency hereby authorized and required
under the direction Of the Secretary of the Treasury
TO plates to be engraved In the beet manner to
guard against couuterfeting and fraudulent ateTa-
tons, and 10 have printed theretrOm and numbered
such quantity of circulating notes, in blank, Of the
denominations Of live dollars, ten dollars, twenty
dollars, fifty dollars hundred dollars, tive hun
dTed dollars, and one thousand dollars, may lie re
CURED to supply under this act, the associations
ttlod 20 receive them which notes shall express
pon their lace that they are sooure by United tate.
bonds deposited with the Treasurer OF the United
States, and issued under the provisions OF this act
which statement shall be attested BY tho written
engraved signatures OF the Treasurer and Register
and by the imprint Of the seal Of the Treasury ahc
shall also express upon their face the promise Of thi
association receiving the same to pay demand, al
tested by the signatures Of the president, OF yic'
president, and cashier and the said notes shall heal
such devices and such other statements and shall b.
in such form tho Secretary OF the Treasury shall
I | by regulation, direct.
: Sal. TO- Aud BE- Il nulEer eid,ted, That the plate
and special dies to DO procured by the Comptroller o
the Currency for the printing Of such circulating
notes shall remain under his control aud direction
4 aud the expenses necessarily incurred 40 executing
the provisions Of this act respecting the procuring
/ sneh notes shall 30 audited and paid as contiugcn
Q expenses Of the Treasury Department. and for th
s purpose Of reimbursing the sane and al other
! penses Incurred under this aet and Ga lieu of al
| Ia In nrf. a
II upon the bonds deposited ior he security OF the
such association organized under this act shall semi
annually ON tho rst days of January aud July, Rfte
II It's Organi zaton, pay 20 the tmptroer of the Cur
rCncy, in lawful money OF the United etates ono
l. csntum ON the amount Of circulating notes receive
Il BY such association aud ia default thereof the Treas
y urer Of the United States Is hereby authorized TO
> serve and retain 6ne Per oentgm On the amount
n ment of Interest thereon and all sums 50 reserVe
l. aud retained shall be paid nto the Treasury unde
the direction OF the Secretary and every bank, bapt
Il, ing association, or corporation not organized unde
m the provisions Of this act, issuing notes calculated
"A intepeed 10 oircuate money SHALL on the nrst da
Of July next and regularly on the nTst days of jan
"a uary and July thereafter, make aud deliver 10 tl
M Comptroller Of the Currency true aud aapte II
nd turn Of the gross amount Of notes Issued Whel
NJ In circulation OF IN ne vaults, OF on deposit els
T. wherp aud II default Of any such return the banl
banking essoeisllon, or corporation 80 failing
a make return shall psy 20 the United states penli
,. OF two per ctntum upon its entire capital stock,
"a bs recovered tUr the Of the unitod States m nr
ho court Of competent nr fdietion. . . H
al such association shall have caused m promise to pa
ns such notes demand % be- signed BY the prrsdf
IA vice president aud cashier thefeu ln such mann
s as % make them obligatory pTomiss0ry notes, lay
n, bls demand, al iis place q business such nssoci
er tion j. hereby authorized 20 ISSUE aud circulate
he same ~ money and ths sanie shall be received
Al. par In an parts of the Uuitoi states In payment
y taxes exeises, public ndH, aud all other dues ~
p United States eXceW pr duties on impor Q, and al
sb Tor all -aares and other delts aud demands owing
nj the United states 90 individuals, corporations,
e ASSOC ati0ns within the lnod states except iuteTt
al on public debt aud ne such ussocat0n shall les
post notes OF any Other notes TO circulate a. mon
nd than such authorized by the foregoing prov
OF ions Of th act
nd sTe "a Asd be f.rthcr eaaeied That all transit
he OF United states bonds which shall be made BY a
er association security for circulating nutes under
10 provisons of this act shall Be made the
n the Ublted states, with a memorandum writ
4 "A or printed on the ctrtihrate OF such bonds, a
~ signed by the cashier or some other Oeer VI the
Of socAon making tho deposit, stating that a 10 h
M IN trust rr the association on whose behalf su
i ira nsitr % made, aud security for the redempti
er- and Payment Of the circulating notes delivered
nv such association and no ausisr of any such boz
M by the 1Tea shlll be deemed valid on of bnd
Ih. iroo and onoot unless sanctioned by the order or
aat quest Of the Comptroller of the Jnrrency upon
lns IT. asurer II shall be the duty Of the tompuoi
Ing OF ne Currency 10 keep IA hts onco book IN "
dor shall be entered tho name Of every association NJ
,m whose account such transfer Of bonds is made by
The Treasurer and the nase OF The lary 90 whom at
10 transfer H. made, unless such transfer q inaae
dy blank iu which case the ttct sha be siapl in
u hook and iu either case the par value oi the bond
20 transferred shall b. snigrod thefein aud % shall
.ity tho duty oG the Comptroller immeAhley upon co
ts torsgning and enteriug the same 90 advise ~ o.
the assool.ton ffafn whosa accouut such transfer
.so. made the bod Of bonds and The amount thurroi
sys ~. sl. 4-i bs q trthey saacisd, That IL shsl
Of The duty u the tompiroiero q he Currency 10 go
1ot tersign aud enter Ia the book in The manner un
@ ssiI every transfer OF Assignment of SOY bonds D