The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1863-02-26
The National Currency Act.
SvnousIs ofits Ppovisi0ns.

the circulation and redemption thereof passed
BY the Senate on the 18th inst ana oy tne
House on the goth. The President mas ITO aouot
ere this approved the same
Tho frst tour sections provide for the estab>
r.amant of a currency bureau, with a comp
~,,oIIer at a, head, to be appointed by the Pres
;dent on th. nomination of the Secretary O. the
Treasury, by, ard with the advice Of the Sem
ate, shall hold Office for tive years unless re-
moved. Salary So 900 per anum. Shall have
q deputy at q salary of $2.300, and such clerks
As are necessary. Must subscribe to an oath
aud give bonds for 500 ,ONO. Neither Comps
troller or Deputy must be interested in any
banking association formed under the act. A
seal is to be provided to be atfacfeo 10 All Ger
Iti6cltes. assignments &c issued. Suitable
ann tIoents 10. be assigned the BUREAU IN me
Treasury building, with fire proof vaults, &c.
TIE term. united States bonds, is declared to
mean all coupon OF registered bonds now issued
or hereafter to be issued by the Secretary on
The faith OF the United States.
Sections 5 and 6 enact that any number Of
persons not less than five may form a oankl5g
assoc alton Such persons snail make cerhh>
cate ofits name the place where rs opera
lions are to be carried on; the amount OF It's
~canitaI stock and the number OF shares, the for
mer not being less than S01,OO or more IMAM
SIOO. COO ia towns with over 10000 %inhaolt,
ans: names and places of abode OF the siiarehoi
ders. " it'll the shares held by each.the time when
sucn association shall commence, ard q aec>
sratlon that The certificate is made 10 enable
them 10 avail themselves OF the advantages OF
the aei. Thus being duly acknowledged is to
be Transmitted to the Comptroller for recording
aud preservation.
BY the 7th AID 8th sections il is enacted Shat
at least 80 per cent of rhe capital shall be paid
1T the commencement al business, and the re-
maiBder 1t the rate Of not less than en- per
cent. every two months. Failure to pay mp the
lInstalmenis to be followed by a sale OF the
stock, OF giving dUe notice or thsFe - no o'h>
er Liability mentioned.
Section 8. The provisions above having
BEEN observed as laid down, and the ComPtrol-
Ter laying examined the documents (30l TINS
officer sinai give such association Il certificate
authorizing II 10 olslness, rms pa
per must be published for at least sixty days
in l.. local journal. (ll) The associations
shall have succession tJf d period not exceed
ing twenty years, and may exercise the usual
powers Of corporate body. Us banking priv
ileses are thu issuing of circulating notes in ac-
cordauc9 with the act ; the di-coun'ing otblIls
notes &c; the receiving OF deposits the pur-
chase and sale Of specie and bills OF exchange
the lending Of money Oh proper security, ana
such other incidental powers as may be necss
sary to carry these into effect. ll2.) snsres
are made personal property and ransferable.-
J Each SUCK iUlu6E Is ludus idDiC ~ al NNONo
contracted by the association TO the amount at
par of tie ,hares held by him in addition to the
amount Invested in such shares.
By the - II section associations may increase
their capiai from time TO time but no ms
crease shall be valid untiI the capital shall have
been paid in and notice transmitted 10 the
Comptroller.
The Iita enacts that such association may
hold real estate under the annexed conditions
viz: Such SIS shall be necessary for carrying
on business; such as shall be mortgaged in
good faith as security for loans made, or shall
be conveyed in satisfaction Of debts prev ious :
ly contracted also, such as it shall purchase
Ii! sales, under judgments, DEGREES, or mort
cages held by it.
Section 10. Every association having COM
piled with these provisions. shall deliver to
the Treasurer of the United States 10 any
United States bonds beariug interest to any
amount not less than one-third of the capital
stock paid in, which bonds shall be deposited
with the treasurer of the In ted States and by
him safely kept &c, (I6) On making this
transfer, the association shall receive notes OF
different denominations, not exceeding the par
va!ue f the bonds so transferred, if bearing six
per cent interest, (I6) The entire amount of
circulating notes to be issued under this act,
shall uot exceed $500 600 .00O. one half OF which
shall be apportioued to associations IN the State
Inc G1S4dlO anu " US oSSOA
ding to representative population, and tie re"
msiuder among the same, having due regard 20
the existing bank capital, resources, end busin
ess.
Sections I9 end 10 maks PROVISIONS for the
engraving AID printing of bills Of various de-
nOminvtions from So to $1,000. To defray the
expenses thereon, assocalions shall, OF the Isl
OF January and July, pay to the Comptroller
one per cent on the amount of circulation, II
default OF this, the Treasurer may retain 'ht
same at each semi, annual payment of interest.
Returns Of the notes issued must be made al
the same dates, under penalty of two per cent
Oh the capital stock.
Section 20. The notes daily prepared and is
2 sued are To be received at par III all parts OF TIL
country in pa fment o ftaxes, excuses, public land
and all other dues to the Government, except TO
duties OF! imports; and for all demands owing by
the United States, except interest on The pubic
, debt Sections 81 aud % define the mode 0
transferring bonds deposited On securities By
associations Sec, 90 requires the president anC
cashier Of every bank SO formed to examine
and Compare the bonds pledged with the De-
partDenJ books, and to make a certificate set
ting l. rth the different kinds aud amounts there
OF. (34) a quarterly report 10 the Cpnptroi
Ter must also be made out and verified by oati
2 or Rfii nation of the same officers. This sha
contain Il true statement o. the state OF the rs
, EA'd - Wy / tlS Law HPCSAilSO> RtNlfS b"Si
item ~ loans and discounts, overdraft amount
due, lee. estate, cash items. sc. Full abstract
: iheIeot must be published III two newspapers
t one published at Washington, and the othqr 8
New York also III one Local Journal. In ad-
ditto. TO these, any association doing bushes:
in Boston, Providence, New York, Philadelphia
Baltimore, Cincinnati, Chicago, st Louis anC
New Orleans, shall publish a monthly state
ment IA some newspaper published in such clty
tho Eutue baiuO h-EiunatpH hv tho Gnm,froItny
Section rs cnacts that, in case Of failure fl
redeem ia Lawful money OF the United State,
l any circulating notes, the holder may cause TIL
same 10 be protested. After default, the assO
= clatIou IS prohibited from issuing rs notes, ds
counting paper, or otherwise prosecuting tit
business OF banking. But, If payment be re
: strained by orler Of Il competent court the pro
test shall not take place. After receiving no
lice OF such failure (26) the Comptroller ma,
Q appoint an agent to examine into lhe case and
on being satisted as to which, he shall deciar
forfeited to the Uniled States, within lhirt,
L day., the securities so deposited. He is fur
s ther authorized to redeem the notes at The Uni
= ted States Treasury, canceling an equal amour
of the bonds pledged, equal at current rates
! not exceeding par, to the notes paid. For am
4 deficiencies that may arise, the United State
L bias u paramount claim upon all the assets Q
r such association, except the necessary costs c
administering. Or (27) the Comptroller may
! cause as many Of the securities as he shall judg
u necessary TO be sold in New York, At publ
:, auction, first giving thirty days notice of sue
sale to The association. lie may also (28) Sc
any of the stock sc transferred al private sal
/, tor not less than par or the market value there
$ OF at the time, after conforming to the regula
tions laid down in the previous sections.
n Section 20 authorizes the appointment Of q re
ceiver by the comptroller, requiring such secu
d riy as he may think fit, that Off ;ial takin
If possession of the books, &c, and winding u
t the business in the usual manner. But any {
all OF these proceedings may be put a stop t
i on its being shown that the association has nc
refused to redeem it's obligations, if done witt
u in Ten days of the date of the protest.
By section 50 the bonds transferred to tn
; Treasurer as securities shall be held exclusive
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