Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1863-03-04

circulating nOteS received by such association,
and in default thereof the treasurer of the United
States is hereby authorized to reserve and retain
one per centum on the amount of said bonds SO
deposited at each semi-annual payment of inter-
est thereon; and all sums so reserved and retain
ed shall be paid into the treasury under the d-
rection Of the secretary, and every bank bank
ing association, or corporation not organized
under the provisions of this act, issuing notes
calculated or intended TO circulate as money
shall on the first day of July next, and regular
ly, on the first days of January and July there
after, make and deliver to the comptroller of the
currency true and accurate return of the gross
amount of notes issued by it, whether in crcu-
lation or in its vaults, or on deposit elsewhere;
and in default of any such return, the bank,
banking association or corporation so failing to
make return shall pay TO the United States
penalty of two per centum upon its entire capital
stock, to be recovered, for the use of the United
States in any court Of competent jurisdiction
Sect. 20. And be it further enacted, that after
any such association shall have caused its pro-
mise TO pay such notes on demand to be signed
by the president or vice president and cashier
thereof, in such manner as to make them obliga-
tory promissory notes, payable on demand, at its
places of business, such association is hereby
authorized to issue and circulate the same as
money; and the same shall be received at par in
all parts of the United States, in payment of
taxes, excuses, public lands, and all other dues to
the United States, except for duties on imports
and also for all salaries and other debts and de-
mands owing by the United States to individuals,
corporations, and associations within the United
Sates except interest on public debt; and no
such association shall issue post notes or any
other notes to circulate as money, than such as
are authorized by the foregoing provisions of this
act.
Sect. 81. And be it further enacted that all
transfers of United States bonds which shall be
made by any association as security for circulate
ing notes under the provisions of this act shall
be made to the treasurer Of the United States
with memorandum written or printed on the
certificate of such bonds, and signed by the
cashier or some other officer of the assoc tton
making the deposit, stating that it is held in trust
for the association on whose behalf such transfer
is made, and as security for the redemption and
payment of the circulating notes delivered to
such associations and no transfer of any such
bonds by the treasurer shall be deemed valid or
of binding force and effect, unless sanctioned by
the order or request of the comptroller of the
currency upon the treasurer. IL shall be the
duty of the comptroller of the currency to keep
in his Office a book in which shall be entered the
name of every association from whose account
such transfer of bonds is made by the treasurer,
and the name of the party to whom such trans
fer made, unless such transfer is made in blank
in which the fact shall be stated in said book
and in either case the par value of the bonds so
transferred shall be entered therein and it shall
be the duty ofthe comptroller, Immediately upon
countersigning and entering the same, advise
by mail the association from whose account such
transfer was made, the kind of bonds, and the
amount thereof so transferred.
Sect %. And he it further enacted, that it
shall be the duty of the comptroller of the cur
rency to cotIntersign and enter in the book, in
the manner aforesaid, every transfer or assign
ment of any bonds held by the Treasurer. pre-
sented for his signature; and the comptroller
shall have, at all times during office hours access
to the books of the treas urer for the purpt Sc of
correctness n for Or
assignment presented TO him 10 countersigu; and
the treasurer shall have the like access to the
book above mentioned, kept by the comptroller,
during office hours, to ascertain the correctness
of the entries i'm the same.
Sect. %. And be it further enacted, that it
Shall be the duty of either the president or CASH
Ter of every banking association having stocks
deposited in the office of the treasurer of the
United States, once or more in each fiscal year,
and az such time or times during the ordinary
business hours as said officer or officers may Sc
lect, TO examine and compare the bonds so
pledged with the books of said department, and
If found correct 10 execute TO the said treasurer
9 certificate setting forth the different kinds
and the amounts thereof, and that the same are
in the possession and custody of the treasurer NJ
the date of such certificate. Such examination
may be made by an 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.
Sect 81 And be it 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
mencng on the first day of the quarter of the
year next succeeding the organization of such
association, and continuing on the first days of
each succeeding quarter in every year thereafter,
which report shall be verified by the oath or
affirmation of the president and cashier, and all
wilful false swearing in respect to such report
shall be perjury and subject TO the punishment
prescribed by law for such offence. The report
hereby required shall be in the form prescribed
by the comptroller, and shall contain a true
statement of the condition If the association
making such repOrS, before the transaction of
any business on the morning of the day specified,
next preceding the dare of such report, in re-
spect of the following items and particulars, to
wit: Loans and discounts, overdraftS due from
banks, amount due from the directors of the as
ISOLATION, real estate, specie, cash items, stocks,
bonds and prOmissory notes, bills of solvent
banks, bills of suspended banks, loss and eX
penSe account, capital, circulation, profits,
amount due to banks, amount due TO individu-
ais and corporations other than banks, amount
due the treasurer of the United States, amount
due to depositors on demand, amount due nos in
cluded under either Of the above heads. And it
shall be the duty of the comptroller TO publish
full abstracts of such reports together in two
newspapers to be designated by him for that
purpose, one in the city of Washington, 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 Sc
curities; and the separate report of each associa
ton shall be published in newspaper published
in the place where such association is establish
ed or, if there be no newspaper at such place,
then in a newspaper published at the capital of
the state, at the expense of the association
making such report. LII addition to the quar-
terly reports required by this section, every as
sociation located and doing business in the cities
of Boston. Providence New York, Philadelphia,
Baltimore, Cincinnati, Chicago, St. Louis, and
New Orleans, shall publish or cause to be pub
lished, on the morning of The first Tuesday in
each month, in a newspaper printed in the city
in which the association making such report is
located, to be designated by the comptroller of
the currency, a statement, 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 to the following items
and particulars, TO wit: average amount Of loans
and discounts, specie, deposits and circulation.
Sect. 25. And be it further enacted that if any
such association snail 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 pres
ident or cashier of the association shall offer to
waive 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 de-
mand, the amount demanded, and the fact of the
nonpayment thereof; and such notary public, on
making such protest, or upon receiving such ad
mission, shall forthwith forward such admission
or notice of protest to the comptroller of the cur