Bradford reporter. [volume] (Towanda, Pa.) 1844-1884, 1863-02-26
THE NATIONAL BANKING BILL.

Treasury Department under the title OF the
Controller of the Currency, nominated by the
Secretary of the Treasury and appointed by
the President and Senate salary, $4,000;
bonds, slOO,O00 to hold Office for five years;
to have deputy clerks, &c, none of which shall
be interested in any banking under the act
The Controller is to provide seals, forms, &c,
Associations for banking may be formed by
any number of persons, not less than five, who
shall make certificates specifying the name OF
their association, its location, amount OF cap
ital, which shall not be less than $50, 900
(and in cities of over 10000 population, not
less than $lO0,000) nsmes, residence and
number of shares of stockholders, and time of
beginning business !; this certificate to be le-
galIy acknowledged. Thirty per cent. OF cap
ital stock to be paid in at commencing, and
the remaining capital OF 10 per cent. every
two mouths until paid up. If any one fails
to pay, bis etock to be sold at auction, after
three weeks advertising. If not bid in SO as
to cover assessments and costs,t is forfeited to
the association. When the Controller is sat.
isfed that these conditions are complied with,
be shall give the association certificate au-
thorizing them to commence business, which
fact shall be advertised for 60 days. All these
associations are authorized to do business in
the usual form, sue and be sued, and to per
form all the ordinary functions of banking
Their shares are transferable, personal prop
erty carrying their liabilities With them. Cap
ital may be increased from time to time as may
be deemed expedient. They may hold real
estate necessary for their business, such as may
be mortgaged as security for loans, such as
may be conveyed for debts and such as they
may purchase under their mortgage, but 40
other. Preliminary to commencing, they de-
liver to the United States Treasurer interest.
bearing bonds of the Government to the spec
flied amount, and receive currency-circu lating
notes in blank, registered and countersigned,
equal to 80 per cent of the current value Of
the bonds deposited, but not exceeding the
par value, and at no time shall such notes eX-
ceed the capital stock paid in. The entire
amount shall not exceed 100000, 900
$l50,000, 600 to associations in States and
Territories, according to representative popu
lation the other$l50, 100000 to be distrib-
uted with regard to existing bank capital and
business.
The notes are to be from s. to 81 1000, and
express on their face that they are secured,
and beat the signatures and seal Of the Treas
ury Department also the signature of the
President ana Cashier of the Association
The Secretary is to devise the form and embel
lishment, and have custody of the dies and
manufacture In lieu of all taxes on circula-
ton under this act, or bonds deposited, each
association shall pay semi-anpually per cent
upon the notes received, returns to be made
in the 1st July and lst January, and in de-
fault per cent of the capital, to be recover
ed for the Treasury. When duly issued, these
notes shall be received at par in the payment
of taxes, excises, public land, and all other
dues to the United States Except duties On
imports), also for all salaries and other debts
owing by the United States, except interest
on public debts, and no Association shall is
sue any other circulating notes. Provision is
made for the careful record of transactions
with Banking Associations, access to their
books, &c. full quarterly reports are to be
made to the Controller, and abstracts thereof
are to be published in one newspaper in Wash
ington, and one in New York, and separate
report in the place where the bank is, at the
banks expense. In Boston, New. York, Phil
adelphia, Baltimore, Cincinnati, and New Or
leans, monthly publications are to be made
If any bank fail to redeem its notes, the hold
er may protect them before notary, where
upon the bank may be suspended by the Con
troer under forms prescribed, their securities
forfeited to the United States, and enough
cancelled to redeem the notes refused 20
case of suspension the securities to be sold at
auction in New-York after thirty days notice
The Controller may, to promote the public in
terest, sell such stock at prvate sale, but for
not less than the current market value. Pro-
vision is made for appointing receiver aud
other legal forms, in cases of default. When
bonds pledged for security shall be in New
York for four weeks at a rate less than value
when pledged, and the depreciation is not
made good by the bank the payment of inter.
est on sI,ch honds shall he snsnpndad anil re-.
tanned 80 make good the deficiency. Should
the bonds rise again the accruing interest shall
be paid to the banks The Controller shall
receive worn out and mutilated notes and re-
turn new ones to an equal amount, the old ones
to be DESTROYED The issuing of any other