Delaware State journal and statesman. [volume] (Wilmington, Del.) 1855-1870, 1863-03-06

and the same shall ihereupon be forfeited accordingly
and thereupon the Comptroller shall Immediately Civ
notice, 10 such the Secretary Of the TIeasu
shall by general rules otherwise direct to the holder
Of the circulating notes Of such association to presen
them for payment at the Treasury of the Unild stat
aud the shall be paid AS presented whereupOl
said Comptroller may Ia his diseraon cancel an equa
amount Of the bonds pledged by such association equa
a current market rates. not exceeding to the nete
paid; and 1t shall bs lawful for the Secretary OF thu
Treasury, from time to time, to make such regulaon
respecting the disposition 10 be made Of such oireu
latng notes after presentation thereof for payment
Aforesaid and respecting the perpsuation Of the evil
denee OF the payment thereof may en- to him proper
but all such notes. on being paid shall be cancelled and
for any deficiency in the proc Of the bonds pledged
by such association when disposed Of as hereinafter spe
Gifted to reimburse to the United IS the amount SC
expended in paying the circulating notes Of such
citation, tho United 81 les shall have first and para
mount lien upon all the as7es Of such association and
such deficiency shall made good out Of such assets In
preference my and all other 90 Ms what ever except
the Az costs and expen OF adminst 3rng the
same.
See 81 And be il further enacted That wherever the
Comptroller shall become satisfied in the last preceln
section specified that any such ~ ocaton has refused
pay its circulating no. az therein ineutoned he may,
instead Of eAncsng the Unit s. les h)nds pledged by
such association provided in the preceding
ti0n, much them as NAV be necessary II
deem the outstanding circulating notes Of suh as,ocia
ton to be sold at public auction in the City Of New York
after giving thirty days notice OF such lie to such asso
citation.
Sec 2 And be a further enacted That the Comptroller
Of the Currency may If he shall he Of opinion that the
erests United States will be best promoted there
by sell at prvais sale any of fhe stock so transferred
him by such association and receive therefor either
money the circulating notes such aing association
Provided that NO such bonds shall be sold by privat sale
for less the par nor less than the ue thereof
ut the time of sale And provided further That no sales
of any such stock either public or private shall he
pee until the thereof shall have been made with
the iormaitss prescribed 10 this act.
Sec 20 and be II further enacted, That on becom-
ing satisfied specified this act that any such
citation has refused pay its circulating notes as therein
entoned and in default the Comptroller Of the Cur
rency may forthwith appoint receiver and require of
MIN such bond aud security he shall deem proper who
under the direction Of the COMPTROLLER shall a POSSES.
sion of the books records assets Of every description
OF such association, collect all debts dues and claims
'nnging such association and upon the order of
court of record of competent jurisdiction may sell or
compound all bad doubtful debts and, on a like order.
sell all the real and person ~ p,iy aeh A,oi.;i
M sub inis As tue court shall direct; and such re-
teYer shall nav over all mOnevs so made 10 th
Of the United States and also make reporl to the Comp
rOer of the Currency Of all his and proceedings
The Co ptroller eha tbereunnn cans notice In a given
by saveremest in such newspapers as he may direct
for three consecutive MONTHS calling all persons who
may have claims against sneh association present the
same and to make legal proof thereoi ard from time
time the Comptroller after full provision shall have been
FIST for felunding to the United States any such de-
eency in fedeemng the notes of such association is
inTntioned In this act shall make Taable dividend OF
the moneys paid him by such receiver ou all
such claims may have so proved or Adjuacaed
u court of competent iurisdiron, and from time TO
time the proceeds Of the assets of such association
shall be raid him, he shall make further diyi
dends as aforesaid on all claims previously proved
adjudcated and the remainder of such proceeds IL an
shall be paid the shareholders such association
or their legal Representatives in proportion to the stock
by them Cciively held Provided however That If
any such association, against which proceedings have
been Instituted GU account OF any alleged refusal 10
redeem its circulating aforesaid shall deny having
failed to do so such association may at any iue within
ten DAYS afer such association shall have 6ae noiasj If
the appointment of agent as provided in this act ap
ply 10 the Circuit or district or Territorial Court
OF the United States enon further proceedings the
premises and such Court after citing the Comptroller OF
the CURRENCY to show cause why further proceedings
should not be euoned after decision Of the Court
nding Of Jury that such association has not refused
II redeem its circulating notes when legally presented in
the lawful money the United staea shall make an or
der enoinng the COmptr Her and any receiver acting un-
der his direction from all further proceedings on
accoeut Of such alleged refusal
Ser. 30. And De 4 further enaeied, That the boads
transferred the Treasurer of the United States as here
inbefore provided any banking association for the Sc
cury OF s circulating notes. shall be held exclusively
for that purpose until such shall be redeemed e
cept provided in this but the Comptroller Of the
Currency may give any such banking association pow
of attorney to receive nd approprae to ts own usa
the interest the bonds which shall have been no trans
ierred to the Treasurer by 1t but such powers shall b
fail redsem its circulating notes as alor sadf and gsd
Comptroller may direct the return ofany of said bonds to
the banking which transferred the zane upon
the surrender him aud the cancellation OF "A proper
tlona'3 amount Of such circulating notes: Provided
That ninety per centum of the current market value OF
the remaining bonds which shall been transferred
by the banking association aferug to surrender such cir
culating Shall be equal the amount Of all the
circulating retained by such baaKing association
And provided. further, That there shall have been
failure by such essociaou 10 redeem its notes.
and that her. shall have ben no other Violation 6y such
association Of any Of the provisions Of this for the
euy of the creditors OF such association nor shall the
Treasurer be required to surrender such bonds in raon
al srms OF less than thousand dollars; and H. at any
time after said bonds shah be deposited with tie Irea-
the United states as aforesaid the market OF
cash value shall ba the Curran.
cy is hereby authorized TO demand and receive the
amount Of such depreca ion in other United States bonds
Al cash value or IN ,nnnsv sa,n hs ,ssnclsto, i, Nc
said bills 10 he deposited with ths Treasurer Of the UDited
States, as long us sueh denTeeiation enn, ,inues
sec Al III 6 y 1872 ~ ia J5 Tis. ha .t
price of any al he hands nedsed ~ eforasad fr tha re
demption Of the circulating notes ef any such banking
association shall be- al the sock Exchange In the Clty
NJ
than that at which thew shall have bean estimated when
so pledged and such depreation shar lot have been
made ood by d4post of other bonds or money Il shan
be the duty N the omntoler of lie Currency n notifv
the Treasurer Of the United States OF such fact and the
payment Of interest upon such epreoned bonds shall be-
suspended aud such interest shall be retained bV said
Treasurer until the same when added to the current mar
ket value OF the bonds so nledrsd to he aseerinsd as
before provided shall be equal to the amount for which
sueb bonds were pIdyed provi.d that II shai ba INA
duty Of the Comptroller OF te Currency at the exprson
OF every period Of three months 10 cause the whole Of te
sums 40 retained and then rsainns in th rsssnrv of
the United states to he Invested in United States bands
for t6e respectve sssorstons NV bicb tbs hands Fn
which such interest shall have aoerned shall bsye IN
rsdgad. and gbsnevor ths o.tas az .rch tn.asts,sj
honds Al ths stock Exsbsn in Nav, Vol sh XII ris 10
the price at which tney wer pledged and so remain four
sh,r,,rs as y ,, 10 pIbs p, ~ III All ~ isin i. ~ y.
such association and ali arcrniny intersst on sneb
pledged bonds shall therr he naid ~ sneh associaon
on demand thereof
the duty Of Ihe Comproer of The Currency to receive
sornout ar mntiIatsd circpsting notes ss,aJ bv an
to such assorstion othar Hank cJrruIstni nntas 10 on
eaual amount: and sueh Eornout ar mntllated notss
sttr shall have h an ant rsd in tba nronr
books in aeeordaneo with such regulations As inqy be- @
taIisbad nv flo Comntrosr as we'll ne ali circnisn,
csneelled ANAL bs burned Ia shes In nns of tbrse
vrv one by the Csmptror Sf the Currency and one nv
ths m surer Of he United States under susb rsulaons
as the Secretary Of the Treasury may prescribe aud in
case such no. shall have been delivered to tho Comp.
fta all of sh off ,.H