Smyrna times., 1863-05-21

lie securities and private securities; and the seerate
report of each association shall be pIOlish, i'll
newspape published i'll the place where as ocla
toI is established, or ii there be newsp per at
such place, then Ia news paper pluilShcd at the
the capital of the State at III expense o! Ike associa
ton King such report. la addition to TO quar-
terly reports required by this ctiIn every
toII l0c Ited and doing business IN the cities OF BOs
ton, lov.dcncc, New York, Philadelphia, Baltimore,
Cincinnati, Chicago, st. Louis, ahd New Orleans.
shall publish To be published the
ing OF the first Tuesday In each month"; la news
paper printed in the city in which the ass2cistion
moklng such report is located, to be designated by
Comptroller of the Currency, statement, under the
oath of the president cashier, showing the cOndi-
ton OF the association making such statement,
the morning Of the day next preceding the date Of
such statement, in respect 10 tine following items
and particulars 10 wit: average amount OF loans and
discounts, specie, deposits, and circulation.
Section 25. And be 1t furthsr sbIcted, That il
any such association shall at any fail to redeem,
the lawful money of the United States, any of it,
circulating notes, when payment thereof shall hr
lawful thereof shll be lawfully demanded, during
the asual hours Of business, at the ohce Of snch
sociallon, the holder may the sam, to be pro.
tested, III one package, by notary public, unless
the president cashier OF the association shall offer
TO waive demand and notice Ofte prO,est, and shall
in pursuance OF such an ,.tcr make, sign and de-
liver 10 tine party making demand admission
amount dem ,nded, aud the fact OF the nonpaymcnt
thereof: and such notary public, making such pro-
test, upon receiving sucI admission, saIll forth
with forward such admission notice of protest to
the Comptroller of the CuTrrncy; and after such de-
fAut it slai be lawful for the association suffer
lag the same to pay out any of its notes, discount
any notes or bills otherwise prosecute the bust
ness Of banking, except TO receive and safe " keep
money belonging TO tsnd to deliver special deposits;
PrOuided. hOpeuer, That if satisfactory prof be pro-
duced to such nstaTy public ihat the payment Ofany
such notes is retained by order OF any court of
petent jurisdiction. such notary public shall pro-
test the same; and when the older of such notes
shall Cause more than one note package to be pro-
teIted on the same day, he shall not receive pay for
more than one protest.
Section 26. And b: Il further enacted, That on
receiving notice that any such association has failed
to redeem any of its crcu ting notes, specified
in the next preceding section, the Comptroller Of the
Currency with the concurrence of the Secretary OF
the Treasury, may appoint sptcII, (uf whose APP
plintnent Immediately notice shall be given to such
associaton.) who shall Immediately proceed to as
certain whether such association has refused to pay
its circulating notes. in the lawful money ofthe Uni
ted States, when demanded aforesaid, and repott
to the Comptroller the facts ascertained; and i
from such protest or the reports made the Com
troller shall be satisfied that such association has re
fused to pay its circulating notes aforesaid and is in
default, he shall, within thirty day after he shall
have received notice of such failure, declare the Uni
ted States bonds and securities pledged be such
sOcistions forfeited to the United States, and the
same shall thereupOn be forfeited accordingly; and
thereupon the Comptroller shall Immediately give
notice, in such manner the Secretary OF the Trea
sury shal by general rules otherwise, direct t.
the holders of the circulating notes of such associa
ton to present them for payment at the Treasury u
the United States; and the shall be paid pre-
sented, wheTeupon said Comptroller may, in his dis.
! prp b,.,J a.
pledged by such association, equal At current mVrkc
rates, not exceeding par, to the notespad; and i
shall be lawful for the Secretary Of the Treasury
from time to tme 10 make such regulations respect
ing the disposition TO be made Of such circuutiu,
notes after presentation there of for payment 4ore
said, and respecting the Pe-pctuaon Of the evdenc
OF the payment thereui, may seem 20 him proper
but all such notes, ON being paid. shall be cancelled
and Tor any deficiency IN the proceeds of the bond
pledged by such association, when disposed o. n
hereafter specified, TO reimburse TO the United State
{ the amount SO expended in paying the circulating
E notes Of such association, the United States shal
, have hrst and paramount lien upon all the asset
Of such association, and such Deficiency shall b.
made good out of such assets IN preference 10 an
aud all other claims whatsoever, except the
slry costs and expenses of administering the same.
Section 81. And be it further enacted, Thai when
ever the Comptpollrr shall become satisfied, i
the last preceding section specified, thnt any sue
as tn'rein mentioned, hc "ay, instead of clnrellin
the Unt States bonds pl dg by such assocratio
= as provided IN the xt preceding sectlon cause
. much o. them may be ssIry to redeem ia
=. outstanding circulating notes OF such assscation
. be sold at punlIc auction in the city of New Yerl
after giving thirty days notice of such sale TO sue
- association.
= Section 2S. Ind be 1t fsnher enactcd Tha
% the Comptroller of the Currency may, if
r, shall be OfOpinion that the interests of tn
oi United States will be best promoted thereby
sell at private sale any Of the stock so traSfcl
II red to him by sucR association, and receiv
d therefore either money or the circulating note
"a Of such falling associations: Pr0r,icd That n
- such bonds shall be sold by private sale for lie,
6. than the par, nor less than the market valu
. thereof, at the time of sale. And prorIIcd tm
I. tier, That no sales Of any such stock, eithC
d public or private, shall be complete until til
1t transfer theref shall have been made with tn
re fornalities prescribed in this act
he Section 90. And be Il further enacted, TIL;
'e on becoming satisfied, as specified in this ac
t that any such association has refused to pay il
D. circulating notes as therein mentioned, and
Is in default, the Comptroller of the Currency ma
forthwith appoint receiver, and require Ofhil
y such bond and security as he shall deem prOpe
o who, under the direction of the COmptrOllG
20 shall take possession of the books records, an
4 assets of every description of such association
y y collect all debts, dues and claims belonging
in such association, and, upon the order ofa cou
ID OF record Of competent jurisdiction, may sc
h. or compound all bad or doubtful debts, and, G
III like order, sell all the real and personal pr
h. perty of such association, on such terms as ii
8 court shall direct; and such receiver shall pa
ed over all moneys so made to the Treasurer of I'll
e. United States and also make report to tt
,h Comptroller of the Currency of all his acts an
he proceedings. The Comptroller shall therefor
OF cause notice to be given, by advertisement
20 20 such newspapers as he may direct, for thro
rs rs consecutive months, calling on all persons wi
% may have claims against such association to pr
70 sent the same, and to make legal proof there's
~ :, and from time to time the Comptroller aft
~ 30 full provision shall have been first made for
er funding to the United States any such defcie
ed cy in redeelning the notes of such associate
mt as is mentioned in this act, shall make rat
- bio dividend of the moneys so paid over to hi