Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1863-09-05

to time the comptroller, after full provisions
shall have been first made for refunding to
the United States any such deficiency in re-
deeming the notes of such association as is
mentioned in this act, shall make ratable
dividend Of the moneys SO paid over to him
by such receiver on all such claims as may
have been so proved or adjudicatcd in court
of competent jurisdiction, and from time to
time, as the proceeds of the assets of such
association shall be paid over to him, he shall
make further dividends, as aforesaid, on all
claims previously proved or adjudicated and
the remainder of such proceeds, if any, shall
he paid over to the shareholders ef such as
ISOLATION, or their legal representatives, in
proportion to the stock by them respectively
held: Provided, houerer, That if any such
association, against which proceedings have
been so instituted on account of any alleged
refusal to redeem its circulating notes as
aforesaid, shall deny having failed to do SO,
such association may at any time within ten
ten DAYS after such association shall have
been notified Of the appointment of an agent,
as provided in this act, apply to the nearest
circuit. or district, or territorial court of the
United States, to cnjoin further proceedings
in the premises and such court, after citing
the comptroller Of the currency to show why
further proceedings should not be cnjoincd,
and after the decision of the court or finding
of iury that such association has not re-
fused to redeem it's circulating notes, when
legally presented, in the lawful money of the
United States, shall make an order cnjoining
the comptroller, and any receiver acting UNI
der his direction, from all further proceedings
on account of such alleged refusal.
Sec. so. and he it .f1rther enacted, That
the bonds transferred to the treasurer of the
United States, as hereinbcforc provided, by
any banking association for the security of
circulating notes, shall be held exclusively for
that purpose, until such notes shall be re-
deemed, except as provided in this act but
the comptroller of the currency may give to
any such banking association powers of at
torncy to receive and appropriate to its own
use the interest on the bonds which shall
have been so transferred to the treasurer by
it but such powers shall become inopcr-
ative whenever such banking association shall
\ fail to redeem its circulating notes as afore-
4 said !; and said comptroller may direct the re-
turn of any of said bonds to the banking as
ISOLATION which transferred the same, upon
the surrender to him and the cancellation of
proportionate amount of the circulating
notes: Provided, That ninety per centum of
the current market value of the remaining
bonds which shall have been transferred by
the banking association offering to surrender
such circulating notes shall be equal to the
amount of all the circulating notes retained
by such banking association: 4And pr0rided
further, That there shall have been no fail
ure by such association to redeem its circu-
lating notes, and that there shall have been
no other violation by such association Of any
of the provisions of this act for the security
of the creditors of such association; nor
shall the treasurer be required to surrender
such bonds in fractional sums of less than
after said bonds shall be deposited with the
treasurer of the United States, as aforesaid,
the market or cash value shall be reduced,
the comptroller of the currency is hereby au-
thorized to demand and receive the amount
Of such depreciation in other United States
bonds at cash value, or in money, from the
association receiving said bills, to be depos-
tied with the treasurer OF the United States,
as long as such depreciation continues.
Sec. 81. And he 1t .furthcr enacted, That
whenever the price of any of the bonds
pledged as aforesaid for the redemption of
the circulating notes of any such banking as
ISOLATION shall be, at the stock exchange in
the city of New York, for four consecutive
weeks, at a rate less than that at which they
shall have been estimated when so pledged,
and such depreciation shall not have been
made good by deposit of other bonds or
money, it shall be the duty of the comptroller
of the currency to notify the treasurer of the
United States of such fact, and the payment
of interest upon such deprecated bonds shall
be suspended, and such interest shall be re-
tanned by said treasurer until the same, when
added to the current market value of the
bonds so pledged, to be ascertained as before
provided, shall be equal to the amount for
which such bonds were pledged: PrOrided,
That it shall be the duty of the comptroller
Of the currency, at the expiration of every
period of three months, to cause the whole
Of the sums so retained. and than remaining
in the treasury of the United States, to be
invested in United States bonds, in the name
Of the comptroller of the currency, in trust
for the respective associations by which the
bonds on which such interest shall have ac-
crued shall have been pledged: and whenev-
or the price of such deprecated bonds at the
stock exchange in New York shall rise to the
price at which they were pledged, and SO re-
main for four consecutive weeks, such in
vestment shall be assigned to such associa-
ton, and all accruing interest ON such pledged
bonds shall thereafter be paid to such associ-
alton on demand thereof.
Sec. SO. And be 1t further enacted, That
it shall be the duty of the comptroller of the
currency to receive worn-out or mutilated cir
culating notes issued by any such banking
association. and to deliver in placc thereof