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

capital stock.
Sec. II. And be 1t .flr,hcr enacted, That
the entire amount of circulating notes to be
issued under this act shall not exceed three
hundred millions of dollars. One hundred
and fifty millions of which sum shall be ap-
portloned to associations in the States, in the
District Of Columbia, and in the Territories,
according to reprcst ntative population, and
the remainder shall be apportioncd by the
Secretary of the Treasury among associations
formed in the several States, in the Distric,
Of Columbia, and in the Territories, having
due regard to the existing banking capital
resources, and business, of such States, Dis.
trict, and Territories.
Sec. Is. And be 1t fIrther enacted, That
in order to furnish suitable notes for crcula.
ton, the comptroller of the currency is here
by authorized and required, under the direc-
ton Of the Secretary Of the Treasury, to
cause plates to be engraved in the best man.
ner to guard against counterfeiting and fraud.
ulcnt alterations, and to have printed there
from, and numbered, such quantity of crcu-
lating notes, in blank, of the denomination
of five dollars, ten dollars, twenty dollars,
fifty dollars, one hundred dollars, five hun.
dred dollars, one thousand dollars, as may
be required to supply, under this act, the as
sociations entitled to receive the same: which
notes shall express upon their face that they
are secured by United States bonds, deposit.
cd with the treasurer Of the United States,
and issued under the provisions of this act,
which statement shall be attcsted by the
written or engraved signatures of the treas
,,,1 ro.r:,for o,1 h1y <ho s,vo,,rsrt or <1o
seal Of tie treasury; and shall also express
upon their face the promise of the associa-
ton receiving the same, to pay on demand
attcsted by the signatures of the president.
or vice president, and cashier: and the said
notes shall bear such devises and such other
statements, and shall be in such form, as the
Secretary of the Treasury shall, by rcgula-
ton, direct.
Sec. 10. And be II further cnacted, That
the plates and special dies to be procured by
the comptroller of the currency for the print
ing of such circulating notes shall remain un-
der his control and direction, and the cxpens-
cs necessarily incurred in executing the pro-
visions of this act respecting the procuring
of such notes, shall be audited and paid as
contingent expenses of the Treasury Depart
mcnt; and for the purpose of reimbursine
the same, and all other expenses incurred un-
der this act, and in lieu Of all taxes upon the
circulation authorized by this act, or upon
the bonds deposited for the security of the
same, such association organized under this
act shall scmi-annually, on the first days OF
january and July, after its organization, pay
to the comptroller of the currency, in lawful
money of the United States, one per ccntum
on the amount of 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
ccntum Oh the amount of said bonds so de-
posted, at each scmi-annual payment ol
interest thereon; and all sums so reserved
and retained shall be paid into the treasury
under the direction of the Secretary, and ev-
cry bank. banking association, or corporation
not organized under the provisions Of this
act, issuing notes calculated or intended tc
circulate as money, shall, on the first day o
July next, and regularly ON the first days o1
January and July thereafter, make and delive,
to the comptroller of the currency true and
accurate return of the gross amount of notes
issued by it, whether III circulation, or in its
vaults, or on deposit elsewhere. and in de.
fault of any such return, the bank, banking
association, or corporation so failing to make
return. shall pay to the United States PEN
atty of two per centum upon its entire capi.
tai stock. to be recovered, for tho use of the
United States, in any court of competent ju.
risdiction.
Sec. 20. .Amd be IL further enacted, Thai
after any such association shall have caused
its promise to pay such notes OH demand te
be signed by the president or vice-presiden'
and cashier thereof, in such manner as te
make them obligatory promissory notes, pay.
bic on demand, ut its place 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, excises
public lands, and all other dues to the United
States. except for duties on imports, and also
for all salaries and other debts and demands
owing by the United States, to individuals
corporations, and associations within the
United States, except interest on the 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.
Sec. 2l. And be IL further enacted. That
all transfers of United States bonds which
shall be made by any association as security
for circulating 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 Off.
Ger of the association making the deposit,
stating that it is held in trust for the associ-
alton on whose behalf such transfer is made,
and as security for the redemption and pay
mcnt of the circulating notes delivered to
such association; and no transfer of any