The Burlington weekly hawk-eye. [volume] (Burlington [Iowa]) 1860-1876, 1863-02-28
seeding States. .$3sOOOOO0 S2S 900 900
loyal States 100000 1l9,56S000 236e6S 600

Total United States 10000 $50 100000
The notes are to be from IS to 800, and ex-
press on their face that they are secured, and
bear the signatures and seal of the Treasury
Department.; also the signatures of the Presi-
dent and Cashier of the Association. The Sec
retary is to devise the form and Establishment
and have custody of the dies and manufacture.
In lieu of all taxes on circulation under this act
or bonds deposited, each association shall pay
eemi.annuslly per cent. upon the notes reed,
returns to be made on the LIST of July ana let of
January, and in default Q per cent Of the capi-
tai, to be recovered for the Treasury. When
duly issued, these notes shall be received at par
in payment of taxes, excise, public lands, and
all other dues to the United States; Except du-
ties on imports) also for all salaries and other
debts owing by the United States, except inter.
est On public debt; 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 much the same as our usual bank re-
ports, and abstracts thereof are to be published
iu one newspaper in Washington, and one 10
New York, and q separate report IN the place
where the bank lie, at the banks expense In
Boston, New York, Philadelphia, Baltimore,
Cincinnati, and New Orleans, monthly publica-
deem its notes, the holder may protest them be-
fore notary. whereupon the bank may be aus
pended by the Controller under forms prescribed,
their securities forfeited to the United States,
endenough Cancelled to redeem the notes refused.
81 In case Of suspension, the securities to be sold
at auction in New York afeer thirty days' no
tice The Controller may, to promote the pub
lie interest, sell euch stock at private sale, but
for not les. than the current market value
Provision lie made for appointing receiver and
other legal forms in cases Of default. When
bonds pledged for secuaity, shall be in New
FORK for four weeks, at rate lees than value
when pledged, and the depreciation is not made
good by the bank, the payment OF interest on
such bonds shall be suspended and retained to
make good the deficiency. a-. ~ 1rr
should the bonds rice again the sccrding in-
terest shall be paid to the banks. The Con.
troller shall receive worn out and mutilated
notes and return new ones to an equal amount,
the old ones to be destroyed. The issuing Of
any other notes than those furnished under
TINS act is misdemesnor, punishable by fine
70 double the amount issued, and fifteen years
Imprisonment. The stockholders in associs-
tons shall not be liable Of principal debtors OF
OF the capital stock paid in. The shares shall
be 500 each; no stockholder can sell or trans-
Ter while he is liable for any debt OF the ssso.
citation, nor receive any dividend, interest, OF
profit while such liability continues. The same
security, both in kind and amount, shall be
required Of shareholders ss of other persons
NO Bank shall purchase or hold its own stock
or the stock Of any other company, unless in
case OF forfeiture or to prevent loss upon debts
Every such Bank shall be managed by five t.
nine Directors, each to be citizen, and resi-
dent in the State one year, and own at leas
per cent Of the capital stock up to $2OO, 600
per cent if over that. Every bank shall al
ways have on hand in lawful money at least ~
per cent Of it's outstanding notes and depos
ats. They shall not hypothecate notes to pro-
cure money to be paid in on their own capita
stock, or used in other banking operations
No bank shall permit dividends or loans t.
stockholders for more than six months i