Charles City Republican intelligencer. [volume] (Charles City, Iowa) 1861-1864, 1863-03-05
Passage of the Banking Bill.

VIC Soiib latuidtc tue Ioyai Miii'oh"
on the passage, in the House, by the
strong vote of II Yeas to GA Nays, OF
the bill to establish a National sytem
of Banking, based on deposits of Fed
eral Securities. The bill passed ex-
actly as it came from the Senate, so
that it will not have to 60 back save
4 for enrolment and signature, while
the Presidents approval is nowise
doubtful. A few days more, at furth-
crest, will see this bill law of the
land. --
Good and true men voted against
it, for reasons doubtless conclusive to
their minds while not one single
sympathizer with the Shareholders
Rebellion failed to record his vote in
the negative. Nor could aught else
have been expected of them for this
is War measure, designed to invig.
crate and fortify the Public Credit
and resist the fearful tendency,
through currency debasement and de-
terioration, to general collapse and
paralysis. We could not expect for
it the votes of any who hope or de.
sire to see the national flag dropping
below that of the rebellion.
The certainty that United States
stocks are hereafter to form the basis
of our National Paper Currency must
give them new value by giving
them new use. Hence we do most
heartily rejoice over it's passage.
1t is a measure originating with
Secretary Chase, and brought forward
by Senator Sherman. Its authors and
advocates point to the evils of our
present abominable and Heterogeneous
currency, the spawn of l,400 banks
of issue whose expansibiIity is now
measured, not limited, at over two
hundred and thirty millions of dollars.
The bill, soon to become a law, seeks
the reduction of this mess of trash to
uniformity, the bringing Of order out
of confusion, and the elimination of
the worst evils of our present rag
system. A National Currency, based
OF United States stocks, will COM
mend itself to the confidence of the
people and will be of uniform value.
Associations for banking may be
formed by any number of persons, not
less than FIVE, who shall make certifi-
Gates specifying the name of their
association, its location, amount of
capital, which shall be not less than
| $50, 900 land in cities of over 10000
population, not less than 100000 J
names, residence and number of
shares of stockholders, and time of
beginning business this certificate
to be legally acknowledged. Thirty
per cent. of capital stock to be paid in
at commencing, and the remaining
capital at 10 per cent. every two
months until paid up. If any one
fails to pay, his stock to be sold at
auction, after three weeks advertis-
ing. If not bid in so as TO cover
assessments and costs, it is forfeited
to the association. When the Con-
trolIer is satisfied that these condi-
tons are complied with, he shall give
the association u certificate authoriz-
ing them to commence business, which
fact shall be advertised for 60 days.
All these associations are authorized
to do business in the usual form, sue
and be sued, and to perform all the
ordinary functions of banking. Their
shares are transferable, personal prop.
erty carrying their liabilities with
them. Capital may be increased from
time to time as may be deemed expe-
dent. They may hold real estate
necessary for their business, such as
may be mortgaged as security for
loans, such as may be conveyed for
debts and such as they may purchase
under their mortgages, but no other.
Preliminary to commencing, they de-
liver to the United States Treasurer
Understanding bonds of the Govern
ment to the specified amount. and re-
ceive currency-circulating notes in
blank, registered and countersigned
equal to 80 per cent. of the current
value Of the bonds deposited, but not
exceeding the par value, and at no
time shall such notes exceed the capi-
tai stock paid in. The entire amount
shall not exceed $500, 900. 600
$4,000. 900 to associations in States
and Territories, according to repre-
sentative population, the other $780,
600, 900 to be distributed with regard
to existing bank capital and business.
By this provision Iowa will be enti-
tied to currency-circulating notes to
the amount of 81, 029, 900. 81
The notes are to be from SIS to
81 900, and express on their face that
they are secured, and bear the sigma
ture and seal of the Treasury Depart
ment also the signatures Of the Pres
ident and Cashier Of the Association.
The Secretary is to devise the form