New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1863-02-04
NeW.York.

ton, and ono In New.York, and
separate report in tho place where the bank lie, a
the banks expense. In Boston, New.York, Phila
delpha, Baltimore, Cincinnati, and New-Orlesns
monthly publications are to DO made. II any bank
fail to redeem ii notes. the holder may protest them
before notary, whereupon the bank may be sus-
pended by TIE Controller under forms prescribed,
their securities forfeited to the United States, and
enough cancelled TO redeem the notes refused. In
case of suspension the securities TO be sold at
auction in New.York after thirty days no.
tice. The Controller may, 10 promote the
public interest sell such stock ut private sale but
for not tess than the current market value. Pro-
vision is made for appointing receiver and other
legal forms. in cases of default. When bonds
pledged for security shall be in Now.YOrk for four
weeks at Il rate iefs 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.
Should the bonds rise again the aCcruipg interest
shall be paid TO the banks. The Controller
shell receive worn out and muiated notes aud re-
turn new ones TO an equal amount the old ones 10
he destroyed. The Issuing Of any other notes than
those furnished under this act is n nisdemeanor,
punishable by fine TO double the amount issued, and
fifteen years Imprisonment. The stockholders in
associations shall not be liable af principal debtors
or su1otics TO an amount greater than hre-fths Of
the capital stock paid n The shares shall be 800
each; no stockhoder can cell or transfer while
he is liable for any debt Of the association, nor
receive any dividend, interest. or profit whilo such
liability continues. The same security, both in Kind
and amount shall be required Of shareholders Us of
other persons. No Bank sh8ll purchase or hold its
own sock OF the stock of any other company, unless
in case Of fosioure 10 prevent loss upon debts.
Every such Bark shall be managed by five
70 nine Director, each 10 DO clti'
zen, and Ie,ident in the State one year,
ard own at least per cent of the capital stock ny
10 100000, per cent if over that. Every bank
shall always have on hand in auful money at least
% per cent of .ts outstanding votes and Geposis.
They shall not bypothecate notes to procure
money to be paid in on their own capital
stock, or used in other banking operations No
bank slall permit dividends OF loans 70 stock.
holdcs Tor more than six montbsi if losses
as any line exceed profile on hand, dividend shall
he made and no dividend shall ever be made great
er than tic net profits hand deduciing Losses aud
bad debts. Semi-annual dividends may be declared
M the directors Judge cXpedient. TLeee banks may
lake. in advance discount notes. bills Of exchange,
Nc.. 1t the current established rates by the laws OF
ihe several States; taking higher interest fof.
fci.s The debt. There are elaborate regulations
r. gsrding the business OF exchange, which arc
TOO intricate copy in this rynoPsis. Severe penalties
are provided for misconduct on the part Of the
banks, tlcir officers, &c. The Secretary may Use
there hanks A. repositories Of public moneys
exert Tor customs. Legal proceedings under
the act are 70 be directed by tue Solicitor
Of the Treasury. Provision is made against muiila'
ton and counierfeiing Of notes. And lastly tie
Controller of the Currency is 10 make full report
annnal'y 10 Congress of tho condition OF each Of
those banks and associations