New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1863-02-04
OUR FINANCES.
VI. stevens. Government Banl,ins Bin.

us. stovenss Government Banlsing Bill.
Mr. Sievens's bill 10 provide national currency
secured by United States stocks, provides FOR
Bureau 10 the Treasury Department under tie Con-
toller Of the Currency 90 minated by tie Secretary
Of the Treasury and appointed by the President end
Senate salary, 5000; bonds, 100000; h hold
office for FIVE year, TO have deputy clesss &c,
noDe of whom shall be Interested IA any baukrs
under tbe act Tie Controller il to provide
seals forms, &c. Associations for banking
may be formed by any numbe. Of perons, not Ies'
than FIVE, who shall make certificates specify
Ing the name Of ,heir Association its location,
amount Of capital, which shall be not
less than $j0,0 900 land in cities Of over lOOOJ popu-
latlon not less tAan $780, O0) names residence ani
numbers Of shares of stockholders, and time Of be-
siaing business this certificate to be legally ac-
kbowledged. Thirty per cent Of capital stock 10 be-
paid in al commencing, aud the remaining capital NJ
10 per cent every two mouths until pnd op. If any
one fails 20 pay his stock to be sold at auction a'e
three weeks sdveItsiug II not bid in 80 as -
cover assessments and costs, II is forfeited to
he association. When the Controller ID salih-
fed that these conditions are complied with,
he shall give the association a certificate au-
tborizpg them to commence buaAesf which
fact sbau be advertised for 90 days. All these asfo-
Citations are authorized 10 do busness in the usuai
form, sue and DO sued, aud to perform all The ord
nary functions of banking. Their shares are tram-
fcnalle, personal property carrying their liabilities
with them Capital may be increased from umt to
time 40 may be deemed exredient They may hold
real esats necessary for tbeir business sueh as may
be morgaged as security for loans, such ar may BE-
conveyed for debts, and such an they may purchase
under their mortgages, but DO other. Preliminary
70 commencing, they deliver TO the L. ~ Treasure
Understanding bonds Of tie Government 70 ire
specified amount, aud receive currency Circulating
notes in blank, registered and counierdgned. eqGai
70 10 per cent Of the current value Of The bonds d.
posted, but not exceeding the par yauei AID az no
time shall such notes exceed the capital stock pad
In. The entire amount issued sLall not exceed
100000 O0O-$l50 900 600 70 associations in STATE.
and Territories, according to representative popula-
ton; the other $50 900 600 to be distributed with
regard 10 existing bank capital and business. The
notes sre 10 be from s. 70 $1,000, and eX-
press On their face that they are Eeourej, aud
bear the signatures and seal Of the Treasury
Departments also the signatures Of the President
ana Cashier OF the Association Tie Secretary is to
doVbe the form and establishment, have custody ol
tie dies and manufacture. In lien Of al taxes on
circulation under this act or bonds deposited, each
association shall pay semi.aDnualy pes cent upon
the notes received, returns 10 be made on the et
July and ist January, and in default, per cent Of
tho capital TO DO recovered for the Treasury. When
duly Issued these notes shall be received at Oar in
payment Of taxes, excifes public lands and all Other
dues to the United States Except dues on impori,l
also for all salaries and other debts owing BY tle
United States, exeep. interest on public debit and
no Association shall issue any other circulating
notes. Provision is made for the careful record o.
transactions with Banking Associations, sccess Il
'helr books, &C.; full quarterly reports are to b,
made 70 the Controller, much the same as oar usua
tSnx fepofls, and sbetfacls thereof are to bC
e''''Esa 70 one newspaper IN Washing