The Cecil Whig., 1863-02-28
SYNOPSIS OF THE
national Banking Bill.

iicHI uHucl lllc lllic VI lue COntrOller
of the Currency nominated by the Sccre-
tary of the Treasury and appointed by
The President of the Senate; salary,
$4,000; bonds, 100000 to hold
office for five years to have deputy
clerks, &c, none of whom shall be inter
ested in any banking under the act
The Controller is to provide seals, forms,
&c. Associations for banking may be
formed by any number of persons, not
less than five, who shall make certif-
Gates specifying the name of their asso-
cla'ion, 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, resi-
dence and number Of shares of stock
holders, and time of beginning business !;
this certificate to be legally acknowl-
edged. 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 advertising.
If not bid in so as 10 cover assessmen $
and costs, it is forfeited to the associa-
ton. When the Controller is sa isfcd
thai these condi ions are complied with,
he shall give the association certificate
authorizing them to commence business.
which fact shall be advertised for 60
days. All these associa ions are author
lied 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
Ime as may be deelGcd expedicnt.-
They may hold real estate necessary for
their business, such as may be mort
gagged as security for loans, such as may
be conveyed for debs and such as they
may purchase under their mortga ges,
but no. other. Preliminary to com
mencing, they deliver to the United
5 ates Treasurer in st-bcaring bonds
of The Government to the specified
amount, and receive currency circulating
;cs in blank, registered and counter
signed, equal to 90 per cent of the cur
rent value of the bonds deposited, but
not exceeding the par value and at no
time shall such notes exceed the capital
stock paid in. The cn'ire amount shall
not exceed $500, 900, ,000-$l50,0O0,-
600 to associations in States and Terri
tories, according to representative popu-
lation: the her $l50,00O, 600 to be
distributed with regard TO cxis ing bank
capital and business.
The notes are to be from IS to 81, 900,
and express on their face that they are
secured, and bear the signatures and
seal of the Treasury Depar, ment also
Il e signatures of the Pres lent and CASH
ier OF the Association. The Sccre ary
is to devise the form and embellishments,
and have Gus ody of the dies and manu-
tacture. In lieu of all taxes on circu-
lation under this act or bonds deposited,
each association shall pay semi-annually
l per cent upon the notes received,
returns to be made on the lst July and
lst January, and in default . per cent
of the capital, to be recovered for the
Treasury. When duly issued, these
NOES shall be received at par in pay
mcnt of taxes, oxcises, public lands, and
all other dues to the United States lex
ccpt duties on imports,) also for all
salaries and other debts owing by the
United Safes, except interest on public
debt; and no Association shall issue
any other circulating notes. Provision
is made for the careful record of transac-
tions with Banking Associations, access
to their books, &c; full quarterly re-
ports are to be made to the Controller,
much the same as our usual bank re-
por S, and abstracts thereof are to be
published in one newspaper in Washing
ton, and one in New York, and separ-
ate report in the place where the bank is,
at the banks expense. In Boston, New
York, Philadelphia, Baltimore, Cincin-
natl, and New Orleans, monthly publica-
tions are TO be made If any bank fail
to redeem its notes, the holder may pro-
test them before a notary, whereupon
the bank may be suspended by the Con-
iroller under forms prescribed, their
securities forfeited to the United States,
and enough Cancelled to redeem The no es
refused. In case of suspension the
securities to be sold at auction in New
York after thirty days notice. The
Controller may, to promote the public
interest, sell such stock at private sale,
but for not less than the current
market value. Provision is made for
appointing receiver and o;her legal
forEs, in cases of default. When bonds
pledged for security shall be in New
York for four weeks at rate less than
value when pledged, and the deprecia-
tion is not made good by the bank, the
payment of in crest on such bonds shall
be suspended and retained to make good
the deficiency. Should the bonds rise
again the accrung in crest shall be paid
to the banks. The Controller shall re-
ceive worn out and mulilated 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 this act is misdemeauor, punish
able by fine to double the amount issued, :,
and fifteen years Imprisonment. The
stockholders in associations shall not be
liable of principal debtors or securities
to an amount greater than three-ifh hs of
the capital stock paid in. The shares
shall be 800 each no stockholder can
e L