The Union and journal. [volume] (Biddeford, Me.) 1858-1882, 1863-02-27

Total u States $50 600 Ooo $50 600 900 800 600 oot
The notes arc from So to $1,000, and cx
press on their lace that they are secured, and
bear the signature and seal of the Treasury
Department also the signatures Of the Presi-
dent and Cashier Of the Association. The
Secretary is to devise the form and embell.
ishment and have custody Of the dies and
manufacture. In lieu Of oil taxes on circu-
lation under this act. or bonds deposited, each
association shall pay semi annually per cent.
upon the notes received, returns to DO made
on the LIST July and LIST January, and in de-
fault 9 per cent. of the capital, to be recov-
cred for the Treasury. When duty issued,
these notes shall DO received at par in pay
ment Of taxes, excuses, public lands, and all
other dues to the United States Except duties
on imports) also for oil salaries and other
debts owing by the United States, except in
terest on the public debts and no association
shall issue any other circulating notes. Pro.
vision is made for the careful record ftrans.
actions with Banking associations, access to
their book, &c. full quarterly reports are to
be made to the Controller, much the same as
our usual band reports, and abstracts thereof
are TO DO published in one newspaper in
Washington, and one in New York, and o
separate report in the place where the bank
is, at the banks expense. In Boston, New
York. Philadelphia, Baltimore, Cincinnati
and New Orleans, monthly publications are
to 10 made.
II any bank fail to redeem its notes, tho
holder may protest them before notary,
whereupon the bank may be suspended by
the 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 Mt auction in New York after thirty
days notice. The Controller may. to pro-
mote the public interest, sell such stock ut
private sale, but for not less than the current
market value. Provision is made for appoint
ing receiver and other legal forms, in cases
Of default. When bonds pledged for secu-
rity shall be in New York for four weeks at
q rate less than value when pledged. and the
depreciations 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
accruing interest shall be paid to the hank.
The Controller 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 fur
nishcd under this act IL misdemcanor. pun
ishable by fine to double the amount Issued.
and fifteen years imprisonment.
The stockholders in associations shall not
DO liable as principal debtors orsureties to an
amount greater than three-fiths Of the cap
ital stock paid in. The shares shall be 500
each: no stakeholder can sell or transfer
while he is liable for any debt OF the assoca-
ton. nor receive any dividend. interest or profit
while such liability continues. The same
security, both in kind and amount, shall be
required OF shareholders as Of other persons.
No bank shall purchase or hold its own stock
or the stock OF any other company, unless in
case oil forfeiture or to prevent loss upon
debts. Every such bank shall be managed
oy hve TO nine directors. each to DO citizen,
and resident In the State one year, and own
at least par cent. Of the capital stock IN to
100000, IL per cent. IL over that. Every