The Lansing state Republican. [volume] (Lansing, Mich.) 1855-1874, 1864-07-27

tie redemption q is circulating notes ror1 aSsois
Hons app owed by Tie Comptroller - the Currency
organized under ths act. the cities q saint Louis
I LOUISVILLE, Chicago, Detroit Milwaukee New Or.
leans Cincinnati. ClevclAId. pittsburx Raltimore
Philadelphia, B,s'oa, New YORK. Albany, Leaven
worm, c4l frAncl-co and NaShin gton city ErCtzdri
also That clearing house certificates representing
specie OF awful money specially deposited Tor The
purpose Of any clearing house association shall be
deemed - be l4Wfgl money The POSSESSION u any
assocation belonging 10 such clearing house holainS
and owning such certincaie and shall be considered
o. ID part OF the law ul money which such assoc
alton required 20 have under the foregoing urpxis
hons OF THIS section Protidof IhSt The cities of
Charleston and Richmond may be acced 10 the list oi
cities IN tbs NATIONAL Of which other a.
soci-iiois nay Keep three niIhs OF their lawful
money Whenever IN the opinion q The Comptroller
Of the Currency the condition o. Tie southern states
Will warrant a. And lt shall be competent Tor The
tomptroler q The Currency 70 noti1 any asSocia
ton. whose lawful money reserve as Aforesaid shall
De below the amount u be kept on hand as Aforesaid
O. make good such reserve aud Il such associAtiou
shA iAil Tor thirty days hereafter 10 make good
is reserve of the Aw u money ~ tie United states
the compirolcr may, wiki the concurrence of thu
secretary IL the Ireasuary. appoint a receiver to
wind ~ ths business Of such association, as provid
Sec s.. Ani D. 4 fur7ler eracfed That each asso
oiAton ORGANIZED u any oi the cities named in the
ioregoins section shall select subject thc approval
OF lhc Comptroller of the Currency an assdfi tnt
Circulating notes al par. And each oi such
taion- iAay kee ole hAf ui i.s lawful money reserve
l- AsA-A u I'D tLt lftA OF New Nrk Ana IA
association Lot organized withi. the cities named
10 the preceding section sall select subject th,
approval az tue Comptroller Oi The Currency an asso
ca iul either o the cities named IN the prc,e1iu.
Section al wh CD u vii redeem us CirCl aiug notes
~ "a and tle Comptroller shall give public notice 90
g., nanes 81 tie associations 80 selected al which
relemptions arc 70 be made by the respective assoc
tluLS- aid u! ANY change thai may be maae 81 tlc
association al whlcl the notes of any ocialn are
redeemed. u any association shall fau either T.
make the selection OF 10 redctm It's Dotes afort
.ran.| |r .I.n a..
receiving satisfactory evidence thereof, appoint
receiver, 10 Tie manner provided for this act
~luo up ils Affairs Pror.dod, That nothing 10 this
section shall relieve any association from It's ia
bilty 10 redeem its circulating notes az its own
counter, al par. IN lawful money, demand
And proVsiel Jurther. That every association
formed or existing under the provisions u tins act
eAa iahe aLo receive AZ PAR sluT any 1ebt or Ibuty
T. s4l association, any aul al notes and blls issued
by any association existing under and by virtue o.
tbs act
Of any ASSOCIATION may semi annually each year De
clare dividend G. much Of the net profits of the
association AS they shall Judge expedent. bot eacl
association shall before The dec ClaratiOu u dividend
carry olc. nth part Of Us nett profits 0 the pre-
cellng Aali yer 10 ITS surplus fund Until ths
/ shall amount c. twenty per centum oi ts casiti.
STOCK.
sec 34 And 6c Il further enacted That every as
suclatlon sLa mahc L. the e. mitrolcr 81 ia, Cur
reAcy report according tu The form which may :
Prescribed Toy Liin vcfil-l py tnr oath oi an mAiiO
% the prtsiacnt cashier ui such association whir
report shall exhibit in -ett, and under Appropriai
heals the Resources and Liabilities O. the -ssocaiio
before the commruc,Ineut 81 business on the m.ri
ias Of the hrst houaay OF the months 81 January
April july aua October OF each year and shall trans
NIT Tie sane % the Comptroller within Eve CAY
thereafter And any bank fall. T. make and t.ais
nit such report shall be subject a penaty OF
hundred dollars for each Jay after five days that slo
report d delayed beyond that time Auc tLc Com
troler shall publish abstracts OF said reports 10 g
newspaper 70 be designated by him for that purpos
IN the city Of Washil gtOn, the separate report
each citation shall be published m a ncWspapfi
IN the place where such association is established Co.
Il there b. no newspaper Al such place then 10 q
newspaper published ~ the place thereto al
the expense Of the association making such report
In ADDITION 70 the quarterly reports required by this
section, every ASSOCIATION shall the first ruesday
Of each month. make 10 the Comptroller Of the Cur
rency statement, the oath OF the president
cashier, showing the condition q the assO iafioi
making such stat neut the morning q the first Jay
next receding the dats Of such statement respect
10 the following items and particulars, 70 Wit.
age amount Of loans and discounts, specie & oth,r
lawful money belonging % the association depos
its aud circulation And associations Ia othe.
places than those cities named IN the thirty first
section OF tins act shall also rctIrn the amount
due them available for the redemption of their circl
ation-
snail make any loan on the securitv of th
sAa q o us own capital STOCK, nor oe the purchas
OF holder OF any IA shares unless such security o
purchase shall be necessary L. prev. nj loss upon s
debt previously contracted in good faith aud stoc.
so purchased or acquired shall. within SIX months
from the time OF Is purchase, be sold dispose
u az public or private sale, in default OF which
receiver may ne appointed d close up the business
j the ASSOCIATION according % the provisions OF this
/ act
Sec 80. AndJe It further enaotsd That 10 association,
shall al any time be Inl bt-u in any way liable
u an amount exceeding thc amount Of ts pta stoc
at such time actually paid ia and remaining untiml
ishcd by losses OF otherwise except GA The follow u.
accounts that is u say.
First On account oi IT. notes Of circulation
/ D. do VII fr
coiiec ted by, such association
Third On account Il bills of exchange or draft
irawn against money actually on dep.st o. the credit
| Of such ASSOCIATION, ur due thereto.
Fourth On account of liabilities - is Stockholders
Tor dividends and reserved profits
sec -. And be al further eaaoted, That no associa
ton shall either directly indirectly pledge or hy
pothecate any Of is notes of circulation TIE p4r
pose Of procuring money 70 be paid n lis capita
stock or e. be used n is banking operations other
wise nor shall any association use Us circelatiu.
notes or any part thereof, SDy OF form 1
! create or increase is capital stock.
SEC s. And Be u further endoted, That associa-
alton, or any member thereof shall during the tim.
Il shall continue IL banking operations, Withdraw "
permit 10 be withdraw either iu form Of dviacnls
or otherwise, any portion ~ Us capital And losses
shall a any tinll have hean .innf ~ any s4rf
association equal O or exceeding lts undivilcc prot
u then On hand, 10 dividend shall be made ami d.
4ivl1cnd shall ever De- made by any assoc alton viii,
u shall continue It's banking operations u amount
greater than It's nett profits then hand deu,tius
tnerefrom ITS lzse- AID bad oehts And all debts rut
T. any association on which mt rsst s past du. Al
/ unpaid for period of SIX months unless the ssm
shall be well secured, aud shall be process u col
ecti0n. shall be- considered haL debts within il.
meaning q tli- Prorlded That nothing in thi.
sect on shall prevent the reduction n Che capital st1ck
u the ass,ction under the tlri~eltA section g tls
. act.
sec 90 and BE- Il further eaaoted That 10 asso
. ciatou shall az any time pay out on loans 1ls
counts, or 10 purchas ng drafts or bills of exchang
OF payment of deposits, In any other nOae pay
4 " put circulation the notes u any bank q.
banking association llCh shall rot al scy 8ch
be receivable al par, on deposit and iu pay Dert u
debts by the association 50 paying ont circuatin.
such notes; nor shall u knowingly pay Out pgt D.
circulation any notes issued by aDy ban. cr bllklu
association which At the sm- of such paving out o.
p1tls - circllat uA IS Az rssesIni1g ~ clfC4iA
ting notes 10 D. will mOu~y d the United States
sec 40 And be Il furtheT eFsdoted. That the p-es
dent -u1 c-sisr o. every s-c association sha..
20 be kept al al tim flll aud correct list ~ o..
names and resleDoes OF a. the shareholders 10 ia.
association, and The m5er y shares h-d by Sac
u the Office where It's business IS TRANSACTED az
such list shall BE- blect " the inspsctian of tn
shareholders creators o. Tie association AID t
ocefe authorized 70 assess taxes under state author
lty, during the business bOgrs Of each day which
business may be legally transacted. and copy O.
such list, o. Tie hrst Monday q July 10 sach year
verified by the oath Of such pressasut or Cashier .
shall be transmitted 70 tie Comptroller q the Cur
rsnCy.
Sec. Il And Be 4 further endcted, That tie plates
AID SPECIAL dies T. be procured ~ the tomptrosr
The Currency for the pTl1ting u such Circulating
notes shall remain under ts c0utroi and direction
and the expenses necessarily iLcurre1 IN executing
me provisions 81 this at respecting the procuring
such notes, and al other expeLses o. the bureau
shall be paid out % tb- proceecs q the taxes
lIs leTeafr er ~ BE- assessed ihe cirulla-
tl9u. 4nc collected frUrn s-socatrls 0-ga-lz u urc
tbis act. All II iie1 u a. eTi.tiug taI-s. svely
4ss0clatlol sls pay t1 lie Ir.1s ci The JLltf
Staf-s. IL the molt1s 70 Ja--4ry ana Jl-y luIy C
1zf u one Per ceDt-fn eac- b4f Eear from aLl
lsr tee hrst -sy of January. eigtt-sl bun
-iIty for. urC- The aV--zse amount n rs lr-ss
1l4t1l, and Huiy q gns-afteT o. Ole pr C-L-
TIN each 1<f year Jpn tie average amount % -
l-posits an euty u one-9 u one per Gel
tan each nAf year, 4s alOfss@i., % tIs averaFe
amount o. ia czytal stock -y0l1 lie amount ilves
tsc n United siai-s bJndS il u default il
tie pay Uerl Thereof by 4ay ASSOCIATION Tie clts-
a,oras4c r1zF b collected ir tie Manner pr0vi e.
f.r the cOl scton q United States cutfs Of other
corpo-atl0ls- y the Treasurer nay reserve The
amount O. Sad 4-tes olt @ tie interest nay D.
come due, n the bol1s csposit-c with him uy s1cl
-ei2l-tllg sssoc-atlcl. A1l = s1z Be tie l-ty -
each association within te1 Gays from the 1rst Gays
o. January and July 0! each year, 10 make rst.I1
under the oatc o. IS prezl-s1t q CASHIER - lie
treasurer q the C-Its1 StStss II srch f0rn be
sy prescribe. q tie average zuo1rt u lts notes
cgat5c s-c g the arersFl amount - itE oeposts
su1 the average % is capital stock beyo1c