The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-06-13
FINANCIAL AND COMMERc iAl.
1-~~"'"~~~-,

SuspAy. June Il, 1854
The new Currency bin which passed Congress-
approved by the President and became aw on tne
sd instant The principal provisions rather The body
Of the act arc the the former blu whlch was
passed on the 25h IL February 1888 nt there are some
import mi alterations and amendments e the new @"'
which have MT been sufficiently explained - me WASH
fngton Intelligence ard with which the pnolc shua pe-
come familiar the now banks are destined 70 iouoo
a radical change the whole banking system q tle
country on more properly speaking the different oahk
ING systems in tho states, and % become the
fntens iron, when viii flow the universally recognized
n,rcr currency which at distant day viii take the
place now occu4 b. The government treasury notes
and ike them circulate an tie channels OF trade from
one end-of the Union 70 the other. ~af
In future no ~rmed under the law In
places containing than six thousand Inhabitants
with capital OF less than hundred thousand dollars,
nor in city whose population exceeds hy thousand
with less than hundred Thousand dollars capital but
banks may be organized in places having less than six
thous persons with y thousand dollars capital as
heretofore permitted Onc-,hird at least OF the capital
stock OF each institution must be deposited with the
Treasurer United States government registered
bonds the fve-twenty tenorty loans or any such
nds which may be issued by the United States subse
quent the passage of the act and the delivery OF
such securities as are thus required the Comptroller OF
Abe Currency is authorized allow TO the association
making the ninety per cent OF circulating notes,
provided the aggregate circulation OF all the banks
organized does exceed three hundred millions
or dollars. The determinations OF the notes are
10 be ones, twos. threes, nves, tens, twenues'
Mites hundreds and ono thousands; but not more
lhan one-sixlh part the furnished 70 any assoc
tlon viii be OF less denomination In an i've dollars and
after the resumption specie symens no notes OF de
nomination under that amount will be allowed. The
banks in the cities OF New York, Philadelphia Boston,
St LOUIS Louisville, Chicago, Detroit, Milwaukee, New
Orleans Cincinnati Cleveland, Pitisburg Baltimore. Al
bany Leavenworth Washington and San Francisco, and
Richmond and Charleston after they have been taught to
recognize aud respect the laws Of the Union must
deem their bills par city OF New York, and The
banks located 10 other places must be redeemed
at par elst Of the cities above named. The as
sociatons already organized are empowered TO change
their name any months AFTER the passage
OF the This essential clause as the titles OF
"First," Second = "Thrd" &C., not sufficiently de
signaling and besides, unpopular The insttu
tions will be able TO assume names more suited &c
their respective localities. The bill also contains an
abug provision which empowers banks porated by
special any banking institution organized under
general law of State, 10 become national
with the bears, IL the owners OF two-ihrds OF
Tho capital stock agree thereto In lieu Of all extn
taxes association is required to one Ier cent
annually its circulation half per cent annually on the
average amount OF Its deposits, aud half cent on its
capital the which has deposited with the
United Treasurer q basis for Its circulation
When the system completed, this tax win probably
yield to the government the following yearly sum-
Circulation $500 0o0, 900, per cent 50 900 600
Deposits 5000 600 900, per cent. 5000 900
Capital $500 900 oo0 paying tax Of u per cent 100000
Total revenue .......,.......ss 800 ooc
The Internal Revenue bin eves the upon the
capital and deposits banking institutions that
che Currency law imposes upon the banks, and the
only advantage which the latter have over the former is
the freedom from taxation which their deposits OF gov
eminent bonds give them. The banks will be liable
20 state county and municipal taxes the or
may be imposed upon the banking institutions organ
ized under the laws OF State Legislatures In regard
10 the rate OF interest the bill provides that the ma
xoual banks shall be allowed 10 charge whatever the
eGtsSfa l sega, AID Were no rate is fixed by law
they shall no, receive more than seven per cent.
The banks to make quarterly and monthly reports
% the Comptroller Currency. The quarterly
arc to be tho first Mondays OF January April,
July October, and to contain under appropriate
heads resources and lab ies OF the association.
Ihe monthly statements must be made the nrst Tues
day OF each month, and contain average Of
loans and discounts, specie and other lawful money, TO-
gelhsr with the deposits and circulation, and the
Citations other places than those designated for tho
dempton OF notes also amount due them
available for keeping their issues at par
The Comptroller OF the Currency Is preparing forms
and blanks organic .tion Of national banks
forming provisions and changes made in the
law " hich will be ready for In few days Notice
Is given parties intending TO organize under the act
that they VIII themselves and the Department trou
bic BY Withholding their applications until the blanks
are completed
Tue following new banks were authorized between the
9Th Of May and the 10th Of June