Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1864-01-01

Iu3talllLs-
months thereaIte.
de5ts. contracted for
otherwise. each shareholder shan
amount AZ their par value. ef the shares hetu -
him. In addition 70 the amount invested Ia such
shares" Section ID provides that every asso-
citation shall transfer and deliver 70 the Treasurer
of the United States, any United States bonds,
bearing interest. 20 an amount not les than one
third of the capital stock paid in Section 10 de
clares that. upon making such transfer, the
ISOLATION shall receive circulating notes TO the
amount Of ninety Ter cent OF such bonds
By way of Calculating, the foregoing provisions
your COMMITTEE wlllassume that a national bank
with capital Of $50. 900. il u be organized The
am INT required to Ve paid in. is thirty per cent
thereof. say.......... ............ 81 > 900
Que third OF such paid IN capital is to
be invested in bonds, ay..........-... 5000
Leaving a capital of. ............. 81 % 600
On depostiug the 50 900 in bonds, circulating
notes 20 the amoGnt OF ninety per cent. are to be
issued TO the bank, saw, 81 500 Then fourteen
months are allowed IN which TO complete the pay
ment Of the capital, say ten per cent or So 900,
every two months. During which time, the bank
is doing business, receiving Individual, or even
United States Government deposits, on an active
capital OF $40, 000i
Section 10 requires the payment. semi annu
allv. 10 the United States, of half of one per
one per cent yelr. Section % declares that the
notes shall DE received at par in all parts of the
limited State. In piyment OF taxes, excuses. pub
lie lands and all other due % the United States
except for duties Oh imports, anu also TOT al sal
aries and other debts sud demands owing oy The
United States to individuals, corporations ana rs
sociations within the United States, except inter
est on public DEBT.
Sect;ops d. 26. u and %. provide for the pro
,.f1,. ss.fEfh = n q,
States. of tbe circulating OF any bank whicl
nav >.af.-.to redeem them AT the Office of sucf
association. Ii f''lsw.ul money of the United
States." Section. 4 requires every such asso
Cation TO have on hand, az all times in Lawful
money OF the United States an. amount equal Il
at least twenty tive per cent Of the aggregate o.
Is outstanding notes of circulation ana its de-
posts: provided. however, that clearinghouse,
cerilieates snall be deemed TO be lawful none,
III tue possession OF any such association: an,
Pios 'ueu further, that any balance due TO any rs
soe'a.oh' Organized under said Act in other pla
ees, from associations in Boston. New York
ihhauephia, and other cites named. NAV a.
deemed a part of the lawful money required =
the extent OF three-hsths of the said twenty e.
per centum
Your Committee believe the foregoing anal,
teal summary embraces the substance of Nh
Act to provide a National Currency" III
bills are receivable bg the United States for a
dues except for duties on imports, and may
paid 10y the United States to all individuals, co
porations. and assoeit.ions except for interest c
public debt. But t9ey are not legal tender b
tween man anu man, nor has any banking insl
tuition legal right 10 pay them out in dschar.
OF its debts To individual or corp0ratio
This dsposes OF the eFst inquiry-'.Whlt is IN
scheme. &c
To tire second inquiry. 'What will De the e
'"ct OF the proposed currency on the interests d
"ople.' your committee respond:
: the most attractive feature, with n
'tioual bank currency, IS the preya
: to be 4 currency ct unilorr
''i'ed States, from Maine
rs being secured b
4. this suppo-itioI
Look the schem,
4 I'll.