The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1864-04-26
TIE National gank Bill.

The bin which passed the House o.
Representative last week, making
amendments 10 the National Banking
Law, contains many important and sal
utary provisions From a synopsis Il
inthe New York Post, we learn that i
limits the entire notes for circulation
10 three hundred million dollars moi
more than one-sith Of ;hem to be Of les
denomination than five dollar; small
notes to cease after the resumption 0
specie payment Every association ma,
charge Oh any loan or discount .interes
at rate not exceeding seven per cen
tun perannnm. The places ofredemr
ton, ST. Louis, Louisville, Chicago, Dc
troit Milwaukee, New Orleans, Cincin
natl, cleveland, PittsburF Baltimore,
Philadelphia, Boston, New York, Al
banv. San Francisco and Portland
Each association shall select an associa
ton in either of the cities above named,
at which II viii redeem its circulating
notes at par But no association Is to
be relieved from its liability to redeem
its circulating notes at It's own counter
at par. No association shall have &
less capital than 100000. nor less than
100000, if in a city of more than So
900 inhabitants. Nothing in this bill
is to be construed TO exempt the market
value Of shares IN any Of the associa-
tions from state or corporation taxes.
The shareholders Of each association
founded under this act, and Of each ex-
isting bank, or banking association,
ui---h may accept the provisions, shall
DO held individually for..;l-la equally
and rateably, and not one for another
for ali contract debts and engagements
ofsuch association, to tho extent Of the
amount Of their stock therein, at the
par value, in addition to the amount in
vested in shares, excepting the share
holders Of any banking association
having not less .han five millions o;
dollars of dollar5 actually paid in its
capital stock, shall be liable only to the
amount invested in their shares. Any
state bank msy become q national as
sociation by the name prescribed in its
organization certificate. Nothing III
the act is to be construed to prevent
the taxation by the states Of the cap
iial stock Of banks the same as the
property OF other money corporations,
Tor state or municiple purposes. But
no state shall impose any tax on such
associations, capital, circulation or divi-
dends at a higher ratio than tao taxa
ton imposed bpsuoh state on the same
amount Of moncyed capital in the
hands Of individual citizens. Provided,
That no state tax shall be imposed on
any part OF the capital stock Of such
association invested in the United
States bonds, depositrd as security for
their circulation
These provisions all materially aid
in establishing the new currency on
firm and enduring basis The clause
which prohibits associations with less
than 100000 capital, VIII prevent wild
eat institutions, or banks of doubtful
character; orrather viii prevent tie
starting Of banks which, from their iso-
ation, must necessarily be unknown
outside Of a small area.
one provision, however has been
omitted, which would be of the high
est Importance The notes Of every
branch should be q legal tender in the
payment &c a debt due 10 any other;
with such an arrangement the bills viii
be Ut par everywhere.