Daily national Republican. [volume] (Washington, D.C.) 1862-1866, 1864-06-10
= 10 IAL.l
THE UnGTED STATES.
the First Session OF the Thi ty-
Eighth Congress.
[ Continu.d from Eirst Page. /

OOmptIOlltT OF OuIEbuNyt "ash Wv SS'NN'
renee of the Secret ary OF the Treasury, may APP
point a special agent (of whose appointment
Immediate notice shall be given TO such Asso-
ciation) who shall Immediately proceed to as
certain whether such association has refused to
nav Its circulating notes In the lawful money
OF the United States, when demanded as afore
said, and report TO the Comptroller the fact so
ascertained; and II, from such protest or the
report so made the Comptroller shall be satls-
fed that such association has refused to pay lite
circulating notee as Aforesaid and is In default,
he shall, within thirty days after he shall have
received notice of such failure, declare the
United States honda and securities pledged BY
such association forfeited to the United States,
and the same shall thereupOn be forfeited &C
cordingly. And thereupen the Comptroller
shall Immediately give notice In such manner as
the Secretary OF the Treasury shall, by general
rules or otherwise, direct, TO the holders OF the
circulating notes Of such association 10 present
them for payment at the Treasury Of the Uni
ted States, and the same shall be paid as pre-
sented In lawful money Of the United States,
whereupon said Comptroller may, In his dis
erection, cancel an amount Of bonds pledged by
such association equal nj current market rates,
not exceeding par, TO the notes paid. And 1t
thall be lawful for the Secretary OF the Treas
ury, from time TO time, to make such regula-
tons respecting the disposition to be made OF
such circulating notes after presentation there.
OF for payment a. Aforesaid, and respecting
the perpetuatlon Of the evidence Of the pay
ment thereof as may seem to him proper; but
all such notes, on being paid, shall be can
celled. And for any def cheney In the proceeds
OF the bonds pledged by such association, when
disposed OF as hereinafter specified, TO REIN
burse to the United States the amount so ex.
pended in paying the circulating notes Of such
association, the United States shall have first
and paramount lien upon all the assets OF such
association; and such deficiency shall be made
good out Of such assets in preference to any
and all other claims whatsoever, except the
Necessary costs and expenses Of administering
the same.
Sec. As. Andbeu ftrther enacted, That when
ever the Comptroller shall become satisfied, as
in the last preceding section specified, that any
association has refused to- pay Its circulating
notes as therein mentioned, he may, instead of
cancelling the United States bonds pledged by
such association, as provided in the next pre-.
ceding section, cause so much of them as may
be necessary to redeem the outstanding circu.
latiDg notes of such association TO DC sold at
public aution in the city of New York, after
giving thirty days notice Of such sale 10 such
association.
Sec. 40. And b, IL further enacted, That the
Comptroller Of the Currency may, II he shall
be Of opinion that the interests of the United
states VIII be best promoted thereby, sell at
private sale any OF the bonds pledged by such
association, and receive therefor either money
or the circulating notes Of such falling associa-
ton: Prorided, That no such bonds shall be
sold by private sale for less than par, nor less
than the market value thereof at the time Of
sale: And pTOridcd, further, That no sales oil
any such bonds, either public or private, shall
be complete until the transfer thereof shall have
-h"en made with the formnlities prescribed IN
this act.
sec. so. AndJe Il further enacted, That on he
coming satisfied, as specified in this act, that
any association has refused to pay it's eiTCu
latinV nj thHrpin IN enIiOnad nd ia in Ia
fault, the Comptroller of the Currency may
forthwith appoint a receiver, and require Of
him such bond and security as he shall deem
proper, who, under the direction of the Comp
trOller, shall take possession of the books, rec
Ords, and assets of every description of sucl
association, collect all debts, dues, and claim
belonging to such association, and, upon In
order Of u court OF record of competent jurs
diction, may sell or compound all bad or doubt
full debts, and on like ORDER sell all the real NJ
personal property Of gu h association, on sucl
terms as the court shall direct; and may, 1
necessary tn pay the debts Of such association
enforce the individual liability Of tho stovkhold
ers provided for by the twelfth section of THU
act; aud such It ceiver shall pay over all money
so made to the Treasurer of the United States
subject TO the order OF the Comptroller of thu
Currency, and also make report to the Comp
tro Ter of the Currency of all his acts and pro
ceedings. The Comptroller shall thereupoI
cause notice to be given, by advertisement il
such newspapers as he may direct, for tire
consecutive months, calling on all persons VIII
MAJ have claims against such association u
present the same, and TO make legal proc
thereof And from time to time the Comp
troller, alter full provision shall have beef
first made for refundlng to the United State
any such deficiency In redeeming the notes o
such association as Is mentioned in this act
shall make ratable dividend OF the none
So paid over to him by such receiver on a
such claims as may have been proved to hi
satisfaction or adjudicated In a court OF con
petent jurisdiction; and from time 10 time, q
the proceeds Of the assets of such associatio
shall be paid over to him, he shall make fu
ther dividends, as aforesaid, on all claims prev
ously proved or aludicated; and the remand,
OF such proceeds, II any, shall be paid over I
the shareholders of such association, or the
legal representatives, In proportion TO the stoc
by them respectively held! PrnVided, h. neUe
That II such association against which prt
ceediDgs have been so instituted, on account
any alleged refusal 10 redeem Its circulatin
notes as aforesaid, shall deny having failed /
do so, such association may, at any time With
ten days after such association shall have bee
notified of the appointment of an agent, q
provided in this act, apply 10 the nearest eli
cut, or district, or territorial court of the L
ted States, to enjoin further proceedings In th
premises and such court, after citing tn
Comptroller Of the Currency to show cause VIII
luIlnCT uOJ NC GUJOlutl
and after the decision Of the court or hndln
Of jury that such association has not refuse
TO redeem Its circulating notes, when legal
presented, In the lawful money Of the Unite
States, shall make an order enIoinlng tn
Comptroller, aud any receiver acting under hi
direction, from all further proceedings on ac
count Of sush alleged refusal.
Bee. 81. Ind be Il further enacted, That
fees tor protesting the notes Issued by any sue
banking association shall be paid by the pol
son procuring the protest to be made, aud sue
banking association shall be liable thereto
but no part of the bonds pledged by such banI
ing association, as aforesaid, shall be apple
to the payment Of such fees. And all expens,
of any preliminary or other examinations int
the condition Of any association shall be pal
by such associalioni and all expenses Of an
rtceiyership shall be paid out OF the assets
such association before distribution of the pr,
ceeds thereof.
Sec. 90. And be FURTHER enacted, That a
transfer of the notes, bonds, bills of exchang
and other evidences of debt owing to any ass,
citation, or of deposits to its credit; all assIgl
ments of mortgages, sureties on real estate {
OF judgments or DEGREES In Its favor; all d
pusits Of money, bullion, or other valuab
thing for It's use, or for the use of any of /
shareholders or CreditOrsi and all payments
money 10 either, made after the commission
An act of insolvency, or In cOntem platlOn theT