New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-06-25
Whmyc1oS Friday, june 81. 1854.
rONSULS.
Ab-irnc. OF the tmended National Banking
Act. Showing Particularly she Change
PYadc In thQ Inv

Act. Showing Particularly She Change
RTnjc I'm thC En-.
SrcTIoy j. Requires that H,gi.'ved bonds only be
used tn securing currency.
src5 80. les thaa frc persons may associate in or
galizinc y bank.
src T. No association shall be organized On less than
$4,000 capitals nbd IN cities Of ,uv0 population not
iess tlan Slu0.lO capitol
SIC O. Not Jos, tian five directors. but no limit a. TO
how many more, must manage IT, b-aA, ga must 'c
ciilzcul AZ The United Nfacr and three uif oi them
must hay. resided Boz DE state fCg one YER nest pTeced
ing thelr election.
SIC 10. Admits tie Bank a. Commerce into the
National ev.ftfu without making The shareholders lnt
yiduaiy hobie. We q.ot". shareholders 81 any bank
lne association now existing under state laws, having
nu. l- ib1n five millions al! dollars ~ capital ac 'f
paid b. and a surplus Il twenty per crntlm on hand
both to ID, dei fm.rcd by tlc Controller ~ the CUR
rcney shall De- liable only 10 The amount Invested IN
their saafcsi AID hach Hlriln, o. twenty per rrnilm
sial be- t.fi und.mlr-l c and De- IN addition o. the
.u-tla pio, ad r boz ihi. act and 40 any time there
shall d, deficiency j. saia surplus 81 twenty pr
centum. Tie aid haa association shan not ray any
d!, iIcnds o. iis ''rrs until spcL deficiency -1ai
b. mad god ana n ..o Il such DEFICIENCY The Con
tgnl.f ~ the turicIcr f1lT compel said banking rsO
citation 90 close b. bl,. and WIND ND iis Affairs unoer
I tlc pros sion. - thl- act
SO rs Pfovlos for ihc Increase and also or the re-
dactlon Ok to capital 81 hnnh Pr'''''" ''"' ''' IT,
auction De- within he starting INIT.
Sfc.If At least tJ pr cent q the capital shan be
paid ~ before commereng business. aud The balance
rIrIl h. paid DO nt lcast Do per cons por month.
SIC d. Cal. fOr Registered Bonds 90 hc deposited ~
not e.s than enpa lefs than nnothiri n the cap
lfa pod n and tLe Secretary OF The Ireasury Is herr
by authorized 10 receive aud cn4cel Any util'u 49,
coupon hold nud 81 ISSUE In Zen Thereon Iellstei'u
bonds of Nlr nuc,n t bearing Ike raic OF interest
I AID having Doe .4me time io gun.
sc o.. Ninety Der ceuflm 81 the current MARKET
va'ue OF e United states bonds Transferred and de.
l,cled hut not exceeding ninety per eontlm oi me
amount 81 said b0uos % t lar value thereof II Dear
INK interest ~ r.t. not ic.i than five per cenum per
anaum. ana % no time ball tie total amount Of such
lcf.. Issued To any such a.sociatlons, exceed tho
amount such time actually paid Ia of IT'S capital
SIC. o. And the national currency shall b. receycd
af mar in an paris Of ihe United States tn payment OF
ttxe- exci,es public land. and ell other dues 10 The
United States except for duties imports; and also
for all sllrr- md other debts and demands owing ny
the United States O ndN luuals computations Dni as
ocaiona within the United States except interest On
Sc. 70 Cans for extra security when the bonds de.
posted deprecated below the amount oil clrcnia-
/ ion and authorizes an exchange Of bonds.
STC 3D. Permits the banks Ia take interest ut the rate
allowed ly he laws Of tie State or Territory whore the
bank t. located and more except that where by tho
laws OF any State a different rate j. limited for banks II
Issue organized under state laws the rate so limited
shall be- allowed for associations organized ~ any such
State under this act And when no rate il fixed by the
laws Of the State OF Territory, the bank NAY the Ttc
mo. exceeding soycn per ccuum and such interest may
be taken in advance. And tho knowingly taking
rate If interest greater than Aforesaid shall be held ana
ndiudged forfeiture OF the entire interest which the
note bill other eX dcucc Of debt carries with ~ ar
which has been agreed 70 be paid thereon. And III
greater rate Of interest has been puu the person
or persons paying The same or their legal representa-
tyc- may recover back, IN any action Of debt twice
| the amount. go
SIC. d. Banks in the Cities of St. Louis. Louisville,
/ Chicago Detroit Milwaukee. New. Orleans. Cincinnati,
Cleveland Pittsburgh Baltimore Philadelphia. Boston.
! New.YoIk. Albany. LcaycnwoIth san Francisco, and
Washington must keep on hand - per cent oi their
circulation and deposits in legal money Onehalf Of
the - per cent De IN New urk balances II In Ma
ional banks. And all banks oul Of tho cities named
must keep on Laad - per cent In cash Of their Hb
] ,hr AZ t.hf la in haluuCpg in M
| tonal banks in the said cities,
SEC, %. Assocni;c- ceev1.,1ed in any OF tie cities
named IN the foregoing section shall select subject TO the
approval Of e Controller association in the City OF
New-Yors at which IL viii redeem ts al par And
each association not organized within the cities named
In the preceding section shall select subject t0 the ap
pro,nl OF the Controller -! the Currency association
In either OF the cities named IN the preceding section ~
which IL will redeem It's circulating, notes par and
the Controller shall give public notice of tho names OF
the associations so selected 40 which rcdcmpions are
10 be made BY tho respective associations That every
association formed Oh existing under lhc provisions of
this act shall take and receive at par Tor any debt or IL
ability 10 snd a'HOcinliOn, any aud a notes or bulls
issued by association existing uadcr and by virtue
| OF this act.
SIC. 80. The directors Of any association may. semi
| annually, declare "a dividend Of much Of the net
profits OF the association they shall judge cxpcent
but each association shall before the declaration of
dividend. carry onetcnh part OF lis net earnings
plus account and 80 continue until such surplus IL equal
| ~ % per cent of it, capital
SIC a. In lieu OF Mi existing taxes every association
shall pay 10 tho Treasurer of tho United States In the
months Of January and july duty of onc.hnf Of one
por ccntum each half year frum and after January
leGi upon the average amount o notes In circulation
and duty Of onequartor OF ono por ccntum esh half
year upon the average amount oi Its dcpo and duty
Of one-quartcr ~ one per ccntnm each half year M
aforesaid the average amount of It's capital stock
beyond the aDoust inv ratcd In United States bonds,
Proridsd That nothing IN this lct shall DO construed 10
prevent all the shares In any Of the said associations
held by any person body corporate, from being in
clued IN the valuation OF the personal property Of such
person corporation in the rlcssmcni of all taxes i'm.
posed by under State authority the place where such
Bank II located and not ssowhcrc but not at greater
rate than Is assessed upon other moneyed capital In tho
hands OF individual citizens OF such State Proridsd
frAnr That the tax imposed under tho laws OF any
State upon the shares u any any OF the associations
authorized by this aot shall not exceed the rate imposed
upon the shnrcrs In any Of the banks organized under
authority OF the State where such association located
SEC. ~ Any association may go into liquidation and
be closed by the vote of its shareholders owning two
thirds Of its stock.
SEC. H. AM bank incorporated BY special law. or