The Lansing state Republican. [volume] (Lansing, Mich.) 1855-1874, 1864-07-27

Secretary Of tie Treasury to paIss And dies
be engraved. ~ the best manner 70 guard sgxi1s
eoenterieng and fraudulent operations and - hAv.
printed thsfcifon, and numbered, such quantity o.
circulating notes, II blank Of the denominations OF
dollar. dollars three dollars I've dollars teu
dollars twenty dollars. hfty dollars one hundred DOL
lars, I've hundred dollars, aud one thousand dollars
as may be- required 10 supply under this act the
s0cizti1ns entitled 70 receive the same which notes
shall express upon their face tlzt they secures.
by United States hunrs deposited with the Treas
urer II the United States hy the written engraved
signature % Tie lrcAs-r and Register ana by The
imprint &c the seal O. the Treasury aud shall also
express upon their face the promise Of the assoca
Ton receiving the same . paw demand. stleStet
by the signatures of the president OF vice president
AM cashier Ana the said notes shall bear such ce.
vices and such other stat meuts and shall he in such
form, as the Secretary II the Treasury shall by reg
ul4tion, direct Pr0uded That not more than one
sixth part of the notes flrn ished o. an association
shall be ot less denomination than five dollars and
that after specie payment shall De resumed nc assoc
alton shall be furnished with notes Of less cenomi-
nation than i've dollars.
~ec. 23. and l. II further >zacted, That after Anv
such association shall have caused Us promise 10 pay
such notes on demand be signed by the presl ent
ner as L. make them obligatory promissary notes
payable un deinauc ~ its place OF business such
C-iiion is hereby authorized 20 issue circulate
the same As money and the same shall be received
par ell parts II the United states II pas men
u taxes, cNcises public lands and all other dues
the United states. except for duties on imports sDl
ing by the United States 70 individuals corporations
ana associations within the United States, except
tcrest on tie public debt and In redemption Of the
national currency And no such association shall IS
post notes any other notes circulate mon
ey than such as are authorized hy the foregoing pro
vision Of this act
Sec - Aud BE- ii further enacted That il shall Be
the duty n the Comptroller Of The Currency % re
ceive worn out or mutated circulating notes issued
by any such banking association, and also. due
proof Of the destruction of any such circulating notes
10 deliver in place thereof 10 such association other
blank circulating notes 10 an equal amount. And
such worn out mltilated notes, after q memorAn-
dun shall have been entered IN the proper books
acc riance with such regulations may be esIab-
lisbed by the comptroller as Well as all circulating
notes which shall have been paid or surrendered l.
be cancelled, shall be burned 20 ashes In presence
Of four persons, one 10 be appointed by the S-cre
tAry of the Treasury by the Comptroller Of the
Currency one by the Treasurer Of the United
and one by the association. under such rcslla
ti1Hs as the secretary Of the Treasury NAV pre-
scribe And cert hcate OF such burning. sigued
Oy the parties 50 appointed, shall bc m4le the
books uf the Courtrolicr- AM duplicate Thereof
forwarded TO the association whose notes are thus
cancelled.
Sec IS AMI be Il further enGced That 10 shall be the
duty Of every banking association having oonas os-
posted in the Office the Treasurer Of the Unite
states ofiener 10 each fiscal year and such
time times curing tie ordinary business hours as
said officer or officers may select 10 examine and
compare the boncs pledged with the books OF the
Comptroller and the accounts Of the association aud
il found correct 10 execute 10 the said Treasurer
Ger ilcate setting forth the different kinds and the
amounts thereof and that the ia the posses
and custody OF the Treasurer at the date Of such
certificate. such examination may be made by an
oficer agent OF such association, duly appointed
in writing for that purpose whose certificate before
mentioned hall be Of Ike force and validity as II
ecutsi BY such president cashier and duplicate
signed BY the Treasurer shall be retained by the as
s0clatI0n
&c 70 and Be Il further enacted, That the bonds
trans erred and deposited with the Treasurer OF the
United States hereinbefore provided by any bank
ing association for the security Of It's circulating notes
shall be held exclusively for that purpose, until suc
notes shall be redeemed, except provided IN this
act but the Comptroller Of the currency shall give
any such banking association powers OF attorney
TO receive and appropriate TO its use the ne
90 ths bonds which II shall have 81 transferred 20
the Treasurer, out sIcn powers shall become inOpe
ratve whenever snch banking association shall fail
10 redeem It's circulating notes as aforesaid When
ever the market or cash value OF any bOnds deposit
cd with the Treasurer Of the United states afore
said shall be reduced below the amount OF the cir
Currency hereby authorized TO demand and receive
the amount OF such depreciation 10 other United
States bonds at cash value, OF IN money. from the
association receiving said bills, 10 be deposited with
the Treasurer Of the United States long as such
depreciation continues And said Comptroller, upon
the terms prescribed by the Secretary Of the Treas
ury, may permit an exchange 10 be made Of any OF
the bonds deposited with the Treasurer by an ass0
citation for other bonds OF the United states althOr-
iZed by his act % De received a. security forcrcu
IT
change can be made without prejudice 30 the United
States. be may direct be return OF any Of sail
bonds 10 the banking association which transferred
the sam IN sums Of not less than thousand col-
lars. upon the surrender TO him and the cancellation
Of proportionate amount Of such circulating notes.
PrOrtded That the remaining bonds which ball havt
been transferred by the banking association Offering
to surrender circulating notes shah be equal to th,
amount required for the circulating notes not sur
rendered by such banking assoc ision and that the
amount Of bonds In the hands Of the Treasurer shall
not be diminished below the amount required % be
kept on deposit with him by this act nd prOUided
That there shall have been no failure by such assoc
alton % redeemits cIrculAtOng notes, and no other
violation by such association % the provisions of ID
act and that the market cash value Of the
ing bonds shall not be below the amount required for
the circulation issuod for the same.
Sec - And b. Il further enacted, That il shall
be unlawful for any offer acting under the provis-
ions OF tAs act to counersgn or deliver 10 any asso
citation, or 70 any other company OF person, any
circulating notes contemplated by this act, ex-
cept as hereinbef0re prOTl1ed, aud in accordance
with the true intent and meaning of this act
And any officer who shall violate the provisions
Of this section shall be deemed guilty Of high
misdeEeanOr, and on conviction thereof shall BE-
punished by line not exceeding double the amount
50 countersg gned and delivered, and Imprisonment
not less than one year, and not exceeding fifteen
years IL the discretion Of the court N which lie shall
be tried.
Sec. .. And bs Il further er0cted, That it shall
be lawful for any such association 10 purchase hold
ani convey real estate a. fOll0ws.
First such as snail be necessary for its imme-
diate accommodation IN the transaction Of lis bgsi
ness
second such as shall be morigaged to il IL good
faith by way Of security for debts previously con
tracted.
Third Such as shall he conveyed 10 IL in satlsfac-
t0n OF debt previously contracted IL course Of is
dealings
Fourth. such as it shall purchase at sales under
judgment, DEGREES or mort cages held by such asso
ciaion shall purchase 70 secure debls due 10 such
association.
such association shall not purchase hold zeal
tate il any other FOR any ether purpOss than
specified IN tbls section. No shall i hold the
possession OF anv real estate under mortgage hold
the title and possession n any real estate purchase
TO secure any debts 10 i FOR Ol ger period than
FIVE years.
sec p ind b. 1t furthsr eaaced That the total u
abilities 20 any ASSOCIATION. " kuy person 0f auy
company corporation or frrn for money borrowed
iuclucLg II tbs liabilities Of a company frTl til
liabilities q tie several members thereof shall a.
time exceed one tenth part OF the amount Of the cap
ital stock of such ASSOCIATION actually paid IL Pro
rided That the discount Of bona Ode bills Of exchange
drawn against actually existing values and the dis
count Of commercial or business paper actually oTnel
b the person or persons, corporation or trm uegot
ating the same shall lot be considered as money
borrowed.
Sec. 80 And b II fsrtAeT enacted. That every asso
cietlon Nay lake receive, reserve, and charge aly
loan or discount made. or uyO1 any note, oil q ex
change or other evidences q debt interest al tn-
rate allowed by the avs u the state OF Territory
where the bank s located and no more. except that
where ~ the laws u any Slate different rste s I'M
e1 Tor a. o. 0rgal lzec uIcer Stale laws tDe
rate so limited shall bs zllow-c Tor asscciSiio or
gsrize- 10 any ssch state ulcsr this act An wbsn
10 rate Is fxed D. TIE AVS Of the state Or Territory
rhs bank nav take receive. reserve or charge
uot exce@cng seven PEI c-utun, ana sEcl interest
may o. laSel 10 a-vauc-. re soling the days fer
which the note OIL other evidence Of ceos has o
r-n And the knOWIosiy taxing receiving .reserFlnE
or charging rate OF it rest greater thar af1reszil
shall De held anc sdjudgeo forfeiture Of the entire
interest which tie note bill, OF other evidence Of
debt carries with T. OF which has been agreed . b.
ozil thereon Ard u case greater rate 0f rter-st
las beeu paid tie person OF parsons paying The sane
OF their lega represent may recover back any
action Of De twice the amount q tie interest tas
PAID from the association taxing receiving the
-an1e. Pror1de5 InaI such action Is ccnneucec VIII
Z two years from tie tine the usur0us TRANSACTION
occurred But the purchase. discount, or sale q
bona 6de bill Of exchange, payable a. another place
thal Tie pare Ct such purchase, cisc0rnt, or sac ,
a. not more than The current rate q exchange Tor
sight crafts 10 addition % The interest. shall rot b
Considered as taxing or receiving greater rate o. IL
terest
Sec 81. And b Il fErl>T s-sGced, That every ASSOC
alton n the cities hereinafter NAMED. shall az a.
times have or hand, q awful money Of the UBitsd
>tztes. a. amo1nt equa g 81 lsAst tEsaty Eve per
ceutln OF tie zEgrezste zDo1rt q is notes n eT
euatiUa and lis ospos ard every other association
shs l. AZ Al tines have On hand u lzEf1I money q
tie United States amount equal % AZ least feen