Charles City intelligencer. [volume] (Charles City, Floyd County, Iowa) 1864-1866, 1864-08-18

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money of the Uuited States, any OF
its circulating notes, when payment
thereof shall be lawfully demanded,
during the usual hours of business, at
the office of such association, or at it's
place of redemption aforesaid, the
holder may cause the same to be pro.
tested, in one package, by q notary
public, unless the president or cashier
of the association whose notes are
presented for payment, or the presi-
dent or cashier of the association at
the place at which they are redeema-
BILE, shall offer to waive demand and
notice of the protest, and shall, in pur.
suance of such offer, make, sign, and
deliver to the party making such de-
mand an admission in writing, stating
the time of the demand, the amount
demanded, and the fact Of the nom
payment thereof and such notary
public, on making such protest. or
upon receiving such admission, shall
forthwith forward such admission or
notice of protest to the Comptroller Of
the Currency, retaining copy there
of. And after such default, on exami.
nation of the facts by the Comptroller,
and notice by him to the association,
it shall not he lawful for the associa-
ton suffering the same to pay ont
any of it's notes, discount any notes
or bills, or otherwise prosecute the bu-
siness of banking, except to receive
and safely keep money belonging to
it, and to deliver special deposits !:
Provided, That if satisfactory proof be
produced to such notary public that
the payment of any such notes is re.
strained by order of any court of com
patent jurisdiction, such notary pub,
lie shall not protest the same and
when the holder of such notes shall
| cause more than one note or package
to be protested on the same day, he
shall not receive pay for more than
one protest. ...- .-.
Sec. Al. And be it further enacted,
That on receiving notice that any
such association has failed to redeem
any of its circulating notes, as speci.
fed in the next preceding section, the
Comptroller of the Currency, with the
concurrence Of the Secretary Of the
Treasury, may appoint special
agent (of whose appointment immedi-
ate notice shall be given to such asso.
ciation) who shall Immediately pro
coed to ascertain whether such associ
alton has refused to pay it's circula
ting notes in the lawful money of the
United States, when demanded as
aforesaid, and report to the Comptrol.
Ter the fact SO ascertained !; and 1t,
from such protest or the report SO
made, the Comptroller shall be salts.
fled that such association has refused
to pay its circulating notes as afore-
said and is in default, he shall, within
thirty days after he shall have receiv.
ed notice of such failure, declare the
United States bonds and securities
pledged by such association forfeited
to the United States, and the same
shall thereupon be forfeited according
ly. And thereupon the Comptroller
shall Immediately give notice in such
manner as the Secretary of the Treasu.
ry shall, by general rules or other
wise, direct, to the holders OF the cir
cnlating notes Of such association to
present them for payment at the
Treasury of the United States, and
the same shall be paid az presented
in lawful money of the United States /;
whcreupon said Comptroller may, in
his discretion, cancel an amount OF
bonds pledged by such association
equal at current market rates, not ex
ceediDg par, to the notes paid. And
it shall be lawful for the Secretary Of
the Treasury, from time to time, to
make such regulations respecting the
disposition to he made of such circu-
lating notes after presentation thereof
for payment as aforesaid, and respect
ing the perpetuation Of the evidence
of the payment thereof as may seem
to him proper but all such notes, on
being paid, shall be cancelled. And
for any deficiency in the proceeds OF
the bonds pledged by such assocla-
ton, when disposed of as hereinafter
specified, to reimburse to the United
States the amount SO expended in pay.
ing the circulating notes of such asso.
citation, the United States shall have
a first and paramount lien upon al
the assets of such association ane
such deficiency shall be made goot
out of such assets in preference to any
aud all other claims whatsoever, ex'
cept the necessary costs and expens
es of administering the same.
Sec. 4S. And be it further enacted
That whenever the Comptroller shall
become satisfied, as in the last prece
ding section specified, that any associ
alton has refused to pay it's circula
ting notes as therein mentioned, he
may, instead of cancelling the United
States bonds pledged by such associ
alton, as provided in the next prece
ding section, cause SO much of them
as may be necessary to redeem the
outstanding circulating notes OF such
association to be sold at public auc'
ton in the city of New York. after
giving thirty days. notice of such sale
to such association.
Sec. ~. And be it further enacted.
That the Comptroller of the currency
may, if he shall be of opinion that the
interests of the United States will be
best promoted thereby, sell at private
sale any Of the bonds pledged by snch
association, and receive therefor.either
money or the circulating notes of snch
failing association Prorided, That
no such bonds shall be sold by pri-
vate sale for less than par, nor less
than the market value thereof at the
time of sale: And provided. further,
That no sales Of any such bonds, either
public or private, shall be complete
until the transfer thereof shall have
been made with the formslities pre-
scribed in this act.
Sec. SO. Aud be it further enacted,
That on becoming satisfied, rs speci-
fed in this act, that any association
has refused to pay it's circulating
notes as therein mentioned, and 10 in
default, the Comptroller of the Curren-
cy may forthwith appoint receiver.
| a nd miro &c hin, ou.h ln,,d ond en-.