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

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Second. Such as shall be mortgag
ed to it in good faith by way of secu
rity for debts previously contracted.
Third. Such as shall be conveyed Il
it in satisfaction of debts previousl,
contracted in course of its dealings.
Fourth. Such as it shall purchase a
sales under Judgment, decrces, o.
mortgages held by such association
or shall purchase to secure debts due
to said association.
Such association shall not purchas,
or hold real estate in any other cas-
or for any other purpose than a
specified in this section. Nor shall |
hold the possession of any real estate
under mortgage, or hold the title ant
possession of any real estate purchas.
ed to secure any debts due to it for q
longer period than FIVE years.
Sec. 80 And be it further enacted
That the total liabilities to any associ
alton, of any person, or of any compa
ny, corporation, or firm for money Dor.
rowed, including in the liabilities oil
a company or firm the liabilities oi
the several members thereof, shall al
no time exceed one-tenth part of the
amount Of the capital stock of such
association actually paid in : Prorided
That the discount of bona fide bills oil
exchange drawn against actually ex
isting values, and the discount of com
mercial or business paper actually
owned by the person or persons, cor.
poration, or firm negotiating the same
shall not be considered as money Dor.
rowed.
Sec. 80. And be it further enacted
That every association may take, re,
ceive, reserve, and charge on any loan
or discount made, or upon any note
bill Of exchange, or other evidences OF
debt, interest at the rate allowed by
the laws of the State or Territory
where the bank is located, and nc
more, except that where by the laws
Of any State different rate is limited
for banks of issue organized under
State laws, the rate SO limited shall
be allowed for associations organized
in any such State under this act And
when no rate is fixed by the laws of
the State or Territory the bank may
take, receive. reserve, or charge a
rate not exceeding seven per centum,
and such interest may be taken in ad-
vance, reckoning the days for which
the note, bill, or other evidence OF
debt has to run. And the knowingly
taking, receiving, reserving, or charg.
ing rate of interest greater than
aforesaid shall be held and adiudged
forfeiture of the entire interest which
the note, bill, or other evidence OF
debt carries with it, or which has
been agreed to he paid thereon. And
in case a greater. rate of interest has
been paid the person or persons pay
ing the same, or their legal representa-
tives, may recover back, in any ac-
ton of debt, twice the amount OF the
interest thus paid from the association
taking or receiving tho same Prort-
dea, That such action is commenced
within two years from the time the
usurious transaction occurred. But
the purchase, discount, or sale of a
bona tide bill of exchange, payable at
another place than the place Of such
purchase, discount, or sale, at not more
than the current rate of exchange for
sight drafts in addition to the interest,
shall not be considered as taking or
receiving greater rate of interest.
Sec. 81. And be il further enacted,
That every association in the cities
hereinafter named shall, at all times,
have on hand, in lawful money of the
United States, an amount equal to at
least twenty-five per centum of the ag-
gregate amount OF its notes in circula-
tion and its deposits and every 9th
er association shall, at all times, have
on hand, in lawful money of the United
States, an amount equal to at least
fifteen per centnn of the aggregate
amount of its notes in circulation, and
of it's deposits. And whenever the
lawful money of any association in
any of the cities hereinafter named
shall be below the amount of twenty
FIVE per centum of its circulation and
deposits, and whenever the lawful
money of any other association shall
be below fifteen per centum of its cir
culation and deposits, such associa-
tions shall not increase its liabilities
by making any new loans or discounts
otherwise than by discounting or pur-
chasing bills of exchange payable at
sight, nor make any dividend Of it's
profits until the required proportion
between the aggregate amount of its
outstanding notes of circulation and
deposits and its lawful money Of the
United States shall be restored Pro
raded, That three-fifths of said fifteen
per centum may consist OF balance
due to an association available for the
redemption Of its circulating notes
from associations approved by the
Comptroller Of the Currency. organic
ed under this act, in the cities of St.
Louis, Louisville. Chicago Detroit
Milwaukee, New Orleans. Cincinnati
Cleveland. Pittsburg. Baltimore, Phila
delphia, Boston, New York, Albany,
Leavenw worth, San Francisco, and
Washington city: Prouided, aksO That
clearinghouse certificates, represent
ing specie or lawful money specially
deposited for the purpose of any clear
ing-house association, shall be deem
ed to be lawful money in the posses.
sion OF any association belonging to
such clearing house holding and own
ing such certificate, and shall be con.
sidered to be part Of the lawful mon
ey which such association is required
to have under the foregoing provisions
of this section Proraded, That the
cities of Charleston and Richmond
may be added to the list Of cities in
the national associations of which 9TH
er associations may keep three-tifths
of their lawful money. whenever, in
the opinion of the Comptroller of the
Currency. the condition of the South
ern States will warrant it. And it
shall be competent for the Comptroller
Of the Currency to notify any associa-
tion, whose lawful money reserve as