Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1864-08-03
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OFFICIAL,
LAWS OF THE UNITED STATES: :
Passed at ne Ffrst Session of The Thirty.
eighth Congress. go
IPuBIIo-No. s5.1

(PuBLIO-No. s5.1 2 7--i.1sl
AuAcr to provide national CUR ncy, secured bya
pledge Of the United States bonds, and TO provide
tor the circulation and redemption thereof .lesB
Sec 49, And be It further enacted, That II any
such association shall at any time e 70 redeem IN
circulating notes, when payment thereof shall be
lawfully den anded during the usual hours OF bust:
redemption Aforesaid the holder may cause tie sauns
to be protested, in one package by notary public,
unless the President Cashier Of the associaon
WhoIe Boes presented for payment or the Presi-
dent or Cashier Of the association at the piaeeat
which they are redeFmAble, shall there onS5
to waive demand and notice Of the Protesr a1d shan
in pursuance such offer, make, sign and deliver .
the marty mnkiuR such demand an admission IN VIII
ting. stating the time Of the demand, the anoult
demanded and the fact Of the non psyIe4nS ~
and such notary public making tuch pI0Lsst "
upon receiving admission shall forthwith iGE-
sInstSIIer Of the Currency retaining COPY there
N And Alter such default examination Of the
facts By hs c ss pot Be lawful for he
spTeri z the came pay out any Of its notes dis
.nss. Of banking except to receive and safely
keep money belonging 70 IT, and to deliver special
produced such notary public that the payment Of
any uotes is restrained by order Of court Of
competent Jurisdiction, such notary public shall not
protest the same; and when the holder Of such notes
Ihs cause more than one nste or package TO be pro-
tested the same day; he shall not receive pay for
Sec. a. And be it further enacted, That on re-
ceiyng notice any such association has failed to
redeem any of its circulating nolss, as specified In
the neat preceding section. the Comptroller Of the
Currency, with the concurrence Of the Secretary of
the TTsepEy may special agent SOf Sh9sS
j. Alienation Who shall linn edately proceed to ais
certain whether such a.socatLGn has refused 70 pay
it. circulating notes In the layfn money Of the Uni
ted States, when demanded as aforesaid, aud report
to the Comptroller the fact ascertained; and IT,
troIIer lhaI be satisfied that such association has
refused pay its circulating notes aforesaid and
shah have TecsiTed notics q such ALLURE declare
the United States bonds and sssuTtiSs pledged by
the shall thereupon be forfeited accordingly.
And Ihereupon the Comptroller shall Immediately
give notice in such manner as the Secretary Of the
Treasury shall by general rules or otherwise direct
TO holders Of the circulating notes of such assO.
citation present them for payment at the Treasury
OF the United States and the same shall be paid as
presented unlawful money Of the United States
whereupon said Comptroller may, in his discretion,
cancel an amount Of bonds pledged by such as'ocei
ton equsl 81 current market rates. not far exceed
ing par, the notes paid And it shall be lawful
for tue Secretary of the Treasury from time to time
to such regulations respecting the disposition
10 BemAde of such circulating notes after presenta-
don thereof for payment Aforesaid, and respec.
Ine5t fhsreof as may seem TO him proper but all
such notes on being paid, shall be cancelled, And
Ell by such association, when disposed of as herein
after specified TO reimburse to the United States the
Of such association, the Quilted states shall have
first and paramount lieu upon all the assets Of such
association; and Euch deficiency shall be made good
out Of such assets In preferences TO any and all other
claims whatsoever, except the necessary costs and
expenses OF administering the same. s.. as.l
Sec. -. And be It further enacted, That whenever
the Comptroller shall become satisfied, in the last
preceding section specified that any association has
refused 70 pay its lating notes therein
toned, he may, instead of caHcelliug the Uuited
States bonds pledged by such association, as pro-
vided in the next preceding section, cause SO much
Of them may be necessary to redeem to outstAnd-
ing circulating Of such association to be sold
at public auction in tho city OF New York, after
giving thirty days notice OF such sale to such asso
citation. - sIis
SEQ. -. And be it further enacted That the Comp
lon that the Interests Of the United States viii be
best promoted hereby, sell at private sale any of
the bonds pledged by such association, and receive
therefor either money the circulating notes Of
such failing association: Provided, That such
bonds shall DO sold by private sale for less than
nor less than the market value thereof at the time
Of sale: Aud provided further, That sales Of any
plee until the transfer thereof shallhaye been made
with the formalities prescribed in this act.
Sec 70. Aud be It further enacted, That on becom-
ing satisfied az specified In this act that any asso-
therein mentioned and Is in default, the oomptrOI-
Ter Of the Currency may forthwith appoint receiver
and require Of him such bond and security as he
shall deem proper, who under the direction Of the
Comptroller, shall take possession of the books re-
cords and tets Of every description OF such assoc-
alton, collect all debts. dues and claims belonging
to such association and upon the order OF court Of
record OF competent Jursdictinns may sell or COM
pound all bad or doubtful debts and like order,
sell all th0reG and personal property OF such asSo;
may If necessary to pay the debt5 Of such
ton, enforce the individual liability of the stockhOl
ders provided for by the twelfth section of this act
to the TrsaspTr Or tSe Sed STATE SuSIeet to the
order Of the Comptroller of the Currency, and also
make report TO the ComptrolieE Of the Currency Of
thorsuPo1 cause notes to be given by advertise.
ment in such newspapers rs he may direct for three
consecutive months, calling on All pers ms VINO may
and make legal proof thereoL And iron
time 90 time the Comptroller, after full provision
GhAM have been hrst made for Teiunding to tho Uni
ted States any such deficiency in redeemlng the note
such association IL mentoued in this act, sha
make ratable dividend Of the money 50 paid to hir
by such receiver on all such claims as have bee
proved TO his satisfaction AdudicAted in n
competent Jurisdiction; and from time to time, III
over to him, he shall make further dlydendI, Il
Aforesaid on all claims previously proved adj I'D
catedi and the remainder OF such proceeds If AM
Hhall be paid 10 the shareholders Of such
citation or their legal representatives, in prOporO
to the stock by them respectively held: PROVIDED
however, That II such AssOciat lon against which pr
ceedings have been so instituted, account Of an
alleged refusal to redeem its circulating notes q
Aforesaid snail DENY having failed to do 90 such
ISOLATION may, at any time within ten days ate
such association shall have been notified of the ap
pptntment Of an agent rs provided in this act, Bpp
to the nearest circuit district territorial CO ur
OF the United States to snjOin further proceedings
In the promises; and such court, after citing tn,
Comptroller of the Currency to show cause WHY
further proceedings should not be epjsined and ate
the decision Of the court or finding Of jury tina
such association has not refused TO redeem crcu
latng notes, when legally presented, In the Lawful
money OF the United states, shall make order en-
Joining the ComPtroller and any receiver acting
count OF such alleged refusal. ~.
Sec 81. And be 1t further enacted That all fees fol
protesting the notes islued by any such banking A.
ISOLATION shall be paid by the person procuring the
protest TO be made, and such banking association
shall be liable therefor; but part Of the bond,
Pedged py such banking association, a. Aforesaid
shall be applied to the payment Of such fees And ali
expenses OF any preliminary or other examinations
Into the condition Of any association shAl be paid
ershlp shAl be paid out OF the assets of such RsSei
tion before distribution Of the proceeds thereof
SEQ. 81 Aud be 10 further enacted. That all trans
fer Of the notes bonds bills Of exchange and other
posits to its credit; all assignments of-nortgageS