, 1864-08-15


bill Of exchange. payable at another place than
the place Of such purchase, discount, OF 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 it further snGoted, 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 aggregate amount
Of its notes 10 circulation and its deposits; and
every other association shall, at all times, have
on hand, in lawful money Of tho United States
an amount equal to at least fifteen per centum
Of the aggregate amount of its notes in circu
lation. and Of its deposits. And whenever the
lawful money Of any association in any OF the
cities hereinafter named shall be beloH the
amount Of twenty-five per centum Of its clrcu.
lation and deposits, and whenever the lawful
money of any other association Shall be below
Iit.en per eentum Of its circulation and depo-
sits such association shall not increase its lia-
bilities BY making any new loans or discounts
otherwise than by discounting or purchasing
bills of exchange payable at sight, nor making
any dividend Of its profits until the required
its outstanding notes OF circulation and deposits
and its lawful money Of the United States shall
be restored: Provided, That three -iifths Of said
ifteen Der centum may consist Of balances due
10 an association available for the redemption
of its circulating notes from associations ap-
proved by the Comptroller Of the Currency,
organized under this act, in the cities Of Saint
Louis, Louisville, Chicago, Detroit, Milwaukee,
New Orleans, Cincinnati, Cleveland, Pittsburg,
Baltimore, Philadelphia, Boston, New York,
Albany, LeaVenworth, San Francisco, and
Washington city: PrOVided, also, That clear
Ing.houss certificates, representing specie or
lawful money specially deposited for the pur
pose Of any clearinghouse association, shall be
deemed to be lawful money in the possession
Of any association belonging to such clearing
house holding and owning such certificate, and
shall be considered to be . part Of the lawful
money which such association is required to
have under the foregoing provisions Of this
section: Pr0rided, That the cities Of Charles.
ton and Richmond may be added to the list Of
cities in the national associations Of which other
associations may keep thFee-fifths Of their law.
full money, whenever, in the opinion Of the
Comptroller Of the Currency, the condition Of
the Southern States viii warrant IL And 1t
shall be competent for the Comptroller Of the
Currency to notify any association, whose law
ful money reserve a. Aforesaid shall be below
the amount to be kept on hand as Aforesaid, to
make good such reserve; and II such associa-
ton shall fail for thirty days thereafter 50 to
make gOod its reserve Of lawful money Of the
United States, the Comptroller may, with the
concurrence Of the Secretary Of the Treasury,
appoint receiver to wind up the business Of
such association, As provided in this act
Sec. 81. ARd be il further enacted, That
each association organized in any Of the cities
named in the foregoing section shall select, sub
jet TO the approval Of the Comptroller Of the
Currency, an association in the city Of New
York, al which it will redeem Its circulating
notes at par. And each Of such associations
may keep one half Of its lawful money reserve
In cash deposits in thecitV Of New York. And
each association not organized within the cities
naued in the preceding section shall select,
subject 10 the approval Of the Comptroller Of
the Currency, an association in either Of the
cities named IN the preceding section at which
Il viii redeem lis circulating notes at par, and
the Comptroller shall give public notice Of the
names Of the associations so selected at which
rsdemptions are 70 be made BY the respective
associations. and Of any change that msy be
made Of The association at which the notes Of
any association are redeemed. II any associa-
ton shall fail either 10 make the selection OF 70
redeem its notes as aforesaid, the Comptroller
Of the Currency may, upon receiving satislac
tory evidence Thereof. appoint receiver, IN
the manner provided for in this act, to wind up
its aiEairs: Ff0uided, Thai nothing IN this sec
tiun shall relieve any association from its liz
biIIiy 70 redeem its circulating notes At is own
eouhtsF, At par, in lawful money, on demand:
A5ld proeided, further, That every association
formed or existing under the provisions Of this
aet shall take and receive At par, for any debt
Or liability % said association any and al notes
Or bills issued BY any association existing under
and by virtue ol this act S.
Sec. 80. And % q fnFfher enacted That the
directors Of any nssoeintion may, nemiannu-
ally, each year, declare dividend Of 90 much
Of the nutt profits Of the association as they
shall Judge expedient; but each association
shall, before The declaration Of adiTidend, carry
ons.isnth part Of iis nett proatso the proceed
ing half year % its surplus fund until The same
shall amount 70 twenty per centum Of is eapi-
tal stock.
Sec. oA And 10 4 further eladed, That
every association shall make to the ComptrolleI
of the Currency areport, according % the lorm
which may Be prescribed by him. verified By
The oath Or afirmation Of the president OF
cashier Of such association which report shall
exhibit in detail, and under appropriate heads.
the resources and liabilities Of The association
before the commencement of business on the
mnrning ol The frst Monday Of the months q
January, april, July, and October Of each