Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1865-07-06

- 23hGs ~ the hahds OF the Treasurer shsn IN,
70 umihshed below the amount rfouiFaa = a0t
KEPT On deposit with him by this son 70 Dc
psdea' Ihat there shall have been no faiIr.t 20,
suoh ASSOCIATION 10 redeem its eir,ulatinn W ey
aus nG other violation by such assoeiaiof Of
provisions OF this act, and that the rns.Il Tue
cash value of the rsmaipifIs bonds shanfAet o.
! ue.oN fhe amount required Tor the eirouls,,eoe
:ssu tor~ths same, "'u'a'1on
SIC; ~ aud be IL further enacted, Tha, il ss.,
Dc uu'aWiul Tor any officer aotit . under ~ alI
visions Of this act to oountersien or d Ine pro.
any association, or 20 AZ y other eomnanv "r't %
son, any circulating notes eomtemrIa,oa pst.
tins act, except as hereinbefore provided, ana x
accordance with the true intent and mes,ia 10
this act. And any officer who shah yisia,gs Of
provisions OF this section shall be deemed s,S we
eta high mlsdem eanor, and on eopvie,,or st'1S
Of shall be punished by fine no; exoeedipc 5'"hG.
tno a'oouh' 50 eouhteis'shed ana delv cred and
imprisonment not less than one year. ana rnt
exceeding fifteen years, At the discretion y, ~
court in which he shall he tried. - Aue
SEC. 2S lad be Il .fitrths' enacted, That ,
shall be lawful for any such ASSOCIATION to puf
chase, hold, and convey real estate as FLOWS
First. Such as shall be necessary for is in
mediate accommodation In the transaction of ~
business.
Second, Such as shall be mortsased to II il,
ously contracted. F'
Third. Such as shall he conveyed 10 I. ,p,1
isiaotion. Of debts previously contracted ia the
course Of its dealings,
under judgements, DEGREES, or mortgages beis
by suohi as oeiation, or shall purchase 10 secure
debts due 10 said association.
such ASSOCIATION shall not purchase or hold
real estate in any other case or for any othe'
purpose than as specified IN this section nor
shall 1t hold the possession of any real estate
purchased TO secure any deds due 90 II, for a
longer period than ave years.
SEC. 90 And be t sfLrther enacted That tho
total liabilities TO any citation, of any person
or of any company, or corporation, or firm, for
money borrowed, including in the liabilities of
company or firm the liabilities OF the several
members thereof shall at no time ex oeed one
tenth part of the amount of the capital stock of
such association actually paid IL PROVIDED, That
the discount of bona fide bills OF exchange drasn
against actually existing values and the discount
of commercial or business paper aetu llly ovnaj
by the person or persons, corporation, or firm
negotiating the same, shall not be cor sidered a.
money borrowed.
SIC. 80 And be IL further enacted That every
assoc alton may take, receive, reserve. andehargs
on any loan or discount made or upon any note
bill OF exohRnge, or other evidence OF debt in
terest at the rate allowed by the laws of the
State or Territory where the bank is located ami
no more, except that where by the laws Of any
state different rate is limited for banks of Issue
organised under State laws, the rate so limited
shall he 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 th.
bank may take, receive, reserve, or charge a rate
not exceeding seven per centum, and such interes
may taken IN advance Teconing the days 70.
which the hote, bill, or other evidences of deg
has to run. And the Knowingly taking, receiy.
ing, reserving, or charging a rate of interest
greater than aforesaid, shall be held and adiudgs
forfeiture ofthe entire interest which the nots
bill or other evidence Of debt carries with it, or
which has been agreed 10 be paid thereon. And
IN case greater rate of interest has been paid,
the person ST persons paying the same, or their
iegal representatives, may recover back IN any
action Of debt twice thh amount of the thus paid
from he association tak ing secviving the sans
PTOrided, That such action Is commenced within
two years nom the time the usuriOus tran saCtIon
occurred. But the purchase, discount, or sale Of
bona hde bill of exchange, payable at smother
place than the place of such purchase, discount,
or sale, at not more than the current rate Of ex-
change for sight drafts in addition to the interest
shall net be considered, as taking or receiving
a greater rate ofinterest.
SEC. 81. and be 1t further enacted, That every
association in the cities hereinafter named shall
a all times have en- 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 in circulation and its deposits and
every other ASSOCIATION shall at all times have
on hand, in lawful money Of the United States,
an amount equal to at least fifteen per eentum OF
the aggregate amount Of its notes in circulation
and OF its deposits, And whenever the Lawful
money OF any ASSOCIATE IN, in any of the cities
hereinafter named shall be below the amount oil
twenty-five per centum of Its circulation and
dedoslt, aHd whenever the iawfsl money of any
association shall be below fifteen per centum Of
its circulation and deposits, such assoc iation
shall not increase its liabilities by making any
loans or discounts otherwise than by dis
counting or purchasing bills Of exchange pay
able at sight, nor make any dividend ofits prof
its, until the required proper ion between the
aggregate amount Of its outstanding notes of cir 50
culation and deposits and its lawful money o.
the United States shall be restored: PTouldsd
That thyee-tifths of fifteen per centum may con-
slst Of balances due to an association available
for the redemption of it's circulating notes from
assoc atoms approved by the Comptroller of the
Currency, organized under this act in the cities
of Saint Louis, Louisville, Chicago. Detroit
Aiiwaukie, New Orleans. Cincinnati, Pittsburg
btllmore, Philadelphia, Boston, New Yors
Albany, Leavel sworth San Fran cisco, and Was.
ington city: Provided, That clearing house Ger,
tihoatas, representing sgecie or Law money sps
cialiy deposited tor the purpose Of any Gle airing
house ASSOCIATION, shall be deemed to be Lawful
longing TO such clearing house holding ana
owing such certificate, and shall be considered 70
be part OF the lawful money which such asso~
citation Is required to have under the foregoing
provisions OF this section; Provided, That tht
cities of Charleston and Richmond may be added
TO the list of cities in the national ass ociation
of which other associations may keep three-f fl thi
OF their lawful money whenever, in the opinion
of the Comptroller of the Currency, the con
dtion of the southern States will warrant il
And it shall be competent for the Comptroller 0
the Currency to notify any associal ion, who's
Lawful money as afore said shall be below
the amount to be KEPT on hand as aforesaid, tx
make good such reserve; and if such association
shall fail for thirty days thereafter to max
good its reserve of lawful money of the United
States the Comptroller may, with the concur
ence of the Secretary of the Treasury appointed
receiver TO pind up the business of suCh ass0-
citation, as provide in this act.