Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1866-01-10

party suffering from such usury, may re-
cover double the amount Of interest 90
exacted.
Every Association Under this act, shall
have on hand at ali times lawful money
Of the United States fifteen Or twenty-five
per cent differing in different cities Of
the Union) Of the aggregate Of its notes
in circulation ard its deposits. Any
Bank falling to make good this reserve
for thirty days after having been notified
10 do 80 by the Comptroller, is liable 70
have its business sunlmarlly wound up.
Every National Bank is compelled to
receive in paymentof all debts due it, the
notes Of any other similar institution.
Quarterly reports, exhibiting under
oath the resources and liabilities of the
banks, shall be made 10 the Comptroller,
under pain OF one hundred dollars forfeit
for every five days delay in making them
at the proper times.
Ifany Association should refuse 10 re-
deem one Of its notes when presented, in
lawful currency, the party presenting the
same may have it protested and for
warded TO the Comptroller. On receipt
Of such protest, the Comptroller with the
consent Of the Treasurer, may appoint a
special agent to investigate the refusal.
Should the fact Of such a refusal be veri-
fed, the Comptroller shall declare within
thirty days thereafter that the L. S.
bonds and securities pledged by the
reeusant association, are forfeited TO the
United States. Holde-s Of the circula-
ton Of such bank, shall then be notified
to present it at tie Treasury Of the Uni
ted States, where it viii be redeemed in
lawful currency. The Comptroller shall
furthermore appoint a receiver-Under
bond and security-whose duty viii be 70
put such bank in liquidation and legally
wind up it, affairs. Under this commits
sion all acts done in contemplation Of in
solvency, which may be p]rejudieial to
the creditors of the bank, shall be de-
clared null and void.
Any officer connected with such or
CARNATIONS, who may lie guilty of misde-
meanor in his office, shall, upon convic-
ton, be punished by Imprisonment for
not less than five, and not more than ten
years.
The foregoing includes all Of the salient
points which enter into the composition
Of our National Bank system. 1t occurs
10 Us, that assuming the oasis of this sys-
tenn to be impregnable, it provides every
check, guard and balance, which the
most jealous wisdom could suggest. It
is necessary TO bear in mind, however,
what this basis is. It is neither less, nor
more, than the credit of the General
Government Now, with regard TO the
permanent soundness of that credit, it is
due to candor TO state that widely diver
gent opinions prevail. Many consider it
sufficiently fortified 10 resist successfully
all the influences which assail il. On
the other hand, not a few believe that it
is a dead sea fruit, which may at any
moment turn TO ashes on our lips. The
report Of the Secretary Of the Treasury
furnishes all tile a~ttainable Information
on the point. To that report our Missis-
sippi readers are referred. II an inspec-
ton Of its statements should satisfy them
about the preliminary and vital question
Of the National credit, we have no hesita-
ton in saying, on behalfo Of the banks, that
we r acquainted with no scheme of
currency, which combines 50 much
to approve with so little to condemn.
While, therefore, it is obvious that moth
ing could be more foreign from III pur-
pose than 10 aim any reflection against
the solvency Of our National Banks, we
would not at the same time he regarded
as strewing flowers over the possible pit
falls which inheTe mall systems Of cur
rency whose promises to pay are not at
the viii Of their holder convertible into
gold. The necessity, however, which
at present obtains to the South for the
immediate employment Of every dollar
may come into her possession
extracts from these cautionary sugges-
lions most Of their practical significance.
It is only when q currency becomes the
receptacle Of permanent investments
that it appears in its most ominous
phase, and, so far as the Southelnpeople |
are concerned, boarding isnot a practice
is at all imminent.
From the foregoing our readers are as
well prepared to judge Of the e~xpediency
or i~nexpediency Of exchanging their
lands, and other property for the exist
ing circulation as we could advise.