The New York herald., 1866-04-09

repeating the provision that the amount OF circulating
notes delivered 10 each bank shall exceed ninety per
cent Of the amount Of the bonds deposited security
for the redemption Of the same goes on to limit the
circulation in proportion TO its paid up capital on tho
following scae:-
To each association whose capital exceeds $500 oo but
docs exceed 5000 COO eighty per cent OF sucn eap,
tall to such association whose capital exceeds sovo
but does not exceed 600 000 seventynve per centum
| of such capital: to such association whose capital
exceeds 81 900 600 and does not exceed $2 600 00o
ss,y per hSsa Ssnsm snn0 al exceeds but docs
not exceed fifty per oentum OF such capital
be the duty the Comptroller of the Currency to re-
tire and withdraw from circulation all worn or muu'
lated notes returned by any association whose circulating
notes are OF the limit herein prescribed, until
the circulating notes of each association shall be within
the ratio prescribed for Its captal and any existing
bank banking association organized under the laws OF
State which shall apply for authority 1; to become "a
amendment before the LIST day Of October 1865 and
shall comply with all the requirements of said act shall
If such bank be found by The Comptroller OF the cur
rency in good standing and credit receive authority
to become q national bank.
The amount Of circulating notes to be issued TO banks
thus converted from State to national associations IL
limited to $40, 900 000 1t further provides
That new associations may be organized In States and
Territories which have heretofore secured the least
raable proportion of circulating notes under the pro-
visions Of said act provided ne toa, m
shall exceed SIG, 000 until after the LIST day OF
October, 1865 VIII NJ 4 any portion OF the $40 goo 600
OF circulating notes allotted for tho conversion OF exist
ing State banks shall remain unapproprated the amount
remaining shall be ssed for the organization OF new
associations.
The BILL without aiming to further correct the evils OF
the national banking system, takes step towards pre-
venting and curang excessive currency issues in pro-
portion to the capital OF the ssuer and therefore within
its own limited scope 1t commends itself TO public ap
proval.
Ths following is the text OF The bill providing for the
liquidation of the affairs OF the banks of virg MIA which
passed the Senate and House of Delegates few days
ago. which has not yet been signed by the Governor
| of the State
bill requiring the banks Of this Commonwealth to 60
whereas the banks of this Commonwealth during The
progress OF the war recently waged in the State oil Vr
eina sustained such losses that they now unable
to promptly paw their liabilities; and whereas IL IL the
sense of the General Assembly that speedy settlement
of the affairs OF said banks should be made in order TO
legal and proper distribution of their assets among all
persons entitled to share in such dstributon there
BE II enacted by the General Assembly That II shall
be lawful for the president and directors of any bank
chartered by the General Assembly OF virginia to Make
or cause be made Decd conveying to such person
persons said president or directors may sclect all
the assets real and personal OF said bank and providing
in such deed that the proceeds OF said assets shall be dis
trbuted among all persons corporations and associations
entitled to share in such distribution according to the
legal rights and prorties Of such persons corporations
associations at the time sueb deed shall be executed
BE 1t further enacted, That whenever any creditor
|
any suit or other legal process whatever seek TO obtain
Judgment, decree or order, VIII ch said Judgment de-
cree or order when rendered or made would great
lien in of such creditor or creditors upon the as
of the said bank, or upon any portion OF such
assets and thereby enttle such creditor or creditors TO
than his or their just and rnabe share or
shares in the distribution OF the proceeds of all the as
sad bank then and in that case and In order TO
preserve the just rights Of all creditors OF said bank to
fair pro rata distribution of the proceeds OF said assets
and for the purpose of encc,ing such distribution
shall be the duty the president and directors OF said
/ hank and
I be made deed of conveyance OF the assets of said
bank i'm such manner and and for such purposes
| are provided for in the first SECTION Of this act
BE Il further enacted, That II shall be Inc duty or
tho banks OF this Commonwealth OF the legal
April next and quarterly thereafter until iDai iquiia-
ton, publish In some public newspaper o the state
nearest tho location Of such bank or banks statement
under oath of their condition. and to mako distribution
OF assets ON hand at The end of each quarter according
70 the provisions OF the first section of this act 80 lar as
the same can be done consistently with the interests Of
OF sn'd banks, provided that nothing
| president and directors Of any bank OF the Common
wealth or the trustee trustees In any deed or convey
ance made by the president and directors OF any bank as
nrovided for In The first or Of this act
make final distribution OF inc proceeds OF Tue assets OF
such bank at any perSs 'nf''
Re IL further enacted That whenever any decd Of
conveyance shall have been executed under any oi .e
De arc hereby required to forward within thirty days
after the execution of said deed to the Governor oi
this Commonwca III q copy Of sad deed aud also full
and correct report Of the condition OF the bank the
assets of which have been conveyed by said deed and
whenever any such deed made before the passage OF
this act the trustee or trustees In such deed shall for
ward such copy make such report within thirty days
And he IL Tur,hcr enacted That whenever the legal
representative reprcsentat' es OF any OF the banks
whose notes secured or were intendea 70 oe
by the deposit of other stocks with the treasurer
OF the Commonwealth, shall prcnt thc same 10 the sd
| Treasurer In amounts of one hundred dolars OF any
mutt pe thereof said Treasurer s hereby authorized
and directed to deliver such legal representative or
representatives of such bank an amount OF te socn ae