The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1866-12-13
CHAP. LVIII.

An Act to provide national Currency, secured
by a Pledge of United States Stocks and to
provide for the Circulation and Redemption
thereof
Be it enacted by the Senate and House of Rep
reSentatves of the United States of America in
Congress assembled, That there shall be estab-
iished in the Treasury Department a separate bu-
reau, which shall be charged with the execution
OF this and all other laws that may be passed by
Congress respecting the issue and regulation ofa
national currency secured by United States bonds.
The chief officer of the said bureau shall be de-
nominated the comptroller of the currency, and
shall be under the general direction of the Secre-
tary of the Treasury. He shall be appointed by
the President, on the nomr alton Of the Secretary
of the Treasury, by and with the advice and con-
sent of the Senate and shall hold his office for the
term of five years unless sooner removed by the
President, by and with the advice and consent of
the Senate he shall receive an annual salary of
five thousand dollars he shall have a competent
deputy, appointed by the Secretary, whose salary
shall be two thousand five hundred dollars, and
who snail possess the power and perform the du-
ties attached by law to the office of comptroller
during vacancy in such office. and during his
absence or inability; he shall employ, from time
to time, the necessary clerks to discharge such
duties as he shall direct, which clerks shall be
appointed and classified by the Secretary OF the
Treasury in the manner now provided by law
Within fifteen days from the time OF notice of his
appointment, the comptroller shall take aud sub
scribe the oath of office prescribed by the Con
stitution and laws of the United States and he
shall give TO the United States bond in the pen
atty Of one hundred thousand dollars with not
less than two responsible freeholdcrs as sureties
TO be approved by the Secretary of the Treasury,
conditioned tor the faithful discharge of the du-
ties OF his office. The deputy comptroller ap-
pointed shall also take the oath Ofofficc prescrb-
ed by the Constitution and laws of the United
Stetcs, and shall give like bond in the penalty
OF fifty thousand dollars. The comptroller and
deputy comptroller shall not, either directly
indirectly, be ntcrestedn any ssociation issuing
national currency under the provisions of this
act.
Sec. 2 And be it further enacted, That the
comptroller of the currency, with the approval of
,Nff .l,,
with suitable inscriptions, for his office descrp
tion of which, with a certificate of approval by
the Secretary of the Treasury, shall be filed in the
office of the Secretary ofState with impression
thereof which shall thereupon become the seal of
office OF the comptroller of the currency, and the
same may be renewed when necessary. Every
certificate, assignment, and conveyance executed
by the comptroller, in pursuance of any authority
conferred on him by law and sealed with his seal
Of Office shall be received in evidence in all places
and courts whatsoever; and all copies of papers
in the office of the comptroller, certified by him
and authenticated by the said seal, shall in all
cases be evidence equally and in like manner as
the original. An impression of such seal directly
on the paper shall be valid if made wax
wafer.
Sec g. And be it further enacted. That there
shall be assigned to the comptroller of the
rency by the Secretary of the Treasury suitable
rooms in the treasury building for conducting the
business of the currency bureau, in which shall
be safe and secure ireproof vaults, in which it
shall be the duty of the comptroller to deposit
and safely keep all the plates and other valuable
things belonging to his department; and the
comptroller shall from time to time furnish the
necessary furniture stationery, fuel, lights, and
other proper conveniences for the transaction of
the said business.
Sec. 4 And be it further enacted, That the
term g United States bonds, ~ as used in this act
shall be construed to mean all coupon and regis
tered bonds now issued or that may hereafter be
issued on the faith of the United States by the
Secretary of the Treasury in pursuance of law.
Sec. B. And be it further enacted, That associa-
tions for carrying Oh the business of banking may
be formed by any number of persons, not less in
any case than five.
Sec 6. And be it further enacted, That persons
uniting to form such an association shall, under
their hands and seals, make a certificate which
shall specify
First. The name assumed by such association.
Second: The place where its operations of dis
count and deposite to be carried on; desi-
gnating the State, Territory, district and also
the particular city, town, or village.
Third. The amount of its capital stock, and the
number of shares into which the same shall be
divided; which capital stock shall not be less
population is over ten Thousand persons, the
capital stock shall not be less than one hundred
thousand dollars.
Fourth. The names and places of residence of
the shareholders, and the number of shares held
by each of them.
Fifth. The time when such association shall
commence.
Sixth A declaration that said certificate is
made to enable such persons to avail themselves
of the advantages OF this act.
The said certificate shall be acknowledged be-
fore judge of some court of record or a notary
public, and the ackno wledsement thereof certif-
ed under the seal of such court or notary, and
shall be transmitted, together with a copy of the
adopted to the comptroller of the currency, who
shall record and carefully preserve the same in
his Office. Copies of such certificate, duly certi-