The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1866-12-18

spurious circulating note, issued or purporting
! to have been issued as aforesaid, knowing the
same to be falsely altered spurious, every such
person shall be deemed and adjudged guilty OF
felony, and being thereof convicted by due
course OF law, shall be sentenced to be imprison-
! ed and kept at hard labor for period not less
than five years nor moro tha' fifteen years, and
! to be fined in u sum not exceeding one thousand
dollars.
Sec So And be it further enacted, That if any
person shall make or engrlvc, cause or procure
to be made Or engraved, or shall have III his Gus
tody or possession any engraved plate or olock
after the similitude of any plate from which any
circulating notes issued as aforesaid shall have
| been printed, with intent to use such plate or
block, or cause suffer the same to be used, in
forging counterfeiting any OF the notes issued
as aforesaid, shall have in his custody or pos
sion any blank note or notes engraved and print
ed after the similitude of any notes issued as
aforesaid with intent to use such blanks, or cause
or suffer the same to be used, in forging or coun-
terfeiting any of the notes issued as aforesaid OF
shall have in his custody or possession any paper
| adapted to the making of such notes, and slmllar
| to the paper upon which any such notes shall
| have been issued, with intent to use such paper
or cause suffer the same to be used, III l"ISlhS
counterteiting any of the notes issued as aore,
| said, every such person, being thereor eohslcteu
by due course of law. shall be sentenced to be i'm
| priSOned and kept to hard labor for term not
| less than five nor more than fifteen years, ana
! fined in sum not exceeding one thousand dol
| lars.
Sec. SO. And be it further enacted, That suits,
! actions and proceedings by and against any as
SOciatOn under this act may be had IN any circuit
district territorial court of the United States
held within the district in which such association
may be established.
Sec 60 And be it further enacted That it shall
be the duty of the comptroller of the currency to
report annually to Congress, at the commence
ment of its session.
First. A summary of the state and condition of
every association from whom reports have been
received the preceding year. at the several dates
to to which such reports refer, with an abstract OF
them, of the amount of their debts and liabilities,
the amount of circulating notes outstanding, and
the total amount of means and resources, specify
ing the amount of specie held by them at the
times of their several returns, and such other in
formation in relation to said associations as, in
his Judgment may be useful.
Second. A statement of the associations whose
business has been closed during the year, with
the amount of their circulation redeemed, and the
amount outstanding.
relative to banking by which the system may be
improved, and the security of the bill-holders and
depositors may be increased.
Fourth. To report the names and compensation
OF the clerks employed by him, and the whole
amount of the expenses of the banking depart
ment during the year; and such report shall be
made by or before the fist day OF December in
each year, and the usual number of copies for the
use of the senate and house, and one thousand
copies for the use of the Department, shall be
printed by the public printer and in readiness for
distribution ca the first meeting of congress-
Sec. 81. And be it further enacted, That any
banking association or corporation lawfully in
of January, Ammo Domini eighteen hundred and
iXty-thrce, organized in any state, either under
special act of incorporation or general bank
ing law, may, at any time within years after the
passage of this act become an association under
the provisions o. this act; that in such case the
certificate of association provided for by this act
shall be signed by the directors of such banking
association or corporation, and in addition to the
specifications required by this act, shall specify
that such directors are authorized by the owners
of two thirds of the capital stock of such banking
association certiH-
cate of association, and such certificate OF associa
ton shall thereafter have the effect, and the
same proceedings shall be had thereon, as is pro-
vided for as to other association organized under
this act And such association or corporation
thereafter shall have the same pow ers and rv-
leges, and shall be subject to the same duties,
responsibilities, and rules, in all respects is
[arrl prescribed in this act for otler association
organized under it, and shall be he Id and regard
cd as an association under this act.
Sec. 62. And be it further ed, That any
bark or banking association, auth by any
State law to engage in the business OF banking
and duly organized under such Sta tc law at the
time of the passage of this act, and which shall be
the holder and owner of United st ates bonds to
the amount of fifty per centUm of its capital stock
may transfer and deliver to the tie asury of the
CnIted States such bonds, any pa ri thereof, in
the manner provided by this act; AN upon max
ing such transfer rand delivery, su III bank or
banking association shall be entitled to receive
from the comptroller of the currency. circulating
notes, as herein provided, equal in amount 10
eighty per ccnfum of the amount of ii le bonds so
transferred and delivered
See: 63 And be it further enacted, That upon
the failure of any such State bank ba mixing
sociation, to REDEEM any its circulating notes
issued under the provisions of the preceding sec
ton, the comptroller of the currency shall when
satisfied tlat such default has been made, and
within thirty days after notice of such default,
proceed To declare the bonds transferred and de-
livered to the treasurer, forfeited to the: United
States, and the same all thereupon be forfeited
accordingly. And thereupon the circula ling notes
which have been issued by such bank o banking
association shall be redeemed and {,aid AT the
treasury of the United States, in the S anne man
ner as other circulating notes issued under the
provision of this act redeemed anti paid.
Sec. "a. And be it further enacted, That the
bonds forfeited us provided in the lasi preceding
section, may be cancelled to an amou. 1T equal to
the circulating notes redeemed and pa id. or such
bonds may be sold, under the direc lion of the
Secretary of the Treasury, and after re tanning out
OF the proceeds sum sufficient to pa the whole
amount of circulating notes, for the redemption
of which such bonds held, the sur plus, if any
remains, shall be paid to The bank or banking as
sociation from which such bonds wert received.
Sec. 65. And be it further enacted, That Con-
greSS reserves the right. at any time to amend,
alter, repeal this act.
Approved, February 25, 1868.