The national Republican., 1867-12-24
As- Letter from Hon. II. n. Hubbard
CoMPTRoLLRR. ---s--=-
O,r,er o, SsissgSs RH;tEsssrS ssssSr

orrIeE OF. .CosrrsoLtns ~ Jn5 Az qustIEEShS q
DRAR Sin: am In receipt OF your letter Of the
soth ultimo, In which you Inquire, us nfnn ,ne re-
sanEs R1s susSofssd iS a. and
II so, are the stockholders responsible for their
inquiry reply sha. Nations, or ss,n..: n,n.:
specided and limited powers. Section 3 Of the
National Currency act defines these powers,
ess 10 undes ths sOt ali .ss
incidental powers as shall be necessary TO carry
on the business Of banking By discoIntins ,1 g and
Change, and s osSep sSidsnces of debt, byreseivins
depo.it.i by buying and selling exchange, coin,
:SS :s.dns Sey md 0p sssns
notes According TO the provisions of this act"
A National Bank may. exercise any or all Of
SsSie securities, plate Of other tkinss, Tor .aie
s.Hn Spss Bss ss G ssH,:s e
tom, and authenticated By judicis decisions, and
deposits Of money payable on demand: If 4
means anything more than this 1t may ineinde
yhn II ,dt,oU 4 mould tRSSss
You you're refer % cannot, NJ then, Be ssnctioned BY this
But esa R0Sss ). sanesoned by the authority con
ferred to exercise such incidental power az
shall be necessary 70 carry on the business Of
vaiuabies may be convenience TO the directors,
| stockholders and customers of bank, but u is
hi n as # Bss there r.
rect limitation to the scope of these Incidental
powers, in the language Immediately following
on tie business Of banking by diseountins prom
issory notes, &c. Is the power to assume the
and o. ~ ys
notes. drafts, BILLS Of exchange, SC Is II neces
sary In order to do any portion Of banking bu-
being authorized by law, Is prohibited. The
enumeration of powers conferred includes the
power to loan money on personal security, J"
tied as though it had been done in 50 many
else only sueb powers as are expressly granted,
and that power not granted Is specifically pro-
hibited. In this view Of the case have no hesi-
rect fransgression Of the provisions Of the Ma.
tional Currency act for a National Bank to as
neoas r @ Tsluabies III Il Is dangerous to - the bank,
and in the nature Of a fraud upon the stock
holders. II the yalusbles are lost through the
clerk, the ofieefs arc undo abtsdiy tablet and ii
| the practice has been sanctioned by the board OF
sS they VII Be ssS and
the affairs OF the bank, I do not question but
that the stockholders would in the end be re-
quired to make good the resulting loss. aEr !
I think the custom a very hazardous one, and
shall do all in my power to discourage iti and,
| under certain ncircumstances, might be compelled
| to proceed against hank for q violation of Its
By voluntary action on the part part Of the banks
Very fs'pe''fqMaIIi r. yf%Sr.ih %psihrnp, Comptroller.
"a ssiS%,r, iSSSrss, ST. cs'Afer First National Bank.
The attention Of depositors Of bond. and other
| valuable packages Is respectfully called to the
above letter from the Comptroller Of the Cur
legal gentlemen have also been Given. In conse-
quence thereof we do not feel justified In longer
| assuming the responsibility of the custody of such
articles. Depositors are requested to withdraw
such deposits now in our possession, at their
convenience, before the lst Day Of January, 1903.
/ WM. 8. HUNTINGTON,
de2l-u Cashier First National Bank.