New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-06-18
THE NATIONAL CURRENCY.

The following is the text of the National
Currency Act, as ii passed the Senate yesterday:
SECTION /. BE it enacted, de-, That every National
Banking Association seiecteu az uol%rl,t" " p' uJ
Currency Act shall deposit United states bonds as Sc
curity for such deposits; and Whenever the pubic
moneys deposited such association shall exceed 80 per
centum Of the par value Of the bonds 80 held by the
Treasurer security 10 shall he the duty OF the Treas
urer forth WITH by draft otherwise, TO reduce the
amount Of such deposits 70 sum not exceeding 10 per
centnm of the bonds deposited herein specified. IL
ans person agent Of any association designated as
depository OF public moneys shall pay or OHer 20 pay any
money or other valuable consideration either directly or
indirectly for the purpose of obtaining retaining de
posts public moneys, any officer or agent OF me
Goyernment shall receive any money other valuable
Considerations directly indirectly, for making such
deposit Of public moneys such oncer or agent sha DC
thereof shall be punished by fine OF not less than VI O
imprisonment for not less than one year nor more thah
SIC Q And DC Il further enacted That section AZ OF said
act be amended to provide within 20 days from the
date OF the notice served upon the Controller Of the Cur
rency by any National Banking Association, that ITS
shareholders have voted TO go into nqudaion ~ pro
vded in said section the said association shall pay over
10 the Treasurer Of the United States the amount OF It's
outstanding notes In lawful money OF the United states
and take the bonds which said association mas on de
post with the Treasurer for the security Of W circulating
notes which bonds shall be assigned 10 the bank In the
specified In the 18th section Of said act IN default
OF which the Controller shall sell said bonds the highest
bidder public auction, at the Stock Exchange, I'm the
City OF NewYork and from the proceeds thereof shall
pay the Treasurer Of the United States IN lawful
@S%Dt equal ,uc to the G%5
and shall pay any surplus remaining 20 the
officers OF the association and any association which has
heretofore gone liquidation, under the provisions OF
the section 90 which this amendment shall pay
10 the Treasurer lawful money equal In amount 10 It's
outstanding circulation, within 30 days from the date OF
the passage OF this actin default OF which its bonds shall
be sold above provided and from that time the ont
standing shall be redeemed at the Treasury OF the
limited States and the said Association and the share
holders thereof shall be discharged from all liability
therefor
pyopided That any association winding up its affairs
for the purpose OF consolidation with another bank shall
mot he COMPELLED pay 10 the Treasurer OF the United
states amount Of It's outstanding circulation In lawful
nonev nor shall It's bonds be sold as above provided.
SEc And be Il further enacted That there shall DO
allowed "a Receivers OF National Banking associations,
nointed I'm accordance with the provisions of the Ma
snnaI Currency act IN full compensation for their
o,nisson of per the first 100000; commits
sion of One-half of per cent upon al sums ABOVE tOo
600 II not exceeding s90G commission OF OhequaIter
~ ner cent all sums over tOOO tnat may DE col
CoptToler az the Currency out OF any moneys realized
fom te assets OF the bank so In the h.nus OF the To-
ca,ver Provided, That the payment OF One-baI zoe
Communications may be reserved IN e discretion OF ue
i sn shall then be paid to the receiver or IN case
more than one receiver has acteu, Sa I'M o pc
annos4iOped among the several receivers py no or III
t,oler "a fine Currency according 10 equity, eu ~ "a,
receivers appointed aforesaid bhaiI p9 % 49, ha
cefS or agents OF the Government aud sna' La ,av
rt N ming sus I'm the United States courts anu may
invest the assets OF the bank, IN Their hhhs ~ rs IN
tLe United States while tire affairs OF the paa . az
h0uidatiOn. which bonds snail dc uePOsiVcu - tbs
Treasurer the United States subject 10 the n aIso
Controller OF the Currency and the receivers s
a the Controller. OF al theII dCte
ceedjnps and the Controller shall be autIOIlleu
such bonds from time 10 time III OfueT 70 sn % ,hc
deud and payments provided for In the 6Oth a. -
net 10 which tins act Is supplementary ana tne
the limited States District Court for the DlslcI III
such suits arc brought shall fx the fees Or cOmpeDo"