The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1868-02-21

WlInln Que year aILer Ino passage OF
this act, exchange all bonds heretofore
deposited with or transferred to the
] Treasury of the United States by such
association as security for circulating
notes for bonds authorized by the first
section of this act; and every associa-
ton failing to make such exchange
within the time herein limited, shall
cease to do business as such banking as
sociation, and the Comptroller of the
Currency, with the concurrence of the
Secretary of the Treasury, shall forth
with appoint receiver to wind up the
business of such association, as provided
in said act.
SECTION 4. And be 1t further en-
acted, That so much of section twenty
two of the act entitled Gan act to pro-
vide a national currency secured by
pledge of United States bonds, and to
provide for the circulation and redemp-
ton thereof" approved June Sd, 1854,
as limits the entire amount of notes for
circulation to be issued under said act
to three hundred millions of dollars, be,
and the same is hereby repealed. But
the entire amount of notes for circula-
ton to be issued under said act shall
not exceed foul hundred millions of
dollars, and the same shall be appor-
toned to the several States and Terri
tories and the District of Columbia in
amounts proportionate to the population
thereof respectively, as near as the
same can be determined by the Comp
troller of the Currency. That upon the
transfer and delivery to the Treasurer
of the United States, in manner and
form as provided in said act, of the
bonds of the United States authorized
by the first section of this act, the asso-
citation making the same shall be en-
titled to receive from the Comptroller
ofthe Currency circulating notes of diff
ferent denominations, in blank, register
ed and couutersigned as provided in
said act, equal in amount to eighty per
cent. of the current market value of the
United States bonds so transferred aud
delivered, but not exceeding eighty per
centum Of the amount of said bonds at
the par value thereof; and the amount
of said circulating notes to be furnished
to each association shall be in proper
ton to its paid-up capital as follows, and
no more: To each association whose
capital shall not exceed five hundred
thousand dollars, eighty per cent. of
such capital; to each association whose
capital exceeds five hundred thousand
dollars but does not exceed one million
dollars, seventy per centum ofsuch cap
ital; to each association whose capital
exceeds one million dollars, sixty per
centum of such capital; but not more
than one million of dollars of circulating
notes shall be furnished to any one oil
such associations. And any associa-
ton having more circulating notes than
above provided, heretofore furnished by
the Comptroller of the Currency, shall, |
within one year from the passage of
this act, return the excess to the Comp
troller of the Currency, to be by him
cancelled and destroyed; and if any as
sociation shall failto return such excess,
as above provided, the Secretary of the
Treasury shall retain for the use of the
United States the interest on the bonds
by such association with the
Treasurer as security for such circulat-
ing notes, to the amount of such excess,
and until the same shall be returned.
SECTION 5. And be it further en-
acted, That section thirty of the act en-
titled "An act to provide national cur
rency, secured by pledge of the
United States bonds, and to provide for
the circulation and redemption there
Of" be 50 amended that said section
shall read as follows:
SECTION 80. ind be IL further en-
acted, That every association may take,
receive, reserve, and charge on any
loan or discount made, Or upon any
note, bill of exchange or other evidences
of debt, interest at the rate of seven per
centum per annum, and no more, ex-
cept that when the laws of the State or
where such association is To-
Gated allow greater rate of interest to
be taken by banks organized under
State laws, or by individuals, the rates
allowed in such State shall be allowed
for associations organized in such State
under this act; and the knowingly
taking, receiving, reserying, or charging
by any such association rate Of inter-
est greater than aforesaid, shall be held
and adjudged forfeiture of the entire
debt on which such greater rate of in
terest shall be charged, and in case any
part of the principal or interest of the
debt on which greater interest has
been charged, shall have been paid, the
person or persons paying the same, or
their legal representatives, may recover
back in any action of the debt the
amount of the principal and interest
thus paid from the association taking or
receiving the same: Progided That
such action is commenced within two
years from the time the usurous trans
action occurred. But the purchase, dis
count, or sale of bona fide bill of ex-
change, payable at another place than
the place of such purchase, discount, or
sale, at not more than the current rate
of exchange for sight drafts, in addition
to the interest, shall not be considered
as taking or receiving greater rate of
interest.
The Use OF PEPPER.-Pepper is an
almost universal condiment. Black pep
per irritates and inhames the coating of
:he stomach. Red pepper does not If
ritate, consequently it should be used
instead of black pepper. 1t was known
% the Romans. and has been in the