New-York tribune., 1875-12-01

The amendments to the banking laws recommended
by the Controller are rs follows: First an amend
mont authorizing the Controller 10 appoint receivers
Of the National banks, whether transactmg business
or IN liquidation, when insolvency shall become
evident from the protest of drafts or of checks
drawn upon such associations: otherwise if after
due examination it shall appear that the assets
insufficient for the liquidation of existing indebted
ness Second, for the appointment Of a receiver
when the charter Of a bank is determined and adj
Judged forfeited by United States Court before
which suit is brought provided in Section 5,239
of the Revised Statutes Third, providing that after
full payment shall have been made of all the debts
of an association an agent may be appointed by the
shareholders of the bank for the purpose Of quidat-
ing its affairs aud d~charging the Controller and the
receiver 10y virtue of such legislation from all fur
theT responsibility.
Fourth for the investment OF the funds on deposit
with the Treasurer in interest-bearDg securities
when dividends are delayed by Of protracted
litigation. Fifth, providing that if any shareholder
or shareholders of banks whose capital stock is i'm
paired shall refuse after three months notice TO pay
their assessments a. provided in Section 5,205 Of the
Revised Statutes, sufficient amount of the capital
stock Of such delinquent Shareholder or shareholders
shall De sold 10 make good the deficiency. sixth an
amendment TO Section 800 Of the Revised Statutes
extending the limit of liability of any association,
person, company, or finn, for money borrowed from
10 per cent of the capital paid in to - per cent of
the capital and surplus for banks situated III the re-
demption cities, and one-tenth of tho capital and
surplus for other banks Seventh, prohibit
ing the deposit of than 10 per cent
Of the capital of a national bank with any private
banker or with any person association other than
q national banking association. Eighth, that no
national bank shall be liable 70 make good any de-
fciency which may hereafter arise in any special
deposit made with such bank unless receipt shall
he ur.lu~ed by the owner Of such deposit, IN which
the liability of the bank shall lie distinctly stated.
Ninth the repeal of the two-cent stamp tax upon
bank checks. Tenth, requiring the word " counter
f,itD or alter.ln or " illegal" TO be stamped on
ali counterfeit or Unauthorized issues. Eleventh,
the rcpeal Of that portion of the section of Revised
Statutes Section g. June II, 1870 providing Tor the
organization OF savings banks III the District OF
Columbia. No amendments were recommended to
the acts Of Jan. 90 1874, and Jan. Il, 1870, with
the exception IF sug yestOn in reference TO tic ex
pense of the redemption Of national bank notes.
In that portion of his report which relates TO ma
tional banks Mr.. Knox las presented an elaborate
historical essay in support of the national banking
,vsten The report has been submitted to several
members of Congress, who state that il s the best
argument for the maintenance OF the national bank
ing system that they have seen. In the course of
the report a very remarkable parallel is drawn "
tween the banking legislation in 1912 and that of
the present day 1t appear, that the general features
of the legislation III 1872 was very similar to the
provisions of the present banking act