The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-01-19
GENERAL WASHINGTON DISPATCHES.

ORGANIZATION OF NATIONAL BANKS UNDER TIE
NEW Law.
The Comptroller OF the Currency Is receiving
many letters or inquiry In reference to the organi
zarlon OF national banks under the &C. OF January
II, 1875. Applications for this purpose should be
made TO the Comptroller. giving the names OF not
less than five shareholders OF the proposed bank,
with an accompanying letter from the Senator or
member OF Congress OF the district in which the
bank il located, certifying to the character aud
responsibility Of the applicants. The applt'
cation VIII then be considered and granted,
and the necessary forms for the organi
zation OF fhe bank Immediately transmitted.
The limit TO the aggregate amount OF national
bank notes, which has heretofore been 1884, 000 900,
IL removed by the recent act, and national banks
may now be organized In any State Of the Union,
subject to the restrictions and provisions OF the
National Bank act. The proportion OF the circu-
lation which may be issued by banks organized
previous to January IL, 1870, is as ioows:-BanKs
ha wing q capital not exceeding $4,000, ninety per
cent or sucn capital; banks having capital OF
$500 900 10 ST. 100000, eighty per cent; banks
ssoooooo seventy per cent md snose Of more
than $3.OO0O0O, sixty per cent OF sucn capital.
Inc circulation OF national banks organized SUB
sequent July H. 1870. IL limited to $500.0o0 by
au act OF that date. which provides that no bank
ing association, hereafter organized. shall have
circulation IN excess OF 100000 The only bonds
now recoverable as security or circulation are
United States i've or six per cent bonds, uearing
interest In coin, and the amount or circulation
issued IS at the rate OF ninety per cent OF the par
value or these bonds.
THE SUPREME COURT DECIDES THE LEGAL
VALUE OF THE FRENCH FRANC IN FAVOR OF
THE GOVERNMENT.
In the case OF Arthur, Collector OF New YORK, VS..
Richard h Iselin. which involved the value of the
franc In invoices of foreign goods, Justice Bradley
to-day delivered the opinion OF the Supreme Court
TO the effect that the statute OF March 8, 1873,
governs the case, and that the terms OF that
statute are quite clear and its meaning unmis-
taxable. They are-"The value OF foreign coin, as
United States, snail be that OF the pure
metal OF such coin OF the standard value.
THIS basis of comparison excludes bepased
or aDraided coin OF diminished value, and
makes the coin OF iuli standard value, and the
amount OF pure metal therein the basis Tor ascer.
tanning the value OF foreign money. Tue gold
COINS OF different countries are properly used for
this purpose where they exist, because gold has
become the principal medium OF ~ International ex-
change. According to tins rule the French
worth nineteen cents three mills. as ascer-
tanned oy the superintendent OF the Mint
anu published by the secretary OF the Treas
ury. rnis Is toe value cOntended Tor oy
the government. The statute was evidently
INTENDED TO be general amt mandatory, aud 10
Inconsistent with previous statutes fixing differ
ent values. The second secLIou OF the act, la nX-
ipg the value OF the pound sterling adopts pre-
ciseiy this principle or comparing me amount OF
pure metal IN standard CONS OF the two countries
Ia the custem nousss - well as the VALUATION Of
- cSsSsss 10 y SsvS Sss sane inssrprssstsoi.