New-York tribune., 1882-02-08

pears to him that said association Is in satsfactory
condition he shall grant his certificate OF apProsa
yided for i'm the preceding Section ana IL appears
be condition Of said association II not satisfactory ne
shall withhold such certificate OF approval ., ,d
SEC 4. That any association so extending lno PeIVt
of Its succession shall continue to enjoy all the rights
and privileges and immunltes gtahleu anu Snai Col
rnstrictions imposed by the Revised Statutes OF the
limited STATES and other acts having reference 10 Ma
in MI rspccts the identical association it was before the
extension of its period of succession, Win the sae
sFC 4 When any National banking association mas
amended it's articles of association as provided IN lls
ACT and the Controller has granted his certhcate OF
approval any shareholder not asserting 10 sch aehn
may give notice IN writing 10 We Ieoops 20 i m.,
OF his desire to withdraw from sueh assoU"tloi ~ i
in which case shall be entitled to receive from s%d
banking ASSOCIATION the value Of the shares so heh ny
HIM to he ascertained by an appraisal Iade Dy conu
Tee If threr nersons-One o be selected by such share
holder one 6y the directors, and the trd ny tue hr7
two-nnd IN the value go liked shall not pe salis
Satr to auv snch ahareholder he may appeal to the
Controller of the Currency who shall cause redPPtalsa
To be made which shall be final aud bindings aud II sald
,o ,r,eo shall xcred the value fixed by said commit
Tee the bank shall pay the expenses Of SAID reapprasa
and otherwise the appellant shall pay salu IN b
and The value 30 asctrtaned and determined shaii Pe
deemed a debt due to said shareholder rom sai
bank until paid, and the sharee so surIenlGrfWo W anc
appraised. shall after due notice be sofa Gt pun H
wiinin thirty days after the final appraisal pro'uc" III
this section. - -..o.,,
SIC. g. That the circulating notes OF any assQci-
tion so extending the period of It's succession when
snail been ISSUED to it prior to such extension si'
provided in Section the Act OF June 20 1871 en-
tited IAN Act liking the amount Of Unite1 staIeI
notes, providing TOR redistribution .ol N"'oI1 n
bank currency and other purposes and s9ch
notcs, wncn redeemed, shal De ,IolWaIu'u
TO the Controller OF the currency ana ucsIoJ cu as
now provided by law; and when the amount oI sncn
notes shall be reduced TO I'VE per cent OIL tue cnpa a.
stock OF the bank Issuing thc same, tnc ass % =. ra
extended shall deposit lawful money Win tht lrCuS
urer OF the United states sufficient % redeem an oi its
onstanding circulation az provided in sections o222
5224 and 522j oi Revised statutes; aud any gam
present such circulating notes for redemption
snail inure to the dement's oil me UhIed o,at'a1
and from time time sucn notes are redeemed OF
lawful money deposited THEREFOR as provided Oy raw,
sucn notes snail oe replaced by new crcAtlhE hVes
bearing such devices 10 be approved Dy tue
oi the Currency as shall make them readily distinguish
able f.Om circulating notes heretofore l7su'u -,
SIC T. National banking associations who's, cor
existence shall expire, aud winch do not aIa heuel'V9
the provisions OF tins act sdi pr , 10 W H.
Revised Statutes in the same manner as II the ssi %
holders HAD voted to 20 mo liquidation as proDeu ~
of sections 522l and 5225 OF the Revised Statutes sha
also be applicable 10 sucn associations
long and interesting majority report accompanied
the BILL which the committee discusses and ueiehu'
the National banking system.
The report at some length the work the Ma
tionaI hanks have accomplished and claims that while
the necessity which called the National banks into eX
lstcnce has ceased to exist, there are other
and greater advantages accruing from the
system which still warrant their continuance
BY the terms OF the National Banking Act the author
lied duration OF a banking association was limited TO
the period OF twenty years. This limit has been
reached The charter OF association has already
expired. During the year ending February 20, 1885,
IN. sc nks have capital Of S9O.01O $50, and bank
mote circulation Of T69 609So ltsapparcnt that some
definite action should be taken BY Congress WITH
"nt dclav II there is to be legislation cxten ling
charters it should be known by me banks az once,
and IL such legislation is deemed Inc Npedient the decsOu
s!ouu e pdyaltaces atfcn ling the extending
nj National bank charters which cannot he gained by
any reorganization OF the banks under the most
TGo National banks hold undivided profits and sur
plus in addition to their CaPitIl Amounting to over
900 900 Had it not been for This fund of undi-
yed earnings very many Of the banks would nave bech
unabe successfully to meet the huarcal disasters
and losses following the panic OF 1873. during
me four years 1876 to 1879, inclusive, the loses
of the National banks, through the failure 9f debtors 10
nav their obligations, aggregated So 9i3O69 Huch.
however was the strength afforded TO these institutions
by the fund of undivided earnings that no serious con
sequences followed. The refusal or hGSrct 10 eAt1u
existing organizations compcs the division ol llI1
accumulated surplus. The new bank ORGANIZATIONS %lil
ability meet losses than the banks whose places theS
The report rccltes the advantage TO result from con
tinung he present system and dsposrS o me %
which have been urged against IT, BY continuing the
charters, banks wnch nave Eiihrd eooh I'l',,,, ,
viii reap the advantages therctrom; the EXPENSES
and inc whg gT te fru. funds nycsec
in National bank stock can legally continue uuicr tnr
organizations The b reported protects the Interests
the minority shareholders who dc NOT desire a cor" @
tiuuauc beyond the gina terms 0 the charters ana
a,o protects the majority stockholders RON t" poWrr
of The minority dictate unreasonable ana oppressive
terms In conclusion, the report -4y-: ,
In forming Judgment of the wisdom or the ptoPoSt4
Ia-ation cxtrudng the corporate existence OF National
buuk, n is proper cOusdc what etcci the lIIc O
CONGRESS to act will have upon the paper cicuaoh VI
I'm, country In the absence o. any authority 10 CON
tiuuc their business, within the next twelve months o.,
banks must 20 INTO liquidation Ihs WIN c33hP'i 'uo
withdrawal of SGglGO,9SO OF lawful money
now IN active circulation, in order 10 procure
700 UniteI states bonds lodged WI @ .,c
Controller when the liqudating banks viii wlthdIdW
for sale aud the purpose O closing their affairs auu
making vision Ji their assets. pom one sn-i' u'S
February p. l~e3-the charters of 297 banks WlutA
uirp involving a return 10 the Treasury OF N)ioVuVoo
II is NOT difficult to conjecture the Influence "l HIcn
contraction Of the currency upon the business oi tHc
country and the values Of property. Even II tNeIy
N1tioutl bank should rcOrgauiZc by forming ne" aS
soratlun under the existing law, the deposit ol uL1
tender notes or lawful money must pTcccde the WIN
droal of the United states bonds held 10y the Govern
mcnt which withdrawal becomes necessary III the set
Element of the affairs Of the bank.
Representative BucAncr, who granted permission
by the committee make minority report, IepOIlcu
a substitute "A bill which ordered TO De pflulod IN
connection with the majority report.