Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-06-02
Bank Charter BIZ.

WASHINGTON, June 1.-The Dill To enable
national banking associations to extend their
corporate existence, reported to the senate by
Senator Allison to-day, is the bill which passed
the house May 10, with various amendments,
which have been agreed to by the senate CON-
mittee. The following are the import snt
changes made by the committee
Section of the house bill is amended by
making it mandatory upon the comptroller Of
tde currency, when bank applies for an cx-
tension, to cause special exaninat N to be
made at the expense of the bank to. determine
It's condition.
Section is amended by providing that no
attachment, Injunction or execution shall he
issued against such national banking asso
citation or its property before the final judg-
ment in any such action or proceeding, in any
state, county or municipality.
Section is amended by requiring each bank
at the eud of three years from the date Of the
extension of its charter, to deposit lawful
money with the treasurer of the United
States sufficient to redeem the remainder of
its circulation which was outstanding at the
date of It's extension.
Section is further amended by providing
that the expense of redeeming national bank
notes shall be assessed upon each bahk in
proportion to the average amount of circu-
oil The assessment, as determined from re-
ports of banks, and this provision shall ap-
ply to national banks in process of liquIda-
ton.
Sec. s is amended by incorporating the pro-
vision that all banks making deposits for the
reduction of their circulation, shall pay the
assessment for the cost of transporting and
redeeming their notes as specified in section
of the act of June so, 1874.
Sec q Of tha hnucn hill rnorirac hop
desiring to withdraw their circulation to give
ninety days notice to the secretary of the
treasury of their intention to do SO and which
eXempts from the provisions of the section
bonds called for redemption by the secretary
OF the treasury and requires banks holding
such bonds to surrender them within Thirty
days, is amended to read as follows:
Sec. 8. That any national banking assOci-
alton now organized or hereafter organized,
desiring TO withdraw its circulating notes
upon deposit of lawful money with the treas
urer of the United States as provided in Sec
lion of the act of june 20, 1874, is author
lied to deposit lawful money and withdraw
proportionate amount of the bonds held as
security for its circulating notes in order of
each deposit, and no national bank which
makes any deposit of lawful money in order
to withdraw its circulating notes shall be en-
titled to receive an increase of its circulation
for the period OF six months from the time it
made such deposit of lawful money for the
purpose aforesaid; provided that no more
than $S,0e0,000 lawful money shall be de-
posted during any calendar month for this
purpose.
Sherman's proposed amendment authorizes
The secretary of the treasury to issue in ex-
change for 3H per cent. bonds an equal
amount of registered per cent. bonds in de-
nominations of $50, S1O0, 81 900 and $4,000.
These bonds are to be exempt frem state
taxation and to be payable at the pleasure
of the United States, but are not to be called
in and paid so long as any bonds redeemable
st the pleasure of the government and bear.
ing higher rate of interest shall be outstand-
ing and uncalled. The last of the bonds
originally issued and their substitutes under
his proposed amendment are to be first called
in the order OF payment to be followed until
all are paid.
BANK CHARTER EXTENSION.
The senate finance committee to-day finished
consideration of the bill to extend the charters