St. Landry democrat., 1882-06-17
The House Bill .Chartering National
Banks.
WASHINGTON, MAY ~.

|
rh. bill "to enable National Banking asso-
| cf,tions to extend their corporate existence"
! rs j, n,ssrd the House to-day provides tn iany
| S,+inr, i-Ruuk ny association may II any tline
within two wears next prey .otls to tn" GATE or
III. v,,iration Of it, corr Ortte existence uilder
| the present law and with the approval OF the
| Comptrnller of the Currency, extend us l'erlon
| of succession by amend ng It's af'lcle' vi ">a'
! chiffon fora term of not more 'h'l twenty
wears from the expiration OF the ptri'o Oh sue
| ccs,ou named in said articles OF aSS"cia'ioh'
| sua shall have success on for slch eHt@iiueu
| ,,n,fnd unless sooner dissolved by act of the
shale. holders owlling tw,'-th'rds OF us s'och' or
,,nI..s IL: franchise becomes forfeited by some
yibiation Of the law.
Section two provides that such amendnehe
,f thc articles of association must be author
| iyua 'y consent IN writing Of the Shiif 1hOiGers
| o,vnino MOI less than twU-thirds OF the capltaI
| stock.
Section three refers to the duty of the Comp
| traIl Ter of the Currency in the premises pro-
vidina for special examination into the aHi'i Is
| Of each association should he deem IL neces-
sury. -
| Section four has reference to the 1nris uc-
| ton of suits by or against Hatloila!- bailh;hs
associations, piucing such SUITS on the SUM-
| footing i'll resp ct to JuFisuctio1i 10 '"''7 ~ Va
| against private banks.
| Section five provides that when any Nation
ol-Dani,iug association has amended its articles
of association, aS provided i'll this act ana
tba Z ,,uutr0 ler has granted his certificate OF
| sI,Droyal any shareholder not asserting 10
! such amendment may give notice III "r!tih2
| TO the Directors With thirty days from tne
, date Of the certificate Of approval OF MS oe-
| sire to withdraw from said associhtioH' III
which case he shall be entitled to wltnora" the
value of the shares so held by him
Se.tiou six is as follows: That the circu-
| lating notes of any ass )ciatlon SO exten'ung
! the periods of its succession which snail oe
| issued to it prior to such extension, snail De
| redeemed at the Treasury of the United States
as provided in section three OF the act OF June
| q 1874 entitled An act fixing the amount of
| United States notes providing for redstrlbu-
ton of the National-Bank currency, and for
| other purposes and such notes, when re-
deemed. shall be forwarded to the Comptroller
| of the Currency and destroyed, as now pro-
yided by law; and when the amount OF such
| notes Shall be reduced to five per cent. OF the
| captal stock of the bank issuing the same, the
association extended shall deposit lawful
| money with the Treasurer OF the tnlted
! States sutficen. to redeem all its outstand-
| ing circulaton as provided in sections e-222,
be24 and 5.225 of the Revised Statutes, and
| any gain that may arise from the failure TO
| present such circulating notes for rede'np-
! ton shall inure to the benefit of the United
| States, and from time to time, as such rt'tes
| are redeemed or lawful money deposited
therefor, as provided by law, such notes shall
! be deposited. new circulating notes shall issue
bearing devices to be approved by the Comp
troller of the Currency as shall make them
readily distnguishabe from the circulating
notes heretofore issued, provided. however,
that each banking association which shall OBJ
| tain the benefit of this act shall pay the cost
| of preparing the plate or plates for such neV
| circulating notes as shall be issued by it, ana
! all other costs incident to the substitution CT
| such new circulating notes for Old in addition
| to the tax now imposed on banking associa-
| tions by law
Section seven has reference to such banks as
do not desire to extend their charters. and ex-
/ tends the franchise of such associations for
the sole purpose of liquidating their affairs I'M
! til such affairs are finally closed.
Section eight is in the following words: THAT
National Banks now organized, hereafter
| organized, having capital of $l50,0l0, or less,
! shall not be required to keep or deposit with
| the Treasurer of the United States United
States bonds in excess of $4,000 as security for
their circulating notes land such of those banks
| having on deposit bonds in excess of that
| amount are authorized to reduce their circlt-
| lation by the deposit of lawful money as pro-
| yided by law
Section ten provides that any National-Bank-
ing association now organized, or hereafter
organized, desiring to withdraw its circulating
notes upon deposit of lawful money with the
Treasurer of the United States, as provided in
section four of the act Of June 20, 1874, entitled
'An act fixing the amount of United States
notes. providing for Il redistribution of the
NatOna-Banl currency, and for other pur.
notice to the Secretary Of the Treasury of its
draw it's circulating notes, provided that not
more than S5.0100OO of lawful money shall be
deposited during any calender month
for this purpose, and provided fur
ther that the provisions of this section
shall not apply to bonds called for redemption
by the Secretary OF the Treasury; but when
the bonds are called for redemption the banks
holding such called bonds shall surrender
them within thirty days after maturity of
their call.
Section eleven provides that ON deposit of
the bonds the association making the same
shall be entitled to receive from the Comp
troller of the Currency circulating notes equal
in amount TO ninety per cent. Of the current
market value. not exceeding par, of the
United States notes so transferred and deliv
ered and repeals sections ), Ill and 5,l15 of the
Revised Statues.
The concluding section reserves tho right tC
Congress at any time to repeal this act and the
act of which it is amendatory.
Another SSplurge' by Guiteau.