The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1882-05-26
NATIONAL BANKS.

The Bill Passed by the Lower Nonse
Of Congress for the Renewal at . heir
Charters.
The "bill 10 enable misunderstanding assoc,
atoms to extend their corporate existence" as
it passed the lower house Of Congress, provides
that any national-banking association may at
any time within two years next previous to the
date of expiration OF its corporate existence
under the present law, aud with the approval Of
the Comptroller Of the Currency, extend its pc
rod OF succession, by amending its articles Of
association, for not more than twenty years
from the expiration of the period Of succession
named in said articles OF association. and shall
have succession for such extended period unless
sooner dissolved by act OF the shareholders
owning two-thirds OF its stock, or unless its
franchise becomes forfeited by some violation
Of law. Such amendment Of articles Of asso-
cation must be authorized by the consent in
writing OF shareholders owning not less than
two-thirds Of the capital stock.
Section refers to the duty Of the Comp
troller of the Currency In the premises, provid-
inc for special examination into the affairs Of
each association should he deem 1t nee ssary.
SECTION has reference to jurisdiction Of suits
nv or against national banking associations
placing such suits on the same footing In re-
spect TO jurisdiction as suits by or against
private banks.
banking association has amended Its articles Of
association as provided in this act, and the
Com otroller has granted his certificate OF ap-
prevail. any shareholder not asserting to such
amendment may give notice III writing TO the
Directors, within thirty days from the date Of
the certificate Of approval, OF his desire TO
withdraw from said association, IN which case
he shall be entitled to withdraw the value Of
the shares so held by HIM.
Section Ia as follows "That circulating
notes of any association 80 extending the period
of it's succession which shall be issued to it
prior 10 such extension shall be redeemed at the
treasury OF the United States, as provided in
section Of the act OF June TO- 1874, entitled
An act fixing the amount OF nalional-bank
currency, and for other purposes, ana such
notes. when redeemed, shall be forwarded to
the Comptroller Of the Currency and destroyed,
as now provided by law. And when the amount
OF such NOES shall be reduced TO per cent. OF
the capital stock OF the bank issuing The same
the association extended shall deposit lawful
money with the Treasurer OF the United States
sufficient to redeem all ITS outstanding circu-
lauon, as provided III sections 5,222,
1924 and 1925 OF the Revised Statutes
and any gain that may arise from failure to
present such circulating notes for redemption
shall inure To the benefit OF the United States,
and from time to time as such notes are re-
deemed or lawful money deposited therefor, as
provided by law, new circulating notes shall be
issued, bearing such devices, 10 be approved by
the Comptroller of the Currency as shall make
them readily dstine Unstable IRON 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 new cir
culating notes as shall. be Issued by H. and all
other costs incident to the substitution of such
.,lottr IN
tax now imposed on banking associations by
law"
Section has reference to such banks as do
not desire to extend their charters, and extends
the franchise of such associations for the sole
purpose of hqiidating their affairs until such
affairs are finally closed.
Section Is III the following words =" That a
national bank now organized or hereafter Or
gained, having capital OF $50 600 or less,
shall not be required to keep OH deposit with
the Treasurer OF the United States United
States bonds in excess of So 900 as security for
their circulating notes; and such of those banks
having on deposit bonds i'll excess of that
amount are authorized to reduce their circu-
lation by deposit OF lawful money as provided
by law"
Section 10 provides that any national-bank.
ing association now organized OF hereafter or
gained, desiring to withdraw its circulating
notes upon deposit OF lawful money with tho
Treasurer Of the United States rs provided in
section Of the act of June 20, 1874, entitled
"An act fixing the amount of United 81 ates
notes. providing for redistribution OF national
bank currency, and for other purposes"
shall be required to give ninety days
notice to the Secretary Of the Treasury
of its intention 20 deposit lawful money and
withdraw its circulating notes Preceded That
not more than S5,000,000 lawful money shall
be deposited during any calendar month for
this purpose ; and preceded further, that the
provisions Of this section shall not apply to
bonds called for redemption by the Secretary
Of the Treasury, but when bonds are called for
redemption banks holding such called bonds
shall surrender them thirty days after maturity
Of their CALL
Section IL provides that, OH deposit of the
bonds, the association making the same shall
be entitled to receive from the Comptroller Of
the Currency circulating notes equal in amount
to 80 per cent. of the current market value, not
exceeding par, of United States bonds 10 trans
ferred and delivered, and repeats sections s, III
and 8, l76 OF the Revised Statutes.
The concluding section reserves the right OF
Congress at any time to repeal this act and acts
OF which il ~ amendatorv
MAJOR, see two cocktails carried
to your room every morning, as if you
had some one to drink with" EYES,"