The Eaton Democrat. (Eaton, Ohio) 1875-1903, 1882-06-08
AMENDED NATIONAL BANK BILL.

WASHINGTON, June 1.-The bill to enable
National Banking Associations to extend their
corporate existence, reported to the Senate by
Mr.. Allison to-day, is the bill which passed the
House May 10, with various amendments,
which have been agreed to by the Senate COM
mittee
The following are the important changes
made by the committees:
Section of House bill is amended by making
it mandatory upon the Comptroller OF the Cur
rency when a bank applies for an extension, to
cause special examination to be made, at the
expense of the bank, to determine ifs conoi-
ton.
Section 4 is amended by providing that no
attachment. Injunction or execution shall be
issued against such National Banking Associa-
ton, or its property before final Judgment In
any suit, action or proceeding in any State,
county or municipal Court.
Section is amended by requiring each bank,
at the end of three years from the date OF ex-
tension of its charter, to deposit lawful money
with the Treasurer of the United States suf-
fcient to redeem the remainder OF its clrcula-
ton, which was outstanding at the date Of its
extension.
Section is further amended by providing
that the expense Of redeeming National bank
i notes shall be assessed upon each bank in pro-
portion to the average amount OF circulating
notes outstanding for the ear previous to date
of assessment, as determined from reports OF
the banks; and that this provision shall apply
to National Banks in process Of liquidation.
Section 8 is amended by incorporating pro-
vision that all banks making deposits for re-
duction of their circulation, shall pay an as
sessment for cost of transporting and redeem
ing their notes, as specified in Section 8, Of the
! act of June 80, 1874.
| Section of the House bill, which requires
| banks 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 SEQ
tion. bonds called for redemption by the Secre-
tary Of the Treasury, and requires banks hold
; ing such bonds to surrender them within
thirty days, is amended to read as follows:
! "SECrIoN 9. That any National Banking As
sociation now organized, or herea1ter orgam1eo
| desiring to withdraw its circulating notes, upon
deposit of lawful money with the Treasurer Of
the United States, as provided in Section 4, o.
the act of June 40, 1874, is authorized to deposl
lawful money and withdraw q proportionat'
amount of bonds held as security to its circu
lating notes in the order of such deposits, ant
no National Bank, which makes any deposit O.
lawful money in order to withdraw its circulat
ing notes, shall be entitled to receive any In
crease in its circulation for period OF 81,
months from the time 1t made sucn deposit o
lawful money for the purpose aforesaid pro
yided, that not more than three million dollar
lawful money shall be deposited during an
calendar month for this purpose.
Mr., Shermans proposed amendment author
ize the Secretary of the Treasury to issue IN 81
change for Three-and. a-half per cent. bond
an equal amount of registered Three-per-ceni
bonds in denominations Of $50, $100, $l,0o
and $40, 900.
These bonds are to be exempt from Stat
taxation, and be payable at the pleasure OF u
United States, but are not to be called IN an
paid so long as any bonds redeemable at th
pleasure of the Government and bearing
higher rate Of interest shall be outstanding an
uncalled. The last of the bonds original
issused, and their substitutes, under tins pr
order of payment to be followed until al a
paid.