The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1882-06-08
NUMBER 10.
AMENDED Nd NATIONAL, BANK BILL.

WASHINGTON, June, 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 19, with, various amendments,
which have been agreed to- BY the Senate COM
mittee. 45i =. b, 49,. .4~,ser,-.z ~. -
~ The following are the important changes
Z made BY the committee: vra7-se ,-.,-.,e5.r =,
d Section Of House bill Is amended by making
{ it mandatory upon the Comptroller of the Cur.
rency, when bank applies for an extension, to
cause special examination to be made, at the
expense of the bank, toadetermine its condi-
tion.0zcT cg esg sffy 14Sy asf7rs al aay.
a Section 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 81 +--ii ..s.,
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 circula-
ton, which was outstanding at the date Of its
extension.
Section is further amended by providing
that the expense of redeeming National bank
notes shall be assessed upon each bank in pro-
portion to the average amount Of circulating
notes outstanding for the ear previous to date
the banks; and that this provision shall apply
to National Banks in process Of liquidation.
Section 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 s, 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 tho Sec
ton, bonds called for redemption by the Score
tary of the Treasury, and requires banks hold
ing such bonds to surrender them within
thirty days. is amended to read as follows:
"SEoTIoN 8. That any National Banking As
sociation 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 T. of
the act of June 20 1874, is authorized to deposit
lawful money and withdraw o proportionate
amount of bonds held as security to its circu-
lating notes in the order of such deposits, and
no National Bank, which makes any deposit Of
lawful money in order to withdraw its crculat-
ing notes, shall be entitled to receive any in
crease in its circulation for period of six
months from the time it made such deposit Of
lawful money for the purpose aforesaid; pro-
vided, that not more than three million dollars
lawful money shall be deposited during any
calendar month for this purpose" oa -
Mr.. Sherman's proposed amendment author
ize the Secretary of the Treasury to issue in e1-
change for Three-and- a-haf per cent. bonds
an equal amount of registered Three-per-cent.
bonds in denominations Of ESQ, $100, e1, 900
and $40 900. sl
These bonds arc to be exempt from State
taxation, and be payable at the pleasure of the
United States, but are not to be called in and
paid 30 long as any bonds rtdsemable at the
pleasure of the Government and bearing o
higher rate of interest shall be outstanding and
uncalled. The last of the bonds originally
issused, and their substitutes, under this pro
posed amendment, to be first called, and this
order Of payment to be followed until al are
paid. '.-