The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1882-05-20
The National Banks can con-
tinue their existence.
The Democrats attach Impor-
tant amendments
So that the Law is a Better
One.
Criminal News large this
Morning.
Foreign Facts, -Rumors about
the Assassin.
General Home News, ,-Finan-
ciaI, Accidental.
WASHINGTON.
THE NEW BANKING LAW.

THE NEW BANKING LAW.
WASHINGTON, May 1e.-The bill to ena
BILE national banking association to extend
corporate existence as it passed the House
to-day, provides that any national bank
association may at any time within two
years next previous to date of expirati on
of its cooperate existence under the pres
ent law and with approval of comptroller
of currency extend its period of succession
by amending its articles of association for
a term of not more than twenty years from
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
shareholders owning twothirds its stock,
or unless its franchise becomes forfeited
ment articles of association must be au-
thorized by consent in writing of the
shareholders owning not less than two
thirds of the capital stock.
Sec. 8 refers to the duty of the comp
troller of currency in the premises, pro-
viding for special examination into affairs
each association, should he deem 1t neces
sary. Sec. 4 has reference to jurisdiction
of suits by or against national banking as
sociations, placing such suits on the same
footing in Jurisdiction as suits by OF
against private banks. Sec. provides
that when any national banking associa-
ton has amended its articles of association
ais provided in this act and the comptroller
has granted his certificate of approval, any
shareholder not asserting to such amend
ment may give notice in writing to the di
rectors, within thirty days from date of
certificate of approval. of his desire to with
draw from said association, in which case
he shall be entitled to withdraw value of
shares as held by him.
Sectien-6 provides for issuing new CIR
enlating notes to replace old, Sec. Z has
reference to such banks as do not desire to
extend their charters, and extends the fran
chises of such associations for the sole pur-
pose of Iquidating their affairs until said
affairs are finally closed. Sec. s is as fol
lows: sThat national banks now organ
lied and hereafter to be organized having
capital of $50, 900 or less, shall not be re-
quired to keep or deposit with the treasurer
of the United States, Z. s. Bonds in excess
of $4,000 as security for their circulating
notes, and such of those banks having Il
deposit of bonds in excess of amount due,
are authorized to reduce circulation by de-
posit of lawful money as provided by law. .
Sec. 10 provides that any ysnational bank
ing association that is now or hereafter to
be organized desiring to withdraw circula-
ting notes upon deposit Of lawful money
with treasurer of the United States, as pro
vided by Sec. 4~act of June 90, 1874, en-
titled an act fixing amount of U. S.
notes providing for the redistribution
of national bank currency and for other
purposes, shall give ninety days
notice to the Secretary of the Treasury of
its intention to deposit lawful money and
withdraw circulating notes providing; that
not more than Sc, 600, 900 of lawful money
be deposited during any calendar month
for this purpose. and provided further that
the provisions of this section shall not ap-
ply to bonds called for redemption by the
are called for redemption banks holding
such called bonds shall surrender them
within thirty days after maturity of this
call Section Il provides that on the de-
post of bonds the association making it
shall be entitled to receive from the comp
calculating notes of equal the amount
to ninety per ceut. of the current market
value not exceeding the par value of
United States bonds SO transferred and
delivered and repeals, SECS 5171 and 51f.
revisd Statutes Concluding sections re-
served the right 10 repeal this act of it is
amendatory
Sec. is that circulating notes of any as
sociation SO extending the period of its sue
cession which shall be issued to it prior to
such extension shall re redeemed at the
Treasury of the United States as provided
in Sec. 8 of act of June 20, 1874, entitled
IAN act fixing amount of U. S. notes pro-
viding for redistribution of national bank
currency" and for other purposes, and such
notes when redeemed shall be forwarded
to comptroller of the currency and destroy
ed, as now provided by law. And when
the amount of suca notes shall be reduced
TO per cent of capital stock of the bank is
suing the same, the association extended
shall deposit lawful money with the treas
urer of the United States sufficient to re-
oeem all its outstanding circulation, as pro
Vlded in Secs. 5722, 1924, 522t
revised statutes. and any gain tha'
may arise from failure to present snel