Essex County herald. [volume] (Guildhall, Vt.) 1873-1964, 1892-12-02
the NATIONAL BANKING ACT.
AMENDMENTS PROPOSED Bf
COMPTROLLER HEPBURN.
lie Would Allow Ii nks to Issue Notes
EQUAL 20 Par Value Of the Bonds.

Mr.. A. b. Hepburn. comptroller OF the
currency. In his annual report, Just sub
milted, makes these important recommends
lions:
/. That the minimum deposit of govern
ment bonds required Of national hanks be
$1,000 IN case OF banks OF sJ0, 900 capitll, and
5000 In case OF banks whose capital exceeds
SJO,OO0.
3 That banks be allowed TO issue cirru-
ating notes equal 10 the par value OF The
bonds held to secure circulation.
3. That the monthly Withdrawal OF honhs
pledged 10 secure circulation shall not cN-
coed 81 500 900 in the aggregate.
1. That the tax on national bank circu a.
ton be repealed The banks have alrtady
paid iuto the Treasury SI26Io,4l2.@ ~ tax,
rs upon circulation. The banks should
only be assessed in amount sufficient TO de-
fray the actual cost to the Government OF
providing circulation.
;. That the limit OF the amount which
may be loaned to any person, company, cor
poration or firm to 10 per cent. of the cap-
tal stock OF the bank be so amended as 10
read capital and surplus and also that an
exception be made in favor OF temporary
loans secured by collateral in our largest
business centres.
4. That the Government issue bonds hav-
ing 20, 80, and 40 years to run at a low rate
Of interest, with which 10 retire the present
bonded debt Of the United States, which
bonds may be used rs n basis TO secure ma
tOnal bank circulation.
The Comptroller shows that hy exchanging
a . per cent. bond, having the same length
of time to run. for the per cent. bonds out
standing at the market value of each on
Oct. 81. 1892 the Government could have
saved $67, l6l ,j5i.41. In addition TO furnish
Ing \ permanent basis for circulation 1t
would prove great saw ing TO the taxpayers
of the country.
:. That the Comptroller of the Currency,
with the approval OF the Secretary OF the
Treasury, be empowered to remove officers
and directors OF banks for violations of law,
leaving the vacancy so caused to be filled III
the usual way, first giving such officers and
directors an opportunity to be heard.
g. That bank examiners be required to
take an oath of Office before entering upon
the discharge OF their duties, and give bond
in such amount aud such suretes rs the
Comptroller of the Currency may require.
., That the Comptroller Of the Currency
be allowed to appoint two general exami-
ners, of conspicuous ability and experience,
to be paid out OF the public funds, whose
duty it shall be to visit, assist and supervise
the various examiners in their several dis
tricts, in order to secure uniformity IN
method and greater efficiency in work.
10. That the law be SO amended AS TO pro
hibit officers and employees of bank from
borrowing its funds in anv manner except
upon application to and approval of the
BOARD of Directors,
II, That. in order to facilitate the collec
lion of assessments upou stockholders of
failed national banks, the receivers OF such
banks be required to ile with the County
Clerk or Register of each county in which
any stockholder may reside, stateraent
showing the names of the stockholders who
reside In such county and the amount of the
stock held by them. respectively, the filing
OF such statement To constitute lien upon
any reality of said stockholders. which lien
NAV be vacated upon motion aud giving
nroner bond and shall he DISCHARGED Iy the