Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1892-03-02

treasury notes nave ueeu reQeemeQ, II nj Tor
further use, they shall Immediately be placed
In the permanent loan fund, but If worn or mu-
tlated so as to be unfit for further use as cur
rency, they shall be destroyed and the treasury
notes Of like denominations issued in their
stead, which notes shall be Immediately placed
in the permanent loan fund
Section IL That the secretary of the treasury
shall dis tribute all moneys In the permanent
loan fund among the various government banks
on the following basis: Not less than $4,000
nor more than $4,000 shall be placed in anv
one bank. Between the minimum and maxi
mum here established the amount to be ulaced
in each bank shall be determined by the secre-
tary OF the treasury, who shall base his action
on the comparative population and business re-
qu1rements OF the communities where such
banks are established
Section Is That any person may deposit in
any government bank, to the amount of one
dollar, or more The depositor shall be entitled
to draw interest at the rate of three per cent
per annum; provided that no interest shall be
paid on any deposit that is made for a shorter
period than four months.
Sec. 10. That the United States government
shall be responsible for the safe keeping, and
return to depositors of all moneys deposited
Each bank shall keep on hand to pay depositors
not less than fifteen per cent. of all deposits
made therein.
Sec. 20. That every deposit made In any bank
OF the sum OF s20O or more, for term of one
year or more, shall be known as a long time de-
post, and all such deposits shall be subject to
the order of the secretary of the treasury for
distribution among the various government
banks in like manner as the permanent loan
fund, provided that nc long time deposits shall
be withdrawn without the depositor's giving
thirty days notice to the bank where such do
post was made.
Sec. 81. That every post office of the United
States, outside of the cities and villages where
ant oF lie fnIIf @lAA
receiver Of deposits as follows: All post Offices
OF the first class shall receive deposits in sums
OF $1,000 or less; all post offices of the second
class shall receive deposits in sums of $500 and
less; all post offices of the third class shall re-
ceive deposits in sums of 500 or less all post
omces OF the fourth class shall receive deposits
OF sums OF 200 or less. When such deposits are
made the pos tmaster shall give TO the depositor
receipt TOT the amount deposited, and shall
immediately forward by mail or express such
deposit TO the nearest government bank, upon
the receipt of which, the director of said bank
shall return to the postmaster a receipt for the
amount received; all deposits so made shall
draw interest from date of postmaster receipt
subject to provisions of section 49, of this act
Every postmaster shall be responsible on his
bond to the United States for all deposits while
they remain N his hands
Sec. 2. That any citizen of the United States
may borrow money from any government bank
by giving ample security of personal property
curfty to be not less than three times the
amount OF the loan The bank director shall be
Judge OF the suf1ciency Of all security offered
In estimating the cash value of any property
onered as security, in states where one-third is
the basis Of assessment such cash value shall
not be placed al more than three times the as
sessed value of the same; in states where one.
nan II the basis OF assessment such cash value
Shall not be placed at more than twice the as
sessed value, and in states where twothirds is
the OASIS OF assessment not more than one-half
snail be added to the assessed value. Provided
that no more than S., 900 shall be loaned to any
one person.
SEQ %. That all loans made by the govern
ment banks throughout the United States shall
be at the uniform rate of four per cent per
annum, provided, that when it is fully demon
etrated that decrease in the rate Of interest is
safe and practicable, the secretary of the treas
ury shall order uniform reduction in the rate
OF interest to be made. and such rate shall be
no higher than is sufficient to defray the ex-
penses OF the system; and provided further
that all reductions in the rate Of interest shall
apply 10 the unpaid portion of all loans made
before such reduction is ordered
Sec "A That loans may be made for any
period not less than three months nor greater
than twenty years, and no loans on chatteI Sc
ckrity shall be made for greater period than
one year.
Sec. p. That interest on loans for period of
one year or more shall be due and payable an
nually.
Sec. 20. That in case of loans made for more
than one year the borrower shall, in addition to
the interest, pay not less than five per cent of
the principal at the end of each year, and shall
thereafter pay interest only on the amount of
principal remaining unpaid; provided, that the
borrower shall have the option of paying all the
debt or greater percentage than herein re-
quired at any time
Sec. p. That the chief of the bureau shall es-
tablish the necessary rules and safe guards under
which loaGs may be made in sIr1S of 81 900 a.a
less to assist worthy citizens in the building of
homes.
Sec % That whenever any borrower shall
fal to maize the payments required under
the provisions of this act it shall be the duty of
the bank director 10 proceed to collect the
amount by due process OF law.
Sec %. That after the passage of this act, no
bank shall be chartered under the present ma
uonal bank law, and no charter of any existing
national bank shall be extended.
Sec 30 That all acts and parts of acts in con-
hict with the provisions of this act be, and are
hereby repealed.