New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-12-22

lV1L w SISAS
association. may be returned to the Controller or
the Currcncy for destruction and reissue as now pro-
! vidod by law.
/ Sec : That in order to provide safety fund for
! the prompt redemption Of the circulating notes
of failed National banking associations each such
association organized hereafter organized ana
receiving circulation under this act, shall pay to the
Treasurer OF the United States in the months OF jan
uary and July in each year. a tax of one-fourth OF
/ per centum for zach half year upon the average
amount Of !te circulating notes outstanding, 10 be
! computed as herenbefore provided. until the said
fund amounts a equal to per centum upon the
total amount OF such National bank notes outstand-
| Ing and thereupon the collection OF said tax shall
be- suspended Each association hereafter applying
for ting shall, bfOre receiving the same,
pay its pro rata share into the said fund; but an as
ISOLATION retiring reducing its circulation shall
not be entitled 10 withdraw any part OF said fund.
| When a National banking association becomes IN
solvent its guarantee fund he'd on deposit shall be
transferred TO the safety fund herein provided for
! and applied to the redemption OF It's outstanding
| notes; and in the said aforementioned fund
should at any time be impaired by the redemption OF
| the notes of failed National banks. and the imme-
date available of said banks are not sufficient
| to reimburse ii, the collection OF said tax OF one
fourth of per cenum for each half year shall be re-
sumed and continued until the said fund Is restored
an equal to per cenum upon the total CIR
cu.aion outstanding. All circulating notes Of failed
National banks not redeemed presentation TO the
| Treasurer of the United States or an Assistant
Treasurer Of the United States. shall bear interest
at the rate Of per centum per annum from the date
of the suspension Of the bank until thirty days AFTER
public notice has been given that funds are on hand
for their redemption, and such notes shall constitute
first lien upon all moneys thereafter received INTO
| the safety fund.
| Sec G. That the Secretary Of the Treasury may
| from time to time invest any money belonging to
| the safety fund in United States bonds and the
| bonds purchased and the interest accrning
thereon shall be held as part of the said fund
proceeds used for the redemption OF the circulating
notes of failed national banks.
heretofore organized and having bonds on deposit
to secure circulation may withdraw such b9pds . up
on the deposit OF lawful money of the United States
provided by law and thereafter such asso,
citation may take out circulation under this act ana
munities herein conferred.
of Section IL Of the act approved July Il. 1857 en-
titled IAN Act to enable National banking assoca-
other purposes" as directs the Secretary of the
Treasury to receive deposits Of gold and to issue
repealed; and Section 81 of the act approved June
81 1864. entitled An Act to provide National cur
and TO provide for the circulation and redemption
thereof" and all acts and parts Of acts amenda-
tory thereof. be- and the same are hereby repealed
Sec o. That the Secretary of the Treasury may,
revenue Of the tinted states in the redemption and
retirement of United states lega-tender notes. but
aggregate exceed an amount equal to 20 per
National banks and State banks under the pro-
visions OF this act: and hereafter no United States
horzed BY the a Sa of July 1850 entitled AN Act
directing the purchase Of silver bullion and the
poses" Of a less Denomination than $40 shall be
issued ana as rapidly as such notes OF den9mina
ury they shall be cancelled and an equal amount Of
notes Of Ike character but in denominations Of
places, but nothing In this act shall be so con
strued as TO repeal or in any manner affect affect the
second section OF the said act OF July Il. 1880.
Sec 10 That the of circulating notes issued by
a banking corporation dug organzed under b me
ih mar, banking business shall be exempt from tax
shown to the Satisfaction Of the Secretary OF the
Treasury and the Controller OF the Currency:
its circulating noes in excess OF Is per centum OF is
pad TP ana unmpared capital ,o,,. Tor
the redemption OF Its circulating notes to the full
be required in the OF persons holding stock
as executors. administrators guardians or trustees
like manner and TO the same extent as the tes,ator.
nesate TTd or person teTeted IN sHch od n ,S
stock in his own name.
first lien upon all the assets OF the bank.
"a That the ssnE has b at al mS Kept en- dS
| currency certificates issued under Section 5ls3 Of
States leeal-tender notes including Treasury notes
Of 1880. equal to 30 per cen;um OF Its outstanding
% That e HI has 8, rs S1c 5ses e rs 9,ss or
! more Of its branch Offices. II it has branches
| Whenever the Secretary % the Treasury and tho
Controller Of the Currency shall be satisfied that
| any banking corporation duly organized under the
| laws of the State and which transacts no other
than q banking business as provided In this section
has been Incorporated under The laws OF me state
in which II Is located, which laws require that the
stockholders shall be individually liable for the
demption OF its circulating notes 10 The full extent
Of their ownership OF stock and that such laws
0liir "a
stitute first lien upon all the assets Of the bank.
and also that such laws require such bank to keep
authorized by law TO receive and hold the same, a
guarantee fund as required IN the fourth para
IL sns to ha s Tbereueon no sad sa
| may issue its notes provided In this act. and
posed by law upon the circulation Of the notes OF
State banks shall not be assessed or collected upon
bank has issued circulating notes In excess Of %
per centum of its paid-up and unimpaired capital.
for thirty days or that the bank has not kept on
deposit with the State official authorized by law 10
qured In the fourth paragraph OF this section or
that said bank has not promptly redeemed It's
notes IN swiui money al par on demand a, us prn-
fees, II it has branch Offices: and that person or
in violation Of the provisions Of this act shall be
liable 10 the tax OF 10 per ccntum upon the crcuat
Sec. 1l.-That any banking association organized
under the laws OF any State may deposit with the
and receive certificates therefor In the manner pro
vded in Section 5l93 Of the Revised Statutes Of the
| United States end the Secretary OF the Treasury
may under proper rules and regulations 10 be cstab-
| lished by him. permit such banks to procure and
p paf ,r used IN printing United states securities
but State bank shall print engrave It's notes In
similitude OF United States note or certihcate OF
National bank note
THE DEBATE IN THE HOUSE.
eprrcJIEs ON THE CARLISLE pIII, AND INTRO