Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-10-13

Of the tax imposed upon the emergency
circulation" shall be paid into the
guarantee fund" referred to. in section
VI
The banks Issuing circulation shall de.
post and maintain with the Treasurer oi
the United States redemption iunu
equal TO per centum or their ave'ase
outstanding circulation, as proV'ueu io'
under tho existing law. -,
The redemption OF the notes OF an
banks. solvent or insolvent. 10 pe '""'e
as provided for by the existing law.
Create a guarantee fund through the
deposit by each bank of 2 per centurn
upon the amount OF circulation received
the FIRST year. Thereafter impose taN
OF one half OF per centum upon ,he
average amount OF outstanding c"cuia.
ton. the same to be paid into this fund
until II shah equal per centum Of the
entire circulation outstanding, when the
collection OF such tax shall be suspended,
10 be resumed whenever the Comptroller
of the Currency shall deem II necessary.
The notes OF insolvert banks shall
he redeemed by the Treasurer OF the
United states out of the guarantee fund,
# IL shall he sufic ent. and If not suiii-
cicnt then out OF any money In the Trea-
surv. the same to he reimbursed TO the
Treasury ont Of the guaranteed fund,
when rcplenishcd either from the assets
Of the failed banks OF from the tax afore-
said.
National banking associations organized
after this plan shall have gone into
opora,lon may receive circulation from
the COMPTROLLER of the Currency upon
paying into the guarantee fund sum
hearing the ratio TO the circulation
applied for and allowed that the
guarantee fund" bears 10 the total cir
collation. outstanding. and 10 be subject
f. the tax OF one half Of l per centun
per annum. as called for by the Trea-
surcr Of the United States for the crea-
ton and maintenance Of this fund.
No association or Individual shall have
any claim upon any part Of the money
In said guarantee fund" except for the
redemption OF the circulating notes or
any insolvent misunderstanding associa-
ton Any surplus or residue Of said
guarantee fund" which may be here
after ascertained or determined by law
shah .nure TO tho beneht OF the United
States.
The government shall have a prior hen
upon the assets Of each failed bank ana
upon the liability of Shareholders Tor
TIE purpose OF restoring the amount WIN
dawn from the guarantee fund fOr the
redemption OF its circulation. not 10
exceed. however. the amount OF the
failed banks outstanding circulation after
deluctng the sum TO its credit IN 'he
redemption fund (seCtion IN). already
IN the hands OF the Treasurer OF the
United States.
Circulation can be retired by q bank
at any time. upon depositing with me
Treasurer Of the United states lawful
money in amount equal TO the sum oe-
sired to be withdrawn. and Immediately
upon such deposit the tax indicated III
sect - II. HI. and VI shall cease upon
the circulation so retired.
In the event Of the winding-up OF uie
business Of "A bank ny reason or lnsol-
vency or otherwise. the Treasurer OF the
United States. with the concurrence OF
the Conptrollcr Of the Currency. may. on
the application Of the directors or of the
Iiquidator. receiver assignee. or other
proper Official and upon beng satisfied
that proper Arrangements have been
made for the payment Of the notes of the
bank ana any tax due thereon pay over
10 such directors. liquidator, receiver as
sicnee. or other proper official the
amount al the credit Of the bank In the
"rcdenption fund" indicated in section