The daily morning journal and courier., 1894-12-05

the circulation, separate ana apaf
 from any and all of the general fund
 Of the government It. shall not D
 counted asu any part of the genera
 fund, nor shall 1t be entered Into an
 statement Of the resources and liabili
 ties of the United States.
 SIxth-The treasurer of the Unite
 States shall provide vault for the saf
 keeping of said fund, which vault shal
 be known, as the national banks vault
 and shall be used for no other purpos
 than that of the banks.
 The said fund shall be designated
 and known as the guaranty fund O
 the national banks. The treasure
 shall provide books which shal be kep
 and used for said fund only. The treas
 urer shall pay out of said fund the cos
 Of providing vaults and safe keeping
 thereof. and shall pay out of said funt
 the cost of preparing plates from which
 the notes of the banks shall be printed
 together with all expenses of printing and delivering the notes to the banks and every expense of the department of the comptroller of the currency, and for suitable building for said depart. ment, as hereafter provided. and the balance of said fund shall be kept for che sole purpose of redeeming all notes of insolvent banks that may not have assets sufficient to pay all the debts or such insolvent banks.
 The department of the comptroller Of the currency shall be located in the city Of New York, and the 25 per cent. reserve shall be kept at the department or the comptroller of the currency. The secretary of the treasury of the United States shall buy suitable lot in the city of New York, and shall cause to be erected thereon a building such as may be needed for the department of the comptroller of the currency, and shall cause to be erected in said build ing ample and safe vaults for the safe Keeping of the reserve on the circulation Of the banks. There shall be board of control, consisting of not less than i've presidents of banks, to be selected by the clearing house of the city of New York. The comptroller of the cur rency shall be chairman of said board of control.
 Said board of control shall have charge and custody of the reserve, and shall make such regulations for the safe keeping of the reserve as they may deem best.
 One-fifth of the reserve shall be under the immediate control of the comptrol- Ter Of the currency, for the prompt re- demption of all notes that may be presented for redemption.
 Four-fifths of the reserve shall be kept in separate vault, which shall be so constructed and arranged, and provided with locks, that the vault can be opened only by the joint action of a majority of the board or control.
 Wherever the comptroller of the cur rency shall have redeemed notes of any one bank to the amount of $1,oOO he shall return them to the issuing banks, which shall immediately refm- purse the, comptroller for such notes The lot, building, vaults, etc., shall be paid for out of the guaranty fund.
 All banks that shall come under the provision of the national banking act, after said buildings, vaults, etc., shall have been paid for, shall pay the same sem1-annual tax as was paid by other banks and for the same period of time that all banks may contribute their Just share to the expense of establish ing this system of currency.
 The title to said lot, building. etc. shall be in the secretary of the treas ury of the United States in trust for the banks.
 In the evonb1of any change in the na tlonal banking act, or in the event of It's repeal, which shall make this prop erty no longer necessary for the pur- pose for which it was provided, it shall be sold at public auction to the highest bidder. unless sold at private sale by the board of control, who shall have the power to do so, and the proceeds of such sale shall be divided among the banks in proportion to their contribu- tion to the same.
 Seventh--Any bank organized under the laws of the state in which it is To- cated may receive circulating notes from the comptroller of the currency, to the amount of 75 per cent. of its paid up and unimpaired capital upon a vote of two-thirds of it's stockholders, mak- ing the word national part of the le- gal title of the bank, and accepting all of the provisions and conditions of the national banking act.
 Eighth-The banks may freely use their reserve in time of panic, or in time of great and unusual apprehension and alarm, and such use of the reserve shall not be- to their prejudice in any whatsoever, but shall be deem- ed the wise and proper use of a fund created by law to be kept through all ordinary times, to provide fund to be used in an emergency. But the banks shall restore their reserves to their nor nal amounts whenever the comptroller of the currency shall determine that the warranting it's use no longer prevails e.. -,--,.
 Nfnth-For every $1OO.0OO of bank notes put into circulation $75,000 of the: legal tender notes shall be redeemed. and destroyed; The secretary of the. treasury may sell. bonds of the United States in such amounts as may be nec-: eSSary to carry this, o,,t Said hondsl