The morning call., 1894-12-22

banking notwithstanding out circulation
under this act"
Section inserts: "TDe Comptroller of the
Currency" as the officer TO designate the place
where notes are TO be redeemed.
In Section provision is made for keeping up
thealsafety fund. In addition to the terms of
the original bill. "it is provided that the colec-
ton of the tax OF one-fourth of l per cent for
each half year shall be resumed and con-
tinued until the said fund Is restricted
to an amount equal to per cent upon
the total circulation outstanding. ALI circula-
ton notes of failed banks not redeemed on
presentation 10 the Treasurer .of the United
States. or an assistant treasul er of the United
States, shall ar interest at the rate OF per
cent per annum from the date of the suspension
of the bank until three days after public notice
has been given that funds are ON hand for their
redemption. and such notes shall continue
first lien upon all moneys thereafter received
into the safety fund.-
Section 6, allowing the Secretary of the
Treasury to invest money in the safety fund in
bonds. is the same as IN the original bill.
Section Is entirely new and takes the place
of section which has been eliminated. The
new section is as follows:
Section Z. That every national banking ass ocia-
tion heretofore organized and having bonds de-
post to secure circul ton may withdraw such
bonds upon the deposit of lawful money of the
United states now provided by law, and thereafter
such association may take out circulation under
this act and be entitled the rights, privileges
aud tmmunities herein conferred.
Section specifies that the portion of the
national banking act TO be repealed is limited
TO so much OF section IL 'as directs the Secre-
tary of the Treasury to receive deposits of
gold and to issue certificates thereon"
Section Is substantially the same as IN the
original bill
Section 10. providing for State banks, is also
The same as IN the original BILL except that in
the restrictions on State banks a new provision
is made that The guaranty fund maintained by
them may include currency certificates issued
under section 5193 OF the Revised Statutes"
An entire new provision is made for State
banks, as follows:
Whenever the Secretary of the Treasury and
the Controller of the Currency shall be satisfied
that any banking corporation duly organized
under the laws of any State and which transaets
no other than banking business as provided
in this section has been Incorporated under the
laws of the State in which 1t is located,
which laws require that the stockholders shall be
individually liable for the redemption of its cir
culating notes To the full extent of their owner
ship OF stock, and that such laws require
that the circulating thereof shall con-
stitute first lien upon all the assets
OF the bank; and also that such laws require
such bank to keep on deposit at all times with an
official OF the State authorized by law TO receive
and hold the same guarantee fund. required
In the fourth paragraph of this section; they shall
issue TO this bank certificate to that
effect. Thereupon said bank may issue its
notes as provided in this act, and there
after the tax of 10 per cent heretofore imposed
by law upon the circulation OF notes of State
banks shall not be assessed or collected up on the
notes OF such bank unless it appears that said
bank has issued circulating notes N excess
or 70 per cent of its paid-up and I'M
impaired capital. or that its capital Is impaired
and has remained for thirty days. or that the
bank has not kept on deposit with the State OFF,
cial, authorized by law to receive ana hold the
same. the guarantee fund as required in the
fourth paragraph OF this section or that said bank
has not promptly redeemed its notes in lawful
money at par demand at its prncipa
office or at one more OF its branches, if it has
branches; and tnar no person corporation
other than the bank issuing such notes in viola
the tax of 10 per cent upon the circulating notes
of State banks az now provided by law.
Most Of section II is new and is as follows,
The new portions being in parenthesis: Sec
lion 11-(That any banking association organ
lied under the laws of any State) may deposit
with the treasurer legal tender notes and
receive certificates therefor in the manner pro-
vided in section 4193 of the Revised Statutes of
the United States, and The Secretary of the
Treasury may under proper rules and regula-
lions TO be established by him permit such
banks to procure ana use in he preparation of
their notes the distinctive paper used in print.
ing United States securities but no State bank
shall print or engrave its notes in slmilitude OF
United States note or certi icate or national