The state republican. (Jefferson City, Mo.) 1871-1896, 1894-12-27

apply to national banking associa'
tions "taking out circulation under
this act.n
Section inserts "the comptrolle,
of the currency" as the officer tc
designate the place where notes are
to be redeemed.
In section provision is made fol
keeping up the safety fund, and In
addition to the terms of the Original
bill 1t is provided that the collection
of said tax of one fourth of per cent
for each half year shall be resumed
and continued until the said fluid Ia
restored to an amount equal to 8 per
cent upon the total circulation out
standing.
/ All cirealation' notes Of failed ma
tional banks not redeemed on pre-
sentation to the treasurer OF the
United States or an assistant treas
urer of the United States shall bear
interest at the rate of per cent per
annum from the date of the suspen
sion Of the bank until thirty days
after public notice has been given
that funds are on hands for their
redemption, and such notes shall
constitute a 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 a section which
has been eliminated. The new sec
tion reads as follows:
Section Z. That every national
banking association heretofore or
ganized and having bonds on deposit
to secure circulation may withdraw
such bonds upon the deposit of law
full money of the United States now
provided by law, and thereafter such
association may take out circulation
under this act and be entitled to all
the rights, privileges and immunities
herein conferred.
Section 8 specifies that the portion
OF the national banking act to be re-
pealed ID limited to so much of sec
ton IL "as directs the secretary of
the treasury to receive deposits of
gold and to issue certificates
thereon.n
Section 8 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 in
clude "currency certificates issued
under section 5193 of the revised
statutes"
An entire new provision is added
to the state banks, as follows:
Whenever the secretary OF the treas
ury and the comptroller OF the currency
shall be satisfied that any banking cor
poration duly organized under the laws
OF any state, and which is no other than
u banking business, as provided in this
section, has been incorporated under the
laws OF the state in which it is located,
which laws require that the stock hold
shall be Individually liable for the
redemption of its circulating notes to
the full extent OF their ownership OF
stock, and that such laws require that
the circulating notes thereof shall
constitute a 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, as required in the fourth par
agraph OF this section, they shall
issue to said bank a certificate to
that effect. Thereupon said bank may
issue its notes as provided in this act,
and thereafter the tax OF 10 per cent here
tofore imposed by law upon the circula-
tion OF the notes OF the state banks shall
not be assessed or collected upon the
notes OF such banks unless 1t appears
that said bank has issued circulating
notes in excess of rs per cent of its paid
up and unimpaired capital, or that it's
capital is impaired and has remained so
for thirty days, or that the bank has not
kept on deposit with the state official
authorized by law 10 receive and hold the
same guarantee fund as required In the
fourth paragraph OF this section, or that
said bank has not promptly redeemed It's
notes in lawful money at par on demand
at Its principal office or at one or more OF
its branch offices, il it has branch offices;
and that no person or corporation other
than the bank issuing such notes in
violation OF the provisions OF this act
shall be liable TO the tax OF 10 per cent
upon the circulating notes Of state banks
as now provided by law.
Most OF section ii is new, and is
as follows, the new portions being in
parenthesis:
Section II. (That any banking asso.
citation organized under the laws Of any
state may deposit with the treasurer Of
the United States legal tender notes and
receive certificates therefor In the matter
provided in section k1Qa ~ tha Rayi.aa
Statutes OF the United states, and) the
secretary OF the treasury may, under
proper rules and regulations to be
established by him, permit such banks TO
procure and use In the preparation Of
their notes the distinctive paper used In
printing United States securities; but no
state bank shall print or engrave Its
notes In similitude Of United States
note or certificate.