The weekly intelligencer. [volume] (Lexington, Mo.) 1891-1901, 1894-12-29

On Is as tOlloWS:
acts and parts OF acts
the deposit OF United
IStBcrc circulating notes issued
- bank associations Tor as require
- associations to deposit United States
'U0hds for any purpose except as security for
public money! be. ana the ,me, hereby Is re-
pealcd (ts to the associations taking ont cir
culation under this acD; aud such notes shall
not contain the statement that they are so
secured.
Section is changed SO that banks
cannot deposit legal tenders to secure
circulation, but also currency certih-
Gates issued under section 5l93 of the
revised statI cs of the United States).
Section 3 Is retained entire, except
that its provisions are restricted to ap-
ply to national banking associations
taking out circulation under this act. y
Section A inserts 'the comptroller of
the currency" as the officer to desig-
nate the place where notes are to be
redeemed.
In section 5 provision is made for
keeping up the safety fund and in addi-
tion to the terms of the original bill, it
is provided that the collection of said
tax of nc-fourth of per cent. for each
half year shall be resumed, and contin-
ued until the said fund is restored to
an amount equal to per cent. upon
the total circulation outstanding. All
circulation notes of failed national
banks not redeemed on presentation to
the treasurer of the United States, shall
bear interest at the rate of 6 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 hand for their redemption, and
such notes shall constitute u first lien
upon all moneys thereafter received in
to the safety fund.
Section @, allowing the secretary of
the treasury to invest money in the
safety fund in bonds, is the same as in
the original bill.
Section z is entirely new and takes
the place of section which has been
eliminated. The new section is as fol-
lows:
That every national banking association
heretofore organized and having bends on de-
posit to secure circulation may withdraw such
bonds upon the deposit OF lawful money OF the
United States. now provided by law. and there
alter such association may take out circula-
tFfs act and be entitled to all the
&leytS anu iuituuSlticS ntfcln con-
specifics that the portion of
1nl banking act to be repealed
IlI1lted to so much of section L. ''as
directs the secretary of the treasury to
receive deposits of gold and to issue
certificates thereop.,s = y u s,.s.
Section is substnntid1l$ the same as
in the original bill.
Section 10, providing for stSfe banks
is. also the same as the original bill,
0npt that in the restrictions on state
a new provision is made that the
nty fund maintained .by them
bclude currency certificates is
hder section 5i9a of the revised
81
ntire new provision is added to
he banks as follows:
aver the secretary OF the treasury ans
|otrollcr OF the currency shall be satis
any banking corporation duly organ.
der the laws of any state, and which
no other than banking businesss
1ded by this section. has been incorpor
11er the laws of the state in which II l,
(which laws require that the stock
hall be individually liable for the re
pf its circulating notes to the full ex
cir ownership OF stock, and that sucl
ere that the circulating notes thereo
tituso a first lien upon all the asset,
nix. and also that such laws requir,
to keep on deposit at all times will
u of the state authorized by law 4
t X<nfd hold tho same u guarantee fund a
I required in the fourth paragraph of this sec
tion. they shall issue to said bank certificate
to that effect
Thereupon said bank may issue its notes \.
provided in this act and thereafter. the tax o.
| 10 per cent heretofore imposed by law upoi
| the circulation OF the notes of state bank,
| shall not be assessed or collected upon tn,
| notes OF such bank unless 1t appears that sal,
hank has isSued circulating notes In excess O
| 10 per cent. of Its paid up and unimpairet
capital, or that It's capital Is impaired and ha
remained so for thirty DAYS, or that the Danl
nnss,d nns not nsps 0n rscepve and so,a ,b
same the sntee}fund as required in tn
fourth parargaph OF this seetioa.or that sal
banlfshns not promptly y redcemedi us notes !
% ~ ~ snys
of,iees' II IL has branch oiI,ces: and that N
person or corporation other than the banl
issuing such notes in violation Of the pro
VISIONS Of inns ac. snaii DC nnuie 70 .he 'ah
banks ms now proviae,I Inv law.
ioiio"s, 'hc new por''oh oei"s III pa
,Tha, o,,, ,,n,,in, o.t.,,on or,,,n,,o
under the laws OF any state may deposit Wit
the treasurer of the United states legal tende