The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1898-01-03

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all the unpaid notes Of said bank outt
standing.
2s. Persons who having been stock
holders of the bank have transferred
their shares, or any Of them, to others,
or registered the transfer thereof, with
in 90 days before the commencement OF
the suspension Of payment by the bank,
shall be liable TO all calls on the shares
held or subscribed for by them, as il
they held such shares at the time Of
suspension of payment, saving their re-
course against those by whom such
shares were then actually held So long
as any obligation Of the bank shall re-
main unsatisfied the liability OF each
stockholder shall extend to but not ex-
coed in the whole an amount equal to
the par of his stock.
20. If the said guarantee fund of
per cent of all the notes outstanding
shall become impaired by reason Of pay
ments made TO redeem said notes as
herein provided. the comptroller OF the
currency shall make an assessment upon
all the banks in proportion to their
notes then outstanding sufficient TO
make said fund equal to 5 per cent of
said outstanding notes.
Any bank may deposit any lawful
money with the treasurer of the United
States for the retirement Of any OF its
notes or return its own notes for can
collation., whereupon the comptroller
shall direct the repayment to such bank
! of whatever sum may be the unimpaired
portion Of said banks contribution to
the guarantee fund on account Of said
notes.
Any portion of the guarantee fund
may be invested in United States bonds
in the discretion Of the secretary OF the
treasury.
The taxes on circulation, provided for
in paragraph "a, as well as the interest
accruing from investment of any part
of the guarantee fund, shall be held in
the division of issue and redemption in
gold coin or in United States bonds In
the discretion of the secretary of the
treasury and shall be fund supple
mentary and in addition TO the guarantee
fund, to he used only in case said guar
antee fund shall ever become insufficient
to redeem any bank notes issued here
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count in estimating the amount OF as
sessments necessary to replenish said
guarantee fund or in repayments to
banks of their contributions to the guar
antee fund.
80 The present system of national
bank note redemption should be contin-
ued, with constantly maintained re-
demption fund of per cent in gold coin
and with power conferred on the comp
troller Of the currency, with the approx
al of the secretary of the treasury, TO
establish additional redemption agencies
at any or all of the subtreasuries OF the
United States as he may determine.
81. Gin substance Votes to be re-
ceiyed- by ssii.A.p<z1se,ia1f banks and for
government dues except duties ON i'm
, ports.
3D. National banks shall hold re-
serves in lawful money against their de-
posits of not less than 25 per cent and
10 per cent for the respective classes as
now provided by law, at least one
fourth of which reserve shall be in coin
and held in the vaults of the bank.
Neither the per cent redemption fund
HUI llic ~ Dtl tCls AAAhA ctsss&N
be counted as part of the reserve re-
quired. No bank shall count or report
any of its own notes as part Of its cash
or cash assets on hand.
49, Permit the organization of ma
tional banks with capital stock of
S25, 600 in places of 1000 population OF
less
; 81 Provision should be made where
by branch DanRe iaay he established
with the consent of the comptrolref c.
the currency and approval of the secre-
', tary of the treasury.
35. For the purpose of meeting the
expenses of the treasury in connection
with the national bank system lax OF
one-eighth of per cent per annum upon
its franchises as measured by the amount
Of its capital, surplus and undivided
profits shall be imposed upon each bank
SO. So amend existing laws as to pro-
vide
(a) For more frequent and thorough
examinations of banks.
OBJ For fixed salaries for bank exam
liners.
(c) To provide for rotation OF exam
iners
(d) For public reports, regular or spe-
oial at the call of the comptroller OF
the currency.
(e) To make it penal for any bank
4 to loan money or grant any gratuity to
an examiner of that bank and penal for
such bank examiner TO receive it.
81 (In substance.) Existing banks
y may accept provisions within one year.
SO. lin substance.) Existing banks
: which do not accept the new law within
one year to be wound up.
49, Gin substance.) State banks may
come in and proceedings therefor.
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