The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-01-07

or Sucn notes outstanding IN excess OF
so per cent of its capital stock. Cir
culating notes of any national banking
association shall be deemed and held
to be outstanding, whenever they shall
have been supplied by the comptroller
of the currency to such association in
blank, registered and counterSigned, ac-
cording to law, and shall have not
been returned to the comptroller for
cancellation, OF covered BIZ an equal
amount of lawful money and deposited
with the assistant treasurer in charge
of the division of issue and redemp-
ton for the retirement of such notes"
The presidents restrictions upon the
amount of circulation which may be
withdrawn monthly and also upon new
issues of bank notes by banks having
made Withdrawals within six months
are repealed.
REDEMPTION.
Section "a of the bill provides for re-
demptiOn of notes in multiples of $1,000
in lawful money upon presentation at
the treasury or sub-treasuries desig-
mated for redemption purposes, but it
is provided that nothing in this act
contained shall be construed to impose
upon the United States any liability for
the redemption of notes of any ma
tional banking association beyond the
proper application of the registration
and guaranty fund deposited with the
division of issue and redemption and
the enforcement of the remedies by this
act provided"
Section 80 contains the provision that
one-fourth of the reserve shall be held
in coin, that with specific mandate that
nothing in this section except express
ly provided, shall be construed as to
alter or in any way affect the proVl-
Sions of existing law governing the
maintenance of revenues"
Section 81 authorizes the establish
ment of banks with a capital OF $2o,0O0
in towns not exceeding 1900 inhabitants
and section IS declares that it shall be
lawful for any national banking aSso-
citation to establish branches under
such rules and regulations as may be
prescribed by the comptroller of the
currency with the approval OF the sec
rotary of the treasury.
Section IL provides for at least two
examinations Of national banks each
year. for the rotation of examiners and
for fixed salaries for examiners. The
amount of the salaries is to be collect
ed by assessments upon the banks.
STATE BANKS.
Provision is made for the entry of
state banks into the new system, sec
ton As reading: ANY bank or bank
ing association Incorporated Dy Special
law of any state or organization under
the general laws of any state and hav-
ing a paid-up and unimpaired capital
sufficient to entitle it to become a ma
tional banking association under the
provisions of the proposed act may, by
the consent in writing of the share
holders owning not less than two-thirds
of the capital stock of such bank or
banking association, and with the APP
prOval of the comptroller of the cur
rency, become a national bank under
this system, under its former name or
by any name approved by the comp
troller. The directors may continue the
directors of the association so organ
lied, until others are appointed or eject
ed, in accordance with the provisions
of the law. When the comptroller OF
the currency has given TO such bank
or banking association a certificate that
the provisions of this act have been
complied with, such bank or banking
association and all its stockholders,
officers and employees shall have the
same powers and privileges and shall
be subject to the same duties, liabili-
ties and regulations in this respect as
shall have been prescribed for asso-
Citations originally organized as nation
al banking associations under the pro-
posed act"