Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-01-03
to the redemption of all the unpaid notes

to the redemption of all the unpaid notes
of said bank outstanding.
Persons who, having been stockholders
OF the bank, have transferred their shares,
| or any. of them, to others, registered
! the transfer thereof, within sixty Gays be-
| fore 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 if they held such shares
at the time of suspension of payment saw
| Ing their recourse against those by whom
such shares were then actually hell. So
lonG as any obligation of the bank shall re-
! man uEsatlsfied, the liability of each stock
| holder snall ex lend to, but not exceed in the
whole. an amount equal to the par of lis
| stock.
IF the said guaranty fund of per cent
Of all the notes outstanding shall become
| impaired by reason of payments made to
I redo EN- said notes as herein provided, the
controller Of the currency shall make an
! assessment upon all the banks. in proper
ton to their notes then outstanding, suffi-
| cient to make said fund equal to D per cent
Of said outstanding notes. Any bank may
| deposit any lawful money with the treas
| urer of the United States for the retire
| ment Of any of its notes, or return Its own
| notes for cancellation; whereupon the con-
| troller shall direct the repayment TO such
| bank Of whatever sum may be the III I'M
! paired portion of said banks contribution
! notes. Any portion of the guaranty fund
| may be invested in United States bonds in
| the discretion of the Secretary of the
| Treasury.
THE taxes on circulation. as well as the
interest accruing from investment of any
! part of the guaranty fund, shall be held in
| the division of issue and redemption In gold
coin or in United States bonds in the dis
| cret:on of the Secretary of the Treasury,
| and shall be fund supplementary aiin in
| addition to the guaranty fund, to be used
emily in case said guaranty fund shall ever
| become insufficient to redeem any bank
| notes issued hereunder, and it shall not be
| taken into account in estimating the
| amount of assessments necessary 10 re-
| plen.sh said guaranty fund or in repay
| ments 10 banks of their contributions to
| the guaranty fund.
Redemption.
i 1.-The present system of national bank
rote redemption should be continued, with
| a constantly maintained redemption fund
of per cent In gold COIN, and with power
| conferred ON the controller Of the currency,
with the approval of the Secretary of the
| Treasury, to establish additional redemp-
ton agencies at any or all of the SUP
| treasures Of the United States, as he may
| determine
| Notes to be received by all national
| banks and for government dues, except ou-
| ties on imports.
! National banks shall hold reserves in
| lawful money against their deposits of not
| less than - per cent and 10 Per cent for
| the respective classes, 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 redemp-
| ton fund nor the ) per cent guaranty fund
| shall be counted part of the reserve re-
CURED. No bank shall count or report any
| of its own notes as Il part of its cash or
| cash assets on hand.
| Permit the organization of national
| banks with Il capital stock of $4,000, in
| places of 1850 population or less. Provi-
| sion should be made whereby branch banks
| may be established with the consent of the
! controller Of the currency and approval OF
| the Secretary of the Treasury.
| For the purpose of meeting the expenses
| OF the treasury in connection with the ma
| tional bank system, tax of one-eighth OF
! per cent per annum upon its franchises,
| as measured by the amount of it's capital,
surplus and undivided profits, shall be i'm
posed upon each bank
| so amend existing laws as to provide.
| For more frequent and thorough examina-
| tons of banks; for fixed salaries for bank
| examiners; to provide for rotation of ex-
aminers; for public reports, regular or
| special at the call of the controller of the
| currency; to make 1t penal for any bank to
loan money, or grant any gratuity, to an
examiner of that bank. and penal for such
| bank examiner to receive it,