The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1898-01-03

shall be outstanding, a sum not exceeding
one-fifth of such outstanding amount
shall be retired and cancelled each year
thereafter, and at the end of ten years
after the passage OF the proposed act the
United States notes and treasury notes
then outstanding shall cease to be legal
tender for all debts public and private,
except for dues to the United States
20. The secretary of the treasury may
in his discretion, transfer from surplus
revenue in the general treasury ( 0 the Gi-
vision of Issue and redemption any United
States notes or treasury notes which on
such transfer could then lawfully be can
celled under the provisions of the pro-
posed act If they had been redeemed on
presentation; and when so transferred
the same shall be cancelled. The secre-
tary of the treasury, in his discretion,
whenever there may be United States
notes or treasury notes in the general
treasury which are not available as sur
plus revenue. and which upon transfer
to the division of issue and redemption
could then lawfully be cancelled under
the provisions of the act, may exchange
such notes with the division of issue and
redemption. for gold coin. and such notes
shall thoreupon be cancelled.
81. In substance) Vested rights not TO
be affected.
BANKING SYSTEM.
22. The total issues of any national bank
shall not exceed the amount Of its paid
up and unimparcd capital, exclusive CT
so much thereof as Is invested in real es-
tate. All such notes shall pe of uniform
design and quality, and shall be made a
first lien upon all the assets of the issu-
ing bank, including the personal liabil-
ity of its stockholders. No such notes
shall be of less denomination than $40.
90. Up to an amount equal to % per cent.
,,r h., tnI tnaIy of hA hatn n Ia,
whole of it's capital being unimpairedD,
the notes issued by it shall not exceed
the value of United States bonds to be
fixed as hereinafter provided, deposited
with the treasurer of the United States.
The additional notes authorized may be
issued without further deposit of bonds.
Beginning five years after the passage
of the proposed act. the amount of bonds
required to be deposited before Issuing
notes in excess thereof shall be reduced
each year by onc-iifth of the % per cent.
of capital herein provided for; and there
after any bank may at any time with
draw any bonds deposited in excess of the
requirements thereof.
q. Every national bank shall pay tax
at the rate of per cent. per annum. pay
able monthly. upon the amount Of its
notes outstanding in excess of 60 per cent.
and not in excess of 50 per cent. of It's
capital and tax rate of 6 per cent. per
annum, payable monthly. upon the
amount of its notes outstanding in eN-
cess of so per cent. of its capital
%. Any bank may deposit any lawful
money with the treasurer of the United
States for the retirement of any of its
notes: and every such deposit shall be
treated as reduction of its outstand-
ing notes to that extent; and the tax
above provided for shall cease as of the
first of the following month on an equal
amount Of it's notes.
VALUE OF BONDS.
%. The secretary of the treasury shall
annually fix the value of each series of
bonds of the United States bearing a rate
of interest Of per cent. per annum and
such valuation as tiXed by the secretary
on this basis shall be the valuation at
which the bonds viii be receivable upon
deposit. Bonds payable at the option of
the government shall be receivable at "a
per cent. of their then market value as
| determined by the secretary of the treas
ury. If anv bonds shall be issued here
after payable at a date named and bear
ing interest at 3 per cent, or less, they
shall be receivable at par.
q. The comptroller of the currency shall
from me to time, as called for. issue to
any bank the capital of which is full paid
and unimpaired any of the notes herein
| elsewhere provided for, and the payment
| to the treasurer of the United States, I'm
| gold coin, of per cent. of the amount OF
notes thus called for, which payments
| shall go into common guarantr fund
| FOR the prOmtpt payment of the notes Of
| any defaulted national bank. Upon the
| failure of any bank to redeem ITS notes
! they shall be paid from the said guaranty
| fund, and forthwith proceedings sEAll he
| taken to collect from the assets OF the
| bank and from the Stockholders thereof
| a n Il Z
! said guaranty fund the amount thereof
| that shall have been used 20 redeem sala
| notes and also such further sum as shall
| he adequate to the redemption of ali the
| unpaid notes of said bank outstanding.
| 2S. Persons who, having been stoCkhold.
| crs of the bank, have transferred theil
| shares, or any of them, to others, or reg.
| istcred the transfer thereof, within sixty
| days before the commencement of the
| suspension of pay Nmcnt by the bank, shal
| he liable to all such shares held or sub.
| scribed for by them, as if they held sucl
| shares at the time of suspension of pay.
| mcnt, saving their recourse against those
| by whom such shares We're then actual
| ly held. So long a any obligation of III,
| bank shall remain unsatisled, the liabil
| ity of each stOCkhOldCr shall extend to
but not exceed in the whole, an amoun
equal to the par of his stock.
90. If the said guaranty fund of pei
| cent. of all the notes outstanding shall
| become impaired by reason of payment,
made to redeem said notes as herein pro
| vided, the comptroller of the currency
| shall make an assessment upon all tho
| banks, in proportion to their notes ther
outstanding, sufficient to make said funC
| equal to 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 it.
| notes, or return its own notes for cancel
| lation whereupon the comptroller snal
| direct the repayment to such bank O
| whatever sum may be the unimpqirel
portion of said banks contribution to tn,
guaranty fund on account Of said notes
Any portion of the guaranty fund m I,
| he invested in United States bonds in IN,