The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1898-01-05

ahall be adequate to the redemption o.
all the unpaid notes OF said bank OUT
standing.
20. Persons who having been scock-
holders of the bank have transferreo
their shares, or any of them, to others,
or registered the transfer thereof, WITH
in go days before the commencement OF
the suspension of payment by the pank'
shall be liable to all calls on the shares
held or subscribed for by them, as II
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
stakeholder 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 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's
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 unimpalred
portion of said boot ntribution to
the guarantee ful-,. oa 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 OH 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 be used only in case said guar
antee fund shall ever become insufficient
to redeem any bank notes issued here
under, and it shall not be taken into ac-
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.
30. The present system Of national
bank note redemption should be contin-
ued, with a constantly maintained re-
demption fund of 8 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 Notes to be re-
ceived by all national banks and for
government dues except duties on i'm
ports.
81. National banks shall hold re-
serves in lawful money against their de-
posits of not less than 20 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
nor the 3 per cent guarantee fund shall
be counted as part of the reserve re-
CURED. No bank shall count or report
any Of its own notes as a part Of its cash
or cash assets on hand.
33. Permit the organization of ma
tional banks with "a capital stock of
$40, 000 in places of 1000 population or
less.
"a. Provision should be made where
by branch banks may be established
with the consent of the comptroller of
the currency and approval of the secre
tary of the treasury.
30. For the purpose of meeting the
expenses of the treasury in connection
with the national bank system tax of
one-eighth of per cent per annum upon
it's 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.
(b) For fixed salaries for bank exam
liners.
(c) To provide for rotation of exam
liners.
(d) For public reports, regular or spe-
cial, at the call of the comptroller Of
the currency.
(e) To make it 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.
81. Gin substance.) Existing banks
may accept provisions within one year.
38. Gin substance.) Existing banks
which do not accept the new law within
one year to be wound up.
80. Gin bstance.) State banks M
come in and proceedings therefor.
In the Great ShellrOom.
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