Worcester morning daily spy. (Worcester, Mass.) 1888-1898, 1898-01-03

United States in gold coin of per cent
of the amount of notes thus called for,
which payments shall go into a COM
mon guarantee fund for the prompt pay
ment of the notes of any defaulted ma
tional bank. Upon the failure of any
bank to redeem it's notes they shall be
paid from the said guarantee fund, and
forthwith proceedings shall be taken to
collect from the assets of the bank and
from the stockholders thereof, if neces-
sary, sum sufficient to repay to said
guarantee fund the amount thereof that
shall have been used to redeem said
notes, and also such further sum as
shall be adequate to the redemption of
all the unpaid notes of said bank out
standing.
% 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 80 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 if
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.
| ~. Ii the said guarantee fund of 5
! per cent of all the notes outstanding
! shall become impaired by reason of
| payments 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 it's 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 inter
4 est accruing from investment of any
| part of the guarantee fund, shall be
| held in the division of issue and re-
demption in gold coin or In United
States bonds in the discretion of the sec
rotary Of the treasury, and shall be a
fund supplementary and in addition to
the guarantee fund, to be used only in
| case said guarantee fund shall ever be-
come insufficient to redeem any bank
notes issued hereunder, and 1t shall not
| be taken into account In estimating the
| amount of assessments necessary to re-
plenish said guarantee fund or in re-
payments to banks of their contribu-
tons to the guarantee fund
30. The present system of national
| bank note redemption should be contin-
ued, with a constantly maintained re-
demption fund of 5 per cent in gold coir
and with power conferred upon the
comptroller Of the currency, with the ap-
| prevail of the secretary OF the treasury
to establish additional redemption agen-
| Giles at any or all of the sub-treasuries
| of the United States as he may deter
! mine.
81. Gin substance) Notes to be received
by all national banks and for govern
ment dues except duties on imports.
go. 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 as nov
provided by law, at least one-fourth o1
which reserve shall be in coin and held
| in the vaults of the bank. Neither the
per cent redemption fund nor the
per cent guarantee fund shall be count
ed as part of the reserve required. Nc
bank shall count or report any of its
own notes as a part of its cash or casf
assets on hand.
SO. Permit the organization of nation
al banks with a capital stock of SIS, 0O'
in places of 1000 population or less
a. Provision should be made whereof.
branch banks may be established witt
the consent Of the comptroller of th'
currency and approval of the secretar!
of the treasury.
95. For the purpose of meeting the eX
Il penses of the treasury in connection
with the national bank system tax o
one-eigfth of 1 per cent per annum upol
it's franchises as measured by tn
amount of it's capital, surplus and I'm
divided profits, shall be imposed upol
each bank
SO. So amend existing laws as to pro
vide
(a) For more frequent and thorough
Il examinations of banks.
/ % For fixed salaries for bank exam
liners.
4 (c) To provide for rotation Of exam
liners.
10y For public reports, regular or spe.
ciab at the call of the comptroller Of
the currency.
/ (e) To make 1t penal FOR any bank
to loan money or grant any gratuity tc
an examiner of that bank and penal fol
such bank examiner to receive it.
81 On substance.) Existing banks
may accept provisions within one year
SO. Gin substance) Existing bank:
which do not accept the new law withir
one year to be wound up.
! 80. Gin substance) State banks may
come in and proceedings therefor