The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-01-03

be adequate to the redemption of all the
unpaid notes of said bank outstanding.
2S. Persons who having been stockhold-
ers of the bank, have transferred their
shares, or any of them, TO others, or reg
istered the transfer thereof, within sixty
days before the commencement of the SuS-
! pension 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 recourse against
those by whom such shares were then
actually held. So long. as any obligation
of the bank shall remain EnsatiSfed, the
liability of each stakeholder shall extend
TO- but not exceed in the whole, an amount
equal to the par of his stock.
%. If the said guaranty fund of per
cent of all the notes outstanding shall
become impaired by reason of payments
made to redeem said notes as herein pro-
vided the controller of the currency shall
make an assessment upon all the banks,
in proportion to their notes then outstand-
ing, sufficient 20 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 cancellation;
whereupon the controller shall direct the
repayment to such bank of whatever sum
may be the unimpaired portion of said
banks contribution to the guaranty fund
on account of said notes.
Amy portion of the guaranty fund may
be invested in United States bonds in the
discretion of the Secretary of the Treas
ury
The taxes on circulation, provided for in
paragraph "A, as well as the interest ac-
cruing from Investment of any part of the
guaranty fund, shall be held in the diVis-
ion 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 supplementary and in addition
to the guaranty fund to be used only in
case said guaranty fund shall ever become
insufficient to redeem any bank notes is
sued hereunder, and ii shall not be taken
into account in estimating the amount of
assessments necessary to replenish said
guaranty fund or in repayments to banks
of their contributions to the guaranty
fund.
So The present system of national bank
note 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 cur
rency, with the approval of the Secretary
of the Treasury, to establish additional
redemption agencies at any or all of the
sub-treasuries of the United States, as he
may determine.
81. In substance.) Notes to be received
by all national banks, and for government
dues except duties on imports
80. National banks shall hold reserves
In lawful money against their deposits of
not less than p per cent. and IS per cent.
for the respective classes as now provid-
ed by law, at least one-fourth of which re-
serve shall be in coin, and held in the
vaults of the bank. Neither the 5 per
cent. redemption fund nor the per cent
guaranty fund shall be counted as part of
the reserve required. No bank shall count
or report any Of its own notes as part
of its cash or cash assets on hand.
30. Permit the organization Of national
banks with capital stock of S25 900. in
places or four thousand population or less.
"a. Provision 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.
30. For the purpose of meeting the ex-
penses OF the treasury in connection with
the national bank system, a tax of one
eighth of per cent per annum upon its
franchises, as measured by the amount Of