The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-01-03

the said guaranty fund. and forthwith pro-
ceedings shall be taken to collect from the
assets OF the bank and from the stockholders
pay to said guaranty fund the amount there
OF that shall have been used to redeem said
notes. and also such further sum shall be
adequate to the redemption of all the unpaid
notes OF said bank outstanding.
70. Persons who, having been stockholders
OF the bank. have transferred their shares,
or any Of them. to others, or registered the
transfer thereof within sixty days before the
commencement Of the suspension of payment
oy the bank. shall be liable to all calls on
, rne snares at the time Of suspension of pay
ment. saving their recourse against those
py Whom such shares were then actually
nei9; 30 long as any obligation of the bank
shaii remain unsatisfed the liability of each
slocKholder shall extend to but not exceed
IN the whole an amount equal to the par of
his stock.
e. II the said guaranty fund of per cent
OF all the notes outstanding shall become i'm
pared by reason OF payments made to redeem
sal1 notes. as herein provided, the comp
troIier OF the currency shall make an assess
nent upon all the banks, in proportion to
tneir notes then outstanding sufficient to make
ssla fund equal to per cent of said out
standing notes.
ANY bank may deposit any lawful money
Win the treasurer of the United States for
the retirement of any of It's notes, or return
Is owl notes for cancellation. whereupon the
comptroller snail direct the repayment to
such bank OF whatever sum may be the un-
impaired portion Of said banks contribution
10 the guaranty fund on account of said notes
Any portion of the guaranty fund NAV ba
invested in United States bonds in the dis
cretion OF the secretary of the treasury.
me taxes on circulation, provided for In
paragraph "a. as well as the interest accruing
from investment OF any part Of the guaranty
tund, shall be held in the division of issue
ana 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 guarantv f1nd
10 De used only in case said guaranty fund
snail ever become insufficient to redeem anv
panK notes issued hereunder and it shall not
De TAKEN into account in estimating the
amount OF assessments necessary to repIenish
SAID guaranty fund or in repayments to banks
OF their contributions to the guaranty fund
5O The present system of national ha,1,
note redemption should be continued with
constantly maintained redemption fund of :
per cent In gold coin, and with power con-
IcrIeo on the comptroller OF the currency,
with the approval OF the secretary of the
treasury to establish additional redemption
agencies at any or all OF the sub treasures Of
'o si Tilted ut states States. as he may determine.
81 Ut substance.) Notes to ne received nv
all NATIONAL banks, and for government duIa
except duties on imports
81: National banks shall mold reserves In
i ,dwlui money against their deposits of net
Iess tian 70 per cent and Is per cent for t.e
respective classes as now pro ydsi by law
az least Gre-fourth OF which reserve shall be
IN com and held in the vaults of the bank.
Nelther the per cent redemDtion fund NOR
the per cent guaranty fund shall be counted
as part OF the reserve required No bank
shaH count or report any of its own notes
as a part or its cash or cash assets ON hand
%; Permit the organization of national
banks with capitar stock Of SEE, 900. In places
OF four thousand population or less.
81. PROVISION should be made whereby
branch banks may be established with the
consent OF the comptroller of the currency
ury. "a 'io 'iees-
50: For the purpose of meeting the expenses
N
tiotai bank system. a tax OF one-eighth OF +
per cent per annum upon its franchises "a
measured by the amount or Its capital sur
plus and undivided profits, shall be imposed
80; 50 amend existing laws as to provide
taJ For more frequent and thorough examt-
nations of banks %" eN"iii-
tDJ For liked salaries for bank examiners
G} 10 provide for rotation of examiners.
tal For public reports, regular or special
at the call OF the comptroller of the currency
le) 10 make it penal for any bank to loan
money, or grant any gratuity to an examiner
OF mat bank, and penal for such bank ex
amner to receive It,
81. TN substance) Existing banks may ac
cept provisions within one year. ~
SO. TN subgtance) Existing banks which
40 not accept the new law within one wear TO
be wound I'D. $50 "
=, ~ On substance) State banks may come
IN and proceedings therefor.