The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-07

TO such ASSOCIATIONS IA blank, counterSigned
according to law, and shall not have been
returned to the controller for cancellation
or covered by an equal amount of lawful
money deposited with the assistant treas
urer in charge of the division of issue and
redemption for the retirement of such
notes.
Sec. 2s That in order to enable the said
assistant treasurer to assess the duties inn
posed by the preceding section, the con-
troller of the currency SHALL within five
days from the first day of each calendar
month. make a return to the said assistant
treasurer of the United States. in such form
as he may prescribe, of the average daily
amount of national currency notes of each
national banking association outstanding
during the calendar month next preceding;
end every national banking association
shall be notified by said assistant treasurer
of the United States, within ten days from
the first day of each calendar month, of the
amount of the duties upon its national cur
rency notes due from it to the United States
under this act; aud every such association
shall, before the last day of such calendar
month pay to the division of issue and re-
demption. in lawful money, the fun amount
of such tax; and whenever any association
fails to pay the duties imposed by this act
the sums due may be collected in the man
ner provided for the collection of taxes, or
amount so due out of the interest as it may
become due on any bends deposited with
him, by such defaulting. association; and
while such default continues no further
amount of circulating notes shall be issued
to such defaulting association.
DUTIES ON FRANCHISE.
Sec. %. That every national banking as
ISOLATION shall pay into the division of issue
and redemption each half year, in the
months of January and July on or before
the thirtieth day thereof a duty of one
tenth of 1 per centum upon the value of
it's franchise, as measured by the aggregate
amount of it's capital surplus and I'M
divided profits upon the last day of the
calendar month next preceding. Sections
STA, 5215. SIG and 52l7 of the Revised
Statutes of the United States are hereby
repealed. But nothing in this section con-
tanned shall be so construed as in any man.
ner to release any national banking asso-
citation from any liability for taxes or pen
alties incurred prior to the passage of this
act
Sec. 90. That every bank going into liquid
alton. voluntary or involuntary, shall, prior
to the payment of it's creditors other than
noteholders, and the distribution of any of
its assets to its shareholders, deposit with
the assistant treasurer in charge of the di-
vision of issue and redemption lawful money
to such an amount that it's total deposits
of lawful money shall equal the full amount
Of its outstanding national currency notes
and it's assessments provided for by this act
Sec. 81. That Section 513S of the Revised
Statutes of the United States be amended
TO read as follows: mo association shall
be organized under this title in a city the
population Of which exceeds fifty thousand
Inhabitants with less capital than 100000.
No association shall be organized with a
less capital than 100000, except that banks
with a capital of not less than $4,000 may,
with the approval of the secretary of the
treasury, be organized in any place the
population of which does not exceed fifteen
thousand inhabitants. and that banks with
a capital Of not less than $4,000 may with
the approval of the secretary of the treas
ury, be organized in any place the popula-
ton Of which does not exceed three thou
Sec. 80. That it shall be lawful for any
national banking association to establish
branches under such rules and regulations
hn Nod NV Ia sN11D
the currency, with the approval of the
secretary of the treasury.
Sec. 80. That so much Of Section 51S2 of
the Revised Statutes of the United States
as provides that the circulating notes of
national banking. associations shall be re-
ceived at par "for all salaries and other
debts and demands owing by the United
States to individuals, corporations and as
sociations within the United States. except
interest on the public debt and in redemp-
ton of the national currency be, and the
same is hereby repealed.
DUTIES OF CONTROLLER.
Sec. 3d. That Section 324 of the Revised
Statutes of the United States be amended
so as to read as follows: 'There shall be
in the Department of the Treasury a. bu-
reau charged. except as in this act other
wise provided, with the execution of all
laws passed by Congress relating to the is
sue and regulation of currency issued by
national banking associations, the chief
officer of which bureau shall be called the
controller of the currency, and he shall per-
form his duties under the general direction
of the secretary of the treasury"
Sec. %. That the examination of the af-
fairs of every national banking association
authorized by existing laws shall take place
at least twice in each calendar year, and as
much oftener as the controller of the cur
rency shall consider necessary in order to
furnish a full and complete knowledge of
it's condition; and the person making such
examination shall have power to call to-
gether quorum or the directors of such
association, who SHALL under oath, state to
such examiner the character and circum-
stances of such Of its loans or discounts as
he may designate; and from and after the
passage Of this act all bank examiners shall
receive fixed salaries, the amount whereof
shall be determined by the secretary of the
treasury; but the expense of the eXamina-
ton herein provided for shall be assessed
by the controller of the currency upon the
associations examined. The controller of the
currency shall so arrange the duties of ma
uonal bank examiners that no two success
Sive examinations of any association shall
be made by the same examiner
Sec. SO. That no association shall here
after make any loan or grant any gratuity
to any examiner of such association Any
association offending against this provision
shall be deemed guilty of a misdemeanor,
and shall be fined not more than 81. 900 and
further sum equal to the money so loaned
or gratuity so given: and the officer or Off
GERS of such association who shall make
such loan or grant such gratuity shall be
likewise deemed guilty of a misdemeanor
exceed
any examiner accepting a loan or gratuitv
from any association examined by him shall
be deemed guilty of a misdemeanor and
shall be fined not more than $500 and fur
Their sum equal to the money so loaned or
gratuity given, and shall be forthwith dis
missed from the service.
Sec. 81 That the controller Of the cur
rency, in addition to the reports provided
for by existing laws, shall have authority to
call for such other reports, regular or spe-
c1al, as he may deem advisable; and such
reports shall be rendered in such form as
the controller may prescribe, and each as
ISOLATION making such report shall cause a
copy thereof to be cOnspicuousIy DISPLAYED
IN public place in its banking house for
the period of thirty days from the date of
such report; but nothing herein contained
shall be construed to require the publica-
ton Of such additional reports by each as
ISOLATION in the manner prescribed for other
reports now rendered
REORGANIZATION
Sec. So. That any national banking as
ISOLATION heretofore organized may, at any
time within one year from the passage Of
this act, and with the approval of the con-
troller of the currency, be granted. as here
in provided, all the rights and be subject
to all the liabilities of national banking
associations organized hereunder: Provided.
that such action on the part of such asso-
Citations shall be authorized bv the consent
in writing Of shareholders owning not less
than tWo-thirdS of the capital stock of the
association. Any national banking asSocia-
ton now organized which shall not within
one year after the passage of this act be-
come a national banking association under
shall not place in the hands of the treasurer
of the United States the sums hereinhefore