The record-union., 1898-01-03

| they had been redeemed on presenta-
| ton; and when so transferred the
| same shall be cancelled The Secre-
| tary Of the Treasury, in his discretion,
| whenever there may be United States
| notes or Treasury notes in the General
Treasury which are not available as
surplus revenue, and which upon
| transfer to the Division of Issue and
| Redemption could then lawfully be
cancelled under the provisions of the
Act, may exchange such notes with the
| Division Of Issue and Redemption. for
gold coin, and such notes shall there
upon be cancelled
| q. Qn substance) Vested rights
not to be affected.
QI.-Banking System.)
| -. The total issues of any national
bank shall not exceed the amount of its
| paid-up and unimpaired capital, ex-
elusive of so much thereof as is invested
i in real estate. All such notes shall be
| of uniform design and quality, and
shall be made a first lien upon all the
| assets of the issuing bank, including
! the personal liability of it's stockhold-
| ers. No such notes shall be of less de-
nomination than $40.
70. Up to an amount equal to %
| per cent. of the capital stock of the
bank (the whole of it's capital being
/ unlmpalred), the notes issued by it
shall not exceed the value of United
States bonds, to be fixed as hereinafter
provided, deposited with the Treasurer
OF the United States The additional
notes authorized may be issued with
out further deposit of bonds.
| Beginning five years after the pas
sage OF the proposed Act the amount of
bonds required to be deposited before
issuing notes in excess thereof shall
be reduced each year by one-fifth of
the 70 per cent. of capital herein pro-
vlded for; and thereafter any bank may
at any time withdraw any bonds de-
posted in excess of the requirements
| thereof
"A. Every national bank shall pay
tax at the rate of 2 per cent per an
| mum, payable monthly upon the
amount of its notes outstanding in ex-
cess OF 6O per cent. and not in excess of
81 per cent. of its capital, and tax at
| the rate of 6 per cent per annum.
payable monthly upon the amount of
its notes outstanding in excess of so
| per cent. of it's capital
| %. Any bank may deposit any law
ful money with the Treasurer of the
United States for the retirement of any
| or its notes; and every such deposit
snail be treated as a reduction of it's
| outstanding notes to that extent; and
the tax above provided for shall cease
as of the first Of the following month
on an equal amount Of its notes
70. The Secretary of the Treasury
shall annually fix the value of each
series of bonds of the United States
| bearing rate of interest exceeding 9
per cent. as equalized upon the rate of
interest of 3 per cent. per annum, and
such valuation as fixed by the Secre-
tary on this basis shall be the valuation
at which the bonds will be receiva BILE
upon deposit. Bonds payable at the
option of the Government shall be re-
ceivable at 80 per cent. of their then
market value as determined by the
| Secretary of the Treasury If any
bonds shall be issued hereafter payable
at date named and bearing interest
! at 3 per cent, or less, they shall be re-
ceivable at par.
u. The Comptroller of the Currency
shall from time to time, as called for,
issue to any bank the capital of which
| is full paid and unimpaired any of the
! notes herein elsewhere provided for,
on the payment to the Treasurer of the
| United States, in gold coin, Of ) per
cent. of the amount of notes thus called
| for, which payments shall go into
common guaranty fund for the prompt
payment of the notes Of any defaulted
| national bank. Upon the failure of
any bank to redeem its notes, they shall
/ be paid from the said guaranty fund,
and forthwith proceedings shall be
! taken to collect from the assets of the
| bank and from the stockholders there
of, II necessary, sum sufficient to re-
pay to said guaranty fund the amount
| thereof that shall have been used to
| redeem said notes; and also such fur
ther sum as shall be adequate to the
redemption of all the unpaid notes of
said bank outstanding
| %. 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 sixty days before the commence
ment 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 recourse against those by whom
such shares were then actually held So
long as any obligation Of the bank shall
remain unsatisfied, the liability Of each
stockholders shall extend to, but not ex-
ceed in the whole, an amount equal TO
| the par of his stock.
%. If the said guaranty fund of 3
per cent. of all the notes outstanding
shall become impaired by reason of
payments made to redeem said not os
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 its
notes. or return its own notes for cam
| collation.: whereupon the Comptroller
shall direct the repayment to such
bank of whatever sum may be the un-
| impaired portion of said banks contri-
button to the guaranty fund on ac-
count of said notes.
Any portion Of the guaranty 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 we'll as the interest
accruing from investment of any part
of the guaranty fund, shall be held in
! the Division of Issue and Redemption
! in gold or in United States bonds in the
| discretion OF the Secretary OF the Treas
ury, and shall be a fund supplement
/ tary and in addition to the guaranty