The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1908-06-14
TELLS Us HOW
To HANDLE IT
coRTELYcU EXPLAINS FEATURES
OF CURRENCY BILL s.ECENT-
W PASSED.
The Secretary Of the Treasury Gives
Publicity to Circular Explaining
New Currency Law Passed
Last May.

Washington. June 15.-Secretary
Cortelyou today made public a treas
ury department circular carrying into
effect the new currency act approved
May 30 last. After quoting the act.
the secretary calls attention to the
fact that there are two methods OF
applying for additional national bank
currency under its provisions.
Banks occupying contiguous terri
tory may organize currency associa-
tions povided there are at least ten
banks in each association with mini
mum aggregate capital and surplus Of
lat least s5,00000O. while the ndivid-
Iual b ks must have an unmpaired
capital and surplus o9 not less than
20 per cent Any member CT such
an association with outstanding cir
culating notes of not less than 10 per
cent Of its capital may Obtain aldi-
tional circulating notes under section
1 Of the act
National banks of the same standing
as to capital and surplus. but not
members Of an association, may obtain
laddtional circulation under section 3
of the act The names of the associa-
tons mast be Indicative of the locality,
and an association may not style it
self First National Currency Associa.
ton
A table is Included in The circular
showing by states the amount Of cap
ital and surplus Cf national banks en-.
ititel to membership in the currency
association arranged by states and
sections
Secretary Coltelyou says ii will be
seen from this table that the national
banks within some states are not eli
lgible to form by themselves currency
ASSOCIATIONS for lack of aggregate cap.
iital and surplus, so they must be af-
4 tiliated with hanks In contiguous states
! for hat purpose. The secretary will
not at this time allot any territory for
/ the formation Ct associations other
! than as indicated in his circular. II
/ is thought thaG the banks may prefer
/ to come together of their own voli-
ton and it is preferable that state
lines be cbsered as far as practlca.
i be, and the banks should not apply for
Iadmission 10 associations not occupy
ling cent euous territory The secre
taly may assign to an association any
Qualified national bank which did not
take part in its formation
A subsequent circular viii define
the method to be followed in obtain
ing additional circulation through the
national bank currency associations
Individual bank currency associations
however, desiring to obtain additional
circulation, must submit their applica
tions to The officers Of the associations
and not to the secretary of the treas
uy. Those officers will then apply
to the department
I Applications for additional circul
lation under section 8 By individual
banks not members of associations
may be addressed to the comptroller
cf the currency. who will advise then
as to the procedure. One per cen
per annum upon the average month";
amount Of public deposits held vii
be paid by depository banks, to b,
computed from June 10 1908, and tt
be payable July j. the same year. ant
thereafter on January / and July
annually
Interest will be paid on the entir'
amount held by temporary or specia
repositories, and on the amount hel,
by regular repositories in excess o
the amount needed for the transaction
lof public business. Each bank win b,
iadyised by letter of the amount Of il
exemption. Finally, the secretary re
,seryes the right. upon notice. to in
crease the rate Of interest to be paic
iby repositories.