The Birmingham age-herald., 1908-01-20

bank guaranteed credit notes for issue and
 circulation, it shall deposit with the treas
 urer of the United States in lawful money an amount equal to per cent thereof.
 The amount so deposited shall be placed
 in the guaranty fund for the purpose
 thereof. But said amount shall be re-
 funded to the respective bank associa-
 tion as the taxes provided for in Sections 2 and of this act maintained said guar
 anty fund above per cent of the maxi mum amount of national bank guaranteed credit notes taken out for issue and cir
 Cdlation bri that no bank shall withdraw any part of it's deposit of said per cent
 until it shall have to it's credit in said
 fund more than 5 per cent.
 Sec. 8. That the comptroller of the cur reney shall designate certain cities con- veniently located in the various sections
 of the United States for the current daily redemption of said national bank guar anteed credit notes; he shall fix rules and
 regulations for such redemption, and be- fore authorizing and permitting any na-
 tional banking association to take out for issue and circulation any national bank credit notes he shall require such bank
 to make arrangements satisfactory to him
 for the current daily redemption of such
 notes in every redemption city so desig- mated.
 Sec. g. That said national bank guar
 anteed credit notes issued in accordance
 with the provisions of this act shall be received at par in all parts of the United
 States in payment of taxes. excises. pub lie lands and all other dues to the United
 States, except duties on imports; and
 also for all salaries and other debts and
 demands owing by the United States to
 individuals, corporations and associations
 within the United States, except inter-
 est on the public debt and in redemption
 of the national currency. Said notes
 shall be received upon deposit and for
 all purposes of debt and liability by every
 national banking association at par and without charge of whatsoever kind Sec. TO- That the holder of any na- tional banking guaranteed credit note shall have a prior lien on the assets oi the national banking association issuing | it and on the statutory liability of share 1 holders.
 Payment for Failures. "Sec. Il. That upon the failure of z national banking association, all out | standing national bank guaranteed credi' notes taken out by it in accordance witt | the provisions of this act, shall, upor presentation to the United States treas | ury, be paid in lawful money out of ths guaranty fund; but the United State: treasurer shall recover in. lawful money
 from the assets of the failed bank the amount of the guaranteed credit note: of such bank outstanding at the time oi 1 failure, and the same shall be paid into the guaranty fund, as provided in sec 1 tion 10 of this act.
 "Sec. F. That any national banking l association. desiring to retire its nationa bank guaranteed credit notes or to gC | into liquidation, shall pay into the guar anty fund an amount of lawful money | equal to the amount of it's national banl | guaranteed credit notes then outstand | ing.
 "Sec. 13. That any national banking association desiring to take out nationa | bank guaranteed credit notes, and hay, l ing notes outstanding in excess of 621. | per cent of it's paid up capital, to secure 1 the payment of which United States bonds ! have been deposited, may, upon the de posit of lawful money, redeem such ex cess without reference to the limitation | of $9, GOO, 900 each month, prescribed in tho | act approved March 4, 19O7."