New-York tribune., 1908-01-20

.u.~.,,.es ,c,e6,, notes p1oytded for in Sections
and OF this act. shall be paid In la"Iui MONEY
TO the Treasurer of the United States SAID taAes'
when received shall constitute a guarantee funo 10
redeem the notes of failed banks and 10 pay 'ne
cost OF printing and current redemption
Sec T. That when national nankais 80 go
caation takes out any naSonai oeHA -, -
credit notes for issue and circulation IL shaii n
rosit with the treasurer Of the United States III
lawful money an amount equal 10 per ceIiuii, ,
thereof The amount deposited shall De piaoeu
in .he guarantee fund fer the purposes 'heieo
But said amount shall be refunded TO the Fespeo
tsve banks as soon the taxes pToVaoeo A0i 'N'
sert;ans and of this maintain said euaraii'ee
fund above per centum OF the maximum a'iiount
Of national hank guaranteed credit notes taheh 80
for issue and circulation but that no p1nh ~
-s.ssravv any part of its deposit of SAID per
centurn until il shall have 10 ITS circuit III So1U ~
more than per centum-
See s. That the Controller Of the currency siIa
designate certain cities conveniently located IN ''e
various sections Of the United States for ti'e ou
rent daily redemption of said national bank guar
s,-ee6 credit notes: he shall fix rules and regua-
items for such redemption. and before authorihl"s
end permitting any national banking sssooia'o
20 take out for issue and circulation any ha'one4
bank guaranteed credit notes. he shall require suoh
hank TO make arrangements satisfactory 10 MN
for the current daily redemption OF such notes IA
every redemption city so designated
Sec 2 That said national bank guaranteed oreoit
notes. issued in accordance with the provisions -
this act. shall be received at PAR IN All paris "a
the United States in payment OF taxes. excuses
public lands and all other dues 10 the United
States except duties on imports; and also for All
salaries and other debts and demands OWING os
the United States to individuals. corporations anu
associations within the United States. except IN
terest on the public debt and in redemption OF me
national currency said notes shall be received
upon deposit and for all purposes Of debt and ia
bility by every national banking association at par
and without charge OF whatsoever kind
Sec. 10 That the holder of any national nank
guaranteed credit note shall have prior Hen on
the assets Of the national banking association ssu
ing Il. and the statutory liaoiity OF saFeiioi
Sec Il That upon the failure of q national bank
ing association all outstanding national hahk
guaranteed credit notes taken out by II IN accord
anoe with the provisions Of this act shall. upon
rresentaton 10 the United States Treasury, be pald
in lawful money out Of the guarantee 1uno' put
the United States Treasurer shall recover in lawfu
money from the assets of the failed bank the
amount OF the guaranteed credit notes OF such
hank outstanding at the time of failure. and the
same shall be paid into the guarantee 1uno as
provided in Section 10 OF this act
Sec T. That any national banking ASSOCIATION
desiring 10 retire its national bank guaranteed
credit notes or 10 go into liquidation, shall pay
into the guaranty fund amount Of lawful money
equal 20 the amount Of its national bank guaran-
teed credit notes then outstanding
Sec. 13 That any national banking associa-
ton desiring 10 take out national bank guaranteed
credit notes and having notes outstanding in cx-
cess Of s2. per cent Of its paid-up capital 10 Sc
crre the payrnent of which United States oonos
have been deposited, may, upon the deposit OF law
srl money redeem such excess without reference
20 the limitation of nine rriien dollars each month
prescribed in the act approved March 1. 1907