The farmer and mechanic., 1914-08-18

merctai paper, heIo Oy member banks
may be deposited as basis for circu,a-
ton but not more than 30 per cent
of its unimpaired capital can he has.-i
upon the security Of the comlaercl.I
paper
"On state. city. town county nr
other municipal bonds circulation
may be issued to the extent OF not IA
excess of the par value of the bonds
The municipalities whose bonds may
be offered for such security must h.s.
been in existence for period OF ten
years. and during that time hav,.
made no default in payment of prln-
cipal or interest, and their net funded
Indebtedness must not exceed ten per
cent Of the taxable property
I'm addition to this the banks and
assets OF all member banks are JOINT
iy and Scveralfy liable to that IN tn,
safe as human ingenuity can maxi.
them.
The banks generally ought and
doubtless will, avail themselves OF
this opportunity to facflitate the
movement of crops and to help all
business.
Process Simple One.
The process OF securing this addl
tonal circulation is Il simple one
The member bank sends t. the asso-
citation in Raleigh it's application for
| currency with securities to cover the
| amount wanted. The executive com
| mittee examines and passes upon the
| securities and when approved the of
| ficerS of the association forward the
| application to the comptroller Of the
| currency who transmits it with has
| recommendation to the secretary ot
| the treasury who directs the iSSutnce
l n no FRI To
THAT there mig. be as little della,
as possible the government had pre-
| pared soon after the passage OF tn
original act the amount of currenc,
allotted to each bank So that it coulc
| be issued at any time when needed
For instance for the use of tn
| Citizens National Bank of Kalei2l
there has been held slS3,0o0 subjec
to call. Under the recent amend
ment this amount will be Increase,
to S348, 80 and in the sa me proper
ton for all member banks.
List Of Member Banks
Banks signing membership paper
up to the present are:
Citizens National Bank, Raleigh \
c.: Greensboro National Banh
Greensboro; National Bank of Ala
nance. Graham; First National BAN
GaStonia; Citizens National BanL
Gastonia; Citizens National Banl
Durham; MurchiSon National Banl
Wilmington. First National Banb
Durham; First National Bank Rock
Mount. National Bank Of Fayette
Vile; National Bank of GoIdsbor,
First National Rank. Wadesboro: NJ
| tional Bank of New Bern; First N
tional Bank. Dunn. First Nation:
Bank, Lumberton: First Nation;
Bank, Washington; Farmers Nation;
Bank. LouiSburg. First Nation;
: Bank kinstOn: Peoples Nation:
Bank, Winston; First National Ban
l wilson: National Bank of Greenvili'
t First National Bank OF I.ouisburs
? | Peoples National Eank Salisbur
! | Commercial National Bank Raleigh
' Bank of Wayne. Goldsboro. America
2 National Bank. Wilmington: NJ
: chants National Bank Raleigh, Con
!; mercial National Bank, High Pom
: First National Bank, Tarboro. Ne
a chants q Farmers National Ban
o Charlotte: Commercial National Ban
: Charlotte; First National Bank Cha
4 lotte: Charlotte National Bank. Cha
+ lotte; First National Bank, Hickor
O First National Bank. Statesvill
Commercial National Bank, state
r vile. First National Bank, Thoma
a vile.