Year: 1863

! CHAP. LVIII.--An act TO provide national Cur


rency. secured by Pledge Of United States stOc


ana to provide for the Circulation and Redemp


ton thereof.


Be It resogUed 6y tie Ssnate and House Of Repre-


saltatiues of tbs United S,rtes Of America Con
gress assembled That there shall be established il
the Treasury Department a separate bureau, whiet
shall be charged with the execution OF this and al
other laws that may be passed by Congress respect
ing the issue and regulation of national currency
secured by United States bonds The chief officer
of the said bureau shall be denominated the aOmp
trOller o. the currency, and shall be under the gen
era direction Of the Secretary of the Treasury


He shall be appointed by the President, on the nom
ination Of the Secretary of the Treasury by and
with tie advice end consent of the Senate and sha
hold his Office for the term Of five years unless soon
er removed by the President, by and with the ad
vsce and consent of the Senate: he shall receive
annual saary Of five thousand dollars; he shall have
a competent deputy, appointed by the Secretary
whose salary shall be two thousand five hundred
dollars, and who shall possess the power and per-
Germ the duties attached by law to the Office o.
comp troller during vacancy in such Office and dur
ing his absence or inBb5y: he shall employ, from


time to time. the necessary clerks TO discharge such
duties as he shall direct, which clerks shall be ap-
pointed and classified by the Secretary Of the Irea-
surp in the manner now provided by law. within
fifteen days from the time Of notice of his appoint
ment the comptroller shall take nd subscribe tho
oath of Office prescribed by the Constitution and
laws of the United States; and he shall give the
United States bond in the penalty of one hundred
thousand dollars with not less than two responsible
freeholders sureties to be approved by the Se-
cretary of the Treasury conditioned for the faith
full discharge Of the duties of his Office The deputy
comptroller so appointed shall also take the 9th OF
oflee prescribed by the Constitution and laws Of
the United States, and shall give like bond IN the
penalty Of fifty thousand dollars. The comptroller


L. 1a1w w,kann- tod
il any association issuing national currency under
the provisions of this act.


See. 2. And be it further enacted, That the
comptroller of the currency with the approval OF the
Secretary Of the Treasury, shall devise seal with
suitable inscriptions for mis- Office Of the Secretary
OF State with an impression thereof, which shall
thereuyon become the seal of Office of the cUmptrol
Ter of the currency and the same may be renewed
when necessary. Every certificate, assignment, and
conveyance execut ed BY the comptroller IN pursu
anee of any authority conferred him by law, and
sealed with his seal of Office, shall be received III
evidence in al places and courts whatsoever and all
copies Of paper in the Office of the comptroller,
titled by him and authenticated by the said seal
shall in all casses be evidence equally and in like
manner as the original. An impression of such sea-
directly on the paper shall be valid as if made
on wax or wafer.


Sec. 3. And be it further enacted, That there
shall be assigned to the comptroller of the currency





the treasury building for conducting the business
of the currency buaeau in which shall be safe and
secure hre-proof vaults, in which it shall be the du
of the comptroller to deposit and safelv keep all the
plates and other valuable things belonging to his
department; and the comptroller shall from time to
time furnish the necessary furniture, stationary,
fuel lights, and other proper convedienOes for the
transaction of the said business.


Sec. 4. And be it further enacted, That the term
"United States bonds" used in this act shall be
construed to mean all coupon and registered bonds
now issued or that may hereafter be issued the
faith of the United States by the Secretary of the
Dnited States by the Secretary of the Treasury in
pursuance of law.


Sec. And be it further enacted, That associa-
tiOns for carrying on the business of bank may be
formed by any number of persons, not less in any
case than FIVE.


Sec g. And be it further enacted, That persons
uniting to form such association shall under their
hands and seals, make certificate which shall spe-
city


First The named assumed by such1 association.


Second The place where its operations Of dis
count and deposte re,tO be carried on designating
the State Territory district and also the partic
uiar city, town or village.


Third The amount of its capital stock, and the
number Of shares into which the same shan be d.
vided which capital stock shall not be less than f
" thousand dollars and N cities whose population
is over thousand persons the capital stock shall
not be less than one hundred thousand dollars.


Fourth The names and places of residence of the
shareholders and the number of shares held by each
of them.


Fifth. The time when such association shall
eommence


Sixth A declaration that said certificate is made
to enable suoh persons to avail themselves of the adj
vantages of this act.


The said certificate shall be acknowledged before
q Judge Of some court of record or a notary public.
and the acknowledgment thereof certified undertbe
seal of such court notary and be transmitted to
gether with a copy of the articles of association
which shall have been adopted to the comptroller
of the currency who shall record and carefully pre-
seTve the same in his Office, Copies of such cert6
cate duly certified by tho comptroller and authent
Gated by his seal of Office, SHALL be legal and sufa
eient evidence in all courts and places within the
United States or the jurisdiction Of the Government
teereOf of the existence of such ASSOCIATION and Of
every other matter or thing which could be proved
by the production of the original certificate.


Sec. Z. And be it further enacted, That at least
thirty per centum of the capital stock Of tuOh as
soeiation shall be paid IN ar the time of the com
mencement of its banking business and the remain
der Of the capital stock Of such association shall be
paid in instaments of at least ten per centum each
on the whole amount to which the association shall
De limited as frequently as one instalment at the
end of each succeeding two months from the time
of the commencement of its banking operations, un
til e whole of the capital stock shall be paid in.





OF his assignee, shall fail to pay any
instalment the stock when the same is required
5y the foregoing ton be paid the dryctors OF
such association may sell the stock held by sucn
delinquent shareholder. at public auction having
three weeks previous notice thereof in a neWpaer
published and of general circulation in the city
where the association is located if the same be loc
ted in city and if not so located, then in a news
paper printed Of general circulation In the
ty where the is located to any person who will
pay tn highest price therefor and not less thanthe
amount then due thereon with the expenses Of ad
vertiseInent and sale; and the excess if any, shall
be paid to the delinquent shareholder. Il no bid
der can be found who VIII pay for such stock che
amonnt que thereon to the association and the costs
Of advertisement and sale the amount previously
paid shall be forfeited to the association and such
stock may subsequently be sold as the directors
may order.


Sec 9. And be IT further enacted, That when
ever certificate shall have been transmitted to the
of the currency; provided in I'll is and
the association transmitting the same shall notify
the comptroller that at least thirty per oentum Of
its capital stock has been paid as Aforesaid and that
such association has complied with all the provision
of this act required 10 be complied with before such
association shall be authorized to commence the
business of banking agd that such association is
desirouz of commencing such business the comptro-
ler shall Immediately proceed in such as hc
shall by general rules prescribe. to examine the con-
dititi of such association; to ascertain especially
the amount of money paid IN on account of Its cap
tai stock the name and place of residence of each Of
the directors of such association to ascertain espe
eially the amount Of money paid in on account Of
its eaital stock the name and place Of residence Of
each of the directors of such association and the
amount of the capital stock Of which each is the
bonna fde owner, and generally wether such assO-
citation cas- complied with all the requirements OF
this act to entite it to eng age IN the business OF
oausp IN and attested