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for

notes.

Derominations

Maximum cir

pointed, shall be made in the books of the Comptroller, and a duplicate thereof forwarded to the association wbose notes are thus canceled. SEC. 5185. Associations may be organized in the man- Organization of

associations ner prescribed by this Title for the purpose of issuing notes issuing gold payable in gold; and upon the deposit of any United States bonds bearing interest payable in gold with the Treasurer of the United States, in the manner prescribed for other associations, it shall be lawful for the Comptroller of the Currency to issue to the association making the deposit circulating notes of different denominations, but none of them

of circulating of less than five dollars, and not exceeding in amount eighty notes, and ratio per centum of the par value of the bonds deposited, which posited. shall express the promise of the association to pay them, upon presentation at the office at which they are issued, in gold coin of the United States, and shall be so redeemable. culation. But no such association shall bave a circulation of more than

19, 1875, post, p. one million of dollars.

SEC. 5186. Every association organized under the preced. Reserve reing section shall at all times keep on band not less than ation of gold. twenty-five per centum of its outstanding circulation, in gold or silver coin of the United States; and shall receive Gold-notes

be received at par at par in the payment of debts the gold-notes of every other by all gold-banks. such association which at the time of such payment is redeeming its circulating notes in gold coin of the United States, and shall be subject to all the provisions of this Title: Provided, That, in applying the same to associations organized for issuing gold-uotes, the terms “lawful money" and “lawful money of the United States” shall be construed Lawful

money, to mean gold or silver coin of the United States; and the construed. circulation of such association shall not be within the limitation of circulation mentioned in this Title.

See act of Jan.

212.

.

to

how

REGULATION OF THE BANKING BUSINESS.

as to lawful money reserve.

167.

SEC. 5190. The usual business of each national banking Place of busiassociation shall be transacted at an office or banking house 3 June, 1864, s. located in the place specified in its organization certificate. Requirements

SEC. 5191. Every national banking association in either of the following cities : Albany, Baltimore, Boston, Cincin Ibid , 31, ante, pa nati, Chicago, Cleveland, Detroit, Louisville, Milwaukee, New Orleans, New York, Philadelphia, Pittsburgh, Saint Louis, San Francisco, and Washington, shall at all times bave on hand, in lawful money of the United States, an amount equal to at least twenty-five per centum of the ag. gregate amount of its notes in circulation and its deposits; and every other association shall at all times have on haud,

dividends to be made wbile

reserveis below limit

in lawful money of the United States, an amount equal to

at least fifteen per centum of the aggregate amount of its No loans or notes in circulation, and of its deposits. Whenever the lawful money

of any association in any of the cities named shall be below the amount of twenty-five per centum of its circulation and deposits, and whenever the lawful money of any other association shall be below fifteen per centum of its circulation and deposits, such association shall not in. crease its liabilities by making any new loans or discounts otherwise than by discounting or purchasing bills of exchange payable at sight, nor make any dividend of its profits until the required proportion, between the aggre. gate amount of its outstanding notes of circulation and de. posits and its lawful money of the United States, bas been restored. And the Comptroller of the Currency may potiy any association, whose lawful-money reserve shall be below

the amount above required to be kept on band, to make Riceiver may good such reserve; and if such association shall fail for failure to make thirty days thereafter so to make good its reserve of law. good the reserve. ful money, the Comptroller may, with the concurrence of

the Secretary of the Treasury, appoint a receiver to wind up the business of the association, as provided in section

fifty-two hundred and thirty-four. Redemption: SEC. 5192. Three-fifths of the reserve of fifteen per cent. cities, and proportion of reserve um required by the preceding section to be kept, may conkept ibere n. sist of balances due to an association, available for the re

Ser act of June demption of its circulating notes, from associations approved 20, 1874, post, p. 200 3 Jupe, 1864, s.

by the Comptroller of the Currency, organized under the 31. ante. p. 167. 19 February,

act of June three, eighteen hundred and sixty-four, or under 1873, post, p. 214. this Title, and doing business in the cities of Albany, Bal

timore, Boston, Charleston, Chicago, Cincinnati, Cleveland, Detroit, Louisville, Milwaukee, New Orleans, New York,

Philadelphia, Pittsburgh, Richmond, Saint Louis, San Clearing house Francisco, and Washington. Clearing house certificates, certificates deemed lawful representing specie or lawful money specially deposited money.

for the purpose, of any clearing-house association, sball also be deemed to be lawful money in the possession of any association belonging to such clearing-house, holding aud owning such certificate, within the preceding section.

SEC. 5193. The Secretary of the Treasury may receive posit may be is. United States notes on deposit, without interest, from any sued, and may count as reserve. national banking associations, in sums of not less thau ten 8, 1872, ante, p. thousand dollars, and issue certificates therefor in such

form as he may prescribe, in denominations of not less than five thousand dollars, and payable on demand in United States notes at the place where the deposits were made.

which

may

be

United States certificates of de.

186.

posit.

p. 209.

32, ante, p. 168.

The notes so deposited shall not be counted as part of the lawful-money reserve of the association; but the certificates issued therefor may be counted as part of its lawful-money reserve, and may be accepted in the settlement of clearing. house balances at the places where the deposits therefor were made.

SEC. 5194. The power conferred on the Secretary of the Limitation up: Treasury, by che preceding section, shall not be exercised certificates of de so as to create any expansion or contraction of the currency. Ibid., 8. 3. And United States notes for which certificates are issued under that section, or other United States notes of like amount, shall be held as special deposits in the Treasury, and used only for the redemption of such certificates. SEC. 5195. Each association organized in any of the cities Agents for re

demption of cirpamed in section fifty.one bundred and ninety one shall culating notes to select, subject to the approval of the Comptroller of the See net oledade Currency, an association in the city of New York, at which 20, 1874,8. 3, yos:, it will redeem its circulating notes at par; and may keep one-half of its lawful-money reserve in cash deposits in the June, 1864, H. city of New York. But the foregoing provision shall not apply to associations organized and located in the city of San Francisco for the purpose of issuing notes payable in gold. Each association not organized within the cities named shall select, sulject to the approval of the Comptroller, an association in either of the cities named, at whicb it will redeem its circulating notes at par. The Comptroller shall give public notice of the names of the associations selected, at which redemptions are to be made by the respective associations, and of any change that may be made of the association at which the notes of any association are redeemed. Whenever any association fails either to make Receiver may the selection or to redeem its notes as aforesaid, the Comp. failure to redeem troller of the Currency may, upon receiving satisfactory evidence thereof, appoint a receiver in the manner provided for in section fifty-two hundred and thirty four, to wind up its affairs. But this sectiou shall not reliere any association from its liability to redeem its circulating notes at its own counter, at par, in lawful money on demand.

SEC. 5196. Every national banking association formed or existing under this title, shall take and receive at par, for of all other naany debt or liability to it, any and all notes or bills issued by any lawfully organized national banking association. But this provision shall not apply to any association organized for the purpose of issuing notes payable in gold.

notes.

National banks to receive notes

tional banks.

Ibid.

米 *

SEC. 5203. No association shall, either directly or indi. Ibid., 8. 37.

Circulating rectly, pledge or hypothecate any of its potes of circulation, hypothecated, for the purpose of procuring money to be paid in on its crease capital. capital stock, or to be used in its banking operations, or

otherwise; nor shall any association use its circulating notes or any part thereof, in any manner or form, to create or increase its capital stock.

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Associations not to pay out

SEC. 5206. No association shall at any time pay out on uncurrent notes. loads or discounts, or in purchasing drafts or bills of exe. bid., 8. 39, anti, change, or in payment of deposits, or in any other mode

pay or put in circulation, the notes of any bank or banking association which are not, at any such time, receivable, at par, on deposit, and in payment of debts by the association so paying out or circulating such notes; nor shall any association knowingly pay out or put in circulation any notes issued by any bank or banking association which at the time of such paying out or putting in circulation is not redeeming its

circulating notes in lawful money of the United States. Penalty for of.

SEC. 5207. No association shall bereafter offer or receive fering or receiv. ing United States United States notes or national-bank notes as security or notes as security as collateral security for any lcan of money, or for a consid

See aet of Feb. eration agree to withold the same from use, or offer or 183.1869, ante, P. receive the custody or promise of custody of such potes as

security, or as collateral security, or consideration for any loan of money. Any association offending against the provisions of this section shall be deemed guilty of a misde. meanor, and shall be fined not more than one thousand dollars and a further sum equal to one-third of the money so loaned. The officer or officers of any association who shall make any such loan shall be liable for a further sum equal to one quarter of the money loaned; and any fine or penalty incurred by a violation of this section shall be recorerable for the benefit of the party bringing such suit.

or national-bank

*

*

*

Duty on circn. lation, deposits,

SEC. 5214. In lieu of all existing taxes, every association and capital stock. shall pay to the Treasurer of the United States, in the

3 June, 1864, s. 41, ante, p. 171, months of January and July, a duty of one half of one per

centum each halt year upon the average amount of its notes in circulation, and a duty of one quarter of one per centum each half year upon the average amount of its deposits, and a duty of one-quarter of one per centum each half-year on the average amount of its capital stock, beyond the

amount invested in United States bonds. Semi-annual

SEC. 5215. In order to enable the Treasurer to assess the tion, deposits, and duties imposed by the preceding section, each association

.

shall, within ten days from the first days of January and July of each year, make a return, under the oath of its pres.

return of circula

Ibid.

failure to make

Method of assessment

if re

Ibid.

ident or cashier, to the Treasurer of the United States, in such form as the Treasurer may prescribe, of the average amount of its notes in circulation, and of the average amount of its deposits, and of the average amount of its capital stock, beyond the amount invested in United States bouds, for the six months next preceding the most recent first day of January or July. Every association which fails Penalty for so to make such return shall be liable to a penalty of two return. hundred dollars, to be collected either out of the interest as it may become due such association on the bonds deposited with the Treasurer, or, at his option, in the manner in which penalties are to be collected of other corporations under the laws of the United States.

SEC. 5216. Whenever any association fails to make the half yearly return required by the preceding section, the

turn is not made. duties to be paid by such association shall be assessed upon the amount of notes delivered to such association by the Comptroller of the Currency, and upon the highest amount of its deposits and capital stock, to be ascertained in such manner as the Treasurer may deem best

SEC. 5217. Whensver an association fails to pay the duties imposed by the three preceding sections, the sums be collected if as due may be collected in the manner provided for the col. pay. lection of United taxes from other corporations; or the Treasurer may reserve the amount out of the interest, as it may become due, on the bonds deposited with him by such defaulting association.

SEC. 5218. In all cases where an association bas paid or Refunding ox. may pay in excess of what may be or has been found due

cess of duties

paid. from it, on account of the duty required to be paid to the Treasurer of the United States, the association may state an account therefor, which, on being certified by the Treas. urer of the United States, and found correct by the First Comptroller of the Treasury, shall be refunded in the ordinary manner by warrant on the Treasury.

How tax may

Ibid.

DISSOLUTION AND RECEIVERSHIP.

SEC. 5220. Any association may go into liquidation and Voluntary be closed by the vote of its shareholders owning two-thirds 3 June, 1864, 8. of its stock.

42, ante, p. 173. SEC. 5222. Within six months from the date of the vote Deposit of law

ful money to reto go into liquidation, the association shall deposit with the Treasurer of the United States, lawful money of the United Ibid., 9. 12, 43,

14 July, 1870, States sufficieut to redeem all its outstanding circulation ante, p. 185. The Treasurer shall execute duplicate receipts for money thus deposited, and deliver one to the association and the

deem circulation.

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