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wards enacted a law for the incorporation of banks, except Some local banks in the District of Columbia, over which it has exclusive jurisdiction, until the passage of the act of February 25, 1863, entitled “An act to provide a national currency secured by a pledge of United States stocks, and to provide for the circulation and redemption thereof.” In order to introduce some changes in the law this act was the next year repealed, and a substitute enacted June 3, 1864, entitled “An act to provide a national currency secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof;” which, with the amendments thereto, is printed in the following pages. Under the operation of these laws and the 9th section of the act of July 13, 1866, and the 2d section of the act of March 26, 1867, taxing the notes of State banks and of towns, cities, municipal corporations, and individuals, used for circulation, nearly all the State banks have been converted into national banks or gone out of existence, and those few which remain have ceased to issue notes for circulation, finding it unprofitable to do so. All paper money has disappeared from circulation, except United States legal-tender notes and national bank notes. The number of national banks is now a little more than one thousand nine hundred, issuing their notes to the amount of about three hundred and forty millions of dollars.
ACTS OF CONGRESS.
ACT OF JUNE 3, 1864, CHAPTER 106.
AN ACT TO PROVIDE A NATIONAL CURRENCY SECURED BY A PLEDGE OF UNITED
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That there shall be established in the Treasury Department a separate bureau, which shall be charged with the execution of this and all other laws that may be passed by Congress respecting the issue and regulation of a national currency secured by United States bonds. The chief officer of the said bureau shall be denominated the Comptroller of the Currency, and shall be under the general direction of the Secretary of the Treasury. He shall be appointed by the President, on the recommendation of the Secretary of the Treasury, by and with the advice and consent of the Senate, and shall hold his office for the term of five years unless sooner removed by the President, upon reasons to be communicated by him to the Senate; he shall receive an annual salary 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 perform the duties attached by law to the office of Comptroller during a vacancy in such office and during his absence or inability. He shall employ, from time to time, the necessary clerks to discharge such duties as he shall direct, which clerks shall be appointed and classified by the Secretary of the Treasury in the manner now provided by law. Within fifteen days from the time of notice of his appointJuent the Comptroller shall take and subscribe the oath of 101
Oath and bond of
—of Deputy Comptroller.
Neither to be interested in banks.
Seal of office, its use, &c.
Rooms for office, vaults, &c.
office prescribed by the Constitution and laws of the United
furnish the necessary furniture, stationery, fuel, lights, and other proper conveniences for the transaction of the said business.
UNITED STATES BONDS DEFINED.
SEC. 4. And be it further enacted, That the term “United States bonds,’’ as used in this act, shall be construed to mean all registered bonds now issued, or that may hereafter be issued, on the faith of the United States by the Secretary of the Treasury, in pursuance of law.
BANKS, HOW FORMED.
SEC. 5. And be it further enacted, That associations for carrying on the business of banking may be formed" by any number of persons, not less in any case than five, who shall enter into articles of association, which shall specify in general terms the object for which the association is formed, and may contain any other provisions, not inconsistent with the provisions of this act, which the association may see fit to adopt for the regulation of the business of the association and the conduct of its affairs, which said articles shall be signed by the persons uniting to form the association, and a copy of them forwarded to the Comptroller of the Currency, to be filed and preserved in his office. & SEC. 6. And be it further enacted, That the persons uniting to form such an association shall, under their hands, make an organization certificate, which shall specify— First. The name assumed by such association, which name shall be subject to the approval of the Comptroller. Second. The place where its operations of discount and
1. There is no limit to the aggregate amount of capital of banks which may be organized under this act. (Opinions of Attorneys General, vol. 11, page 334.)
Any number of banks may be organized, with any amount of capital, not less to each bank than the minimum specified in section 7. But each bank must deposit bonds with the Treasurer of the United States, as required by section 16, whether it obtains circulation or not. And the aggregate circulation of currency notes is limited to $354,000,000. (See section 22, and note 9.)
There is no limit to the aggregate circulation of gold notes. (See Act of July 12, 1870, chapter 252, sections 3, 4, 5.
Definition of Uni. ted States bonds as used in this act.
Banking associations, how formed.
Organization cer, tificates.
—to be acknowledged.
Copies of, when evidence.
deposit are to be carried on, designating the State, Terri
tory, or District, and also the particular county and city,
CAPITAL STOCK REQUIRED,
SEC. 7. And be it further enacted, That no association shall be organized under this act, with a less capital than one hundred thousand dollars, nor in a city whose population exceeds fifty thousand persons, with a less capital than two hundred thousand dollars: Provided, That banks with a capital of not less than fifty thousand dollars may, with the approval of the Secretary of the Treasury, be organized in any place the population of which does not exceed six thousand inhabitants.
Amount of capital stock required.
2. In an action by a national bank, in which the certificate of the Comptroller is produced authorizing the bank to commence business, it is no objection to its legal existence that the acknowledgment of the organization certificates was taken before a notary public who was one of the stockholders. That is a question for the Comptroller only. (Thatcher v. The West River National Bank, 19 Michigam, 196.)