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May 2, 1878. (PUBLIC_No. 51.] AN ACT TO PROHIBI'T THE COINAGE OF THE
TWENTY CENT PIECE OF SILVER. Be it enacted by the Senate and House of Representatives of Silver 20.cent the United States of America in Congress assembled, That pieces,coinage of, prchibited.
from, and after the passage of this act, the coinage of the Ante, p. 146.
twenty cent piece of silver, by the Government of the United States be, and the same is hereby probibited. And all laws in conflict with this act are hereby repealed.
Approved, May 2, 1878.
May 31, 1878. [PUBLIC_No. 65.] AN ACT TO FORBID THE FURTHER RETIREMENT OF
UNITED STATES LEGAL-TENDER NOTES.
Be it enacted by the Senate and House of Representatives of Legal.tonder the United States of America in Congress assembled, That tirement of, pro- from and after the passage of this act it shall not be lawful
See act of Feb- for tbe Secretary of the Treasury or other officer under him rus ry 4,1868, ante, P. 78. R. S., 3581, to cancel or retire any more of the United States legalante, p. 129.
tender notes. And when any cf said notes may be redeemed or be received into the Treasury under any law from any source whatever and shall belong to the United States, they shall not be retired cancelled or destroyed but they shall be re-issued and paid out again and kept in circulation : Provided That nothing herein shall prohibit the
cancellation and destruction of mutilated notes and the R. S , 3582, ante,
issue of other notes of like denomination in their stead, as now provided by law.
All acts and parts of acts in conflict herewith are hereby repealed.
Approved, May 31, 1878.
June 8, 1878.
(PUBLIC_No. 79.]—AN ACT TO AUTHORIZE THE SECRETARY OF THE
of mints and as
Be it enacted by the Senate and House of Representatives of Sup rintendents the United States of America, in Congress assembled, That sayers may be the Secretary of the Treasury be and be is hereby authorsistant treasur-ized to constitute any superintendent of a mint or assayer
of any assay-office, an assistant treasurer of the United
States without additional compensation, to receive gold coin For what pur- and bullion on deposit for the purposes provided for in secAnte, p. 109. tion two hundred and fifty-four of the Revised Statutes.
Approved, June 8, 1878.
LAWS RELATING TO NATIONAL BANKS AND BANKING ASSOCIA.
Term of office.
CHAP. CVI.-AN ACT TO PROVIDE A NATIONAL CURRENCY, SECURED June 3, 1864.
Vol. XIII, p. 99.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That Currency bu.
reau established. 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 Comptroller of
the currency. 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 Appointment 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 Salary. thousand dollars; he shall have a competent deputy, ap- Deputy comp
troller pointed 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,
Clerks. the necessary clerks to discharge such duties as he sball 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 ap- Comptroller to pointment the comptroller shall take and subscribe the oath what time. of office prescribed by the constitution and laws of the United States; and he shall give to the United States a Bond. bond in the penalty of one hundred thousand dollars, with not less than two responsible sureties, to be approved by the Secretary of the Treasury, conditioned for the faithful
Oath and bond discharge of the duties of his office. The deputy comptrol. of deputy comptroller. ler so appointed shall also take the oath of office prescribed
by the constitution and laws of the United States, and shall
give a like bond in the penalty of fifty thousand dollars. Not to be in. Toe comptroller and deputy-comptroller shall not, either banking associa directly or indirectly, be interested in any association issuing
national currency under the provisions of this act.
SEC. 2. And be it further enacted, That the comptroller of rency bureau,
the currency, with the approval of the Secretary of the
Treasury, shall devise a seal, with suitable inscriptions, for and where to be his office, a description of which, with a certificate of ap. kерt.
proval by the Secretary of the Treasury, shall be filed in the office of the Secretary of State with an impression thereof, which shall thereupon become the seal of office of the comp
troller of the currency, and the same may be renewed when Certain papers necessary. Every certificate, assignment, and conveyance to be evidence a executed by the comptroller, in pursuance of any authority
conferred on him by law, and sealed with his seal of office, shall be received in evidence in all places and courts wbatsoever; and all copies of papers in the office of the comptroller, certified by him and authenticated by the said seal,
shall in all cases be evidence equally and in like manner as Impression may the original. An impression of such seal directly on the
paper shall be as 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 by the Secretary of the Treasury suitable rooms in the treasury building for
conducting the business of the currency bureau, in which Fire-proof shall be safe and secure fire-proof vaults, in wbich it shall
be the duty of the comptroller to deposit and safely keep all the plates not necessarily in the possession of engravers or printers, and other valuable things belonging to his
department; and the comptroller shall from time to time Furniture, &c. furnish the necessary furniture, stationery, fuel, lights, and
other proper conveniences for the transaction of the said business.
SEC. 4. And be it further enacted, That the term “ United
States Bonds," as used in this act, shall be construed to R. S., 5158, post, 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. Banking asso. SEC. 5. And be it further enacted, That associations for ciatious, how may be formed." carrying on the business of banking may be formed by any
number of persons, not less in any case than five, who shall
be upon paper.
Rooms for cur
Term “United States Bonds" to include what.
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 bis office.
SEC. 6. And be it further enacted, That the persons uniting Organization to form such an association shall, under their hands, make specify an organization certificate, which shall specify
First. The name assumed by such association, which name, name shall be subject to the approval of the comptroller.
Second. The place where its operations of discount and place of business, deposit are to be carried on, designating the state, territory, or district, and also the particular county and city, town, or village.
Third. The amount of its capital stock, and the number capital and of shares into which the same shall be divided. Fourth. The names and places of residence of the share- names,
shareholders, holders, and the number of shares held by each of them.
Fifth. A declaration that said certificate is made to enable purpose of cor. such persons to avail themselves of the advantages of this act. The said certificate shall be acknowledged before a judge Certificate to be
acknowledged. of some court of record or a notary public, and such certifi. cate, with the acknowledgment thereof authenticated by the seal of such court or notary, shall be transmitted to the comptroller of the currency, who shall record and carefully preserve the same in his office. Copies of such certificate, Copies under duly certified by the comptroller, and authenticated by his dence? seal of office, shall be legal and sufficient evidence in all courts and places witbin the United States, or the jurisdiction of the government thereof, 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. 7. And be it further enacted, That no association shall: Amount of cap. be organized under this act, with a less capital than one than, &c. 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
seal to be evi.
ital be less
wben to be cor
twenty years, un
any place the population of wbich does not exceed six thou.
sand inhabitants. Associations, SEC. 8. And be it further enacted, That every association porations and formed pursuant to the provisions of this act shall, from the mence business. date of the execution of its organization certificate, be a
body corporate, but shall transact no business except such as may be incidental to its organization and necessarily preliminary, until authorized by the comptroller of the cur. rency to commence the business of banking. Such association shall have power to adopt a corporate seal, and shall
have succession by the name designated in its organization May continue certificate, for the period of twenty years from its organizaless, &c. tion, unless sooner dissolved according to the provisions of
its articles of association, or by the act of its shareholders
owving two thirds of its stock, or unless the franchise shall General powers. be forfeited by a violation of this act; by such name it may
make contracts, sue and be sued, complain and defend, in
any court of law and equity as fully as patural persons; it Directors and may elect or appoint directors, and by its board of directors
appoint a president, vice-president, casiier, and other officers, define their duties, require bonds of them and fix the penalty thereof, dismiss said officers or any of them at pleasure, and appoint others to fill their places, and exercise under this act all such incidental powers as shall be neces. sary to carry on the business of banking by discounting and negotiating promissory notes, drafts, bills of exchange, and other evidences of debt; by receiving deposits; by buying and selling exchange, coin, and bullion ; by loaning money on personal security; by obtaining, issuing, and circulating notes according to the provisions of this act; and its board
of directors shall also bave power to define and regulate by By-lawer by-laws, not inconsistent with the provisions of this act, the
manner in which its stock shall be transferred, its directors elected or appointed, its officers appointed, its property transferred, its general business conducted, and all the privileges granted by this act to associations organized
under it shall be exercised and enjoyed ; and its usual R. S., 5190, post,
business shall be transacted at an office or banking house located in the place specified in its orgauizatiou certifi.
cate. Directors; qual. SEC. 9. And be it further enacted, That the affairs of every ifications;
association shall be managed by not less than five directors, one to be presi- one of whom shall be the president. Every director shall,