Page. Line. PRESENT COMPTROLLER OF THE CURRENCY AT PRESENT COST OF $5,000. 3 22 to 25 SHALL issue "CURRENCY" only to the amount of 1 to 4 greenbacks taken during transition. 4 12 1 to 3 12 9 to 14 12 15 to 22 Thereafter he SHALL issue "CURRENCY" to each bank May print currency or greenbacks in anticipation of use. May allow banks to reduce their greenbacks to required May allow associations to keep their bonds and coin in any suitable place. Board of advisers to. May call a meeting of board of advisers at any time or place. An appeal may be taken from all decisions of the Comptroller to the board of advisers. By-laws of clearing houses must be approved by comptroller. 13 1 to 4 Clearing houses can not expel an association without the approval of the Comptroller. 15 19 to 25 When no more "reserve notes" are available, the taking out of "reserve notes" shall be no longer required. When " 16 16 66 reserve notes are no longer available," bank. ing associations can issue "currency notes" under the restriction of page 11, lines 10 to 24, and page 14, lines 18 to 21. 1 to 5 Gives unlimited power to withdraw from circulation "reserve notes " down first to 40 per cent to capital and finally using all the gold reserve, etc. (forcing the hands of the Secretary of the Treasury). 6 to 8 16 24 & 25 17 Thereafter the Comptroller shall equitably "withdraw " 66 reserve notes." Reserve notes withdrawn and canceled by the use of surplus revenue shall not be reissued (when "reserve notes" are withdrawn by the use of surplus revenue, no increase of such notes can thereafter be made). 5 to 12 May reduce "currency notes" of banks by depositing, etc., with the Assistant Treasurer. (Where is the "Assistant Treasurer" provided for?) or 66 currency note ,, 17 12 to 17 May reimburse banks for surplus of "bank notes," "REDEMPTION FUNDS," "GUARANTEE FUND" above amount required to be held against "circulation." 17 18 19 20 18 to 25 19 to 25 1 to 21 13 to 23 To divide the United States into redemption districts for redemption of "currency notes." In case of failure to redeem in "gold coin," they to immediately put association into insolvency. 66 Shall assess each bank not exceeding 1 per cent on their currency notes" in circulation to guarantee all “currency notes." 20 24 & 25 (See page 4, lines 7 to 10.) May invest "gold guarantee fund” in “United States obligations" at "not exceed ing 6 per cent premium" (?) for benefit of the "fuud." MAY provide for redemption of "reserve" and "bank" notes at subtreasuries. When the circulating notes of any bank shall be presented for redemption in sums of $1,000, made up of reserve notes, bank notes, and currency notes, or any one of them, at the Treasury or subtreasury, the same shall be redeemed in gold coin. Banks to report to the Comptroller. (One-fourth of 1 per cent per annum tax on franchise, less one-half per cent premium paid on reserve notes taken out, to support Department of Comptroller of the Cur rency. May permit banks to establish "branches." May get reports provided in Walker bill. (Very clumsy May permit national banks to organize under the act. Page. 14 Line. 5 to 10 Changes of by-laws of clearing houses to be valid must have the approval of the Comptroller. May annul any clearing house by law with the concurrence of a majority of the board of advisers. 16 21 to 24 May issue to clearing houses, or banks, emergency greenbanks secured by bonds in denominations not less than $1,000 to the amount of 90 per cent of such bonds, interest to be paid on such greenbacks by the association taking them, at the rate of 6 per cent per annum. 6 to 24 To decide when banks are to be taxed on their deposits for failure to maintain parity, and on the beginning and ending of the period of taxation. 20 21 1 7 to 23 May take possession of the assets of unsound banks andFirst. Create a fund to secure the payment of "currency notes." 25 24 1 to 14 Second. Create a fund to secure the payment of "Government deposits." 1 to 21 To have monthly reports of the daily condition of banks, and such other reports as he may request. A strictly "bank note," called "NATIONAL-RESERVE NOTE," is substituted for United States notes and declared "legal tender." Page. Line. $200,000,000 UNITED STATES NOTES PRESERVED AS GREENBACKS. 4 to 10 Deposit "lawful money" for. 2 21 to 25 223 3 1 to 7 12 to 15 3 20 to 21 5 14 to 18 7 Deposit United States notes, Treasury notes, coin or coin certificates equal to 12 per cent of actual capital for new issue of "UNITED STATES-LEGAL TENDER NOTES." They are made the "promise to pay" of the bank, by the signatures of its officers. Name of United States legal-tender note, plus currency note, is "greenback." Five per cent current redemption fund furnished by United States Treasurer as a common fund for "greenbacks" and "currency." 7 to 11 Holdings to be reduced to 12 per cent to capital to all associations from moneys paid for greenbacks after transition is effected. 8 18 to 25 9 9 9 10 1 to 2 Amount of greenbacks held by a bank may be increased by the Treasurer to amount required. To be reduced below 12 per cent to capital as banking capital increases so as to keep total amount uniform [viz., $200,000,000]. May be reduced by banks to the amount required with the approval of the Comptroller and the Secretary of the Treasury. Upon the expiration of corporate existence by insolvency, or by consent of Comptroller approved by Secretary of the Treasury, the Treasurer shall finally redeem green backs. Each bank to keep good its proportion of the 5 per cent redemption fund furnished by the Treasurer. Current redemption fund can not be counted in the reserve of any bank. 3 to 8 Sums of greenbacks and currency aggregating $500 or 1 per cent to capital, of any association, to be redeemed. 9 to 11 Shall redeem in "LAWFUL MONEY," its "greenbacks," and "currency" at its own banking house and 7 to 13 10 14 to 17 At an agency approved by the Comptroller, in some reserve city. Banks to maintain parity, or be in default. Can not plead in defense, when in default, that its own 66 greenbacks" are "United States notes." Not to be issued in denominations of less than $3. 1 to 2 Emergency greenbacks secured by bonds in denominations 21 to 24 of not less than $1,000 may be taken out by banks or clearing house. 1 to 21 1 to 7 26 15 to 17 26 22 to 25 Five per cent reserved for redemption fund to be free In case of insolvency to be immediately redeemed by the |