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May buy, borrow, sell, or loan to other clearing houses or banks.

Usury laws not to apply to transactions of clearing houses. May establish a department to "CURRENTLY REDEEM" the greenbacks and currency of banks. 14 11 to 17 Five or more clearing houses may form a national clearing house.

All provisions relating to banks in their relation to clearing houses shall apply to clearing houses in their relation to the national clearing house.

14 18 to 22 National clearing house may deal in any bonds approved of by the Comptroller.

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May provide for the "current redemption" of "circulating notes."

2 May take out emergency greenbacks in denominations of not less than $1,000, secured by United States bonds. Section 11.

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May be designated as fiscal agents of the Government and as depositories of public moneys.

May keep their bonds and moneys with the United States Treasurer or any assistant treasurer with the approval of the Secretary of the Treasury.

15 15 to 18 Shall be subject to like examination by national-bank examiners as banks, and to make such reports as the Comptroller may request.

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The meeting together of the employees of banking asso-
ciations to make "clearings" shall constitute the banks
employing such persons a "clearing house," and make
the banks they represent liable to a tax of one-tenth of
1 per cent on all clearings unless they submit their by-
laws for the approval of the Comptroller and become a
"body corporate."
Emergency legal-tender greenbacks taken by clearing
houses or banks may be surrendered and the bonds
recovered, or any other greenback may be deposited to
the amount of the greenbacks taken out, plus the accumu-
lated interest, and the bonds recovered.

So much of the duties named as are necessary are devolved on Secretary of the Treasury, the Treasurer of the United States or on the Comptroller of the Currency.

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3 13 & 14 Such an amount of "subsidiary and minor coins" as the Secretary of the Treasury considers necessary for "the issue and exchange of such coins."

3 17 to 19 Accounts of Issue and Redemption Department "SHALL be kept entirely apart and distinct from the other divisions of the Treasury Department."

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Reserve fund SHALL be established in Issue and Re-
demption Department of 25 per cent of
$346 mil. U. S. Notes.

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7 to 10 $137,500,000 gold shall be held as a "common fund" and used exclusively to "redeem United States notes, Treasury notes, silver dollars and subsidiary and minor coins." (See page 3, lines 13 and 14.)

4 11 to 25 Gets its funds at the option of the Secretary of the Treas1 to 13 ury.

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TEN mandatory directions for doing its business.
SHALL "cancel" such amounts of notes "redeemed in
gold" "as SHALL NOT EXCEED the NATIONAL
RESERVE NOTES ISSUED SUBSEQUENT TO
THE TAKING EFFECT OF THIS ACT."

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THREE COMPTROLLERS OF THE CURRENCY, AT A COST OF $23,000.
Duties prescribed.

First Comptroller a sort of "Assistant Treasurer."
All action dependent on the Secretary of Treasury.
Page 7, line 7.

6 to 11 Comptrollers do duty of present Comptroller.
Manage Issue and Redemption Department.
Present office of Comptroller abolished.

1 & 2 Comptrollers appointed by President and Senate.
3 & 4 Comptrollers removed by President and Senate.

4 to 9 Appointed for 4, 8, 12 years; then for 12-year terms. 2 10 & 11 In a Comptroller's last four years he is to be First Comptroller.

2 12 to 18

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First Comptroller, practically Assistant Treasurer, has cus-
tody of all funds. To give $250,000 bond.

To prepare three kinds of "circulating notes," etc.
After four years MAY reduce deposit of United States
bonds.

After eight years no bonds shall be required.

9 to 14 When no more United States notes are available as a basis for "CIRCULATING NOTES" THE deposit of such notes SHALL no longer be required (see page 16, lines 10 to 14), but the deposit of "gold coin" for them may be required.

15 15 to 18 May issue reserve notes upon the deposit of gold coin. 16 10 to 14

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 greenbacks taken during transition.

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Thereafter he SHALL issue "CURRENCY" to each bank
not less in amount than its "greenbacks" and not less
than 25 per cent in excess of its average circulation of
currency" during the two years next preceding, and
MAY issue to the full amount of actual capital.
May print currency or greenbacks in anticipation of use.
May extend corporate limit of associations.

May allow banks to reduce their greenbacks to required
amount, with approval of Secretary of the Treasury.
Shall destroy currency surrendered to him.

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.

1 to 4 Clearing houses can not expel an association without the approval of the Comptroller.

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15 19 to 25 When no more "reserve notes" are available, the taking out of "reserve notes" shall be no longer required. When "reserve notes 99 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.

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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

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Thereafter the Comptroller shall equitably "withdraw" "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?)

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17 12 to 17 May reimburse banks for surplus of "bank notes," "REDEMPTION FUNDS," currency note " "GUARANTEE FUND" above amount required to be held against "circulation."

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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.

Shall assess each bank not exceeding 1 per cent on their 66 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.

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22 12 to 23

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.

23 22 to 25 Banks to report to the Comptroller.

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(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
phraseology.)

May permit national banks to organize under the act.
May permit State banks to organize under the act.
May prepare "circulating notes" in anticipation of delivery
to banks.

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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.

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7 to 23 May take possession of the assets of unsound banks andFirst. Create a fund to secure the payment of " currency notes."

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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.

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