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TREASURER OF THE UNITED STATES.

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5 6 to 14 Shall destroy an amount of existing United States NOTES

equal to 95 per cent of amount paid in to take out

greenbacks. 5 14 to 18 Shall set aside 5 per cent of such amount as a common

redemption fund for “greenbacks" and "currency.” 5 19 to 24 To set aside “CERTAIN GOLD” in Treasury (in a certain 6 1

case, viz, when $200,000,000 old United States notes have been canceled and new greenbacks issued to banks equal in amount to outstanding United States notes) as

“SPECIAL DEPOSIT” to redeem and cancel the

balance of United States notes ($146.000,000). 6 9 to 15 To hold all moneys paid in for greenbacks after the “tran

sition period” from the present law to the new law, as a

SEPARATE FUND. 6 16, 17 To be used to equitably adjust the holdings of the green7 1 to 6 backs among all commercial banking associations. 7 to 11 SHALL first reduce the holding of those associations

holding the largest amount of greenbacks in proportion

to their capital. 7 11 to 15 May require banks to increase their greenbacks to legal

requirements. 7 16 to 21 SHALL reduce the amount associations are required to

take below 124 per cent when necessary, to keep the total amount of greenbacks to a fixed amount (viz,

$200,000,000). 7 22 to 25 The balance of the 6special gold fund” remaining two

years after being set aside shall be free money in the

Treasury. 8 5 to 11 In case of expiration of charter or insolvency shall redeem

greenbacks by order of the Secretary of the Treasury. 8 18 to 25 To keep AT ALL TIMES “IN LAWFUL MONEY” the 5

per cent “greenback” and 5 per cent “currency" cur

rent redemption fund. 9 12 to 20 May keep "current redemption funds” in any reserve

bank or witi any suitable agent approved of by the

Secretary of the Treasury,
May devolve duties as to the current redemption of cir-

culating notes on any reserve bank or any other suitable

agent. 10 18 to 24 To issue no more silver, gold, or currency certificates, and

to cancel all now existing as they are paid in to the

Treasury. 15 7 to 14 Treasurer or Assistant Treasurers to receive for 66 safe

keeping” any bonds or moneys from any bank or clearing house upon the approval of the Secretary of the

Treasury. 16 21 to 24 To issue emergency greenbacks upon bond security by 17 1 to 21 direction of the Secretary of the Treasury. 18 1 to 7 19 15 to 20 To receive taxes. 21 3 to 12 24 15 to 17 25 1 to 6 To keep separate accounts of moneys received and paid

out under each section of the act.

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GENERAL PROVISIONS.

24 14 to 20 Franchise tax of one-fourth of 1 per cent per annum, 25 21 to 24 In places of 50,000 inhabitants or over, banks shall not be 26 1 to 11 organized with less than $250,000 capital.

In places of over 6,000 and under 50,000 people, not less

than $100,000 capital. In places of over 3,000 and under 6,000 people, not less

than $50,000 capital. In places of less than 3,000 people, not less than $25,000

capital. 26 12 to 15 Banks may establish branches, etc. 27 9 to 13 Examiners to have fixed salaries. 27 14 to 25 Concerning examiners. 28 1 to 3 29 4 to 11 Comptroller shall dissolve all national banking associa

tions that fail to comply within one year with ANY

SINGLE provision of this act. 31 16 to 18 Repealing sections.

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GENERAL PROVISIONS.

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2 11 to 14 $25,000 banks in places of less than 4,000 inhabitants.
2 15 to 20 Capital means “PAID IN CAPITAL, SURPLUS, AND

ÜNDIVIDED PROFITS."
9 21 to 24 After transition is completed banks SHALL KEEP their
10 1 to 3 “cash reserve,” as nearly as may be, in equal parts of

gold coin, silver coin, and “greenbacks of other banks." 19 15 to 20 Any average deficiency in the average total reserve a

bank is required to keep, for any month, is taxed at the

rate of 6 per cent per annum. 22 4 to 25 Tax imposed on the deposits of all commercial banks” 1 to 11 that fail to organize under the act, or fail to assume

their share of greenbacks, of one-tenth of 1 per cent per annum (that they may be induced to assume their fair

share of the obligation of maintaining parity). 23 12 to 20 All commercial banking associations other than national 24 1, 2 banks, assuming greenbacks, are to make reports to

the Comptroller and be examined by national bank

examiners. 24 3 to 14 Associations may require from depositors thirty days'

notice of intention to withdraw “deposits” upon which interest is paid for more than seven days, but this does not apply to that part of the reserves of banks which

they are allowed to deposit in other banks." 24 15 to 17 Section 13 goes into effect the first day of the calendar

quarter next succeeding the four months next succeed

ing the passage of the act. 24 18 to 24 All taxes imposed are due and payable on April 1 and

October 1. 25 1 to 6 All moneys collected under the act to be paid into the

Treasury as a “miscellaneous receipt." Treasurer to keep separate account of all moneys received and all

moneys paid out under each section of this act. 27 22 to 24 Bank examiners are employees of the Department of the 28 1, 2 Comptroller.

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EXPENSES, ETC., OF BANKS IN CENTRAL RESERVE CITIES COMPARED WITH BANKS IN TEN SMALL TOWNS AS TO ITEMS OF BANK FUNDS AND AS TO PERCENTAGE OF EXPENDITURES TO VARIOUS FUNDS, ETC.

$76, 700,000.00 73, 096, 619.89

CENTRAL RESERVE CITIES.
Paid-in capital...
Surplus and other profits.

Actual capital
Deposits..
Circulation

Total ..........

149, 796, 619. 89 645, 633, 468. 73 18, 652, 022.50

814, 082, 111. 12

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TREASURY DEPARTMENT,
OFFICE OF THE COMPTROLLER OF THE CURRENCY,

Washington, D. O., August 22, 1898. Hon. J. H. WALKER,

Chairman Committee on Banking and Currency:

Statement showing the amount of expenses and taxes paid by the national banks located in

the central reserve cities of New York, Chicago, and St. Louis, as shown by the semiannual reports of earnings and dividends as made to the Comptroller of the Currency for the year ending September 1, 1897.

SEPTEMBER 1, 1896, TO MARCH 1, 1897.

Expenses and taxes. New York City

$4, 885. 142.08 Chicago

1, 185, 791.88 St. Louis

477, 888.58

$6,548, 822.54 MARCH 1, 1897, TO SEPTEMBER 1, 1897.

Expenses and taxes. New York City

$4,515, 296.63 Chicago

1, 183, 892.26 St. Louis

392, 047. 70

$6,091, 236.59 Total for year ending September 1, 1897 ..

12, 640, 059. 13

TREASURY DEPARTMENT,
OFFICE OF THE COMPTROLLER OF THE CURRENCY,

Washington, D. O., July 29, 1898. Hon. J. H. WALKER,

New Hampton, N. H. SIR: In compliance with your request of July 26, I inclose herewith a statement showing the expenses and taxes, during six months, of ten banks, "located in the smallest places in which there is a single bank, having capital, surplus, and undivided profits of, approximately, $145,000 to $155,000. Very respectfully,

CHARLES G. DAWES, Comptroller.

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