Page. Line. TREASURER OF THE UNITED STATES. a 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, 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. Page. Line. 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. Page. Line. GENERAL PROVISIONS. 23 2 11 to 14 $25,000 banks in places of less than 4,000 inhabitants. ÜNDIVIDED PROFITS." 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. 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. Actual capital Total .......... 149, 796, 619. 89 645, 633, 468. 73 18, 652, 022.50 814, 082, 111. 12 TREASURY DEPARTMENT, 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, 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. |