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of such sale shall be paid into the bank-note guaranty fund.

The Comptroller of the Currency shall forthwith collect, for the benefit of said bank-note guaranty fund, from the assets of the bank and from the stockholders thereof, according to their liability as declared by this act, such sum as, with the bank's balance in the bank-note guaranty fund as aforesaid, shall equal the amount of its national currency notes outstanding. And for this purpose the United States shall, on behalf of the bank-note guaranty fund, have a paramount lien upon all the assets of the association; and such fund shall be made good out of such assets in preference to any and all other claims whatsoever, except the necessary costs and expenses of administering the same.

All national reserve notes so redeemed shall be canceled and destroyed, and all national currency notes so redeemed shall be held by the Treasury Department in the division of issue and redemption until the conclusion of the proceedings of liquidation of said bank and shall thereupon be canceled and destroyed.

The provisions of sections fifty-two hundred and twentysix, fifty-two hundred and twenty-seven, fifty-two hundred and twenty-eight, fifty-two hundred and twenty-nine, fiftytwo hundred and thirty-four, fifty-two hundred and thirtyseven of the Revised Statutes shall be applicable in the case of the failure of any national banking association to redeem in compliance with law the national reserve notes issued to it.

SEC. 21. That whenever the Comptroller of the Currency Assessment in case of deficiency shall ascertain what deficiency, if any, exists between the in bank note aggregate collection for the benefit of the bank note guar- guaranty fund. anty fund in the case of any failed bank and the amount of its national currency notes redeemed and to be redeemed from the said fund, he shall assess such deficiency upon all the national banks in proportion to their national currency notes not secured by United States bonds outstanding at the time of the failure of such bank, said assessment, however, not to exceed in any one year one per centum of the amount of such circulation of the several banking associations, respectively.

may be invested

bonds.

stitute fund sup

bank-note guaranty fund.

SEC. 22. That the Secretary of the Treasury be, and he Guaranty fund is hereby, authorized in his discretion to cause to be in United States invested in bonds of the United States any portion of the guaranty fund herein before provided for; and such bonds shall be held and disposed of for the benefit of such fund. SEC. 23. That all interest accruing from the investment Interest to conof any portion of the aforesaid guaranty fund, and all funds plementary to received in payment of the duties on circulation provided for in this act, shall be held in the division of issue and redemption in gold coin or in United States bonds, in the discretion of the Secretary of the Treasury, and shall be a fund supplementary to the guaranty fund, to be used only in case said guaranty fund shall ever become insufficient to redeem any national currency notes issued under the provisions of this act, and it shall not be taken into account in estimating the amount of assessments necessary to B & C -4

replenish said guaranty fund or in repayment to banks of their contributions to the guaranty fund.

Redemption SEC. 24. That the fund of five per centum of outstanding

fund.

Liability of United States

circulating notes required to be kept on deposit by every national banking association for the current redemption of the circulating notes of such association shall be required to be equal to five per centum of all the national reserve notes issued to it and of its national currency notes outstanding, and shall be in gold coin of the United States; and the Comptroller of the Currency shall, with the approval of the Secretary of the Treasury, have authority to provide for the redemption of said notes at any or all of the subtreasuries of the United States, and said notes shall be paid in gold coin of the United States.

SEC. 25. That so much of section three of the act of for redemption. June twentieth, eighteen hundred and seventy-four, entitled "An act fixing the amount of United States notes, providing for a redistribution of the national-bank currency, and for other purposes," as reads "And when the circulating notes of any such associations, assorted or unassorted, shall be presented for redemption in sums of one thousand dollars, or any multiple thereof, to the Treasurer of the United States, the same shall be redeemed in United States notes," be amended to read: “And when the circulating notes of any such associations, assorted or unassorted, shall be presented for redemption in sums of one thousand dollars, or any multiple thereof, at the Treasury, or at such subtreasuries or other redemption agencies as may be designated by the Comptroller of the Currency, the same shall be redeemed in gold coin of the United States; and authority is hereby given to the Comptroller, with the approval of the Secretary of the Treasury, to establish such other redemption agencies. But nothing in this act contained shall be construed to impose upon the United States any liability for the redemption of the notes of any national banking association, other than the national reserve notes, beyond the proper application of the redemption and guaranty funds deposited with the division of issue and redemption and the enforcement of the remedies by this act provided."

One-fourth of reserves in gold coin.

SEC. 26. That at least one-fourth of the reserve of twentyfive per centum of the aggregate amount of its deposits required under the provisions of existing law to be held by every national banking association in either of the cities designated as reserve or central reserve cities, and at least one-fourth of the reserve of fifteen per centum of the aggregate amount of its deposits required to be held by every other association, shall consist of gold coin of the United States actually held in the vaults of such bank: Provided, That nothing in this section, except as expressly provided, shall be construed to alter or in any way affect the provisions of existing law governing the maintenance of reserves. No contribution to the bank-note guaranty fund provided for in section twenty of this act shall be counted by any national banking association as a part of its lawful reserve.

culation.

SEC. 27. That when the amount of the national currency Duties on cirnotes of any national banking association issued under this act shall exceed sixty per centum of its capital, every such national banking association shall pay, on or before the last day of every month, to the division of issue and redemption a duty imposed at the rate of two per centum per annum upon the average daily amount of said notes outstanding in excess of sixty per centum of its capital stock and not in excess of eighty per centum of such capital stock, and a duty imposed at the rate of six per centum per annum upon the average daily amount of such notes outstanding in excess of eighty per centum of its capital stock: Provided, That for the purpose of computing the circulation subject to the tax herein provided for, all national currency notes, whether secured by United States bonds or not, shall be counted; but national currency notes secured by deposit of United States bonds shall not in any case be subject to the duty herein provided.

Circulating notes of any national banking association shall be deemed and held to be outstanding whenever they shall have been supplied by the Comptroller of the Currency to such associations in blank, countersigned according to law, and shall not have been returned to the Comptroller for concellation or covered by an equal amount of lawful money deposited with the Assistant Treasurer in charge of the division of issue and redemption for the retirement of such notes.

Reports on cirlection of taxes.

culation and col

SEC. 28. That in order to enable the said Assistant Treasurer to assess the duties imposed by the preceding section, the Comptroller of the Currency shall, within five days from the first day of each calendar month, make a return to the said Assistant Treasurer of the United States, in such form as he may prescribe, of the average daily amount of national currency notes of each national banking association outstanding during the calendar month next preceding; and every national banking association shall be notified by said Assistant Treasurer of the United States, within ten days from the first day of each calendar month, of the amount of the duties upon its national currency notes due from it to the United States under this act; and every such association shall, before the last day of such calendar month, pay to the division of issue and redemption, in lawful money, the full amount of such tax; and whenever any association fails to pay the duties imposed by this act the sums due may be collected in the manner provided for the collection of taxes, or said Assistant Treasurer may reserve the amount so due out of the interest as it may become due on any bonds deposited with him by such defaulting association; and while such default continues no further amount of circulating notes shall be issued to such defaulting association. SEC. 29. That every national banking association shall Duties on franpay into the division of issue and redemption each half year, in the months of January and July, on or before the thirtieth day thereof, a duty of one-tenth of one per centum upon the value of its franchise, as measured by the aggre

chise.

Banks going in to liquidation.

Capital required.

Branch banks authorized.

Bank notes

United States.

gate amount of its capital, surplus, and undivided profits upon the last day of the calendar month next preceding. Sections fifty-two hundred and fourteen, fifty-two hundred and fifteen, fifty-two hundred and sixteen, and fifty-two hundred and seventeen of the Revised Statutes of the United States are hereby repealed. But nothing in this section contained shall be so construed as in any manner to release any national banking association from any liability for taxes or penalties incurred prior to the passage of this act.

SEC. 30. That every bank going into liquidation, voluntary or involuntary, shall, prior to the payment of its creditors other than noteholders, and the distribution of any of its assets to its shareholders, deposit with the Assistant Treasurer in charge of the division of issue and redemption lawful money to such an amount that its total deposits of lawful money shall equal the full amount of its outstanding national currency notes and its assessments provided for by this act.

SEC. 31. That section fifty-one hundred and thirty-eight of the Revised Statutes of the United States be amended to read as follows: "No association shall be organized under this title in a city the population of which exceeds fifty thousand inhabitants with a less capital than two hundred thousand dollars. No association shall be organized with a less capital than one hundred thousand dollars, except 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 any place the population of which does not exceed fifteen thousand inhabitants, and that banks with a capital of not less than twenty-five thousand dollars may, with the approval of the Secretary of the Treasury, be organized in any place the population of which does not exceed three thousand inhabitants."

SEC. 32. That it shall be lawful for any national banking association to establish branches, under such rules and regulations as may be prescribed by the Comptroller of the Currency, with the approval of the Secretary of the Treasury.

SEC. 33. That so much of section fifty-one hundred and not payable by eighty-two of the Revised Statutes of the United States as provides that the circulating notes of national banking associations shall be received at par "for all salaries and other debts and demands owing by the United States to individuals, corporations, and associations within the United States, except interest on the public debt and in redemption of the national currency,” be, and the same is hereby, repealed.

Comptroller of the Currency.

SEC. 34. That section three hundred and twenty-four of the Revised Statutes of the United States be amended so as to read as follows: "There shall be in the Department of the Treasury a bureau charged, except as in this act otherwise provided, with the execution of all laws passed by Congress relating to the issue and regulation of currency issued by national banking associations, the chief officer of which bureau shall be called the Comptroller of the Cur

rency, and he shall perform his duties under the general direction of the Secretary of the Treasury."

SEC. 35. That the examination of the affairs of every Examination national banking association authorized by existing laws of banks. shall take place at least twice in each calendar year, and as much oftener as the Comptroller of the Currency shall consider necessary in order to furnish a full and complete knowledge of its condition; and the person making such examination shall have power to call together a quorum of the directors of such association, who shall, under oath, state to such examiner the character and circumstances of such of its loans or discounts as he may designate; and from and after the passage of this act all bank examiners shall receive fixed salaries, the amount whereof shall be determined by the Secretary of the Treasury; but the expense of the examination herein provided for shall be assessed by the Comptroller of the Currency upon the associations examined. The Comptroller of the Currency shall so arrange the duties of national bank examiners that no two successive examinations of any association shall be made by the same examiner.

ities to examiners forbidden.

SEC. 36. That no association shall hereafter make any Loans or gratuloan or grant any gratuity to any examiner of such association. Any association offending against this provision shall be deemed guilty of a misdemeanor, and shall be fined not more than one thousand dollars and a further sum equal to the money so loaned or gratuity so given; and the officer or officers of such association who shall make such loan or grant such gratuity shall be likewise deemed guilty of a misdemeanor, and shall be fined not to exceed five hundred dollars. And any examiner accepting a loan or gratuity from any association examined by him shall be deemed guilty of a misdemeanor, and shall be fined not more than five hundred dollars and a further sum equal to the money so loaned or gratuity given, and shall be forthwith dismissed from the service.

Extra examinations provided

SEC. 37. That the Comptroller of the Currency, in addition to the reports provided for by existing laws, shall have for. authority to call for such other reports, regular or special, as he may deem advisable; and such reports shall be rendered in such form as the Comptroller may prescribe, and each association making such report shall cause a copy thereof to be conspicuously displayed in a public place in its banking house for the period of thirty days from the date of such report; but nothing herein contained shall be construed to require the publication of such additional reports by each association in the manner prescribed for other reports now rendered.

SEC. 38. That any national banking association hereto- One year for refore organized may, at any time within one year from the organization. passage of this act, and with the approval of the Comptroller of the Currency, be granted, as herein provided, all the rights and be subject to all the liabilities of national banking associations organized hereunder: Provided, That such action on the part of such associations shall be authorized by the consent in writing of shareholders owning not

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