Page. Line. 5 TREASURER OF THE UNITED STATES. 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. 6 6 7 7 7 Shall set aside 5 per cent of such amount as a common a 9 to 15 To hold all moneys paid in for greenbacks after the "transition period" from the present law to the new law, as a SEPARATE FUND. 16, 17 1 to 6 7 to 11 11 to 15 7 16 to 21 To be used to equitably adjust the holdings of the greenbacks among all commercial banking associations. SHALL first reduce the holding of those associations holding the largest amount of greenbacks in proportion to their capital. May require banks to increase their greenbacks to legal requirements. SHALL reduce the amount associations are required to take below 12 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 "special gold fund" remaining two years after being set aside shall be free money in the Treasury. 8 5 to 11 8 18 to 25 In case of expiration of charter or insolvency shall redeem greenbacks by order of the Secretary of the Treasury. To keep AT ALL TIMES "IN LAWFUL MONEY" the 5 per cent "greenback" and 5 per cent "currency" current redemption fund. 9 12 to 20 May keep "current redemption funds" in any reserve bank or with any suitable agent approved of by the Secretary of the Treasury. May devolve duties as to the current redemption of circulating 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 "safekeeping" 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 1 to 21 direction of the Secretary of the Treasury. 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 Banks may establish branches, etc. Comptroller shall dissolve all national banking associations that fail to comply within one year with ANY SINGLE provision of this act. 16 to 18 Repealing sections. Page. Line. 2 2 9 10 GENERAL PROVISIONS. 11 to 14 $25,000 banks in places of less than 4,000 inhabitants. 21 to 24 1 to 3 After transition is completed banks SHALL KEEP their "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. 22 233 1 to 11 4 to 25 Tax imposed on the deposits of all "commercial banks" 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 1, 24 24 All commercial banking associations other than national 2 banks, assuming greenbacks, are to make reports to the Comptroller and be examined by national bank examiners. 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 succeeding the passage of the act. All taxes imposed are due and payable on April 1 and All moneys collected under the act to be paid into the 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. TREASURY DEPARTMENT, OFFICE OF THE COMPTROLLER OF THE CURRENCY, 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. 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, Actual average capital CHARLES G. DAWES, Comptroller. $147, 300.00 6, 542. 40 |