DIGEST OF BILLS FOR INSURANCE OR GUARANTY OF BANK DEPOSITS INTRODUCED INTO CONGRESS, 1886-1933-Continued DIGEST OF BILLS FOR INSURANCE OR GUARANTY OF BANK DEPOSITS INTRODUCED INTO CONGRESS, 1886-1933-Continued DIGEST OF BILLS FOR INSURANCE OR GUARANTY OF BANK DEPOSITS INTRODUCED INTO CONGRESS, 1886-1933-Continued Annually 1/10 of 1 percent of average deposits; maximum fund 2 percent of deposits of each bank Initial assessment 1/8 of 1 percent of average daily individual deposits (new banks 1 percent of capital); additional assessments to maintain fund at $3,000,000 Initial assessment 5 percent of all deposits and note issues; semi-annual assessments to maintain this amount; special assessments upon banks in note redemption districts to cover 1/10 of losses in such districts; interest paid by national banks government deposits and interest on circulating notes, each at 2 percent on For reserve fund, initial assessment 1 percent of deposits, adjusted annually to keep fund at this figure. For premium fund, annually 1/10 of 1 percent of average deposits (new banks, 1 percent of capital); and 1 percent (existing tax) on circulating notes Officers of each bank, nominated by directors and appointed by Secretary of the Treasury to be responsible for control and management of the bank and to report condition weekly to the Comptroller of the Currency Deposits not to exceed 10 times capital and surplus; payment of interest on deposits prohibited, except 2 percent per year on government deposits U.S. Treasury authorized to issue $100,000,000 in circulating notes, to be kept as a "special circulation fund" and advanced to any person or corporation, at 6 to 8 percent interest, on approved security Deposits not to exceed 10 times capital and surplus Deposits not to exceed 10 times capital and surplus Changes to be made in reserve requirements, and in conditions of issue of circulating notes (deposit of government bonds not required); guaranty fund in excess of $25,000,000 to be used to retire United States notes Deposits not to exceed 10 times capital; Comptroller of the Currency authorized to refuse new national charters where banking facilities already sufficient 35 36 37 38 39 40 41 42 43 44 Semi-annually 1/10 of 1 percent of capital stock, additional as and when needed; interest on loans to banks; maximum fund $10,000,000 Comptroller may make loan at 6 percent to banks when losses exceed accumulated surplus or deposits are suddenly withdrawn, and appoint manager of borrowing bank; restrictions on salary increases, new loans and investments, and dividends when surplus below amount reported or while government loan outstanding 45 |