apportionment of the bank circulation and for the issue of secured notes by State banks.)

SEC. 17. And be it further enacted, That the entire amount of circulating notes to be issued under this act shall rot exceed three hundred millions of dollars. One hundred and fifty millions of which sum shall be apportioned to associations in the States, in the District of Columbia, and in the Territories, according to representative population, and the remainder shall be apportioned by the Secretary of the Treasury among associations formed in the several States, in the District of Columbia, and in the Territories, having due regard to the existing banking capital, resources, and business, of such States, District, and Territories.

SEC. 61. And be it further enacted, That any banking association or corporation lawfully in existence as a bank of circulation on the first day of January, Anno Domini eighteen hundred and sixty-three, organized in any state, either under a special act of incorporation or a general banking law, may, at any time within

years after the passage of this act become an association under the provisions of this act; that in such case the certificate of association provided for by this act shall be signed by the directors of such banking association or corporation, and in addition to the specifications required by this act, shall specify that such directors are authorized by the owners of two-thirds of the capital stock of such banking association or corporation, to make such certificate of association, and such certificate of association shall thereafter have the same effect, and the same proceedings shall be had thereon, as is provided for as to other associations organized under this act. And such association or corporation thereafter shall have the same powers and privileges, and shall be subject to the same duties, responsibilities, and rules, in all respects, as is (are) prescribed in this act for other associations organized under it, and shall be held and regarded as an association under this act.

SEC. 62. And be it further enacted, That any bank or banking association, authorized by any State law to engage in the business of banking, and duly organized under such State law at the time of the passage of this act, and which shall be the holder and owner of United States

bonds to the amount of fifty per centum of its capital stock, may transfer and deliver to the Treasurer of the United States such bonds, or any part thereof, in the manner provided by this act; and upon making such transfer and delivery, such bank or banking association shall be entitled to receive from the comptroller of the currency, circulating notes, as herein provided, equal in amount to eighty per centum of the amount of the bonds so transferred and delivered.

SEC. 63. And be it further enacted, That upon the failure of any such State bank or banking association, to redeem any of its circulating notes issued under the provisions of the preceding section, the comptroller of the currency shall, when satisfied that such default has been made, and within thirty days after notice of such default, proceed to declare the bonds transferred and delivered to the treasurer, forfeited to the United States, and the same shall thereupon be forfeited accordingly. And thereupon the circulating notes which have been issued by such bank or banking association shall be redeemed and paid at the Treasury of the United States, in the same manner as other circulating notes issued under the provisions of this act are redeemed and paid.

SEC. 64. And be it further enacted, That the bonds forfeited, as provided in the last preceding section, may be cancelled to an amount equal to the circulating notes redeemed and paid, or such bonds may be sold, under the direction of the Secretary of the Treasury, and after retaining out of the proceeds a sum sufficient to pay the whole amount of circulating notes, for the redemption of which such bonds are held, the surplus, if any remains, shall be paid to the bank, or banking association from which such bonds were received.

SEC. 65. And be it further enacted, That Congress reserves the right, at any time, to amend, alter, or repeal this act.

Approved, February 25, 1863.

ACT OF MARCH 3, 1863.

CHAP. LXXIII.-An act to provide ways and means for the support of the Government.

(Section 7, after providing for taxes to be laid upon the circulation of all banks and corporations, whether es15712°-10-22

tablished under state laws or under the act of February 25, 1863, directs that all banks, corporations, or individuals issuing notes for any fractional part of a dollar after April 1, 1863, shall be taxed ten per cent per annum upon the amount of such fractional notes.)

99.

13 Stat. L., CHAP. CVI.—An act to provide a national currency, secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof.

reau established.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assemCurrency Bu- bled, That there shall be established in the Treasury Department a separate Bureau, which shall be charged with the execution of this and all other laws that may be passed by Congress respecting the issue and regulation of a national currency secured by United States bonds. The chief officer of the said Bureau shall be denominated Comptroller the Comptroller of the Currency, and shall be under the general direction of the Secretary of the Treasury. He Appointment. shall be appointed by the President, on the recommenda

of the Currency.

Salary.

troller.

tion of the Secretary of the Treasury, by and with the advice and consent of the Senate, and shall hold his office Term of office. for the term of five years unless sooner removed by the President, upon reasons to be communicated by him to the Senate; he shall receive an annual salary of five thousand Deputy comp- dollars; he shall have a competent deputy, appointed by the Secretary, whose salary shall be two thousand five hundred dollars, and who shall possess the power and perform the duties attached by law to the office of Comptroller during a vacancy in such office and during his absence or inability; he shall employ, from time to time, the necessary clerks to discharge such duties as he shall direct, which clerks shall be appointed and classified by the Secretary of the Treasury in the manner now proComptroller vided by law. Within fifteen days from the time of within what notice of his appointment the Comptroller shall take and subscribe the oath of office prescribed by the Constitution and laws of the United States; and he shall give to the United States a bond in the penalty of one hundred thousand dollars, with not less than two responsible sureties,

Clerks.

to take oath

time.

Bond.

to be approved by the Secretary of the Treasury, conditioned for the faithful discharge of the duties of his office. The deputy comptroller so appointed shall also take the oath of office prescribed by the Constitution and Oath and laws of the United States, and shall give a like bond in comptroller. the penalty of fifty thousand dollars. The Comptroller Not to be inand deputy-comptroller shall not, either directly or indi- banking assorectly, be interested in any association issuing national currency under the provisions of this act.

bond of deputy

terested in any

ciation.

rency Bureau,

kept.

pers under

SEC. 2. And be it further enacted, That the Comp- Seal of Curtroller of the Currency, with the approval of the Secretary of the Treasury, shall devise a seal, with suitable inscriptions, for his office, a description of which, with a certificate of approval by the Secretary of the Treasury, and where to be shall be filed in the office of the Secretary of State with an impression thereof, which shall thereupon become the seal of office of the Comptroller of the Currency, and the same may be renewed when necessary. Every certificate, Certain paassignment, and conveyance executed by the Comptroller, such seal to be in pursuance of any authority conferred on him by law, and sealed with his seal of office, shall be received in evidence in all places and courts whatsoever; and all copies of papers in the office of the Comptroller, certified by him and authenticated by the said seal, shall in all cases be evidence equally and in like manner as the origi- Impression nal. An impression of such seal directly on the paper paper. shall be as valid as if made on wax or wafer.

evidence.

may be upon

Currency Bu

Fire-proof

vaults.

SEC. 3. And be it further enacted, That there shall be Rooms for assigned to the Comptroller of the Currency by the Secre- reau. tary of the Treasury suitable rooms in the Treasury building for conducting the business of the Currency Bureau, in which shall be safe and secure fire-proof vaults, in which it shall be the duty of the Comptroller to deposit and safely keep all the plates not necessarily in the possession of engravers or printers, and other valuable things belonging to his department; and the Comptroller shall from time to time furnish the necessary furniture, stationery, fuel, lights, and other proper conveniences for the transaction of the said business.

etc.

Furniture,

States bonds"

SEC. 4. And be it further enacted, That the term Term "United - United States bonds," as used in this act, shall be con- to include strued to mean all registered bonds now issued, or that ay hereafter be issued, on the faith of the United States by the Secretary of the Treasury in pursuance of law.

what. Revised Statutes, 5158.

sociations, how

Banking as- SEC. 5. And be it further enacted, That associations for may be formed. carrying on the business of banking may be formed by any number of persons, not less in any case than five. who shall enter into articles of association, which shall specify in general terms the object for which the association is formed, and may contain any other provisions, not inconsistent with the provisions of this act, which the association may see fit to adopt for the regulation of the business of the association and the conduct of its affairs, which said articles shall be signed by the persons uniting to form the association, and a copy of them forwarded to the Comptroller of the Currency, to be filed and preserved in his office.

certificate to specify

Organization SEC. 6. And be it further enacted, That the persons uniting to form such an association shall, under their hands, make an organization certificate, which shall specify

name,

place of business,

capital and shares,

names, etc., of shareholders,

purpose of certificate.

Certificate to be acknowledged.

First. The name assumed by such association, which name shall be subject to the approval of the Comptroller.

Second. The place where its operations of discount and deposit are to be carried on, designating the State, Territory, or District, and also the particular county and city, town, or village.

Third. The amount of its capital stock, and the number of shares into which the same shall be divided.

Fourth. The names and places of residence of the shareholders, and the number of shares held by each of them.

Fifth. A declaration that said certificate is made to enable such persons to avail themselves of the advantages of this act.

The said certificate shall be acknowledged before a judge of some court of record or a notary public, and such certificate, with the acknowledgment thereof authenticated by the seal of such court or notary, shall be transmitted to the Comptroller of the Currency, who shall record and carefully preserve the same in his office. Copies Copies under of such certificate, duly certified by the Comptroller, and authenticated by his seal of office, shall be legal and sufficient evidence in all courts and places within the United States, or the jurisdiction of the Government thereof, of the existence of such association, and of every other matter or thing which could be proved by the production of the original certificate.

seal to be evidence.