See sec. 2. act of Mar. 3, of the United States held within the district in which such association may be established; or in any State, 1873. county, or municipal court in the county or city in which said association is located, having jurisdiction in similar cases: Provided, however, That all proceedings to enjoin, Proceedings the Comptroller under this act shall be had in a circuit, to be in what district, or Territorial court of the United States, held in the district in which the association is located. for injunctions courts. mutilating them unfit for utes, 5188. SEC. 58. And be it further enacted, That every person Penalty who shall mutilate, cut, deface, disfigure, or perforate notes to make with holes, or shall unite or cement together, or do reissue. any other thing to any bank bill, draft, note, or other evidence of debt, issued by any such association, or shall Revised Statcause or procure the same to be done, with intent to render such bank bill, draft, note, or other evidence of debt unfit to be reissued by said association, shall, upon conviction, forfeit fifty dollars to the association who shall be injured thereby, to be recovered by action in any court having jurisdiction. (Sections 59 and 60 prescribe penalties for counterfeiting, etc., knowingly uttering, etc., for engraving, etc., plates for forging notes, etc., for having blank notes and for having paper, etc.) to report an SEC. 61. And be it further enacted, That it shall be the, Comptroller duty of the Comptroller of the Currency to report annually to Congress at the commencement of its session nually to Con gress. Revised Statutes, 333. Contents of report. First. A summary of the state and condition of every association from whom reports have been received the preceding year, at the several dates to which such reports refer, with an abstract of the whole amount of banking capital returned by them, of the whole amount of their debts and liabilities, the amount of circulating notes outstanding, and the total amount of means and resources.c. specifying the amount of lawful money held by them report to Conat the times of their several returns, and such other information in relation to said associations as, in his judgment, may be useful. Second. A statement of the associations whose business has been closed during the year, with the amount of their circulation redeemed and the amount outstanding. Third. Any amendment to the laws relative to banking by which the system may be improved, and the security of the holders of its notes and other creditors may be increased. of Contents Comptroller's gress. Repeal of act of 1863, ch. 58, vol. 12. Fourth. The names and compensation of the clerks employed by him, and the whole amount of the expenses of the banking department during the year. And such report shall be made by or before the first day of December in each year, and the usual number of copies for the use of the Senate and House, and one thousand copies for the use of the department, shall be printed by the Public Printer and in readiness for distribution at the first meeting of Congress. SEC. 62. And be it further enacted, That the act entitled "An act to provide a national currency, secured by a pledge of United States stocks, and to provide for the circulation and redemption thereof," approved February twenty-fifth, eighteen hundred and sixty-three, is hereby Saving clauses. repealed: Provided, That such repeal shall not affect any appointments made, acts done, or proceedings had, or the organization, acts, or proceedings of any association organized or in the process of organization under the act aforesaid: And provided, also, That all such associations so organized or in process of organization shall enjoy all the rights and privileges granted, and be subject to all the duties, liabilities, and restrictions imposed by this act, and with the approval of the Comptroller of the Currency, in lieu of the name specified in their respective organization certificates, may take any other name preferred by them and duly certified to the Comptroller, without prejudice to any right acquired under this act, or under the act hereby repealed; but no such change shall be made after six months from the passage of this act: Provided, also, That the circulation issued or to be issued by such associations shall be considered as a part of the circulation provided for in this act. trustees, etc., not to be per Executors, SEC. 63. And be it further enacted, That persons holdholding stock, ing stock as executors, administrators, guardians, and sonally liable. trustees, shall not be personally subject to any liabilities as stockholders; but the estates and funds in their hands shall be liable in like manner and to the same extent as the testator, intestate, ward, or person interested in said trust-funds would be if they were respectively living and competent to act and hold the stock in their own names. SEC. 64. And be it further enacted, That Congress may at any time amend, alter, or repeal this act. Act may be altered or repealed. Approved, June 3, 1864. (By the act of March 1, 1872, Leavenworth is struck out from the list of redemption cities in section 31 above. (17 Stat. L., 32.) (The use of the word "national," as a part of the name of any bank not organized under the national currency act above, is forbidden by the act of March 3, 1873. (17 Stat. L., 603.) NOTE. The above act is in substance a revision of that of February 25, 1863, with only such changes as experience had shown to be necessary for the trial of the system. Some of the principal points of difference between the two acts are the following: The act of 1863 made no provision for the redemption of the circulation by the banks of the principal cities, such as is contained in sections 31 and 32 of the act of 1864; but simply required that every bank should redeem its circulation at its own counter, and that it should have for that and other purposes a reserve equal to twenty-five per cent of its circulation and deposits, of which reserve three-fifths might be deposited with associations in nine principal cities named in the act. The prohibition of the issue of circulating notes of a less denomination than five dollars, took effect at once in the act of 1863. Under the act of 1863, coupon bonds might be deposited to secure the circulation, but by the act of 1864 only registered bonds. The act of 1863 required a smaller minimum of capital for a new bank than the act of 1864, required a smaller proportion to be paid in before beginning business, and allowed a longer time for the payment of the remainder. The act of 1864 makes more complete provision than that of 1863 for the conversion of state banks into national associations, permitting the retention of the former name of a bank after conversion, and in section 12 exempting the stockholders of such banks from personal liability under certain conditions, which were intended to meet the case of the Bank of Commerce in the city of New York. The act of 1863 failed to provide as to the taxation of shares by state authority, and permitted loans on real, as well as personal, security. The act of 1863 required the apportionment of the total circulation among the States and Territories, one half according to representative population and one half having due regard to the existing banking capital and resources. For changes in the provision made in section 22, as to the total amount of bank notes and for the apportionment thereof, see below, pages 364, 369-371, 418-421. For changes in the limit of circulation allowed to any bank in section 21, and the amount of bonds to be held, see below, pages 364, 369-371, 418, 419, 423, 432, 433. Note to section 55, chapter 106, June 3, 1864 (13 Stat. L. 99): "The act of April 6, 1869 (16 Stat. L., 7), prescribed a penalty for aiding and abetting officers, etc., of national banks in embez aling, etc., funds of bank." 15712-10-24 223. "The act of April 22, 1870 (16 Stat. L., 91) amending the usury laws of the District of Columbia, provided that nothing therein should affect national banking associations." "The act of July 8, 1870 (16 Stat. L., 195), provided that sec tion 55, above, and all acts amendatory thereof should be construed to apply to every president, director, cashier, teller, clerk, or agent of any banking association organized, etc." ACT OF JUNE 30, 1864. 13 Stat. L., CHAP. CLXXIII.—An act to provide internal revenue to support the Government, to pay interest on the public debt, and for other purposes. 469. (Section 110 levies a duty on deposits, capital, and circulation of banks and bankers.) (Amended 17 Stat. L., ACT OF MARCH 3, 1865. 13 Stat. L., CHAP. LXXVIII.-An act to amend an act entitled "An act to provide internal revenue to support the Govern ment, to pay interest on the public debt, and for other purposes," approved June thirtieth, eighteen hundred and sixty-four. Tax on bank circulation after, etc. Existing state banks to be pre SEC. 6. And be it further enacted, That every national banking association, state bank, or state banking association, shall pay a tax of ten per centum on the amount of notes of any state bank or state banking association, paid out by them after the first day of July, eighteen hundred and sixty-six. SEC. 7. And be it further enacted, That any existing ferred until, bank organized under the laws of any state, having a ing to become paid-up capital of not less than seventy-five thousand national banks. dollars, which shall apply before the first day of July etc.; in apply next for authority to become a national bank under the 1864, ch. 106. act entitled "An act to provide a national currency secured by a pledge of the United States bonds, and to provide for the circulation and redemption thereof," approved June third, eighteen hundred and sixty-four, and shall comply with all the requirements of said act, shall, if such bank be found by the comptroller of the currency to be in good standing and credit, receive such authority Proviso, * * * * * to be deemed the cap bank, for pur act. SEC. 14. And be it further enacted, That the capital of What any state bank or banking association which has ceased, ital of a state or shall cease to exist, or which has been or shall be con- poses of this verted into a national bank, for all the purposes of the act to which this is an amendment, shall be assumed to be the capital as it existed immediately before such bank ceased to exist or was converted as aforesaid. And whenever the outstanding circulation of any bank, association, corporation, company, or person shall be reduced to an amount not exceeding five per centum of the chartered or declared capital existing at the time the same was issued, said circulation shall be free from taxation. And whenever any Circulation state bank or banking association has been converted into tax. a national banking association, and such national banking association has assumed the liabilities of such state bank or banking association, including the redemption of its bills, such national banking association shall be held to make the required return and payment on the circulation. outstanding, so long as such circulation shall exceed five per centum of the capital before such conversion of such state bank or banking association. * Approved, March 3, 1865. (Section 6 was amended by section 9, act of July 13, 1866 (14 Stat. L., 146), to provide that persons, etc., using notes of state banks as circulation after August 1, 1866, to pay a tax of ten per cent thereon. (Section 14 was amended by the same act and section to define the capital of certain banks, and providing that circulation not over five per cent, and banks ceasing to issue circulation should not be taxed, and that converted banks should pay tax.) when free of |