1. Bureau of Comptroller of the Currency.

SECTION 324.-There shall be in the Department of the Treasury a Bureau charged with the execution of all laws passed by Congress relating to the issue and regulation of a National currency secured by United States bonds; the chief officer of which Bureau shall be called the Comptroller of the Currency, and shall perform his duties under the general direction of the Secretary of the Treasury.

Kennedy v. Gibson, 8 Wall., 498; Platt v. Beebe, 57 N. Y., 339; Charleston v. People's National Bank, 5 S. C., 103; Case v. Terrill, 11 Wall., 199; United States ex rel. White v. Knox, 102 U. S.

2. Comptroller of the Currency.

SECTION 325.-The Comptroller of the Currency shall be appointed by the President, on the recommendation of the Secretary of the Treasury, by and with the advice and consent of the Senate, and shall hold his office for the term of five years unless sooner removed by the President, upon reasons to be communicated by him to the Senate; and he shall be entitled to a salary of five thousand dollars a year.

The Comptroller of the Currency is also ex officio Commissioner of the Freedmen's Savings Bank, and for this receives an additional $1000 per annum.

3. Oath and Bond of Comptroller.

SECTION 326.-The Comptroller of the Currency shall, within fifteen days from the time of notice of his appointment, take and subscribe the oath of office; 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, to be approved by the Secretary of the Treasury, conditioned for the faithful discharge of the duties of his office.

4. Deputy Comptroller: Duties, &c.

SECTION 327.-There shall be in the Bureau of the Comptroller of the Currency a Deputy Comptroller of the Currency, to be appointed by the Secretary, who shall be entitled to a salary of two thousand five hundred dollars a year, and who shall possess the power and perform the duties attached by law to the office of Comptroller during a vacancy in the office or during the absence or inability of the Comptroller. The Deputy Comptroller shall also take the oath of office prescribed by the Constitution and laws of the United States, and shall give a like bond in the penalty of fifty thousand dollars.

It has been held that when the Deputy Comptroller of the Currency acts in the absence or disability of the Comptroller he must sign as Deputy and Acting Comptroller, to secure the validity of papers.

5. Clerks.

SECTION 328.-The Comptroller of the Currency shall employ, from time to time, the necessary clerks, to be appointed and classified by the Secretary of the Treasury, to discharge such duties as the Comptroller shall direct.

While this section retains the appointing power in the hands of the Secretary of the Treasury, it appears to indicate that the Comptroller was to be the judge of the force necessary to perform the work of his office.

6. Interest in National Banks Prohibited.

SECTION 329.-It shall not be lawful for the Comptroller or the Deputy Comptroller of the Currency, either directly or indirectly, to be interested in any association issuing National currency under the laws of the United States.

The spirit of this section is plain, but under its strict letter there is nothing to prevent either the Comptroller or the Deputy from being interested in National banks so long as the particular banks in which they are interested do not issue

currency.

7. Seal of Office.

SECTION 330.-The seal devised by the Comptroller of the Currency for his office, and approved by the Secretary of the Treasury, shall continue to be the seal of office of the Comptroller, and may be renewed when necessary. A description of the seal, with an impression thereof, and a certificate of approval of the Secretary of the Treasury, shall be filed in the office of the Secretary of State.

See also Act of February 18th, 1875, correcting Revised Statutes, page 97.

8. Rooms, Vaults, &c., for Bureau.

SECTION 331.-There shall be assigned from time to time, to the Comptroller of the Currency, by the Secretary of the Treasury, suitable rooms in the Treasury building for conducting the business of the Currency Bureau, containing safe and secure fire-proof vaults, in which the Comptroller shall 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 business of his office.

9. Examination of Banks in District of Columbia.

SECTION 332.-The Comptroller of the Currency, in addition to the powers conferred upon him by law for the examination of National banks, is further authorized, whenever he may deem it useful, to cause examination to be made into the condition of any bank in the District of Columbia organized under Act of Congress. The Comptroller, at his discretion, may report to Congress the results of such examination. The expense necessarily incurred in any such examination shall be paid out of any appropriation made by Congress for special bank examinations.

10. Annual Report of Comptroller.

SECTION 333.-The Comptroller of the Currency shall make an annual report to Congress, at the commencement of its session, exhibiting—

First. A summary of the state and condition of every asso

ciation from which 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, specifying the amount of lawful money held by them at the times of their several returns, and such other information in relation to such 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.

Fourth. A statement exhibiting under appropriate heads the resources and liabilities and condition of the banks, banking companies, and savings banks organized under the laws of the several States and Territories, such information to be obtained by the Comptroller from the reports made by such banks, banking companies, and savings banks to the legislatures or officers of the different States and Territories, and, where such reports cannot be obtained, the deficiency to be supplied from such other authentic sources as may be available.

Fifth. The names and compensation of the clerks employed by him and the whole amount of the expenses of the banking department during the year.

See Act of February 18th, 1875, correcting Revised Statutes, page 97.

The first report of the Comptroller of the Currency was made for the year 1863 by the Hon. Hugh McCulloch, the first Comptroller. The earlier reports are out of print, and those of some of the later years also, but copies of such as are on hand and can be spared may be obtained on application to the Comptroller of the Currency by bankers and others who are interested in banking matters.

11. When Report May be Printed.

SECTION 3811.-When the annual report of the Comptroller of the Currency upon the National banks and banks under State and Territorial laws is completed, or while it is in process of completion, if thereby the business may be sooner dispatched, the work of printing shall be commenced, under the