national banking association has assumed the liabilities of such State bank or banking association, including the redemption of its bills, by any agreement or understanding whatever with the representatives of such State bank or banking association, 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. [As amended by act of July 13, 1866, chapter 184, § 9 bis.] to pay tax due make returns, &c. from latter and ACT OF MARCH 2, 1867, CHAPTER 194. AN ACT TO PROVIDE WAYS AND MEANS FOR THE PAYMENT OF COMPOUND-INTER- Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That for the purpose of redeeming and retiring any compound-interest notes outstanding, the Secretary of the Treasury is hereby authorized and directed to issue temporary loan certificates, 36 in the manner prescribed by section four of the act entitled "An act to authorize the issue of United States notes and for the redemption or funding thereof, and for funding the floating debt of the United States," approved February twenty-fifth, eighteen hundred and sixtytwo, bearing interest at a rate not exceeding three per centum per annum, principal and interest payable in lawful money on demand; Temporary loan or three per cent. certificates. banks as part of their reserves. And said certificates of temporary loan may constitute May be held by and be held, by any national bank holding or owning the same, as a part of the reserve provided for in sections thirtyone and thirty-two of the act entitled "An act to provide a national currency, secured by a pledge of United States bonds, and to provide for the circulation and redemption. 36. By the act of July 25, 1868, chapter 237, the amount of temporary loan certificates to be issued was increased to seventy-five millions dollars, and by the act of July 12, 1870, chapter 252, section 2, they are all required to be called in for payment as fast as additional currency notes are issued under that act. When called in for payment they cease to bear interest, and can no longer be held as part of the bank reserves. (See page 28.) thereof," approved June three, eighteen hundred and sixty- Banks and bank ers to pay ten per cent. tax on amount of notes of towns, cities, and municipal ACT OF MARCH 26, 1867, CHAPTER 8. AN ACT TO EXEMPT WRAPPING PAPER, MADE FROM WOOD OR CORNSTALKS, FROM SEC. 2. And be it further enacted, That every national banking association, State bank, or banker, or association shall pay a tax of ten per centum on the amount of notes of any town, city, or municipal corporation paid out by corporations paid them after the first day of May, anno Domini eighteen hundred and sixty-seven, to be collected in the mode and manner in which the tax on the notes of State banks is collected. out by them. Approved, March 26, 1867. banks may be taxed. ACT OF FEBRUARY 10, 1868, CHAPTER 7. AN ACT IN RELATION TO TAXING SHARES IN NATIONAL BANKS. Be it enacted by the Senate and House of Representatives Where shares of of the United States of America in Congress assembled, That the words "place where the bank is located, and not elsewhere," in section forty-one of the "act to provide a national currency," approved June third, eighteen hundred and sixty-four, shall be construed and held to mean the State within which the bank is located; and the Legislature of each State may determine and direct the manner and place of taxing all the shares of national banks located within said State, subject to the restriction that the taxation shall not be at a greater rate than is assessed upon any other moneyed capital in the hands of individual citizens of such State: And provided always, That the shares of any national bank owned by non-residents of any State shall be Shares of nonresidents. taxed in the city or town where said bank is located, and not elsewhere. Approved, February 10, 1868. ACT OF FEBRUARY 19, 1869, CHAPTER 32. AN ACT TO PREVENT LOANING MONEY UPON UNITED STATES NOTES. ceiving U. S. notes as security for loans, or hold same from agreeing to with use how punished. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That offering or reno national banking association shall hereafter offer or receive United States notes or national bank notes as security or as collateral security for any loan of money, or for a consideration shall agree to withhold the same from use, or shall offer or receive the custody or promise of custody of such notes as security, or as collateral security, or consideration for any loan of money; and any national banking association offending against the provisions of this act shall be deemed guilty of a misdemeanor, and, upon conviction thereof in any United States court having jurisdiction shall be punished by a fine not exceeding one thousand dollars, and by a further sum equal to one-third of the money so loaned; and the officer or officers of said bank who shall make such loan or loans shall be liable for a further sum equal to one-quarter of the money so loaned; and the prosecution of such offenders shall be commenced and conducted as provided for the punishment of offenses in an act to provide a national currency, approved June third, eighteen hundred and sixty-four, and the fine or penalty so recovered shall be for the benefit of the party bringing such suit. Approved, February 19, 1869. ACT OF MARCH 3, 1869, CHAPTER 130. AN ACT REGULATING THE REPORTS OF NATIONAL BANKING ASSOCIATIONS. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That in lieu of all reports required by section thirty-four of the national currency act, every association shall make to the Banks to make not less than five reports annually. Reports to be troller; Comptroller of the Currency not less than five reports during each and every year, according to the form which may be prescribed by him, verified by the oath or affirmation of the president or cashier of such association, and attested by Details of reports. the signature of at least three of the directors; which report shall exhibit, in detail and under appropriate heads, the resources and liabilities of the association at the close of business on any past day to be by him specified, and shall sent to the Comp- transmit such report to the Comptroller within five days after the receipt of a request or requisition therefor from him; and the report of each association above required, in the same form in which it is made to the Comptroller, shall also to be pub be published in a newspaper published in the place where such association is established, or if there be no newspaper in the place, then in the one published nearest thereto in the same county, at the expense of the association; and such proof of publication shall be furnished as may be required by the Comptroller. lished. Special reports. Penalties. Additional reports of dividends and net earnings. And the Comptroller shall have power to call for special reports from any particular association whenever in his judgment the same shall be necessary in order to a full and complete knowledge of its condition. Any association failing to make and transmit any such report shall be subject to a penalty of one hundred dollars for each day after five days that such bank shall delay to make and transmit any report as aforesaid; and in case any association shall delay or refuse to pay the penalty herein imposed when the same shall be assessed by the Comptroller of the Currency, the amount of such penalty may be retained by the Treasurer of the United States, upon the order of the Comptroller of the Currency, out of the interest, as it may become due to the association, on the bonds deposited with him to secure circulation; and all sums of money collected for penalties under this section shall be paid into the Treasury of the United States. SEC. 2. And be it further enacted, That, in addition to said reports, each national banking association shall report to the Comptroller of the Currency the amount of each dividend declared by said association, and the amount of net earnings in excess of said dividends, which report shall be ACT OF MARCH 3, 1869, CHAPTER 135. AN ACT IN REFERENCE TO CERTIFYING CHECKS BY NATIONAL BANKS. Checks not to be drawn against actual deposits. certified unless Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That it shall be unlawful for any officer, clerk, or agent of any national bank to certify any check drawn upon said bank unless the person or company drawing said check shall have on deposit in said bank at the time such check is certified an amount of money equal to the amount specified in such check; and any check so certified by duly authorized officers Certified checks shall be a good and valid obligation against such bank; and any officer, clerk, or agent of any national bank violating tion of law. the provisions of this act shall subject such bank to the liabilities and proceedings on the part of the Comptroller as provided for in section fifty of the national banking law, approved June third, eighteen hundred and sixty-four. Approved, March 3, 1869. to be valid. Penalty for viola ACT OF APRIL 6, 1869, CHAPTER 11. AN ACT TO AMEND AN ACT ENTITLED "AN ACT TO PROVIDE A NATIONAL CUR- ACCESSORIES. ting officers &c. bezzlement of funds and other of banks, in em Be it enacted by the Senate and House of Representatives Aiding or abetof the United States of America in Congress assembled, That every person who shall aid or abet any officer or agent of any association in doing any of the acts enumerated in section fifty-five of an act entitled "An act to provide a national unlawful acts, punishable. |