Publisher's Synopsis
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1905 edition. Excerpt: ... shall ascertain what deficiency, if any, exists between the aggregate collections for the benefit of the Bank Note Guaranty Fund in the case of any failed bank and the amount of its outstanding notes redeemed and to be redeemed from the said fund, he shall assess such deficiency upon all the national banks in proportion to their notes outstanding at the time of the failure of such bank. Sect. 25. That every national banking association shall pay, on or before the last day of every month, to the Division of Issue and Redemption, a duty imposed at the rate of 2 per centum per annum upon the average daily amount of its circulating notes outstanding in excess of 60 per centum of its capital stock, and not in excess of 80 per centum of such capital stock, and a duty imposed at the rate of 6 per centum per annum upon the average daily amount of such notes outstanding in excess of 80 per centum of its capital stock. Sect. 30. That no national banking association shall count or report any of its own notes as a part of its cash or cash assets. McCLEARY BILL May 11, 1898 Be it enacted, etc.: .... That there is hereby created a division in the Treasury Department to be known as the Division of Issue and Redemption. There is hereby created a board consisting of three members, to be known as the Comptrollers of the Currency. The said board shall have the management of the Division of Issue and Redemption, and shall take the place of the Comptroller of the Currency Sect. 2. That to the Division of Issue and Redemption shall be committed all functions of the Treasury Department pertaining to the issue and redemption of notes and certificates, and to the exchange of coins; and in the said Division of Issue and Redemption shall be held the guaranty fund..
