friends. No, sir, the administration of patronage, the power to select depositories, all the power conferred by this bill, the power of visitation, all these are powers which tend rather to decrease the influence of the Secretary of the Treasury, because they are more likely to make him enemies than friends."

Mr. Howard, of Michigan, urged the following grounds for his opposition to the bill: "Sir, I am opposed to the scheme of the bill, because it ignores the great principle which I think is the only sound principle, that a paper circulation shall be convertible at the will of the holder into specie. I oppose it because it is likely to wage a very unnecessary and, I fear, dangerous war upon the State institutions; and I oppose it because I deplore the contest which will probably arise out of it in our local polities.'

Mr. Wilson, of Massachusetts, briefly said: "Mr. President, I do not believe the banks are warring on the Government. They have proved in the past that they are not hostile to the Government. I do not believe the Government means to be hostile to them. I believe that this is a system which will absorb the existing banking system, and will be for the credit of the Government now, and for the interests of the people afterward, including the banks."

Mr. Doolittle, of Wisconsin, approved of the bill. He said: "As an original question, under the Constitution, I would maintain that the States have no constitutional power to issue paper money in any form, or to incorporate any company to do so; I would maintain, further, that under the Constitution, gold and silver coin is the only constitutional currency; but the truth is that the whole history of the country, and I am constrained to say the decision of the Supreme Court, has gone the other

way.

"I say the practical effect is, that the history of the Government and the decision of the court have given rise to about fifteen hundred or two thousand banks created under the authority of the States; and they have issued their money, so that at the beginning of this war practically all the money we had in this country was the paper money of these two thousand State banks; and they very soon suspended, and all the practical currency we had was the irredeemable paper money of the State banks. That is the real truth; and in that state of things and under the necessity which grew out of it, I felt constrained, for one, to vote for the issue of notes by the Government of the United States.

"I maintain, sir, that in that state of the currency, our only circulation, in fact, being the irredeemable paper money of bank corporations created by the States, it was impossible for this Government to go on with this war on gold and silver. We must go on with the war on paper money as a practical fact; and if we must wage the war with paper money, we have got to take the control of that paper money

into our own hands, or the Government will be destroyed; and the practical question is the mode of arriving at the control. This Government must dominate and master and control the currency of this country in this exigency. "I maintain, again, that it is not possible for us to return to gold and silver at this present time, and go on with this war, because the State banks are continually issuing their paper money. Such is the state of things that it is an impossibility, and we must look the issue squarely in the face.

"As I have said, I believe it is a necessity of this Government, in some mode, to take control of the paper currency of the country. In some way we have got to restrain the issues. I will not say the paper that has already been issued by the banks; but the new issues of the State banks, the issues which the banks have made since the Government has commenced issuing its legal-tender notes. While we are creating and issuing paper money, we cannot allow the banks still to continue to flood the channels of circulation. By that course we are destroying ourselves. We must restrain them, at least to the limit at which they stood when we began, and not allow them to flood all the channels of circulation.

"Mr. President, the only possible way in which we can do this is by inaugurating some better system. It is claimed and maintained that the system proposed to be inaugurated here is a better system. Sir, I have listened to the arguments on both sides, and I confess that at times in my own mind I have been shaken somewhat by the arguments I have heard against this system: but no better system seems to be proposed. Those who oppose this system do not come forward with another; and as, in my judgment, it is necessary to have some system, upon the whole I have been constrained to say that I shall favor this system, because I do not see that a better system is proposed to meet the exigency."

After further brief debate, the vote was taken on the bill as follows:

YEAS-Messrs. Anthony, Arnold, Chandler, Clark, Doolittle, Fessenden, Foster, Harding, Harlan, Harris, Howard, Howe, Lane of Kansas, Morrill, Nesmith, Pomeroy, Sherman, Sumner, Ten Eyck, Wade, Wilkinson, Wilmot, and Wilson of Massachusetts-23. NAYS-Messrs. Carlile, Collamer, Cowan, Davis, Dixon, Foot, Grimes, Henderson, Hicks, Kennedy, King, Latham, McDougall, Powell, Rice, Richardson, Saulsbury, Trumbull, Turpie, Wall, and Wilson of

Missouri-21.

The bill came up in the House on the 19th of February. Mr. Spaulding, of New York, thus stated, some of the advantages of the measure: "The additional advantages held out by the bill to induce rich men, men of accumulated capital, to join the Government in maintaining this national currency, are:

"1. The national character given to the bills to circulate at par in all parts of the United States.

"2. It is made receivable at par for all in

"3. The banking associations are to be exempt from all State and United States taxation, and only pay two per cent. per annum for engraving, paper, and printing their circulating notes, and which is to include all the other expenses of the Currency Bureau at Washington. "On a full review of this proposed plan of a national currency, it will be seen that it is based on public and private faith; that it proposes to combine the interest of the nation with the rich individuals belonging to it. Men of surplus capital only can profitably engage in the business of banking. If speculators and adventurers, without positive capital, attempt to bank under this bill, they will fail. Moneylenders, and not money borrowers, can successfully organize and manage banking associations under the provisions of this act."

Mr. Harrison, of Ohio, urged the following objections to the bill: "As long, Mr. Speaker, as our domestic troubles continue, the business of the country must be done with an unredeemed paper circulation; and the alternative is presented of a circulation of Treasury notes issued directly by the Government, or bank notes issued by institutions organized under Federal grant. The former, it seems to me, is to be preferred, and for obvious reasons. It is an expedient resorted to in an emergency, justified by an emergency, and made acceptable to the country by reason of the emergency. The evils and inconveniences arising from it can be borne, because there is no other way by which we can help ourselves along in our present straits. There has been and there will necessarily be an expansion of credits-a rise of values, or, rather, of prices-a good deal of speculation-but then the ordinarily disastrous consequences of this state of things will be measurably averted by the temporary character of the cause which produced it. When the necessity for the expedient ceases, the expedient will be abandoned, and business will resume its ordinary courses. On the other hand, the other alternative inaugurates an expedient into a policy, and fastens permanently upon the country evils otherwise of a temporary char

acter."

The debate was further continued, and the bill finally passed by the following vote :

YEAS-Messrs. Aldrich, Alley, Ashley, Babbitt, Beaman, Bingham, Jacob B. Blair, Blake, Buffinton, Calvert, Campbell, Casey, Chamberlain, Clements, Colfax, Conway, Covode, Cutler, Davis, Delano, Dunn, Edgerton, Eliot, Ely, Fenton, Samuel C. Fessenden, Thomas A. D. Fessenden, Fisher, Frank, Goodwin, Granger, Hahn, Haight, Hickman, Hooper, Hutchins, Julian, Kelley, Francis W. Kellogg, William Kellogg, Lansing, Leary, Lovejoy, Low, McIndoe, McKean, McPherson, Marston, Maynard, Moorhead, Anson P. Morrill, Noell, Olin, Patton, Timothy G. Phelps, Potter, Alexander H. Rice, John H. Rice, Sargeant, Sedg wick, Segar, Shanks, Shellabarger, Sherman, Sloan, Spaulding, Stevens, Trimble, Trowbridge, Van Horn,

Van Wyck, Verree, Wall, Wallace, Washburne, Alberi
S. White, Windom, and Worcester-78.
Baxter, Biddle, Cobb, Frederick A. Conkling, Roscoe

NAYS-Messrs. William Allen, Ancona, Bailey, Baker,

Conkling, Cox, Cravens, Crittenden, Dawes, Edwards, English, Gooch, Grider, Gurley, Hall, Harding, Harrison, Holman, Horton, Johnson, Kerrigan, Knapp, Law, Lazear, Loomis, Mallory, May, Menzies, Justin S. Mo rill, Morris, Nixon, Noble, Norton, Nugen, Odell, Pendleton, Perry, Pike, Pomeroy, Porter, Price, Robinson, James S. Rollins, Sheffield, Shiel, John B. Steele, W liam G. Steele, Stiles, Stratton, Benjamin F. Thomas, Francis Thomas, Vallandigham, Wadsworth, Wheeler, Whaley, Chilton A. White, Wickliffe, Wilson, Woodruff, and Wright-64.

The following is the bill as passed: An Act to provide a National Currency, secured by a pledge of United States Stocks, and to provide for the circulation and redemption thereof.

Be it enacted by the Senate and House of Represen tatives of the United States of America in Congo 20 sembled, That there shall be established in the Treas ury 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 United States bonds. The chief officer of the sand and regulation of a national currency secured by bureau shall be denominated the Comptroller of the Currency, and shall be under the general direction of the Secretary of the Treasury. He shall be appointed by the President, on the nomination 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, by and with the advice and consent of the Senate. He shall receive an annual salary of five thousand dollars. He shall have a competent deputy, appointed by the hundred dollars, and who shall possess the power and Secretary, whose salary shall be two thousand fre perform the duties attached by law to the office of comptroller during a vacancy in such office, and diring his absence or inability. He shall employ, from duties as he shall direct, which clerks shall be apponat time to time, the necessary clerks to discharge such ed and classified by the Secretary of the Treasury t the manner now provided by law. Within fifteen cars from the time of notice of his appointment, the Com troller shall take and subscribe the oath of othee pre scribed by the Constitution and laws of the Caled States; and he shall give to the United States a brod in the penalty of one hundred thousand dollars, with not less than two responsible freeholders as suretes, to be approved by the Secretary of the Treasury, c office. The Deputy Comptroller so appointed shall also ditioned for the faithful discharge of the duties of bas take the oath of office prescribed by the Constitu and laws of the United States, and shall give a las bond in the penalty of fifty thousand dollars. The Comptroller and Deputy Comptroller shall not, either directly or indirectly, be interested in any associat (4 issuing national currency under the provisions of the

act.

SEC. 2. And be it further enacted, That the Comp troller of the Currency, with the approval of the Secretary of the Treasury, shall devise a seal, with sarbe able inscriptions, for his office, a description of which, with a certificate of approval by the Secretary of the Treasury, shall be filed in the office of the Secretary of State with an impression thereof, which shall there upon become the seal of office of the Comptrover of the Currency, and the same may be renewed when necessary. Every certificate, assignment, and center. ance executed by the Comptroller, in pursuance of ar y authority conferred on him by law, and sealed with his seal of office, shall be received in evidence in al 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 eve dence equally and in like manner as the original. An

impression of such seal directly on the paper shall be as valid as if made on wax or wafer.

SEC. 3. And be it further enacted, That there shall be assigned to the Comptroller of the Currency by the Secretary of the Treasury suitable rooms in the Treas ury building for conducting the business of the Currency Bureau, in which shall be safe and secure fireproof vaults in which it shall be the duty of the Comp troller to deposit and safely keep all the plates 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.

Sec. 4. And be it further enacted, That the term "United States Bonds," as used in this act, shall be construed to mean all coupon and registered bonds now issued or that may hereafter be issued on the faith of the United States by the Secretary of the Treasury in pursuance of law.

SEC. 5. And be it further enacted, That associations for carrying on the business of banking may be formed by any number of persons not less in any case than

five.

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

first. The name assumed by such association. 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 city, town, or village.

Third. The amount of its capital stock, and the number of shares into which the same shall be divided; which capital stock shall not be less than fifty thousand dollars; and in cities whose population is over ten thousand persons, the capital stock shall not be less than one hundred thousand dollars.

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

of them.

Fifth. The time when such association shall com

mence.

Sixth. 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 the acknowledgment thereof certified under the seal of such court or notary, and shall be transmitted, together with a copy of the articles of association which shall have been adopted, to the Comptroller of the Currency, who shall record and carefully preserve the same in his office. Copies 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.

SEC. 7. And be it further enacted, That at least thirty per centum of the capital stock of such association shall be paid in at the time of the commencement of its banking business, and the remainder of the capital stock of such association shall be paid in instalments of at least ten per centum each on the whole amount to which the association shall be limited, as frequently as one instalment at the end of each succeeding two months from the time of the commencement of its banking operations, until the whole of the capital stock shall be paid in.

Sec. 8. And be it further enacted, That if any share holder or his assignee shall fail to pay any instalment on the stock when the same is required by the foregoing section to be paid, the directors of such association may sell the stock held by such delinquent shareholder at public auction, having given three weeks' previous notice thereof in a newspaper published and of general circulation in the city where the association is located,

if the same be located in a city, and if not so located, then in a newspaper printed or of general circulation in the county where the same is located, to any person who will pay the highest price therefor, and not less than the amount then due thereon, with the expenses of advertisement and sale; and the excess, if any, shall be paid to the delinquent shareholder. If no bidder can be found who will pay for such stock the amount due thereon to the association, and the costs of advertisement and sale, the amount previously paid shall be forfeited to the association, and such stock may subsequently be sold as the directors may order.

SEC. 9. And be it further enacted, That whenever a certificate shall have been transmitted to the Comptroller of the Currency, as provided in this act, and the association transmitting the same shall notify the Comptroller that at least thirty per centum of its capital stock has been paid in as aforesaid, and that such association has complied with all the provisions of this act required to be complied with before such association shall be authorized to commence the business of banking, and that such association is desirous of commencing such business, the Comptroller shall immediately proceed, in such manner as he shall by general rules prescribe, to examine the condition of such association, to ascertain especially the amount of money paid in on account of its capital stock; the name and place of residence of each of the directors of such association, and the amount of the capital stock of which each is the bona fide owner, and generally whether such association has complied with all the requirements of this act to entitle it to engage in the business of banking; and shall cause to be made, and testified by the oaths of a majority of the directors and by the president or cashier of such association, a statement of all the facts necessary to enable the Comptroller to de-. termine whether such association is lawfully entitled to commence the business of banking under this act.

SEC. 10. And be it further enacted, That if, upon a careful examination of the facts so reported, and of any other facts which may come to the knowledge of the Comptroller, whether by means of a special commission appointed by him for the purpose of inquiring into the condition of such association, or otherwise, it shall appear that such association is lawfully entitled to commence the business of banking, the Comptroller shall give to such association a certificate under his hand and official seal, showing that such association has complied with all the provisions of this act required to be complied with before being entitled to commence the business of banking under it, and that such association is authorized to commence said business accordingly; and it shall be the duty of such association to cause said certificate to be published in some newspaper published in the city or county where such association is located, for at least sixty days next after the issuing thereof: Provided, That if no newspaper is published in such city or county, such certifi cate shall be published as the Comptroller of the Currency shall direct.

SEC. 11. And be it further enacted, That every association formed pursuant to the provisions of this act may make and use a common seal, and shall have succession by the name designated in its articles of association and for the period limited therein, not, however, exceeding twenty years from the passage of this act; by such name may make contracts, sue and be sued, complain and defend in any court of law or equity as fully as natural persons, and may make bylaws, approved by the Comptroller of the Currency, not inconsistent with the laws of the United States or the provisions of this act, for the election of directors, the management of its property, the regulation of its affairs, and for the transfer of its stock; and shall have power to carry on the business of banking by obtaining and issuing circulating notes in accordance with the provisions of this act; by discounting bills, notes, and other evidences of debt; by receiving deposits; by buying and selling gold and silver bullion, foreign coins, and bills of exchange; by loaning money on real and personal security, in the manner specified in

their articles of association, for the purposes authorized by this act, and by exercising such incidental powers as shall be necessary to carry on such business; to choose one of their number as president of such as sociation, and to appoint a cashier and such other of ficers and agents as their business may require; and to remove such president, cashier, officers, and agents at pleasure, and appoint others in their place; and their usual business shall be transacted in banking of fices located at the places specified respectively in its certificate of association, and not elsewhere.

SEC. 12. And be it further enacted, That the shares of associations formed under this act shall be deemed

personal property, and shall be transferable on the books of the association in such manner as may be prescribed in the by-laws or articles of association; and every person becoming a shareholder by such transfer shall, in proportion to his shares, succeed to all the rights and liabilities of the prior holder of such shares; and no change shall be made in the articles of association by which the rights, remedies, or security of the existing creditors of the association shall be impaired. For all debts contracted by such association for the circulation, deposits, or otherwise, each shareholder shall be liable to the amount, at their par value, of the shares held by him, in addition to the amount invested in such shares.

Sec. 13. And be it further enacted, That it shall be lawful for any association formed under this act, by its articles of association, to provide for an increase of its capital from time to time as may be deemed expedient, subject to the limitations of this act; but no such increase shall be valid until the increased capital shall be paid in, and notice thereof shall have been transmitted to the Comptroller of the Currency, and his certificate obtained, specifying the amount of such increase of capital stock, and that the same has been duly paid to such association.

Sec. 14. And be it further enacted, That it shall be lawful for any such association to purchase, hold, and convey real estate as follows:

First. Such as shall be necessary for its immediate accommodation in the transaction of its busi

Dess.

Second. Such as shall be mortgaged to it in good faith by way of security for loans made by such association, or for moneys due thereto.

Third. Such as shall be conveyed to it in satisfaction of debts previously contracted in the course of its dealings.

Fourth. Such as it shall purchase at sales under judgments, decrees, or mortgages held by such asso. ciation.

Such association shall not purchase or hold real estate in any other case or for any other purpose than as specified in this section.

SEC. 15. And be it further enacted, That every association, after having complied with the provisions of this act preliminary to the commencement of banking business under its provisions, shall transfer and deliv. er to the Treasurer of the United States any United States bonds bearing interest to an amount not less than one third of the capital stock paid in, which bonds shall be deposited with the Treasurer of the United States, and by him safely kept in his office until the same shall be otherwise disposed of, in pursuance of the provisions of this act.

Sec. 16. And be it further enacted, That upon the making of any such transfer and delivery, the association making the same shall be entitled to receive from the Comptroller of the Currency circulating notes of different denominations, in blank, registered and countersigned as hereinafter provided, equal in amount to ninety per centum of the current market value of the United States bonds so transferred and delivered, but not exceeding the par value thereof, if bearing interest at the rate of six per centum, or of equivalent United States bonds bearing a less rate of interest; and at no time shall the total amount of such notes, issued to any such association, exceed the amount at such time actu ally paid in of its capital stock.

SEC. 17. And be it further enacted, That the entire amount of circulating notes to be issued under this act shall not exceed three hundred millions of dollars. One hundred and fifty millions of which sum shall be apportioned to associations in the States, in the Distnet of Columbia, and in the Territories, according to repre sentative population, and the remainder shall be app tioned by the Secretary of the Treasury among assoc ations 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. 18. And be it further enacted, That, in order to furnish suitable notes for circulation, the Comptroet of the Currency is hereby authorized and required, kär der the direction of the Secretary of the Treasury, to cause plates to be engraved in the best manner, e guard against counterfeiting and fraudulent aterations, and to have printed therefrom, and numbered, such quantity of circulating notes, in blank, of the denominations of five dollars, ten dollars, twenty dollars, fifty dollars, one hundred dollars, five hundred dollars, and one thousand dollars, as may be required to supply, under this act, the associations entitled to receive the same; which notes shall express upon their face that they are secured by United States bonds, deposit ed with the Treasurer of the United States, and issand under the provisions of this act, which statement shad be attested by the written or engraved signatures of the Treasurer and Register, and by the imprint of the seal of the Treasury; and shall also express upon their face the promise of the association receiving the same, to pay on demand, attested by the signatures of the president, or vice-president, and cashier; and the said notes shall bear such devices and such other state ments, and shall be in such form, as the Secretary of the Treasury shall, by regulation, direct.

SEC. 19. And be it further enacted, That the plates and special dies to be procured by the Comptroller of the Currency for the printing of such circulating Lotes as shall remain under his control and direction, and the expenses necessarily incurred in executing the pro visions of this act respecting the procuring of such notes, shall be audited and paid as contingent expenses of the Treasury Department; and for the purpose of reimbursing the same, and all other expenses incurred under this act, and in lieu of all taxes upon the circalation authorized by this act, or upon the bords de posited for the security of the same, such associabi organized under this act shall semi-annually, on the first days of January and July, after its organizata pay to the Comptroller of the Currency, in lawtal money of the United States, one per centum on the amount of circulating notes received by such associa» tion, and in default thereof, the Treasurer of the United States is hereby authorized to reserve and retain one per centum on the amount of said bonds sa deposited, at each semi-annual payment of interest thereon; and all sums so reserved and retained stai be paid into the Treasury under the direction of the Secretary; and every bank, banking association, or or ganization, not organized under the provisions of this act, issuing notes calculated or intended to circulate as money, shall, on the first day of July next, and reg ularly on the first days of January and July thereafter, make and deliver to the Comptroller of the Currency a true and accurate return of the gross amount cổ nươs issued by it, whether in circulation, or in its vault, or on deposit elsewhere, and in default of any such re turn, the bank, banking association, or corporati e se failing to make return, shall pay to the United States a penalty of two per centum upon its entire capital stock, to be recovered, for the use of the United States, in any court of competent jurisdiction.

SEC. 20. And be it further enacted, That after any such association shall have caused its promise to pay such notes on demand to be signed by the president or vice-president and cashier thereof, in such manter as to make them obligatory promissory notes, pav abiat on demand, at its place of business, such association, is hereby authorized to issue and circulate the saliv

money; and the same shall be received at par in all parts of the United States in payment of taxes, excises, public lands, and all other dues to the United States, except for duties on imports, and also for all salaries and other debts and demands owing by the United States to individuals, corporations, and associations within the United States, except interest on public debt; and no such association shall issue post notes, or any other notes to circulate as money, than such as are authorized by the foregoing provisions of

this act.

SEC. 21. And be it further enacted, That all transfers of United States bonds which shall be made by any association as security for circulating notes under the provisions of this act, shall be made to the Treasurer of the United States, with a memorandum written or printed on the certificate of such bonds, and signed by the cashier, or some other officer of the association making the deposit, stating that it is held in trust for the association on whose behalf such transfer is made, and as security for the redemption and payment of the circulating notes delivered to such association; and no transfer of any such bonds by the Treasurer shall be deemed valid, or of binding force and effect, unless sanctioned by the order or request of the Comptroller of the Currency upon the Treasurer. It shall be the duty of the Comptroller of the Currency to keep in his office a book in which shall be entered the name of every association from whose account such transfer of bonds is made by the Treasurer, and the name of the party to whom such transfer is made, unless such transfer is made in blank, in which case the fact shall be stated in said book, and in either case the par value of the bonds so transferred shall be entered therein; and it shall be the duty of the Comptroller, immedi ately upon countersigning and entering the same, to advise by mail the association from whose account such transfer was made, the kind of bonds and the amount thereof so transferred.

Sec. 22. And be it further enacted, That it shall be the daty of the Comptroller of the Currency to countersign and enter in the book, in the manner aforesaid, every transfer or assignment of any bonds held by the Treasurer presented for his signature; and the Comptroller shall have at all times during office hours access to the books of the Treasurer for the purpose of ascertaining the correctness of the transfer or assign ment presented to him to countersign; and the Treasurer shall have the like access to the book above mentioned kept by the Comptroller during office hours to ascertain the correctness of the entries in the same. Sec. 23. And be it further enacted, That it shall be the duty of either the president or cashier of every banking association having stocks deposited in the of fice of the Treasurer of the United States, once or more in each fiscal year, and at such time or times during the ordinary business hours as said officer or officers may select, to examine and compare the bonds so pledged with the books of said Department, and, if found correct, to execute to the said Treasurer a certificate setting forth the different kinds and the amounts thereof, and that the same are in the possession and custody of the Treasurer at the date of such certificate. Such examination may be made by an gent of such association, duly appointed in writing for that purpose, whose certificate before mentioned shall be of like force and validity as if executed by such president or cashier.

Sec. 24. And be it further enacted, That every association issuing circulating notes under the provisions of this act shall make a quarterly report to the Comp troller of the Currency, commencing on the first day of the quarter of the year next succeeding the organization of such association, and continuing on the first days of each succeeding quarter in every year thereafter, which report shall be verified by the oath or af firmation of the president and cashier; and all wilful false swearing in respect to such report shall be perjury and subject to the punishment prescribed by law for such offence. The report hereby required shall be in the form prescribed by the Comptroller, and shall

contain a true statement of the condition of the association making such report before the transaction of any business on the morning of the day specified next preceding the date of such report, in respect of the following items and particulars, to wit: loans and discounts, overdrafts due from banks, amount due from the directors of the association, real estate, specie, cash items, stocks, bonds, and promissory notes, bills of solvent banks, bills of suspended banks, loss and expense account, capital, circulation, profits, amount due to banks, amount due to individuals and corporations other than banks, amount due the Treasurer of the United States, amount due to depositors on demand, amount due not included under either of the above heads. And it shall be the duty of the Comptroller to publish full abstracts of such reports together in two newspapers, to be designated by him for that purpose, one in the city of Washington and the other in the city of New York, exhibiting the items of capital, circulation, and deposits, specie and cash items, public securities and private securities; and the separate report of each association shall be published in a newspaper published in the place where such associa tion is established, or, if there be no newspaper at such place, then in a newspaper published at the capital of the State, at the expense of the association making such report. In addition to the quarterly reports required by this section, every association located and doing business in the cities of Boston, Providence, New York, Philadelphia, Baltimore, Cincinnati, Chi cago, St. Louis, and New Orleans, shall publish or cause to be published, on the morning of the first Tuesday in each month, in a newspaper printed in the city in which the association making such report is located, to be designated by the Comptroller of the Currency, a statement, under the oath of the president or cashier, showing the condition of the association making such statement, on the morning of the day next preceding the date of such statement, in respect to the following items and particulars, to wit: average amount of loans and discounts, specie, deposits, and circulation.

SEC. 25. And be it further enacted, That if any such association shall at any time fail to redeem, in the lawful money of the United States, any of its circulating notes, when payment thereof shall be lawfully demanded, during the usual hours of business, at the office of such association, the holder may cause the same to be protested, in one package, by a notary public, unless the president or cashier of the association shall offer to waive demand and notice of the protest, and shall, in pursuance of such offer, make, sign, and deliver to the party making such demand an admission in writing, stating the time of the demand, the amount demanded, and the fact of the non-payment thereof; and such notary public, on making such protest, or upon receiving such admission, shall forthwith forward such admission or notice of protest to the Comptroller of the Currency; and after such default it shall not be lawful for the association suffering the same to pay out any of its notes, discount any notes or bills, or otherwise prosecute the business of banking, except to receive and safely keep money belonging to it, and to deliver special deposits: Provided, however, That if satisfacto ry proof be produced to such notary public that the payment of any such notes is restrained by order of any court of competent jurisdiction, such notary public shall not protest the same; and when the holders of such notes shall cause more than one note or package to be protested on the same day, he shall not receive pay for more than one protest.

SEC. 26. And be it further enacted, That on receiv ing notice that any such association has failed to redeem any of its circulating notes, as specified in the next preceding section, the Comptroller of the Currency, with the concurrence of the Secretary of the Treasury, may appoint a special agent (of whose appointment immediate notice shall be given to such association), who shall immediately proceed to ascertain whether such association has refused to pay its circulating notes, in the lawful money of the United States,