Page:United States Statutes at Large Volume 12.djvu/702

 672 THIRTY—SEVENTH CONGRESS. Sess. III. Ch. 58. 1863. 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 Associations in addition to the quarterly reports required by this section, every associa- 1°;§§;}f’;;°“ $$8 tion located and doing business in the cities of Boston, Providence, New Ewithly, P0 York, Philadelphia, Baltimore, Cincinnati, Chicago, 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. Upon failure to Sec. 25. And be iifurther cnactcal That if any such association shall, ’°‘l°°‘“ its °l"°“· at any time fail to redeem, in the lawful money of the United States, any lation, holder may . . . - protest the ,,,,,,,,1 of its circulating notes, when payment thereof shall be lawfully demanded, ¤¤1¢s¤,&<=- 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 Association not currency; and after such default it shall not be lawful for the associa— afterwards to _ tion suffering the same to pay out any of its notes, discount any notes or §'::§;';:_b°“k‘"g bills, or otherwise prosecute the business of banking, except to receive and safely keep money belonging to it, and to deliver special deposits: Pmviso. Provided, however, That if satisfactory 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 pretest the same; and when the holder 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. Upon notice of SHG. 26. And be it further enacted, That on receiving notice that any ¤¤¤h f¤ll¤*¢ to ¤¤—`such association has failed to redeem any of its circulating notes, as speci- §;°2'a;';:°r£}`:l' fied in the next preceding section, the comptroller of the currency, with the fact. 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, when demanded as aforesaid, and report to the comptroller If missed or the facts so ascertained; and if} from such protest or the reports so made, SW1 Fuiiura iw the comptroller shall be satisfied that such association has refused to pay shall declare the · · ·. . . . . . bond, pledged to nts circulating notes as aforesaid, and is in default, he shall, within thirty be forfeited, and days after he shall have received notice of such failure, declare the United mem {0,- P,). United States, and the same shall thereupon be forfeited accordingly; and m¢¤¤· thereupon the comptroller shall immediately give notice, in such manner as the Secretary of the Treasury shall, by general rules or otherwise, direct, to the holders of the circulating notes of such association to present them for payment at the treasury of the United States; and the same shall be paid as presented, whereupon said comptroller may, in his discretion, cancel an equal amount of the bonds pledged by such association, equal at current market rates, not exceeding par, to the notes paid; and it shall be lawtixl for the Secretary of the Treasury, from time to time, to make such regulations respecting the disposition to be made of such circulating notes after presentation thereof for payment as aforesaid, and re-
 * g{;Q’t2°s}g';n‘;f States bonds and securities pledged by such association forfeited to the