The national bank system of the United States has been established according to the congress

The national bank system of the United States has been established according to the congress decision in 1863, reconsidered in 1864, and corrected according to later legislation. The big advantage of system as say, - feature of uniformity, the fact, that it brings bank business of the whole United States under one power and at supervision of one company of administrative officials. The department letting out the note is dependent in the public full value on the services given by banks and clearing houses for an exchange by credits. Essential features of national banks are is short formulated as follows:
There is a bureau of the Ministry of Finance having charge of all affairs, the concerning national banks which senior assistant is the dispatcher of currency.
Any number of people, is not less than five, can generate association in the bank purposes, continue no more than twenty years, but within twenty years with approval of the dispatcher.
Powers of bank are limited by discounting of promissory notes, projects, bills, and other certificates of a debt; receiving deposits, dealing in an exchange, a coin, and an ingot, lending money for personal safety, and letting out bank notes in circulation. It cannot keep [218] real estate except what can
Be necessary for the transaction of its business, or what, probably, were are taken as safety for debts, earlier it is diligent.
There can be no national banks somewhere smaller quantity of the capital than 50 000$, and these small are limited to places no more than 6000 inhabitants. In cities it is more than 6000 and less than 50 000 inhabitants cannot be any bank of the capital in size less than 100 000$, and in cities of 50 000 inhabitants or more than any of less than 200 000$. One half of capital needs to pay before the bank can begin business, and the rest should be paid in monthly payments at least ten percent. Everyone.
Shareholders are responsible for bank debts to the quantity equal to face value of their actions in addition to quantity which invest there.
Each bank having the capital which excessive 150 000$ should bring in exchequer of the United States, has registered bringing percent of the bond to quantity not less than 50 000$. What have the capital 150 000 or less $, should bring the bonds equal to one quarter of their fixed capital. Each bank can let out bank notes in circulation for the sum of ninety percent. From market cost of the bonds deposited by it, but not excessive ninety percent. From the same face value, and not excessive ninety percent. From the paid capital of bank; but no bank is compelled to let out bank notes in circulation. No banknotes should be let out smaller than 5$. Notes are comprehensible face value for all dues to the United States except duties on import, and are subject to payment for all debts, former due the United States within the United States except interest on a public debt and in the repayment of currency of the country.
Each bank in the certain defined cities named spare cities, should hold a stock of lawful money equal to twenty five percent. From its deposits. All other banks should hold a similar stock of fifteen percent., but three fifth [219] have told fifteen percent. Can consist of the rests on the contribution to banks
Approved by the dispatcher in spare cities.
Each bank should keep the deposit in exchequer of lawful money of the United States, to equal five percent. From its reference as fund to expiate the same. These are five percent. Can be counted as a part of its lawful stock. It does not release banks from a duty of expiation of their notes in their own counters on demand.
The one tenth net profit needs to bear in superfluous fund while it is not equal to twenty percent. From the capital.
The bank should not give more than one tenth its capital to one person, corporation or firm, expressly or by implication, to give money for safety of its own actions, to be the buyer or the holder of its own actions if is not taken as safety for a debt, earlier is diligent, and time so taken they should be sold within six months under the penalty of to be placed in liquidation.
Each bank should do to the dispatcher not less than five messages every year, showing its condition from time to time to be defined by it, and he can call for special messages from any specific bank every time when he wishes to do so.
Each bank should pay to the treasurer of the United States the tax equal to one percent. In a year on the average quantity of its notes in circulation. Actions are inclined to the taxation States in which they are located on the same norm as other monetary capital belonging to citizens of such states.
Any benefit which is growing out of lost and destroyed notes, operates to benefit of the United States.
The dispatcher has absolute appointment of all receivers and establishes their indemnification. All sums of money realised from actives, are paid in exchequer to the credit of the dispatcher, and all dividends are paid them.
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The supercertificate on checks is strictly forbidden, giving to officials or the clerks inclined to the conclusion.
National directors of bank according to the law are individually responsible for full quantity of the losses following from infringements of national legislations on banks.
THE STATE BANKS