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ing operations, withdraw, or permit to be withdrawn, either in form of dividends or otherwise, any portion of its capital. And if losses shall at any time have been sustained by any such association equal to or exceeding its undivided profits then on hand, no dividend shall be made; and no dividend shall ever be made by any association, while it shall continue its banking operations, to an amount greater than its net profits then on hand, deducting therefrom its losses and bad debts. And all debts due to any association, on which interest is past due and unpaid for a period of six months, unless the same shall be well secured, and shall be in process of collection, shall be considered bad debts within the meaning of this act: Provided, That nothing in this section shall prevent the reduction of the capital stock of the association under the thirteenth section of this act.

SEC. 39. And be it further enacted, That no association shall at any time pay out on loans or discounts, or in purchasing drafts or bills of exchange, or in payment of deposits, or in any other mode pay or put in circulation the notes of any bank or banking association which shall not, at any such time, be receivable, at par, on deposit and in payment of debts by the association so paying out or circulating such notes; nor shall it knowingly pay out or put in circulation any notes issued by any bank or banking association which at the time of such paying out or putting in circulation is not redeeming its circulating notes in lawful money of the United States.

SEC. 40. [List of names and residences of shareholders to be kept.]

SEC. 41. 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 notes shall remain under his control and direction, and the expenses necessarily incurred in executing the provisions of this act respecting the procuring of such notes, and all other expenses of the bureau, shall be paid out of the proceeds of the taxes or duties now or hereafter to be assessed on the circulation, and collected from associations organized under this act. And in lieu of all existing taxes, every asso

ciation shall pay to the treasurer of the United States, in the months of January and July, a duty of one half of one per centum each half year from and after the first day of January, eighteen hundred and sixty-four, upon the average amount of its notes in circulation, and a duty of one quarter of one per centum each half year upon the average amount of its deposits, and a duty of one quarter of one per centum each half year, as aforesaid, on the average amount of its capital stock beyond the amount invested in United States bonds; and in case of default in the payment thereof by any association, the duties aforesaid may be collected in the manner provided for the collection of United States duties of other corporations, or the treasurer may reserve the amount of said duties out of the interest, as it may become due, on the bonds deposited with him by such defaulting association. . . . [Return of circulation, &c., to be made.] . . . Provided, That nothing in this act shall be construed to prevent all the shares in any of the said associations, held by any person or body corporate, from being included in the valuation of the personal property of such person or corporation in the assessment of taxes imposed by or under state authority at the place where such bank is located, and not elsewhere,' but not at a greater rate than is assessed upon other moneyed capital in the hands of individual citizens of such state: Provided, further, That the tax so imposed under the laws of any state upon the shares of any of the associations authorized by this act shall not exceed the rate imposed upon the shares in any of the banks organized under authority of the state where such association is located: Provided, also, That nothing in this act shall exempt the real estate of associations from either state, county, or municipal taxes to the same extent, according to its value, as other real estate is taxed.

[SECTIONS 42 and 43. How associations may be closed.] SEC. 44. And be it further enacted, That any bank incorporated by special law, or any banking institution organized under a general law of any state, may, by authority of this act, become a

1 See act of February 10, 1868.

national association under its provisions, by the name prescribed in its organization certificate; and in such case the articles of association and the organization certificate required by this act may be executed by a majority of the directors of the bank or banking institution; and said certificate shall declare that the owners of two thirds of the capital stock have authorized the directors to make such certificate and to change and convert the said bank or banking institution into a national association under this act. And a majority of the directors, after executing said articles of association and organization certificate, shall have power to execute all other papers, and to do whatever may be required to make its organization perfect and complete as a national association. The shares of any such bank may continue to be for the same amount each as they were before said conversion, and the directors aforesaid may be the directors of the association until others are elected or appointed in accordance with the provisions of this act; and any state bank which is a stockholder in any other bank, by authority of state laws, may continue to hold its stock, although either bank, or both, may be organized under and have accepted the provisions of this act. When the comptroller shall give to such association a certificate, under his hand and official seal, that the provisions of this act have been complied with, and that it is authorized to commence the business of banking under it, the association shall have the same powers and privileges, and shall be subject to the same duties, responsibilities, and rules, in all respects as are prescribed in this act for other associations organized under it, and shall be held and regarded as an association under this act: Provided, however, That no such association shall have a less capital than the amount prescribed for banking associations under this act.1

SEC. 45. And be it further enacted, That all associations under this act, when designated for that purpose by the Secretary of the Treasury, shall be depositaries of public money, except receipts from customs, under such regulations as may be pre

1 See act of February 14, 1880.

scribed by the Secretary; and they may also be employed as financial agents of the government; and they shall perform all such reasonable duties, as depositaries of public moneys and financial agents of the government, as may be required of them. And the Secretary of the Treasury shall require of the associations thus designated satisfactory security, by the deposit of United States bonds and otherwise, for the safe-keeping and prompt payment of the public money deposited with them, and for the faithful performance of their duties as financial agents of the government: Provided, That every association which shall be selected and designated as receiver or depositary of the public money shall take and receive at par all of the national currency bills, by whatever association issued, which have been paid in to the government for internal revenue, or for loans or stocks.

SEC. 46. [If associations fail to redeem their circulation, the notes may be protested, &c.]

[SECTIONS 47-51. Procedure in case of associations failing to redeem notes, &c.]

SEC. 52. [Transfers, assignments, &c., in contemplation of insolvency, &c., to be void.]

SEC. 53. [Penalty upon directors for violations of this act.] SEC. 54. [Comptroller may appoint person to examine the affairs of any association.]

[SECTIONS 55-57. Penalty and procedure in case of embezzlement, &c.]

[SECTIONS 58-60. Penalties for mutilating notes to make them unfit for reissue, for counterfeiting notes, for engraving plates, for forging notes, &c.]

SEC. 61. [Comptroller to report annually to congress.]
SEC. 62. [Repeal of act of February 25, 1863.]

SEC. 63. And be it further enacted, That persons holding stock as executors, administrators, guardians, and trustees, shall not be personally subject to any liabilities as stockholders; but the estates and funds in their hands shall be liable in like manner and to the same extent as the testator, intestate, ward, or

person interested in said trust-funds would be if they were respectively living and competent to act and hold the stock in their own names.

SEC. 64. And be it further enacted, That congress may at any time amend, alter, or repeal this act.

APPROVED, June 3, 1864.

No. 38. Repeal of the Fugitive Slave Law

June 28, 1864

THE agitation for a repeal of the fugitive slave law of 1850 may be said to have begun with the passage of the act. Bills and resolutions relating to the subject were frequently introduced in Congress, but for the most part failed of consideration. A repeal bill was considered by the Senate April 19, 1864, but not further acted upon. June 13, however, a bill in the terms of the act following, originally introduced by Spalding of Ohio, passed the House by a vote of 86 to 60. A proposal in the Senate to repeal only the act of 1850 was rejected, the vote being 17 to 22, and June 22 the House bill passed by a vote of 27 to 12.

REFERENCES. Text in U.S. Statutes at Large, XIII, 200. For the proceedings see the House and Senate Journals, 38th Cong., 1st Sess., and the Cong. Globe. The principal propositions for repeal are collected in McPherson, Rebellion, 234–237. For the report of the Senate committee, February 29, see Senate Report 24, 38th Cong., Ist Sess. On the general subject of fugitive slave laws see McDougall, Fugitive Slaves.

An Act to repeal the Fugitive Slave Act of eighteen hundred and fifty, and all Acts and Parts of Acts for the Rendition of Fugitive Slaves. Be it enacted . . That sections three and four of an act entitled "An act respecting fugitives from justice and persons escaping from the service of their masters," approved February twelve, seventeen hundred and ninety-three, and an act entitled "An act to amend, and supplementary to, the act entitled 'An act respecting fugitives from justice and persons escaping from the service of their masters,' passed February twelve, seventeen hundred and ninety-three," passed September [eighteen], eighteen hundred and fifty, be, and the same are hereby, repealed. APPROVED, June 28, 1864.

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