No. 43.- MARCH 3, 1865.* Stat. at Larg". CHAP. LXXVIII. An Act to amend an Act entitled "An Act to provide Internal SEC. 7. That any existing bank organized under the laws of any State, having a paid-up capital of not less than seventy-five thousand dollars, which shall apply before the first day of July next, for authority to become a national bank under the act entitled "An act to provide a national currency secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof," approved June third, eighteen hundred and sixty-four, and shall comply with all the requirements of said act, shall, if such bank be found by the comptroller of the currency to be in good standing and credit, receive such authority in preference to new associations applying for the same: Provided, That it shall be lawful for any bank or banking association organized under State laws, and having branches, the capital being joint and assigned to and used by the mother bank and branches in definite proportions, to become a national banking association in conformity with existing laws, and to retain and keep in operation its branches, or such one or more of them as it may elect to retain; the amount of the circulation redeemable at the mother bank and each branch to be regulated by the amount of capital assigned to and used by each. No. 44. - MARCH 3, 1865. CHAP. LXXXII.- An Act to amend an Act entitled "An Act to provide a National Currency, secured by a Pledge of United States Bonds, and to provide for the Circulation and Redemption thereof." Be it enacted, &c. That section twenty-one of said act be so amended that said section shall read as follows: 1864, ch. 173. Ante, p. 597. Existing State banks to be prein applications to become national banks. ferred until, &c.; 1864, ch. 106. Ante, p. 795. Proviso. Stat. at Large, Vol. XIII. p. 498. 1864,ch. 106,§ 21. Ante, p. 795. Banking associations after transfer, &c. of bonds, may receive circulating notes. Limit of SEC. 21. That upon the transfer and delivery of bonds to the treasurer, as provided in the foregoing section, 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 amount of notes to be received. not exceeding ninety per centum of the amount of said bonds at the par value thereof, if bearing interest at a rate not less than five per centum per annum; and the amount of said circulating notes to be furnished to each association shall be in proportion to its paid-up capital as follows, and no more: To each association whose capital shall not exceed five hundred thousand dollars, ninety per centum of such capital; to each association whose capital exceeds five hundred thousand dollars, but does not exceed one million dollars, eighty per centum of such capital; to each association whose capital exceeds one million dollars, but does not exceed three millions of dollars, seventy-five per centum of such capital; to each association whose capital exceeds three millions of dollars, sixty per cent. of such capital. And that one hundred and fifty millions of dollars of the Apportionment entire amount of circulating notes authorized to be issued shall be appor- of authorized tioned to associations in the States, in the District of Columbia, and in the Territories, according to representative population, and the remainder shall be apportioned by the Secretary of the Treasury among associations 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. circulation. * For laws relating to internal tax on banks, see Part III. and ante, pp. 793-4. Stat. at Large, Vol. XIV. p. 14. No portrait of living person to be engraved on bonds, &c. Stat. at Large, Vol. XIV. p. 31. 1865, ch. 77. Ante, p. 819. may receive may dispose of the bonds in the United States or elsewhere; No. 45. - APRIL 7, 1866. CHAP. XXVIII. · · An Act making additional Appropriations, and to supply the Deficiencies in the Appropriations for sundry Civil Expenses of the Government for the fiscal Year ending the thirtieth of June, eighteen hundred and sixty-six, and for other Purposes. SEC. 12. *** Provided, That no portrait or likeness of any living person hereafter engraved, shall be placed upon any of the bonds, securities, notes, fractional or postal currency of the United States. No. 46. - APRIL 12, 1866. CHAP. XXXIX. — An Act to amend an Act entitled "An Act to provide Ways and Means to support the Government," approved March third, eighteen hundred and sixtyfive. Be it enacted, &c. That the act entitled "An act to provide ways and of the Treasury means to support the Government," approved March third, eighteen huntreasury notes, dred and sixty-five, shall be extended and construed to authorize the &c. in exchange Secretary of the Treasury, at his discretion, to receive any treasury for bonds, &c.; notes or other obligations issued under any act of Congress, whether bearing interest or not, in exchange for any description of bonds authorized by the act to which this is an amendment; and also to dispose of any description of bonds authorized by said act, either in the United States or elsewhere, to such an amount, in such manner, and at such rates as he may think advisable, for lawful money of the United States, or for any treasury notes, certificates of indebtedness, or certificates of deposit, or other representatives of value, which have been or which may be issued under any act of Congress, the proceeds thereof to be used only for retiring treasury notes or other obligations issued under any act of Congress; Public debt not but nothing herein contained shall be construed to authorize any increase to be increased. of the public debt: Provided, That of United States notes not more than amount of notes ten millions of dollars may be retired and cancelled within six months from the passage of this act, and thereafter not more than four millions of dollars in any one month: And provided, further, That the act to which this is an amendment shall continue in full force in all its provisions, except as modified by this act. Limit to to be retired. Former act to be in force, except, &c. Secretary to report to Congress, &c. SEC. 2. That the Secretary of the Treasury shall report to Congress at the commencement of the next session the amount of exchanges made or money borrowed under this act, and of whom, and on what terms; and also the amount and character of indebtedness retired under this act, and the act to which this is an amendment, with a detailed statement of the expense of making such loans and exchanges. Stat. at Large, CHAP. CXXII. Vol. XIV. p. 64. Disbursing it public mon eys with the treasurer or some assistant treasurer; No. 47. JUNE 14, 1866. - An Act to regulate and secure the Safe-keeping of Public Money intrusted to Disbursing Officers of the United States. Be it enacted, &c. That from and after the passage of this act it shall officers to depos- be the duty of every disbursing officer of the United States having any public money intrusted to him for disbursement, to deposit the same with the treasurer or some one of the assistant treasurers of the United States, and to draw for the same only as it may be required for payments to be to draw only made by him in pursuance of law; and all transfers from the treasury of as required. the United States to a disbursing officer shall be by draft or warrant on Transfers to be by draft. the treasury or an assistant treasurer of the United States: Provided, Deposits where That in places where there is no treasurer nor assistant treasurer of the to be made, if United States, the Secretary of the Treasury may, when he deems it esurer or assistant. sential to the public interest, specially authorize in writing the deposit of such public money in any other public depository, or, in writing, authorize there is no treas the same to be kept in any other manner, and under such rules and regulations as he may deem most safe and effectual to facilitate the payments to public creditors. Depositing public money, or embezzlement. SEC. 2. That if any disbursing officer of the United States shall deposit any public money intrusted to him in any place or in any manner, converting, or except as authorized by law, or shall convert to his own use in any way loaning, or drawwhatever, or shall loan, with or without interest, or shall for any purpose ring the same ing, or transfernot prescribed by law withdraw from the treasurer or any assistant treas- except as auurer, or any authorized depository, or shall for any purpose not prescribed thorized, to be by law transfer or apply any portion of the public money intrusted to him, every such act shall be deemed and adjudged an embezzlement of the money so deposited, converted, used, loaned, withdrawn, transferred, or applied, and every such act is hereby declared a felony, and upon convic- Penalty. tion thereof shall be punished by imprisonment for a term not less than one year nor more than ten years, or by fine not more than the amount embezzled nor less than one thousand dollars, or by both such fine and imprisonment, at the discretion of the court. SEC. [3.] That if any banker, broker, or any person, not an authorized Knowingly redepositary of public moneys, shall knowingly receive from any disbursing disbursing officer ceiving from any officer, or collector of internal revenue, or other agent of the United States or collector, any any public money on deposit or by way of loan or accommodation, with public money on deposit, or on a or without interest, or otherwise than in payment of a debt against the loan, or using United States; or shall use, transfer, convert, appropriate or apply any such money for portion of the public money for any purpose not prescribed by law; or ized purpose, or any unauthorshall counsel, aid, or abet any disbursing officer or collector of internal aiding in so dorevenue or other agent of the United States in so doing every such act ing, to be deemed shall be deemed and adjudged an embezzlement of the money so deposited, loaned, transferred, used, converted, appropriated, or applied; and any Punishment of president, cashier, teller, director, or other officer of any bank or banking officers of banks for violating this association who shall violate any of the provisions of this act shall be act. deemed and adjudged guilty of embezzlement of public money, and punished as provided in section two of this act. embezzlement. No. 48. JULY 13, 1866. CHAP. CLXXXIV. Stat. at Large, "An Act to provide Internal Revenue to support the Government, to pay Interest on the Vol. XIV. p. 98. Public Debt, and for other Purposes," approved June thirtieth, eighteen hundred and sixty-four, and Acts amendatory thereof. - An Act to reduce Internal Taxation and to amend an Act entitled 173, and 1865, SEC. 9. That the act entitled " An act to provide internal revenue to Amendments of support the government, to pay interest on the public debt, and for other acts of 1864, ch. purposes," approved June thirty, eighteen hundred and sixty-four, as ch. 78. amended by the act of March third, eighteen hundred and sixty-five, be, and the same is hereby, amended as follows, namely: ***** That section seventy-nine be amended by striking out all after the en acting clause, and inserting in lieu thereof the following: Bankers, $ 100. For every That a special tax shall be, and hereby is, imposed as follows, that is Special taxes. to say: One. Banks chartered or organized under a general law, with a capital not exceeding fifty thousand dollars, and bankers using or employing a capital not exceeding the sum of fifty thousand dollars, shall pay one hundred dollars; when exceeding fifty thousand dollars, for every additional thousand dollars in excess of fifty thousand dollars, two dollars. Every $1000 in excess incorporated or other bank, and every person, firm, or company having a place of business where credits are opened by the deposit or collection of money or currency, subject to be paid or remitted upon draft, check, or order, or where money is advanced or loaned on stocks, bonds, bullion, bills of exchange, or promissory notes, or where stocks, bonds, bullion, bills of exchange, or promissory notes are received for discount or for of $50,000, $2. Definition of. Savings banks sale, shall be regarded as a bank or as a banker: Provided, That any exempted in cersavings bank having no capital stock, and whose business is confined to tain cases. receiving deposits and loaning or investing the same for the benefit of its depositors, and which does no other business of banking, shall not be subject to this tax. Brokers, $50. Bankers not subject to license as brokers. Brokers, sales. amount of tax. Penalty. Nine. Brokers shall pay fifty dollars. Every person, firm, or company, whose business it is to negotiate purchases or sales of stocks, bonds, exchange, bullion, coined money, bank notes, promissory notes, or other securities, for themselves or others, shall be regarded as a broker: Provided, That any person having paid the special tax as a banker shall not be required to pay the special tax as a broker. That section ninety-nine be amended by striking out all after the enacting clause, and inserting in lieu thereof the following: That there shall be paid on all sales made by brokers, banks or bankPer centum on ers, whether made for the benefit of others or on their own account, the following taxes, that is to say: Upon all sales and contracts for the sale of stocks, bonds, gold and silver bullion and coin, promissory notes or other securities, a tax at the rate of one cent for every hundred dollars of the amount of such sales or contracts; and on all sales and contracts for sale negotiated and made by any person, firm or company not paying a special tax as a broker, bank or banker, of any gold or silver bullion, coin, promissory notes, stocks, bonds, or other securities, not his or their own property, there shall be paid a tax at the rate of five cents for every hundred Sale to be made dollars of the amount of such sales or contracts; and on every sale and by bill or memo- contract for sale, as aforesaid, there shall be made and delivered by the randum, and stamps to be seller to the buyer a bill or memorandum of such sale or contract, on affixed thereto which there shall be affixed a lawful stamp or stamps in value equal to equal in value to the amount of tax on such sale, to be determined by the rates of tax before mentioned; and in computing the amount of the stamp tax in any case herein provided for, any fractional part of one hundred dollars of value or amount on which tax is computed shall be accounted at one hundred dollars. And every bill or memorandum of sale, or contract of sale, before mentioned, shall show the date thereof, the name of the seller, the amount of the sale or contract, and the matter or thing to which it refers. And any person or persons liable to pay the tax as herein provided, or any one who acts in the matter as agent or broker for such person or persons, who shall make any such sale or contract, or who shall, in pursuance of any sale or contract, deliver or receive any stocks, bonds, bullion, coin, promissory notes, or other securities, without a bill or memorandum thereof as herein required, or who shall deliver or receive such bill or memorandum without having the proper stamps affixed thereto, shall forfeit and pay to the United States a penalty of five hundred dollars for each and every offence where the tax so evaded, or attempted to be evaded, does not exceed one hundred dollars, and a penalty of one thousand dollars when such tax shall exceed one hundred dollars, which may be recovered with costs in any court of the United States of competent jurisdiction, at any time within one year after the liability to such penalty shall have been incurred; and the penalty recovered shall be awarded and distributed by the court between the United States and the informer, if there be and the informer. any, as provided by law, who, in the judgment of the court, shall have first given the information of the violation of the law for which recovery is had: Provided, That where it shall appear that the omission to affix the proper stamp was not with intent to evade the provisions of this section, said penalty shall not be incurred. And the provisions of law in relation to stamp duties in schedule B of this act shall apply to the B to apply. stamp taxes herein imposed upon sales and contracts of sales made by Commercial brokers, banks or bankers, and others as aforesaid. And there shall be brokers per centum on sales. paid monthly on all sales by commercial brokers of any goods, wares, or merchandise, a tax of one twentieth of one per centum upon the amount To be distributed between United States Proviso. Law in relation to stamp duties in schedule of such sales; and on or before the tenth day of each month, every com- Returns to be mercial broker shall make a list or return to the assistant assessor of the made monthly to assistant assesdistrict of the gross amount of such sales as aforesaid for the preceding sor. month, in form and manner as may be prescribed by the commissioner of internal revenue: Provided, That in estimating sales of goods, wares, and merchandise for the purposes of this section, any sales made by or through another broker upon which a tax has been paid shall not be estimated and included as sold by the broker for whom the sale was made. That section one hundred and ten be amended by striking out all after the enacting clause, and inserting in lieu thereof the following: Proviso. banks or with of banks and Amount invest ed in United States bonds ex empted. Monthly tax upon average amount of circu monthly tax upon amount of for the six That there shall be levied, collected, and paid a tax of one twenty- Monthly tax fourth of one per centum each month upon the average amount of the upon deposits in deposits of money, subject to payment by check or draft, or represented bankers. by certificates of deposit or otherwise, whether payable on demand or at some future day, with any person, bank, association, company, or corporation engaged in the business of banking; and a tax of one twenty-fourth Monthly tax of one per centum each month, as aforesaid, upon the capital of any upon the capital bank, association, company, or corporation, and on the capital employed bankers. by any person in the business of banking beyond the average amount invested in United States bonds; and a tax of one twelfth of one per centum each month upon the average amount of circulation issued by any bank, association, corporation, company, or person, including as circulation all certified checks and all notes and other obligations calculated or intended to circulate or to be used as money, but not including that in the lation. vault of the bank, or redeemed and on deposit for said bank; and an ad- Additional ditional tax of one sixth of one per centum, each month, upon the average upon average amount of such circulation, issued as aforesaid, beyond the amount of amount of circuninety per centum of the capital of any such bank, association, corpora- ninety per cent. lation beyond tion, company, or person. And a true and accurate return of the amount of capital. of circulation, of deposit and of capital, as aforesaid, and of the amount Additional monthly tax of notes of persons, State banks or State banking associations, paid out by them for the previous month, shall be made and rendered monthly by circulation beeach of such banks, associations, corporations, companies, or persons to yond the average the assessor of the district in which any such bank, association, corpora- months precedtion, or company may be located, or in which such person has his place ing July 1, 1864. of business, with a declaration annexed thereto, and the oath or affirma- made monthly tion of such person, or of the president or cashier of such bank, associa- to the assessor of tion, corporation, or company, in such form and manner as may be pre- the district. scribed by the commissioner of internal revenue, that the same contains verified by the a true and faithful statement of the amounts subject to tax as aforesaid; oath of the presiand for any refusal or neglect to make or to render return and payment, in the form predent or cashier any such bank, association, corporation, company, or person so in default, scribed by the shall be subject to and pay a penalty of two hundred dollars, besides the commissioner. additional penalty and forfeitures in other cases provided by law; and the Penalty for neglect. amount of circulation, deposit, capital, and notes of persons, State banks Proceedings in and banking associations paid out, as aforesaid, in default of the proper case of neglect. return, shall be estimated by the assessor or assistant assessor of the district as aforesaid, upon the best information he can obtain; and every such penalty may be recovered for the use of the United States in any court of competent jurisdiction. And in the case of banks with branches, the tax herein provided for shall be assessed upon the circulation of each branch, severally, and the amount of capital of each branch shall be considered to be the amount allotted to such branch; and so much of an act entitled "An act to provide ways and means for the support of the government," approved March three, eighteen hundred and sixty-three, as imposes any tax on banks, their circulation, capital, or deposits, other than is herein provided, is hereby repealed: Provided, That this section shall not apply to associations which are taxed under and by virtue of the act national banks. "to provide a national currency secured by a pledge of United States Return to be Return to be Banks with branches. This section not to apply to |