The herald and news. (Newberry S.C.) 1903-1937, June 16, 1908, Image 6
EMERGENCY CURRENCY ACT.
Adopted Just Before Congress Adjourned?Administration
Measure.
An Act to amend the national
banking laws.
Be it enacted by trie senftto and
bouse of representatives ol the United
States of America iir congress assembled,
lhat national banking associations,
each having an unimpaired
capital and a surpMs of not less
than twenty per centum, nor less than
ten in number, having an aggregate
capital and surplus of at least five
millions of dollars, may form voluntary
associations to he designated as
national currency associations. The
banks united to form such association
shall, by their presidents, vice-presidents,
acting under authority from
the board of directory, make and file
"with the secretary of the treasury
a certificate sett ing fiorth I lie names
of the banks composing the association,
the principal place of business
of the association, and the name of
the association, which name shall be
subject to the approval of the secretary
of fhc treasury. Upon the tiling
of such certificate the associated
banks therein named shall become a
body corporate, and by the name so
designated and approved may sue and
be sued, and exercise (he powers of a
body corporate for the purposes hereinafter
mentioned : Provided, That not.
more than one such national c.urlency
association shall be formed in
any city: Provided further, That the
several members of such national
currency association shall be taken,
as nearly as conveniently may he,
from a territory composed of a Slate
<>r part ol a Stale, or contiguous parts J
of ..lie Ol- more Slates: And provided
furl her, Thai any national bank in'
such cily or territory, having the
f|uali(ieations herein inscribed for
membership in such national currency
association, shall, upon its application
to and upon the approval of I lie secretary
of (he treasury, lie admitted
t<> membership in a national currency
association f,.r Dial city or territory,
and upon such admission shall lie
deemed and held a part of the body1
corporate, and as such entitled In nil I
the rights and privileges and subject
to all the liabilities of an original
member: And provided further. That,
each national currency association
shall be composed exclusively of banks
not members nf any other national
currency associalion.
The dissolution, voluntary or otherwise,
ol any bank in such association
shall not a fleet I lie corporate existence
of the association unless there shall
then remain less than Ihe minimum
number of ten banks: Provided, howe\er,
llial the reduction of the number
of said banks below the minimum
of ten shall not affect the existence oT
I he corporation with respect to Ihe
assertion of all rights in favor of or
against such as>oeialion. The affairs
of the association shall be managed by
a board consisting of one representative
from each bank, l.y-laws for the.
government of the association shall
be made by Ihe board, subject to the
approval of the secretary of Ihe treasury.
A president, vice-president, secretary.
treasurer, and an executive
commit Ice <>l not less than live members,
slnill be elected by the board.
Ihe powers nl such board, except in
the election ol olhccrs and making of
b\-laws, may be exercised through its
execn I i vc commit I ec.
Ihe national currency association
herein provided for shall have and
exercise any and all powers uecessarv
to carry out the purposes oT this seclion.
namely, to render available, under
Ihe direction and control of the
secretary of the Ire.-.sury, as a basis
for addiliona' circulation and *ecurilies,
including conunNccfal paper, held
by a national banking association. For
he purpose of obtaining such additional
circulation, any bank belonging
to any national ?.frrency associahaving
circulating notes outstanding
secured by the deposit of
bonds of the United Stales to an
amount not less than forty per centum
of its capital stock and which lias
its capital unimpaired and a surplus
of not less than iw^ry per centum,
ma\ deposit with and transfer to Ihe
associal ion. in trust for Ihe United
Slates, for the purpose hereinafter
provided. such of the securities above
mentioned as may lie satisfactory to
the board of the association. The officers
of the association may thereupon.
in behalf of such bank, make
application to Ihe comptroller of the
currency for an issue of additional
circulating notes to an amount not
exceeding seventy-five per centum of
the cash value of the securities or
commercial paper so deposited. The
comptroller of the currency shall immediately
transmit such application
to the secretary of Ihe treasury with
such recommendation as he thinks
proper, and if. in the judgment of the
secretary of the trvttsnry, business
conditions in flic locality demand additional
circulation, and if lie he
satisfied with the character and value
of the securities proposed and that, a
lien in tavor of the United States on
the securities so deposited and on the
assets of the banks composing the association
will be amply sufficient for
the protection of the United States,
he may direct, an issue of additional
circulating notes to ffie association,
on behalf of such bank, to an amount
in his discretion, not, however, exceeding
seventy-five per centum of
the cash value of the securities so deposited:
Provided, That upon the deposit
of any of the State, city, town,
county, or other municipal bonds, of
a character described in section i
three of this act, eir<v?raffng notes
may be issued to the extent of not exceeding
ninety per centum of the market
value of such bonds so deposited;
And provided further, That no national
banking association snail be
authorized in any event to issue rlrculating
notes based on commercial
paper in tixcess of thirty per centum
of its unimpaired capital and surplus.
The term "commercial paper"
shall be held to include only notes
representing actual commercial transactions,
which when accepted bv the
association shall bear Ihe names of
at least two responsible parlies and
have not exceeding four months to
run.
Tli" banks and the assets of all
banks belonging to the association
shall be jointly and severally liable
to the United States for the redemption
of such additional circulation;
and to secure such liability the lien
created by section fifty-two hundred
and thirty of (he revised statutes shall
extend fo and cover the assets of all
banks belonging to the association,
and to Ihe securities deposited by Ihe
banks with Ihe association pursuant
to Ihe provisions of this ad; but ns
between Ihe several banks composing
such association each bank shall be
liable only in the proportion that its
capital and surplus bears to the aggregate
capital and surplus of nil
such hanks. The association may, at.
any lime, require of any of its con- ;
sliluenl hanks a deposit of addil iotial
securities or commercial paper, or an
exchange of Ihe securities already on
deposit. In secure additional circulation;
and in ease or the failure ..f
such bank to make inch deposit or '
j exchange Ihe association mav, after
ten days notice to Ihe bank, sell the
securities and papei already in its
hands at public sale, and deposit the
proceeds with the treasurer of the
I niled Slates as a fund for Ihe re- '
demplion of such additional circula- !
'ion. If such fund be Insufficient for
that purpose the association may recover
from the bank (lie amount of
the deficiency by suit in the circuit
court of Ihe United States, and shall
ha\e (he benefit of i.p lien hereinafter
provided for in favor of the
I niled Stales upon Ihe assets of such
bank. The association or tfie secretary
of (he treasury may permit or
require the withdrawal of any such
securities or commercial paper and
the substitution of other securities or
commercial paper of equal value
f herefor.
Sec. L\ That whenever any bank
belonging to a national currenev association
shall fail in preserve or
make good its redemption fund in the
treasury of the United Slat?f:, inquired
by section three of the act of
dune _0|It. 187-1, chapter l.i, and Ihe
provisions of tliis act. the treasurer
of (lie United Slates shall notify such
national currency association lo make
good such redemption fund, and upon
(lie failure ol such national currenev
association to make 700c} such fund,
(lie treasurer of Ihe United States
may, in his discretion, apply so much
of the redemption fund belonging to
the oilier banks composing such national
currency association as mav
be necessary for that purpose; and
such national % currency association
may, after five days-* notice to sue to
bank, proceed to sell at public sale
Ihe securities deposited by such bank
with Ihe association pursuant to the
provisions of section one of this act,
and deposit the proceeds with the
treasurer of (lie United Stales as a
fund for Ihe redemption of (he additional
circulation taT.cn out by such
bank under this act.
Sec. 3. That any notfonat banking
association which has circulating
notes outstanding, secured by the deposit
of United Stales bonds to an
amount of not less (ban for(v per
centum of its capital slock, ami which
has a surplus of not less than twenty
per centum, may make application to
the comptroller of the currency for
authority to issue additional circulating
notes to be secured by the deposit
of bonds other than bonds of
the 1 niled Slates. The comptroller of
Ihe currency shall transmit immediately
(he application, with his recommendation,
fo the secretary of the
treasury, who shall, if in his judgment
business conditions in the lo
calitv demand additional circulation,
approve the same, and shall determine
the time of issue and lix the amount,
within the limitations herein imposed,
of the additional circulating notes to
he isucd. Whenever after receiving
noticc of such approval any such association
shall deposit with the treasurer
or any assistant treasurer of the
United States such of the bonds described
in this section as shall bo
approved in character and amount by
the treasurer of the United States
and the secretary of the treasury, it
shall be entitled to receive, upon the
order of the comptroller of the currency,
circulating notes in blank, registered
and countersigned as provided
ANNOUNCEMENTS
* FOR THE STATE SENATE:
Alan Johnstone is hereby nominated
for the State Senate, subject to the
rules of the Democratic primary.
FOR LEGISLATURE.
I announce myself a candidate for
re-election to the House of Representatives
of South Carolina, subject
to the rules of the Democratic
primary
E. H. Aull.
1 hereby announce myself as a candidate
for membership in the house
of representatives of the General Assembly
of South Carolina from Newberry
county, subject to the action
of the Democratic primary.
F. W. Higgins.
FOR SHERIF
Being conscious of the . t that I
have discharged the duties of the
sheriffs office to tiro best of my ability,
and believing that I have the
endorsement of the majority of Urn
people of Newberry county, to this
I'iid. 1 would again annoucnc myself
a candidate for reelection, subject to
the decision of the Democratic primary.
M. M. Buford.
I am a candidate for Sheriff of
S'ewhcrry county, subject to the rules
>f lire Democratic party.
Cannon G. Blease.
FOR CORONER:
J. N. Bass is hereby announced as
\ candidate for coroner of Newberry
rourity, subject to the rules of the
Democratic primary.
FOR COUNTY SUPERVISOR.
L. D. Morris (better known
as Boho) is hereby nominated
Cor the office of Supervisor of Newberry
county, subject to the action
of the Democratic primary.
J. Monroe Wicker is hereby nominated
for reelection to the office of
Supervisor for Newberry county, and
will abide the result of the Democratic
primary.
Jack B. Smith is hereby nominated
for the office of Supervisor for Newberry
county, subject to the Democratic
primary election.
I hereby announce myself a candidate
for the ollice of county Supervisor
and will abide the rules of the
democratic party.
II. II. Abrams.
I announce myself as a candidate
for Supervisor and will abide tire result
of tire Democratic party.
L. I. Feagle.
I hereby announce myself a candidate
for Supervisor for Newberry
County and will abide the rules of the
Democratic party.
Benj. ITalfacre.
FOR MAGISTRATE.
Townships Nos. 1 and 8.
I hereby announce myself as a candidate
for Magistrate for Nos. 1 and
S townships and will abide t,he rules
of the Democratic party.
S. G. Carter.
F. M. Lindsay is hereby announced
as a candidate for magistrate for Nos.
1 and 8 Townships and will abide the
result of the Democratic primary.
_
I am a candidate for Magistrate
for Nos. 1 and 8 Townships, and will
be governed by the rules of the Democratic
party.
Jno. Ilenry Chappell.
I hereby announce myself a candidate
for Magistrate for Townships
Nos. 1 and 8.
C. B. Tddwcll.
Magistrate No. 3.
I hereby nnnnouneo myself as Candidate
for Magistrate for No. 3
Township, subject to the action of
the Democratic party.
John Henderson.
I
Magistrate No. 4.
1 hereby announce myself as a
candidate for the oifce of magistrate
for No. 4 Township, subject to the
Democratic primary.
R. M. Aughtry.
For Magistrate No. 6.
J. Y. Dorroh is hereby announced
for magistrate for No. 6 and will
abide (lie rules of tlie Democratic
party.
For Magistrate No. 7.
W. R. Keith is hereby nominated
as a candidate for magistrate for No.
7 township subject to Democratic primary.
Citizen.
For Magistrate Township No. 10.
I am a candidate for Magistrate for
No. 10 Township, and will be governed
by the rules of the Democratic party.
P. li. Ellesor.
For Magistrate No. 11.
C. L. (Iraham is hereby announced
us a candidate for Magistrate for No.
11 Township and will abide the rules
of the Democratic party.
W. L. Ivibler is'announced as a
candidate for Magistrate for numboi
11 township and will abide the rules
of lL.o Democratic party.
The voters of X*'. 11 Township
nominate W. Ii. Clrabam as a candidate
for Magistrate. He will abide
by ibe rules of the Democratic party, i
SUP'T OF EDUCATION.
R I>. Jones is hereby nominated
for position of Superintendent of Education
for Newberry County, subject
to the decision of the Democratic
primary.
J. B. O'Neall Ilollowav is announced
ns a candidate for County Superitnndent
of Education and will abide
the rules of (ho Democratic party.
J. S. "Wheeler is hereby announced
as a candidate for re-election to the
office of Superintendent of Education
for Newberry County subject to the
rules of the Democratic primary.
FOR TREASURER
Johr. L. Epps is announced as a
1111 i Mil I III III HIM HI I I ! !! IHIIIBM IHI II111 i >Ml?I?II II I I IIII I
Mon
Monday, June
and Laurens Rai
to Charleston, g
to visit the city t
to spend a day a
can take a dip in
the Second and '
lina soldiers whe
with the United !
SCIIKDSUi. ROUN
Iyv. Laurens 7.00 11. 111
'' Clinton 7.25 a. 111
" Goldville. ...7.35a. 111
" Kinards 7.45 a. 111
" Gary 7.50 a. 111
" Jala^ 8.00 a. m
Tickets good to retur
Wednesday, June 24tt
A. C. L. Train No. 52, <
June 24th, 1908.
Artillery Gun Target Pi
For information, ask
J. F. LIVINGSTON, S.
Columl
.
candidate for re-election as oounty
treasurer of Newberry county and
will abide the rules of the Dej*' '.ratio
party.
TOR CLERK OF COURT.
I Jno.C. Goggans is hereby nominated
for re-election to the office Clerk
of Court for Newberry county, S. C.,
subject to tho rules of the D."-'* era tic
primary.
TOR AUDITOR.
Wrm. AV. Cromer is hereby announc
ed as a candidate for re-ole?tion to
the office of Auditor for Newberry
County, and is pledged to ajbide th?
rules of the Democratic primary.
I am a candidate for tho oflSce of
County Auditor of Newberry county
and will abide the rules of tV'i Democratic
party.
Eugene S. Werts.
FOR MASTER
IT. IT. Rikard is hereby announced
as a candidate for re-cleciion to the
REPORT OF C
THE EXCHj
of Newbc
condensed from report
iner June
R KSOl
Loans ancl discounts
Overdrafts
Furnivure and fixtures
Cash on hand and in Banks
MAHII
Capital stock
Surplus, net
Unj>aid Dividends
Cashiers Checks
Bills payable
... . ( Banks
eposi s, ^ individual
Reliable and absolutely safe. \V
J. D. DAVENPORT,
President.
jEDW. R. IIIPP,
Vice-President.
GEO. B. CRO>
T
dav, Jun
22nd, the Colu
lway will run the
iving their patror
>y the sea at a ve
it the Isle of Pal
i the surf and vis
rhird Regiments
) will be camped
States Coast Art:
I) TRIP RATJi.
. .. $3.00 L/v. Ncwben
...2.75 " Pros peri
" " U. Moi
." " Cliapin.
.. " " Inno...
" Ar. Charles!
n on Special, leaving
1, or any Regular Trai
due to leave Charleston
9
'actice, Band Concerts,
Agents or write
A., T. C.
3ia, S. C.
0
I office of Master for Newberry count^^F
'subject to the rules of the Demociati^^^^K
^ L
FOR COUNTY COMMlSSSIONER.^^B8
I am a candidate for reelection t<^H^
the office of county commissioner for^B^
Newberry couuty, aiul will abide the^^V
result of the Democratic primary.
Very Respectfully,
Thos. J. Wilson. Mg;
I am a candidate for reelection to
the office of county commissioner for
Newberry county and will abide the
result of the Democratic primary. m|.
Very respectfully,
W. H. Wendt. W
I hereby announce myself as a
candidate for County Commissioner W
subject (o the rules of the Democratic fj|
convention. ,
C. L. Leitzsey. m
G. Y. Dickert is hereby announced
ms a candidate for-county commission- Jjlj
cr and will abide the rules of the
Democratic party.
JONDITION OF B
INGE BANK I
jrry, S. C., H
: of State Bank Exam: Hj
4th, 1908. B
M
3,696.62
$232,099 64 Ah
n
$ 50,ooo.o<^^M|
65,ooo.O(^^H
105,991.82?107,484.5^^^
e pav 4 per ceut 011 time deposits
M. Iv SPEARMAN, PTE
Cashier. I
W. B. WALLACE, I
Assistant Cashier.
,IER, Attorney. 9
/
e 22
mbia, Newberry
ir first Excursion
is an opportunity
iry low rate, and
ms, where they
it their friends of
of South Caroat
Fort Moultrie
illery.
n.
SCIIIiDUIJt. HOUND TRIP UATK.
ry 8.15 a. 111 $2.50
ty .. . 8.30 a. m "
nitai 11 8.50 a. m "
..... 9.00 a. 111 "
9.30 a. 111 "
ton.. .3.00 p. 111
Charleston 7,00 a. m.
in up to and including
Wednesday morning,
Dancing,
WHITE, G. P. A., -JW
Wilmington, N.