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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1910 Excerpt: ...customs. They were required to furnish the Comptroller with quarterly reports of their condition and to submit to inspection by persons appointed by him. Provision was also made for the conversion of state banks into national associations. During the first two years of its history the progress of the system was slow, owing chiefly to defects in the law and to the disinclination of state banks to enter it. The first difficulty was partially removed by an act approved June 3, 1864, which contained the following new provisions: A classification of national banks into three groups according to their location in New York City, in any one of nineteen of the principal cities of the country mentioned in the act, generally known thereafter as reserve cities, or in other towns. Banks in New York City and reserve cities were to keep a reserve of 25 per cent. of their deposits and note-issues, one-half of which, in case of the reserve cities, might be kept on deposit in the city of New York. For other banks the reserve was fixed at 15 per cent. of deposits and note-issues, of which three-fifths might be kept on deposit in New York City or in the reserve cities. These banks were also required to select an association in New York City or in some one of the reserve cities through which to redeem their notes at par, the previous act requiring only that the banks should redeem their notes over their own counters. Until specie payments should be resumed this act permitted not more than one-sixth of the notes issued to be of denominations below $5, raised the minimum capital requirement to $50,000 in towns the population of which does not exceed six thousand, to $100,000 in towns of from six to fifty thousand inhabitants, and to $200,000 in towns of over fifty thousand inhabi...

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