faithful discharge of his duties. He is prohibited by law from being directly or indirectly interested in any associa tion issuing national currency.

795. He is required to make an annual report to Congress, at the commencement of each session, embracing— A summary of the state and condition of every association from which reports have been received the preceding year, at the several dates to which said reports refer, with an abstract of the whole amount of banking capital returned by them, of the whole amount of their debts and liabilities, the amount of circulating notes outstanding, and the total amount of means and resources, specifying the amount of lawful money held by them at the times of their several returns, and such other information in relation to such associations as in his judgment may be useful.

A statement of the associations whose business has been closed during the year, with the amount of their circulation redeemed and the amount outstanding.

Any suggestions he may have to make of amendment to the laws relative to banking, by which the system may be improved, and the security of the holders of its notes and other creditors may be increased.

A statement exhibiting under appropriate heads the resources, liabilities, and condition of the banks, banking companies, and savings banks organized under the laws of the several States and Territories.

A statement of the names and compensation of the clerks employed by, him, and the whole amount of the expenses of the Banking Department during the year. (R. S., § 333.)

796. Every certificate, assignment, and conveyance executed by the Comptroller of the Currency in pursuance of law, and sealed with the seal of his office, is admissible in evidence in all places and courts; and all copies of

papers in his office, certified by him and authenticated by the said seal, are likewise entitled to be received in all cases equally with the originals. (R. S., § 884.)

797. Copies of the organization certificate of any national banking association, duly certified by the Comptroller of the Currency and authenticated by his seal of office, are also evidence in all courts and places within the jurisdiction of the United States of the existence of the association, and of every matter which could be proved by the production of the original certificate. (R. S., § 885.)

It is the duty of the Comptroller of the Currency to receive and preserve on file in his office articles of association entered into by persons united for the purpose of forming a banking association under the national-bank law; also the certificate of organization of such association, specifying the particulars prescribed by the statute,among others, the name assumed by such association, which is made by law subject to his approval; also the oath required to be taken by each director. (R. S., §§ 5133, 5134, 5135, 5147.)

798. And no bank can legally transact any business, except that incidental to its organization, until it has been authorized by the Comptroller to commence the business of banking.

The payment of each installment of stock made after such authority is given must be certified to the Comptroller under oath of the president or cashier of the association. (R. S., §§ 5136, 5140.)

799. He is required to determine the maximum of increase of capital stock of any association formed under the law, to be provided for in the articles of association. His certificate of such increase, specifying the amount, and his approval thereof, also that it has been duly paid in, is necessary to the validity of such increase of capital stock. (R. S., § 5142.)

800. His approval is necessary also to a reduction of the capital stock of any association made in accordance with law authorizing such a reduction. (R. S., § 5143.)

801. The Comptroller of the Currency, or some person of his appointing, is required to give a receipt to any banking association for the United States bonds transferred to the Treasurer of the United States by such association, as required by law, for the security of its circulating notes, which receipt must state that such bonds are held in trust for the association and as security for the redemption and payment of any circulating notes that have been or may be delivered to such association. And his countersign is necessary to the validity of any assignment or transfer of any of such bonds by the Treasurer of the United States. (R. S., § 5162.)

802. He is required to keep in his office a book for entry therein, immediately upon countersigning it, every transfer or assignment by the Treasurer of any bonds belonging to a national banking association presented for his signature, and to state in such entry the name of the association from whose accounts the transfer is made, the name of the party to whom it is made, and the par value of the bonds transferred. He is required also, immediately upon countersigning as aforesaid and on making such entry, to advise, by mail, the association from whose accounts the transfer is made of the kind and numerical designation of the bonds, and the amount thereof transferred. (R. S., §§ 5163, 5164.)

803. He is given access by law, at all times, to the bonds on deposit with the Treasurer, in order that he may ascertain their amount and condition.

804. He and the Treasurer have access, likewise by law, during office hours, to each others' books for the purpose of ascertaining the correctness of any transfer or as

signment of the bonds referred to, and of any entries of the same. (R. S., § 5165.)

805. He is required to give to any national banking association having bonds deposited as aforesaid powers of attorney to receive and appropriate to its own use the interest on the bonds so deposited, such powers to become inoperative when such association fails to redeem its circulating notes. He may, when such bonds become depreciated below the amount of circulation issued for the same, demand and receive the amount of such depreciation in other United States bonds at cash value, or in money, from the association, to be deposited with the Treasurer as long as such depreciation continues.

He may, upon terms prescribed by the Secretary of the Treasury, permit an exchange to be made, on the part of any association, of any of the bonds deposited with the Treasurer for other bonds of the United States authorized to be received as security for circulating notes, if he is of opinion that it may be done without prejudice to the interests of the United States; and he may direct the return of any bonds to the association which deposited the same, in sums of not less than one thousand dollars, upon the surrender to him and the cancellation of a proportionate amount of such circulating notes; provided that the remaining bonds are equal to the amount required for the circulating notes not surrendered, and that the amount of bonds is not diminished below the amount required by law to be kept on deposit, and that there has been no failure by the association to redeem its circulating notes, nor any other violation by it of the provisions of the banking law. (R. S., § 5167.)

806. Whenever an association has complied with all the provisions of the banking law required before it is authorized to commence business, the Comptroller of the

Currency is required to examine into the condition of such association, to ascertain especially the amount of money paid in on account of capital, the name and place of residence of each of its directors, and the amount of the capital stock of which each is the owner in good faith, and generally whether such association has complied with all the provisions of law. And he is directed to require from any association a statement, attested by the oaths of a majority of the directors, and by the president or cashier, of all the facts necessary to enable him to determine whether the association is lawfully entitled to commence the business of banking. If it appears that such association is so lawfully entitled, the Comptroller is required to give it a certificate, under his hand and official seal, to that effect. But he may withhold such certificate whenever he has reason to suppose that the shareholders have formed such association for any other than the legitimate objects contemplated by the banking law. (R. S., § 5168, 5169.)

807. The Comptroller of the Currency is required, on a deposit of bonds as prescribed by law, to issue to the association making such deposit circulating notes of different denominations, in blank, registered and countersigned as provided by law, equal in amount to ninety per centum of the current market value of the United States bonds so deposited, but not exceeding ninety per centum of the par value thereof, if bearing interest at not less than five per centum per annum; provided that the amount of circulating notes to be furnished to each association shall be in proportion to its paid-up capital, viz.:

To each association whose capital does not exceed five hundred thousand dollars, ninety per centum of such capital.

To each whose capital exceeds five hundred thousand dollars but does not exceed one million dollars, eighty per centum of such capital.