CHAPTER XIV. NATIONAL BANKING.

 1. The present banking¹ system was established by an act of Congress in 1863. The plan is quite different from any before in use, and commends itself to the whole country by the stability it gives to the currency in use in the transaction of its business, and the security it furnishes against loss of values common under the old systems. They are managed by private parties and corporations, apart from the government, but under a certain degree of supervision³, and by its authority. By the act referred to any number of persons not less than five may associate themselves together for the purpose of banking, by compliance⁴ with the following conditions:

2. First: They must, under their hands and seals, make a certificate which shall specify—

1. The name assumed by such association.

2. The place where its business is to be conducted.

3. The amount of its capital stock (which cannot be less than $50,000), and the number of its shares.

4. The names of its shareholders⁶, and the number of shares held by each.

5. The time when such association shall commence business.

6. A declaration that said certificate is made to enable such persons to avail themselves of the advantages of this act.

3. This certificate must be properly acknowledged before some competent person, and must be sent to the comptroller of the currency in the Treasury⁸ Department, to be recorded and kept by him. When this, and all other acts which the law[284] requires, has been done by the association, the comptroller of the currency gives them a certificate under his hand and official seal, to that effect, and that they are authorized⁹ to commence business. This constitutes the association a corporation. They have the right to make and use a common seal, and have all the rights, and are liable to all the responsibilities of ordinary legalized corporations; and may exist not to exceed twenty years from the passage of this act. Every shareholder⁵ is made personally liable for the debts of the association or bank, to the amount of the par² value of his stock.

4. In order to secure the holders⁷ of bills issued by these banks, they must deposit with the Treasurer¹⁰ of the United States, United States bonds bearing interest to an amount not less than one-third of the capital stock paid in. These bonds are safely kept by the Treasurer. The comptroller of the currency then issues to the bank an amount of bank notes equal to the amount of bonds thus deposited, less ten per cent. In case the bank should fail to redeem¹¹ its circulating bills, its bonds are sold, and with the proceeds the comptroller of the currency redeems¹² them, or orders them to be paid at the United States Treasury. The bonds held by the Treasurer as security for the redemption of the bills issued by the association, must be transferred to him in trust; thus giving him entire control of them in case it becomes necessary to sell them in order to redeem the bills of any association which may have failed to pay them on demand.

5. This act has brought a great number of banks into existence, besides organizing most of the banks formerly¹³ existing under State laws under this system; so that we have a nearly uniform system of banking all over the United States. The bills of these banks pass in any part of the country, which was not often the case formerly. In case the bank should be mismanaged, or fail to pay for any cause, there is ample security for their redemption deposited in the United States treasury, where they will be paid on presentation.

6. The bill-holder is also better protected against counterfeits[285] than he was under the old system; for all the bills issued by these associations are engraved¹⁵ by the government, and the plates and dies on which they are printed are kept by the comptroller of the currency in the Treasury Department. The engraving¹⁶ is done in the best possible manner, and it is exceedingly difficult to counterfeit¹⁴ them. Besides this, they all have the imprint¹⁷ of the seal of the Treasury on their face, and are numbered and countersigned¹⁸ by the treasurer and register. With all these guards and precautions, we have the best paper currency ever used since the establishment of the government.

7. This act necessarily threw upon the Treasury Department a great increase of labor¹⁹, and in order to provide for it a separate bureau was created, which is denominated the bureau of currency, the chief officer of which is called the comptroller of currency. He acts under the general direction of the Secretary of the Treasury. This bureau is charged with the execution of this and all other laws that may be passed by Congress respecting the national currency. The comptroller of the currency is appointed by the President and Senate, has a deputy, receives a salary of $5,000 per year, holds his office five years, has an official seal, gives bonds to the amount of $100,000, and takes and subscribes²⁰ the oath of office prescribed by the Constitution and the laws. His duties are numerous and very responsible, he having hundreds of millions under his care.

The term national banks, given to these institutions, and national currency to the bills they issue, were given from the fact that they were organized by an act of Congress, and that the security for the redemption of their bills consists exclusively of national bonds; no other securities will be taken.

1 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

2 par   

n.标准，票面价值，平均数量；adj.票面的，平常的，标准的

参考例句：

• Sales of nylon have been below par in recent years.近年来尼龙织品的销售额一直不及以往。
• I don't think his ability is on a par with yours.我认为他的能力不能与你的能力相媲美。

3 supervision   

n.监督，管理

参考例句：

• The work was done under my supervision.这项工作是在我的监督之下完成的。
• The old man's will was executed under the personal supervision of the lawyer.老人的遗嘱是在律师的亲自监督下执行的。

4 compliance   

n.顺从；服从；附和；屈从

参考例句：

• I was surprised by his compliance with these terms.我对他竟然依从了这些条件而感到吃惊。
• She gave up the idea in compliance with his desire.她顺从他的愿望而放弃自己的主意。

5 shareholder   

n.股东，股票持有人

参考例句：

• The account department have prepare a financial statement for the shareholder.财务部为股东准备了一份财务报表。
• A shareholder may transfer his shares in accordance with the law.股东持有的股份可以依法转让。

6 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任

7 holders   

支持物( holder的名词复数 )； 持有者； （支票等）持有人； 支托（或握持）…之物

参考例句：

• Slaves were mercilessly ground down by slave holders. 奴隶受奴隶主的残酷压迫。
• It is recognition of compassion's part that leads the up-holders of capital punishment to accuse the abolitionists of sentimentality in being more sorry for the murderer than for his victim. 正是对怜悯的作用有了认识，才使得死刑的提倡者指控主张废除死刑的人感情用事，同情谋杀犯胜过同情受害者。

8 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

9 authorized   

a.委任的，许可的

参考例句：

• An administrative order is valid if authorized by a statute.如果一个行政命令得到一个法规的认可那么这个命令就是有效的。

10 treasurer   

n.司库，财务主管

参考例句：

• Mr. Smith was succeeded by Mrs.Jones as treasurer.琼斯夫人继史密斯先生任会计。
• The treasurer was arrested for trying to manipulate the company's financial records.财务主管由于试图窜改公司财政帐目而被拘留。

11 redeem   

v.买回，赎回，挽回，恢复，履行（诺言等）

参考例句：

• He had no way to redeem his furniture out of pawn.他无法赎回典当的家具。
• The eyes redeem the face from ugliness.这双眼睛弥补了他其貌不扬之缺陷。

12 redeems   

补偿( redeem的第三人称单数 )； 实践； 解救； 使…免受责难

参考例句：

• The acting barely redeems the play. 该剧的演出未能补救剧本的缺点。
• There is a certain insane charm about Sellers; the very vastness of his schemes redeems them. 塞勒斯有一种迹近疯狂的魔力，正因为他的计划过于庞大，它们才能使人相信。

13 formerly   

adv.从前，以前

参考例句：

• We now enjoy these comforts of which formerly we had only heard.我们现在享受到了过去只是听说过的那些舒适条件。
• This boat was formerly used on the rivers of China.这船从前航行在中国内河里。

14 counterfeit   

vt.伪造，仿造；adj.伪造的，假冒的

参考例句：

• It is a crime to counterfeit money.伪造货币是犯罪行为。
• The painting looked old but was a recent counterfeit.这幅画看上去年代久远，实际是最近的一幅赝品。

15 engraved   

v.在（硬物）上雕刻（字，画等）( engrave的过去式和过去分词 )；将某事物深深印在（记忆或头脑中）

参考例句：

• The silver cup was engraved with his name. 银杯上刻有他的名字。
• It was prettily engraved with flowers on the back. 此件雕刻精美，背面有花饰图案。 来自《简明英汉词典》

16 engraving   

n.版画；雕刻（作品）；雕刻艺术；镌版术v.在（硬物）上雕刻（字，画等）( engrave的现在分词 )；将某事物深深印在（记忆或头脑中）

参考例句：

• He collected an old engraving of London Bridge. 他收藏了一张古老的伦敦桥版画。 来自辞典例句
• Some writing has the precision of a steel engraving. 有的字体严谨如同钢刻。 来自辞典例句

17 imprint   

n.印痕，痕迹；深刻的印象；vt.压印，牢记

参考例句：

• That dictionary is published under the Longman imprint.那本词典以朗曼公司的名义出版。
• Her speech left its imprint on me.她的演讲给我留下了深刻印象。

18 countersigned   

v.连署，副署，会签 （文件）( countersign的过去式 )

参考例句：

• "Behold your papers, Jarvis Lorry, countersigned." “看看你们的证件吧！贾维斯 - 罗瑞，已经签过字了。” 来自英汉文学 - 双城记
• The payment has to countersigned by the mortgagor. 该付款必须有抵押人的会签。 来自口语例句

19 labor   

n.劳动，努力，工作，劳工；分娩；vi.劳动，努力，苦干；vt.详细分析；麻烦

参考例句：

• We are never late in satisfying him for his labor.我们从不延误付给他劳动报酬。
• He was completely spent after two weeks of hard labor.艰苦劳动两周后，他已经疲惫不堪了。

20 subscribes   

v.捐助( subscribe的第三人称单数 )；签署，题词；订阅；同意

参考例句：

• The library subscribes to 40 magazines. 这个图书馆订购四十种杂志。 来自《现代英汉综合大词典》
• He subscribes to a number of journals concerning his subject. 他订阅了许多与他的学科有关的杂志。 来自辞典例句