In Counties where the privilege of engaging in the banking business shall have been availed of, branch banks of the County Bank may be organized in such localities of the County as the County Bank may determine is necessary or expedient, with the same banking powers as the County Bank.
Give to the County Banks and their branches, in addition to the general banking powers, power to execute Trusts, act as Executor, Administrator, Guardian and Conservator.
Give to the County Bank, in addition to its regular issue of bank notes, power to issue, at any time the exigencies of the times may require, other bank notes, to an amount not exceeding a certain per cent of the assessed valuation of all real and personal property of the County, for the year such assessment was last made for taxation, upon payment to the General Government of such per centum on said circulating notes as will insure their prompt recall whenever the emergency which called for their issue shall have passed.
Let the funds deposited with the Central Bank at Washington, by the various Counties, and for which Government Bonds shall issue, be loaned out by such Central Bank, at a reasonable rate of interest, sufficiently high to produce a profit, to enterprises of an inter-state character, such as railroads and other large borrowers; and let the same be invested in stocks and bonds of known stability in large amounts; thus furnishing a fund to be used in large enterprises, and relieving the promoters of such undertakings from being under the control of a few individual money lenders, and at the same time furnishing a source of profitable investment of the people’s money.
The various state banks may be simply branches or departments of the Central Bank at Washington.
Such State Banks may receive deposits from the various County Banks of any state as a medium of exchange, and the same may be loaned under the direction of the Central Bank, the same as the proceeds of sale of Government Bonds, but they shall be required to keep constantly on hand a certain per cent thereof, to be fixed by law, to pay exchange.
The profit of the Central Bank shall be paid into the Treasury of the United States to defray the expenses of the Government so far as the same will apply.
The profit of the State Banks, if there be any, shall be paid into the Treasury of the States respectively; and used to pay the current expenses of the State, as far as the same will apply.
The profit of the various County Banks shall, after paying a certain per cent thereof, to be fixed by law, into the Treasury of the State in which such County is situate, be paid to the Treasurer of such County, to defray the expenses of the said County. And any sum so paid by any County into the State Treasury, to be deducted from the taxes levied in said County for State purposes.
State Banks shall be only branches of the Central Bank and shall be a part of the same.