Stephen Johnson Field

“ In addition to these conflicting provisions in the banking law, necessarily superseding those of the law of 1797, as to the priority of the United States in the payment of their demands out of the estates of insolvents, there is the significant declaration of the banking law that for any deficiency in the proceeds of the bonds deposited as security for the circulating notes of the bank, the United States shall have a paramount lien upon all its assets, which shall be made good in preference to all other claims, except for costs and expenses in administering the same. ”

“ Every officer of a bank which is not an authorized depositary, and which has not, therefore, given the required security, who knowingly receives any public money on deposit, is liable for embezzlement. ”

“ Should the market or the cash value of the bonds become reduced at any time below the amount of the notes issued, the comptroller of the currency may require that the amount of the depreciation be deposited with the treasurer IN OTHER UNITED STATES BONDS, OR IN MONEY, so long as such depreciation continues. ”