March 3, 1865, an act was passed by which the circulation of the State banks was taxed 10 per cent., which drove their notes out of existence. The original act authorized the issue of $300,000,000 of circulation; that of May 12, 1870, increased it to $354,000,000.
The act of Jan. 14, 1875, authorized the unlimited issue of circulating notes, subject to the terms of the law, but made it the duty of the Secretary of the Treasury to retire legal tender notes to the extent of 80 per cent. of the additional circulating notes until the legal tender notes should be reduced to $300,000,000. The banks were required to pay annually 1 per cent. tax on their circulation, and ½ per cent. on their average deposits and on their average capital not invested in United States bonds. By act passed March 3, 1883, the taxes on capital and deposits of banks, bankers and National banking associations, except such as were already due and payable, were repealed, and also the stamp tax on bank checks, drafts, orders, and vouchers after July 1, 1883. The original act of Feb. 25, 1863, limited the period of existence of the National banks to 20 years; but, on July 10, 1882, an act was passed, approved by the President July 12, which provided for the extension of the corporate existence of all National banks upon compliance with certain conditions, for 20 years. Many of the banks took advantage of the law, and reorganized under the act, though some of them under a different name. By the act of June 3, 1864, each association was entitled to an existence of 20 years from date of organization. The War Revenue Act of 1898 imposed a stamp tax of two cents on every bank check.
Currency Act of 1900.—On March 14, 1900, President McKinley approved a new currency act, which, among other things, established the gold dollar as the standard unit of value, and placed at a parity with that standard all forms of money issued or coined by the United States. The bill also made a number of important changes in the regulations governing National banks. The law permitted National banks, with $25,000 capital, to be organized in places of 8,000 inhabitants or less, whereas the minimum capital previously was $50,000. It also permitted banks to issue circulation on all classes of bonds deposited up to the par value of the bonds instead of 90 per cent. of their face, as before.
BANKS LAND, an island in the W. of Arctic America, discovered by Parry in 1819, explored by Maclure in 1850, and named by him Baring Island. It is separated by Banks Strait from Melville Island, lying to the N. W., and by Prince of Wales Strait from Prince Albert Land, lying eastward.
BANN, two rivers in the N. E. of Ireland—the Upper Bann, flowing into, and the Lower Bann, out of, Lough Neagh. The Upper Bann rises in the Mourne Mountains, and runs 25 miles N. N. W. through the counties of Down and Armagh. The Lower Bann, strictly the continuation of the Upper, issues from the N. W. corner of Lough Neagh, and flows 40 miles N, N. W., through Lough Beg, dividing the counties of Antrim and Londonderry. It runs past Coleraine, into the Atlantic Ocean. It has important salmon and eel fisheries.
BANNOCKBURN, a village of Stirlingshire, Scotland, 3 miles S. S. E. of Stirling, on the Bannock Burn, a little affluent of the Forth. It is an important seat of the woolen manufactures, especially of carpets and tartans. Tanning is carried on to some extent, and the neighboring villages are noted for the manufacture of nails; while coal abounds in the vicinity. In the great battle of Bannockburn, fought on June 24, 1314, Robert Bruce, with 30,000 Scotch, gained a signal victory over Edward II., with 100,000 English, and secured his throne and the independence of Scotland.
BANQUETTE (bäng-ket′), in fortification, the elevation of earth behind a parapet, on which the garrison of defenders may stand.
BANTOCK, GRANVILLE, an English composer and conductor of music, born in London in 1868. He studied at the Royal Academy of Music where he won the Macfarren Prize in his first year in 1889. From 1893 to 1896 he was editor of “The New Quarterly Musical Review.” In the latter year he became conductor of G. Edwardes' opera company. In the following year he was appointed municipal director of music at New Brighton, where he established an orchestra and choral society which, from the excellence of its performances, attracted wide attention. He was conductor of the Liverpool Orchestral Association in 1903, and in 1908 was appointed professor of music in Birmingham University, He was a prolific producer of operas and other music. His special interest and attention were given to English music. His best known operas are “The Pearl of Iran” (1896);
