During Mr. Trenholm's administration four amendments to the national banking laws were passed, as follows:
The Act of May 1, 1886, providing that any national banking association might by a vote of its shareholders owning two-thirds of the stock, and with the approval of the Comptroller, increase its capital to any sum approved by the Comptroller, notwithstanding the limit fixed in its original articles of association.
This Act also provided that any association might change its name or place where its operations were carried on to any other place within the same State not more than thirty miles distant, with the approval of the Comptroller and by the vote of shareholders owning two-thirds of the stock.
Until the passage of this Act, if a bank desired to remove its place of business or change its name, it was necessary in every instance to obtain a special Act of Congress.
The Act of March 3, 1887, defined the jurisdiction of Circuit Courts of the United States and declared that all national banks were to be deemed citizens of the States in which they were re-spectively located, and that the Circuit and District Courts of the United States should not have jurisdiction other than such as they would have in cases between individual citizens of the same State.
Prior to the passage of this Act the United States Courts had jurisdiction in all cases in which national banks were a party.
The Act of March 3, 1887, provided for the creation of additional reserve cities on application of three-fourths in number of the national banks located in any city having a population of fifty thousand people, and made the same provision for the creation of additional central reserve cities. The latter, however, required the approval of the Secretary of the Treasury.
The Act of August 13, 1888, simply determined the jurisdiction of the Circuit Courts of the United States, and as far as the national banks were concerned, made no change in the Act of March 3, 1887.