Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1833-01-23
From the Indiana Journal.
BANK BILL.

n
BANK BILL.
Not having room or opportunity to publish
the bank bill at length, the following brief
abstract of Its provisions is presented for pub
lie information.
{. The bank is established at Indianapolis
with nine branches, to be located in certain
districts named 10 different parts of the state,
The capital stock is $4,000 at each, dne
half to be subscribed by the state and one half
by individuals. The state stock is to be raj
sed by a loan at 5 per cent. per annum interest,
redeemable after 20 and within 80 years, which
the present Canal Fund Commissioners are
authorized to contract for. The sum of $780,
600 is to be paid in by individuals at each
bank, and the residue Of stock secured by mort
gage on real estate. Five per cent is to be
paid on stock each six months until the whole
be paid up. Stockholders are entitled to per-
manent loan to half the amount of their stock
on giving real estate security. Interest, to-
gether with 10 per cent. on principal, to be
paid every six months. There are to be thir-
teen Directors for each bank, eight to be elec~
ted by the stockholders and five chosen by Joint
ballot of the General Assembly. They re-
ceive no compensation, cannot vote on ques-
tons in which they are interested, cannot be
endorsers for each other, and if they violate
the charter they are liable in their private es-
tate unless their dissent be entered on the mi
nutes at the time. On all loans over $500,
five out of seven votes TO be necessary and the
yeas and nays to be recorded No person can
be Director unless he own 10 shares of stock.
be a resident citizen, solvent in his circumstan-
ces, and not in arrears to the bank Loans
are not allowed to be made to any corporation
over $4,000; and no bank is allowed to have
at any time paper outstanding over twice the
amount of stock paid in.
Each bank is to sign its own papeI, but there
is to be but one set of plates for the whole,
which are to be procured by the Fund Com
missioners. When paper to twice the amount
of stock shall be printed, the plates are to be
destroyed. The Commissioners are to give to
each bank in paper twice the amount Of stock
paid in and no more, the residue to be placed
in the state treasury, to be drawn out two for
one as fast as the stock is paid in. The Char
ter is to continue 81 years, the two last of
which are to be devoted to closing the business.
The bank and branches are separate and dis
tinct in their business, profits, and liabilities,
except so far as regards the SURETY fund The
banks are to pay the interest on the state debt.
The profits are to be equally divided between
the state and individual stockholders-that
part which belongs to the state to be retained
as fund for the ultimate redemption of the
state debt; and that part which shall be COM
ing to individuals to be credited on the stock
until all shall be paid up.
Each bank is to pay annually one half Of
one per cent. on its stock, to be continued. till
4 per cent. shall be received; which amount is
| hal ~ e. l.
and the interest TO be paid over to the banks
unless wanted to pay up deficiencies. This
fund is to be appropriated to pay up the debt OF
any insolvent bank, and if sufficient and as
fast as exhausted to be renewed by like pay
ments Of one half per cent into the state treas
sury.
Three Bank Commissioners are to be appoin-
ted, whose duty it is made to visit and inspect
each bank every 6 months, and oftener if re-
quired by any two banks. They are to report
to the Supreme Court, to the Legislature, and
to each bank. One OF these Commissioners is
to be appointed by The Supreme Court, one by
the banks in the eastern half of the state, and
one by the banks in the western haIfofthe state.
They are to hold their Offices for one year.
The Supreme Court has power to close any
bank which may violate its charter or refuse
payment of its debts. Twelve per cent. inter-
est is allowed on all paper or deposites the pay.
ment of which is refused.
The bank can hold no real estate permanent
~, except what may be necessary for banking
purposes. All other real estate must annually
be set up at public sale, and lift will bring the
amount for which it was purchased or taken by
the bank, together with interest and cost, ii
must be sold..