Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1836-07-07
WHOLE NO. 327-

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crcl.e ar perform the duties of President, d.
rector, ot Cashier of any bank IN this State,
unless he shal have been sworn or affirmed
beinrr Competent agistrate faithfully To
dl-chnr"r th. dutIes al said Office according
lo law. aud IA iis sad capacity TO abide by
aud support the laws regulating the interest
ot money. And IN case any person shall. al
ter sand ttIne exercise either ot said Offices
without being sworn affirmed us afore sad,
the person 80 offending shall forfeit and pay
Tia" sum of one thousand dollars, To be recov-
cred by an action Of debt ~ the name Of the
General Treasurer, before any court proper
10 try the same.
Sc. .. The ninth, tenth, and eleventh sec
iluns aud the tblrt"cnti, section, as far as the
pruylso, OF the act entitled IAN act to regulate
process against banks, and for other pnrpo-
-es therein mentioned, are hereby repealed,
and from and after The passage hereof, all
debts due 10. or from any bank, by bond, bill,
note or othcrw se. shall be recoverable IN the
same manner as are debts due To, or from IN
dNldaals within tins State, except AS Is here
matter pro, d"d aud not otherwise: provided
ueyerihrlcss, That every bank shall continue
10 have the remedy PROVIDED IN said ninth
section Tor the recovery OF all debts contract
ed herewith, or actually owing To the same.
before the passage hereof, aud all renewals
thereof, ~ the same manner. and TO the same
effect as If tins act had not been passed; pro-
yldcd further, That nothing IN tins section
contained shall be construed to effect any
other part Of the act aforesaid, the aforesaid
sections OF which are hereby repealed; and
provided also, that nothing IN this section
contained shall he construed To impair any
lien which any bank may have upon the stock
of any stakeholder thereof for debts or ina
bitIcs Ia such bank, or any right 10 sell such
stock, contained ln the charter ot SAID bank
or otherwise granted by law.
SIC. 10. II any bank in this State, or any
officer of such bank, or other person IN behalf
thereof shall, directly or indirectly, after ten
days from and after the passage of this act.
knowingly demand or receive from the max
er, endorser or holder, ofany promlssory note,
/ bill of exchange, or obligation oi any descnp-
! ton for the payment of money at future
day, upon the discount thereof by or on ac-
count oi such bank, any greater interest or
ri discount IN any manner or under any form or
prctence whatever, than at the rate of SIX per
cent per annum, the charter of such bank
n shall be forfeited, aud the officer or person
, Knowingly demanding or receiving, IN behalf
OF such bank, such excessive interest or dis
v count shall forfeit and pay for each oiienc"
the sum of five hundred dollars to aud for the
use of the State To he recovered by acton oi
' debt IN the name Of the General Treasurer.
|, before any Court proper to try the same
, Provided however, that it shall not be con-
f strued Ia be any violation hereof, to demand
or receive interest or discount, for periods
less than one year, at the rate Of six per cent
for three hundred and sixty days; and provld-
ed further, that any bank may require and
receive besides the interest or discount here
in, at a rate of exchange on drafts, bills oi
= I
other places than the town or city where the
bank dscountlng the same shall be located,
not exceeding in the whole upon each securi-
ty, the following, VIZ:
4 One-quartcr Of one per cent on any place
in this State.
i One quarter of one per cent on any place
in the States of Massachusetts and Connect
cut and on the city of New York
4 Thrce-eighths OF one per cent Oh the city oi
= Philadelphia.
v One half of one per cent on any place with
- in the States of Maine; New Hampshire. !.
y Vermont; New York, other than the city of
: New York; New Jrrsey; Pennsylvania, other
r than the city of Philadelphia; Delaware and
!. Maryland; or within the District of Columbia
/, One per cent OH any place within the State
/ of Virginia.
One and one half per cent on any place
{ within the States OF North Carolina, Soutls
Carolina, Georgia, aud OHIO.
, Two per cent on any other place within
the United States.
ii Provided that nothing in this section con-
tanned shall be construed to apply to the rates
: of exchange on places without the limits ~
= the United States.
y SIC. II. There shall he annually chosen
- by the General Assembly at the May session,
4, thereof, three Bank Commissioners, who shalt
. be duly commissioned, and whose duty u
=, shall be- /" VISIT and examine, Mt their discre-
y ton, any of the banks IN this state, to inquire
whether they have been aud are managed
:, and conducted according to law; to inquire
W what abuses. II any, ofthe ch rtered prlvlleg
=, es of such banks require the correction Of the
General Assembly; aud generally, IN the cx-
n ercisc of the visltatorlal power of the Gene
f raj Assembly, with which they are hereby
; clothed, to ascertain the state and condition.
= of the banks.
!. Src. ~. A majority of the bank comms .
. sioncrs are hereby authorized to proceed ia
Q the discharge of the duties OF their appoint
I, ment, with the same powers as II all were
q present. Zach of them, before entering up
l., on the duties of his office, shall be sworn or
# affirmed before some competent magistrate.
faithfully and impartlally to perform the sanf@
% according TO law.
r Sac. US. The hrst sec'"h o' VIC ".' e",'
h lied "an act To regulate process against banks
.n and for other purposes therein mentioned,
!, and also the first aud only section of the act
81 entitled IAN act for altering the time Of max
!, inp the annual reports Of the state of the
. banks" are her, by repealed, 81 fnrn ms they re-
late to the day when the returns of the b1nks
cc shall be- made. and 40 TAR also as they reqmro
/, such returns to bo made to- the Genernl ~
=, s.mbly. Hereafter such returns ss ase ,c'