Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1836-06-24

WltLO0 VI oOOOHS SNbo'S"3 ~
Hubbard, Kelley, Olds, Collier, Stillwell,
Harris, and Colfin; which committee, al.
ter short recess Of Convention, present
ed the following preamble and resolutions
which aGer due discussion, were separate
Iy adopted, viz; !
WHEREAS, the General Assembly Of
Ohio, by their act Of March IA, 1885, en-
titled Gan act to prohibit the circulation
of small bills" have declared that the Au
d,or OF State shall draw upon the Banks
Of the State for 20 per cent, upon their
dividendss and have also, by that act, pro
vided that should any Bank, prior to the
4th day Of July next, with the consent OF
the stockholders. by an instrument Of wri
ling, under It's cooperate seal, ad-
dressed to the Auditor Of State, surrender
the right conferred by its charter, TO issue
or circulate noles or bills Of less denom
inalion than three dollars, after the 4th
day Of July, 1886, and any notes OF bills
Of a less denomination than hVe dollars,
after the 4th day Of July, 1897 then, and
in that case, the Auditor Of State shall be
authorized 10 draw on such Banks only
for the amount Of five per cent. upon I's
dividends declared after the surrender
aforesaid: And tchereGs, in the opinion
of this Convention, that part Of the act
which provides FOR the levy and colIec-
ton of tweaty per cent, on the dividends
aforesaid, viewed as penalty and not
tax, is imperative and void; but, consId-
erlag the act as expressive of the opinIon
OF the General assembly, that the issuing
and circulating Of small notes is de'nmen
tai to the public interest; and believing
the interest of the Banks to be insepaTa-
bly connected with the welfare oflhe com
munity, and that II is their duty, as we'll
as interest. TO aid The views of the Gene
raj Assembly ia adopting measures calcn
lated to promote that welfare: Aud
wIereas, in the opinion of this conven-
tion, the pledge OF the State contained in
the act aforesaid, that the five per cent
upon the dividends shall be the extent 10
which they shall be subject by way oI
taxation after such surrender, and during
their respective charters, was and 's in
tended as a consideration and guaranty,
tor the rights and privileges 10 be surrct
dered on the part OF the respective Banks,
And ukereGs, in the opinion Of this con-
venlion, the guaranty Aforesaid is con-
sderatlon, and in some measure an equiv
aIent for the rights TO be surrendered
and with a view TO conform to the wisf
es of the General Assembly, and to ait
tho State, in this behalf: Therefore,
lst ResoIrcd, That it be recommend
ed 10 The Stockholders OF the several Bank
. embraced 10 the provisions Of The acI, Il
comply wilh terms therein proposed, by
making the surrender as provided for b,
> the said act.
Cd ReSolpel, That in the opinion o
, this convention, it would be good polio.
for such of the Banks within this State Il
: do not come within the provisions OF ths
act of the last session ui the Legislature
:. either by surrender their right 10 Is
sue or circulate small bills, or otherwise
as they may deem most exPedient, to CO
form to the course herein indicated by th
}. Other Banks.
Sd ResOloed, That in the present stat
of pecunlary embarrassment, 1t IS, in III
, opinion Of this convention, the duty q
the Banks tc extend 10 the community a
The relief IN their power, not incOnslsten
with the paramount duties of preserving
SOUND currency, and securing their ow
= safety
4,h Resotoed, That that foregoing pl
= ambIe and resolutions, together with
concise statement oC,he organization
!. this convention, be printed under the
peryision uf the Chairman, and three &C
\ les thereof sent to each OF the Banks
this State. -.
The convention then adjourned, si'
die.
J. G. SWAN, Chairman.
TIP. HANDY, Secretary.