The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-09

ded thousand dollars nay issue amount in the notes
aforesaid which with eir other notes and bills m cir
culaon shall not exceed seyenty-kye per cent. Of the
capital stock paid in Those whose capital stock paid
in exceeds 100000 and not $200, Oo0 may issue such
notes not exceeding siy per centum. Those whose
capital stock paid in exceeds S200OO0 and not $780,
900 may issHs such NOES not exceeding fifty per cent
Those whose capital aock paid In exceeds S300,O00
and not $500 900 mzyissue such notes not exceeding
forty.tve per centum All other banks whose capital
paid in. shall exceed $6OO,O0O may issue such
notes, which with oher notes and bills shall not
exceed forty per cenum Of the capital actually paid
n--all which notes ire negotiable by delivery and
payable to bearer, prosded they shall not exceed at
any time three-fourhs be the whole amount Of the cir
culaton Of such bank No bank is allowed to dispose
Of any part Of it's spece gold or silver bullion at
premium. The banks n this State are 10 redeem their
bills specie when thebanks in New York and Boston
shall resume, and any hank failing to pay specie thirty
days after the banks il New York and Boston shall
have resumed specie psymen shall forfeit its charter
The Cashiers Of each bank publsh annually, in a
newspaper, the Of all the stockholders TO whom
any dividend has renamed due and unclaimed for the
term Of one year, with the amount due TO each. No
bank can declare dividend which shall exceed in
amount the profits actually in the bank when the
dividend is declared No bank establish any branch
Office, or agency, enpoyany agent TO make loans or
discounts, Of airy Other place than at their banking
house No bank or any Of its officers exchange
the bill Of one bank Tor bills Of other banks except
the banking house. DO person can be director in any
bank aet SUCH who shall at the tame be indebted
10 such bank to an amount exceeding nine thousand
dollars and above the stock standing in his
on the books of the bank; nor can any person be a
director two banks at the time. II any director
Of any bank shall receive any commission compensa.
ton for endorsing any notes or bills OF exchange which
have been discounted such bank, he shall Forfeit
the Treasurer Of the county the full amount Of such
note &c 50 by him endorsed No president cashier
H. Il. ..f
any other stock than his shall any president
cashier request solicit any stakeholder to make to
any person power attorney to vote upon the stock
Of such bank shall any person be allowed to vote
any stock obtained No cashier or clerk shall be
maker, accepor ondorser upon any paper discount
cd at the bank in which they employed. Every
cashier obliged to give bonds for the faithful perform
ance of his trust When the state is stakeholder, the
commissioner of the school fund authorized to vote,
in all meetings Of the stockholders, upon the transfers.
BILE stock, which appropriated for the use and benefit
of tho school fund in the manner and to the same
extent other stockholders and the Treasurer OF the
State authorized in the manner TO vote upon the
transferable sto which belongs to the general or civic
list funds Of the State. Two commissioners are an
nuay appointed whose duty is to visit and examine,
al their discretion the several banks in this State once
year, and ofsner, if they deem it eIpedent to in
quire whether they managed and conducted accord
ing to law. =.
They have power to enter any Of the banks, and ex-
anime the books and papers thereof presence Of one
or Of the officers, and TO examine the president,
cashier directors clerks and any other persons (under
oath) in relation to the affairs Of said bank They have
power to compel the attendance Of witnesses and the
production of books and papers Of the banks BY suitable
process. And whenever in the opinion OF the commits
soners the charter Of any bank has been forfeited and
the public in danger Of being defauded they shall
prefer their complaint the Supreme Court which,
on trial thereof is found to be true said Court shall
,,,nn tn Tho IL
rectors and agent Of such banks, enjoning them from
proceeding in the business thereof and shall appon,
three persons be receivers Of all the evidences of debt
goods and effects Of every description belo ng to said
bank. And the receivers shall have po, to COM
mence and prosecute all suits and defend all
where the bank is Plaintiff or defendant and receive
all property belonging the bank and do all other acts
which may be necessary and proper in the execution
their trust Tho avas Of the property OF the bank sha
be appropriated by the receivers in the following manner
viz. LIST To the payment Of the charges and expenses
of settling the ID. To the payment OF bank
notes and bills in equal proportions Sd To the pay.
ment Of all depostes by the Treasurer OF the State or by
other persons. 4th To the payment of all sums which
have been subscribed and paid in by the State or the
School fund. 9Th. To the payment Of all other labi-
ties in equal proportions 9Th The surplus shall be
paid and distributed among the stockholders in proper
ton to tie amount Of their stock All payments, and
conveyances made by any bank for the OF any
of its creditors with fraudulent intent to prevent the
distribution and appropriation Of its effects as prescribed
by law shall be void.
Such Is general outline Of the banking laws in this
State There many provisions in the charters ofth
different banks which though they do not exactly con-
travene the general laws Of the state yet so different
from those laws make the charters, in which such
provisions are found anomalous in the banking system
The summary Of the laws which we have collected does
not contain the provisions to which reference has just
been made. At another time we may point out some
of the Inconsistencies and imperfeclions which many
charters contain.