The native American. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1840, 1837-09-23

- UlSIKlCI OF COLUMBIA bANkS, &C.
The following bill was reported in the Senate on
Thursday last
BILL to revoke the charters Of such banks, in the
District Of Columbia shall not resume specie pay
ments within limited tme and to suppress the cir
culation Of small notes therein.
Be 1t enacted &c. That all penalties imposed the
banks in the District of Columbia, by their charters
OF otherwise. for suspension Of specie payments, be
RENTED: Provided, They resume specie payments
for all their bills under ten dollars within sixty days.
and Of all others within six months from the passing
Of this act find provided, also, That the said banks
within thirty days from the passage OF this act, shall
cease to pay out the notes, bills, obligations Of any
corporation, company, individual, which shall not
redeem the same, demand in specie: and provided
further, That the said banks shall forthwith to
receive in payment or depose, pay out any note,
BILL or obligation issued by any corporrton company,
individual, Of less denomination than five dollars.
Sec. g. find be 1t further enacted, That any Of said
banks shall fail to comply with the conditions spec
fed in the foregoing section Of this act, the charters
thereof shall be revoked and it shall be the duty Of
the Secretary Of the Treasury to appoint three commits
soners for quidatng and settling the accounts and
affairs thereof and such prosecutions shall be institu
ted by the District Attorney Of this District for any vi
oation Of their obligations to the Government and the
community, the facts and the law applicable to the
may render proper, beyond what is contained in
the provisions Of their charters and in this act; Pro-
vided. nevertheless, That the remedies against said
banks for their liabilities and debts, given in their char
tiers, shall remain in full force and effect against the
property, money credits, and effects thereof, in the
ands of tine commissioners appointed to quidae their
affairs.
Sec. 3. Ana be il further enncted, That after the
piration Of thirty days from the passage Of this act,
shall be unlawful for any individual, company, cor
poraon, to issue, pass, or to offer to pass within the
District OF Columbia any note check. draft, hank bill,
or any other paper currency, of less denomination
than five dollars and il any person corporation, shall
violate the provisions of this section, the person OF
tending, in Of any corporation offending the
officers Of any such corporation for the time being,
shall be liable to indictment by the grand Jury Of the
county within the district where the offence shall have
been committed; and the person offending, or the
offers of the corporation offending, shall, on con-
viction thereof be fined in sum not exceeding fly
dollars the discretion Of the court for every offences
the other half shall be for the of the county where
the offence shall have been committed; and the person
offending, and the officers of such corporafion shall
also be liable to pay the amount OF any note, Dill,
check, draft, or other paper, constituting part oil such
currency, 10 any holder thereof with all costs incl
dent the protest and legal collection the reof, with
fifty per cent damages for payment; on demand TO
be recovered by action summarily and without delay.
and with right Of immediate recovery on oath in all
cases where the defendant shall deny the issuing or
attempting 10 pass, the note, bill, check. draft, or
other paper in question: and in Of judgment for
the plaintiff execution thereon shall be had forthwith
and il shall be the duty Of the Dstrc, Attorney Of the
District of Columbiato commence prosecutions against
all persons and every corporation offending against this
section, Of which he shall have knowledge or proba
BILE Information; and, ia case Of corporations, the pros
ecution shall be against the PRESIDENT, any director
cashier thereof for the tmo beings and it shall be
the duty Of the grand jurors to present all such often
ces Of which they shall have knowledge or probable
and that no member Of grand nrv SHALL