Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1837-06-29

~ uNl "uS EuSF'u TIE LlCtISe
Law until the next session.
! An act passed to make repairs on the State
House in Washington County.
The Secretary was requested to notify the
Rhode Island Silk Go. that an act has been
introduced to repeal so much Of their charter
as cxernpts the Stockholders from individual
liability Tor the. debts Of the Corporailon.
a vote passed authorisinC the Treasurer
To receive the ihird lnsialmcnt OF the public
money.
Snndry accounts were allowed.
THE BANKS.
Mr.. Hazard from the Committee to whom
was referred the Cumberland memorial, and
all matters relating TO Banks, made report
accompanied by bill This bill gave rise to
Il long and animated discussion. in which the |
promincn, speakers on both sides participated. |
The House was engaged on the subject until
past one o'clock Sunday morning. The fol- |
lowing is the Act as passed by the House
and amended by the Senate:
Section /. In al! suits in which any bank in
this State is party, and when the suit for
the collection of money is brought by said
bank. the Conrt rendering judgment in favor
OF the plaintiff, shall, in case said Judgment
is rendered by the defendants default, allow
no cost to be taxed against the defendants;
and in any sIit against any bank in this State,
brought before any Justice of the Peace, no
cost shall be recorded against the defendant.
And IN no case at any term Of any Court in
this State, shall cost be allowed agains; any
bank, on more than one suit which shall be
commenced against said bank, by the same
plaintiff or plaintiffs, after the passage of this
act, but said actions shall be consolidated,
and bnt one cost taxed, and that the provis-
ions of this section shall continue in force
until the first day of December next.
Sec 2. During the continuance of the sus.
pension of specie payments by the banks,
each bank shall be and hereby is required to
receive in deposit its own bills and allow
therefor an interest of 5 per cent per annum,
during the time of such deposit: Provided
the sum deposited shall not be by any one
person less than five dollars. and the time of
deposit shall not be less than two months.
Sec. g. If any cashier or other officer of
any Bank shall refuse to permit any stock.
holder of snch bank to inspect the books,
papers and accounts thereof, excepting the
private accounts Of individuals, the person so
offending shall he deemed to have violated
his oath Of office, and be moreover liable to a
fine not xceeding fifty dollars, to be received
in an action of the case before any Court of
competent jurisdiction. One halfof such fine
TO be for the use of the State, and the other
half TO and for tie use Of the complaining
stockholdcr.
Sec. a. Hereafter, the presence and con-
sent of at least three Directors shall be me-
cessary for the disconnting of notes or bills
Of exchange by any bank.
I Sec. 5. The citation required to be issued
in case of application for an injunction
against any Bank. may be signed by any one
Justice Of the Supreme Judicial Court, and
may be served by leaving an attested copy
thereof, with the Cashier or any other officer
of said bank nt their banking room, or usual
place of business; and any Justice of said
Court, t" whom application may be made by
the Bank Commissioners, shall have power,
upon cause shown, to grant temporary in
! junction to stop the proceedings Of any bank,
until hearing can be had in manner provided
by law.
Sec. g. The Bank Commissioners shall
have power to require in written returns from
any bank. MS full information as they are now
authorized to obtain by personal examination.
Sec z. Whenever an injunction shall be
! issued against any bank by the competent
authority, all suits and legal process whatev-
! er. against such bank for the collection Of
debts shall be stayed. until the affairs of the
| bank shall have been settled in the manner
provided by law.
Sec. 6. No person who is. or may be, n
, Director in any savings bank, shall hereby
be disqualified from holding or from being
| elected to the Office of Director in any other
bank.
The vote which authorizes the General
Trcasurcr to receive the States portion OF
tie Surplus Revenue on the lst of July next,
provides as follows. viz:-by a draft on the
Arcade bank for SCI, ,445 IO-on the bank of
America, N. Y. $4,000. and on the r. I.
Union bank, $lOOC0-thc whole amount,
:I27.445 10.
!, From the Report mado by the Commission
ers Of the Scituate Bank, it appears that on
the Goth day of May. the attached shnrcs Of
The New York stockholders in said bank were
put up at auction. For want Of purchasers
the sale was postponed to September next
On the 18th of the present month, the Com
missiOners by virtue of the lien Of the Bank
| upon said stock, made sale of the same, 1898
shares in all, at public auction. The sums
bid upon the stock varied from 81 % To $25
per shnre-par value S29 whole amount Of
sales $40 G24 IS; $4,000 thereof to be pa,d
and the remainder secured with pledges on
! the stock. The largest purchaser has not
I vet complied with the terms, and the Com
missioners contemplate setting mp Mt auction
! the shares struck off to him, holding him ac-
countable for any deficiency in the price
i Before the next session the Commissioners
hope TO be able to deposit in bank sufficient
sum for the redemption rf nll the bills of the
! Scituatc Bank that may be presented.
/ AT 9 o'clock on Sunday morning the Cen
cral Assembly adjourned to the Saturday
next preceding the last Monday Of October
next. then to convene in the State House in
South Kingstown.
The following is the Report Of the Bank