Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-04-27
EpOls ES'EIC.
IMPROVEMENT LAW OF NEW YORK

authorize
The people of the State of New York, represented in
Senate and Assembly, do enact as follows:
81 The comptroller is hereby authorized and required
10 cause 10 engraved and printed IN the best mane
10 guard against cuunterieitIng. such quantity OF cncn
la,ng notes the smliitude OF bank notes IN blank o
the different denominations authorized 10 be ISSUED oy
the incorporated banks Of this Stale, as he may from
time time deem necessary to carry into effect the pro-
visions of this act and Of such form he prescribe
Such blank circulating notes shall be countersigncd
numbered and registered in proper books 10 be provided
and kept for that purpose in the office OF SAID compc
ler direction by such person persons the
said comptroller shall appoint for that purpose, that
each denomination OF such circulating notes shall all he
OF the same sltude and bear the uniform signature OF
such register, or of such registers
So. Whenever any person or association OF persons
formed for The purpose Of ha.y under the provisions
of ,s act shall legally transfer to the comptroller any
portion of the public debt created or hereafter to be
created by the u BY this State or snch other STATES
of the s as shall BE- approved by the comptroller, such
person or association of persons shall be entitled to re.
ceve from the comptroller equal amount OF such cir.
culstina notes. of different denominations registered
and counersgned az aforesaid; but such public debt
shall in all bp, be made to be- equal 10 stock
of this State producing per cent per annum and II
shall not be law full tor tue comptroller to take any stock
ut a rate above its par value.
3 Such person association OF persons are hereby
authorised after having executed and signed such ccu
la,ing notes in the manner required by law to make
them obligatory prUmissory notes payable on Demand at
the place of business within thus Stale OF such person or
association L, loan aud circulate the money, nc
codng to the ordinary OF banking business as
rulated b. the laws and usages OF tins Stale
5 4 In case the maker makers OF any OF such cir
cuatinp noles coun,eIsjgued and regsere as atore
said shall at any hereafter, lawful demand dur
ing the usual Of business between the hours OF
ten and three clock al The place where such note IS
PAYABLE fail or refuse redeem such note IN the lawful
money Of the United States, the holder OF such note
mixing such demand may cause the same TO be- protest
ed for non payment by notary public under his seal oil
Office IN IA. usual manner and the comptroller on receiV
py and filing in his office such protest, shall forthwith
give notice writing to the maker or makers OF such
note TO nav the same; and II he or they shall omit 10 DO
so for ten days after such notice, the comptroller sai
immediately iherpupon, uness he shall be 5atiseo mat
there good aud legal defence against the pay nen o
such note noies give notice IN the state paper mat
all the circulating ssueaby such person or assoc
alton will be on, o the trust funds IN his hands
for thai purus- md shall be lawful for the comptrn
Ter to apply said funds belonging TO the maker
or makers of such protested notes to the payment and
redemption of such notes, with costs OF protest. and to
adopt such for the payment oil all such crcu
lanp notes put in circulation by the maker or makers
of such protested notes. pursuant to The provisions OF
this act as will in his opinion most eftectually prevent
loss to the holders thereof
SIS The comptroller may give to any person or asSo.
citation of persons transferring stock in pursuance Of
the provisions of this act powers OF attorney to receive
interest dividends thereon which such person or nsso.
citation may receive and apply to their nse but such
powers may be revoked upon such person or association
falling the circulating notes issued or when
ever in the opinion OF the comptroller the principal Of
such stock shall become an insufficient security and the
said comptroller upon the application 0! the owner or
owners of such transferred stock in trust may his dis
creton change or transfer The Tor other stocks OF
the kind before specified in this act or may re transfer
the said stocks any part thereof or the mortgages or
any of them hereinafter mentioned and provided tor up
onreceivng and cancelng equal amount oil such cir
culang delivered by him to such person or asso
cation in such manner that the circulating notes shall
always be eectred in full either by stocks by stocks
and mortgages, as in this act provided
Sc The bills or notes 80 TO be coun,ersigned and the
payment Of which shall be secured by the transfer Of
public stocks shall be stamped on their face by
the pledge Of public stocks.
81 Instead Of transferring public stocks aforesaid
70 secure the whole amount OF such bills or notes.
shall be lawful for such person association of persons
in case they shall so elect before receiving any of the
said bills notes. 10 secure the payment OF one hall Of
the whole amount TO be issued by transferring 10 the
comptroller bonds aud mortgages upon the real estate,
bearing at Leaf per cent interest of this State, paya
able annually or semi annually; IN which case all such
bills or notes issued by the said person or association Of
persons shall be stamped on their lace Secured by
pledge of public stocks and real estate.
Sc Such mortgages shall be only upon improved pro-
duc,ive unincurnbered lands within this State, worth
of any buildings thereon al least double
the amount for which they shall be so morgaged; and
the comptroller shall prescribe such regulations for
certaining the title and the value of such lands as he
may deem necessary and such mortgages shall be paya
BILE within such time as the comptroller may direct
So The comptroller may, in his discretion, reassgn
fhe sao oonos anu HolPuSes, OF any Va 'ueii, !" "E
person association who transferred the same, re-
eeivng other approved bonds and mortgages Of equal
amount and when any &C the principal Of the
bonds and mortgages transferred the comptroller shall
be paid to him. he shall notify the person or association
thai transferred the bonds and mortgages Of such pay
ment and may pay the same to such person associa
ton on receiving other approved bonds and approved
mortgages Of equal amount.
TO- The person or association Of persona assigning
.ueb bonds and mortgages to the comptroller, may
ceive the annual interest to accrue thereon unless de-
fut shall be made in paying the bills notes TO be
conn,ers,qned as aforesaid unless in the opinion of
Inc comptroller, the bonds and mortgages or stocks SO