Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1838-04-12
AN ACT
Concerning the Banks Of the Common ealth

~"SSo HPfu - 1000.
l.. Be il enacted by the General Assem-.
bly,. That 50 much Of any act or acts as may
subject any Bank or Banking Company nov
incorporated by law, and in actual operation
as Bank, TO the forfeiture Of its charter for
failing topay or redeem lite notes or debts in
specie, aud which may subject such Bank or
Banking Company, To the payment OF any
damages or rate ct interest exceeding six per
cent. per annum, for so falling or refusing tn
pay ar redeem IT'S notes and debts in specie
shall he. and The same is hereby suspended,
until the LIST day Of April, 1899; and if an
such Bank or Banking Company shall have
forfeited lis charter by failing or refusing ia
pay or redeem its notes or debts as aforesaid
the forfeiture thereby incurred shall be re.
mitted, and the charter of the Bank with all
The rights and powers therein conferred, shall
he ard the same is hereby declared TO be in
full iorCe and effect, 10 all intants and purpo.
see: Provided, That the amount Of any note
or debt due from any Bank or Banking Conn
pany, with legal interest thereon, may he re
covered IN any of the modes now authorized
by law.
2. And be it further enacted, That the
notes VI the several Banks which have been
heretofore required 10 he received in pay
ment al taxes OF debts due 10 the Common
wealth, shall continue 10 be so received, and
The deposites ofthe public revenue shall con
tinue 10 he made in the Bank of Virginia and
the Farmers Bank OF Virginia, unless the
Treasurer, with the advice of the Executive,
shall! direct otherwise in rsspec, 10 such re.
ceipis or deposites, or both, ia the made now
prescribed by law.
3. And I've ii further enacted. That every
Bank in this Commonwealth may, from its
nett profits, declare dividend on liz CAPITAL
stock, not exceeding three per centum pre-
vious TO the Isl day of August next, but shall
make no dividerd thereafter, if il shall fail
or refuse 10 pay or redeem ills notes or debts
in specie &every such Bank or Banking Com
pany shall be bound and liable to pay inter
est thereon, at the rate of ten per cent. per
annum, to be recovered IN any of the modes
in which the amount of any note or debt due
from any Bank may now be recoverable by
law any thing therein contained 10 The con
trary notwithstanding.
f. And he it further enacted, That every
Bank, which shall avail itself OF the provis
ions OF this act, shall so regulate its loans and
discounts, as that the amount of its ou,s,and
ing deb! on the lst of January, 1889, shall
ing IN the Isl of January, 1887: Provided
however, That this section shall no, affect
any Bank that shall hefore the first mention
ed day, bona fide have resumed specie pays
ments.
S. And be it further enacted, That the
Banks OF this Common ealth, during their
suspension OF specie pay menis, shall furnish
TO the Executive, snce in every two months,
statement OF their condition, agreeabiy TO
the provisions of the sixth section OF the act
establishing general regulations for the in
corporation OF the Banks, passed the 22d OF
MARCH, 1877, and the statement shall be pub
lished
8. And be it further enacted, That il shall
De The duty OF the several chartered Banks oil
THIS State now in operation, 10 issue bills or
notes OF the denomination Of one dollar and
Two dollars, 10 an amount not less than two,
nor more than four per centum upon their
respective capitals, until the first day of A
prii, l839-afier which, this authority shall
cease aud determine and i! any such Bank
shall thereafter issue: re Issue, OF pay out , or
offer TO pay out or circulate, any such note
or bill, every such Bank shall incur and be
Liable to the same pains and penalties as II
this ACT had mol passed and every such note
or bill SO To be issued, may be signed by a.
ny clerk or officer Of The respective Banks,
who may be appointed for that purpose by
The Board OF Directors, and shall he as bind
ing on The banking company as ifsigned by
the president and cashier: Provided, howe
yer, ihs. nnthiDg herein contained shall be
go construed as 10 repeal any provision OF the
several acts prohibiting the issuing and cir
caiaiien by the Banks of small notes, but on
~ TO suspend, until the period above stated
so much thereof as may prohibit the emission
and circulation of The notes or bills in this
section mentioned And provided, also, That
u any Bank shall fail TO pay in specie any
note issued by il in virtue ot this section,
when duly presented for payment, it shall be
lawful tor The holder of any such note or notes
TO recover The ameun: thereof, with 25 per
cent. damages on the same, by warrant be-
fore J.stice OF The peace: And provided,
moreover, That whenever the Banks afore-
sold shall resume the payment in specie of
a u Of their notes, the power given 10 Them
by ibis section 10 issue notes Of the demon =
inafion of one and two dollars, shall, within
100 days thereafter, cease and determine.
Be ii further enacted, That il shall be The
duty OF said Banks, making the statement OF
their condition, herein before required TO be
made 10 The Executive, 10 furnjshalso stale
ment showing the amount OF each denemina-
ion of notes which they may have in circu-
stion.
Be il further enacted, Tha, the Banks of
his Common weal;h which shall avail them
selves Of the benefits Of this act, shall snnu-
lily make to The Executive statement of
heir condition on the first Monday in De.
;ember, agreeably to the provisions Of The
'ct establishing general regulations for the
Incorporation Of Banks, passed the 22d Of
March, 1887, for The purpose Of being laid
'efore the General Assembly at the GEM
M nceneni of fhair eaasi1u.,