Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1839-01-26

act, and Of such form as he may prescribe
Such blank notes shall be cOuntersigned, num-
bered and registered IN proper books to be
provided and kept for that purpose IN the OF
flee of said Auditor, under his direction, by
such person or persons as the SAID Auditor
shall appoint for that purpose, so that each
denomination of such notes shall all be OF
the same simitude and bear the uniform
signature of such register, or one OF such re-
gisters.
SEC. II. Whenever any person or any
partnership formed according to this act,
shall legally transfer to the Auditor OF public
accounts, any portion Of the pubic debt,
now created or hereafter to be created by
the United States or by this State, or by such
other States Of the Union, shall be APP
proved by the Auditor, such person or part
nershp shall be entitled to receive an equal
amount of the notes in the foregoing section
provided. But such public debt, if not a
stock of this State, shall in all cases, be or
be made to be, equal to five per cent. lndl-
ana stocks; and no stock shall be taken at
rate above its par value.
SEC. 13. Such person or partnership, at
ter having signed and executed the notes 50
received from the Auditor, III such manner as
is required, to make them valid as promisory
notes, may issue and use the same rs any in
dividual might do.
/ SEC. IA. la case the person or partner
ship making such note countersIgned and re-
gistered as aforesaid. shall at any time here
after, on lawful demand during the usual
! hours of business, between the hours OF ten
and three o'clock, at the place where such
note is payable, fail refuse to redeem such
note in the lawful money of the United States.
the holder of such note making such demand
may cause the same to be protested Tor non
payment by notary public; under his seal
of office in the usual manner; and the Audi
tor on receiving and fling in his office such
protest, shall forthwith give notice IN writing
to the maker or makers of such note to pay
the same; and II he or they shall omit to dc
so for ten days after such notice, the Auditor
shall Immediately thereupon, (unless he shall
be satisfied that there is a good and legal de-
fence against the payment of such note OF
notes.) give notice in some newspaper pub
Iished at indianapolis, that all the notes ssueC
by such person partnership, will be redeem
cd out OF the trust funds IN his hands tor tina
purpose; and it shall be lawfu Tor the Au
ditor to apply the SAID trust funds belonging
TO the maker or makers OF such proteste'
notes, to the payment and redemption OF sue
notes. with costs of protest, and to adop
such measures for the payment of all sue
notes put in circulation by the maker or me-
kers of such protested notes, pursuant to tn
u provisions of this act, will, IN his opinion
: most efiectuay prevent loss to the holder
| thereof.
SEC IS. The Auditor may give to an
person or partnership so transferring stock i
pursuance of the provisions OF this act, pow
: ers OF attorney TO receive interests or div
= dends thereon, which such person or partne
=. ship may receive and apply to their own use
but such powers may be revoked upon sue
person or partnership failing to redeem tn
,xho IN thn mo
= of the Auditor. the principal of such stoc
=, shall become an insufficient security; and tn
said Auditor, upon the application OF tn
owner or owners of such transferred stoc
:. in trust, NAV. in his discretion, change
, transfer the same for other stocks Of TT
:, kinds before specified in this act, or may r.
transfer the said stocks, or any part thereo
or the mortgages, or any of them herein a
- ter mentioned and provided for; upon r
y ceiving and canceing an equal amount
such notes delivered by him to such perso
6 or partnership, in such manner that the nott
4 shall always be secured in full either by stock
- or by stocks and mortgages, as in this act pr
vided.
= SEC. 16. Instead of transferring publ
% stocks as aforesaid to secure the whole amou
h of such bills or notes, it shall be lawful f
,r such person or partnership. IN case they sh;
h SO elect before receiving any OF the sand bi
,e or notes, TO secure the payment of one h;
i of the whole amount SO to be issued.
= transferring TO the Auditor bonds and mo
cages upon real estate. bearing al least SIX p
- cent. interest of this state. payable annual
- or semi-annuallv; in which case all such bi
= or notes issued by the said person or partnt
w ship, shall be stamped on their face, ''Secl
:. ed by pledge of public stocks and real
:, tate
III SEC. Il. Such mortgages shall be or
of upon improved, productive. unincumber
a lands within this state. worth independent
OF am buildings thereon. at least double /
N amount for which they shall be so mortgage
e. and the Auditor shall prescribe such reeu
tons fer ascertalning the title and the val
n. OF such lands as he may deem necessar
of and such mortgages shall be payable with
such time as the Auditor may direct.
in SEC. Is. The Auditor NAV. in his disc
rs ton, re-assiSn the said bonds and mortgage
or any of them. to the person or partn erSt
in who transferred the same, on receiving 9th
. approved bonds and mortgages of equal
mount: and when any sum of the Drinrina