Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1839-01-17
FREE. RANKING.

c,ope,..-we find the folloving abstract OF the
Free. Banking Law OF this State made up to our
hard by the Charleston Courier
The leading provisions of the law are as follows
Il circulating medium in The similitude of bank
notes in blank, TO be provided by the Comptroller
@ .net al aud two Commissioners be elected at each
session ofthe eeisaiurel and 10 be coun,ersigned.
numbered and reg is,ered by such person persons
ss the Comptroller and Commissioners shall appoint.
This circulating medium TO be delivered TO any per
son or association Of persons for the purpose OF
banking. equal amount with the value
Of stock bonds transferred, on the legal
transfer to the Comptroller. and Commissioners
l. OF stocks Of the United States then States OF
Georgia or such other States of the United States
shall be approved by those officers To be or TO be
made to be equal to State Stock. producing per
cent per anuu. and to be taken at rate above or
below arhe bills notes thus secured TO be siam
ped their faces +" secured by the pledge Of pub
lie stocks" .. Di bonds and mortgages on unio-
numbered lands within the State, worth independ-
entity Of the buildings thereon. AT least double the
amount for which they are nougaged, bearing al
cas, per cent interest annually. or semi-anpualy
bills notes thus secured 10 be stamped" secu-
red by pledge OF real estate }. OF bonds and
nor,e Tor lands town property or negroes, OF
four fold the value OF the bills notes received,
provided such property be insured. II liable tn in
Jury or destruction from fire. and provided the ne
gro property offered do not exceed one hall oi the
whole amount of such bills or noies-whch. when
thus secured, are to be stamped securedby pledge OF
real aud personal property. The bills or mites thus
delivered 10 persons associations, TO be executed
aud signed by them, and made obligatory promisory
payable demand, At heir respective places
of business, within the State. and to oe loaned aud
circulated by Them money. according to tbs usages
oil banking. Ga failure To redeem such bills
demand, at the place OF bushes. durng the usual
hours OF business, gold SILVER coin. OF the stan
dard value OF the United States the holder IL autho-
rizcd to have The protested aud the Compunl-
Ter and Commissioners, on receiving and filing the
protest, TO give notice IN writing 10 the make ma
kers TO redeem the same, and II lie or they omit
To do so, 10, C0days after such notice. the Comprol-
leg and Comms sIoncrs tuness satisfied Of lie.
gal defence to such notes to give notice ,mmeda
y IN the M'lledgeslc papers that all the circulating
notes issued by such persons or associations
will be redeemed out Of the trust funds IN
lheIr hands and to apply The same IN payment OF
the protested notes, with costs OF protests,
and 10 adopt suen measures for the payment OF all
circulating notes oil such Jeianlters viii IN their
opinion, prevent loss TO the holders. The dividends
stock and interest bonds be received by those
pledging them, unless default be made in redemp-
ton OF their notes Aforesaid or the Comptroller
aud Commissioners deem the security insufficient.
No stakeholder any such association be liable
IN his individual capacity 70, the engagements OF the
association. unless so specified III the articles Of
soeialon. No such association 70 be organized for
u longer term than 20 years but each To have the
ghi To reorganize al the expiration Of It's tenn.
der any law then OF force the subject. Various
provisions, some OF lhsm highly penal, contain
ed IN the act, for the examination of the affairs Of
these banking persons and associations and for he
security olthe stock, bonds and property pledged by
them. and the faithful application Of The same to
secure the circulating medium created by the
act.