The Yazoo City Whig and political register., 1840-03-20
AatOs Of g9Gtsstsstppt.
"A BILL.

bdRks or thtS State TO pay Specie, ant
| for other purposes.
SECTION lst. Be it enacted by the lie
legislature of the State of Mississippi, Tha
litshall not be lawful fer any Bank in thi
State to issue for, and keep in circulation
at any one time, more than three times thC
amount Of its specie capital.
SEC. 2. Be It further enacted, That from
and after the passage ofthis act it shall no
be lawful for any bank in this State to issue
any bank note, bill ofexchange, or evidence
ofdebt, for circulation, before and until the
present circulation of such bank shall be re-
duced to an amount not exceeding three
times the amount of specie actually in the
vaults thereof, and bonafdely belonging
thereto, as the basis of its capital; nor shall
any Bank issue any notes or bills for circu,
lation at any time to an amount exceeding
such proportion of its specie basis at the
| time of issuing the same nor shall issue any
notes or bills for circulation at any time when
The specie in the vaults Of such bank shall
be less than one third of its circulation.
SEC. Sd. Be It further enacted, That it
shall be the duty of the President and Di-
rectors of each bank in this State, twice a
year, to make out statement, under oath, to
be administered by any civil officer legally
authorized to administer oaths, showing the
amount of specie at that time remaining in
such bank as the basis of its circulation,
which statement so made, shall be filed in
the clerks Office, of the Circuit Court of the
county in which the bank may be located !;
and the clerk of said court shall record the
same in a well bound book, to be kept
for that purpose, and shall receive as his
compensation therefore. the sum of fifty
cents, payable out of the State Treasury,
upon the certificate of the Judge assigned
to the district.
SEC. 4th. Be 1t further enacted, That it
shall not be lawful for any bank in the State
to issue any post note, or note, bill or other
evidence of debt, payable at a day subse-
quent to its date, under any device or pre-
text whatever; nor 10 pay from the counter
thereof, any such post note, note, bill or 9TH
er evidence Of debt. in payment Of any debt
due by such bank.
SEC. 9th. Be it further enacted, That il
shall not be lawful for any bank in the State,
to deal in stocks of any kind, to purchase
and hold, either in trust, by mortgage, or
otherwise, any personal or real estate, ex-
cept such alone, or so much as may be ne
;essary for the proper conducting of the i'm
Mediate affairs thereof; and at no time to
exceed in value the sum of one hundred
thousand dollars, Provided, that this section
loes not apply to the estate owned by any
1ank in any Rail Road constructed, or to be |
by the provisions of this charter;
md Provided, also, that such prohibition
shall not prevent any bank from taking mort |
cages or other liens upon lands or other pro-
oerty, to secure debts already existing.
Sec. 9Th. Be 1t further enacted, That it |
shall not be lawful for any bank in this State
10 deal in cotton or other commodity as Sc
;urity or collateral security for the payment
my loan or loans made by such bank, or to
purchase as an article of trade, any cotton or
'ther commodity; and any contract or con-
racts of whatever kind, made in relation to
iuch commodities, shall be absolutely null
Ind void.
SEC. 7th. Be IL further enacted, That It
hall be lawful for any bank in this State, TO
ransfer by endorsement or otherwise, any
tote, bill receivable or other evidence of
lebt, and if it shall appear in evidence upon
he trial of any action upon any such note,
oill receivable or other evidence of debt,
hat the same was transferred, the same
hall abate upon the plea Of the defendant.
SEC. 9Th. Be Il further enacted, That
rom and after the first day of April next, all
he banks, and moneyed corporations in this
State, shall be required to pay specie at their
counters respectively, for all their notes and
liabilities then due, of the denomination of
i've dollars and under, and that from and
lfter the first day of July next, they shall
,e required to pay specie on all their notes
md liabilities of the denomination of ten
lollafs and under; and that from and after
he first day of October next, they shall be
eduired to pay specie on all their notes and
liabilities ofth nomination Of twenty dollars
nd underi and that from and after the first
lay of January ls4l, they shall be required
o resume specie payments upon all their
Iotes, bills, bonds, and all other liabilities
f whatever denomination then due.
SEC. 9Th. Be It further enacted, That
hould any bank or moneyed corporation, in
his State, from and after the times prescribed
, the preceding section of this act, refuse
, nav specie on its respective liabilities, as
,cr-;n specified, and in the manner therein
'sscribed i shall be the duty Of the presi
ent, cashier, Of teller Of such bank, to place
& name, together with the date on the back
such note or evidence Of liability, on pre-
sntation thereof, which said endorsement
hall be held and deemed sufficient evidence
protest and refusal Of the bank to pay spe-
10 and shosId the president, cashier, or
sller refuse to endorse the same, he shall be
able to indictment, and on conviction there
/, shall Be fined one thousand dollars and
Imprisoned three months.
SIC. 10Th. Bet further enacted, That 4
lheneyer the Governors either from the cer-
fcate of The president, cashier, Of teller as
luresaid, or by affidavit Of the holder Of any
ach hots, bill, or other evidences Of debt,
I'll he aaliaiiad that anril- laraeanlnaeft hasl