Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1841-02-20

plus revenue fund, the college fund the saline
fund and the Safe Bank school fund shall be
drawn IN and vested IN Bank stock. IN the name
and for the State, with proriso shat as soon as
the surplus revenue is converted Into bank stock
each Branch in granting discounts, shall give Il
preference 10 each county IN proportion tn the
mouut Of surplus revenue collected from il. upon
the presentation of unexceptIonat'e paper for
discount. IL IS made the duty ot The agents Of
said funds, except OF tho Sinking fund, pay er
al monies IN their hands, or " hich may here
after come into their hands, without any uuneces-
sary delay, into tho Branch of the State Banl,
that may be deemed the most convenient. Upon
the reception Of any Of the funds, it becomes the
dutv Of the Branrh 10 enter all such payments in
lis books 10 the credit Of the State subject - the
order Of the Sinking Fund Commissioners, whose
dIty II Is % invest the same IN Bank stock, either
by increasing the capital Of Branches Already or
gained, or by investing Il in behalf Of the State
fer the purpose Of organizing additional Branches
already authorized to be organized as the commits
siouefs may deem most conducive 10 the inter-
est Of the State.
Before the surplus revenue, distributed among
The different counties, can be Withdrawn ana con
vertcd into Bank stock, the boards uf county com
mSsoners must decide lis favor at n speci Il
session called for shat purpose On the ID Monday
IN August next. The failure 20 .ioid such spc.
ci0I session will be taken rs . ac0uiescenrc IN
favor Of the withdrawal Of the surplus revenue
and lis conversion into Bank stock. Wben deci-
ded Automatically, ii becomes the duty Of the loan
ing agent Of this fund TO pay over to the nearest
Branch Of the State Bank al the money in his
hands, and proceed Immediately to the collection
of the amount outstanding as it falls dae. Pro
vlded, however, If any debtor To this fuud shall
desire longer time, /, shall he granted to him at
SIX per cent. interest upon delivering his note to
the proper Branch with sufficient cndoEsers. Cor
the payment Of the sum he may owe. Such
Branch Is required TO permit the renewal Of said
note the first dav ofJanuary IL each ycaG, up
On the payment OF one-fitlh part Of the sum ori-
ginal.y due, un:I, the whole Is paid. The Bank
may IN its discretion, grant any indulgence to
such debtor, which II usually grants 20 other hp7-
rowcrs; and up5a being satisfied OF the INSULT IA
cy Of the security taken, may cause such note Ia
be protested aud sued upon any time, after no.
tee given; and future to additional security,
III reasonable time, the proper Hranch, instead
Of making this arrangement, may receive the oX-
IstIng mortgages, where deemed sufficient; and
where the personal, or the mortgage security is
deemed ms Efficient, the borrower may gave mort
gage security. It preferred TO PERSONAL on unin-
numbered real estate Of double the value Of the
amount TO lie secured. The act makes ample
provision to secure the safe transfer and delivery
ot all moneys, notes, bonds. mortgages, g.. t.
the Branches Of the State Btuk.
The Commiss toner's or the Sinking Fund may
extend the time Of payment to The borrowers Of
that Fund for fis e years, upon their present Sc
u Il ccei'" ''o' saIi'1'ei'' ny giving al
@ltloaal satisfactory security; such borrowers to
pay the same interest as required hy tho former
laws. The Saline Fund is rendered subject to
similar provisions.
The present agents Of the surplus revenue are
continued ia Office, sutiec' t. removal by the
~.a4+y ~4-s-s, who are authorized to I'll ali ~
canr3es.
Iac dividends arising from the Safe stool, ere
aicd BY tAls law are daily appropriated ia .Ee
uses -lttl #4tf.L@ :.
and tnaIr proceeds we're oriu5aaiTv sal aaart and
created; The RESPECTIVE branches ar, reCf.,,re4 -
pa over to the scho9! commissioner Of each
COUNTY its Dranorltonafe share Of l1. interest a..
rived from the stool, created ont Of ,f, z.,ri,s
rcvcnue; and also to pa. over q, 1,- nro,.r '.sr
son the amount atis The Sgate Traiycr.i.e-
m, r-...-t.-, e,~-,,t,5 a., I.f r;--...-
notes ri =, L. ,1er-,11,.,.,@ia,. in f,c r-a -
= previous Ja.y.qr tb, rarrnt enssia, i e,.l,-.r
FIR rpri,f or five ,-eaFz r,,r, ,,, J., d..C -,