Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1841-01-16
IMPORTANT MISREPRESENTATION TIE
RANK COMMITTEES

Az TaIE \
BANK COMMITTEE.
The following is condensed summary Of the rem |
eiPd Features ofihe bill ito incorporate he State Bank
OF OHIO this day reported IN the House of Repre.
b the COMMITTEE on Banks and the Cur
rrney.
A Bank To be incorporated. and tn b. denominaied
The State BANK ofohiO," CONSISTING OF Panche-. with
dollars.
Each Branch 10 have a separate corporate existence
TO bank for Tsel6 and divide is own profits.
The whole ~ &C subject 10 the general supervision
OF a Board of Control. Io be elected 10y the BranShes;
each EnuCh To vote IN electing the members of the
Board according TO its capiul stock paid VA. srudnotsJ
IN such "a manner rs TO prevent the larger Branches
rom Possessing the euurc rnntrol Of the election.
The Board Of Csnirol 10 furnish 10 each Iiranch the
paTer for circulation. which ia to be- signed by the
President of the Board Of ContIol. countcrsigned hy
the Cashier of The Branch issuing the paper. and made
p yahle 10 IT. President OF bearcr.
No branch 10 he permitted 10 have n c.rcdla.icr oi
more Than twice the amount OF its capital. artunlly
paid "a, and all the Branches collectively not 10 cir
ouisie more than once anu q quarter the amount Of
thoir aggregate capital
The Board Of Control within thete hmits) to de.
tcrmine the amount ofIhe circulation OF each Branch.
according 10 Its situation AM the chnracIcs of It's b. 81.
ness, - n 10 allow each % do an amount VI banking
business Proporionaie 10 lie capital employed.
The Boaud of Control 10 have the uovcr nv com.
mites oi ITS members, 10 visit the Branches. ascertain
their situation As often as they shall think proper. res.
tam them FROM imProyident banking. and regulate e1.
changes aud settlement efbalances be;w sen The Bran.
ehe~
The paper Of Teach Branch 10 be taken in u,yment Of
debts oi every OF other Branch. AMI IN payment OF oil
dues 10 the State.
A safety fund TO be rnissd By q tax on the dividends
Of each Branch, the per centurr Of tux inc-easinr 80 the
per ceniuni efdiyideud ~ Ire car.ial stock increases
50 that a Bank will contribute I IRE. times the amount
to the safety fund when it, dividend is at tho rate OF
ninc per cent, per annum on lis can;iaL "A when IL !,
only at the rate ofsix per cent.
The safety fund TO be invested in Ohio State II ,nds
e5sAe TUB ir %c-rifes, an the II teresiiccri
ing on ihese f'nds 10 be reinyestcd in like Bond. un
ul the safety fund amounts 10 one.tenih of M. vhol,
eap:Il OF all the hranches-alier which. the accruinr
interest on these Bonds is 10 he paid over TO IN,
Branches IN the ratio in which they have seyenlly
contributed to the fund.
In case any Branch becomes ihso,yeni. the o,he
Branches are forthwith To furnished money TO redeem
all the liabilities OF the filling Branch, each 10 con,ri
butte IN proportion TO lis capital siOck;-zand the mo
nsy 50 furnished to be refunded to the Branches n
SOON a. the money can be raised by a sale or hypothe
eaton .; Ihe stocks belonging 10 the sinking fund.
The affairs o. the iRsolvent Branch 10 be closed an,
lis assets converted into money n Trustee or Trus,ee
appointed by the Board ui Control. The safety fan,
to he repaid out fthe moneys 50 made. and the re
mninder 70 be divided among the Stockholders Of In,
falling Branch.
A|'h bsdtlt 70 Z apart 10 Inc Slate as n bonus il
lieu OF taxes on its dividend of five shares of ever
hSndred owned by other Stockholders. The dividend
on the stock If the State 10 be re-invesied IN the stoc,
OF the 6rlnch.('o be created for that purpose. )until tn,
State shall own say, rs per cent. OF the capital stool
ol each Btanch.
The Governor 10 vote on the stock of the State n
other Stockholders, by proxy or Otherwise; each shar,
having one vote.
Books TO be opened for subscription to The STOCK al
prlhcnss 90 each county where there nre existin.
II. lNaUkH NhHVh -.
tork IA Branches ofthe State Pank: Such locul Ranks
uisund solvent, To be permitted To subscribe stock II
'he Branches 10 an amount not exceeding their nre
sent available capiia!-Bgt not more than ,yya. b;,l
VI the stock of any Branch is to NC subscribed Inv ex
i'iing Banks. unless Individual subscrihes shall IA
- subscribe the other third, in which case BANKS ma,
subscribe The deficiency.
Existing Banks 10 pay nsialments n other .ub.cr,
bers, or may transfer all their assets 10 the Rr,ncb
making the Branch the Tresiee for closing their con
ctrus.
COMMISSIONER to be appointed by the Governsr +.
examine INTO The condition OF cKisliug Banks. 10 asc.r
tam their solvcnry and The amount Of their preSen
available capital, preparatory 10 their becoming sob
%scrihers TO branehes ct the State Bank.
Ihess Commissioners 20 appoint persons TO -uprr
int M subscriptions TO Inc branches and To perform in,
duties Of a Board OF Control. unlil that Board shall b,
elected.
On petition, the Board Of Control ~ omen book,
Tor subscriptions 10 new bssurEca In any county xher.
here Is NJ RsaHch-And such branches. when hon,
hle capital. not less than $4,000 nor more mar
100000 shall be subscribed. and at leasi ono hi
paid IN, may be admitted ON the same i,otiHg ~ IN,
original branches--rroyide The aggregate c,uitsI M
all the branches shall not exceed Si2 600 Ooo. uuul
the Legislature shall permit an increase.
Each Branch tn render n minute account OF is SIT
uaton twice = year to the Board Of Control and 10 IN,
Auditor of State
The Directors Of any Branch collectively. nat q
owe the Branch moro Than one halfor the nmount q
their capital stock paid in,
No : tockEolder to owe the Branch AZ any time NOR
than the amount Of his stock actually paid in. and m,
Stockholders collectively not more than one third q
their stock paid in,
the Branch according to law. and TO be liable in thei
individual capacity il case OF permitting excessive !.
sucsor Liabilities 10 accrue,
Branches failing TO pay their notes, bills or other oh
ltg1'ious en- demand. IN specie, 20 be liable TO nav dam
ages at the rate ofl2 per cent. per annum, while nav
mont - delayed.
Any Branch falling to make payment II sreciu n,
80 days, unless authorized SO to suspend, by Assemble
or proclamation of the Governor. TO DO declared insoi
vent; and upon the establishment Of the fact in
court ofjusuce, 10 have lis assets and ahIirs of ever
d'scnpuon pat into The hands Of Trustees To DO sci
led ~.
There various other provisions referring 10 ire dc
tails of proceeding IN organizing the branches. an,
regulating The general principles Of banking. euualI
applicable TO Banks organized Or any plan. which. al
though important, u ~ unnecessary To enumersie II
order 10 a view u Ihe plaza Of Banking proposed b.
be committee.
STANDARDIZATION.
Mr. Dorman. on the 7tb. introduced into Tho House