The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1842-06-16

exceed twice the amour. ofcapal stock.
A bank shall not have in circulation amount of notes
greater than the amt of its capital slock paid in; il shall
keep on hand dollar in specie for every dollars of
circulation 1t cannot putin circulation any notes until
they have been numbered registered by officer ap
pointed by the State for that purpose. nor make any
notes payable at any ether place than at the banking
house, at any other time than on demand nor in
any thing else than gold and silver Of a denomi>
nation less Than dollars. Ifany officer puts Dote in
circulation without having numbered and registered
he is liable to 60 to the penitentiay3 years. bank
cannot take, receive, or reserve to itself thau
per cent per nnum in advance, for any loan made' or
for purchasing discountEg, or receiving &C., any
note Every bOud, BILL, note, &c, upon which grea
ter sum than per cent shall be taken, shall be null
and void. Each bank must pay an annual tax of one
half per cent its capital stock into the State Trea-
sury. From the capital stock of all banks created
der this act there shalt be created safety fund, to re-
deem the notes of any bank that may become nsOvent
The directors and stockholders to become individually
liable for all acts done, and liabilities incurred by the
banks provided that its property and effects be not Su
fcient 10 meet its debts. If bank suffers any loss by
the Encouragement or ascay ofits officers, they be-
come individually liable to the bank and stockholders
II the directors and officers, cause the insolvency of
bank they become liable to to the stockholders for all
losses occasoned by such insolvency. All banks do
ing business under this act shall take each other notes
at par No bank shall pnt in circulation any notes be~
tween SIS aud 1Os los and COS; 2Os and sos, and
sos and $780, II any bank refuses to redeem its notes
in gold and silver on demand it can be sued, and no
stay whatever allowed.
Such are the prominent features Of this bil as dis
covered by hasty perusa And what honest man can
object to them! Tpe, they impose heavy restrictions
on the hank officers, but does not the voice of robbed
and swndlsd people call from every bill and valley, IN
our great State for stronger laws, for bankers, than
were ever before made' This law takes in those great
principles of bank that ofa currency at all times
equal to gold and silver-saety 10 the bill hOldere-
qla liability of bankers and stockholders with private
observation-disclosures lmited-and the penitentiary for
rascas.
1t is said no companies will take charters under this
law. IF they will not then the people have a
prrecal demonstration that bankers opposed to an
honest upright Of business, and that banking s
neither more nor less than cheat, fraud, running
sore on the body polite. For our part we believe
there will be banks incorporated under this act All
that keeps Them back is the jack lantern held out by
whig leaders. luthe event of success at the fall ecc>
ton, the wings promise to repeal this law, and give the
bankers one more faYoable to themselves, and coDse-
quently more injurious to the people. The Democrat,
will Go no such ring they are for protecting the great
mass by binding bankers up and making them honest.
This is the issue to be made. Let the farmers, mechan
les and working men, speak out and say, if you are
willing to the of Bank expansions, and bank
contractons and bank robbery, punder, ruin and dis
tress acted over again.