Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1842-02-12

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notes are executed, 10 SAID branches, the full
afnpunto Of such Indebtedness up 10 the time al
such payments. Such notes to bear interest a.
the rate OF i've per cent, per annum. from The DAY
The interest ceases thereon Of SIX per cent, at the
branches by the reception of sad notes. and to be
receivable at any time. IN payment Of either prIn-
clp al or interest OF any of the debt due the State.
tor loans through The commissioners OF the Sink
Ing Fund, Including that portion OF the third IN
stalment of the surplus revenue. not vested IN
=, bank stock except on mortgages taken ef the
stockholders o: the branches, tor the loan of the
State, ar their stock payments: and the SAID
mortgages gwen TO secure loans Of the Sinking
Fund, and The portion OF the ,hIrd instalnent OF
the surplus revenue, as aforesaid, are hereby IL
re~vocabiy pledged. and set apart, for the fiaal re-
dempIion Of the Treasury notes, issued under, and
by virtue OF the provisions OF this act.
SEC. :. Tia, upon The receipt Of any of said
treasury notes, IN liquidation of anv of said debts,
10 The Sinking Fund ar of the surplus revenue as
aforesaid. the anne shall be delivered To the treas
urer OF State, who, after entering the return Of
such notes, on The register OF their issue shall. IN
the presence Of the Auditor of State, aud after
heir certifying, on such register, that they hp,e
duly compared the same. cancel them IN the
SINE manner, as Is provided IN relation To the
canceliIag OF other treasury notes, heretofore lssu-
ed.
SEC. ,. The expense of filing. signing, nd is
sung Of said notes. shall not exceed that 10 be
allow ed for issuing the canal fund scrip, author
lzed 10 be issued by the present legislature, and
shall be pad by the commissioners OF tho Srk
ing Fund, out of The proceeds Of loans IN their
hands, Of The State, as well as the cost Il he en-
craving thereof, on the order of the Treasurer of
State.
SEC 4 That the said treasury notes. shall he
receivable for al does whatsoever To the State.
except for the Wabash " Ere canal lands; aud.
upon the same being received by the Treasurer
Of State, he shall 10 entItled 10 demand 81, and
receive from the commissioners OF the Sinking
Fund, a transfer OF an equal amount of the mort
gnges OF the State, pledged for the redemption
Of SAID notes. by the first section Of tais act, Which
mortgages, shall thereafter he cOllec ed by sand
Treasurer, for The State.
SEC. ). That every branch Of the State Bank of
Indiana, shall be required, to receive the Tfeasu-
rv notes issued under, aud by virtue Of The pro
visions of ihls act, IN paymeat of any debt, or
debts, accruing TO said branch or branches-for
which any Of SAID notes were loaned, OF patd ont.
whether the same was paid out or loaned by sad
branch, or not, an! any branch lnanIng or rccelv-
ing such Treasury notes, shall not be eniitled To
receive, nor required to allow, any interest there
on. but the same shall be received 10y such branch,
al their face.
SEC. g. That the collections Of the mortgages
n the hands Of tho commissioners Of the ; liking
Fond, pledged IN the FIRST section Of this act shhll
from tune to time, when the slme - paid IN 9th
er funds, than such Treasury notes, be applied IN
lI iil3 III II III " ~ II 't'~ ~ ~ ~ -
hand. in any oFsaI1 branches 10 which the State
is now indebted.
Src :. Thltif after the fifteenth DAY of June
mex, any branch Of the State Bank ot lndinna,
shall suspend. or refuse payment IN gold Il silver
coin. Of any Of lis notes, blls, or obligations due,
or pnvucnt Of any moneys received upon tepos-
&c, If demanded within the usual banking hours,
al the proper branch where lhe same Is payable,
according 10 the coutrac', promise or undertaken
ing therein expressed, IT shall be the duty Of the
board Of directors Of said State batk T. cause
any such branch thus refusing as afniesaIi to be
closed, as in case Of insolvency, and upon failu0e
of such State Directory SO 10 d., tho Governor OF
the State upon such fact being established, by
affidavit, is hereby required 10 cause a scare fdcidS
IL be saed out OF Marion Circuit court, III The name
OF the State, against the branch, or branches, SO
refusing specie payments as aforesaid, TO be serv-
ed on The President Of SAID branch, 50 refusing
payments as aforesaid. and the proceedings there
on shall be the same, as to such branch, or branch
es, as IS prescribed by the 26th section OF The "aci
establishing a State bark, approved January 2sih
1884" aud the judgment OF the court thereon.
shall only affect the branch or branches, so refus-
ING specie paymenis as aforesaid, Provided. how
ever. ,ha, If The banks # Ohio, Illinois, kentu Ky
or Michigan, or either Of Them, shall not on or
before the said 18Th day June next, redeem their
liabilities in specie, then a refusal tn paw specie.
by any branch or branches Of the said State bank
Of Indiana. when their notes or other ltab'li'ies
are presented Tor pay Htbt. ny III oHN' '"'H'
no, herself paving specie, or by the attorney or
attorneys, agentor agents thereof Tor the use or
benefit nf sa III hank or b. nks, or by any resident
or rea.dents Of this or any other Siate who may
wish To carry or send said specie, so demanded.
without the State. for purpose Of sale or traffic,
shall not be sufficient cause for TIE closing "t
SAID branch. or Of issuiog the said scire fdcias by
The G. vernon Of sad State.
Sec S. That the rates of Exchange 10 he chat
god, by any Of the br inches Of said State bank ct
Indiana, on bile of Exchange. checks. or drafts,
until an unconditional resumption OF specie pay
ments take place by said hranrh or branches. shall
not exceed five per cenium premi III. when draw
on and payable. at point exceeding three nun
drcd miles from the branch thus selling said bulls.
che ka or drafts. and shall not exceed three per
centum premium bills. checks or drafts drawn on,
and PAYABLE al any point wt'hin a less distance