Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1842-03-03

and provides that from and after the first day Of
January next, the Banks shall be subject to tho
payment OF twelve per cent interest on all notes,
&c. for which specicis not paid on demand.- |
Second, suspends, during the pleasure OF the le- |
gisature, the prohibitions OF the issue by the |
Banks Of notes Of a denomination less than SEQ, !
and the reception, in payment OF notes OF other
State Banks OF a less denomination than $40;
but forbds the reception OF notes oil other State
Banks Of less denomination than s.. Third,
authorizes till the LIST Of January, the issue Of
one and two dollar notes, payable on demand in
specie, with penalty Of twenty-five per cent
damages for refusing TO redeem them; said issue
not to exceed six per cent Of the capital Of any
Bank so issuing. Fourth, provides that if The
Banks do not resume on the LIST of May, they or
such OF trem may not, shall forfeit TO the Com
monwealth per cent per annum on their
| whole circulation. Fifth, provides that such
| Banas AS do net resume onthe LIST day ofJanuary
next or at such time before that day as the prin-
cipal Backs in Baltimore and Philadelphia shall
resume shall be closed and their affairs settled
but relieves the Banks from the penalties of sus-
| pension, should the Banks OF Baltimore aud
Philadelphia suspend again after such resump-
ton, during such renewed suspension by said
banks, or until the first Of january. Sixth, pro-
vdrs that the banks shall proceed to cur;ail their
business so as to place themselves i'm condition
to resume, and subjects the Branch Banks to the
direction OF the mother Banks ais to the ratio Of
curtamcn,s they shall adopt. Seventh, declares
that no. more than five out OF nine, OF four out OF
seven Directors in any bank shall be merchants,
or partners of Il mercantile firm. Eighth, pre-
vides that no Director shall be indebted at any
time to any Bank an the Commonwealth more thar
one thousand aoilars, be endorser for create
amount than three Goasand dotiors; and further
that no firm or company in which any Director o
Bank shall be partner or director, shall! borrow
from or become indebted to any bank in greater
sum than-dollars; and makes Ineligible t,
directorship any President, Agent, or Director
of any Railroad Company, Canal Company, OF
Savings Bank. Ninth, provides that office
or director shall vote by proxy for any stochhold
= er in elections of directors or officers; that M
: male stakeholder shall vote by proxy who resides
o within TEN miles Of the place OF voting an,
n that no person as proxy, shall give more tina.
thirty votes, unless as proxy of single stock
holder, in which case lie may give Us many vote
as said stakeholder gives. Tenth, authorizes til
appointment, by the Governor, of commission
er 10 visit all the banks in the Commonwealth
examine their books, papers, &c, examine the OF
hcers on cath, and make rcpor, to The Executive
on or before the first of November Eleventh
provides, in blank, for the salary of the commits
Sloner. Twolith, reserves the power to Tho Lac
glsa'ure TO repeal or alter any of the provision
OF the act, or TO alter annuI the charters of tn
: suspended banks.