Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1843-08-11

bank tssOes as shown can never exceed
the amount Of capital actually paid bot
they may something's equal three 10 one
of specie in bark The following would
be case 10 point II a bank at its CON-
mencemenl possessing a specie capital
Of one hundred thousand dollars, we're
TO loan an equsI amount OF lis paper as
authorised by the law referred 10, and
three loUrhs OF the latter were 10 be
returned and specie drawn to the amount
leaving but twenty five thousand dollars
in bank, the later might reissue fnV
thousand dollars Of the returned paper,
making rs Outstanding isSues or circulh.
ton seeenIy five thousand dollars, or
three dollars in paper TO one Of specie
then IN vault Bat it never could ex-
ceed three TO one at the time OF issue,
and if the specie wsre 10 be increased 10
cry amount, no greater issues thaO a
hundred thousand dollars could ever be-
+ madej and whoever claims d d,ffercnt
construction in relation TO the amount OF
issues mistakes the Law. or is dishonest
in purpose.
Now, fellow citizens. would il not be
a most magnificent speculation for a
! company 10 collect a hundred lhousaOd
. dollars, or other sun, in gold and silver,
. at immense labor and heavy expense,
+, for the glorious privilege Of Ioaning a
r like amouOt Of its own paper at six per
cent, subject to a squeeze Of not more
, than two or three per cent in taxes ard
= other expenditures at present, and the
, tender consciences future legislatures
= to be added, with the privilege Of The
f penteniary 10 boot Who bids foT
! stock?
b Sec, %, last clause "And II any bank
shall become insoveni or be found to
r have been within six calender monh'
u after any transfer of stock such trans
i Ter shall be deemed and taken to bt
s fraudulent, and the person making i
}. shall be held liable as stock holder o
r such bank, in the same manner and II
y Inc same extent as il no such translel
g had been made"
Il Sec. 25 provldeS for the individual re
e sponsibhty of all the stock holders; bu
u this section has been repealed BY Bart
y ey's amendalory act, passed February
e Dist, lS43, The 5rh section Of which 81
a far as TO fix the, lndvIdual iabjty Of al
e stockholders reads as follows:
nj Sec. s. Tho stock holders OF such ban
n shal te SeUer0Ily liable in their indiuld
Is ual capacity for each and every unii
A clam against The 6aak of achich they ar
C. Stockholders, except 10 cases where de
n poslors and the bank Otherwise sgrp
y in relation TO the liability Of their de-
in posi,es,"
IN The remaining part Of the section a
n mong other things, provides for IN
u manner Of enforcing the bank and indj
be Vrdual liability which is triple again;
G. the former and ttDO fob against the d
. reclors and stockholders. A writ
be scre lacias may be issued and execulio
A. awarded at the return term of the wr
le o. scire lsclas may be issued durin
al term and execution ordered before il
tn close. The 9th section OF the same
10 mendatory act provides for a jOdgmer
he against foreign stockholders lhough nj
iound in the Slale and the lllh seclio
RS gives to the State lien on all the rel
y. estate Of the Dlre:tors and stockholde
he Of any insolvent bank for the benefit
no its creditors
The last clause Of the 23d section
Of Latham's act. as we'll as the 9th and 6
on sections of Barley's amendatory q
,te provides for individual liability with
,rs vengeance! If bank, good a the tin
INT Of the assignment Of stock, becomes on
rs barrassed in SIX CALENDAR months lher
not after, YOU are 10 run back Of the time
he assignment 10 hunt up victim!
he there be failure OF hundred or mo
RI thousand dollars. and in some cas-
he where The bank would be good for all
for liabilities, the owner Of hundred do
cir lars Of stock who might chance TO ha
five or even fifty thousand dollars
md property, might be turned upon Il
to world almost or quite beggar!
ted many cases tho estates Of deceased pc
or sons would DOT be settled for years,
lin, il sooner done it would be- at enormo
ven sacrifice!
Ter Under the most liberal system Of bnl
,ry ing, II bank with o capital of hundr
I'VE thousand dollars, loan Il thousand +
pks sixty days the stockhoIder Of a hundr
pi, dollars could make but ten cents prof
and who ought under any contingent
The which nigh, happen, for The pltliul su
ca of ten cents, TO become liable for a tho
old sand dollars! The subscriber places
be bank given amount OF money, viii
Cnl his stock 10 bank and all other stock a
ne property belonging 10 the bank, wheI
i'd er in specie, bank bills, bills OF exchan
INK common deposiles. real estate and del
,nd due Tho hank. stand nIedged for the pa