Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1843-01-24

Do09 OF folm0urBlng tue S1o'oS NV
register isIhereby requiredIto charge galnSl
such banks as may be entitled to receive
Snch circulating notes or bills, such rates
UoTeant. thereon, as may be sufficient for
seos Vurooss: and such banks shall pay
~ ftats Treasurer for the use Of the
Ht1ts, the sums so charged GS aforesaid,
before they shall be entitled to receive
their proportion Of such circulating notes
o. bills.
!. Sac. 10, The amount Of bills or notes
% TO be numbered, registered and cOun'
ieTsiRned by such Register, for any one
ofsuch banks. not exceeding in amount
its capital stock, shall be determined by |
the certificate OF the Bank Commission
ere, to be kept on file and preserved by
said Register, which certificate shall state
the amount Ofbills or notes such banks
ahall bs entitled to receive from said Reg
IsioF, and if said Register shall deliver
Q greater amount Of such notes or bills
20 any such banks, or TO any person or
persons for the use thereof, than the q.
mOunt to which it shall be entitled by the |
certificate Of the Bank Commissioners as
aforesaid. or il he shall knowingly suffer
any such notes or bills to be taken from
his Office for any other purpose, he shall
be deemed guilty Of miSdemeanOT, ,and on
conviction thereof, shall be imprisoned
in the peniteniiary, and kept at hard la
Dor not more than five years, nor less than
one year.
Sec. 90. For the purpose Of creating
and continuing fund, the more effect.
uGlly 10 secure the public against loss, a
sum equal 10 twenty per cent. Of the cap-
ital stock Of every bank subject TO, and
doing business undet the provision Of this
Set, shall be paid to the Treasurer Of this
State, in tho following indictments viz:
the sum Of Eve per cent. at the time such
bank commences business under this law; /;
and the further sum Of Eve per cent. in
six months lheTeaiteTa nd the further sum
Of Ave per cent. In twelve months there
yaller, and the further sum Of FIVE per cent.in
eighteen months thereafter; which shall
BE- and remain perpetual fund for the pur
pose aforesaid, TO be demonstrated the
"SSfsty fund.-" and inviolably pledged to
the payment Of the liabilities Of all such
banks a. shall have contributed 10 the
same, in manner aS Aforesaid.
Sec. 81. The Treasurer Of this State
shall keep proper accounts Of the said safe
~ fund distinct from the other fuidS Ol
this State, and shall, annually, -epOrt the
condition thereof to the General Assem-
bly,, On the first day Of their session and
shall publish, annually, in some paper Of
general circulation, printed at the seat Of
Government Of this State, q general state
ment Of the condition Of said fund,
Sec. %. The said safety fund shall be
the property Of the banks by which it shall
be paid in proportion to the amount which
each OfSaid banks shall have contributed
thereto; but the State Treasurer shall,
tFOmltime to time, invest the same inOhiO
seven per cent. bonds, a. hereinafter
provided; and whenever it shall become
necessary for the purpose Of meeting any
charges on said safety fund, TO sell any
such bonds,it shall be the duty Of saidState
Treasurer to make such sale, giving al
least thirty days previous notice thereof
in some newspaper Of general circulation,
printed At the seat Of government OF this
Btate, and al the time and place express.
cd in said notice, said Treasurer shall
proceed to sell, TO the highest bidder, at
public auction, such an amount OF said
bonds as shall be sufficient for the pur.
pose Aforesaid.
Sec. %. II shall be the dHty Of the
Auditor Of State to iSSno bonds in the
name Of the State Of Ohio, payable to the
Treasurer Of Estate, for the use of the Of
the "safety fund.-" Tedeemable at the
pleasure Of the State after the year one
thousand eight hundred and sixty Two and
bearing an interest Of seven per cent per
annum, semi miSnnually, on the first day of
January and July, at the State Treasury,
and the same TO deliver to said Treasurer
ia sans corresponding with the mount from
time 10 time, transferred TO said treasurer
from said safety "fund,"i 10 the general
revenue, Of tho state :and the money thus
transferred from said "saiety flnd,"to the
general revenue, shall be appropriated, as
TalASsOmbIy may direct TO the pay
ment Of the domestic creditors Of The
etats,and to no other use or purpose what.
ever until the domestic debts of the State
Shall bO fully satisfied and paid.
Sec. ~. Whenever any bank, subject
10 the operation Of this Law, shall fail to
redeem its notes or bills with gold or
silver coin, on presentation thereof At the
counter Of such bank, during ordinary
business hours, the person presenting
such bSnk note or notes, and demanding
Paymeut thsFoOf,may have the same pro.
tested for non payment BY notary: public
and the bsnk commissioners. upon being
served with notice Of such protest uuder
the hand and seal OfSuch notary, shall
1seiaFe such bank inSelvent, and shall
forthwith proceed 10 close it's concerns
According 20 law and ala nj N..-.