Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1843-01-24
NEW sERIEs.-vOL. III. NO. go.

thereof,and cause the same TO be paid %
the e.stockbolders,On demand provided that
tie directors, 10 making up the accounts
for dividends, shall charge all bad debts
TO profit and loss, SET apart . sufficient
surplus fund 10 provide for doubtful debts,
and divide the residue of accumulated
profits, if any there be, anon. the stock
holders.
Sec. IA. 1t shall not be lawful fof any
such bank to issue, for the purpose Of
circulation, any oIher bills or notes thin
such as shall be received from the State
Register, as elsewhere provided for in
this act, payable on demand at its bank
ing house, in the legal coin of the Uni.
ted States; and every such bank shall be
required 10 keep in the vaults thereof. a.
the actual property Of such bank, an Z.
mount Of specie equal to one dollar for
every three dollars Of such circulation; and
in case it shall SO happen that any such
bank, by the redemption Of its notes, and
the payment Of its Liabilities, shall violate
so much Of this section as relates 10 the
proportion of its specie and circulation,
il shall not be lawful for The directors Of
such bank TO discount or puchase any
note, or other evidences Of debt, from the
time such disproportion accrues, until the
legal proportion ofspecie and circula-
lion shall be re.established; and all notes
or other evidences Of debt discounted or
purchased by such bank in violation of the
provisions of this section, shall be null
and void, and the directors consenting
thereto, shall be jointly and sevsrally lia-
Bile to such bank for all damages arising
to such bank from such violation.
Sec. is. Any officer of any such bank,
who shall as such officer, issue, pay
out, or in any way pat in circulation any
noie, bill or other description of paper
whatever, purpoTting 10 be obligatory on
such bank, and calculated or intended to
pass or circulate as money, or currency,
except such as shall have been received
from the State Register, as elsewhere
provided for in this act, shall be DEEM
guilty of misdemeahor, and on convic.
ton thereof shall be imprisoned in the
penitentiary and kept at hard labor, not
more than three years, nor less than ona
year, and every person who shall act a
PRESIDENT, cashier, clerk teller or direc-
or OF such bank, or who shall IN any way
ssist in diseounting paper or in lending
II paying ont money for such bank, shall
'e deemed, and taken to be an officer Of
uch bank, within the meaning Of this
ection.
Sec. 16. There shall be State Reg,
Ster elected BY joint ballet Of both Hous-
IS Of the General. Assembly of this State,
Vho shall hold his Office for three years:
10 shall not be the owner of any bank
took or otherwise interested in any way
f the banks Of this State, he shall re-
eVe a salary Oi-doIlars per annum,
ayable quarterly at The State Treasury
n the draft Of the Auditor Of State
'efore entering on the duties Of his Office,
70 shall execute his bond with two or
1ore sureties, to be approved by the Au-
itor ofState, in the penal sum of twenty
housand dollars, conditioned for the
lithful performance of his duties; which
ond it shall be the duty Of the Auditor
{ State TO take and carefully preserve.
Ie shall also take and subscribe the
blowing oath or affirmation, III do SOL
mnly swear. Tor affirm that will faith,
lily perform the duties Of State Regis.
n according 10 law 10 the best Of my
nowledga or ability"
Sec. II. 1t shall be the duty of said
tate Register, 10 cause to be engraved
nd printed in the best manner 10 guard
vainst counterfeiting such amount Of
ircuIating notes, in the similitude Of
ank notes in blank, Of the different de-
ominatious authorized to be issued By
,e incorporated banks Of this State. and
lyabIe on demand, as may from time to
ne be necessary to carry into effect the
DIVISIONS of this act, and Of such form &.
as he may prescribe; pro,
ded. that none of said notes shall be be.
W the denomination Of FIVE dollars
o shall number and register, in suitable
,oks to be provided and kept for that
Irpose in his Office, all such blank cir.
lating notes or bills, and the amount Of
ch denomination as he may be required
furnish according 10 laws and all
tes or bills Of the same denomina'
m shall be printed from the same
ties SO far as the same may be aPPlica-
}, that all notes or bills for the same
N may be of the same similiiude' he
all also countersign, officially every
Sec. ls. The plates, dies, paper and
hor 49, nstsrials 70 be procured by said =.
ate Register for tho making and print
. 1 Of the circulating notes OF bills afore>
q ~ shall hall remain in his custody when
y !. n use, and under bis direction and
nlroI when in use, and the expense
cessarially incurred in the discharge 81
, duties imposed by this and the pFecs.
% sections shall be audited and allow
By the Auditor Of State, aud peid ouE.
any moneys in the State Treasury NOT