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

pose, jusilfabls or not, 10 amend or
change the whole law upon banking, or
any Of IT'S provisions, 30 as to render ihe
banks useless 10 the people, and tho
stocks not onIv vaIneless bot rUnous 10
the holder! The door is left wide open
tor still more enormous taxes than are
now provided; liabilities, forfeitures and
penalties to which No man Of ordinary
capacity will subject his money or him
self for a moment Who would place
money in bank, if ore Legislature could
levy a TuInOus tax, another reduce the
amount Of interest, and third repeal
the charter, or enact such lawsas would
work forfeiture Of the stock! Money
is. in This country, from its scarcity, con.
sldered more valuable than any other
species Of property, and men will not
place ii in a situation where its value
can be disturbed or changed by Ony ex
permenllng legislature Suppose the
State were to offer ns canal lands for
sale 10 be- held subject to such rsslric-
lions, penalties and payments as might
be imposed by iuture legislatures, who,
better than idiols or mad men, would
become purchasersY
Section 4 Every soch bank that
may be incorporated under this act, be.
fore it makes any loans and discounts.
or shall be entitled 10 have registered,
as hereinafter provided, any notes or
bills Tor circulation or issue or pay out
Of any notes whatever, or commence
the business Of banking, shall have sub.
scrlbed and paid in in good faith, the
whole amount of its capital as perma-
nent investment, for the business OF
banking, and be actually possessed OF II
asa banking capital, the whole OF which
shall be in gold and silver coin"
Sec. l3 1t shall not be lawful for
any such bank within the provisions Of
this act, to issue and put in circulation al
any one time an amount Of notes ar bills
Of such bank, designed, calculated, or in
tended TO circulate as money, greater
than the amount Of capital stock actually
subscribed and paid into and remaining
IN such bdak; and every such bank shat
be required to have aud keep, in the
vaults thereof as the actual property o
such bank, an amount Of gold or silver
coin equal to one dollar for every three
dollars Of such circulation; and in case
J il shall so happen that any bank by The
redemption Of its notes and the pGymen
r Of It's liabilities, 10 gold or silver coin
shall violate so much Of this section al
relates to The proportion Of lis Circua
lion, il shall be unlawful for the dlreC
=. tors Of such bank from the time sucI
dsproporlion arises, TO discount an,
note, bill, bond, or other surety, or il
any manner pay out or put in circulation
any Of the circulating notes of sue
bank until the legal proportion Of circr
ation and gold and silver coin shall b
regained." The remainder Of this sec
, tlon is foreign to the amount OF issues.
y "Sec. 5 Provides that there shall b
. bank commissioners to examine the a
: mount Of stock actually paid into III
bank, and if they shall be satisfied Iha
y the bank has complied in good faith VIII
y the requlsitons Of the law, they are
make out duplicate certificates Of th
. compliance, &c.
. Sec Is Prohibits to bank office
10 under the penalty Of the penlIenliar,
the issuing of any Of the bills Of tn
bank tiI numbered and endorsed by tn
" State Register" &c, and
,C "Sec. Is Provides for the election
a Stale Register, and sulhorises blm O
- the presentation Of one of the duplca
,s certificates Of the bank commissions
ID 10 deliver to the bank officers an amou
~ Of notes or bills, numbered and endor
u ed by him, intended for circulation, n
/ greater Than the amount certified by Il
, bank commissioner II he exceed III
- amount he IS to be punished bv impr
sonment 10 the penltenlary. IT
"A three last sections are referred to I
substance, and not set down in the
# words.
/ have not quoted the 9TH. 5lh a
= 18th sections by way Of objection
,d their general provisions, unconnecl
~ viii the 18Th and 10Th sections. A pc
10 ton of these provisions would rela
!. subject to amendment; bu, have Civ
them in connection with the Two Iatt
or sections to show what eXlfaordlna
nd checks and guards the legislature ha
Il established to prevent the issue by ban
n of moro paper than the amount oi cal
tal paid.
1t will here be observed, that by 4
4lh section the whole amount Of the C
80 pi,aI stock Of a bank must be paid IN e
nd and silver coin, before any issues can
70 had: and bv the 18Th section the amoC
,lo of hills to be issued BY bank shall I
no YER exceed the amount oI capital pal
sd that is, dollar for dollar; so thai ba
Jrn