Ypsilanti sentinel. [volume] (Ypsilanti, Washtenaw Co., Mich.) 1843-1900, 1845-10-22
OHIO BANKING SYSTEM.

UNIV DhNAlNG VI.
As The people Of Michigan are at present entire
Is dependent their ishbors for a currency, we
give at, abslrac; Of The new b,nking law of OHIO.
that each one ma Judge Of lis merits for himself.
For our own part. we consider II just about on a
par with the free banking, aud safety fund systems
of New York.
The Act provides for State Bark and BRAN
ches, and for Independent Banks. The aggregate
amount Of stock, IN all. not 10 exceed Sc, $50 900
exclusive of old Banks authorized 10 continue or
rene W banking.
This stock is apporioncd among the different
districts of the Slate. M barking COMPANY of
either kind consist of less than five persons.
When company Is Turned, the persons conipo.
sing it. is 10 certify 10 The Board of Commissioners:
LIST, The name Oi the cuGIpany, which must in
cIude the at The city, village, town where
It IS located. 81 The amount of capital stock 81
number Of shares. 81. The name and place of
residence of each member. aud The number of sh rs
held by him. 4Ib. The time when the company
shall have been iormed and that it has elected To
du business an Independent Bank. or AS branch
of the State Benk. THIS certificate must be &C.
knowledged before Justice of the peace or a no.
Iarv public. end recorded in the Recorders of.
fec Of The couniy where the Bank is located, IN a
book 10 be kept for thai purpose, aud open duiing
business hours, for general inspection. One copy
of this mus, be sent la the Bluk commissioners,
another 10 The Secretary OF State who must record
aud preserve IL. -ts
The capital of no branch OF the State Bank To
he less thaa 100000. and Of ma independent Dank
less than S50.D00. The stock uf The State or of
the United States. required 10 be deposited, is no
H. a.
required by the acr. Al leas, 30 per cent nf The
capital stock must be paid in in gold silver
their cqIiva lent in Eastern deposits. and at eas
half tins Ia be in actual possession of the coinpa-
ny, before il can go into oferaiipn-the balance 70
be paid IN Instruments. There are some excep-
tons in regard to the OF capital stock pald
IN Oh the same. in arIcular mentioned ia thu
act. All the above facts, or preliminary steps,
are to be asceraineG by the board of Commission
ers, to have actually taken place as represent
in regard To each company, by actual inspection
aud examination uucer oath, made by the board or
some competen. disinlerested agent.
When every thing is ascerained L. be ready, the
Board ceriiiies TO the Governor, and the Governor,
makes public proclamation. The act appoints a
number Of individuals TO act as The Board of Com
missioners, but after the first year The Auditor,
Treasurer add Secretary Of Stale are 10 consti-
iuie the BoarG.
Ii was necessary to state these prelminares. but
In doing sn ] have avoided detail as much as
possible | viii now give the leading features
governing each branch of the system, or OF the
two systems, and. FIRST, of
THE STATE BANK AND BRANCHES.
Each branch eiccis Individual To he n mem.
Der o! the Buaik OF Control, aud the individuals
thus | C I'd constitute tie Board. Two or more
branches may eec; line same person., but he must
be a citizen of the Uaued States, and have beer,
residtn; of the State two years next previous to
his election.
This Board procures and furnishes to The branch
is all notes for circulate ion they must be signed
bv The Cashier ofihe Branch that issues them.
Ii has power 10 examine all the branches, and
To require exhibits Of their affairs as often II
deems expedienf. and in compel branch TO re-
duce lis circulation. No branch To be allowed 4
circulation 10 aninunt Compared with lis Capt.
tai stock paid IL. and remaining undl.ninished, by
loss otherwise, greater than Two 10 one for the
frs: 100000, one aud half 10 Que far The Sec
Ond. aud quarter Ia one for The third one To
Que for the lorrh and three fnirhs To Que for all
over four hu.,dred thous ,ud d liars. Before aLy
brunch obtain notes il mus: pay IN, or transfer
to the board. l., Ohm. U. s. stacks, or cash, an
amount equal TO 10 per cent the circulation re-
qured, 10 be invested safety fund. 10 redeem
the notes of any branch failing to redeem them
This safely fund is part Of the capital stock :"
the branch. Any branch refusing To pay It's notes
IN gold and silver on demand, 10 be deemed insol-
veu,. lis effects immediately vested III the Board o.
Control. and lis notes to be redeemed by money ia
be provided by the solvent branches pro rata. aud
To be reimbursed from the assets and safety fund.
The payment Of inc ci;C ,laIinn Of the branches
of the Stale Bank Is thus secured-lst, by the
capital stock actually paid in by The branch issu-
ing them. Cd. BY The safety fund of all the bran
ches. 81. By requiring each branch to stand Sc
curly for all the rest. 4lh, BY the notes or bills
discounted by the branch, for which the paper is
issued
The Board of Control is corporation called
the State Bank of Ohio