Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1845-03-21
From the Cleveland Herald,
ABSTRACT

other B1HkiHg Companies" Passed Feb.
"a, l845.
Not less than five persons can associate
for Banking. Six millions one hundred
and fifty thousand dollars to be the aggre-
gate Banking capital Of the State, exclu-
sive of the Banks authorized to resume
and continue Banking business.
State divided into twelve Banking Dis
trcls.
Summit, Medina, Lorain, and Cuyahoga
counties compose the i2.h District, may
have eleven Banks and S70O 900 capital !
Cuyahoga county may have six Banks
and Summit three.
John W. Alien, Joseph Olds, Daniel
Kilgore, Alexander Grimes and Gustavus
Swan, Bank Commissioners, To be paid two
dollars per day while employed, and two
dollars for every fifty miles travel.
A Branch of the State Bank Of Ohio"
must have not less than slO0 coo capital,
and net over $500 ,OOO-a Free or Indppen-
dent Bank not less dhan $4,000 capital,
and not over $500, 900; 0;'but stocks deposited
with the Treasurer Of Srate to 654bttaiifa netes
for circulation, 10 be no part Of he capitaI
STOCK.
At least 30 per cent. of the capital stock
must be paid in gold and silver or their
equivalent, before commencing business;
and 10 per cent, every ninety DAYS there
after, until the whole capital stock is paid
in, unless the Board ofConuol or Cover or
allows farther time after 60 per cent. has
been paid in.
A Free Bank, by paying in $4,000 and
depositing $4,000 in stocks with the Trea;
surer, will not bo required to pay in any
more capital.
# Stockholders fail to pey any install
mpnt, their stocks are TO be sold at public
auction,
In relation 10 The Ac'e Bank Of Ohio.
When not less then seven Branches are
formed, each Branch Bank appoints one
person 10 Ire a member of the "Foard oi
! Control" Of the State Rank Of Ohio.
| TIE Board Of Control to choose a PYes
| dent and Secretary-to have an office a
| ColumMls--to furnish notes or Eills tn thu
branches regulate the payment of bal
aoces between the nrauchps--tn visit h'
! themselves or agents any and all tn
Branches, to learn the conditions. &c. -
( require thom to reduce their circulation an,
other liabilities at pleasure-and rpuuir
the officers Of any Bank to report unde
oath. as often and insuch form and manne
as directed.
The President and Secretary Of III
Eoard ofControl to be paid such salaries a
the said Board shall votes also pay the Ex
ecutive Committee as much as said Boar
deem proper, and the several Branc
RaNks TO pay the same.
The President Of the Board to sign al
bills, and the same to be countersigned b
the Cashier Of the Branch Bank ISSUING
them.
A Bank with 100000 capital to be furn
ished $3.50 600 Of bills for circulation
= -S200000 capital to haze S22O,OOO G
biIls-300,eo0 dollars capital to have 437
500 dollars Of hilIe-4O0,OOO dollars capita
to have 5G5 900 dollars Of bills-and 500
600 dollars 10 have 65O,0O0 dollars q
bills.
Each Bank on rpceivNr its bills or notes
stc deposi,e 10 per cent. on the amour
received, in money or stocks, with tn
+ BEARD of Control, to make a Safety Fund,
r and this Safety Fund to lie invested, b
4 the Board, IN stocks, or Ionds and NOR
cages.
The stockholders of any Branch Ban
u shall not be liable to said Bank to an I
mount exceeding one-third OF its capit
e stock paid in; and the Directors not e1
= ceeding onc,torh of the stock owned t
!. them and paid in; but the Directors ma
n become drawers or endorsers of bills OF ey
4 change payable out OF the State, so as
= increase their liability to one-third and Il
stockholders in like manner 10 an amour
not exceeding oRe-haG.
Ifa Branch Pank fails, receiver is
' be appointed, and the Board of Control
y call upon the other Banks to furnish func
= to redeem the notes Of the failing Bank
once.
The Board Of Control to furnish all mott
for circulation, aud to be paid therefor
the several Branches Of the State Bank.
In relation to Free Banking.
Before any COMPANY can commend
D Banking business, it must deposit wi
| and transfer to the Treasu er of State, Il
ri stocks of this States, or of the United Stat
h to an amount equal to the amount OF car
,l tai stock paid in at the time; and must d
posite and transfer such additional stot
. from time to time thereafter, as shall
. equal IN the instampnts Of capital paid j
y and if not deposited within 80 days aft
'e any instaIment is paid in, the franchit
and powers Of said Company cease, e,
cept to close up.
The Treasurer to provide the bills f
circulation at the cost OF the Banks.
10 The Treasurer TO deliver to any Bar
entitled thereto, bills for circulation, to al
amount, not exceeding the vGiue of Il
" stocks deposited with him; but in no ca
v shall the amount Of bills exceed three tiIn
% the capital stock paid in and undiminsh
n the UaIue of the stocks to he ascertain
by the average price at the New York E
change for four weeks previous 10 t
transfer.
Each Bank to draw the interest on t