The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1845-01-17
THE BANK BILL.

azsiHe.o THE BANK BILL. f7ft
The great monster bank bill introduced into the
Senate Of this State by Mr.. Kelly is too lengthy
for insertion in our paper. 1t is bill Of seventy
three sections, and is entitled, ,A bill to incorpo-
rate the State Bank Of Ohio, and other banking
ccmpanies;" and occupies eight closely printed
columns Of the Ohio Statesman. We ihave not
read it, neither shall we, unless it becomes the
law of the land We would as soon undertake to
read volume Of Capt. Basil Halls "Fragmen's
of Voyages and Travels If, however, this bill
should pass both branches Of the legislature we
shall then publish it.
We copy the following in relation to this bank
monster from the Ohio Statesman: at
s.In that portion, under the head of, .In relation
to the State Bank of Ohio" there is a rSafety
Fund" provision, worthy of the age of financial
quilting. The 2lst section, requiring ten per
cent. payment on the bills or notes received by
the bankers for circulation reads as follows:
"sSec. 81. Before the board of control shall de-
liver to any branch, notes for circulation. they
shall require such branch to pay over or deposit
to credit Of said board, as said board shall order,
either in moiley in certificates OF the stocks OF
this state, at their current value in the city of N
York, but in instance above their par value, an
amount equal to ten rer cent. on the amount OF
the notes for circulation which shall be deli, cred
to said branch. And so, from time to time, az any
branch may, by the paying in of an al litiona
amount Of its capital stock, or by not having re-
ceived the amount of notes for circulation to
which il was previously entitled be authorized
TO demand an additional amount Of notes for
circulation, such branch shall deposit with the
board of control, ten per cent. on the amount OF
notes SO required; and the stocks AID money so
deposited, shall be denomnated the Safety Fund
and shall be invested as hereinafter prescribed, and
held by the board Of control as the property OF
said board in trust for the benefit of the several
branches of the State Bank of Ohio, aud as fund
for the redemption oi the notes OF circulation OF
any one or more Of said branches that may fail to
redeem its NOTES.-The be applied to that purpose IN
the manner pointed out by this act.
$50 much for the 2lst section of this monster
Of sseven heads and Ten borns;" but mark the
next-the 22d section which is the 'hereinafter
described manner of doing business. The finger
Of the Trust Company Is seen in every line, though
darkly hidden from public view. Here it IS:
s".Sec %. All money so deposited or paid to
the board of control account Of the safety fund
BY any branch, shall be under the direction of said
board invested either 10 the stocks OF the State, or
in the bonds secured by mortgages on unincum-
hered real estate. situate in the county where such
branch is located, or in adjoining countless OF at
least twice the value in each case, OF the amount
received thereby, exclusive Of buildings or other
fixtures subject to be destroyed by fire. by floods
other accidental occurrences, or OF timber, mines
or minerals, subject to waste, which bonds shall
be made payable on demand TO the State Bank of
Ohio and shall bear such rate Of interest as shall
be agreed on by the parties not exceeding seven
per cect per annum, payable semi-annually. And
each branch shall be entitled to receive the inter-
est accruing on the stocks or bonds in which its
portion Of the safety fund shall have been invested.
And in case Of the insolvency Of any branch, the
stocks and bonds In which the money of such
branch shall have been invested as aforesaid, If the
proceeds of such stock and bonds shall be sufficient
to redeem its outstanding notes of circulation,
shall IL practicable, be first converted into money
and applied to that purpose, before any part Of the
safety fund belonging to other branches, shall be
80 applied
"It must not be e'forgotten that Governor Morde
cal Barley, has been denounced in all parts of the
country, for the real estate security part Of his
message, and hence every one must be surprised
that this bill introduced the real estate feature; for
every body knows that the investment of this ten
per cent in bonds, amounts to paying it ia bonds.
The 2lst section says the ten per cent shall be
paid 10 '.noney, mot specie,) or certificates Of
State stocks;" but the 22nd section says that the
money SO deposited. shall be under the direction
of said board. (of drectors,) "invested either in
the stocks Of the State, or IN bonds secured by
ssarfaages on miiaeumbered real esfafe.'' Re
collect that the board Of directors have the exclu
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