New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1845-10-09
OhiO-Politics, Finance, Banking, &c.
Correspondence of The Tribune.


COLUMBUS Ohio, Sept "a ls45.
H GREELEY, Esq.-The subject of Banking has
been. for seven or eight years, the most prominent
topic in the politics of Ohio propose TO give you
brief analysis of the features of the system adopt
ed last Winte~. The act is long but think reason
able, clear and simple BY far the larger part OF II
sdevoted to the details Of organization and of man.
aging It's business, and not necessary TO an under
Standing of the ideas upon which the system isiound
3D. Ii provides for State Bank and branches, and
hr independent Banks. The aggregate amount Of
stock in ALL not to exceed :6.l5O,OO0, exclusive OF
old Banks authorized 10 continue or renew banking
This stock is spporioned among the different dis
ircis Of the State No Banking company OF either
kind can consist OF less than five persons. When
company is formed, the persons composing 1t certify
to the Board Of Commissioners l. The name OF The
company, which must include the name OF the city
village or town where il is located. .. The amount
hospital stock and number OF shares. ;. The name
and place of residence of each member of the com
pany and number Of shares held by him. 4 The
time when the company shall have been formed, and
hat II has elected 10 do business as an lndepcn
den, Bank. or a. n branch otthc State Bank. This
certificate must bc acknow lcdecd before justice OF
The peace or notary public. and recorded in the Re
orders office of the county where the Bank Is loca
ed, in book To be kept for that purpose, and open
during all business hours for general inspection
ecOpy of this must be sent 10 the Bank Commls-
noners another To- the Secretary of State. who must
record and preserve IT, The capital of no branch OF
he State Bank TO be less than 100000. and OF lao
Independent Bank less than $4,000. The stock OF
The State or of the l. States required 10 be deposit
Cd is part of the capital stock OF the company re
CURED by the act AT least 80 per CT oil the capital
sock must be paid in in gold and silver or their
equvaeni in Eastern deposits, and at least half OF
MS be in the actual possession OF the company
seiore II can 20 into operatlon-ihe balance to be
paid in instruments There are some exceptions IN
regard to the amounts of capital stock and the per
cenage to be paid in on the same in particular cases
mentioned in the act All the above facts, or pre-
hmnary steps are 10 be ascertaned by the Board oil
commissioners 10 have actually taken place as repre-
sn'sd in regard 10 each company. by actual IN
specton and examination under oath. made by the
Board or some ompeteni disinterested agent When
everything is ascerained 10 be ready, the Board GER
hhes 10 the Governor. and the Governor makes pub
nc EXCLAMATION. The act appoints number OF IN
d'ldaals TO act as the Board of Commissioners but
n'er the first year the Auditor Treasurer and Secre-
Aly OF state are to constitute the Board
nwas necessary TO state these prelimlnarles bat
u dong so have avoided detail as much a. posi-
oe Twill now give the leading features governing
esch branch of the system, or of the two systems.
and hrs,, Of
rHL STArE BANK AND BRANCHES
Each branch elects one individual to be member
o. the Board OF Control. and the individuals thus
eee'ed constitute the Board. Two or more branches
nay elect the same person. but he must be a citizen
'ne |. States and have been a resident of the
Ns.e two years next previous 10 his election
ms Board procurcs and furnishes to the branches
notes for circula,ion-hey must be signed by the
Vssh'er Of the Branch that issues them Ii has
oxer to examine all the branches and 10 require
sxhibi,s OF their affairs often as il deems cNpe
eent ard 10 compel branch TO reduce lis circula
oon. No branch 10 be allowed circulation TO an
mount compared with Its capital stock paid in and
'eulaning undiminishcd by loss or otherwise great
= Nan two 10 one for the first 100000, one and a
s6i 10 one Tor the second 100000. one and qusr-
u 10 one for the third 800 900. one 10 one for the
urn 800 900. three iourths 10 one for all over the
S.th 100000 Before any branch can obtain
Nrees must pay in, transfer 10 the Board, IN
-" stocks or L. States stocks or cash an amount
NO 10 per cent on the circulation required. TO
invested as safety fund to redeem the notes OF
~ "ahch failing TO redeem them. This safety fund,
sseser Is no part of,hc capital stock Of the branch,
,,l' ''anch refusing 10 pay It's notes in gold and
- On demand To be deemed insolvent its effects
- asso,iaely vested 10 the Board of Control, and
so. ols redeemed by money to be provided by the
branches pro-rata and reimbursed from the
- ana safety fund The payment Of the circu.
en- o. ,he branches Of the State Bank is thus &C.
,s:e a 70 be paid. By the capital stock actually
r',a 10 BY the Branch issuing them 2 Blythe safe
ND, ING OF ali the branches. g. BY requiring each
,bs -" 70 stand responsible for all the rest 4 BY
vha Soes or bids discounted BY the branch, for
~ he paper il insured
s,,s BOARD 81 Control is corporation called the
INDEPENDENT BANNING COMPANIES
pe.;. "e they can become corporations must de
ONO or U. States stocks with the Treasurer, 10