Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1846-03-06

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year except Sundays, 4.h Of July, public
fasts, and thanksgiving deys. The resu-
lar meeting of the Board are semi-annu-
ally; special meetings at the call Of the
President or Executive conmtlee, and |
when not in session its duties devove on |
the Executive cOmmiItee.-Upon any APP
prehension that any branch is unsafe, or
mismanaging its affairs, further delivery of
notes for circulation are to be suspended
ill u careful and thorough examination
into It's atTdils is made by the Executive
committee. At the close of every month
each branch is required to transmit TO the
Board Of Control, under oath, an abstract
Of its condition, IN substance like that re-
quired by the 59Ih section Of the act of
incorporation, to be made quarterly to the
Auditor Of Stcte. The extent Of this abb
slract, aud useful and minute information
which it embodies, will best he apprehen.
ded by reference to The forms for returns
with which the Board supplies the bran
ches, and which, for that purpose, is an
nexed TO this report, and marked (A.)
At the end Of each three months, the
Cashier of each branch shall furnish an al
phabetical list OF all the notes, bills or
bonds delinquent in such branch, a copy
Of which lists are TO be sent TO each branch.
If any branch shall become possessed fits
stock, so as to leave in the hands of its in
dlvidua stock holders less stock in plopor-
ton, to its circulating notes received from
the Board, than the proportion prescribed
by law, such branch shall Immediately re-
turn to lhe Board such portion Of It's notes
of circulation as may be necessary to res
tore such proportion. No branch shall es-
tablish an agency for loaning money or
purchasing bills or bonds, or operating for
the benefit Of such branch, at any place o.
ther than its own office; nor shall any note,
bond, or bill, lie discounted or purchased
except by order Of the directors, entered
on their Journals, or their committee.
Regularly. once in six months a member
of the Board OF Control is sent out TO eX-
anime critically the affairs Of each branch,
and makes a detailed and particular report
to the Board. No notice is given to the
branch of the intended investigation. Up
on application Of two stockholders of any
branch, and good cause shown, the Board
shall order a special examination. The
branches are forbidden to exchange its
notes of circulation, with any bank, bank
er or corporation out ofthe State; also with
any bank or company within the State
without the appreciation Of the Board OF
Control: they are also forbidden to deliver
to any person, bank or banker, company
or corporation, either in or ou' OF the State,
any of its notes for the purpose Of giving
them circulation; the paying them in the
bona iide purch hase Of bills Of exchange
being excepted Branches are also now
required monthly to report whether, since
their last statement, they have caused any
of their evidences of debt to be rpdiscoun.
ted, orin any way hyPo.hecatcd for real
zing the proceeds in eastern funds or 9TH
erwise: if so, whether endorsed by the
branch, TO whom and on what terms.
From this contemplation Of the orders
and regulations of the Board Of Control, it
is apparent tha! their Office is by them con-
sidered merely conservatory. 1t, in truth,
consists in the preservation Of the sound
ness, health, and integrity Of the several
! Branches. At the time of the enactment
of the law, great apprehensions were en-
tertained that the conservative principle
introduced into the law, making all the
branches liable for the circulation of each.
though ofinCalculable value to the public,
as bill holders, yet impose so much risk,
that capitalists would not invest their cap.
ital. Happily for the State these appre-
tensions are proved 10 have been III founu-
ed. Sixteen branches are already formed,
and from present evidences, by the end Of
another year, all, authorized by the law,
will be established; and we feel entire con-
fdence that so long as the business Of the
Board Of Control, and their supervisory a.
gency is conducted with wisdom and care,
the mutual risk Of insurance before men
toned, will continue 10 be, as it now is,
very light.
The aggregate nominal capital Of the
sixteen branches is 100000. The law
directs the capital to be paid in install
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