Litchfield enquirer. [volume] (Litchfield, Conn.) 1829-current, 1850-08-08

such circulating noies, couh'ets'sueu ANU 's
gislered as aforesaid, shall al any time neIeat-
ter, on lawful demand, during the usual hours
Of business. between the hours oil III o'clock
, a nj, and 3 0'clOk, p. M, at the place where
such note is payable, fail or refuse to redeem
such note in the lawful money oi the Uhlleg
States. the holder Of said note making sucn
, demand may caise the same 10 be pr"tesied
for non payment by a notary public under MS
seal of office, and the treasurer. on re-
/ ceiving and filing in lis ONCE sucn Protes''
shall forthwith give notice IN "Fl'ns 's."e
maker or makers Of such note to pay Inc same
4 with cost of protest; and if he or they snail
om,, 70 do so for ten days after such notice Is
| esnt 10 them. the treasurer shall immediately
! ihs,e nnon fcnIess lie shall be satisfied that
,herelis a good and legal defense against the
payment of such note or n5les) give notice in
a paper printed in the county where such corr
! poralion has ITS office of discount aud deposit,
1 and in sucH other manner as he deems advISa-
| bic, that all the circulating notes issued BY
such person, corporation OF association Will be
! redeemed oui OF the trust funds in mis- hands
! tor that purpose, and the Treasurer shall be
| requited To apply the sad trust lunds belong
| ing to the makSr Or makeIs'uf such protested
notes to the payment, pro rata, OF ali SUCH
| circulating notes whether protested or not,
| put in cirt ula,ion by the maker or makers OF
| such protested notes, pursuant to The proVIs-
luis oil this Act, ana To adopt such measures
tor the payment ut such notes as VIII IN his
opinion most efectualiy prevent loss TO the
holders thereof.
Sec. s. The Treasurer may give 10 anv
pei son or association OF persons 50 transferring
stocks in pursuance Of Ihe provisions Of this
Act, pewersof Attorney To receive interest or
dividends ihereon,w when person or association
may receive and apply 10 then own use-but
such powers Of Attorney may be revoked up
on such person OF association failing To- redeem
the circulating notes so issued, OF whenever
in the opinion Of the Treasurer the principal
of such stock or bonds shall become an irsui-
ticient secuIiy-and the said Treasurer upon
the application Of the owner or owners of such
transferred stock and bonds IN irusl, may nj
his discretion, change or transfer the SAM iur
other stock and bonds Of the Kind before spe.
vihed in this Act, or msy re transfer the said
stock and bonds or amy part thereof, upol.
receiving and cancel:ng an equal amount OF
such circulating notes delivered by hnn 10
such person or corporation, in such manner
that the circulating notes shall always be se-
cured as in thls'Aci provided.
Sec. 9. Whenever in the opinion Of the
Treasurer and School Commissioner the secus
rites deposited for the redemption oi circulas
ting notes become insufficient Tor that purpose,
they may order such corporation, association
or individual banker, to either furnish adds
tional security as the said Treasurer and school
Fund Commissioner shall ceem advisable in
ORDER 10 protect the bill hulder from loss
| And in such case. where in the opinion OF the
/ Treasurer and School Fund Commissioner,
the securities deposited for the redemption OF
/ circulating notes become Insufficient toI thai
/ purpose, the Treasurer may revoke the power
| of Attorney mentioned Ia this Act and receive
| the dividend on all stocks as well as The nte
| rest ON bonds, and shall deposit the same in
some safe institution in his name in trust Tor
the corpUraion or banker to whom the same
may belong. The dePusit to be made Oh such
terms and at such rates of interest as the treas
urer may deem most conducive to the interest
Of said corporation or banker. and be wilhs
| drawn aud and paid over, whenever in the
/ the opinion of the Treasurer and School Fund
| Commissioner, the securities OF such corpora
ton or banker shall be sufficient TO warrant it,
Sec. 10, In case any corporation or ind.
vidual banker organized under this Act shall
fail TO comply with the order OF the Treasurer
and School Fund Commissioner, requiring
4 them to furnish additional securities or return
their circulating notes for the period of 20
| days from the time such order was given, then
it shall be the duty OF the Treasurer 10
i apply to Judge Of the Superior Court for n
|
tion association or Individual banker insolvent
and shall appoint receiver who shall proceed
in the matter as provided inthSs Act.
Sec. IL In case such evaporation or asp
ciatisn Of persons or individual banker shall
fail or refuse TO pay such bills or notes ON de.
mand in the manner specified in this Act, The
| Treasurer after the ten days notice herein
! mentioned may proceed 10 sell al public auc-
ton the stocks or bonds sn pledged, and out of
the proceeds Of such sale, shall pay aud can>
Gel the said bills or notes. default in paving
which shall have been made as afurpsaid-bul
nothing in this act contained shall he cansid-
cred as implying any pledge on the part Of
the State for the payment OF said bills or notes
beyond the proper application1of the securi.
ties pledgedto the Treasurer for their redemp-
tion.'
Sec. 10. The securities to be deposited
with the Treasurer by any such person. or
association or corporation shall he held by
him exclusively for the redemption of the bills
or notes Of such person or corporation put in
circulation as money Until the same are paid.
Sec. -. The plates dies and male, ials 10
be procured by the Treasurer. for he printing
and making Of the circulating notes provided
for hereby, shall remain 10 his custody and
under Vis direction, and the expenses neces.
SaFis tiSViVu III SAcCuibbk Tug PROVISIONS M
this Act, shall be audited and setil:d by the
Treasurer and paid out Of any monies in the
Treasury not otherwise appropriate for
the purpose of reimbursng the same, The said
Tseasurer'is hereby authorized and required 10 |
charge against and receive from such person
or corporation applying for such circulating |
notes, such rate per cent. thereon. as may be |
just and reasonable. sg
Sec. Ia. 1t shall not be Lawful for the |
Treasurer, or other officer. 10 coun,ersign
bills or notes for any person or corporation
Of persons to an amount in the aggregate !
exceeding the stocks and bonds a, the rates. |
provided in this Act, deposited with The
treasurer by such person or associat ON +;
and any Treasurer OF other officer who shall
violate the provisions of this Act, shalh !
ur conviction, b adjudged guilty Of a
misdenieanor, and shall Sc panjshed bv a
fine not less than five thousand dollars, or
be imprisoned not less than five years. or
by such fine and imprisonment holh at The