Eastern times. [volume] (Bath, Me.) 1846-1857, 1850-10-10

ing association orj individual bankers. who
shall neglect or refuse TO redeem their nores
on demand as aforesaid after fifteen davs
shall pay to the person making such demand.
| interest upon the notes so dema ndetl. at th.
rate OF twenty-four per cent. per annllm and
II such redemption md payment of interest
is not made at said bank Or place of business
w'thin twenty.four hours from the time when
first demanded, such banking association or
individual banker, shall be liable to he pro.
ceeded against by. the bank commissioners.
III the same mannerand with the like effect
as any incorporated bank may be proceeded
against Tor violation of its charter and
such banking association Or individual bank
Ut after demand for specie and a refusal of
payment, shall NOT thereafter issue or nut in
circulation any Of their bills or notes. and
the treasureG SHALL in that case, proceed in
The same manner as directed in the fourth
section of this act. Appointments Of agents
made IN pursuance Of this act, may be re.
voked, and new appointments of agents NAV
De made, from time to time, by delivering
such revocation and appointment to the
treasurer, who shall cause the same TO he
published as aforesaid.
Sect. So 1t shall be lawful for any NUN.
Der OF banking associations and private bank
ers, oy agreement TO associate together for
raising joint fund to be placed in the hands
OF thelr common agent, for the redempton of
Their circulating notes and also the circulat.
ing notes OF other incorporated banks. bank.
ing associations and individual kers. in
such manner and under such regulations as
may be agreed upon, and to employ sucl,
agents and clerks as they may deem neces-
sary to carry on the business of such com.
mon agency; but nothing iu this section con,
tanned shall authorize the redemption or pur-
chase by such agency, of any such circuIat-
ing notes, issued by the principal Of such
agent, at discount of more than one quar-
Ter oil one per cent; nor TO relieve or discharge
such Incorporated bank, banking association
or individual banker, from any duty or liza
billty required or imposed by this act.
Sect. "a. When any individual banker,
or the officers of any banking association
shall have redeemed ninety per cent. Of the
circulating notes, and shall produce to the
treasurer OF This state a certificate of deposit
TO his credit in such ba nix as he shall approve
to an equal amount with the circulating notes
of such bank unredeemed, it shall be lawful
Tor him to receive the same and give up all
the securities heretofore deposited by such
banker or association, for the redemption of
circulating notes issued.
Sect. 30. Such association or individual
banker, after having compiled with the provi-
slons OF the preceding section, may give no.
tIce Tor two years in the state paper, and also
IN at least one newspaper printed in The coun-
ty where the said association or bank shall
have been located that all circulating notes
issued by such association or bank must be
presented at the ueasurers office within two
years from the date Of such notice, Or that
the funds deposited for the redemption of the
notes will be given up TO the bank Oh associ-
alton and on receiving satisfactory proof of
the giving such notice for the time aforesaid,
the treasurer shall surrender TO the order of
the said association or banker, any securities
which he may mold for the payment of any
unredeemed notes Of said association or bank
Sect. SO. No such individual or assoca-
ton authorized to carry on the business of
banking, shall issue and put into circulation
as money, bank notes or bills as aforesaid,
unless such association or individual banker
shall have, al the time of such issue, one dol
lar in specie for every five dollars in notes or
bills so issued and then in circulation.
Sect. 81. The cashiers of each bank shall
keep an account of the daily receipts and dis
bursements of its specie, specifying the OBJ
jecis for which the disbursements were made,
and by balance, the amount of species re-
naming in its vaults at the close of each
days transaction ; and lie shall also keep a
daily accoun; OF its bills issued and returned
showing by balance the amount in circula-
lion at the close of each days transaction
also similar account offs receipts aud dis
burseinents, on account Of deposits; and also
daily account of its loans and receipts
And whenever any violation Of the thirty
sixth section of this act shall appear by the
accounts aforesaid, il shall be deemed con-
elusive evidence of the fact, against the bank
and information and evidence of the same
being furnished by the bank commissioners
or otherwise, the attorney general shall pros
ecute and recover one thousand dollars of
said delinquent. 10 the use of the state.