Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1851-12-05

within this state of such association. tn loon an,
circulate the same as money, according to tn,
ordinary course of banking business. as renull
teddy the laws and usages of this state.
SEC. 4. In case the makers of any such cir
cuatlng note or notes, countcrsgned and req
lstercd as aforesaid. shall at any time hereafter
on lawful demand, during the usual hours O
business, between the hours of ten and thre,
o'clock, at the place where such note or note
| Is or are payable, fail or refuse to redeem sucl
note IN the lawful money OF the United States
/ the hoder OF such note or notes, making sucl
demand, may cause the same to be protested
| for non-payment by notary public. unde
his official seal, in the usual manner and th,
treasurer, on receiving and filing in his otfic,
such prot st, shall forthwith rive notice in wri
ting, to the makers of such note or notes. to pa,
the same and if they shall omit to do so. f5
ten days after such notice, the treasurer shal
immediately thereupon, unless he shall be SAT
lsfled that there Is good and legal defeuc,
against the payment Of such note or notes. ri ,
notice that all the circulating notes issued b,
such association will be redeemed ont of thc
trust funds IN his hands for that purpose. which
notice shall be given by publishing the same r
some newspaper printed in the county where
the business OF such association is established
or IN case there Is no newspaper printed m
such county, such notice shall be published ir
some newspaper printed at Montpelier; and the
treasurer shall be required to apply the SAID trus,
funds, belonging to the makers of such protested
note or notes, to the payment pro rata of all cir
culatng notes, whether protested or not put il,
circulation by the makers of such protested note
or notes, pursuant to the provisions af this act.
and to adopt such measures for the pavmcnt of
such notes as will in his opinion most eifectu-
aIyl prevent loss to the holders thereof
SEC D. I he treasurer NAV give to any as-
sOclation. so transferring stock. in pursulu'c of
the provisions of this act, powers of attorney 10
receive interest or dividends thereon. which
such association may receive and apply to their
own use; but such power may be revoked uD-
on such association failing to redeem the cir,II-
latlng notes so issued. or whenever i'm the ouin-
ION OF the treasurer the principal of such stock
snail become an Insufficient security: AMI the
shld treasurer, upon application of the owners
OF such transferred stock in trust. NAV i'm ms
discretion, change or transfer the same for 9th
er stocks OF the KINDS before specified in tins
act or may transfer tn" SAID stocks or any part
thereof, or the mortgages, or any of them heres
matter mentioned and provided for, upon re-
celvlng and canceing an equal amount of
such circulating notes delivered bv him 10 ,uch
notes shall aways be secured in tull. either by
stocks, or by stocks and mortgages, as in this
act provided.
SEC. 6. ! he bills or notes 50 to be counter.
signed, and the payment of which shall be 50
secured by the transfer Of public stocks. shall
be stamped upon their face, secured BY the
pledge of public stocks"
SIC. 7. lns eaI OF transferring public pub
Ks Al, i'll
amount of such bills or notes, it shall be lawful
tor such assoc alton. in case thev shall SO elect
before receiving any of the said bills or note,
TO secure the payment of one half of the whole
amount so TO be issued, by transferring To the
treasurer bonds and mur cages upon real estate
bearing at least SIX per cent. interest, payable
or seml-annually, in which case all
'uch bills or notes issued by the said associa
ION shal be stamped on their face, secured
~ the pledge OF public stocks and estate"
SEC. 8. The real estate so nortgagpd. must
'e improved, productive, unincunbered land,
n this state, exclusive OF any buildings there.
IN, and the amount for which sad lands are So
nortgaged must not exceed two-finhs of the
'aIue ol SAID lands nor shall any mortgage b.,
ecelved tor greater amount than five thou
and dollars each, and the treasurer shall pre.
crIbe such regulations for ascerta:nng the ii.
lie ana value OF such lands, as he NAV deem
necessary, and such bonds shall be payabl.
within such time as the treasurer NAV direct.
SEC. 8. The treasurer NAV. in his discro-
ION, re-assign the said bonds and morrpages mr.
my of them, TO the association who tran, ferrad
ne same, ON receiving other approved bond
md mortgages, or public stocks of the de.crin.
ION mentioned IN the second section of this
ct, OF equal amount; and when any sum Of
ne principal OF the bonds and morlgapes
transferred 10 the treasurer, shall be paid to
''h' ne snail notliy The association that trans
erred The bonds and mortgages, Of such pay
leh', and may pay the same to such associa
on, Oh receiving other approved bonds and
loTtgages OF equal amount
oEC. ~. The association, assigning sucb
onds and mortgages to the treasurer. NAV ra.
eve the annual interest to come thereon, nm.
ss default shall be made in paving the hills
notes to be countersigned as Aforesaid. or nm.
SO, IN the opinion of the treasurer, The bonds
no mortgages, or stocks So pledged, shall be. +
lme an insufficient security for the payment ,
such bills or notes.
SEC. IL. In case such association shall fail /
refuse to pay such bills or notes ON demand d
the manner specified in the fourth section NJ ,
us act, the treasurer, alter the ten days M {
ce ihereln mentioned, may proceed to sell AT ,
lbllc auction the public stocks SO d edged. or 1
e bonds and mortgages so assigned, or any or q
ther OF them, aud out of the proceeds of such C
lie shall pay and cancel the said bills or note. i
'lauIt IN paying which shall have been mad,
Aforesaid but nothing in this act contained O
lall be considered as implying any pledge on d
e part OF The State tor the payment OF said d
lis or notes beyond the proper application of a
e securities pledged 10 the treas Vi er for their S
demptlon. -
SEC. II. The public stocks and bonds and Il
orlgages 10 be deposited with the Treasurer il
any such association, shall be held by him II
cIusIvely for the redemption Of the bills ar Ii
lies OF such association, put in circulation a. a
lney' until the same are paid. il
oEc' IS The plates, dies, and materials 10 "
procured by The treasurer, tor the pr,nt,ng e!
d making ot The circulating notes oroyldeI as
hereby, shall remain in his custody. and
der his direction The expenses necessarily =,
'uffeu IN executing The provisions of TINS aci e.
hl De paid by the treasurer out of any mona, II,
me treasury not otherwise appropriated 4,
ior 'he purpose OF relmburslng the same ),
sd'd treasurer Is hereby authorized and H. m
Ieu 10 cbafse az alnst, and receive from, sucb -,