Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1851-05-12
OPPOSITION TO TYRANNY oBEDIENcE TO
@.3 @sz.4 RAVENNA, 0HI0 MONDAY, MAY r. 1851.

s piaCeS Until the nrSt MONDAY IN Januar'
: next thereafter, and until their successor
e shall be elected and qualified; all subse
/, lquent elections shall be held annually, Of
!, the first Monday of January, at the offic
! of the bank, and the directors SO elected
, shall hold their place for one year, and un
: til their successors are elected and qualified
, But any director removing from the State
shall thereby vacate his plnce. Any va
lcancy in the board shall be filled by ap
poin.ment by the remaining directors :
The director so appointed, shall hold hi
place until the mex; annual election, and
if, from any cause, an election of directors
ltshall not bemnde al the time appointed
the company shall not, for. that cause, bs
dissolved, but an election may be held or
any subsequent day, thirty days notice
thereof having been given in a newspaper
printed and il, general circulation in the
county where the company is located.
Sec. l6' Notes of one dollar, two dol
lars, three dollars, five dollars, ten dollars,
twenty dollars, fifty dollars, and one hund
red dollors each, and no note of any other
denomination, may be issued by any bank.
ing company deriving any Of its powers
or privileges from this act. OF the notes
issued by any such banking company, not
more than ten per cenium of the amount
shall be in notes oc one dollar each; not
more than five per cenlum in notes Of two
dollars each; not more than ten per centum
in notes Of three dollars each; not more
than twenty percentum shall be in notes of
all denominations under FIVE dollars, not
more thon fifty per centum in notes of ali
denominations under ten dollars; after The
year eighteen hundred and sixty, the Leg
islature may prohibit the circulation of
bank notes ofa less denomination than five
dollars, in which event, in lieu of the notes
OF less denomination than five dollars,
notes OF the said denomination of five dol
lars shall be furnished for circulation to
any bank thereafter organized; and in lieu
of notes of less denomination than five
dollars, as fast as the same shall be redeem
ed by any bank, notes Of the denomination
of five dollars shall be furnished to such
bank, and the notes SO redeemed shall be
|e7tered,in in the proper book or books, and
burned in the same manner as provided in
section 81 Of this act. Ii ats-
Sec, II. No banking company, here's
by authorized, shall, at any time issue, or
have in circulation, any note, draft, bill of
exchange, acceptance, certificate Of ofdepos-
ite, or other evidence Of debt, which, from
Its character or appearance, shall be -calcu.
lated or intended to circulate as money,
other than such notes Of circulation as are
by this act described. @
Sec. lS. Each banking company here.
in authorized, shall receive at par, at the
Office or banking house Of said company,
in payment for debts due such com pany,
the neies ofcirculation issued by any other
banking company authorized TO issue such
notes by this act, which shall, at the time,
redeem its notes in gold and silver coin.
Sec. 10. Each banking company shall
at all times have on hand, in gold and sill.
yer coin, or their equivalent, one half at
least of which shall be in gold and silver
coin, in its vault, an amount equal TO AT
least thirty per centum of the amount Of
its outstanding notes Of circulation; and
whenever the amount Of its outstanding
notes of circulation shall exceed the above
named proportion, for the space Of twelve
days, or whenever the said gold and silver
coin, or their equivalent, shall, a, any time,
fall below the amount Of twenty per cent.
um Of its circulation, TO more Of its notes
shall be paid out, or otherwise be put in
circulation, by such company; nor shall
such company incrense its liabilities by
making any new loans or discounts, other
than discounting or purchasing bills of ex.
change, payable at sight, nor make any
dividend Of its profits, until the required
proportion between its outstanding notes
of circulation and gold and silver coin on
hand, shall be restored; actual deposits
with any solvent bank or banker, of estab.
lished credit in the cities of New York,
Boston, Philadelphia or Baltimore, subject
TO be drawn against at sight, payable in
gold and silver coin, shall be deemed equiv.
alent to gold and silver coin, wherever
these terms are used in this act.
Sec. 20. No banking company herein
authorized, shall at any time be indebted,
or in any way liable, 10 an amount exceed.
ing the amount Of its capital stock at such
time actually paid in, and remaining as
capital stock, undiminished by losses or
otherwise, except on the following &C.
counts, that is TO say: First-on account
Of its notes Of circulation; Second-on ac-
count Of moneys deposited with, or collect
ed by such company; Third-on account
of bills Of exchange or drafts, drawn against
money actually paid in deposit to the cred.
it Of, or due to such company; Fourth
Liabi,ilies TO its stockholders, on accom-,
of money paid in on capital stock and divi>
dends thereon. s.s
Sec. u. No banking company shall,
ei'her directly or indirectly, pledge: hy-
potbeca,e, or exchange,sany of its notes OF
circulation, for the purpose of procuring
money TO be paid on its capital stock, or TO
be used in its ordinary banking operations,
or for the purpose of purchasing stocks TO
be deposited with the Auditor of State, nor
shall any banking company apply, or per-
nit TO be applied, hypothecated, or pledged.
any portion of its capital stock, 10 the pur.
chase ofcer,ifcates Of stock, to be deposited
with the Auditor Of State. as collateral Sc
r. al r