The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1851-12-06
LAWS or YER MONT.

I NJ. %. 2.--An Act 10 ouidorise ne business Of
/ BrukipG
! III hcrchy enacted hy the General As.
seutSiv N ttr Stare ~ Vrrufouf, ~ f1llnw-.
/ Sec !. The trrasurcr ~ the state is here
/ by authorized and required 10 cause 10 be
engraved and printed, in the best manner 10
guard against countrrfriting. such quantity
Of circulating notes Ia the similitudc or hank
notes in blank Of the different denominations
authorized 20 hc issued by the incorporated
banks of this state, rs he may from time TO
tune deem necessary 10 carry into effect the
| provisions Of this act and of such firm as he
may prescribe. Such blank circulating notes
shall hc countcrsignod numbered. and rrus-
tered IN proper books Co be- provided and kept
] for TINT purpose, IN The oflicc Of said trcasur-
or, under his direction, bv such person or
persons as the said treasurer shall appoint
/ for that purpose, so thar each denomination
Of such circulating notes shall bear the uni
/ form signature orsuch Register, or any one
I Of art-tf rrgiistUry,
Sec. ?. Whenever any association Of
persons. not less than ten in number, resi-
dents OF this staTc, T0FnTJt f0r -1urpu-r- rrf
banking under the provisions Of this act, shalt
! lawfully transfer 20 the said treasurer any
portion of the public stock issued or to ho is
sued 10y the United States, the State Of Mas
sachusctts. New York Maine Connecticut
Rhode fSrTnI1i, NV tfduTyir Y y -rrrrrvrrrt,
Ohio, New Jersey, or Virginia, such asSocia-
ton of persons shalt he cntitlcd To receive
from the said treasurer an equal amount Of
such circulating notes, of different dcnomn-
ntions, registered and countcrsiGncd as afore-
said; but such public stock shall in all cises
be, or be made 10 be,cqual to n stock produc-
ing six per cent per annum; aud it shall not
be lawful for the treasurer 20 take such at
rate abQvc It's par value, nor above its eur
rent market value.
See. Such association is hereby author
lied, after having executed aid signed such
circulating notes IN the manner required by
: law, 10 make them obligatory promissory
notes, payable on demand mt the place of bus
/ inrss, within this state, of such associatun 90
loan aud circulate the same as money accord
ing to the ordinary course of banking busi-
ness, as regulated by the laws aud usagos of
! this state,
| Sec. 4. In case of the makers of any such
circulating note or notes, countcrsigned and
registered as aforesaid, shall at any time here
after, on lawful demand, during the usual
hours of business, between the hours of ten
and three o'clock at the place where such
note or notes is or are payable, fail or refuse
To redeem such note intthe lawful money Of
the United States, the holder of such note or
notes, making such demand, may cause the
same to be protested for non payment by
Inotary public, under his official seal, in the
usual manncr and the treasurer, on rcceiv-
ing and filing in his Office such protest, shall
forthwith give notice in writing TO the max
cfs Of such note or notes, 10 pay the same;and
if they shall omit TO do so, for ten days after
such notice, the treasurer shall Immediately
thereupor, (uness he shall be satisfied that
there is a good and legal defence against the
payment OF such note or notes,) give notice
that all the circulating notes ISSUED by such
association will be redeemed out of the trust
funds in his hands for that purpose, which no
tico shall be riven 10y publishing the same in
some newspaper printed in the county where
the business Of such association is established,
or in case there is no newspaper printed in
the county where tho business of such as
sociation is established such notice
shall be published in some newspaper
printed at Montpelier; and the Treasurer
shall bc required to apply ihe SAID trust funds,
belonging to tho makers Of such protested
note or notes, 10 the payment pro rata of all
circulating notes, whether protested or not,
put in circulation by the makers of such pro-
tested nOto or notes, pursuant 10 rho pruvis-
ions of this act, and to adopt such measures
for the payment of such notes as Will in his
opinion most effcctually prevent loss 10 the
holders thereof
Sec. 8. The-trcasurer may give to any
association, so transferring stock, in pursG- I
anco of the provisions of this act, powers of
attorney to rcceivR' interest or dividends
thereon, which such aSsorintion may receive |
and ets,,l, TO their dxn nRe; but such powcr1
may bo rovokcd'upon such association failing !
TO redeem the Circulating notes so issued, or |
whenevcr h tbe opinion Of the treasurer
tho principal Of such stotk shall be !