The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-04-19
Bank Note Redemption Law.

Bank Note Redemption Law.
An Act several Acts relating Incorpora
ted Banks, Banking Associations and Individual
Bankers.
The People of the State Of Ner York represented in Senoe
and ASSEMBLY do enact as Jouous -
Section Section one Of the act relating to the re-
amended to read as follows
"sec. Every moneyed incorporation in this State
having banking and issuing bills or notes Of cir
culaon and every banking association and individual
banker carrying banking business under the act to
authorize the business Of banking except those whoss
place Of business Is in the cities Of New York. Albany
Brooklyn Troy shall before the first day ofJuy
next, appoint agent who shall keep office in the
all circulating notes issued by corporation hiking
association individual banker which shall be presented
Sec 2 Section fsur Of the sad act Is hereby amended
to read follows:
Sec. 1t shall be the duty Of every such corporation
bankr association and individual banker out 1.-THE cities
New York. Albany, Brood yn and Troy to redeem ana
pay demand all circulating notes issued by such
poration banking cation individual banker pre-
scented redemption payment the Office cf their
said agent in the city Of New York Albany Troy 1T
rate Of discount not exceeding onequartes Of one per
cent"
See. D Whenever action shall be brought against
Incorporated bank banking associationor individual
banker for the recovery Of the amount due any crcu
ating note notes registered in the Comptroers Office
the payment Of which shall have been demanded at tbs
fendans, if it shall appear the trial other
WISE to the court in which such suit Is brought, that at
PENDANT in pay mcnt the circulating
Issued BY bank association or banker other than the
New fosk, Albany or Troy, draft drafts any
bank association banker In the city Of New York. Al
bany o. Troy or either Of the same Tor the amount Of
the circulating note presented with aikavit IL
qured that such draft drafts IL available to
their fall amount to insure the immediate payment
thereof presentation or In action shall bs
commenced upon such note notes before the expir
tion Of fifteen days from the time Of the first demand
Thereof above mer toned and provided such bank.
association individual banker shall be ready pre-
pared TO redeem such note In the lawful money
United States the counter ordinary p, zoe OF
busin al he ex-
prstion Of said fifteen days from the time of the first de-
ma nd thereof with istcrest then in either the plain
til in such action shall not any costs dis
bsrsm-nts whatever againt the defendants and shah
be entitled 10 recover more than per cent n
tsrcst in lieu Of all damages for the Of tbs
said circulating note notes but interest shall be
recovered such note notes in any action unless
the plaintiff holder thereof shall have again presented
the same for payment, at the banking house ordinary
place q business Of such defendant after tn,
fifteenth business day after such rst demand and befor.
the twentieth day and the defendant shall have neglect
ell and refused to pay the with int rest II that
uin, as Aforesaid Aad such bank, association or
banker al the time OF the first Of said cir
cuatng note notes shall have offered TO pay
bank notes or drafts or both, either in he
above provided and shall ut the time Of the pre-
sentation, pay tender the amount OF such note
notes thus demanded in the lawful money o. the United
States Mt their banking house ordinary place bus
then tpsh bank association banker shall bs
deemed to have suspended refused specie payment,
within the meaning Of an statutes pp proc.ed
nr for the dissolution the charter Of such bank oe
authorizing proceedings TO restrain enjon the ordi-
nary business of such bank association or banker nor
shal sush bank association or banker in such case
liable 10 any other greater damages for the pay
mcnt Of such circulating note notes, than above
provided any provs on Ia the charter o any bank
any other statute To the contrary Notwithstanding
Sec The fourth section Of chapter hundred ani
sixty Of thc Laws Of eighteen hundred and thirty eight
amended by the first section ~ chapter fDysiS o.
the laws 81 eighteen hundred and fprtyonc. Is hereby
further amended that II shall read follows lin
the maker or makers o. any such circulating note
countergned and registered aforesaid shall at
amy time hereafter on lawful demand during the usual
hours II business between the hours of and three
o'clock at the place where such note notes IL
payable fall refuse to redeem such notes In tho
lawful money Of the United states the holder Of such
note or notes making such demand may the
same to be protested In package. for
by notary public under hi. seal Of Office in the usual
manner unless The president cashier or teller Of .nch
bank hall offer 20 waive demand and notice Of the
protest and shall in pursuance q such od., make,
ign and deliver to the party making su.n dcman l. an
admission in writing stating the time of the dcmn nj the
amount demanded and he fact q the non-payuent
th'r. the Comptroller On receiving and filing in
his office such admission protest together with such
notes shall forthwith give notice In writing TO
the maker makers of such note W notes 70 pay the
same; and II he they hall omit To do for fifteen
days after such notice theComptrolIcr shall immediate
y thereupon funcss he sha be satisfied that there L.
good and legal defence against the payment of such note
or notes. give notice in the State paper that all the cir
ouating notes issued by such person association will
be redeemed out II the trust funds in his hands for that
purpose and the Comptroller shall be required to apply
tho said trust fund.- belong ng to the maker makcrS o.
such notes 70 the payment pre- of ell the circulating
notice put N circulation by the maker Or makers d sncn
dshonord Notes pursuant to the provisions q this act
and adopt such Eeasurcs for the payment o. such notcs
as viii in his opinion mrt ecctusly prevent los to tho
holders thereof
sec. s. The twenty ninth section u said chapter two
hundred ard sixty Of the laws Of eighteen hundred and
thirty eight il hereby amended 50 as to read Is fol-
lows
Sec - such association individual banker shah bs
Liable pay the holder Of every bin note put In crcu-
tion money the payment 81 which shall have been
demanded and refused, at the banking house usual
place business Of such association banker damages
for thereof in lieu Of interest aud atcr
the rate Of per cent pr from the time ~
such refusal until the payment OF such evidence Of debt
and damages thereon
See g. Nothing contained in the third fourth and nh
sections Of this act shall apply where circulating
notes registered In the comprolers Office shall be pre-
ented for payment to the agent q any incorporated
bank, banking association. individual banker appoint
ed according TO the provisions 81 chapter two hunref
and two Of the laws Of eighteen hundred and forty
Titled An act relating TO the redemption Of bank notes.
nor TO any bank banking association individual bank
err Tor whom there shall not be al the time agent duf
as prescribed IN the ssd act to banks,
iaons or individual bankers whose place of bui
ness y IN either " the cities OF New York Albany BrooA
lyn or Troy.
1T