Des Moines courier. ([Ottumwa] Iowa) 1848-1854, 1851-02-21
Free Ranking I'm Illinois.

we give Del0w SYNOPSIS vi suo
Bank bill introduced by Mr.. Dyer, and
now pending before the Illinois legisla-
ture. tits similar to the New York sys-t
tenn. In the matter of security it con-
templates precisely the policy recently
adopted by this State in the general in.
corporation law, and so far must COM
mend itself to the favorable opinion OF
all thinking and well-informed minds
We are glad to see that the honest and
intelligent of all parties are coming to
common understanding on such subjects
that all recognize the expediency and
Justice of proper security, and that all
are disposed to be satisfied with such
securit; as shall be deemed sufficient,
without encumberrng capital and enter"
prise with unnecessary restraints and RE
diculous distractions. These facts are
evidences of an enlightened progress.
and, we hope, of "good time coming"
when reasonable men can meet upon .
common platform and fix upon ration
al policy without quarreling over explo-
led theories and WORKOUT humbugs:--
Bur. Telegraph.
"Whenever any persons o, associa-
ton Of persons, formed for the purpose
of banking under the provisions of this
act, shall lawfully transfer and deposito
with the Auditor any portion Of the pub.
lie stock issued, or TO be issued by the
United States, or the stock of this Stale
the latter stock to be valued and
estimated as note twenty per ccntum
less in value than the market price of
such stock---to be estimated and govern
ed BY the average rate at which such
stocks have been sold in the city of New
York within the previous six months
preceding the time when such stocks
may be left or deposited with the AUDI
tor-such persons or association of per.
sons, shall be entitled to receive from the
AUDITOR, an equal amount Of such sircu-
la,ing notes of different denominations.
registered and countersigned as aforesaid;
and it should not be lawful for the Audi
or TO take such stock at rate above lis
par value. .r.. -.
Any person may associate, individual
~ Ut CuhCCINClys Dus "ih hOs 1909 sHSu
fifty thousand dollars capital.
The shares OF sach association shall
be deemed personal property, subject TO
taxation, and transferable on the books
of the association; and every person be-
coming a shareholder, shall succeed to all
the rights and liabilities Of prior share
holders. .. .... .....-.
A true and correc. list OF the names
of all the shareholders shall be fled in
The office of the county clerk, and also
in that Of the Auditor, every year sis
the first Monday in January.
No bills put into circulation or paya-
bic a, any other place than where issued.
No bills pu. in circulation but such az
are payable on demand.
Ever banker and stakeholder to be
personally liable to the amour, of his
stock, to be recovered in action at law
for the payment Of any note pu; in circu-
lation,-shis liability to continue six
months after assignment by him Of any
such stock, and any STOCKHOLDERS may be-
liable as aforesaid, although his stock
may be held and recorded in the mans
OF another person or party. -..
The names of all Stockholders shall
be written Ut length, and continually ex-
posed for public inspection during bank.
hours, and every transfer Of stock ex-
hibi,edin like manner"