Meigs County telegraph. [volume] (Pomeroy [Ohio]) 1848-1859, 1851-04-24

l tiufniSneu iur circulation 10 any Oahk ulete-
ailer organized; and in lisu OF no,es Of u less
denomination than five dollars, as ias, as The
same shall be redeemed by any bank, notes
Of the denomination Of five dollars shall be
! furnished 10 such bank, and lilo notes so re-
deemed shall be en- cred in The proper book
or books, and burned in tho same manner as
provided in section 81 Of this ACT.
SEC. IA. No, banking company, hereby
aulhorizcd shall, a, aay time, issue, OF have
in circulation. any note, draft, bill Of ex-
change, acceptance, certificate of deposile.
or uher evidence Of debt, which, from lis
character or appearance, shall be calculated
OF intended to circulate as money, other than
such notes Of circulation as are by this act
described, .., ,a.-,u
SIC. l8. Each banking company herein.
authorized, shall receive at par, at The office
or banking houscoI said company. in pay
menl for debts due such company, the notes
Of circulation issued by any other banking
company authorized 10 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
a, all times have on hand, in gold and silver
coin. or their equivalent, one-half q, least Of
which shall be in gold and silver coin. in its
vault, an ameun, equal at least thirty per
centum Of the amour, of its Outstanding
notes OF circulaiion; and whenever the a.
mount Of It's Outstanding notes Of circnla.
don shall exceed the above named proper
: lion for the space Of twclyc DAYS. or when
ever the said gold and silver coin, or their
equivalent shall. al any time, lall below The
amount Of ftwenty per centum Of its crcu-
lalion, no morrof ils notes shall be paid out,
or otherwise be put in circulation, by such
company; nor sha'l such company increase
its liabilities by making any new loans or
!, discounts, other than discoun.ing or purcha-
sing bills Of exchange. payable at sight, nor
make any dividend of It's profits, until the
: required proportion between its outstanding
notes Of circulation and gold and silver coin
on hand. shall be restored; actual deposits
: wiih'any solvent bank or banker Of estab-
lished credit, in the cities of New York
t Boston, Philadelphia or Baltimore, subjcct to
be drawn against at sight, payable in gold
: and silver coin. shall be deemed equivalen,
10 gold and silver coin, wherever these terms
: are used in this act.
, SEC 90 No banking company herein
k authorized shall at any tmc be indebted, ol
{ in any way able, 10 all amount exceeding
/ The amount of capital stock a, such time
/. actually paid in. and remaining as CAPITA
4 stock, undminished by losses or otherwise
exccp, on The following accounts, that is to
!. say First-On accoun, of its notes Of circu.
~ lalion; Second--On account of moneys de-
q posted with or collected BY such company
~ Third-On account of bills Of exchange OF
), drafts, drawn against money actually paic
II in deposit 10 the credit OF, or due TO such
# company; Fourth-Liablhies to its stock
# holders. on account ofmoney paid in on cap
= ilal stock and dividends thereon.
II Ss:. 81. No banking company shall eth
y er directly or indirectly, pledge, hypothecatc
e or exchange. any Of lis notes Of circulation
II for the purpose Of procuring money to b'
n paid on its capital stock. or 10 be used in il
n ordinary banking operations, or FOR the pur
l. pose Of purchasing stocks 10 be deposited
x with the Auditor Of State: nor shall an,
c banking company apply, or permit to be ap
i piled, hypolhecated, or pledge l,any portion o
5 :, its capital stock, 10 The purchase Of cerif
Dr cates OF STOCK 10 be deposited with the Audilo
c Of State, as collaleralse security for the rcdemp
rs ton fits notes Of circulation.
N SEC. 2e. No banking company shall, dur
4 ing the time i, shall continue It's operation
y. as bank, withdraw or permit 10 be with
y. drawn either in form Of in.dividends, loan
Il, 10 stockholders for longer period Of lin
OF ll.an six months, in any other manner, an
IN portion offs capital stock, and if losses sha
" at any time have been sustained by an
ol banking company equal 10, or exceeding il
u undivcd profits then on hand, no dividend
s. shall ever be made by any banking company
hs while il shall continue It's banking operation
Us 10 an amoun, greater than its net profits the
.:r on hand, deducling therefrom its losses, b0
OF and suspended dcbls, and all debts due 10
all banking company on which interest is pa
*. due and unpaid for period of six month
iIl. unless the same shall bs well secured, ar
nj shall be in process ofcoIleclion, shall be col
he sidered bad or suspended debts within Il
il meaning of ll,sNc a1s .r
o. SEC. 90. The directors Of each bankil
"e company shall, scmi-annual'y, an the fiji
'e- Monday in May and November, declare
ON dividend orso much Of the net profits of Il
ne company as they shall Judge cxpedien,, al
ay on each dividend day, the cashier shall nal
Ip' aud verify by his oath, full. clear and u
ny cura,e stat mcn Of the condition Of the cor
're pany MS il shall be on that day. after declu
re- ing the dividends. ard similar sla,emer
ler shall also be made on the first Monday
pa February and August, in each year, viii
statement sha,l contain. frsl--,he amou
ng Of the capital stock actually paid in, a
In then remaining as the capital stock Of /
cxl company; second The amount Of The bi
all or notes Of The company then in circulate
&C. specifying the amounted each dcnominac
lrst lhird-lhe greatest amount in circulation
the any lime since the mnkiiig Of the last pl
uld vious statement as shall have been exhibited BY
.es- weekly statements of the cashier, specifying
II times when the same occurred; fourth--the amo,
w of balances and debts Of every kind due to OF
Noy banking companies Of the State, and the amo,
ard due to banks not Of this Stale; fifth-the amo
lin due to depcsiors; sxth-the total amount of dc
,d and liabilities of every description, and the gre
wv est amount since the last previous statement, S
ua' cifying the time when the same occurred; seve
ion the total amount of dividends declared on the
me oil making the statement; elghth-the amount
~ gold and silver con- and bullion belonging to
N nncc fCc,On NJ tha of ,