The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1851-04-16

dissolved, but an election may be held on
any subsequent day, thirty days notice
thereof having been given in newspaper
printed and in 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 hun
dred dollars each, and no note of any 9TH
er denomin alton, may be issued by any
banking company deriving any of its pow
ers or privileges from this act OF the
notes issued by any such banking com.
pany, not more than ten per centum of the
amount shall be in notes of one dollar each;
not than five per centum in notes of
two dollars each; not more than ten per
centum in,notes ofthree dollars each; nor
more than twenty per centum shall be in
notes of all denominations under five dol
lars, nor more than fifty per centum in
notes of all denominations under ten dol
lars: after the year eighteen hundred and
sixty. the Legislature may prohibit the cir
culation of bank notes of a less denomina-
ton than five dollars, in which event, in
lieu of the notes of less denomination
than five dollars, notes of the said denomi.
nation OF FIVE dollars shall be furnished for
circulation to any bank thereafter organi-
zed; and in lieu ofnotes of less denomi-
nation than five dollars, as fast as the same
shall be redeemed by any bank, notes of
the denomination of five dollars shall be
furnished to such bank, and the notes so
redeemed shall be entered in the proper
book or books, and burned in the same
manner as provided in section 81 ofthis act
Sec. IT, No banking company, hereby
authorized, SHALL at any time issue, or
have in circulation. any note, draft, bill
of exchange acceptance, certificate of de.
posite, or other evidence Of debt, which,
f from its character or appearance, shall be
calculated or intended to circulate as mo.
ney, other than such notes Of circulation
as are by this act described
Sec. 18. 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 company,
the notes of circulation issued by any 9TH
er banking company authorized to issue
such notes by this act, which shall, at the
time, redeem its notes in gold and silver
coin.
SEC. 19. 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 ofcirculation; and when
ever the amount of its outstanding notes
of circulation shall exceed the above ma
med proportion, for the space of twelve
days, or whenever the said gold and silver
coin, or their equivalent, shall at any time,
fall below the amount Of twenty per centum
of its circulation, no more of its notes shall
be paid out, or otherwise be put in circula-
ton, by such company: nor shall such
company increase its liabilities by making
any new loans or discounts, other than dis
counting or purchasing bills of exchange,
payable at sight, nor make any dividend
of its profits, until the required proportion
between its outstanding notes ofcirculation
and gold and silver coin on hand, shall be
restored; actual depositcs with any solvent
bank or banker, of established 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 equivalent to gold and sill
: yer coin, wherever these terms are used
f in this act.
Sec. 90. 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 accounts,
that is to saw: First-On account Of its
notes of circulation; Second-On account
of monies deposited with or collected by
such company; Third-On account Of
bills of exchange or drafts, drawn against
money actually paid in depositto the cred
it of, or due to such company; Fourth
Liabilities TO its stockholders, on account
Of money paid in on capital stock and divi-
dends thereon.
Sec. 21. No banking company shall,
either directly or indirectly, pledge, hypo-
thecate, or exchange, any 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 opera
tons, or for the purpose Of purchasing
stocks to be deposited with the Auditor Of
State, nor shall any banking company ap-
ply, or permit to be applied, hypothecated,
or pledged, any portion Of its capital stock,
to the purchase Of certificates Of stock, to
be deposited with the Auditor Of State,
as collateral security for the redemption
of its notes of circulation.
i Sec. %. No banking company shall,
during the time it shall continue its opera
tons as bank, withdraw or permit to be
Withdrawn, either in form of dividends.
loans to stockholders, for longer period
Of time than six months, or in any other