Kenosha telegraph. [volume] (Kenosha, Wis.) 1850-1854, 1852-12-17


to people abroad and at home, the nature OF the
charters under which our banks will be estao-
lished. Il cannot but give our banks as good a
character as any banks in the Union. If the
bill holder il not safe under this law there is no
such a thing as safety. If our people choose to
use New York trash after their own secured
bills get into circulation, it will be their own
fault"
We take them from the law in the order of
the sections -
/. The Comptroller gives $50, 900 bonds.
4. Ho or his deputy keep a record of and
countersign all notes. He has charge of the
plates.
5. Securities.--U. s. stocks, or State stocks
are to be received. State stocks are to be val
ued at their average rate for the 6 months pre-.
ceedng in New York. All the stocks must be
al least equal 10 per cent stocks They can
not be received at q rate above their par value,
nor above their current value in New York at
The time of their; deposit, even if the average
OF months previous should so indicate and if,
after all the comptroller and governor, shall think
that stocks, apparently coming under the pur-
view Of the law, are not safe, they shall not re-
ceive them.
bon1 may b. taken as securities, under the fol-
lowing restrictions They must bear no IS
than per cent interest, payable semi-annnally
the roads Incorporated and located in this state
the bonds to be secured by the first mortgage
on the roads--which roads must be complete
and running order, of the best pattern of rail
weighing not less than so lbs to the yard, and
wiki all depots and fixtures in order if the road
is long one, 40 miles must be in operation if
short road, none shorter than 20 miles comes
within Abe provisions of the act. The Comptrol-
4er, Governor, and Attorney General must ex-
amino and certify that che road is all that the law
requires as to the mechanical condition and that
It has earned for the year previous more than
7per cent het revenue the financial condition
OF the road to be verified by the oath of its Of
feers.
These securities cannot be received to the
amount Of more than half the notes issued nor
nj a rate of more than 80 per cent on their val
ue, nor at more than half the cost of the road
per mile, nor at more than S8, 900 per mile in any
event.
10. In case Of depreciation of the securities
deposited, bankers are to be required forthwith
TO make up the deficiency
IL. The mortgages to be recorded.
II. Descriptive lists of the notes to be kept
by the treasurer.
IA. If there is any trouble with the sccuri-
tics, the Comptroller is to retain the interest on
the securities deposited
II. Directors or stockholders are to give, in
addition to the securities, bonds to the amount
of one fourth OF the circulating notes which they
issue.
The notes ure to be made payable on demand,
at The place Of business in this STATE.
Is. Certificates to be filed, open TO public ex-
animation, giving names and residence of share
holders, number Of shares held by each, place of
business, &c, &c.
Al. Securities to the amount of S25, 900 must
be deposited, exclusive of individual bonds, be-
fore xU association can commence business.
% liza bank shall fail at any time to redeem
its notes, the holder may cause to be protested
what he has, in one package. The Comptroller
on receipt of notice of such protest. is TO give
five days notice to the Bank to redeem. In
case Of failure to redeem, the Comptroller forth
with gives notice that the notes will be paid
out OF the securities in hands, and shall pro-
coed to apply the securities to that purpose by
giving 80 days notice Of their sale, and selling
them at the Merchants Exchange in New York
IS. II for 60 days the current market value
Of securities shall be less than the rate at which
they were deposited the Comptroller is to notify
the bank, and within 80 days the bank must de-
post other securities 10 make up the difference
bank must be wound up.
20 A penalty of $4,000 fine, or years i'm
priSonment, or both, against the Comptroller or
deputy signing bills to greater amount than the
securities deposited.
30 Banks to pay 5 per cent damages to the
holder of unredeemed notes.
30. No bills TO be made payable elsewhere
than where the business of the bank is carried
on.
80 II the Comptroller at any time deems
the securities insufficient, he is to receive the in
tercst on them, ard retain il ill they are made
good.
35. When 80 pr ct Of the notes have been
redeemed and returned, and cash to the remain
ing 10 pr CT is deposited to the credit of the
Comptroller that officer may give up the sccuri-
ties and not before
SO. Two years notice must be given BY the
bank to present the remaining notes for redemp-
ton.
81. If the bank wishes to Withdraw secur-
ties, it may do SO only depositing its notes, or
specie.
80. Notes returned TO be DESTROYED
40. The bank must make no dividends if any
part of its capital has been Withdrawn while there
remain debts unsdtisted, under penalty Of being
closed up.
Il. Banks to make full report semi-annually
to the Comptroller
~. Stockholders individually liable to the
amount Of their shares
LOUIS NAPoLEoN IN New York The editor
of tho BROOKLYN ADVERTISER saws he kncu Iouis