Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1853-03-16
THE RAEy BILL.

newed for the term of twenty-onc years from
and after the first day Of Janu: ry next, whic;r
will be in the year OF our Lord one lhousaa;!
eight hundred and tify-!hrea.
Sec. = l,at said bank shall, during the S; i
term Of twenty-one years. be permitted to enjoy
all the privileges, rights, powers, immuniiies,
and benefits whichit now enjoys under the ex
isting charter OF sa:ls bank, and the said bank
shall be subject to.all the provisions of IN Act
passed on. the eighteenth day of December, in
the year of our Lord one thousand eight hun
dred ans! forty, entitled IN "Act to provide
against the suspension IF specie payments by
the banks Of this State" nnd also to such re&su-
lations and restrictions rs the Legislature Shall:
from time to time, impose.
SEC. g. That the capital stock and other p:n-
perty Of the said Planters and Mechanics Bank,
and all the other banks hereby rc-chartered or
incorporated, shall be liable to taxation in the
same manner as the capital stock and property
Of individuals, and of other corporations Pro-
rided That no municipal corporation Shall tax
the capital stock or profits of said banks without
authority first had and obtained iror, the Lcgis-
lature.
t. That IN case of the f,ilure of said bank,
each stakeholder, copartnership or body polite.
having = share or shares in such bank ut the
time Of such failure. or who shall have been IN
tsrested therein ut any time within twelve
months previous to such failure shall he liable
and held bound Individually, for any sum not
exceeding twice the amount Of his, her, or their
share or shares
5. 1t shall be lawful for the said bank, c::'
cent in settlements with other banks, to pay or
deliver out in payment or satisfaction OF any de-
mand upon it by way of loan or discount, any
bill, note, check, or other paper OF any other
bank. And for each and every violation OF this
section, the said bank shall be subject to the
payment OF one hundred dollars, TO be recovered
by action of debt ut the suit Of the State, and
appropriated one half 10 the use of the State, ana
the other half to the informer.
e. The bills or notes OF The said bank shall bt
receivable by the TrcasurcrS, Tax C"l'ea;"rs
and other public officers III payment for taxes
and other monies due to the State, no longer
than while the sail bank shall promptly ray on
demand, gold and silver current coin for their
notes but whenever the said bank shall refuse
os deI;ry to pay any of their notes in gold or >-
vcr current coin, or whenever there snail be
protest on any Of the bills or notes of the said
hank for non payment i'll specie, it shall be HE
duty Of the Comptroller ;c;!eral to forbid III"
receipt of bills or notes of ;ie said bank for tax
cs and other public dues, un!css satisfactory rca-
sons be shown hin, by the said bank for contest
inu in 1 court Of justice the payment OF such
protested bills or notes.
!. That The charters of the Union Bank Of
Charleston, South Carolina and the Commercial
Bank of Columbia, BE- also renewed from the pc
riod ut which their charters respectively expire,
for the same time and with the same rights, pr-
virges, and obligations, rs hercnbcfore provided
in relation to the said Planters and Mechanics
Bank.
8. That the following eight Binks are hereby
inc nc,rpuratcd, to bc named and known is follows,
t,-wit
Oae il Columbia, to be known rs the EI.
ch ,nge Bank of Columbia, with capital OF Five
Hundred Thousand Dollars, and with the privi-
legc of increasing it to One Million; one n!
Charleston, TO be known rs the Farmers anal
Exchange Bank of Charleston, with capital "t
One Million of Dollars; one at Chester, TO be
styled the Bank of Chester, South Carolina.
with capital Of Three Hundred Thousand Dol
lars; one at Newbcrry, to be STYLED The Bank Of
Newbrrry, South Carolina, with 4 capital Of
Three Hundred Thousand Dollars; one ii
Winnsboro, to be styled the Planters Bank Of
ed fs ssafn Y Baaf Of South Garona, with
n capital of Three Hundred Thousand Dollars
one ut Sumtcrville, to be styled the Bank Of
Sumterville, with i capital OF Three Hundred
Thousand Dollars and one ut Charleston, 20 III
syIed the Peoples Bank of South Charolina.
with capital Of one Million of Dollars which
said Blnks shah have aud possess the same
rirhts and privileges and b. subject to the same
duties liabilities and obligations, regulations and
restrictions, herein provided for the said Plan
tr,s' and Mechanics Bank and Union Bank and
Commercial Bank. The capital stock of each
OF the said eight Banks shall be divided into
shares OF Twenty-Five Dollars each.
g. The Comptroller General shall be auihor-
zcd to appoint fit and proper persons is COM
nissioners ut Columbia and Charleston or else
where, Us he may decide, I, open subscriptions
between the first day Of April and The first day
of July next, To the capital Stock of the cyI
banks respectively named in the foregoing sec
lions, and to require five dollars, on each share.
from, subscribers, in specie or notes of specie
paying banks of this State, and shall deposit the
same in such banks rs 4 majority fihe subscri
bcrs shall designate, for the of the reSp c;iye
banks, on the first meeting Of the subscribers :;
that, rs soon rs the subscriptions shall reSpcc-
lively be filled 10 The amount Of the capital stock
of each of the said banks respectively, herenbe-
fore named, it shall be the duty of the Comp.
trollcr General to notify said subscribers 10 meet.
who shall, thereupon, become Il body corporate,
with the same privileges and rights rs the stock
VI iHc oiIihS "HOSc arc HcTVUI
renewed, and make all bylaws, not inconsistent
with the laws of the land, 10 provide for the
election of officers, the division Of the capital
Stock as aforesaid, the payment of the subscrip-
tions, and all arrangements to put into operation
the charters hereby granted. PrOrided, That no
one Of the banks hereby Incorporated for the
first time shall issue any bill or note, or trans
act business, until satisfactory proof shall be
given to the Comptroller General that one half
Of the capital stock Of each Bank has been paid
in; one mocty thereof in gold or silver, and the
other moiety in notes of specie paving Banks o!
this State. And prorided further, That in case
Il forer->ubscripton to the stock of any of The
foregoing banks, the said subscription shall be
reduced pro ratq-but no subscription of shares
or under shall be reduced: and it shall not be
lawful for any person to subscribe for shares IN
the name of other persons.
10. No loan shall be made on pledge Of stock
OF any of the said banks, until one ycar after the
whole capital shall have been paid in.
IL. The officers of tie banks above named
shalt not be exempt from militia duty or from
serving on jurics.
INCREASE OF SALAEIEs.-IIowevcr public
men may differ upon political subjects. they
agree upon ore point and that is to help them
selves to as much OF The public money as pos
sible. A case in point has just occurred. The
whig Secretary Of the Interior suggested that
members Of The cabinet should be better colE-
pcnsated, and Il democratic Congress iIHs raised
tbe;r s,l,,irs from siy IN riUlt fhCu,and dOIElrS