Indiana American. [volume] (Brookville, Ind.) 1833-1861, 1855-02-02


ton to stealing fruit, melons, etc.
which, We understand. Ia less stringent
than tho present law. Sorry for Il,
The mos, important measure intro
duced wasa bill by Mr. Hudson amend.
ing the bank law. So important Is II,
that We give the following synopsis Of
Il, entering our protest against tho bill.
II won't do 10 tell people who are now
selling shinplasters at from Go TO rs
cenls that "ulumato security" 10 what
they need. They want present seou.
ri,y. and we will whisper TO our Rep
resentatives that any bill which does
not promise this, will DO unacceptable
TO their constituents. This bill requires
only iai per cent. specie. That
10 the present law, we believe. and yet
how insufficient Il is. all know-some
know painfully. The addition Of 10
per cent. Of stocks Is all humbug, Not
less than 20 per cent. specie should
be allowed. Here Is the synopsis;
let, AZ 10 stockholdcrs.-These
are be not less than eleven. majority
Of whom shall be residents OF Indiana.
These are TO be individually liable TO
an amour. equal 10 tho amount Of
bonds held by each.
I'd, As 10 the securities. These are
to consist OF State or United States
stocks. paying q semi.anual interest
and bearing O per cent. interest. or
made by additional bondsequal TO that
rate Of interest. One hundred and
fifteen dollars worth Of bonds are TO be
deposited for every one hundred
dollars worth Of issues. No bond Ia to
be received At a value higher that It's
market value, or for more than It's par
value.
When the stock deposited shall de-
preciate, the Governor. Secretary,
Auditor. and Treasurer Of State, shall
require the amount Of the depreciation
to be made good BIO the deposit Of
additional stocks, or by retiring a
proportional amount of the circulation.
Sd. When a Bank may so into op.
eration.-Fifty thousand dollars worth
Of bonds must be filed; q list stating
the names Of stockholder. places Of
residence, number Of shares held
by each, when the bank is TO commence,
and where TO be located, must be fled
with the Auditor Of State. The names
Of shareholders must also be filed
with the Recorder OF the county where
the bank is TO be located.
eth. Issues Of Bank may be made
In notes less than denomination Of
FIVE dollars. but the whole amount Of
such issues shall not be more than one
sixth Of the whole issues. All notes
shall be received for debts (inoluding
taxes) due the State.
9th, How closed. When any Bank
fails TO redeem its notes, the Auditor
is forthwith to proceed to redeem its
outstanding issues, by advertising in
two papers in New York and two at
indianapolis. stating the place in New
York where the deposited bonds will
be sold, and with the proceeds to pay
q pro-rata amount on each bill. The
Governor, Secretary, and Treasurer Of
State TO determine as to the best mode
of securing the bill holder against
loss. The sale of the bonds to be
made within twenty days after the first
advertisement.
9th, Miscellaneous provisions
Notes Of banks are to be signed by
the Auditor and Treasurer CT State
the latter to hold the plates: neither
Of whom shall be stockholders, or by
fees, or in any other manner become,
directly.or indirectly, interested in any
banks established under the act. No
one. anyway Connected or interested in
them shall purchase the issues of the
bank in which such connexion or in
terest exists, at discount.
The place of business Of the banl
shall be where the notes purport it to be
The number of Directors shall not b
less than FIVE, a majority of whom
shall be residents in the county where
the bank is located. The bank to b.
kept open during the usual banking
hours.
The amount of specie to be kept Oh
hand shall be l2t cents on the dollar
A commissioner to be appointed
with full powers to make an examina
ton into the affairs of the banks
!. Existing banks may, by complying
with the requirements Of the act b.
,, the first of April next, become in
corporated under its provisions.
All violation of official duty to b
! made felony or misdemeanor, pun
ishable by heavy fine and imprison
ment.
: The Legislature may alter or re