The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1855-04-03

the opinion of the Auditor, the principal OF
such stock shall become an insufficient secu-
rity; said Auditor, also, at the instance of
the owners of such stock, so transferred In
trust as aforesaid, may, in his discretion,
change or transfer the same for other stocks
Of the same kind specified above in this act:
or NAV re-transfer the same stocks, or any
part thereof, upon receiving and canceling
an equal amount of such circulating notes.
delivered by him to such person or assocla-
ton in such manner that the circulating
notes shall always be secure in full by such
stocks, and shall not be reduced or with
drawn, as aforesaid, below the value of fifty
thousand dollars of the stocks of any person
or association so transferred as aforesaid.
SEC. 10. The bills or notes so to be coun-
tersigned, and the payment of which shall
be so Sc cured as aforesaid, shall be stamped
on their face, 'Secured by the Pledge of
Public Stocks" fa
SEC. H.. In case such person, or associa-
ton of persons, shall fail or refuse to pay
such bills or notes, on demand, in the man.
ner specified in the eighth section of this
act, the Auditor, after thirty days. notice
therein mentioned, may proceed to sell at
public auction the public stocks SO pledged,
and out of the proceeds shall pay or cancel
the bills or notes, default in paying which
shall be made in the city of New York, un.
less the banker or banking association give
to the Auditor written consent, duly anthem
ticated, that such stocks may be sold at In.
dianapolis.
Sec. IL. Nothing in this act contained,
shall be considered as implying any pledge
OIL the part Of the State for the payment OF
said bills Or notes, beyond the proper appli-
cation of the securities pledged with the Au-
ditor for their redemption; nor shall any
thing herein contained, be construed to en-
power any person, or association, to conduct
or carry on the business of banking at any
other than the place of business of such in
dividual banker, or banking association,
which place of business shall, in every in
stance, be the same ut which their small
bills respectively are made payable.
Sec. Is. Public stock to be deposited
with the Auditor by any such person or asso-
citation, shall be held by him exclusively fol
the redemption of the bills or notes of such
person or association, put into circulation as
money, until the same are paid; and shall in
no case be held for the benefit of any de.
positor, or other person having business with
such banker or banking association, until at.
ter the issue Of said bank is redeemed.
SEC. IA. The plates, dies, and materials
to be procured by the Auditor, for the print.
ing and making of the circulating notes pro.
vided for hereby, shall remain in his custody
and under his direction; and the expenses
necessarily incurred in executing the provi
sions of this act, shall be audited and settled
by the Auditor, and paid out of any moneys
in the treasury, not otherwise appropriated
and for the purpose of reimbursng the same
the said Auditor is hereby authorized and re-
quired to charge against and receive from
such person or association applying for such
circulating notes, such rate per cent. there
on rs may be sufficient for that purpose, ant
as may be just and reasonable.
Sec. Is. All plates, dies, and such like
materials of, and peculiar to any individual
banker or banking association, which shall
have closed business, either by its own vo
luntary act, or by operation of law unde
the direction of the Auditor, shall be by suci
Auditor, in the presence of the Governor
and Treasurer OF State destroyed; and sucl
destruct ion, specifying the articles SO des
troyed, shall be officially certified to by al
the three aforesaid officers.
Sec. l6. 1t shall not be lawful for tht
| Auditor or other person to countersign bill
or notes for any person or association of per
sons to an amount, in the aggregate exceed
ing the pubic stocks, at their value as pro
vided in the sixth section of this act, deposit
ed with the Auditor by such person or asso
ciaiion, and any Auditor or other officer, VII,
shall violate the provisions of this section
shall, upon conviction, be punished in sucl
manner as the criminal laws of the Stat
may direct.
| Sec. IL. Any number of persons MAJ
establish Offices Of discount, deposit, and cir
culation, upon the terms and conditions, an
subject to the liabilities prescribed in thi
act; but the aggregate amount of the capita
stock of any association shall not be les
than fifty thousand dollars.
| SEC. Is. Such persons under their hand
and seals, shall make a certificate, which
shall specify:
| FIRST. The name issued to distinguish
such association, and to be used in its deal
ings.
SECOND. The place where the operation
of discount and deposit of such associatio
are to be carried on, designating the particu
lar city, town or village.
i THIRD. The amount of the capital stoc
of such association, and the number @
shares into which the same shall have bee
j divided.
FOURTH. The names and places of resi-
dences of the shareholders, and the nun
Der of shares held by each of them respec
lively.
/ FIFTH. The period at which such asso
! citation shall commence and terminate
which certificate shall be proved or acknow
edged and recorded in the office of the cler
of the county where the office of such asso
citation shall be established, and a cop
thereof filed in the Office of the Secre tary q
State.
/ SEC, 10. The certificate renured bv III