Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1856-05-28

n funded debt deposited With and transferred to him by
I such tank as prescribed iy the preceding section; hut
I at no time shall the total amount Of such notes deliver
0 Ell 20 any such boz exceed three times the amount at
such time actually paid Ia on its capital stock, and re
+, mining As capital stock undiminished ~ losses or
otherwise.
circulation TO such independent banks, the treasurer
Is hereby authorized ami required 10 cause 10 We "a
, graveI and printed in the hest mannerto guard asainst
cOuntcrieitiHs, such quantity OF cireuIat,hS ho.es u,
the similtude Of hank notes, in blank OF the seNeId4
denominations provided for IN TINS act a ; ne may
from time to time. deem necessary TO furnish To such
Iinderendent hanks according to the provisions herein
after set forth; which notes shall he countersisned
numbered and registered IN proper books TO lie proSt-
Aed and kent for that purpose in the Office of said
treasurer, under his direction, by such person or per
sons as he NAV an oiut. so that each denomination Of
such circulating notes shall bear the uniform sigma
ture Of one Of such registers and all the notes of each
/ separate denomination shall bear The same device.
and bear a general similtuie; and the notes or bills
to be so countersigned shall have stamped or printed
on their face the words secured by pledge OF stock
SEXTON 60. The plates, dies and materials TO he
procured hy the treasurer of state, Tor me printing ana
making the circulating notes provided for in the SIX
tieih section Of this act, shall remain IN the custody OF
said treasurer and under his direction and the expense
necessarily Incurred by him in executing the prUvis
ions Of this act. shall he audited and se.tled by tue
auditor Of state, and raid cut Of any moneys III the
treasury, not otherwise appropriated and for the lur
pose Of reimhUrsius the same TO the treasury the sad
treasurer is hereby authorized ard required to charge
against. aud receive from each b nk receiving such
Circulating notes. such rate per centuln thereon as
may be sufficient for that purpose. and shall from
time to time, equalize said expenses amcns the hanks
to whom such circulating notes may lie furnished.
SECTION "a. After any such independent bank shall
have .auscd to he executed and signed by the pTesi-
dent and cashier thereof. the circulating notes recei-
we'd from the treasurer Of state, in such manner as may
be requisite to make them obligatory notes, payable
on demand at its place of business. such bank is
hereby authorized 10 Issue and circulate tie same rs
money.
SEcTIox 6j. 1t shall be the duty of the treasurer OF
state TO receive mutilated circulating notes issued hy
ltim to any of such independent banks, ana 10 deliver
IN place thereof other circulating notes to an equal
amount and the said mutilatcd notes, after an accou t.
shall have been entered in the proper book or hooks,
shall be BURNED 10 ashes ty the said treasurer, in the
presence Of the secretary Of state and the officer or
agent OF said bank by whom the said notes shall have
been delivered to the said treasurer. and q certificate
OF said burning, signed 10y said treasurer snail he
made in the LOokI Of Size register, aud a duplicate
thereof given tn said agent
SECTION Ct. The treasurer OF state shall give TO any
/ Company by whom any stock shall have heen DE- oSi-
ted according to the provisions OF the nifty eighth sec
I ton Of this act, powers Of attorney to receive the in
terest or dividends thereon, which interest or dividend
such bank may receive and Apply to its own use; bus
such pcwers Of attorney shall become void upon any
such bank failing to redeem he circulating notes is
sued by such bank; provided. however, that whenever
tie price of any Of the stocks pledged for the security
or redemption OF the circulating notes issued BY arg
such bank. as Aforesaid. shall be IT the stock exchange
IL the city Of New York, for four consecutive weeks.
4; i price or rate less than the value at which such
stock shall have been estimated when so deposited and
( pledged; the treasurer shall receive ana retain the in
terest and dividend on such deprecated stock so
pledged, until he interest so received, when added to
tue market value OF stock so lleuEei, 70 - asccTltucu
as in this section before provided, viii he equal IN
mount 10 the amount for which snch stocks we're
pledged; and lie shall deposit the amOnHt so received
win any solvent bank IN tLis stale Al sCch ratc OF N
tcrest IS shall he agreed npor, or, at the option OF the
hank by which slch stocks were, deposited, invest such
Interest or dividends in any 81 the stocks ly this act
Authorized 20 be pledged, in the name OF the treasurer
Of state, in trust FOR the bank hy whom the stocks on
which such interest or dividends may have aces ued,
shall have heen pledged. ana whenever the price Of
such deprecated stocks at the New York stock tx
change. shall rise TO the price At which they were
pledged by The bank. and so remain for four consecu
tive weeks. such investment shaiibe assigned to scch
Aank. ana all accruiug interest on such pledged stock
shall thereafter he paid 10 slch bank.
SETON g. The stocks Transferred TO the treasurer or
state hy an irdependent hank. for the security Of its
circulating notes. shall lie held hy him exclusively for
that purpose until such notes shall be redeemed, ex-
ccpt rs herein after provided.
SECTION g. II any such iniepcnienthank shall fail
- redeem, in gold or silver coin, any Nit circulating
notes issued IN lursulnce OF tie provisions 81 this act
when payment thereof shall lie laHtully demanded. du-
ring the usual hours OF business, At the Office Of such
bank. the holier of such note or notes may cause one
or more thereof to lie protested BY o notary public. who
shall, on protesting the same, forthwith forward office
OF such pro-est to the treasurer Of state; AMI after suCh
protest suffered, it shall not be lawful for the hank thus
suffering protest, 20 Fay out ally OF its notes discount
any notes or bills or otherwise cont nue. IN the business
OF banking. except TO receive and safely keep moneys
Belonging TO IT, and 70 deliver special deposits; provi'
ded. however, ihst If satisfactory proof he produced 10
such notary Iubiic that the payment OF any such note
or notes is restrained or delayed hy order OF any court
OF competent jurisdiction. such notary public shall not
protest the same. Where the holder of such notes shall
cause more than one TO be projected on the same day,
he shall not receive pay for more than one such pro-
test.
sE=TtoS GO In case any such independent bank
shall fail to pay and redeem its circulating notes on de-
ding section OF TINS act the treasurer OF state shtll.
" thin thirty days after he shall have received notice
OF such failure, cause the stocks pledged ly such haut,
or SO much thereof rs may lie necessary TO redeem the
outstanding circulating notes OF such Eank to lie sol
either at the stock exchange. in the city Of New York,
after giving natice Of such sale to such bank, and also
II -.r.r .an-. IL tr,.. - vH.an nF 1arr NTH - arfT
nent description Of the stocks to he offered for sale. in
two or more newspapers published in the city q New
York, for not less than ten consecutive days before
the day Of sale. or ut the State Treasury in the city Of
Columbus. giving notice to said hank, and also alver'
tisinr IN one or more newspapers published IN the city
of Columbus, and one or mOge newspapers in general
circulation in the county where The office Of such falling
hank is stu ted, which Embarrassment shall contain the
same particulars as are required herein where sales are
& be made ia the city OF New York; an ont of the pro-
ceeds Of such sale the Treasurer shall pay in i rateahlc
proportion the circulIting notes OF such bank, Of which
dae rotice shall be given, call ng uron the holders Of
such notes TO present them Tor such payment II the
State Treasury; Provided, tlat If any o. the circulating
notes OF such falling bank shall not lie presented fer
rcGemrtjOna II the State Treasury until after the term Ca
two years from the date Of the first publication of the
notice to the holders of such notes to present the same
1t the State Treasury, the treasurer may pay ratlhly to
the holders Of the notes previously presented, If such
notes slail not have been previously paid IN iull, what
ever of the proceeds OF such sale remaining in his
hands may be needed to fully discharge such notes so
presented. Provided. that sales OF stock under this sec
tion, and section 20 shall not he made more rapidly
thaa my be necessary 70 provide funds for the re-
demption os the notes of such hank, as they maybe
presented for redemption.
SEcIioS1O The Treasurer Of State may If he shall
deem that the interests of the note holders of any in
solvent hank wall be best promoted thereby. with the
advice OF the auditor and secretary Of State. hypothe
cats or sell, at private sale, any OF the stocks transfer !
red to and deposited with him b. such bank to any 9th
er independent hank, or TO any individual person or
firm, and receive then e!Or either money or the ciTcula
ting notes of such failing hank; provided, that no such
stock shall he sold ly private sale at less than the par
value thereof. nor AZ less than its selling prlce at the ]
New York stock exchange at the date of the last re-
ceived Information, nor shall any such stock lie sold
on credit. |
SECTION Il. On receiving notice that any such indie
pendent bank shall have committed an act Of insOlven-
cy, as hereintefore defined. the treasurer of State, the
secretary Of state, and the auditor OF state, or a major
ity o. them, shall appoint a special agent, who shall i'm
medately proceed to ascertain whether such bank has
refused to pay Its notes in gold or silver com when
~laafully demanded. and report to the said treasurer. I!
secretary and auditor, the fac. so ascrrtained, and II
from the report 80 made. said treasurer. secretary and
auditor, or a majority Of them, shall he satisfied t.sat
such bank has suspended the layment Of its circulating
notes, when lawfully demanded, in gold and silver
coin, they shall forthwith appoint a receiver or receiv-
ers- and require 0! him or them such bond and securi
~ as they shall deem 7, op r. who shall proceed to take
possession of the hooks, records. and assets Of ever
description OF such rank. collect all CeLts, dues, and
other claims belonging to such lauk; settle, and, with
the appreciation OF an agent TO lie appointed ly the
stockholders for the protection Ct their interests. co:a
pound for all lad and doubtful debts; sell all the real
and personal property OF said Lark, and 10 pay over 1
al moneys so Eiadc TO tie treasurer Of state, aud the
treasurer OF ELdtt Sllll cause LuLlCG u ne gwen 10y al ]
yerlisemeIt in one or more newspapers published in
the city Of Columbus, and also in one or more newspa-
Pers in general circulation in the county where the Of
fee Of such i~Esclyeut Lank shall lie situated, for six
consecutive mcnihs, callirg on all persons who may l
have claims against such bank. to make legal proof
thereof; aud after the end OF one year from the first
publication OF surh notice. he treasurer. after full pro-
VISION shall have been made for ~redeeming the circu- !
lating notes of such tank, shall make a ratahle divi-
dend o. the moneys so paid over to him by such rcceiy-
er or rsce lyeTs. iEclus We Of mOueys received by him
Oh gaes Of stock transferred TO and deposited with him
by such bauk on all such claims as may have been so
proved; AID, from time to time. as the proceeds of the
assets Of said hank shall be Paid over to him. the said
treasurer shall make further d~ividents, as Aforesaid. on
oil claims previously proved, and the remainder. if
any hing shall he laid over to the stockholders Of the
bank or their legal representatives., IN proportion 10
the stock hy them leveraly held: provided, however.
that il any independent bank. against which proceed
Ings have been i istiiuted as prescribed in this section.
on account Of any supposed act Of insolvency shall
deny having committed such act, such bank may apply
to any court Of competent jurisdiction to enjoin fur
tner proceedings IN the premises; and slch court, after
citing the treasurer. secretary and auditor OF State. to
SHOW cause why further proceedings should noI he en-
joined and after the finding Of a jury that such bank
ha> not suspended the payment Of its notes when Ie
gaily pressute /, in gold and silver coin. shall make an