The Tiffin tribune. [volume] (Tiffin, Ohio) 1848-1859, 1856-05-09
NO. XXI

than twenty per cent shall be in notes o
all denominations under five dollars; not
not more than f0y per cent in notes oi
all denominations under ten dollars,
Section Is. No bank organized undeS
this act shall at any time issue or have In
circulation any note, draft, bill Of ox-
change, acceptance, certificate ofdeposita.
or other evidence Of debt which. from It's
character or appearance, shall be calculated
or intended to circulate a. money, other
than such notes of circulation a. are by
this act described, and which such bank
is expressly authorized 10 issue for the
purpose of being circulated as money.
Section TO- Each independent bank
shall recsive 1t par, at the office or hank
ing house Of such bank in payment Of
debts due at such bank for notes ofhand,
bills Of exchange, or othor evidences of
debt, discounted or purchased by or be.
longing to such bank, the notes Of circu-
lation issued by any other independents
ent bank authorized to issue such notes
by this act, which shall at the time re-
deem its notes in gold aud silver coin; and
every branch bank Of the bank of Ohio
shall receive at par at the Office or bank
ing house Of such branch in payment Of
debts due at such bank for notes Of hand,
bills of exchange or other evidences Of
debt, discounted or purchased by, or be-
longing to, such branch bank, The notos
Of circulation issued by any other branch
Of the bank Of Ohio.
Section 20. Each bank shall at all times
have on hand, in gold and silver coin, or
their equivalent, Que half at least ofwhich
shall bo in gold and silver coin, in its
vault, an amount equal to at least thirty
per cent Of the amount 1fits outstanding
notes OF circulation; aud whenever tho a.
mount Of It's outstanding notes Of circu-
lation shall exceed the above named pro-
portion, no more Of its notes shall be
paid out or otherwise put in circulation,
by such bank, nor shall such bank in.
crease its liabilities, by making any new
loans or discounts. other than discount
ing or purchasing bills of exchange, pay
able at sight, nor make any dividend Of
its profits, until the required proportion
between its outstanding notes Of circu-
lation, and gold and silver coin, or their
equivalent on hand shall be restored
Actual deposits with any solvent bank
or banker, of established credit, in the
cities of New York, Boston, Philadelphia
or Baltimore, subject to be drawn against
at sight, payable in gold and silver coin,
shall be deemed equivalent to gold and
silver coin, wherever these terms are used
in this act.
Section 21, No bank organized under
this act shall at any time be indebted or
in any way liable to an amount exceeding,
if branch of the bank Of Ohio, two
thirds. or if an Independent bank, the
whole amount Of its capital stock undi-
minished by losses or otherwise, except
on the following accounts that is to
say,
First--on account Ofits notes Of cir
culahon;
second--On account Of moneys de-
posted with or collected by such bank;
Third-On account of bills Of exchange
or drafts drawn against money actually
on deposit 70 tho credit Of, or due to such
bank;
Fourth-Liablitie to it's stockholders
on account Of money paid in, on capital
stock and divi dends thereon.
Section %. No banl; shall, either di-
rectly OF indirectly, pledge, hypothecate
or exchange any of its notes OF ciroula-
tion for the purpose OF procuring money,
to be paid in on its capital stock, or to
be used in its ordinary banking opera
tions, or for the purpose Of purchasing
certificates Of state stock to be deposited
with the Treasurer Of State, or with the
bank Of Ohio; nor shall any bank apply
or permit to be applied, hypotheeated or
pledged, any portion Of It's capital stock
to the purchase of certificates Of state
stock. to be deposited with the Treasurer
ofState as collateral security for the re-
demption Of its notes Of circulation.
Section %. No bank shall, during the
time il shall continue its operations as
a bank, Withdraw or permit to be with
drawn, either in form of dividends, loans
to stockholders, for longer period Of
time than four months, or in any other
manner, any portion Of its capital stock;
and If losses shall at any time have been
sustained by any bank, equal to or ex-
ceeling its undivided profits then on
hand, no dividends shall be made, and no
dividend shall ever be made by any bank
while il shall continue its banking ope-
rations to an amount greater than its net
profits then on hand, deducting therefrom
its losses and bal and suspended debts;
and all debts due to bank, on which in
terest is past due and unpaid for peri
Cd Of six months, unless the same shall
DO well secured. and shall be in the pro-
cess Of collection. shall be considered had
or suspended debts, within tho meaning
of this section.
Section o. The directors of each
bank shall, semiannoally on the first
Monday in May and November, declare a
dividend of so much Of the net profits Of
the bank as they shall Judge expedient;
aud, on each dividend day, the cashier
shall make q full, clear and accurate
statement of the condition Of the bank as
it shall DO on that day, after declaring
che dividend. which shall be verified BY
the oath Of the cashier, president anil