Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1856-09-25
IWHOLE NO GIG

e so to do. to any independent bank that IN
=, have entitled itself thereto, on the writ,
u order OF the president and ma iority of its
rectors, notes for circulation to any amount !
exceeding the value of the certificates of fur
: ed debt deposit tel with and transferred 10 h
oy such bank rs prescribed by the precedi
section; but at no time shall the total amou
oil such notes delivered TO any such bank exec
: toree times the amount at such time actual
paid in on its capital stock, and remaining
capital stock undiminished by losses or othe
wise.
Sec. Ga. In order TO furnish suitable not
ior circulation to such independent banks, Il
treasurer is hereby authorized and required
cause to be engraved and printed in the be
manner to guard against counterferting, sue
quantity of circulating notes in the siinilituC
OF bank notes, in blank, Of the several demon
nations provided for in this act as he NAV, fro,
tlme TO time, d en- necessary To furnish to sue
independent banks according to the provision
hereinafter set forth; which notes shall be cour
tersigned, numbered and registered in prone
books to be provided and kept for that purpos
IN the Office of said treasurer under hi, dire,
tion, by such person or persons as he NAV ar
point, SO that each denomination of such cil
culating notes shall bear the uniform siynutur
of one of such registers and all thenotes of eac
separate denomination shall bear the same de
vice, and bear general simiIitude; and til
notes or bills to be so cnuntersigned shall ba v
stampedtcr printed on their face the words ..se
cured by the pledge Of stock"
Sec. %. The plates, dies and materials 4
be procGred by the treasurer of state for tb,
printing and making the circulating notes pro
vlded for in the sixtieth sixty -secondl section
OF this act, shall remain in the custody of sal
treasurer and under his direction, and the ex
pense necessarily incurred by hlm in executing
the provisions of this act, shall be audited nc
settled by the auditor of state, and paid out OF
any moneys in the treasury not otherwise up.
proPriated and for the purpose of reImbursinp
the same to the treasury, the said treasurer is
hereby authorized and required 10 charge
against, and receive from each hank receiving
such circulating notes, such rate per centum
thereon as may be sufficient for that purpose,
and shall, from time to time, equalize said ex-
penses among the banks to whom SUCH circu-
iating hotes may be furnished. 5st
Sec. 3D. After any such independent bank
shall have caused TO be executed and signed by
the president and cashier thereof, the circula-
ting notes received from the treasurer OF sta,e,
in such manner as may be requisite 20 max Q
them obligatory notes. payable on demand at
It's place Of business, such bunk is hereby au-
thorized to issue and circulate the same as
money.
Sec IS. 1t shall be the duty of the treasurer
Of. state to receive mutilated circulating notes
issued by him to any of such independent
banAs, and to deliver in place thereof other cir
culating notes to an equal amount, and the sa id
nutilated notes, after an account shall have
been entered in the proper book or books, shall
be burned to ashes by the said treasurer, in the
presence OF the secretary of state, and the uffi
Ger or agent Of said bank by whom the said no, es
shall have been delivered to the said treasurer.
md certificate of said burning signed by said
.reasrrer, shall be made in the books OF the
'cgister, and duplicate thereof given TO said
lgcnt.
Sec. sc. The treasurer Of state shaI give
o any company BY whom any stock shall have
,een deposited according TO the provisions Of
he hity-cighth sixtiethl section of this act,
,owers oil attorney To- receive the interest or
dividends thereon, which interest scr dipiderd
uch bank may receive and apply to its own
lse; but such powers of attorney shall become
-oid upon any such bank failing to redeem the
circulating notes issued by such bank; provided,
However, that whenever the price of any of the
tocks pledged for the security or redemption
II the circulating notes issued by any such
'ank as. aforesaid, shall be ut the stock ex-
hange In the city of New York, for four con-
ecutive weeks. at u price or rate less than
he value at which such stock slialIshay c been
stimated when so deposited aud pledged: The
reasurer shall receive and retain the interest
n dividend on such dcpreciated stock so podg-
ID, until the interest received, when added
o the market value of stock so pledged, to be
sccrtained as iu this section before provided
vlll be equalin amount to the amount Tor which
uch stocks were pledged; and he shall deposit
he amount so received with any solvent bank
this state, at such rate of interest as shall be
greed upon, or at the option Of the bank By
which such stocks were deposited invest such
interest or dividends in any OF Tie stocks by
his act authorized TO BIZ pledged, in the name
t the treasurer of state, in trust for the bank
y whom the stocks on which such interest
r dividends may have accrued, shall have been
lcdged; and whenever the price of such de-
reciated stocks. al the New York stock ex-
hange, shall rise 10 the price at which they
'ere pledged by the bank, and SO remain for
Dur consecutive weeks, such inv cstmcnt shall
e assigned 10 such bank, and all accruing in
crest on such pledged stock shallthereaitcr
be paid to such bank.
Sec. 81. The stocks transferred to the treas |
rcr oil state by an independent bank, for the |
ecurity OF its circulating notes, shall be hello
y him exclusively Tor that purpose until such |
otes shall be redeemed. except as hereinafter
rovided.
Sec. 6S. If an, such independent bank shall
iil TO redeem, in gold or silver coin, any Of its
REGULATING notes issued in pursuance of The
rogisions OF this act, when payment thereof
hall be laH fully demanded. during the usual
ours OF business, at the office Of such bank,
he holder of such note or notes may cause one
. more thereof to be protested by 9 notary
ublc, who shall, on protesting the same, forth
nth forward notice Of such protest to the treas
rer of stale; and after such protest suffered il
hall not be lawful for the bank thus suffering
rotest to pay out any OF its notes, discount any
otes or bills, or otherwise continue in the bust
ess of ba mixing, except to receive and safely |
eep moneys belonging TO it, and to deliver
pecial deposits; provided, however, that If sat |
siactnry proof be- produced to such notary pub
c that the payment Of any such note or notes
restrained or delayed BY order Of any court
( competent jurisdiction, such notary public
hall not protest the same. Where the holder |
{ such notes shall cause more than one 10 be
rotested on the same day, be shall not receive
ay for more than one such protest
Sec. G9. In case any such independent bank
hall fail to pay and redeem its circulating notes
IN demand, in gold or silver coin, as specified
n the preceding section of this act, the trea.-
lrer Of state shall, within thirty days after he
hall have received notice Of such failure, ca use
he stocks pledged by such bank, or so much
hereof as may be necessary TO redeem the out
tanding circulating notes of such bank 10 be |
old either at the stock exchange, in the city OF
Jew York, after giving notice OF such sale TO
ueh bank ,6s also advertising the time 4 place
# sale, with pertinent description of the
tocks TO be offered for sale, in two or more
newspapers published in the city of i,ew York, |
or not less than ten consecutive days before
he day Of sale, or at the state treasury in the
lty OF Columbus giving notice TO said bank.
nd also advertising in one or more ne wspa pers |
,ublished in the city Of Columbus, and one or
more newspapers iL general circulation in the |
county where the oihce of such failing bank Is |
ituated, which advertisements shall contain
he same particulars as are required herein
yherc sales arc to be adc in the city Of New |
ork; and out of the proceeds of such sale the \
reasurer shall pay, i'll rStabe Propori ion, the \
circulating notes Of such bank, of which due |
lo,icc shall be given, calling upon the holders
II such notes TO present them for such payment
I the stats treasury; Provided, that il any OF
he circulating notes Of such failing bank shall
lot be presented for redemption at the state
reasury until after the term Of two years from
he date Of the 6rst publication of the notice
o the holders OF such notes to present the same |
4 the state treasury, the treasurer may pay |
atably to the holders oi the notes previ0u sly |