True American. [volume] (Steubenville [Ohio]) 1855-1861, 1856-04-30

ence of the secretary Of state and the off,
Ger or agent Of said bank by whom the said
notes shall have been delivered to the said
treasurer; and a certificate Of said burning,
signed by said treasurer, shull be made In
tie books of the register, and duplicate
thereof given to said agent.
SECTION 66. The Treasurer of state
shall give to any company by whom any
stock shall have been deposited according
to the provisions Of the fifty-eighth section
Of this oct, powers of attorney to receive
the interest or dividends thereon, which
interestor dividend such bank may receive
and apply to its own use; but such powers
of attorney shall become void upon ally
such hank fniling to redeem the circulating
notes issued by such bank; provided, how
ever, that whenever the price of any Of
the stocks pledged for the security or re,
demption of the circulating notes issued
by any such bank, as aforesaid, shall he at
the stock exchange, in the city Of New
York, for four consecutive weeks, at a
price or rate less than the value at which
such stock shall have been estimated when
so deposited and pledged; the treasurer
shall receive and retain the interest or
dividend on such appreciated stock so
pledged, until the interest so received,
when added to the market value Of stock
so pledged, to be ascertained as in this soc-
tion before provided, will be equal in
amount to the amount for which such stocks
were pledged, and he shall deposite the
amount so received with any solvent bank
in this State, at such rate of interest as
shall be agreed upon, or. at the option of
the bank bv which such stocks were depos-
tied, invest such interest or dividends in
any Of the stocks by this act authorized to
be pledged. in the name Of the treasurer Of
state, in trust for the bank by whom the
stock on which such interest or dividends
may have accrued, shall have been pledged;
and whenever the price of such deprecated
stocks at theNew Y York stock exchange shall
rise to the price at which they were pled-
ged by the bank ,and SO remain for four con-
. secutive weeks such investment shall be as
signed to such bank, and all accruing in
tersst on such pledged stock shall thereaf-
ter be paid to such bank.
SECTION 81. The stocks transferred to
the treasurer of stute by an independent
bank, for the security of its circulating
notes, shall be held by him exclusively for
that purpose until such notes shall be re-
deemed, except as hereinafter provided.
SECTION 66, fany such independent
bank shall fail to redeem, in gold or silver
coin, any Of its circulating notes, issued
in pursuance OF the provisions of this act,
when payment thereof shall be lawfully de-
manded. during the usual hours of business
at the Office of such bank, the holder oi
such note or notes may cause one or more
thereof to be protested by notary public,
who shall, on protesting the same. forth
; with forward natce of such protest to the
a treasurer of state; and after such protest
suffered, it shall not be lawful for the bank
; thus suffering protest. 10 pay out any ofitt
: notes, discount any notes or bills. or other.
u wise continue in the business of bank ing
: except to receive and safely keep moneys
I belonging to it, and to deliver. special de.
K posits; provided, however, that if satisfac.
tory proof be produced to such notary pub
; lie that the payment of any such note OIL
notes is restrained or delayed by order oi
any court of competent jurisdiction. such
notary public shall not protest the same
Where the holderof such notes shall cause
more than one to be protested on the same
y day, he shall not receive pay for more thar
one such protest. ..
u SECTION SO. In case any such indie
Il penden, bank shall fail to pay and redeem
It's circulating notrs on demand, in golt
; Or silver coin. as specified in the prece
ding sec ion Of this act. the treasurer o
:. state shall, within thirty days after h,
shall have received notice of suoi: failure
6 cause The stocks pledged by such bank
e or 20 much thereof as may be necessary
n To redeem the outstanding circulating
,- notes Of such bank tn he sold either at III,
h stock exchange, in the city of New York
N after giving notice If such sale to sucl
II hank, and also advertising The time an,
;" place Of sale, with pertinent description
oflhe stocks to be offered for sale, in tw,
~ or more neWspapts'pubIshed it, the cir,
~ of New York, lor not less than Ten con
secuIive days before The day Of sale, OF a
e. the S ale Treasury in the city Of CoIum
of bus. giving notice 10 SAID bank, and ais
T. ad, ,ertislng in one Or more newspaper
!" published in the city Of Columbus. ali
one or more newspapers in general circr
=. Ialion in The county where the office
= such failing bank is situated, which az
or refreshments shall contain the same pa
he lieu lars at art IT quired herein where salt
nd are 10 be made in The city ofNew Ynrl
TO snd out Of The proceeds of such sale ii
by treasurer shall pay in ralabIe proporlio
ut the circulating notes Of such bank,