Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1856-09-25

K which shall at the time redesR its notes in GO
b and silver coin; and every branch bank Of Il
+ Bank of Ohio shall receive at par at the off
y or banking house of such branch in paymel
: Of debts due at such bank for notes OF ham
: bills Of exchange, or other evidences of deb
D discounted or purchased by, or belonging t
such branch bank, the notes Of circulation i
E sued by any other branch of the Bank of Obi
Sec. 20. Each bank shall. at all times, ha y
on hand, in gold and silver coin, or their equi'
! alent, nehalf at least OF which shall be
: gold and silver coin, in its vault, an amour
! equal to at least thirty per cent. OF the amour
of its outstanding notes of circulaton; an
, whenever the amount of its outstandin
! notes Of circulation shall exceed the abor
named proportion, no more of its notes shall
paid out, or otherwise put in circulation, b
such bank, nor shall such bank increase its liza
bilities. by making any new loans or discounts
other than ciscountiBg CT purchasing bills O
exchange, payable at sight, nor make any div
idend of its profits, until the required proper
4 tion between its outstanding notes of circula
tion, and gold and silver coin. or their equiva
lent on hand, shall be restored. Actual de
posits with any solyent bank or banker, Of es
tablished credit, in the cities of New York
Boston, Philadelphia or Baltimore, ,subjec to b.
drawn against at sight, payable in gold & silve
coin, shall be deemed equivalent to gold anc
silver coin, wherever these terms are used il
this act
Sec. 81. No bank organized under this ac
shall, at any time, be indebted or in any way
liable to an amount exceeding, if a branch Of
the Bank OF Ohio, two-thirds, or il an indspend
ent bank, the whole amount of its capital stock
at such time actually paid in, and remaining as
capital stock undinrinished by losses or other.
wise, except on the following accounts-that is
TO say,
First-On account or its notes of circulation;
Second-On account of moneys deposited
with or collected by such bank;
Thi-d-On account of bills of exchange or
drafts drawn against money actually on deposit
TO the credi. OF, OF due to such bank;
Fourth-Liabilities TO its stockholders on &C.
count OF money paid in, on capital stock and
dividends thereon.
Sec. %. No tank shall, either directly or indi-
recty, pledge, hypothecate or exchange any Of its
notes OF circulation for the purpose OF procuring
money 10 be paid in on its capital stock. or to be
USED In It's ordinary banking operations, for the
purpose of purchasing certificates of stock
be deposited with the treasurer of state or with
the Bank OF Ohio; nor shall any bank apply or per-
nit to be applied, hypo,hecaled or pledged, any
portion OF its capital stock to the purchase Of cert
ticates of state stock, 10 be deposited with the
treasurer OF state, collateral security tor the re-
demptiOn OF its notes OF circulation.
Sec. %. No bank SHALL during the time it
shall continue its operations as a bank, Withdraw
permit to be Withdrawn, either in form of divi-
denus loans 10 stockholders for a longer period o.
time than four months, Or In any other manner, any
portion Of its capital stock and it losses shall al
any time have been sustained by any bank, equal
TO or exceeding its undivided profits then hand.
ne dividends shall be made, and no dividend shall
ever be made by any bank, while it shall continue
lis banking operations TO an amount greater than
lis net profits then on hand, ded1eling :here from
Its losses and bad and suspended debts; and all
debts due TO bank, on which interest is pas, due
and unpaid for period OF six months unless the
same shall be well secured, and shall be in the pro-
cess OF collection, shall be considered bad or sus-
pended debts, within the meaning of this section.
Sec. q. The directors of each bank shall,
on the first Monday in May and No.
vember, declare dividend of so much of the net
profits of The bank they shall judge expedient;
and, on each dividend day, the cashier shall make
a full, clear and accurate statement of the Condi
ton OF The bank it shall be that day. after de-
caring the dividend winch shall be verified by the
oath OF the cashier, president and majority of the
directors; and similar statements shall also be
made on the first Monday in each month, in each
year, which statements shall contain,
Eirst-The amount of the capital stock actually
paid in and then remaining, the capital stock OF
the hana;
Second---The amount of the bills or notes of the
bank then in circulation. specifying the amount Of
each denomination;
Third--The greatest amount in circulation at
any time since the making of the last previous
as shall have been exhibited BY the
weekly statements of the cashiers, specifying the
times when tEs same occurred;
Fourth--The ntof balances and debts Of ev-
cry kind due 10 the branches of the Bank of Ohio
the amount due 10 other banks of the state and the
amount due TO banks not OF thisstate;
Fifth---The amount due to depositors;
Sixth---The total amount of debts and liabiitIes
of ipfin nd fha ofoSf
the making of the las, previous statement specify
ing the time when the same occurred
Sevenih--The total amount Of dividends decla-
red on the statement:
Eighth---The arnoun of gold and silver coin and
bullion belonging 10 such bank, and in possession
at the time OF making the statement, designating
the amount of each;
Ninth, The amount subject to be drawn AT sight,
in gold and silver, then remaining deposit with
solvent spsce paying banks or sbankeTs, in the c.,
ties of New Yoik, Philadelphia, Boston and Balti-
more:
Tenth--The amount then on hand, of bills or
notes, issued by branches of the Bank of Ohio the
amount issued by other banks of this state, and
the amount issued by banks not of this state;
Eleventh 1.-The amount OF balances due from
branches OF the Bank of Ohio, the amount due
from other banks OF this state. anc the amour due
from banks not of this state, excluding in the lat
ter case, deposits in the cities OF New York Phia-
delphia Boston and Baltimore, subject to sight
drafts, payable in specie;
TWELFTH The amount on hand of bills, bonds,
notes and other evidences of debts, discounted or
purchased by the bank specifying particularly the
amount of suspended debt, the amount considered
bad, the amount considered doubtful and the
amount in suit or Judgment;
Thrteenth-The value of the real and personal
property, held for the convenience of the bank,
specifying the amount of each;
Fourteenth The amount of real estate taken in
payment of deb:s dne the bank;
fifteenth--The amonnt OF the undivided profits
OF the bank;
Sxteentli-The total amount of the liabilities tothe
bank by the directors thereof collectively, specify
ing the gross amount of such liabilities as princi
pal debtors, and the gross amount as endorsers or
sureiies;
Seventeenth-The total amount OF liabilities to
the bank ef the stockholders thereof collectively,
specifying the gross amount OF such liabilities as
principal debtors and the gross amount as ndorsers
or sureiies; which statement shall be forthwith
transmitted to the auditor of state.
An abstract OF every such statement showing the
CONDITION ofthe bank, shall be Immediately pub
lished by the bank in some newspaper printed in
the county where such bank is situated.
Sec 25. The General Assembly shall never i'm
pose any greater tex upon property employed IN
banking under this act, than is or may be imposed
upon the property of individuals.
Sec. 26. Every bank organized under this, act
may take, reserve, receive and charge on any loan
or discount made. or upon any note. or bill of ex
change, or other evidence OF debt, at the -ae of
SIX per centum per annum on the amount OF any
such note, bill of exchange, or other evidence of
debt so discounted, and no more: Provided how
ever, That interest may be reserved taken in ad-
vance at the time of making the loan or discount;
according to the usual rules of banking, cal
culated in Rowlett's tables; and the knowingly
taking, reserving or charging on any debt or de-
mand discounted or purchased by such bank, at a
rate of interest greater than that allowed by this
section, shall be held ard adjudged forfeiture of
such debt or demand, but the purchase or discount
of bona fde bill of exchange, or note payable at
another place than the place of such purchase or
discount, anu the taking or reservlng OF interest
thereon at the rate aforesaid from the time of such
purchase or discount, until the maturity of such
bill or note, shall not be held usurious, although
exchange Oh the place where it is made payable,
is ut the time Of such purchase or discount worth
premium nor shall the discount or purchase of a
bona fide bill oi note 'nyable at place, between
which and the place Of discount or purchase, ex-
change is in favor of the place of discount or pur
chase, and the taking in addition TO the rate of
interest aforesaid, the rate of exchange between
such places, be deemed usurious Provided, No
more than one one. half of one per cent. shall he
taken as exchange upon any such paper payable in
this state, and more than one per cent. upon any
such paper PAYABLE out of this state and in no case