The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1856-05-21

It's franchises ana powers derived Iro
= this act, except such as may be necess:
: ry to settle up its affairs, shall immed
z E ately cease and determine.
l SECTION 81. The treasurer of Sta
: shall deliver, from time to time as
= may be prepared so to do, to any ind
pendent bank that may have entitled i
: self thereto, on the written order of th
president and a majority of its directors
notes for circulation to any amount no
exceeding the value of the certificate I
founded debt deposited with aud trans
: ferred to him by such bank as prescribe
by the proceeding section but at n
time shall the total amount of such note
delivered to any such bank exceed tire
times the amount at such time a~ctuall,
paid in on its capital stock, and remain
ing as capital stock undiminished b.
losses or otherwise.
SECTION &c. In oil der to furnish suit
able notes for circulation to such do.
pendent banks, the treasurer is hereby
authorized and required to cause to bC
engraved and printed in the best man
uer to guard against eouuterfciting, Sucl
quantity of circulating notes in the sim
ilitude of bank notes, in blank of tn,
several denominations provided for il
in this act, as he may, from time TO time
deem necessary to furnish to such indie.
pendent banks according to the proris
sons hereinafter set forth which notes
shall be countcrsiGued, aud numbered
and registered IN proper books to be
provided and kept for that purpose in
the eaice of said treasurer, under his dj-
r%ection, by such person OF persons as he
may appoint, so that each denomination
of such circulatin. notes shall bear the
uniform signature of one of said regis
tors aud all the notes of each separate
denomination shall bear the same de-
vice, and bear a general similitude; and
the notes or bills to be so coUntersigned
shall have stamped or printed on their
face the words secured by the pledge
of stock"
SECTION 63. The plates, dies and ma
terials to be procured by the treasurer
of statA CT Ale printing and making the
circulating notes provided for in the six
itieth Sc ction of this act, shall remain
n the custody of said treasurer and uu-
der his direction and the expense neees-
sary incurred by them III executing the
provisions of this act, shall be audited
and settled by the auditor of state, and
paid out of any moneys in the treasury,
not otherwise appropriated, and for the
purpose of ~reimbUrsiHS the same to the
the trensnry, the said treasurer is here
authorized and required to charge against
and receive from each bank receiving
such circulating notes, such rate per cent
uR thereon as may be sufficient for that
purpose, and shall, from time to time,
equalize said expenses among the banks
to whom such circulating notes may be
furnished.
SEcrGex 81. After any such indie
pendent bank shall have caused to be. *
ecIted and signed By the president and
cashier thereof, the circulating notes re-
ceivcd from the treasurer Of state in
such manner as may be requisite to
mako them .obligst tory notes, payable on
demand ut its place of business, ouch
bank is hereby authorized to is=ueAnd
culate the same as money.
SECTION 60. it shall be the duty of
the treasurer of state to receive multi
ated circulating notes issued by him to
any such independents bank, and to de-
liver in-placs thereof other circulating
notes to an equal amount, and the said
..mutilated notes, after an account shall
have been entered III tie proper book or
books, shallbe burned to ashes by the said
treasurer, in the pesence of the secre-
tary of4state and the officer or agent of
said bank by whom the said notes shall
have been delivered to the said t~reasur-
er, and a certificate Of said burning,
signed BIZ said treasurer, shall be made
in the books Of the eegistcr, and a du-
thereof given TO said agent.
SECTION &c. The treasurer of state
shall give to any company by whom any
stock shall have been deposited accord
ing to the provisions of the ffty-eighth
of this act, powers of attorney
to receive the interest o~sdiYidcnds there
on, which interest or dividend such bank
may receive and apply to It's own use
hGGtt such powers q attorney shall be-
como void upon any such bank failing to
redeem the circulating notes issued by
such bank /; provided, however. that
whenever the price of any Of the stocks
for the security or redemp-
ton of the circulating notes issued BY
any such bank, as aforesaid, shall be 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 ard pledged; tho
trcasui or shall receive and retain the
interest or dividend on such depreciatcd
so pledged, until the interest so
received, when added to the market val
NC of stocks so pledged, to be asccrtained
as in this section before provided, will
be equal IN amount to to the amount for
which such stocks were pledged and he
shall deposit the amount 50 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 by
which such stocks were deposited, 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
stocks on which such interest or diyi-
dends may have been accrued, shall nave
been pledged and whenever the price
of sach deprecated stocks, at the New
York stock exchange, shall rise to the
price at which they were pi13asscd BY he
bank, and SO remain for four consecutive
Eeeks, such investment shall &c assigned
to such bark, AID all accruing interest
on such pledged stock shall thereafter
be paid to such bank.
SECTION CT. The stocks transferred
to the treasurer Of state by az independ-
ent bank, for the security os its ~circula-
ting notes, shall be held BIZ him cxclu-