True American. [volume] (Steubenville [Ohio]) 1855-1861, 1856-04-30
APRIL 80, 1866,


three dollars each; not more than twenty
per cent shall be in notes of all denomina-
tions under ten dollars. .-..
SECTION l5. No bank organized under
this act, shall, at any time, issue or have
in circulation any note, draft, bill of ex-
change, acceptance, certificate Of deposit,
or other evidence of debt which, from its
charac ter or appearance, shall be calcula-
ted or intended to circulate as money, 9TH
er than such notes of circulation as are by
this act described, and which such bank is
expressly authorized to issue for the pur-
pose of being circulated as money.
SECTION 10. Each independent bank
shall receive at par, at the Office or bank
ing house of such bank, in payment ofdebts
due at such bank for notes Of hand, bills Of
exchange, or other evidences of debt, dis
counted or purchased by or belonging to
such bank, the notes of circulation issued
by any other independent bank authorized
to issue such notes by this act, which shall
at the time redeem its notes in gold and
silver coin; and every branch bank of the
bank of Ohio shall receive at par at the Of
flee or banking house of such branch in pay
ment of debts due at such bank fer notes oil
hand, bills of exchange, or other evidences
of debt, discounted or purchased by, or be-
longing to, such branch bank, the notes Of
circulation issued by any other branch ol
the bank of Ohio.
SECTION 20. Each bank shall at all
times have on hand, in gold and silvercoir
or their equivalent one half at least Of
which shall be in gold and silver coin, in
its vault, an amount equal to at least thirty
per cent of the amount of it's outstanding
notes of circulation; and whenever thu
amount of it's outstanding notes Of circu
las4on suait excood tho abovo numrd pro
, portion, no more of its notes shall be pa
vut, or otherwise put incirculation by sue
bank, nor shall such bank increase its lin
: bilities, by making any new loans or dis
counts, other than discoun;ing or purchas
ing bills of exchange, payable at sight, no
make any dividend of it's profits, until tb'
required proportion between its outstand
ing notes of circulation, and gold and sill
yer coin, or their equivalent on hand shall
be restored. Actual deposits in the cte
of New York, Boston, Philadelphia, o
Baltimore, subject to be drawn against q
sight, payable in gold and silver coin, shal
be deemed equivalent to gold and silve
coin, wherever these terms are used in thi
act. ...
SECTION 81. No bank organized unde
this act shall at any time be indebted or il
any way liable to anamount exceeding if,
branch bank of Ohio, two thirds, or if al
independent bank, the whole amount O
its capital stock at such time actually pai
in, and remaining as capital stock undimin
ished by losses or otherwise, except on tn
following accounts-that is to say,
First--On account Of it's notes of circu
latiohj .-. .......
Second-On account Of moneys deposit
ed with or collected by such bank;
Third-On account of bills of exchang
or drafts drawn against money actually o
deposit to the credit Of, or due to sue
bank;
Fourth-Liabilites to its stockholder
on account mohey paid in, on capital stoc
and dividends thereon.
: SECTION %. No bank shall, either d
: rectly or indirectly, pledge, hypotbecate q
exchange any Of its notes Of circulatio
for the purpose Of procuring money, TO b
paid in on its capital stock, or to be use
in its ordinary banking operations, or ft
the purpose of purchasing certificates
state stock to be deposited with the Treas
urer of State, or with the bank of Ohit
nor shall any bank apply or permit to b
applied, hypothecated or pledged, any POI
:, tion Of Its capital stock to the purchase
certificates of state stock, to be deposite
= with the Treasurer of State, as collater,
security for the redemption of its notes
circulation.
: SECTION %. No bank shall, during til
: time it shall continue it's operations as
t bank, withdraw or permit to be withdraw
:. either in form of dividends, loans to stocl
r holders, for a longer period of time tina
: four months, or in any other manner, an
portion of it's capital stock, and if loss'
!, shall at any time have been sustained }
any bank, equal to or exceeding its und
o vided profits then on hand, no dividend
= shall be made, and no dividend shall ev,
Q be made BY any bank, while il shall col
y tinue its banking operations to an amour
y greater than its net profits then on han
e deducting therefrom its losses and bad al
Q suspended debts; and all debts due to
y bank, on which interest is past due al
n unpaid for a.period Of six months, unle
{; the same shall be well secured, aud shs
{ be in the process collection, shall be con
s