The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1856-05-29

dividend such bank may receive and Spplv
to its own use; but such powers Of attorne,
shall become void upon any such bank fail
ing to redeem the circulating notes issued
by such bank prov ided, however,, tha,
whenever the price OF any OF the stocks
; pledged for the security Of redemption ci
lhe circulating notes issued by any such
bank, as aforesaid, shall be at the stock ex
change, in the city Of New York, for four
consecutive weeks, at price or rate iesa
than the value at which such stock shall
have been estimated when 90 depositeS
and pledged5 the treasurer shall receive
and retain the interest or dividend on such
deprecated stock so pledged, until the IN /.
terest so received, when added 10 the msr.
ket value of stock so pledged 10 be aseer-
tained as in this section before provided,
VIII be equal in amount to the affioHnt
Tor which such stocks were pledged; and
ne snail deposit the amount so received
with any solvent bank IN this state. al
such rate of interest as shall be agreed
upon. or, at the option of the bank by
which siich 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. II
trust for the bank by whom the stocks
on which such interest or dfvidenda NAV
have accrued, shalt have been pledged Siid
whenever the price Of such deprecated
stocks, at the New York stock exchange.
shall rise to the price by which they were
pledged by the bank, and SO remain for four
consecutive weeks, such investment shall
be assigned to such bank, and all.accfuing
interest on such pledged stock shall thereaf.
ter be paid to such bank.
SECTION 81. The stocks transferred "a
the treasurer Of state by an independent.
bank, for the security of its circulating noteas
shall be held by him exclusively for that
purpose until such notes shall be redeemed.
except as herein after provided. , ~
Section 63s If any such indenendent,
oank shall fail to redeem, in gold or silver
COM any OF its circulating notes issued in
pursuance OF the provisions ofthis act, whenA
payment thereof shall be lawflllly demand.
ed, during the usual hours of business. al
the office OF such bank, the holder of such
note or notes may cause one or more there
OF TO be protested by notary public, whe1
snail, on protesting the same, forthwith for.
ward notice OF such protest to the treasurer
OF state: and after such protest suffered, il
shall not be lawful for the bank thus suffer.
ipg protest, te pay out any fits notes, disaA
count any notes or bills, or otherwise con.
tlnue in the business of banking, except to-
receive and safely keep MONEYS belonoin0,
TO It, and to deliver special deposits: proyi.
ded, ho"eTer, that If satisfactory proof ba
produced to such notary public that ihe pay.'
nent OF any such note or notes is restrained
Dr. delayed by order Of and court Of compe.k
tent Jurisdiction, such notary public shall
protest the same. Where the holder Of sucb
notes shall cause n.ore than one to be pro-.
tested on the same day. he shall not receiya,
pay for mere than cne such protest. -,
SECTION GO. In case any such independ.
mt BANK shall fail to pay and redeem its
notes ON demand, in gold 6f sil.a
,er col n as specified in the preceding sec-.
ION o. tn is act. the treasurer of stata shall,
within thirty days after he shall have re.
elved notice of such failure, cause the
tocks pledged by such bank, or so much
hereof as aay be necessary TO redee m the
outstanding circulating notes ofsuch bank. q
De sold either at the stock exchange, in
he city OF New York; after giving notice Of
lch sale to such bank, and also advertising
le time and place of sale, with a pertihent4s
escrption OF the stocks TO be offered forAa
iie' ID Two or more newspapers. published 4
the city ot New York, for not less than
N consecutive days before the day of sale.
at the State Treasury in the city of Col-s,d
nbus, giving notice to said bank and also IA
iyertlsing IN one or mere newspapers pub. n
shed in the city of Columbus and one or
ore newspapers in general circulation IN
Ie county where the Office of such falling u
INK is situated, which advertise raents sbail d.
'Atain the same particulars as are required
'rein where sales are to be made in the city .
New fork; end out of the proceeds OF =
ch sale the treasurer shall pay III ratalg
proportion THE circulating notes Of such 1
nk, OF which due notice shall be given \
Iling upon the holders of such notes 10 pre.,
Mt them for such payment at the StateTfes.
~; provided, that If any ofthe circulating -
ties OF such failing bank shall not be pre- Z =
hted tor redemption at the State Treasury 7s,e
III after the term of two years from the date -.
the tlrst publicationo of the notice OF the hoI.
rs ot such notes to present the same at the
ate ifeasury, the treasurer may pHy fata5 fR
to the holders of the notes preyiouslv sa
esented II such notes shall not have been u
evlousiy PAID in full whatever Of the pro.
EDS OF such sale remaining id his hands
y De needed to fully discharge such notes ~
presented. Provided. that sales OF stock
der this section and section 40 shall not d,
made more rapidly than may be necessa-
to provide funds for the REDEMPTION Of =
notes of such bank. as thev may Be 1rd4 ~
tied for redemption. st'T3 syss
EcToN 40. The Treasurer of State may II ba baIi a
m That the interest of tho motto holders Of
pam viii 9e BEST promoted Hereby with The ada.
0t INC audtor and secretary of state hynothecafa
ell, at private sale, any Of the stocks tr ssrred s n
deposited with himbf such baHk to any other inde.
dcht oahkt or to any individual person 81 arm ana ~
sNe mefsior either money circulate notes ~
old By private sale at less than tho mar vali,e
ior at tesS tAan It's selling price al thg Nsk VTg
eAchahge atthc date the last received infornla III
aof saafi "a any ~ sueh stock BE- sold on credit
cTioN 81. On receiving notice that any such Hrs
'ndeht bank shall have con tn.eJ m mi ~ finsnl.
~ as herein6efore defined, the treasurer OF state
secretary OF State, and the auditor Of state or 4 81
1fIay oa ihe, shall appoint Especial agent, who
immeniateiy Proceed TO ascertain whether such &gS
has refused to pay its notes In gold or silyer corn
lawfully demanded, and report to the saff tfes
secretary sfd auditor, The facts 60 asceftaiisd "a
Il from me report 90 maae, said treasurer, secre.
mt such bank Eas suspended the payment or its
ating notes, when lawfully damahUed in nod ana 20
Y coin, they shal forthwith apppint RESET
tets, anu require OF him or them such bond add -
Ike possession ofthc books, rs cords and assets ~
description pr such bank, collect aifdebts dues s
'taer claims beoneingto such bank settle. and; a
ne anProoaMsion M Of an agent to Be appointed 81
,onnd Tor all bad aud doubtful debts; sell Ill ths
and personal property ef scid bank and u baS sN
ail moneys e made % thetFeasursrof 81 state. and
.uSomelt In n0ra ana nere ri hlah,ss.