Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1856-05-29

oeen deposited according to the provisions 0
he h'ly-eight svcllon 0 lLis act. powers Of at
.orney to receive the interese or dividend,
thereon whicE interest or dividend such banl
may receive and apply toits own use; but such
powers Of attorney shall become void upon a.
ny such bank falling to redeem The circulating
notes issued BY such bank provided however
hat whenever Ghe price Of any Of me s.oekl
pledged FOR che security or redemntioa Of tht
Circulating notes ssued by any such bank, al
Aforesaid shall be at the stock exchange, II
The city Of New York, for four con.eeuijve
weeks, at price or rate less than the value q,
which such s!Gck shall have been estimated
when SO depo.tted and pledged; the treasurer
shall receive aad retain the ia,eres, or dividend
on such deprecated stock SO pledged until he
interest 50 received, when added to the market
value OF stock as pledged, to BE- ascertained IS
10 this section before provided, VII be eau
in amfun! to the amoua! 50 received with any
solveh! bank in this STATE, at such rate Of in
terest as shall be agreed uPou, o., at the op-
ton OF the bank by witch such stocks Wsys de-.
posted, invest such interest or dividends in any
Of the stocks By this act aa,horz d to be peIg.
ed, in the name Of the treasurer Of state. in
trust for the bank by whom the stocks on which
such interest or dividends may have accrued,
shall have been glsdgei; and whenever the
price of such deprecated socks a. lbeNew York
,tock exchange, shall raise to the price at which
hey were pledged By the bank, aad Sc remain
or four consecutive weeks, such investmen,
shall be assigned to such bank, and all accru.
ng interest on such pledged stock shall thereaf.
Ter be paid to such bank.
Sec. 81. The stocks transferred to the treas
lrcr Of state by any independent bank, for TIE /
security OF It's circulating notes shall be held bv !
i'm exclusively for that purpose until sue6
totes shall be redeemed, except as hereinafter
rovided.
Sec. 6a. lfany such iniependen. bank shall /
al to redeem, in gold or silver com, any of
$ circulating notes issued in pursuance Of the
roV'iions OF this act. whed paymea. thereof S
ball be lawfully demanded, during the usual {
ours Of doing business, at the Office OF such q
ank, the holder OF such not. Or notes may q
'uSe one or more thereof to be protested by .
'tary public, who shall, on protesting tbs f
Ime, forthwith forward notice of sucL pr,tast In
the treasurer ofsta!e aad after such pro ta.t u
litered, it shall "ot be lawful for the bank Tins
lderlng protest, TO :ay out any of its notes. e
scount any notes or bills, or otherwise con- s.
Tue ia the business Of banking, except to re- 9
i've and safely keep moneys belonging to it, 8
ID to deliver special deposis; provided, c
'Wevtr, that if satisfactory proof be produced o
such notary public that The payment of any t
ch note or notes is restr ,ined or DELAYED by '
der Of any court of competent jurisdiction
lch notary public shall not protest The same /
here the holder of such notes shall cause t
ore than one to be protested on the same day '
shaQ not receive pay for more than one such E
otest. a
Sec. 60. In case any such independent bank o.
all fail to pay and redeem its circulating notes -
demand, in gold or silver coin as specified al
the preceding section of Ibis act, the treasu. =
of state shall. within thirty days after he -
ii have received notice Of such failure cause "u
stocks pledged by such bank, or so much p
reof as may be necessary to redeem The III
standing circulating notes of such bank to. Ps
sold either at the stock exchange, in the CITY pi'
New York, after giving notice of such sale q"
uch bank and also advertising the time and
'e OF sale, Sith pertinent description ofthe
ks to be offered for sale. in two or more '"s
'spapers published ip the city Of New York -
hot less than ten consecutive davs before
day of sale, or at the state treasury in the -.
of Columbus, giving notice to said bank. and A.
advertising in one or more newspaperspub doh
edln the city of Columbus and one or more :.
spspers in general circulation IN the county
|
, which advertisements shall contain the ;,
} particulars as are required herein where :,
'ales are to be made in the city of New w
!; and out ofthe proceeds of such sale the I'1. =,
urer shall pay in ratabIe proportion the = -,
lating notes of such bank, of which due :, = .
e shall be given calling upon the holders ~. a.
'h notes to present them for such payment ~
State Treasury; provided that if any of ~ ;:
notes of such failing bank shall - -
e presented for redemption at the Stat 9
Jury until after the term of two years from i..,,
ate of the first publication of the notice to .:I
olders of such notes to present the same n,od
State treasury the treasurer NAV pay ra- h,.
to the holders of the notes previously - n
lted, fsuch notes shall not have been pre- of
y paid in full, whatever of the proceeds of Juct