Holmes County Republican. [volume] (Millersburg, Holmes County, Ohio) 1856-1865, 1856-09-11
rot ieepsdse the Interests Of the public or the bank Of

all moneys necessary 10 be received and disbursed in that
city in the payment OF the public debt and interest there
without any other compensation charge for such
services. fU. te
RELATION TO INDEPENDENT RANK.
Sec CO. Each company that shall have elected to car
~ on It's business as an independant rk and shall HAY,
complied with the requirements OF this act preliminary
to the commencement OF banking business shall before
it shall commence such business, aud before If shall be
transfer to the treasurer OF State, certificates OF the
landed dea OF this State. of the United States ii the
State Of Massachusetts Intana, Iin6is Kenfuey Penn
syvania Mar land, New ork or Aiictlgap-one half o
which shall be in the certificates Of fie hed States and
OF this STATE amount at least equal TO the amount Of
its capital stock ct such time paid in; and from time To
time additional instamert portion o its capital
stock paid in. additional certificates Of the funded debt
above s,etifed Ut least eqral in amount to The ;iOat
of such add payments Of CAPITAL stock snail with
in thirty days after such l ent, lie deposited aud trans
ferre to the treasurer of state: hut such certificate VI
funded debts sall be recicyyd y said treasurer rate
price above the average selling price OF such cer
Gates the New York stock exchange for :he weeks
next preceding the time of the Teceipt thereof the
treasurer, shall certificate he received any
above its par value exclusive Of the unpaid interest that
may have accrued thereon; and if such bank shall ai
make deposits and transfers Of Stock as in this section
required all its franchises and powers derived this
act except such may be necessary to settle up its m
| fairs shall Immediately cease and determine.
Sec 6l- The treasurer of State shall deliv-
er. from time TO time, as prepared 50 TO do, TO
any Independent bank that may have entitled
itself thereto, On the written order of the pres
| Ident and q majority of its directors. notes for
circulation TO anyamoUHt nof exceeding the value
of the certificates Of funded debt deposited with
and transferred TO him by such bank rs pre-
scribed by the preceding section; but al no time
shall the total amount Of such notes delivered
| to any such bank exceed tlirees time the amount
II sueh time actually paid in cn lis capital stock
and remaining rs capital stock undiminished by
losses or otherwise.
| See. 62. In crtlcr TO furnish suitable nOtes
fer circulation 10 such independent banks, the
| treasurer. is hereby authorized and required to
cause to be engraved and printed IN the best
manner 10 gGard against counterfeiting such
| q aniIty OF circulating notes in the smilitIlde
| OF bank nCtes, In blank, OF the several denomi-
naflcns provided for in this act, rs he may from
time 20 time, deem necessary 70 furnish TO such
independent banks according 10 fl1e provisions
hereinafter set forth; which notes shall be coun-
tersigned, numbered and registered in proper
books to be provided and kept for that purpose
! In the office of said treasurer, under his dIrec-
| ton, by such person or persons rs he may ap-
| point. so that each denomination of such circu-
lating notes shall bear the Uniform signature of
each of such registers and all the notes of each
separate denomination shall bear the same de-
vice, and bear general similitude; and the
notes OF bills to be ceuntersigned shall haze
stamped or printed on their f:ce The words .se-
cured by the pledge of stack" - -
Sec. b3. The plates, dies and materials TO be
procured by the treasurer of state for the print
| ing and making the circulating notes provided
for in the sixtieth [sxty- y-second] section of this
act, shall remain in the custody of said freasur-
er and under his direction. and the expense he
cesSirily incurred by him in executing the pro-
visions of this act, shall be audited and settled
by the auditor Of state, and paid out of any
moneys in the treasury not otherwise appropri-
ated and for the purpose Of reimbnrsing the
same TO the treasury, said treasurer Is
hereby authorized and required TO charge
against, and receive from each bank receiving
such circulating notes. such rate per Rnnum
thereon rs may be sufficient for that purpose
and shall, from time 10 time, equalize said eX-
penses among the banks TO whom such circu-
iafins notes may be furnished.
See. g. After AM such independent bank
shall have caused 10 be executed and signed by
the president and cashier thereof the cireuIaf-.
ing notes received from the treasurer of STATE in
such manner rs may be requisite 10 make them
obligatory notes, payable on demand at its place
OF business, such bank is hereby authorized to
issue and circulate the same as money.
See. 65. Ii shall be the duty OF the treasur-
er ofstate TO receive mui;lated circulating notes
issued by him TO any of such independent banks!
and 10 deliver in place thereof o.her circulating
notes of IN equal amount. and the said mutila-
ted notes. after an account shall have been en-
ed 10 ashes by the said treasurer in the presence
OF the Secretary of state, and the officer or agent
of said bank by Ehomlh the ssid notes shall have |
hccn delivered 10 The said treasurer, and a eer
tihcate oil silid burning, signed by said freasur-
er, shall be made in the hooks Of the register |
and a duplicate thereof given TO said agent.
Sec. 66. The treasurer OF state shall give TO |
any companyby whom any stock shall have
been deposited according TO the provisions of he
fifty-eighth [sixtieth] section of this act, pow
of attorney 10 receive the interest dividends
thereon. which interest or dividend such bank
may receive and apply TO its own use; but such
powers of attorney shall become void upon any
such bank FILLING TO redeem the circulating
notes issued by such bank; provided, however.
that whenever the price of any of the stocks
pledged for the security or redemption 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
q price rate less than the value at which such
stock shall have been estimated when so deposi-
ted and pledged; the treasurer shall receive and
retain the interest or dividend on such depreeia-
ted stocks 50 pledged, until The interest so re-
ceived, when added TO the market valve Of stock
sopledged, to.be ascertained rs in this section
before provided, viii be equal in amount to the |
amount for which such stocks were pledged; |
and shall deposit the amount so received with
any solvent bank IN this state, at such rate of
interest as shall be agreed upon, at the option
OF the bank by which such stocks were deposi- |
ted 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 in |
terest or dividends may have accrued, shall |
have been pledged and whenever the price of |
such deprecated stocks. at the New York stock |
exchange, shall rise TO the price at which they
were pledged by the bank; and SO remain for
four consecutive weeks, such investment shall |
be assigned TO such bank and all accruing in
terest on such pledged stock shall thereafter be I
paid to such bank.
Sec. 81. The stocks transferred TO the treas
urer or state by en- independent bank. for the
security of It's circulating ne.es, shall be held by
him exclusively for that purpose until such
notes shall be redeemed; except as hereinafter
provided.
Sec. 6s. Fany such independent bank shall
fail TO redeem in gold or silver coin. any Of its
circulating notes issued III pursuance OF the pro-
Visions OF this act, when payment thereof shall
be lawfully demanded; during the usual hours
of business. at the office of such bank; the holder
OF such no.e or notes may cause one or more
thereof to be protested by notary public. who
shall, On protesting the same forthwith forward
notice Of such protest TO the treasurer of state;
and after such protest suffered, ia shall not be
lawful for the bank thus suffering protest to pav
put any of its notes. discount any notes or bills,
'r Otherwise continue in the business Of banking,
except to receive and safely keep moneys be- {
longing 10 il, and 10 deliver special deposits; {
however, that if satisfactory proof be
produced TO such notary public that the pay {
nent of any such note or notes is restrained or r
delayed by order Of any court of competent ju-
isdle'ion, such notary public shall moi protest 5
he same. Where the holder of srch notes shall Z
;iuse more than one 10 be protested on the same