The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1856-05-07

vlded, VII de eQoal IN amount 10 the q
mount 50 received with any solvent bank
in this State, al such rate Of interest as
shall be agreed upon, or. a t the option Of
the bank by which such stocks were de-
lpOsited, invest such interest or dividends
in any 0, the stocks by this act authorized
to be pledged, in the nsme of the treas
urer ct state. in trust for the bank by
whom the stocks 90 which such interest
or diyidens may have accrued, shall have
been pledged; and whenever the price OF
such deprecated stocks, at the New York
stock exchange, shall rise 10 the price at
which they were pledged By the bank.
and so remain for GoIr consecutive weeks,
such Investment shall be assigned to such
bank, and AL aeeruiug interest on such
pledged stock shall thereafter be paid 10
such bank.
Sec 67. The s,ccks transferred to the
treasurer Of state by any independent
bank, for the security Of its circulating
notes, shall be held By him exclusively
for that purpose until such notes shall be
redeemed, except as hereinafter provided.
Sec. 6s, II any such independent bank
shall fail to redeem, in gold or silver
coin, say Of its circulating potes issued in
pursuance of the provisions Ofthis act,
/ when payment thereof shall be lawfully
demanded, during the usual hours Of do
ing business. at the Office OF such bank,
the holder OF such note or notes may
cause one or more thereof to be pro-
tested by notary public. who shall, on
protesting the same, forthwith forward
notice Of such protest to the treasurer Of
state; and after sneh protest suffered, it
shall not be lawfulfor the bank thus suf.
fering protest, to pay out any of its notes,
discount any notes or bills, or otherwise
continue in the business of banking, ex
cept to receive and safely keep moneys
belonging to it. and to deliver special de-
posits; provided, however, that if salts
factory proof be produced to such notary
public that the payment Of any such noie
or fiotesis restrained or delayed by OF.
lder Of any coutt Of competent jurisdiction
such notary put lie shall not protest tie
same. Where the holder Ct such Rotes.
shall cause More than one to be protested
on the same day, he shall not receive
pay for more than one such protest.
go. In case any such indeper dent +
bank shall fail to pay and redeem its
circulating notes on demand. in gold or
silver coin. as specified in the preceding
section OF this aet, tse IRE easurer OF state
shall, within thirty days after he shall
have reserved notice Of sach failure, cause
the stocks pledged by such bank. or so
much thercof as may be necessary to re-
deem the outstanding circulating notes of
such bank. to be sold either at the stock
exchange, in the city Of Nsw York, after q,
giving notice Of such sale 70 such bank,
a. d s!so advertising the time and place
of sale, with pertinent description OF
the stocks to be offered for sale, in two
or more newspapers published in the city
of New York, for moi less than ten con
secalive days before the day OF sale, or
at the state treasury IN the city OF Coz
lembuS, giving noice TO said bank, and
also ADVERTISING in one or more news
papers published in the city of Columbus
and one or mere newspapers In general
circulation in the county where the oaice
of such failing bank is situated, which
advertisements shall contain the same
particulars as are required herein where
the sales are to be made in the city Of
New York: and out Of the proceeds Of sdcn
eale The treasurer shall pay in ratable
proportion the circulating notes of such
ba,lk, oI.which dse aosiee shall be given
calling upon the holders Of such notes to
present them for such payment At tEe
State Treasury; provided thal Il any OF the
| circulating notes uf such falling bank shall
not be presented for redemption at the
State Treasury until after the term Of
two years from the date OF the tr.t pub
lication Of the notice 10 the holders of
such notes 10 present the same at the
State Treasury, the treasurer may pay
ratabl7 10 TIE holders OF tie notes prcVi-
ou,Iy presented, if such notes shall not
have been previously paid in full, what.
ever OF the proceeds Of such sale remain
ing in his hands may be needed 10 fully
discharge such notes so presented. Pro-
| viued, that sales OF stock under this Sec
| ton ard section 20 shall not be made
more rapidly than may be necessary to
provide funds for the redemption Of the
notes Of such bank, as they may be lre-
sented for redemption. rsH,
Sec 10. The treasurer of State may,
If he shall deem that the interests oi the
note holders of any insolvent bank will
be best promoted Il Eereby, with the ad.
wee of the auditor and secretary Of state,
hypothecate or sell. at private sale, any
Of the stocks lr transferred TO and dcposi
ted with him by such bank or any other
independent bank. or to any individual
person or firm, and receive therefor Ell
tier money or the circulating notes of
such failing bank; provided, that no sucl
stock shall be sold by private sale al lees
than the par value thereof, nor at less
than its selling price at the New York
stock exchange at the da:e Of the last re-
ceived information. nor shall any such
stock be sold on credit.
Sec. n. On receiving notice that
any such independent bank shall have
commi ted AN act Of Insolvency, as here
in before defined, the treasurer Of State.
tie secretary ofState. and the auditor of
State, or majority Of them, shah au-
Ipoirt special agent who shall immedi.
ately proceed TO ascertain whether such
bauk has refused to pay its notes in gold
AMI silver coin when lawfully demanded
sudreporas saidsreasurer, SECRETARY & au
4 ditor, the facts so ascertaiDed. and if from
he report 30 made, said treasurer, secre.'
tary " auditor or majority Of them ,shal
be satisfied that such bshE has suspended
the dayment Of its circulating notes. y hen
lawlu y demanded. in gold and silver
| coin. they shall firth with annnint re-