Meigs County telegraph. [volume] (Pomeroy [Ohio]) 1848-1859, 1856-05-20
n KsEAFIoS 70 iEDrprEurNr pASKs.

lxhstAFIoS 10 ISDrrEEDrsr BANKS.
Sec, 60. Each company that shall have
elected to carry on its business as an inde-
pendent bsak, and shall have c7~plied with
the Requirements Of this act, pre'nninary to
tne commencement Of banking business,
snail, before it shall commence such busi-
ness, andbefore II shall be held to have ac-
CURED corporate powers, deposite with and
transfer to the treasurer of State certificates
ot the funded debt Of this State, Of the Uni
ted States, of the State Of Massachusetts,
Indiana. Illinois, Kentucky, PENNSYLVANIA,
maryland. Now York or Michigan---one half
OF which shall be in the certificates Of the
United States and Of this State, an amount
at least equalto the amount Of it's capital
stock at such time paid in; and from time to
time as an additional installment or portion
o. its capital stock shall be paid in, addition
a certificates Of the funded debt above spec
lheds at least equal in amount to the amount
Of such additional payments of capital stock
: shall, within thirty days after such payment,
be deposited with and transferred to the
treasurer OF State; but no such certificate of
funded debts shall be received by said treas
urer at rate or price above the average
selling price of such certificates at the New
York stock exchange for the four weeks next
preceding the time Of the receipt thereof by
the treasurer, nor shall any certificate be
received at amy tate above its par value, ex-
elusive Of the unpaid interest that may have
accrued thereon; and if such bank shall fail
to make deposits and transfers of stock, as
an this section required, all its franchises
and powers derived from this act. except
such as may be necessary tosettle up its af-
fans, shall Immediately cease and determine.
Sec. 6l. The treasurer of State shall de-
liser from time to time as he may be pre-
pared SO to do, to any Independent bank that
may have entitled itself thereto, on the writ
item order Of the president and a majority of
its directors, notes for circulation to any
amonnt not exceeding the value of the cer-
tifcates Of funded debt deposited with and
transferable him by such bank as prescribed
by the preceding section; bu, at no time shall
the total amount Of such notes delivered to
any such bank exceed three times the
amount at tsuch time actually paid in on its
capital stock, and remaining as capital stock
undiminishsd by losses or otherwise.
Sec. 62, In order to furnish suitable notes
Tor circulation to such Independent banks,
the treasurer is hereby authorized and le-
quired to cause to be engraved and printed
in the best manner to guard against coun-
terfeiting, such quantity of circulating notes
in the similitude Of bank notes. in blank, Of
the several denominations provided for in
,this acts he may, from time to time, deem
necessary to furnish to such independent
banks according to the provisions herenaf-
ter set forth; which notes shall be counter
signed, numbered and registered in proper
looks to be provided and kept for that pur'
pose in the Office of said treasurer, under
his direction, by such person or persons as
he may appoint, SO that each denomination
of such circulating notes shall bear the uni.
form signature Of one Of such registers and
all the notes Of each separate denomination
shall bear the same device, and bear gen.
eral similitude; and the notes or bills to be
so countersigned shall have stamped or prin
ted on their face the words secured by the
pledge Of stock"
See. 90. The plates, dies and materials
TO be procured by the treasurer, of state fol
the printing and making the circulating notes
provided for in the sixteenth section of this
act, shall remain in the custody Of said treas
urer and under his direction and the ex
pense necessarily incurred by him in execu
ting the provisions of this act, shall be au
dited and settled by the auditor of state, ant
paid out Of any moneys in the treasury, no
otherwise appropriated andfor the purpos'
of reimbursing the same to the treasury tn
said treasurer is hereby authorized and re
qufred to charge against, and receive iron
each bank receiving such circulating notes
such rate per centum thereon as may be sui
icient for that purpose, and shall, from
time to time, equalize said expenses anon,
the banks to whom such circulating note
may be furnished.
Sec. Ga. After any such independen
bank shall have caused to be executed ant
signed by the president and cashier thereof
the circulating notes received from the treas
urer of state, in such manner as may be re
quisite to make them obligatory notes, pay
able on demand at its place of business, sucl
bank is hereby authorized to issue and cir
culate the same as money.
Sec. IS. Itshall be the duty of the treas
urer of state to receive mutilated circulating
notes issued by him TO any such indepen
dent banks, and 10 deliver in place thereo
other circulating notes to an equal amour
and the said mutilated notes, after an &C
count shall have been entered in the prope
book or books, shall be burned to ashes b
the said treasurer, in the presence Of tn
secretary Of state and the officer or agent {
said bank by whom the said notes shall hav
been delivered to said treasurer, and Gel
tifcate of said burning, signed by sal
treasurer, shall be made in the books of tn
register, and duplicate thereof given
said agent.
Sec. Sc. The treasurer Of state shall Civ
to any company by whom any stock shaI
have been deposited according to the pre-
visions Of the fifty eighth section Of this &C
powers Of attorney to receive the interest Q
dividends thereon, which interest or div
deEd such bank may receive and apply
its own use; but such powers of attorne
shai become void upon any such bank fai
ing to redeem the circulating notes issued b
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