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

commencement Of banking business, shall b..
. lore II shall commence such business. and bs.
Tore 1t shall be held to have acquired corporate
powers deposit with and transfer to The treas.
. urer OF State certificates Of the funded debt n
' 'his State, of the Uni;el States. Of The Slate .,
massachusetts. Indiana, Illinois, Kentucky
pennsylvania; Maryland, New York or lliebi-
gan-one half Of which shall be in the eertif-
Gates oil the United States and of this sta,s a.,
amount at least equal to the amount of its can.
ltal stock at such time paid in; and from time
o tIme as an additional installment or portion
Of its capital stock shall be paid in. addiliora,
certificates OF the funded debt above specified
a. least equal in amount to the amount OF sueb
additional payments of capital stock shall with
IN thirty days alter such payment, be depo:i,ed
with and transferred TO tie treasurer of S, ate.
but no such certificates of funded debts shall b.
r'celyed by said treasurer at a rate or price g
Dove The selling price Of such certificates At the
New York stock exchange for the four weeks
next proceeding the time Of the rece rot thereof
by the treasurer. nor shall any certificate he
received above its par value, exclusive Of the
unpaid interest that may have accrued thereon
and ifsuch bank shall fail to make deposits
and transfers Of stock, as in this section renni-
red, all its franchises and powers derived from
this act except such as may be necessary to set
tie up its affairs, shall Immediately cease and
determine
Sec. 6l. The treasurer of State shall da,iv-
er, from time to time as be may be prep.red
so to do, to any Independent bank that may
have eni.l.d itself thereto, on the written or
der of the president and a majority Of lis direc.
tors, notes for circulation to any amount not
xceeding the the value of the certificates Of Z
funded debt deposited with and transferred to
hlm by such bank rs prescribed b. the proceed f
ng section; but at no time shall the the total a.
mount OF such notes delivered II any such bank p
excee ithree times the amount It such time actin.
ally paid in on its capital stock, and remaining i
as capital stock undiminished by losses or 9th b
erwi e. C.
Sec 60. Ia order to furnish suitable NOES n
Tor circulation to such independent banks. the 81
IS hereby authorized and required TO
,ause to be engraved and printed in the S,
'est manner to guard against counterfeitipc, $,
uch quantity of circulating notes in the sinil d
uIe of bank notes, in blank, Of the several de iii
ominations provided for in this act as be NAV &C
rom time to time, deem necessary to furnish al
D such independent banks according to the b.
rovlsiOns hereinafter set forth; which notes to
hall be countersis ned, numbered and register ST
d in proper books to be provided and kept for o.
hat purpose in the Office of said treasurer, un- S,
er his direction, by such person or persons as u
e may appoint, SO that each denomination of m
uch circulating notes shall bear the uniform h,
ignature of one of such registers and all the pr
otes of each seperate denomination shall bear
le same device, and bear general similitud, h
nd the notes or bills to be SO countersigned on
lalI have stamped or printed on their face the in
ords "secured BY the pledge of stock -,
Sec. So. The plates, dies and materials to sbe
Protured by the treasurer of State, for the the
hitting and making the circulating n notes pro- The
led for in the sixlieth section of this act. ont
all remain in the custody of said treasurer be
under his direction and the expense ne of
'sarily incurred by him in executing the to s
oyisions of this act shall be audited and set pla
by the auditor of state, and pad out of any sto,
neys in the treasury, not otherwise appr9- nev
ated, and for the purpose of reimbursing the for
ne to the treasury the said treasurer is here. the
authoriz cd aud required to charge against, city
receive from each banks receiving such cir, also
atng notes, such rate per centum thereon as ish
= be sufficient for that purpose, and SHALL new
n time to time, equalize said expenses among whe
banks to whom such circulating notes may ated
furnished. sam,
Sec. 81. After any such independent bank The
Il have caused to be executed and signed Yorl
-he president and cashier thereof, the CIR trea:
'ting notes received from the treasurer Of circu
e. In such manner as may be requisite to motto
'e them obligatory notes, payable on de- OF su
ID at its place Of business, such bank is here. at tn
authorized to issue and circulate the same as the
ey. not b
&c, 65. 1t shall be the duty of the treasu. Trea,
Of sta'e to receive mutilated circulating the d
Issued by him % any Ofsuch independent the h
IS, and to deliver in place thereof other 1t the
Ilating notes to an equal amount, and the tably
muulated notes. alter an account shall prese
been entered in the proper book or books, vious
be burned 10 ashes by the said Treasurer such
presence of the secretary of state and the ed to
~ :, s"'I UahA oy wnom tne said Prov
and certificate or sa;d sno 'au "essu' and