Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1857-11-05
Mr.. Browns Substitute.

,, I'm .fct 10 conform TO The Constitution of Tie
Sate to facilitate the resumption of Specie
Payments, by Suspended Banks, and to
reliepe The same from The penalties of forfeit
ture of Charter.
Be ii enacted By the General Assembly Of The
Slate Of Missouri, as toliows: .a ,.i'sh
SEC. l.. The provisions OF an act entitled
Gan act TO regulate banks, and banking in
slitutions, and TO create the office Of Bank
Commissioners" approved March 2, 1857
which subject the said banks TO the penalty
OF forfeiture OF charter, because OF suspen-
sion Of specis payments, or the failure to
have on hand the amount of coin required
by law aud all provisions of said act which
direct any proceeding, by any officer, against
said banks, be, and the same are hereby
suspended, until the resumption of spece
payments by the respective banks; provided
they shall fully resume the payment Of all
debts and liabilities, with gold and silver
coin, OF, or before the FIRST day Of Novem-
Der, 1853: ..aa cd a.a .a-ra9.a
Sec. 2. During the lime said banks re-
main suspended, they shall Eot be suthori-
zed TO issue any note or bill, or deSl in ex-
7 change; but in order 10 afford relief 10 the
debtor 10 said banks, they may renew or ex-
tend the tune of payment OF discounted
paper now held by them upon payment Of
twenty per cent, OF the amount due thereon,
a, each renewal, or upon the giving ori'such
addition al Security, by the debtors aforesaid
as shall secure the full payment Of all sich
discounted paper on or before the first day
of November, 1858; provided that nothing
herein shall be so construed as to prevent
the said banks from collecting their assets,
as now provided for by law. ..'
SEC. 3. During the time that the said
banks shall remain suspended, they shall be
required to furnish 10 the State of Missouri,
and to any incorporated city, or the County
Court of any county, coin or exchange that
they may have on hand, in REDEEM ptlpn1 Of
OF their own notes or bills, that may be pre-
scented by the Treasurnr of this State, or the
corporate authorities of any city in this
State, or the judges OF any Comfy Court in
this State, which shall be necessary to pay
the interest on any State, city,, or county
bonds.
SEC. 4. The provisions OF this act shall
n OF be in force, in regard 10 any suspended
bank, until the same shall be accepted by a
majority in interest of the private stock
holders thereof, and notification of the same
| shall have been communicated TO the Bank
Commis sioaers, in writing, by the President
and Board OF Directors Of The same, and all
the immunities and privileges herein con-
tanned, shall, upon such notification, apply
as we'll TO any bank that may hereafter sus-
pend, before the first day of November,
1858, as to those that have already suspen-
ded. 40
SEC. 5. So much Of the twentieth section
of the first article of the act aforesaid, as
require the whole amount of stock sub
scribed to any bank 10 be paid within twelve
months from the time Of subscribing, is
hereby suspended in its operation until the
first day Of November, 1858; and the Bank
Commissioners are hereby required not to
eountersgn, register, or deliver to the said
suspended banks, any additional notes be-
yOnd those already delivered, until they
shall fully resume specie payments; pro-
! vided, however, that the thirteenth section
of article first of The "act 10 regulate banks
and banking institutions, and TO create the
offices Of Bank Commissioners" shah be so
amended as tore1ure that one-twehtieih Of
its CHARTERED capital stock shall have been
paid in in gold or silver coin, instead OF
IoAe-tenih, as now provided by law.
4 SEC. 6. No person who shall Sc under
protest in any bank of this State, shall at
any time, whilst SO protested, be eligible to,
Tor hold the place Of director, in any bank