Daily Nashville patriot. [volume] (Nashville, Tenn.) 1857-1858, 1857-12-22

| the House. 1t is therefore, not yet Lte INV
| but must remain suspended till the holidays
are over. We presume that it will finally
pass the Senate substantially as it now stands
We give it without comment, at present, as
follows:
BILL.
To enforce the Resumption Of Specie Payments By
the Suspended Banks; to offer to tEeir Acceptance
certain amendments to their Charter, and for
other purposes.
| SECTION l. Be 1t enactea BIZ the General Assem-
dv of the StIte of Tennessee That it shall be, and
Is hereby made the duty Of the several banks in
! this State, who have suspended specie payment,
to resume the payment OF specie on all n ties issued
| nv them, on or before the first day OF January,
| 1889: and from and after the first day of July,
1883 no such bank in this State shall issue, emit,
| paw out or circulate any note Of a less denomina'
ton than FIVE dollar; and from and after the first
day Of January, 1859 no note OF q less denomIna-
ton than ten dollars; and from and after thu pas
sage of this act, no bank, (agents of banks, bro
kerr insurance office, savings institution, or other
| person or persons, company or companies, acting
under a charter license from this State, or deal
ing in money or exchange as pursuit or business
in this State shall be permitted to pay out. for cirE
cuation. the note of any corporation, or associa-
ton Of individuals which has not been cha tered
by the State of Tennessee nor shall any bank pay
out the OF any bank chartered by this State,
| except its branches; ana no baDk IN JDlS
State shall. directly, Indirectly, sell or dispose
of gold or silver or sell dispose of the nots of
| any bank whatever, for any premium or discount
| whatever; and it is hereby expressly declared,
that the traffic or trade in the legal currency,
in uncurrent bank notes. is not privilege intend
ed to be- or granted the banks by their charters.
! No bank in this State snail pay over any dividends
or profits to any stockholders or owner OF stock,
! during the time of its suspension of specie pay
ments except the profits arising from the Bank OF
| Tennessee or the dividends to which the State Is
| entitled from the stock owned by 1t in the Union
| aDd Planters B .nks which are to be paid to the
State as directed by existing laws. No bank snail
hereafter pay interest, or any consideration "hat
ever for money of any kind, Deposited WIN thein'
whether such money be in gold or silver, bank
notes or paper curreCcv of any KIND. NO Oank
in this State while suspended, failing to redeem
its notes in gold or silver, shall be permitted by
itself its officers or agents, to sell exchange upon
any place in the United States for higher PteInl
I'm than two per cent.
SFcrToy . Re it further enacted BIZ the author
ity aforesaid That any bank in this State which
has suspended specie payment OF its notes, De anu
il hereby quired to file its acc Ptence, IN VIII
ing with the Comptroller OF the State to the sew
pral limitations and provisions contained I'D the
first section of this act within forty days from the
time of its passage, as amendment to, and part
and parcel of its charter. On the failure OF such
bank last aforesaid to file its acceptance OF the pro-
visions Of the first section of this act as an amend
r,
ed the Acknowledgement of the judicial circuit in
which said bank is heated, being notified OF the
non-acccptance by it Of the provisions OF the hrst
section Of this act, shall proceed, in the name OF
the State and at her suit, to institute all legal ana
proper sters TO have such non-accepting banks
charter pronounced forfeited and anuulled, for VIC
lation of its charter by suspension of specie pay
meut, or other cause causes, and its affairs
wound up as 20 such cases is prescribed by law.
It shall be the duty of the Comptroller TO inform
the Attorney General of any nOn-acceptance. ANY
hank eptng the provisions of the first section OF
this act as an amendment to its charter, and after
such acceptance falling to comply with such pro-
Visions such failure shall be and ls decllrsu cause
Of forfeit of charter. All contracts made by II
after the time when it shall have failed to comply
with the terms of the first section OF this act, are
hereby declared null and void and no suit in law
or equity shall be maintained by any such bank or
banks upon any contract or demand so made. And
it is hereby made the duty OF the Governor, on
satisf Glory information being given to him that
any such accepting bank banks as aforesaid
have failed to comply with the provisions OF the
first section Of this act TO direct the Attorney
General for the judicial circuit in which such Offend
ing bank may he located, to take all legal steps in
the name and at the suit of the State, to have the
charter of said bank declared fort tied and annull~
ed by judicial sentence, for non -compliance with
the provisions of the first section Of this act, be-
fore accepted by it sfOr said. If, on the trial.
it shall appear that such accepting bank, after its
acceptance, has failed to comply with the prOvis-
ions of the first section of this act iud .ment Of
forfeiture shall he entered against IT, and thereon
soid bank shall be into liquidation, by the appoint
ment Of a Receiver, to be made by he court rem
dering such uigm"nr; and it shall be the duty Of
such court 10 take bond and ample security from
said Receiver, conditioned TO faithfully collect all
the debts of such bank, to take safe and proper
care of its fleets and assets of any kind, to rem
der a true account of the same. Sid Receiver to
apply the effects Of such bank: first, to the pay
ment of its note or blil-hOders; secondly, TO tue
payment of its dcpo-tors and other creditors pro
rata. IT, after payment of all the liabilities of
such bank and all the costs Of its liquidation, there
remains any surplus, then the same shall be paid
to the stockholders Of the bank those entitled to
the same.
SECTION 5 Be it enacted By tie authority aJ6rs-
said That any president, cashier, teller. clerk,
agent, or employee of any bank who shall know
nely violate its charter, or amen 'ment thereto or
shall remove or secrete the effects Of such bank,
in any way conceal the debts, liabilities or as
IS OF the bank, for the purpose Of avoiding
defeating any judgment of the courts or for the
purpose of dpfraudiug auy Of the creditors of the
bank, the person so offending shall be deemed
guilty of high misdemeanor, snd conviction,
shall be fined in a sum not less than two thousand
dollars. sal fine to go TO the of the common
school fund; and also shall be imprisoned at the
discretion OF the court, not less than Que more
than six months.
SEcrroN 4 Be 1t eractsd6y the authority afors-
s1iL That an act passed on tn l2th February,
1882 and entitled "An Act TO autboriz, aud regu-
late the business of banking" b. aud the same is
hereby repealed, far a. TO prohibit aud taAe
away all right after the passage Of this act for any
individual or association Of individuals TO avail
themselves OF the provisions OF said act, or any
smendatory OF it, for the purpose Of creating
any new banking company, bank, or association not
in existence. Said act Is also peaed, so far
as TO prohibit any bank now in existence und
said to Increase its capital stock circula-
ton.
SEcrIos 5. Belt further eRqctsIJy the authority
aforesaid That It is here 10y r,q ircd Of they
ral banks in this State 90 max quarterly reports 70
the Comptroller, verified by the oath OF the pres-
dent and cashier thereof of the condition Of
said bank is IS and liabilities stating psrtcul
ary the lpta stock. the amount of such capital
tually paid 10 10 said bank in gold and silver, and
when paid, aud how much OF its capital stock paid
in not 10 gold ami silver and IN such case TO show
when how, aud In what paid, and whether such
payment to It's foil extent, il then al the time Of
the statement, Of the value of sp Gle, and Il not,
how much less ia their best judgment. Such state
meut, shall also show the then llti.idts Of the
bank, the amount OF specie Of It's on hand,
aud the then amount OF its 10 circulation l.
is hereby made ths duty OF the Comptroller TO
cause said staten ut q be published ia one OF the
leading neSspap r. ia the city OF Nashville and
also 10 one paper 10 the county or town whore such
bank il located If any there De, and It not ia the
nearest newspaper to sueb bank AZ the cost OF che
bank whose syatsmeIt is so pubh-hed, said state-
ment and al bank statements qlirrd under bis
section shall be sworn TO- as true ID III made
which shall be a. tie hour OF two o'clock ia lie
| isv on which ma ie out Banks accepting the pro-
visions Of this act, IS before 10 this act provided
| tor shall with sur1 acceptance, a statement Of
81 ala and