Cooper's Clarksburg register. [volume] (Clarksburg, Va. [W. Va.]) 1851-1861, 1857-10-16
3 Penaltiea 81 suspen.ion.

i Penalties Of suspension. &
Il For thesinformation of sour readers we
Eappend the law as applicable 70 Banks
when they suspend specie payments ~
Code. ch. SO. sec. 10. If any note,
bill or. check for money due from any
bank. be presented for pay ment within
the usual business hours. az, the bank or
Office where payable, and be not paid in
specie when SO presented, the party pre-.
senting the same may. on motion or by
warrant. (according 10 the amount) re-
cover from the bank the amount of such
bill. note or check. with interest thereon.
atgthe rate of tsuelvs per centum. zfromsthe.
time Of such failure until payment. But
no such motion or warrant shall lie in re-
spect to any note. bill or check held by
or due TO any other bank or Incorporated
company which does not, when the same
ia demanded. redeem its notes and its de-
posits in specie. .5aas-a H..
Oh. So. Sec. 81. There may at any
time be an inspection Of the books and
examination into the proceedings Of any
bank. by joint committee Of the two
houses Of the general assembly. or a com
miltee OF either house, or Que or more
commissioners appointed by the assembly
or the Governor.
Oh. So, Sec. 20. The bills or notes Of
any such bank which shall have been
made or shall have become payable on
demand in gold or silver coin, shall ioe re-.
ceivable in all payments to t.his State.
But the right is reserved 10 che lepisla.
ture at any time. to provide by law that
such bills or notes shall not be- SO receiv-
able. And If any sach bank shall at any
time refuse to redeem its bills or notes in
gold or silver coin, the Governor may, by
proclamation. declare the fact, and pro-
hibit the bills or notes Of suck bank 10 be
received in payment of any money due to
the State.
Oh. SO. Sec. go. Of moneys paid in
10 the public treasury OF the State one
third Shall be deposited in the Bank Of
Virginia. one third in the Farmers Bank
Of Virginia. and one.third in the Office Of
discount and deposit of the Exchange
Bank of Virginia as Richmond. II either
of said banks shall at any time refuse to
redeem its bills or notes in gold or silver
coin, no further deposits of public money
shall be made therein; but such deposits
shall be in the other two or one Of them,
If they or either refuse to redeem their
bills and notes in specie. and if neither SO
continue, or if the treasurer shall at any
time have good cause to believe that inju>
~ will be sustained by The State from
having its money deposited in the said
bank. or any of them. he shall make a
written communication to the Governor
ON the subject, and thereafter shall ke.t
the public money in such specie paging
bank. or such other place as the Cover
nor may direct, until further provisions b.
made By law. s,. .. ~.
The provisions Of the Law, in case o
suspension by independent banks, are a,
follows:
In case said bank during its usua
hours OF business. at the place where
such notes axe pay able. fail or refuse Il
redeem any such note or notes in gold o.
silver money, the holder Of such note O.
notes making such demand, may Gauss
the same to be protested for nonpaymen
IN the usual manner: and the treasurer
on receiving and fling in his Office sucl
: protest, shall forthwith give notice il
writing to the president or cashier of salt
bank TO pay the same: and if said BAN
: shall fail or refuse to redeem such note
in gold or silver money for ten days ate
: such notice. the treasurer shall immedi
! a,ely thereupon (unless be be satisfied
l. that there is good and legal defens
D against the payment Of such note o
. notes give notice in two or more news
: papers published in the State, that all tb
J circulating notes issued by said bank
. whether protested or not. will be redeem
,. ed out of the trust property in his hand
;, y deposited as aforesaid, and the said treas
urer is hereby required to apply the sal
). trust property to the payment Of all III
Q circulating notes issued BY said bank, an
= to adopt such measures for the paymen
Of all such notes as will in his opinio
most effectually prevent loss to the hold
ers thereof; and to this end he shall hav
power to sell the same, or so much there
of as may be necessary at public auction
The Fairmout Bank.
= I'yor, tLo PioI,,oonl