The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1857-09-30

records and accounts, and all the evidences OF
debt due to and securities held by such branch
examine and ascertain the amount of money
and other property held by such branch
examine on oath the president, vice president
directors, cashier, and all other officers agents
clerks, or servants oflthe branch, touching its
: Condition, means and liabilities. They shall
have power to require any branch to reduce
its circulation or other liabilities within such
limits as they shall, after full inquiry into its
condition, deem necessary to secure from loss
either the dealers with such branch, OF; the
tother branches of the Bank of Ohio! They
shall, as soon after the first Monday of every
month as practicable, publish in some news
paper printed at Columbus, a consolidated alb
straot ofthe monthly reports of all the branches
showing their assets, liabilities and condition,
which statements shall be recorded in book
or books to be kept for that purpose. They
may appoint an executive committee of not
less than three, of whom the president or vice
president shall be one, to act in behalf of the
bank in all such cases, as shall be prescribed
by the bylaws Of said bank, not inconsistent
with this aot. '7s5 FHa Ai1v' is'' 7u ii
I SEC. A. The president, vice president, secre-
tary, and adj other officers agents of the bank
shall each receive such compensation for their
services as said bank shall allow, which shall
be assessed upon the several branches of the
bank of Ohio, in the ratio of their capital
stock. The bank may also allow the executive
committee such compensation as it shall deem
just and reasonable, to be paid by the several
branches in the same manner and the ex-
penses of procuring plates and printing notes
of circulation shall be paid by the several
branches, in the ratio, of the notes of rcircula-
ton, received by each.
Sec s.. Each director of the bank shall con-
| n fret od,xr of E<sl,r
ary next, after his appointment, and until his
successor shall be appointed and qualified,
4 vacancies in the board shall be filled by the
A branch by which the appointment vacated was
made. In voting, each member shall be en-
titled to two votes and to one additional vote
for every fifty thousand dollars of the amount
ofcapital stock paid in to the branch represent
ed by him over one hundred thousand dollars.
at the time such voting. The president and
vice president of the bank shall hold their
offices for one year, and until their successors
shall be appointed, but they may be removed
by resolution of the board. They and all
other officers and agents of the bank shall take
an oath, faithfully, diligently and impartialiy
to fulfil the duties of their appointments and
not knowingly violate any of the provisions of
this act. They may be required to give bonds
in such sum, and with such securities as the
bank shall prescribe; and all vacancies in said
appointments shall be filled by the bank.
/ SEC. 6. All notes designed for circulation by
the branches, shall be furnished by the Bank
| of Ohio but no such notes shall be delivered to
any branch until they are numbered and
countersigned by some person or persons au-
| thorized to countersign the same as register,
and full record of such numbering and coun-
tersigning made in book provided for that
purpose, and all such notes shall have stamped
lnr Nrty, ,fnslN I~N.,
by the Bank of Ohio" All notes so worn, de-
faced or mutillated, as to be unfit for circula-
4 ton, shall be returned by the branch by which
they were issued to the bank aud an equal
amount of new notes received therefor; all such
notes so returned by a branch shall be credit
/ ed, and all new ones delivered in their stead
shall be charged to such branch on the books
of said bank; and the notes SO returned shall
be burned to ashes ia the presence of the pres
ident or vice president, and at least two Of the
directors of said bank. agsi .a4yE ~ oTa
\ Sec z. Before the bank shall deliver to any
branch, notes for circulation, it shall require
such trarc to pay over or deposite to the credit
ofsaid bank, as said bank shall order, eithel
in money or in certificates of the stocks of thi.
State, or of the United States, at their cuvren,
: value in the city of New York, but in no in
stance above their par value, an amount equa
I'toten per cent on the amount of the notes fo
circulation which shall be delivered to suci
branch. And SO, from time to. time, as AM
branch may, by the paying in of an additiona
amount on its capital stock, or by not havin,
received the amount of notes for circulation
to which it was previously entitled, receive al
additional amount of notss for circulation. suol
branch shall deposit with the bank ten De
cent. on the amount of notes so received; ant
= the stocks and money so deposited shall be de
f nominated the 'ssafety fund.-" and shall be in
i vested as hereinafter prescribed, and held b,
1 the bank as the property of said branch, il
!, trust for the benefit of the several branches 0
8 the bank of Ohio, and as a fund for the re
r demption of the notes Of circulation of any on
: or more Of said branches that NAV fail to re
: deem its notes, to be applied to that purpos
in the manner pointed out by this act.
: SEC. 8. All money so deposited or paid t,
s the bank on account of the safety fund, by an
g branch, shall be, under the direction of sal
J. bank, invested by such branch either in stock
of the state or of the United States, or in bond
k secured by mortgages on unencumbered rea
i estate situate in the county where such brancl
lis located, or in adjoining counties, of at leas
9 twice the value in each case of the amour
secured thereby, exclusive of buildings or othe
' fixtures subject to be destroyed by FIRE, flood
e or other accidental occurrences, or of timber
r, shall be made payable on demand to the Ban
e of Ohio, and shall bear such rate of interest a
: shall be agreed on by the parties, not exceedin
It six per cent per annum, pay able semi annual
i u in advance Each branch shall be entitle
Q to receive the interest accruing on the stock
}, or bonds in which its portion of the safety fan
) shall have been invested, aud in case Of th
insolvency ef any branch, the stocks and bond
n in which the money of such branch shall hav
i been invested as aforesaid, if the proceeds I
y such stock and bends shall be sufficient to +.
r deem its outstanding notes of circulation, shal
{. as far as practicable, be first converted int
\ money and applied to that purpose before an
s, part of the safety fund belonging to othe
q, branches shall be SO applied. s..eS'
'f SIC. g.. The Bank of Ohio shall not furnis
r ito any branch circulating notes to an amour
pr bearing greater proportion to the capt..
It stock of said branch actually paid in, and
II the time remaining undiminished by losses
+ withdrawal, than the proportion hereinaftt
., specified, i. e.; On the first hundred thou
n and dollars, or any lesser amount of its capita
d not more than twice the amount of such cap
d tal On the second hundred thousand dollal
!e or part thereof, not more than once and thre
3, quarters the amount Of such capital, over OF
4 hundred thousand. On the third hundre