The Wyandot pioneer. (Upper Sandusky, Ohio) 1853-1868, 1857-06-04

some person or persons authorized te
countersign the same as register, and a
full record Of such numbering and coun-
tersigning made in book provided fol
that purpose, and all such notes shall
have stamped or printed on their face,
the words "Registered by the Bank o.
Ohio" All notes so worn, defaced OF
mutilated, as to be unfit for circulation
shall be returned by the branch by which
they were issued to the bank, and an
equal amount of new notes received
therefor; all such notes so returned by q
branch, shall be credited, 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 burn
I'd to ashes in the presence of the presi
dent or vice president, and at least two o
the directors of said bank.
Sec. 7. Before the bank shall deliver
to any branch, notes for circulation, il
shall require such branchto pay over OIL
deposite to the credit Of such bank, as
said bank shall order, either in money OF
in certificates Of the stocks of this State
or of the United States, at their current
value in the city of New York, but in nc
instance above their par value, an amount
equal to ten per cent. on the amount oi
notes for regulation which shall be de-
livered to such branch. And so, from
time to time, as any branch may, by the
paying of an additional amount on its
capital stock, or by not having received
the amount Of notes for circulation to
which it was previously entitled, receive
an additional amou Mt of notes for circula
ton, such branch shall deposit with the
bank ten per cent. on the amount Of notes
so received; and the stocks and money Sc
deposited shall be denominated the safe
ty fund.-" and shall be invested as here
matter prescribed, and held by the banl
as the property of said branch, in trust fol
the benefit of the several branches of the
Bank Of Ohio, and as fund for the re.
demption of the notes of circulation of any
one or more of said branches that may
fail to redeem its notes, to be applied tc
that purpose in the manner pointed ou,
by this act
Sec. 8. All money so deposited o,
paid to the bank on account of the safety
fund, by any branch, shall be under the
direction of said bank, invested by such
branch either in stocks of the State or O.
the United States, or in bonds secured BY
mortgages on unencumbered real estate
situate in the county where such branch
is located, or in adjoining counties, of al
lao tu.ioa I x,al,t,, oaoh ooeo oF ~
amount secured thereby, exclusive oI
buildings or9uther fixtures Subject to be
destroyed by fire, floods or other acct
dental occurrences, or of timber, mines OF
minerals subject to waste; which bono
shall he made payable on demand to ths
Bank Of Ohio, and shall bear such rate o
interest as shall be agreed on by the par
tics, not exceeding SIX per cent. per an
nun, payable semi annually in advance
Each branch shall be entitled to receive
the interest accrung on the stocks OF
bonds in which its portion of the safety
fund shall have been invested; and in cast
of the insolvency of any branch, tht
stocks and bonds in which the money 0
such branch shall have been invested a.
aforesaid, if the proceeds of such stocl
and bonds shall be sufficient to redeem it,
outstanding notes .of circulation, shall, al
far as practicable, be first converted int
money and applied to that purpose befor'
any part of the safety fund belonging te
other branches shall be SO applied.
Sec. 9. The Bank of Ohio shall no
furnish any branch circulating notes t,
an amount bearing a greater proportion
to the capital stock Of said branch actual
| ly paid in, and at the time remaining un
diminished by losses or withdrawal, thai
the proportion hereinafter specified, tha
is to say: On the first hundred thousan,
dollars, or any lesser amount of its capi
tai, not more than twice the amount G
such capital, On the second hundre,
thousand dollars or part thereof, not NOR
than once and three quarters the amour
Of such capital, over one hundred thou
sand. On the third hundred thousan
dollars, or part thereof, not more tha
once and half the amount of such CAP
tai, over two hundred thousand On tn
fourth hundred thousand dollars, or pal
thereof, not more than once and a. quar-
ter the amount of such capital, over thre
hundred thousand; and, on any amour
OF capital over four hundred thousan
dollars, not more than an amount equs
TO such capital, over four hundred thor
sand. Nor shall said bank furnish to an
branch circulating notes of any other d,
nomination than of one dollar, two do
! lars, three dollars, FIVE dollars, ten do
lars, twenty dollars, fifty dollars, and OF
: hundred dollars each; of the notes fu
nished to any branch, not more than te
per cent Of the amount shall be In not
of one dollar each not more than f,
per cent. in notes of two dollars eac
not more than ton per cent. in notes
three dollars each; not more than. TWEEN
per cent, shall be in notes oil all demon
patioDs under FIVE dollars; not more th
fifty per cent. in notes of all denomin
: tions under ten dollars.
! SEC. 10. If any branch OF the bank
Ohio shall refuse to pay its notes of C
culation, or any of them, in gold or silv
coin. or the lawful currency of the u
!, ted States, on which payment shall
lawfully demanded at its banking heu
or customary place of doing banki
business, during usual banking hou
\ such bank shall be deemed to have col
\ mitted an act of insolvency, and the
:. upon all its property, credits, securiti
:. liens and assets Of every description sh
y forthwith vest in and be the proper
J cr.ditc cecurifiac Eorc o,d oeeote - ,