Republican vindicator. [volume] (Staunton, Va.) 1849-1857, 1857-10-03
Penalties Of SuSDcnsioD,


For the information of our reaHers we APP
pend the law as applicable to Banks when
they suspend specie payments
Code, CHI. .bS, Sec Is. Ifany note, bill
or check for money due from any bank, be
presented for payment within the usual bu-
siness hours, at the bank or office where
payable, and be not paid in specie when so
presented, the party presenting the same
may, on motion or by warrant, according
to the amount) recover from the bank the
ameunt ofsueh bill, note or check. with in
terest thereon, at the rate of tWeire per CEN
tum per annum, from the time of such fail
ure until payment But no such motion or
warrant shall lie in respect to any note, bill
or check held by or due to any other bank
Or incorporated company which does not,
when the same is demanded, redeem its
notes and its deposits in specie
Oh 90, See. 81 There may at any time
be IN inspection of the books and examina-
ticn into the proceedings Of any bank, by
Joint committee Of the two houses of the
general assembly, or committee of either
house, or one or more commissioners ap.
pointed BY the assembly or the Governor.
Oh. IS, Sec. rs 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 be receivable in
all payments to this State. But the right
is reserved to the legislature at any time,
to provide by law that such bills or notes
shall not be SO receivable And if any such
bank shall at any time refuse to redeem it's
bills Or notes ia gold and silver coin, the
Governor may, by proclamation, declare
the fact, and prohibit the bills or notes of
such bank to be received in payment of any
money due to the State
Oh. %, Sec 20. OF the moneys paid in
to the public treasury of the State, one
third shall be deposited in the Bank of Vir-
ginia, one-third in the Farmers Bank Of
Virginia, and one-thrd in the office of dis
count and deposit of the Exchange Bank Of
Virginia at Richmond. If 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
raa@e therein but such deposits shall be in
the ether tive or one of them, if they or
either eentiave tie 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 injury will be
sustained by the State from having its
money deposited in the said bank, or any
of them, he shall make a written communi-
cation to the Governor on the subject, and
thereafter shall keep the public money in
such specic-paying bank, or such other
place as the Governor snay direct, until
further provisions be made by law
The provisions of the law, in case Of sus-
pension by independent banks, are as fol-
lows:
In case said bank daring its usual hours
of business, at the place where such notes
are payable, fail or refuse to redeem any
such note or notes in gold or silver money,
the holder of such note or notes making
such demand, may cause the same to be
protested for Honpaymeat in the usual man.
ner and the treasurer, on receiving and
filling i'll his office such protest, shall forth
with give notice in writing to the president
or cashier eff said bank to pay the same
and if said bank shall fail or refuse to re-
deem such notes in gold or silver money
for ten days after such notice, the treasurer
shall Immediately thereupon (unless he be
satisfied that there is good and legal defense
against the payment of such note or notes)
give notice in two or more newspapers pub
lished in the State, that all the circulating
notes issued by said bank, whether protest
ed or not, will be redeemed cat of the trust
property in his hands deposited as aforesaid,
and the said treasurer is hereby required to
apply the SAID trust property 10 the pay
ment of all the circulating notes issued by
said bank, and to adopt such measures Tor
the payment Of all such notes as will in his
opinion most etfectuaily prevent loss to the
holders thereof; and to this end he shall
have power to sell the same, or so much
thereof as may be necessary at public aue-
lion.