Kanawha Valley star. [volume] (Charleston, Va. [W. Va.]) 1856-1861, 1857-10-13
Ths Penalties Of suspension.

Eelegraphic dispatches INFORM us
Iof the suspension Of specie payments
lby the Stanton, charlottesville and
Wheeling Banks. AS theconsequenF
Ices of suspension tothese institutions
are quite serious land Of public inter-
lest, we append the provisions of the
law which bear Rpon such a state OF
things I'M Virginia:
Code, eli. rs, sec. Is. IF any note,
Ebill Or check forlnoney due from any
bank, be presented Tor payment with-
in the usual business house, at the bank
III office where payable, and benot
paid il specie when 50 presented, the
same may on motion Or BIZ warrant.
according te the ampnlltl recover
from the bank the amount oil snch bill.
note or check with interest thereon,
at the rate of tacelre per cent per an
mum, from the time ofuch failure
until payment. But 10 such motion
81 warrant shall lie III respect B -any
note, bill Or. check held bg Or due to
any other bank Or Incorporated com
pany which does not, when the same
is demanded, redeem its notes and Its
deposits insspecie.
Oh. IS Sec, q. There may at any
time be an inspection ofthe books and
examination into the proceedings Of
any bank, BY a5iointc committee Of the
two House of the General Assembly,
on a COMMITTEES Of either Houses, Or
one OF mere commissioners appoint
ed by the Assembly or the Governor.
Chs Sec. %. The bills or notesot
any such bank. which shallIhave been
made, or shall have become payable
on demand i'll oldor silver coin, shall
he receivable in all payments TO this
But the right il reserved to
Legislature, at any TIME, to provide
Eby5 law tllat such bills Of notes shall
not be SO receivable. And it any such
bank shall, at any time refuse tore
deem its bills or notes snE g6ll OF sill
Tef coin, the Governor may, by proc
Iamation declaretle fact, and prohib-
it the bills OF notes Of such hank torbe
IL payment Of amy money
due to the State,
Ch. So, See. 20. Ofthe money paid
into the public treasury ot the State,
one-third shall be- deposited il the
Bank of Virginia. one,thifd in&the
Farmers Bank Of Virginia, and one
.thisd in the ~oficsof discount and de-
post of the Exchange Bank " Vir-.
gir4a, at Richmond. Ifei thcr ofsail
banks shall at any time refuse .tp re.
deem its bills or notes i'll gold OF sill
ver4coin, no further deposit 9f public
money shall BE made tiiertin; but
such deposits shall DO in the other two
nor one Of them, lit they or either con,
tinaie to redeem their bills and notes
in specie, and ii neither 81 continue,
or iItlIe treasureIg shall 1T anytime have
good cause to believethat injury will
be sustained BIZ tie State from having
its money deposited in the saia bank
or any ofthem. he shall make d writ.
en- communication to the G. vernor ill
the subject, and thereaftef shall ke
the public money III such sletie pay
ing bank, 81 such other place as the
Governor NAV direct. antil further
provision be raade#by law.
TIle provision Of the law. in case oi
suspension III independent banks, arc
as follows:
Inease said bank daring IT'D usual
hour IF business at The placd wllero
such notes are payable. taiI orretuse
.to redeem any suell note or notes ma
king such deuana, NAV cause the
sansesto be n~rofested fnr non yinen
I'M nd lsual hammer. and tha trahsTrer
ian racei Vino and fl;no n h;E M, -
aue1I nrotests shal forth VITA II u M.
lice IN writino to4the nres;dent a.
cashier ofsaid hank n nav tbe same.
md 4 saia banl shsu fail a. reGsse 70
Ele & nole9' ~ g9ld or
~ ~ ~ 4 ~ TO- SUN
SAc NiSNAooASA oiIdAl ilAiEtSul-