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

such branch, the notes Of circulation is t
sued BY any other branch Of the Bank OF
Ohio
Sic. 35. Each branch shall, at all r
times, have on hand, in gold and silver g
coin, or their equivalent one-half at least Il
of which shall be in gold and silver coin
in its vault, an amount equal to at least
thirty per cent. of the amount of its out
standing notes of circulation and when
ever the amount of its outstanding notes
OF circulation shall exceed the above nam
ed proportion, no more of its notes shall
be paid out, or otherwise put in circula-
tion by such branch, nor shall such branch
increase its liabilities, by making any new
loans or discounts other than discounting
or purchasing bills of exchange, payable
at sight, or make any dividend of its profits,
until the required proportion between its
Outstanding notes Of circulation, and gold
and silver coin, or their equivalent on
| hand. shall be restored Actual deposits
with any solvent bank, of established cred.
it, in the cities of New York, Boston,
! Philadelphia or Baltimore, subject to be
drawn against at sight payable in gold
and silver coin, shall be deemed equivalent
to gold and silver coin, wherever these
terms are used in this act. Ho7t 8
SEC, 26. No branch organized under
4 this act shall, at any time be indebted or
in any way liable to an amount exceeding
1.-TWO thirds of its capital stock at such time
actually paid in, and remaining as capital
i stock undiminlshed by losses or otherwise
except on the following accounts--that
is to say, @
i First-On account of its notes of circu-
!, lation:
/, Second-On account Of moneys de.
posted with or collected by such branch !;
Il Third--On account of bills of exchange
|. or drafts drawn against money actually on
j deposit to the credit of, or due to such
: branch. a,
Fourth Liabilities to its stockholders
on accounts Of money paid in. on capital
& stock, dividends thereon, and undivided
/ profits
al Nor shall any branch either directly or
'lIindirectly, pledge, hypo,hecate or ex-
o change any ofits notes of circulation for
e 1.-THE purpose of procuring money, to be
II paid in on its capital stock, nor pledge OF
!, r,lhypothecate directly or indirectly any Of
lsuch notes to be used in its ordinary bank.
hing operations. g Eaii. -
i'll SEo 81. No branch shall, during the
f. time it shall continue its operations as a
,e branch, withdraw or permit to be with
= jdrawn, either in form of dividends, loans
1t to stockholders, for a longer period o.
10 Itime than four months. or in any othel
,el manner any portion of its capital stock
l. aud if losses shalr at any time have beer
lie sustained by any branch branch, equal K
lie or exceeding its undivided profits then OF
" hand, no dividends shall be made, and NJ
,e dividend shall ever be made to any branch
" while it shall continue its banking opera
20 ltions, to an amount greater than its ne
he profits then on hand, deducting therefron
,y1its losses and suspended debts; and al
Of debts due to branch, on which interes
b iis pes: due and unpaid for period of si
ut months, unless the same shall ne well Sc
Mt lcured, and shall be in the process of col
NJ lection, shall be considered bad or suspend
be ed debts, within the meaning Of this sec
{ ton.
tol Src. SO. The directors Of each branc
cr shall, semi-annually on the first Monda
be in May and November, declare q dividen
he of SO much of the net profits of the branc
he as they shall Judge expedien,; and on eac
er dividend day, the cashier, shall make
its full, clear and accurate statement of til
m condition of the branch us it shall be o
of that day, after declaring the divident
sr- which shall be verified by the oath of th
ay cashier, president, and two Of the director
er. and similar statements shall also be mad
,al ON the 6rst Monday in each month in eac
essi year, which statements shall contain,
ur. First-The amount Of the capital stoc
ate actually paid in, and then remaining I
ith the capital stock Of the branch;
toI Second The amount of the bills {
Ills notes of the branch then in circulatio
EN- specifying the amount of each denomin,
all tion; $50
el. Third The greatest amount in circ'
,uy iation a. any time since the making of Il
IN: last previous statement, as shall have bee
act exhibited by the weekly statements Of Il
ato1 cashier, specifying the time when the san
is occurred;
ct.l Fourth---The amount of balances al
cal debts Of every kind due to the branch
ve. Of the Bank of Ohio, the amount due
no other banks of the state, aud the amou
to duo to banks not OF this State;
ebtl Fifth--The amount due to deposition
AMI Sixth The total amount Of debts al
inv liabilities oftsvery description, and I
ich greatest amount since the making of Z
ay. last previous statement, specifying 4
NOT time when the same occurred, as exhibits
ger by the weekly statement of the branc
INV Seventh-The total amount of div
for dends declared On the day of making t
vas statement; .F
ing Eighth-The amount Of gold and silv
ast coin and bullion belonging to such branc
ta- and in possession at the time OF maki
III 81 ,,k