The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1858-02-05
THE BANK BILL

ed the attention Of our General Assembly
has finally passed into law-the Senate
and House Of Representatives having con-
CURED in the action of the committee Of
Conference appointed to consider the matters
OF disagreement between the two Houses
The vote in the House on the motion to
concur stood yeas Sc, nays 80. Below we
publish the act as it finally passed:
AN ACT, To enforce the RESUMPTION OF
Specie Payment by the Suspended Banks;
TO offer 10 their acceptance certain Amend
ments to their Charters, and for other
purposes.
SECTION l. Be Il enacted by he General
Assembly Of the Slate Of Tennessee, That it
shall be, and is hereby made, the duty Of the
several banks in this State, who have sus-
pended Specie payment, TO resume the pay.
ment OF specie on all notes issued by them,
on or before the first day of Novem Der, 1858;
and from and after the LIST day Of July, 1858,
no such bank in this State shall issue, emit,
pay out or circulate any note Of a less denom-
ination than FIVE dollars; and from and after
the first day Of January, 1859, no note Of
less denomination than ten dollars; and
from and after the passage Of this Act,
no bank, agent, persons, or corporation
licensed or chartered to do a banking or
brokerage business in this State, shall be
permitted to pay out for circulation the note
Of any corporation or association of individ-
uals which has not been chartered by the
State of Tennessee violation OF this pro-
vision shall be misdemeanor; and any per-
| son or corporation as aforesaid convicted
thereof, shall be fined not less than five dol.
lars, nor more than two thousand dollars, nor
shall any bank pay out the notes of any bank
chartered by this State, except its own or
branches, and then only as provided in the
18th section Of this act; and no bank in this
State, shall directly, or indirectly, sell or dis
pose OF gold or silver, or sell or dispose of
the notes of any bank whatever, for any pre-
MUM or discount whatever; and it is hereby
declared, that the traffic or trade in the legal
currency, or in uncurrent bank notes, is not
privilege intended to be, or granted to the
banks by their charters. No bank in this
State shall pay over any dividends or profits
to any stockholders or owners Of stock, du.
| ring the time ofits suspension Of specie pay.
men;s, except the profits arising from the
Bank of Tennessee, or the dividends to which
the State is entitled from the stock owned
by it 10 the Union and Planters Banks, which
are to be paid to the State, as directed by
existing laws. No bank shall hereafter pay
interest, or any consideration whatever, for
money Of any kind, deposited with them,
whether such money De in gold or silver,
bank notes, or paper currency Of any kind
No bank in this State, while suspended, or
failing to redeem its notes in gold and silver,
shall be permitted by itself, its officers, or its
agents to sell exchange upon any place in
the United States for higher premium than
two per cent.
SECTION 2. BE il further enacted By the au-
thority aforesaid, That any Bank in this State
which he's suspended specie payment of its
notes, be and is hereby required to file its
acceptance. in writing, with the Comptroller
OF the State, to the several limitations and
provisions contained in the first section of
this act, within forty days from the time of
its passage, rs an amendment to, and part
and parcel of its charter. On the failure of
such bark last aforesaid to file its acceptance
Of the provisions Of the first section Of this
act, as an amendment to its charter, within
the time above prescribed, the Attorney Cen
eral of the Judicial circuit in which said bank
is located, on being notified ofthe non accep
lance by it Of the provisions of the first sec.
ton of this act, shall proceed, in the name
Ofthe State, and at her suit, TO institute all
legal and proper steps to have such non ac-
cepting banks charter pronounced forfeited
and annulled, for violation Of its charter BY
suspension Of specie payment, or other cause
or causes, and its affairs wound up, as in
such cases is prescribed by law. II shall be
the duty Of the Comptroller to inform the
Attorney General of any non-acceptance.-
Any bank accepting the provisions Of the
first section Of this act, as an amendment to
its charter, and after such acceptance, failing
to comply with such provisions, such failure
shall be, and is declared cause Of forfeiture Of
charter. All contracts made BY it after the
time when il shall have failed TO comply
with the terms ofthe first section of this act,
are hereby declared nul. and void, and no
suit in law or equity shall be maintained by
any such bank or banks, upon any contract
or demand so made. And it is hereby made
the duty Of the Governor, on satisfactory in
formation being given to him that any such
accepting bank or banks as aforesaid, have
failed to comply with the provisions of the
first section Of this act, to direct the Attor-
ney-General for the judicial circuit in which
such offending bank may be located, TO take
all legal steps in the name and at the suit
Of tie State, to have the charter of said bank
declared forfeited and annuled by judicial
sentence, for noncompliance with the pro-
visions Of the first section of this act, before
accepted by it as aforesaid. II, on the trial,
il shall appear that such accepting bank, after
its acceptance has failed to comply with the
provisions of the first section of this act
judgment of forfeiture shall be entered
against il, thereon said bank shall go into
liquidation, by the appointment of Receiver,
to be made by the court rendering such judg-
ment; and il shall be the duty of such court
to take bond and ample security from said
Receiver, conditioned to faithfully collect oil
the debts Of such bank, TO take safe and
proper care of its effects and assets of any
kind, and to render true account of the same.
Said Receiver to apply the effect of snch
bank; first, to the payment of its notes or
bill-holders; secondly, to the payment Of its
depositors and other creditors, pro rata. II,
after payment of all the liabilities of such
bank, and all the costs Of its liquidation,
there remains any surplus, then the same
shall be paid to the stockholders Of the bank,
or those entitled to the same.
SECTION 8. Be il enacted by the authority
aforesaid, That any president, cashier, teller,
clerk, agent, or employee Of any bank, who
shall knowingly violate its charter, or amend
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