Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1858-04-02
Bank Currency Bill,

A Bill! providing Tor more UNIFORM currency
| of the banks OF the state Passed the House
| of Delegates
SECTION l. Be it enacted By the general
assembly, that it shall be the duty OF every
branch of q bank which is now or may be
| hereafter authorized by law, 10 addition to
the redemption now required at such branch,
to redeem on demand all circulating notes
issued or payable by such branch, which
may be presented for payment at The parent
| bank of such branch. at a rate of discount
not exceeding one-fourth Of one per cent.
and for failure to redeem the same, the
holder thereof may recover the same damages,
and in the same mode now provided by law,
for failure to pay in specie at the office or
bank where payable provided, that the 9th
er branches or the Exchange Bank of Viz,
GINA shall redeem at the branch thereof
established in the city Of Richmond, on like
terms and penalties
SCI >. Every independent bank, which Is
now or macy hereafter be authorized by law,
shall establish an agency for the REDEEM 2!ion
of its circulating notes IN the city OF Rlch-
mood, or IN Baltimore in the state of Mary
land, in addition to the redemption now re-
auired by law. The location of such agency
shall be certified by the president Of The bank
TO the governor Of Virginia, with each quar-
terly report of the bank, and shall be pub
ished with the same. For failure to estab-
lish and report the agency, the bank shall
forfeit 10 the commonwealth Oas hundred
dollars for Tho urst offence, and five hundred
dollars for each separate violation OF the law
thereafter.
Sec ,. 1t shall be the du,y Of the bank,
in addition TO the redemption now required
by law, to redeem on demand all circulating
notes issued by such bank, or payable by the
same, which may be presented Tor payment
al the agency thereof, at q rate Of discount
not exceeding one-iOurtb of one per cent. !
and for failure to redeem the same, the
holder thereof may recover thesame damages,
and in the same mode DOW provided by law
for failure to pay in specie at the bank where
payable.
SEC l. Whenever the notes of any bank
shall! be presented for redemption IT the
bank where they are payable, such bank or
branch may redeem the same by specie
draft at par for the amount upon the bank or
agent in Richmond OF Baltimore, where it
has made provision for the redemption of its
notes: provided the aggregate amount OF tue
notes so presented and held by the same per-
son shall exceed the sun Of i've hundred
dollars and the person refusing to accept
such draft in redemption Of the notes held
by bin, shall not be entitled to proceed
against such bank under the - section OF the
chapter of the Code, OF under the provision
in the charters Of the stock banks, requiring
the treasurer Of the state IL sell the securities
held by such bank.
SEC. j. No bank or branch thereof shall
give any certificate Of deposit, draft or other
evidence of debt, which is not payable in
specie.
SEC. 6. No bank or branch thcveof shall
pay out the bills or notes OF any other bank
or branch, excepting such as it will receive
at par in payment of debts due the bank.
SEC. I. No bank shall directly or indirect
~ loan lis bills or notes for circulation to
any person or corporation, under any agree
mens or understanding that such person, per-
sons or corporation shall protect or guarantee
the circulation Of such or any other bills or
notes iasued By tho bank, or redeem the same
when pay meut has been demanded.
SEC. s. This act shall commence and be
in force from and after the lst o! Noycmbe.,
lSIS