Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1858-04-08


THR New BRNK Acr.-The following are the
provisions Of the law enacted on Friday last by
ss's assembly, TO provide Tor II o..so
uniform currency of the Banks of the Slater"
1. Be it enacted by the General Assembly,
That it shall be the duty of every branch of n
bank which is now may be hereafter author
lied by law, in addition to the redemption now
required at such branch, to redeem on demand
nil circulating notes issued OF payable by such
branch, which may be presented for payment
ut the parent bank of such branch, ut u rate Of
discount not exceeding one fourth of one per
cent; and for failure TO redeem the same the
holder thereof may recover the saiue damages,
and in the same mode now provided by law, for
failure to pay IN specie ut the Office bank
where payable provided that the other bran
ches of the Exchange Brink of Virginia shall re.
deem Mt the branch thereof established in the
city of Richmond, on like terms and penalties.
9. Every Independent bank, which is now, or
may hereafter be authorized by laT, shall estab.
lish an agency for the redemption of its crculat-
ing notes in the city of Richmond, or in Bati-
more, in the State of Maryland, i'll addition TO
the redemption required by law. The location
OF such agency shall be certified by the Presi-
dent of the bank to the Governor OF Virginia,
with each quarterly report of the bank, and
shall be published with the same. For failures
to establish and report the agency, the bank
shall forfeit to the Commonwealth one hundred
dollars for the first offence, and five hundred
thereafter.
8. 1t shall be the duty of the bank, in addition
to the redemption now required by law, to re-
deem on demand all circulating notes issued by
sach bank, or payable by the same, which may
be presented at the agency thereof, at rate Of
discount not exceeding fourth of one per
cent; and for failure to redeem the same, the
holder may recover the same damages, and in
the same mode now provided by the law for
failure to pay in specie at the bank where paya-
bic.
4. Whenever the notes of any bank shall be
presented for redemption at the bank where
they payable, such bank or branch may re.
deem the same by specie draft ut par for the
amount upon the banker agent in Richmond
or Baltemore, where it has made provision for
the redemption of its notes; provided the ag-
gregate amount of the notes presented and
held by the same person shall exceed the sum
offive hundred dollars; aud tho person refusing
to accept such draft in redemption of the notes
held by him, shall not be entitled to proceed
against Snch hank under the = section of the
chapter of the Code, under the provision in
the charters of the stock banks requiring the
Treasurer ofthe State to sell the securities held
by such bank.
o. No bank, or branch thereof, shall give
any certificate of deposit, draft or other eviden-
ces of debt, which is not payable in specie
6. No bank, or branch thereof shall pay out
bills or notes of any other bank or branch, ex-
cept such as it will receive at par, in payment
of debts due the bank.
T. No bank shall directly or Indirectly loan
its bills or notes for circulation to any person.
persons OF corporation, under any agreement or
understanding that such persons or corporation.
shall protect or guarantee the circulation of
such or any other bills or notice issued by the
bank or redeem the same when presented for
payment