The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-08-05

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United States. the holders of such note or
notes making such demand, may cause the
same to be protested for non.payment by IA
notary public, under his official seal But
the maker or makers of such note or notes,
shall not be liable for the expense of so pro.
testing the same, unless on such demand and
refusal so 10 redeem the same, he or they
shall refuse to waive protest aud notice Of
protest thereon, and such waiver of prot st
shall in oil cases be deemed equivalent to the
regular protest thereof; and such notary
shall, on protesting the same, forthwith for
ward notice of such protest 10 the Auditor
Of State, the notary making such protest
shall certify in his notice of protest the mum.
Der of notes on which said payment was 70.
fused, and describe them by their numbers
aud letters, and shall also certify 10 the az
gregatc amount Of said notes, the Auditor
Of State on receiving and filing in his Office
such protest together with such note or
notes as aforesaid, shall forthwith give no.
tice in writing to the maker or makers OF
such note or notes, TO pay the sar.e, and If
they shall omit to do 30 for forty days after
such notice, the auditor shall Immediately
thereupon, unless he shall be satisfied there
is good and legal defense against the pay.
ment OF such note or notes, give notice that
all the circulating notes OF such person or
association Of persons, and countersigned
and registered ~ aforesaid, will be redeemed
out Of the trust funds in his hands for that
purpose, which notice shall BIZ given by pub
fishing the same in some newspaper printed
in the county where the business Of such
bank is established, and in some newspaper
printed nj the seat Of government oil this
State, aud the Auditor Of State shall
he required to apply the said trust funds
belonging 10 the maker or makers
Of suchIprotested note or notes to the payment
Of all circulating notes, whether protested or
not, put in circulation by the maker or
makers Of such protested note or notes, pur
suant 10 the provisions of this act, and 10
adopt such measures for the payment OF
such notes, Us will, in bis opinion, most eilec.
tually prevent loss TO the holder OF such
notes and to this cnd the auditor OF State
may after the expiration Of the said forty days,
and after giving thirty days notice by pub
LEGATION In newspaper printed at the scat
vi Va tDtoNf uiu VS. - unsty
newspaper printed in the city Of New York,
proceed 10 sell, at the Merchants Exchange
in the city Of New York, at public auction,
the securities 40 pledged, and out Of the
proceeds Of such sale, shall pay pro rata
and cancel oil bills and notes which have
been issued and put 10 circulation by such
bank under the provisions Of this act, 10 be
applied pro rata to the payment Of all such
circulating notes; but nothing in this act
contained shall be considered as implying
any pledge ON the part Of this State Tor the
payment Of such bills or notes beyond the
proper application Of the securities pledged
TO the auditor Of State for their redemption.
SIC. lG. Such bank or banking associa-
ton shall be liable to pay the holder OF eve.
~ bill or note put in circulation u money.
the payment OF which shall have been de-
manded or refused at the banking house OF
usual place of business Of such association
or bankers, damage for nOn-paymcnt thereof
from the time Of such refusal until the pay.
ment Of such evidence Of debt and damages
thereon.
SIC. II. II shall not be lawful for the
Auditor Of State or his deputy, to counter
sign bills or notes for any association or
banker TO an amount in the aggregate eY.
cceding the securities nj their value a. he.
fore provided in this act, deposited with
him 10 his trust by such association or bank
or, or to use or dispose Of such securities in
any manner other than provided for in this
act, and any Auditor Of State or deputy,
who shall violate the provisions Of this sec
ton. shall, upon conviction, be deemed
guilty Ct misdemeanor, and be- punished
by fine not lea than five tbousaBd dollars.
or he imprisoned not bzs than five years IN
the State prison, Or by both such fife and
imprisonment
&c. Is. 1t shall be lawful for any per
son or association Of persons organized un-
der the provisions Of this act, by his or their
articles II association 10 provide for An
increase OF their capital. and ii the numbers
Of ouch association from time TO time "a they
may think proper.
SEC. -. Contracts made by any bank
or banking associatl0D, established under the
provisions Of thi- ac, and all notes and bills
tiere0t issned and pa, in circulation ~
money, sbsll BE- sigur,i by the president ard
tABNI bpT'fN, dbl III NHtHs aIhiobr nUI
proceedings brough, Or prosecuted by and
10 behalf of such bank or banking ass0cia.
ton shall be brought and prosecuted in the
corporate name mentiOne5 in the certificate
made and flied as bereinbeiore required.
sgc. 20. n shall BE- lawful for fuch bank
or banking arsociation to pprchase. bold and
convey real estate Tor The following pur-
pres
Ffssr. Such A. shall be peoasary for ia
immediate accommodation 10 tie CONVENIENT
trsnsact 90 Of ia business
Ssoord, such as ,hali he mor,gsgeb 10 II
10 good lai,h by way Of security to- loans
mad by, o. nooey doe 10 such bank
1hud, Sscb a. shall be conveyed 10 Il IN
saiisfsctioo Of debts previously contracted
in the cDgr.e Of IL dsalings