Muscatine weekly journal. [volume] (Muscatine, Iowa) 185?-1890, 1858-04-24

late any OF the provisions or this acl
They shall be required to give bond i
such sum and with such securities a
the Bank shall prescribe, and all va
cancies in said appointments shall b
filled by the Bank.
96. All notes designed for circu
lation by the branches, shall be fur.
nished by the State Bank of Iowa, bu
no notes shall be delivered to an,
branch until they are numbered ant
countersigned by some person authori
zcd by the State Bank Of Iowa, to coun
telsign the same as register, and full
record Of such numbering and counter
signing made in book provided fo1
that purpose, and all such notes shall
have stamped or printed on their face
the words 6 Registered by the State
Bank of Iowa." All notes so worn
defaced or mutilated, as to be unfit fol
circulation, shall be returned by the
branch by which they were issued, te
the Bank, and an equal amount of new
notes received therefor all such notes
so returned by a branch, shall be cred
tied, and all new ones delivered in their
stead shall be charged to such branch
on the books Of said Bank and the
notes so returned shall be burned to
ashes in the presence Of the President
or Vice President, and at least two of
the Directors of said Bank.
81. Before the Bank shall deliver
to any branch, notes for circulation, it
shall require such branch to pay over or
deposit to the credit Of said Bank, as
said Bank shall order, either in money
or United States Stocks, or interest
paying State Stocks at their current
value in the city of New York, but in
no instance above their par value, an
amount equal to IL IL per cent. on
the amount Of the notes for circulation,
which shall be delivered to such branch.
And so from time to tine as any
branch, by the paying Of an additional
amount on its capital stock, or by not
having received the amount Of notes
for circulation to which it was previ-
ously entitled, shall receive an addi
tional amount of notes for circulation,
such branch shall deposit with the Bank
II 1-2 per cent. on the amount of
notes so received and the stocks and
money so deposited shall be denomina-
ted the "Safety Fund.- and shall be
invested as hereinafter provided, and
held by the Bank as the property of
said branch, in trust for the benefit of
the several branches Of the State Bank
Of Iowa, and as fund for the redemp-
ton Of the, notes Of circulation Of any
one or more of said branches that may
fail to redeem it's notes to be applied
to that purpose in the manner pointed
out in this act.
S8. All money so deposited Or
paid to the Bank on account Of the
Safety Fund by any branch, shall be
under the direction Of said Bank, in
vested either in Interest paying Stocks
Of States. or of the United States
Each branch shall be entitled to receive
the interest accruing on the stocks in
which its portion of the Safety fund
shall have been invested, and in case Of
the insolvency Of any branch, the stocks
in which the money Of su h branch shall
have been invested as aforesaid, if the
proceeds of such stock shall be sufi-
cient to redeem its outstanding notes Of
circulation, shall as far as practicable,
be converted into money, and applied
to that purpose, before any part Of the
Safety Fund belonging to other branch
es, shall be so applied.
50. The State Bank of Iowa shall
not furnish to any branch, circulating
notes to an amount bearing greater
prop ortion to the capital stock Of said
branch, actually paid in at the time re-
naming undiminished by losses or with
drawal, than the portion hereinafter
specified, that is to say :: on the first
hundred thousand dollars, or any lesser
amount Of its capital, not more than
twice the amount Of such capital F.; on
the second hundred thousand dollars, or
part thereof, not more than one and
three quarters the amount of such cap
ital over one hundred thousand: on the
third hundred thousand dollars or part
thereof, not more than one and . half
the amount Of such capital, over two
hundred thousand nor shall said bank
furnish to any branch circulating notes
Of any other denomination than Of one
dollar, two dollars, three dollars, FIVE
dollars, ten dollars, twenty dollars, fif-
ty dollars, and one hundred dollars
Of the notes furnished to any branch
not more than ten per cent. Of the
amount shall be in notes Of one dollar
each, not more than ten per cent. in
notes Of two dollars each, and not more
than twenty-five per cent. shall be in
notes Of all denominations under FIVE
dollars, and not more than fifty per
cent. in notes Of all denominations un-
der ten dollars. -s-s ~
5 10. If any branch of the State
Bank Of Iowa shall refuse to pay its
notes Of circulation, or any Of them,
in gold or silver coin, the lawful curren-
cy Of the United States, on which pay
ment shall be lawfully demanded at its
banking house or customary place of
doing business, during the usual bank
ing hours, such branch shall be deemed
to have committed an act of insolvency,
and thereupon all its property, credits,
securities, liens and assets Of every de-
scription shall forthwith vest in and be
the property, credits, securities, liens
and assets Of the Bank Of Iowa, for the
uses and purposes declared in this act
And the said branch shall only be al
lowed to make payment of any such