The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-04-01
BY AUTHORITY.
law No. GIL

ing.
Be il enacted by the Legislature Of the State
OF Minnesota:
SECTION |. That the Governor Of this State
is hereby authorized and required to appoint
every two years, by and with the advice and
consent Of the Senate, bank comptroller,
who shall hold his Office for two years and
until his successor is duly appointed and
qualified Provided, that the first appoint
ment under this act shall expire on the first
Monday in January 1860. lie shall receive
an annual salary of two thousand dollars, to
be paid quarterly. Within ten days from
the time OF notice Of his appointment, the
bank comptroller shall take and subscribe
the oath of Office prescribed by the constitu-
ton, and file the same in the Office of the
Secretary of State, and shall give to the
State of Minnesota bond in the penalty
of fifty thousand dollars, with not less than
five sureties, to be approved by the Governor
and Secretary Of State, conditioned for the
faithful discharge of the duties OF his Office,
and he shall not directly or indirectly be inter-
ested in any bank or banking association, or
as an individual banker.
SEC. 2. The bank comptroller shall keep
his office at the seat of government Of this
State, and carry into effect the provisions Of
this act in the manner hereinafter specified
SEC. B. In case the Office of bank comp.
troler shall become vacant or in case the
comptroller from any cause shall be ncapa-
bic Of discharging the duties of said Office,
the Governor Of this State shall appoint a
suitable person to perform the duties Of
bank comptroller, and the so appointed
shall be invested with all the powers, receive
the same salary, and shall perform all the
duties OF such comptroller until such vacan-
cy is filled or such disability be removed,
and he shall give bonds in the same manner
as is required of the comptroller in the first
section of this act.
SEC. 4. All the expenses incurred in
and about the conducting the business of
the said department, including the salary of
the said comptroller shall b. betrayed and
paid by the banking associations and bank
ers in whose behalf they are incurred. The
expenses incurred and services performed
specially for any banking association or
banker, including the delivery Of new bank
bills, for such as may be returned, and the
destruction of the latter shall be charged to
such banking association or banker, and all
other expenses of the said department shall
be charged to the said banking associations
and bankers, in due proportion to the capital
stock of such bank, in such proportions a. the
said comptroller, together with the auditor,
shall deem Just and reasonable. IL such
charges are not paid after due notice, the
comptroller may apply the interest or divi
dends on any stock in his hands deposited
by any banking association or bankers so
neglectng to make the payments Of such
charges.
SEC. 5. Whenever any person or assoc-
alton of persons, formed for the purpose Of
banking under the provisions of this act,
shall duly assign or transfer in trust, to the
bank comptroller Of this State, any portion
of the public stocks issued or to be issued
by the United States, the State of Mime
sofa, or any other state stocks on which full
interest is annually paid, said stocks 10 be
valued at @ rate to he estimated and gov
erned BY the average rate at which said
stocks have been sold in the city Of New
York, within the next six months preceding
the time when such stocks may he left on de-
post with the comptroller, such person or
association of persons shall be entitled to re-
ceive from the comptroller, an amount Of
such circulating notes Of different denomina-
tons, registered and countersigned, equal to
and not exceeding the amount public stock
assigned and transferred, a. aforesaid, but
such public stock shall in oil cases. be, or be
made TO be equal to a stock producing six
per cent. per annum, and it shall not be- law
full for the bank comptroller TO take such
| stock at q rate above its par value, nor
above its current market value in the city
Of New-York at the time Of deposit by such
person or association Of persons. II at any
time, the stocks assigned and transferred to
the bank comptroller for circulating notes,
or any part thereof, shall depreciate ten per
| cent or more in value in the New-i ork
market, the comptroller shall reduce the rate
at which the same shall be continued to be
held as securities, and require such banking
association. or banker owning such stocks, 10
make up the deficiency with such additional
stocks as required by this act to be trans
terred and assigned as aforesaid provided,
that il in the opinion Of the bank comptroll-
or and Governor, any stocks offered shall be
deemed insecure, they shall not he received
as such securities under the provisions of this
act
Sec. 6. Before any person or banking
association formed under this act shall receive
from the comptroller any circulating notes
provided in section five Of this act, the d.
rec,ors or stockholders shall give to the
comptroller, good and sufficient bonds to be
approved by him, to the amount Of ons'
fourth of the notes that the said ASSOCIATION
receive as an additional security 10 indem-
nifty the bill holders against any loss that
! may be sustained in case the securities de-
posted with the comptroller shall be insult
! fcient 10 redeem said bills.
SEC. I. The bills and notes so to be
countersigbed and registered on the pay
paymen, OF which shall be secured by The
secured by the transfer Of public stocks,
shall have engraved upon their face the
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