Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1858-01-26
The Currency Question

On Friday last, Mr.. Etmunds, CHARM.
Of the committee on banks, in the House .,
Delegates, reported the following bill ~.
viding for more uniform currency Of .,.
banks Of the State.
Be Henacted, by tie General 1ssenj1g, IT,,
it shall be the duty Of every branch Of Ian,
which is now or may be hereafter aut4yrzs,
by law: 10 addition to the redemption pr,
REQUIRED at such branch, to redeem On 4.
maud, all circulating notes issued, or ray.l,.
by such branch, which may be presented r.
payment at the present bank OF such Jrase
at a rate of discount not exceeding one log,,.
of one per cent; and for failure 10 rsiss-
the same, the holder thereof may recover.
same damages, and in the same mode o..
provided by law, for failure to pay 10 spsa
at the office or bank where payable; pr0g!s.
that the other branches OF the kXcdal,.
Bank shall redeem at the branch there! j.
tabished 10 the city Of Richmond, on ia.
terms and penalties.
/ 2. Every independent bank which is n.r
or may hereafter be authorized by Law, 81,
| establish an agency for the redemption
, its circulating notes IN the city OF Echnl.
or in Baltimore, 10 the State Of MaryIan!
addition to the redemption now required !,
/ law. The location of such agency ID.
| be certified by the president OF the bank
! the Governor OF Virginia with each qu4v,e,.,
statement of the bank, and shall be pulls.
ed with the same. For failure to es,lb..
and report the agency, the bank shall fore:
/ to the Commonwealth one hundred dollar.
I for the first offence, aud five hundred dg.Ir.
/ for each separate violation of the law ;as;.
/ after.
I 3. 1t shall be the duty Of the baas, in q,
dition to the redemption now required by lsE
to redeem on demand, all circulating ng:a
issued by such bank, or payable by the san.
which may be presented Tor payment at %:
/ agency thereof, at a rate Uf Discount not III
, ceedIng onc-iourth OF one per cent; aud q.
allure TO redeem the same, the holder ite'
OF may recover the same damages, and i.s
same mode, now prescribed by law for iaIq:.
to pay in specie at the bank where paya5.
/ 1. Whenever the notes Of any bank ID.
be presented for redemption at the bll.
where they are paya bic, such bank OF brave.
may redeem the same by specie draft.
| par, for the amodnt, upon she bank or agal.
/ 10 Richmond, or Baltimore, when il has ma.
/ provision for the redemption Of It, r.,,
! provided the aggregate amount OF the l.,t
SO presented aod held by the same pef.-
! shall exceed the sun OF five bundled d
lars; and, the person refusing u accept .gs
draft in redemtt ton of the notes held by llu
shall not be entitled to proceed against 81.
bauk under the - section Of chapter
OF the Code, or under the provision 10 o..
charters OF the stock banks, requl rIng 10.
! Treasurer Of the State u sell the secants
held by such bank.
5. No bank or branch thereof shall gu
any certificate Of deposit, draft, or other e.
dence OF debt which Is 30 payable 10 spec.
q. No bank or branch thereof shall ply +.
the bills or notes Of any ether bank or D'alG
excepting such as it will receive at par
payment of debts due the bank.
I. No bank shall directly or indirectly la
its bills or notes for circulation to auy p
son, persons, or corporation, under any aye
ment or understanding that such per.
persons, or corporation shall protect or gu
antee the circulation Of such, or any O,.s
bills or notes issued by the bank, or reiss-
the same when payment has been demand
s. This act shall commence and be IL lyI
from and alter the -.