Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1858-02-11
AN ACT.

" ~
J, Payment By the Suspended Banks
to ofsr 10 their acceptance csrtail
/ Amendments 10 their Charters, an.
for other purposes. E
: SECTION l. Be 1t enacted by til
: Genera: Assembly Of the Siafe o
| Tennessee, That it shall be, and i
hereby made, the duty Of the severa
banks in this State, who have sus
pended specie payment, to resume
the payment Of specie on all notes
issued by them. on or before the firsl
day Of November, 1858; and from
and after the first day Of July, 1858,
no such bank in this State shall is-
sue, emit, pay out or circulate any
note Of less denomination than five
dollars, and from aud after the first
day Of January, 1859, no note Of a
less denomination than ten dollars,
aud from aud after the passage Of
this Act, no bank, agent, person or
corporation licensed or chartered to
do banking or brokerage business
10 this State, shall be permitted to
pay out for circulation the noteof any
corporation or association of indi-
vidusls which has not been charter.
ed by the State of TsnDessee-- a
violation Of this provision shall be a
misdemeanor, and any person or cor
poration as aforesaid convicted there
OF, shall be fined not less than five
hundred dollars, nor mure than two
thousand dollars; nor shall any bank
pay cut the notes olany bank chartered
by this State,exeept its own or BRAN
ches, and then only as provided in
! the 7th section Of this act; aud no
bank in this State, shall directly, !,
or indirectly, sell or dispose of gold
or silver, or sell or dispose Of the
notes Of any bank whatever, for any
premium or discount whatever; and
it is hereby declared, that the traf.
fic or trade in the legal currency, or
in uncurrant bank notes, is not
privilege intended to be, or gran
ted TO the banks by their charters.
No bank 10 this State shall pay over
any dividends or profits to any stock
holders or owners Of stock, during
the time Of its suspension Of specie
payments, except the profits arising
from the Bank of Tennessee, or the
dividends to which The State is en-
titled from the stock owned by it in
the Union and Planters Banks,
which to be paid to the State, AS
directed by existing laws. No bank
shall hereafter pay interest, or any
consideration whatever, for money
Of any kind, deposited With them,
whether such money be in gold OF
silver, bank notes, or paper currency
Of any kind. Ne bank in this State,
while suspended, or failing to redeem
its notes in gold aud silver, shall be
permitted by itself, its officers, or lis
agents, TO sell exchange upon any
place 10 the United States for a
higher premium than two per cent.
SEC. q. Be Il further enacted By
the authority aforesaid, That any
Bank 10 this State which has sus-
pended specie payment Of its notes,
be and is hereby required to fiie its
acceptance, in writing, with the
Comptroller Of the State, to the sew
sral limita tons nnd provisions con-
tanned 10 the FIRST section Of this act,
within forty days from the time Of
its passage, as an amendment to and
part and parcel Of its charter. On
the failure Of such bank last afore-
said to file its acceptance of the
the FIRST section Of this act. as an
amendment to its charter, within The
time above presided, the Attorney
General Of the juiicisl circuit in
which said bank is located, on being
notified Of the non-acceptance BY it
of tho provisions Of the FIRST section
Of this act, shall proceed, in the
name Of the State, and at her suit, to
institute all legal and proper steps
to have such non-accepting banks
charter pronounced forfeited and
annulled, for viOlation Of its charter
by suspension Of specie payment, or
other cause or causes and it's affairs
wound up,as in such cases is prescrib-
ed by law. 1t shall be the duty Of
the Comptrollerto inform the Attor-
ney General OF any non-acoeptance'
Any bank accepting the provisions
! of the first section Of this act, as an
lamendment to ito charter, and after