The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-03-04

The members Of the iIouSc Of Represent
ativcs, having agreed upon and perfected
the Banking law to their entire satisrac-
ton, passed il by n nll two-thirds vote, on
Monday.
The law, as perfected by the House, IL
probably as secure TO the bill holder and the
interests of the public, az il Is possible 10
make it, and at the same time afford liberal
provisions for the Bankers.
The law provides for the appointment by
the Governor. Of Bank Comptroller, who
shall hold his Office until January, 1859, or
until successor IL elected, md receive
salary ofs2 900, giving bonds to the amount
Of $4,000 for discharge of duty, and Ia
not TO be interested In any Bank. The ea-
penscs incurred In and about the Office of
the Comptroller, are 10 he borne by the
banks and all plates, dies. &c., arr 10 he
obtained through him, for the issue Of notes,
and are TO remain in his custody, and under
his direction.
Any person or association may commence
banking under the provisions Of the law,
with capital stock OF not less than S25,-
600, and in town Of not less than 300 IN.
habitants. The circulating notes for each
bank are 10 bc obtained from and be c0un.
tersigncd by the Comptroller, the bank M
signing or transferring in trust, public stocks
issued by the United States or my Of tho
States, the stocks TO be made equal 10 n
stock producing six per cent and all banks
must deposit at least 1926 900 worth Of stocks
10 avail themselves Of the provisions Of the
law. The Comptroller, upon the receipt Of
the stocks, is required 10 furnish the bank
with circulating notes 10 the amount of
nineie,iihs of the current value Of tic stock
in New York ut the time OF the de-
post and in the event Of depreciation Of
ten per cent. from the value OF the stocks
allowed by the Comptroller, the banks arc
re9nircl to make up the deficiency by add
tioual stocks. II IL also provided that II, in
the opinion u the Bank Comptroller and
Governor, any stocks offered arc insecure,
they shall not be received. Changes Of the
securities may be made at the discretion Of
the Comptroller; and provision Is made ior
cancelng circulating notes and delivering up
stock therefor on application Of the Banks.
The banks, on receiving and issuing bank
notes, are required 20 keep In their vaults
gold and silver coin, sufficient at any time
TO redeem one fifth oftheir circulating notes.
All the banks ARE requirei TO make quar-
terly statements other affairs 10 the Comp.
troler, who shall cause the same 10 be pub
lisbed. And II IN made the duty OF the
Comptroller ia conjunction with Bank
Commissioner, to be appointed by the Gov.
ernor, to make personal examination at least
four times year, u the hooks and vaults u
all banks
In The event of bank fsiing 10 redtm
any Of its notes On presentation, in gold or
silver, the holder can have the saiDe protest
I'd aDd the Comptroller is directed bpro.
cetd u close up the bank, at the expiration
Of forty days, and sdsertie thu stocks for
sale, ard redeem the notes.
The Law provides tina, banking shall not
ie carfd % except under the provisions Of
this law.
The Constitutional restrictions N making
the stakeholder liable for double the amount
ofhs stock, and % extend for one year after
,randn are among the provisions Of the
law
The further provisions relate TO the man
Der Of organization, powers, and franchises.