Muscatine weekly journal. [volume] (Muscatine, Iowa) 185?-1890, 1858-05-01
BY AUTHORITY
AN ACT AUTHORIZING GENERAL
BANKING IN THE STATE OF IOWA j..


[This act, together with "An Act to inco,
porate the State Bank of Iowa" will be sub
mitted to a vote of the people on the 4l
Monday in June, 1851
SECTION 1. BE 1t enacted bv tn
General assembly Of the State o
b,oa, That the Auditor Of public ac
counts is hereby authorized and requi
red to cause to be engraved and printed
in the best manner to guard agains
counterfeiting, such quantity Of circu
lating notes in similitude of Bank note
in blank of different denominations no
less than one dollar, as he may from
time to time deem necessary, to carry
into effect the provisions Of this act
such blank circulating notes shall b.
countersigned, numbered and register.
ed in proper books to be provided ant
kept for that purpose, in the office ol
the Auditor and under his direction by
such register or registers as the sale
Auditor shall appoint for that purpose
so that each such circulating notes shall
bear the signature of the Register, o,
one of the Registers, of the notes fur.
nished to any corporation organized
under the provisions of this act, moi
more than ten per cent of the amour,
shall be in notes of one dollar each
not more than twenty 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.
5 2. Nothing herein contained shall
be so construed as to prevent any COR
poration from procuring their own
plate dies and other materials for en-
craving and printing blank notes and
furnishing them to the Auditor and
leaving them ever after in his custody
and control, to be used and disposed of
as though such Auditor had procured
them under the preceding sect on.
5 3. Whenever any corporation for
med for the purpose Of Banking under
the provisions of this act shall lawfully
to and deposit with the Auditor
any portion Of the public stock issued
by the United States or any State
stocks on which full interest is annually
paid, or the stocks Of this State, said
stocks to be rated at ten per cent be-
low their average value in the city of
New York, for thirty days preceding
the time when such stocks may be left
on deposit with the Auditor, and in
no case shall the Auditor issue bills for
banking purposes on bonds Of this or
any other State on which not less than
six per cent is regularly paid, such COR
poration shall be entitled to receive
from the Auditor an amount Of such
notes Of different denomina-
tions registered and countersigned as
equal to the amount of stock
actually deposited, rating said stock at
ten per cent less than its average value
s.s as aforesaid.
"a. A descriptive list of the circu-
lating notes so registered and signed,
shall be delivered to the Treasurer,
who shall copy the same in a book
hereinafter required, to be kept by him
for recording descriptive lists of secu-
rites deposited with him for safe keep
ing.
IS. Such corporation is hereby au-
after having executed and
signed the circulating notes registered
and countersigned as aforesaid, in the
manner prescribed by this act, made
payable on demand at the banking
house Of said corporation within the
State, to loan and circulate the same
according to the ordinary course of
banking business, and no such corpora
ton shall at any time, issue or have in
circulation any note, draft, bill Of ex-
change, acceptance, certificate of de-
posit or other evidence of debt which,
from its character or appearance, shall
be circulated or intended to circulate as
money, other than such notes Of circu-
lation as are in this section provided
for.
Sc. Three descriptive lists Of the
securities transferred to the Auditor as
aforesaid, shall be made and signed by
the Auditor and persons making the
transfer, one in we'll bound book to
be kept by the Auditor for that purpose
and one in like book to be kept by
the Treasurer, and one in book to be
kept by the corporation, which book
shall at all times be open to inspection,
and said securities shall then be deliv-
cred to the Treasurer for safe keeping
who shall receipt to the Auditor for the
same, and who shall be responsible for
any loss or destruction thereof growing
out Of, or resulting from negligence OF
the want Of reasonable precaution and
care. The whole or any part Of SAID
securities may be re-delivered to the
Auditor for the purpose Of being sold
under the provisions Of this act, or be-
ing used or disposed of under any Or
der or decree of court, or Of being re-
turned to the owner in conformity witt
the provisions Of this act, the Auditor
in either case giving receipt upon the
book kept by the Treasurer aforesaid
specifying therein the purpose fo1
which such re- delivery was made, whicl
receipt shall discharge the Treasurer
from all further responsibility, but thu
Auditor shall be liable in the same
manner as the Treasurer is while keep
ing or disposing Of such security.
81. Any person may establish, O.
any number Of persons may associate
to establish Offices Of discount, deposi
and circulation, and become incorpora
ted upon the terms and conditions, ant
subject tO tho liabilities nrescrihed !,