The weekly north Iowa times. [volume] (McGregor, Iowa) 1857-1867, 1858-04-07
From the Daily Wisconsin.
The State Bank of Iowa

4uo Stdte bank Oh iowa
The bill incorporating the State Bank of
Iowa has become a law. The act is to take
effect from and after its adoption by the people
at an election to be hereafter holden.
The bill appoints c. H. Booth of Dubuque
county, E. II. Harrison of Lee county, Ezekiel
Clark of Johnson county,, J. W. Dutton of Mus
catine county, VIM. J. Calling of Polk county,
G. w. Slagle of Jefferson county, Elhu Baker
of Linn county, VIM S. Dart of Mahaska cOun-
ty, Low. Rabbit of Pottawattamie county, Z. T.
EdgeItOn of Lucas county, who are to consti-
tute Board of Bank Commissioners. This
Board is TO meet at Iowa City within thirty
days after the adoption of the act, and shall elect
one of their number President
Any number Of persons not less than five in
number may associate together and form
branches of the State Bank. No branch shall
be formed with less capital than $4,000. nor
shall the capital OF aay branch be increased to
more than $4,000. At least fifty per cent of
the capital stock shall be paid in gold or silver
and the remainder shall be paid in gold and
silver in instalments of at least ten per cent as
frequently as once in every four months. Each
branch shall be managed by not less than five
nor more than nine directors. They are to be
elected annually. Each branch is to be con-
sidercd body corporate with succession to July
LIST, 1878. They shall have power to issue
notes for circulation. issued by the State Bank.
Each branch is to receive at par the notes of the
other branches. Each branch shall at all times
have Oh hand in gold or silver an amount equal
to at least twenty five PCT cent of its circulation.
Besides this it must keep in its vaults twenty
five per cent of its current deposits. The
banks may discount mt the rate Of ten per cent.
per annum till 1863, and after that date at eight
per cent They may at no time ray out any
notes which are uncurrent and not ut par, or of
non specie paying banks.
The number of branches shall not exceed
thirty. No branch shall be established in a
town of less than five hundred inhabitants, nor
| shall there be more than one branch in any city
Or shy town.
All notes delivered to the branches for crcu-
lation shall tie numbered count ersigned, and
registered, and the words, "Registered by the
State Bank of Iowa, shall be printed on their
face. Before the Bank shall deliver to any
branch, notes for circulation, it shall require
such branch to pay over, either in money or in
Stocks. at their current value in the city OF
New York, an amount equal to l2b per cent
on the amount of the notes which shall be de-
livered to such branch, and the stocks and
money so deposited shall be denominatcd the
Safety Fund B" and shall he held by the Bank
as the property Of said branch, in trust tor the
benefit of the several branches of the State
Bank of Iowa, and ms fund for the redemption
VI uoSs vi ClFtuiaIiOn OI anN one Or
more of said branches that may fail to redeem
its notes.
branch with 100000 actual capital NAV
receive notes to the amount of 100000; with
$2Oo,0uO capital it may receive S375,01O of
notes; with $50, 900 it may receive 1896, O00:
with 100000 it may receive $3.50. UOO-
No notes shall be issued but SIS, $2s and
$3s.
If any branch refuse to pay its notes on de-
mand in gold or silver, it shall be deemed to
have failed, and forthwith all its property, of
every description shall vest in the State Bank
for the use of the creditors of the failing
branch.
Each solvent branch shall contribute in the
ratio of the circulation TO which it is entitled,
to the sum necessary for rcdeeming the notes of
the failing branches, as provided in the proceed
ing section on the requsition of the State Bank
OF Iowa, and may be remunerated for such con-
tribution, from the Safety Fund. as soon as
money sufficient can be raised from that fund,
by sale or hyl othecation of the stock, or other
securities belonging thereto. The Iowa system
of Banking is very similar to the New York
Safety Fund, but with more safe guards.