The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1858-05-06
LAWS OF IOWA.
PUBLISHED BY AUTHORITY.
Chapter ia.

Chapter ia.
An ACT authorizing General Banking in
the State of Iowa. .....
SECTION 1. Be it enacted by the General is
sembly Of the State Of Iopa, That the Auditor
of public accounts is hereby authorized and
required to cause to be engraved and printed
in the best manner to guard against counter
feiting, such quantity Of circulating notes in
similitude Of Bank notes in blank of different
denominations not 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 be countersigned,
numbered and registered in proper books to
be provided and kept for that purpose, in the
Office Of the Auditor and under his direction
by such register or registers as the said Audi
tor shall appoint for that purpose so that each
such circulating notes shall bear the signature
Of such Register, or one Of snch Registers, of
the notes furnished to any corporation organ
lied under the provisions Of this act, not more
than ten per cent of the amount shall be in
notes of one dollar each, not more than ten per
cent in notes of two dollars each. and not more
than twenty-five per cent shall be in notes of
all denomi'Vtions under FIVE dollars, and not
more than fifty per cent IN notes Of all denom-
nations under ten dollars.
SO. Nothing herein contained shall be so
construed as to prevent any corporation from
procuring their own plates dies and other ma
terials for engraving and printing blank notes
and furnishing them to the Auditor and leav-
ing them ever after in his custody and control
to be used and disposed of as though such
Auditor had procured them under the preced-
ing section. .....
SO. Whenever any corporation formed for
the purpose of Banking under the provisions
If this act shall lawfully transfe, to and de.
posit with the Auditor any portion of the pub
lie stock issued. or to be issued by the United
States or any State stocks on which full ,ntcr-
est is annually paid, or the stocks of this State.
said stocks to be rated at ten per cent, below
their average value in the city of New York,
for thirty days next preceding the time when
such stocks may be left on deposit with the
Auditor, and in no case shall the Auditor is
sue bills for banking purposes on bonds Of tins
or any other State on which not less than six
per cent is regularly paid, snch corporation
shall be entitled to receive from the Auditor
an amount Of snch circulating notes OF differ
ent denominations registered and countersign-
ed as aforesaid, equal to the amount Of stock
actually deposited. rating said stock at ten per
cent, less than its average value as Aforesaid
S4. A descriptive list Of the circulating
notes so registered and signed, shall be dellv-
cred to the Treasurer, who shall copy the same
in the book hereinafter requi, ed, to be kept
bv him, for recording descriptive lists of Sc
curities deposited with him for safe keeping.
SIS. Such corporation is hereby authorized !,
after having executed and signed the circulate
ing notes registered and counter.igned as afore-
said, in the manner prescribed by this act,
made payable on demand at the Banking House
OF said corporation within this State, to loan
and circulate the same according to the oIdi-
nary coursesof Banking business, and no such
corporation shall at any time, issue or have in
circulation any no.e, drsft, bill Of exchange,
acceptance, certificate Of deposit or other evi.
dence of debt, which from its character or
appearance, shall be calculated or Intended to
circulate az money, other than such notes Of
circulation 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 per-
sons making the transfer, one in a well bound
book to be kept by the Auditor for that pur-
pose, 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 delivered to the Treasurer for
safe keeping, who shall receipt TO the Auditor
for the same, ard who shall be responsible 10:
any los, or destruction thereof growing out Of.
or resulting from negligence or the want Of
reasonable precaution and care. The whole
or any part Of said securities may be re-deliv-
cred to the Auditor for the purpose Of being
sold under the provisions Of this act, or being
returned to the owner in conformity with the
provisions Of this act, the Auditor in either
cass giving receipt upon the book kept by
the Treasurer aforesaid, specifying therein the
purpose for which such rs-delivery was made,
which receipt shall discharge the Treasurer
from oil further responsibility, but the Audi
tor shall be liable in the same manner as the
Treasurer 10 while keeping or disposing Of
such security.
81. Any person may establish, or any num-
Der Of psrsoas may associate to establish on
ess Of discount, deposit and circulation, and