The weekly north Iowa times. [volume] (McGregor, Iowa) 1857-1867, 1858-05-05

By AUTHORITY.
CHAPTER Ia.

SECTION /. Be IL enacted IN tie Gen.
sral assembly ofthe State Of Lowa. That
the Auditor of public accounts is here
by authorized and required to cause to
be engraved and printed in the best
manner to guard against counterfeting,
such quantity of circulating notes in
similitude of Banking notes in blanks
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 circu-
lating 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 regis
tor or registers as the said Auditor shall
appoint for that purpose so that each
such circulating note shall bear the
signature Of such Register, or one of
such Registers, Of the notes furnished
to any corporation organized 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
ehall be in notes of all denominations
under five dollars, and not more than
fifty per cent in notes of all denomina-
tons under ten dollars.
S 2. Nothing herein contained shall
be SO construed as to prevent any corpo-
ration from procuring their own plate
dies and other materials for engraving
and printing blank notes and furnishing
them to the Auditor AMI leaving them
ever after in his custody and control, to
DO used and disposed of as though such
Auditor had procured them under the
preceding section.
S 8. Whenever any corporation form
ed for the purpose of Banking under
the provisions Of this act shall lawfully
transfer to and deposit with the Audi
tor any portion of the public stock iss-
ued, or to be issued by the United States
or any State stock on which full interest
is annually paid, or the stocks Of this
State, said stocks to be rated at ten pei
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 Audi.
tor issue bills for banking purposes on
bonds of this or any other State on
which not less than six per cenl is regu.
larry paid, such corporation shall be en-.
titled to receive from the Auditor an
amount of such circulating notes of diff.
ferent denominations registered and
countersigned as aforesaid, equal to the
amount Of stock actually deposited,
rating said stock at ten per cent, less than
its average value as aforesaid.
Sd. A descriptive list of the circula
ting notes so registered and signed,
shall be delivered to the Treasurer,
who shall copy the same in the bool,
hereinafter required. to be kept by him,
for recording descriptive lists of secu.
rites deposited with him for safe keep.
ing.
) s. Such corporation is hereby au-
thorized, 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 this
State, to loan and circulate the same &C.
cording to the ordinary course of Bank.
ing business, and no such corporation
shall at any time, issue or have in cir
lation any note, draft. bill Of exchange,
acceptance, certificate of deposit or 9TH
er evidence Of debt. which from its
character or appearance, shall be calcu-
lated or intended to circulate as 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 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 delivered 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 or
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 order
or decree Of court. or of being return
to the owner in conformity with the pro-
visions of this act, the Auditor in either
case giving a receipt upon the book kept
by the Treasurer aforesaid, specifying
therein the purpose for which such re-
delivery was made, which receipt shall
discharge the Treasurer from ali furth-
er responsibility, but the Auditor shall
be liable in the same manner as the Urea
surer is while keeping or disposing of
such security.
81. Any person may establish, or
any number of persons may associate
to establish Offices of discount, deposit
and circulation, and become incorporat-
ed upon the terms and conditions, and
subject to the liabilities prescribed in
this act; but the aggregate amount Of
the capital stock of any such corpora
ton shall not be less than fifty thousand
dollars: and the Auditor of State shall
not deliver to any incorporation, notes
tor circulation, until such corporation
shall have deposited with and transferr-
cd to him the full amount Of fifty thous-
and dollars worth of stocks AZ named in