Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1859-11-15
mR. GANrr,s BANK BILL.

Mr.. CAN'T, the representative from Maury,
has introduced into the Legislature a general
banking bill, in Substance as follows:
SIC. /. Provides that an banks shall be sub
jet to the provisions and restrictions Of This
act-
SIC. 2. Adopts the counter note system.
SIC. 3. Provides that the capital stock shah
I BE- paid in coin and not in equivalents that
no part OF capital stock shall Be sold till the
whole is paid IN, and thatno loan shall be made
10 any stakeholder til be has paid the whole
OF his stock.
SEC. 4. Provides that no bank shall com
meace business with a less paid capital stock
than seven hundred and fifty thousand dollars.
and that the capital stock Of no bank shall
exceed two n llicns n dollars.
SEC. 3. Provides that no bank shall increase
irs entire liabilities beyond its solvent assets,
| or employ its means in trade or commerce.. OF
/ holi real estate, except what is necessary 70
carry oaiss business or what may be conveyed
10 II by mortgage or assisnmeEt 10 secure pre-
existing debts.
SIC. g.. Provides thatthe Issue shall not ex-
| ceedtFo for one Of It's specie funds; that no
bank shall permit IFS coin 10 be reduced below
one-fonrth Of its immediate Liabilities, and that
each bank shall, az an times, have specie funds
equal 20 one-thiri of its entire liabilities.
SEC. =. Provides that no bank shall employ
IN ihs business dividends due its stockholders.
unless The same are made part Of the perma-
nent paid capital.
SIC. s. Provides to guard capital stock
against destruction bv bad and doubtful debts;
that no dividends shall ever Be declared eXcen-
I ont OF the excess over bad and doubtful debts /;
IN ether words. whatisl vupitw as.rk
b. bad dOubtfal debts, shall be made up by
I profits.
SEC. @. Provides that charters shall not be
granted FOR a longer period than fifteen years.
SIC. 10. Provides for monthly statements,
under oath If the bank o6cers, showing true
condition Of bank, to be published by the con-
] troller.
! SEC. II. Provides that no bank shall deal in
uacurreut money, pay out the notes Of other
| banks. OF take more than one per cent. ex-
| change, when in suspension, and while in sus-
pension shall pay he State one-half per cent.
the capital stock.
SEC. p Provides that no bank shall pro-
cure another 10 give credit 70 its circulation BY
means o. security or indemnity for so doing,
u4less the arrangement is published.
SIC 13. Provides for he registry OF bank
notes 10 prevent over issues.
SEC. Is. Provides that no part Of capital or
assets Of any hank shall be withdrawn from
its legitimate bushes
SEC. 10. Provides that at least one-fourlh Of
the directory Of each bank shall not be stock
holders, and that no person shall be a di-
rector Of any bank WHO is no. a citizen Of the
State.
SEC. Il. Provides that accommodations to
stockholders shall be upon the same terms as
other castomers Of banks.
SIC. Il. That no bank shan pay interest On
deposits.
SEC. IS. Provides for the appointment Of a
bank supervisor 10 examine and report quar-
teTly the true condition Of the banks Of the
State.
SEC. 70. Provides that no bank shall borrow
i - --EensA L. a. -
does not Owl, while under examination by the
supervisor.
SIC. 20. Provides that If any bank snsps1ds
specie payment for sixty days, the supervisor
shall institute suit against such bank in the
I chancerV district where located. 70 subject lis
assets to its debts, and declare its charter for
feited-uHless staid BY the governor from time
10 time ill the mex Legislature thereafter
meets.
sEos. p and D. Provide FOR the payment Of
a salary Of three thousand dollars to the super
visor BY a tax on banks.
SEC. %. Provides for the reservation Of the
repeal power TO Be exercised for abuse Of
power or violation Of charter.
SEC. p. Provides for The cancellation Of
old Issues.
SEC. 25. Provides Tor the discount OF notes
and bills payable in Tennessee az six per cent;
bills out Of tie State az six per cent, with
reasonable exchange.
SEC. %. Provides chat for fraud and wiHfuI
mismanarement, The directors shah be indi-
vidualiy liable, and that stockholders shall be
Individually liable till their stock is paid in
full
SEC. q. Provides that banking companies
shall pay same tax upon their stock as the
citizens Of the State pay upon heir money.
SEC. .. Provides that The banks shall Be-
subject 20 be visited and examined by legisla-
tive committees.