The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1860-08-09
81 The following is the Bank Note Act as amend
ed, and reported TO the House Of Representatives FOR
sc;iou today

~ The following is the Bank Note Act as amend
ed, and reported to the House Of Representatives for
aciiOu to-day:
To AUTHORIZE THE ISSUE o. BANK BILLS FOR CIR
CULATIuS As MONEY
Be II ENACTED 81 lie ETFg. .No5.es and R,PreEsE-
fdtires or the RIcgiIGE E!Il3s, n LsS;siEtirs
Council assembled:
SgCT1ox I.-Tha, authority j. hereby granted TO
Charles r. Bishop and william \ Alirich. now do
ing business as Bankers, II the city Of Honolulu IN
der the firm name Of Bishop & Co, snd 10 those whom
the said Charles R. Bishop and William 4. Aidrich
may hereafter associate with themselves IN the said
business of banking. and 70 their Legal Representa-
tves and Assigns, doing business a. Bankers. under
the same name and style, 70 .ssue Bills for circulation
a. money il this kingdom, under the limitations and
restrictions hereafter expressed Provided that 10
assignment BY the aboye-usmed parties. OF their en-
tire interest in the hank ard in the privileges grsntei
under this Act shall be made without the consent Of
the Priyy Council
Ist. Previously to the issue Of any Bills SIS shove
provided, the said Bishop X Co. shall deposit wiki the
Minister Of Finance, Hawaiian E1chequer Bills, 10 IN
amount not less than $4,000. for which the Min
lister Of Finance shall give = receipt, and the said TX
chequer Bills shall be held by the Minister OF
Finance. as security for the payment Of the amount
Of money represented by the said Bank Bills, 10 the
holders thereof; il being expressly understood that at
no time shal. the said bank bills issued exceed IN
amount the amount OF the E1chequer Bills - deposit
ed with the Minister Of Finance
"a. The said Bills shall be payable in specie, on
demand, At the banking house Of Bishop x Co, at
Honolulu, shall be signed by the firm name, and
countersi2ned by the Minister Of Finance. And the
said Minister shall, if requested, return to the said
Bishop & Co. Of their scIIriries deposited with him, q
sum equal in amount 10 whatever Bank Bills, msy,
81 any time, be returned into the Treasury Once, can
cellei Provided, however, that az no time during
the continuance of the privileges granted under this
Act, shall there he q less amount than $4,000 Of
EXcheqHer Bills on deposit in the treasury as security.
3rd. The amount Of Bills issued shall at no time
exceed the sum Of $50, 900; and the Bills shall be
Of the denominations OF one, five, tel and twenty
dollars.
4th. No E1cheeuer Bills lodged by the said hank
ing firm, with the Minister Of Finance, as security
for the said Bank Bills, shall draw a larger rate Of
interest than 5 per cent. per annum, and If IL
should happen that any E1chequer Bills. 80 deposited.
should. upon the face of them, bear higher interest
than s per cent. per apnum, yet the dep0sitors shall
receive at the said rate of s per cent. per annum,
in full payment of the interest accruing on the same,
during the time that the said EXcheQuer Bills may
thus remain on deposit.
SECTION 2--1Rd If is further enacted, That the
Bills OF the said Bishop & Co., secured and counter
signed as in the preceding section provided shall be
received in payment Of all taxes, duties and other
Government dues in this Kingdom, any enactment
TO the contrary notwithstanding.
SECTION 3.--ind ii is further enacted, That the
authority herein above granted shall be continued TO
the said Charles K. Bishop and William i. Aldrich,
their Associates, Legal Representatives and Assigns,
for and during the period of twenty-five years, from
and after the passage Of this Act. But If they shall
AT any iiUe refuse or fill TO redeem any OF their sad
Bank Bills, or fail TO conform TO any other provisions
of this Act, on proper complaint being made by the
Minister OF Finance or any other party interested to
the Supreme Court, the privileges and authority
granted to the said Bishop i Co, by this Act, may
be declared revoked by the said supreme Court;
anu provided also that the said Bishop & Co, fail to
redeem at sight or within three days, thereafter, any
of the said Bank Bills, upon petition to any Justice
Of the Supreme Court, by any persons holding such
Bank Bills to an amount Of $500, the said firm may
be declared bankrupt in accordance with the general
provisions of article IS of the Civil Code.
SECTION find II IS further enacted, That if the
said firm Of Bishop y Co. shall wish, at any time
before the expiration Of the said term of twenty-five
years, to withdraw from circulation all the Bills,
which they may have issued under authority Of this
Act, they shall advertise for six months in a news
paper printed at Honolulu in the English language,
and likewise in one printed in the Hawaiian language,
for all Bills issued by them to be presented for pay
ment :; and having paid all the Bills presented, and
cancelled the same, in the presence of the Minister Of
Finance, the said Minister of Finance shall return 70
them all the Exchequer Bills for which Bishop y Co.
may hold the Minister'S receipt.
SECTION 5-Nothing in this Act contained shall
be considered as implying any pledge on the part of
the Government for the payment of said bills or notes
beyond safe keeping and proper application Of the
securities pledged Ter their REDEMPTION.