, 1861-02-18

4 BILL fer on act 10 amend Ae general banking
!ato in tach nsanatr as 10 afford greater 1ecurAl
TO tbs pu6lic.
ARTICLE ONE.

4 BIZ for an act TO amend tho general banking
!atN, IN taeh manner as to afford greater secuf!t1
ARTICLE ONE.
2r M1noas. Feprete.fed IN The General AsssnMy, |
Tint the stocks which banks now OF hereafter 10
e. g. s :, aFsf he sn 1 ea .S9
q stsfe e q :fhh ias s nd
It'd others and it efall be lawful for the auditor to
receive stock. at tbcir pr salas.
der tho general banking laws of this stte saali b.
d sy it wfth the aaaol ~ saafos s so psspesss
the average market value Of which for the last Two
years hare brcn below par, for the stocks OF any
value Of which for the last two years havo been
aboyo or equal to par, it shzll be fawful 70: the
tG ss epd
exceeding their par valne. such privilege Of ex-
changing stocks at the rate Aforesaid, shall only
period, shall be at tha ten per ecnt nargtn heseto
fore provided BY Law.
ne1t.> any Of the stocks deposited b. any bank in
this State with tho auditor fot banking purposes.
shall: frum any cause become deprecated IN value
deposited aud circulation issued thereon it shal be
the Imperative duty Of the auditor 70 Immediately
call upou such bahs TO make up such deficiency eth
banks shall neglect oz refuse 10 comply with the
reqaeiti9 of ssia es1l within thirty days, .hal!
te put into liquidation BY the auditor, In The nan
ncr now provided By law In case Of fllurc to re-
desm the tI1 SI51cnlatloS notes M on demand
failure to redeem its circulating notes on demand.
as now provided by Law; or undera call to make up
eacaenetes In ~ seeu11ties or IN process q lq1
uut notice. and deliver to the holder Of any OF the
tIrcnlatfng notes Of such bank. any OF the seear-
ties deposited by such bank with the eaid .udisor
for hanxirk nrnoses: the amount Of securities to
BE- sod and delivered &. .csald to be in proper
sion to the a,nouut Of circulating notes zu.s~9e.
% d that he TRGs s
Whee S amont nSSh q zfesioa IL hsa
e. sy1 ta s .sd ssser ~ nn
And, pror!dsd further, that no bank IN this State
nutee, while in default IS aforesaid, except In the
manner provided for in this section, Until after tbs
expiration Of six months ron the passage OF this
net. For his services rendered under this section
tile auditor shall be entitled to demand and re.
cetve from each holder as aforesaid, one~half Of
SEC. s. Any bank In this State 1i1oss circulating
notes shall. within ei1ty days from the passage q
this act be amply secured BY IT. stocks on depo9t
qndatIon, have its stocks sold for fai ure to re-
deem circulating notes on demand. for tt1 months
f:on and after The passage Of this at: lJor.asa
said etocks shal again become In yalnc
for ten days such depreciation shall be made up,
upon notice Of the auditor. within ten Days from
dit. of notice. or the bsnk shall immediately fot-
| felt and be deprived Of all privileges and e1'
cup:ions OF this section; And i'roridsd Jurther
thu: tho exemptions Of this section ehali net be
construed 80 al to prevent the auditor from deiif-
c-{ng Tile holder Of any OF he circulating notes
OF any bank in deflult ia the manner described In
t: preceding section, the stocks Of such bank an
provided for in said section but such power Of the
auditor to deliver the raid bonds TO the bill holder
shall not apply TO any bank whose circulation shall
| he secured AZ aforesaid while 30 secured.
| ARTICLE TWO.
Sec. !, Ercry bank IN tho stnte: except thote
wloee plate f business 10 IN the cities Of Chicago
q Springfield, may sp7o5nt qH agent Who shall
keep an oiise Ia the aaid sites q GhlcaSo and
ting notes. which shall be presented to ench agent
for payment or redemption. subject to the eoudl-
| tions hereinafter provided for;
! SEC =. Such agents shall bo appolnted IN writ
Ing. and such appointment In writing shall be de-
livered to the auditor within ten days after the
n1aSing Of TIC same aud ehsl be aed in tas sa3d
thereafter publish list Of the ascut Of agents thus
appointed ln daily paper published in the city OF
Gacaso, and a!so in !. daily paper published IN the
such bank ia located, il any paper Il Published
theirs, for such time as be may deem proper. and
the expenses thereof shall BE- paid BY the bank or
SEC. ). It shat! be The duty Of every bank 81
aforesaid, out Of the cities Of Chicago and Spring
aeld to reetIem and pay on demand, all circulating
nntes issued by such bank pre:cnted for rcdemp-
tion payment at the office Of its said agent In
the ctic. OF Chicago or Springfield At rate OF dis
count not excceding hreequsrtess Of one per cent.
Until January. 1861, and not exceeding onc-h1H per
| cent thereafter.
| SEc, L. Every a,ch bank whose agent shall neg.
lccs or refuse to redeem its notes. On demand a.
Aforesaid, shall pay to tc person making tnch de-
maud, interest upon the notes 80 demanded at the