Daily Nashville patriot. [volume] (Nashville, Tenn.) 1860-1862, 1861-02-01
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TO gaze The Banks further tine 10 RESUME Specie
Pigment, and 10 accommodate Tie People.

10 gaze The Banks further time 10 resume Speci.
Pigment, and to accommodate he People.
SEC. 1. Be Il enacted by the General assembly
Of The Stale of Tennessee That such Banks OF
this State as have accepted the provisions of
an Act, passed February S.h, 1860. entitled.
an Act to reform and regulate the business
OF banking in Tennessee, and are conducting
and shall continue to conduct their business
under the provisions of the same. and all
other Banks in operation and doing business
at the time said Bank Code was passed on
Sth February, 1860, are hereby permitted to
suspend and remain ia a state of suspension
of specie payment until the list July. 1862;
and the provisions of the Ilth section of said
Act, requiring said banks to pay into the
Treasury, one-half OF one per cent. per
mouth, or a fraction of month, while re-
naming in suspension, be, and the same is
hereby declared imperative uuiii the LIST
July, 1862, Provided That on and after
the LIST July, 1862, the provisions of said sec
ton shall revive and continue in full force
and effect: Prorided, also That said banks
may pay out the notes of each other: and
of their respective branches: Provided further
That nothing in this act shall be construed
to effect the rights Of individual against said
banks.
SEC. 2. Be ii further enacted, That the pen
atty or said 1lth section, already incurred
by said banks, be, and the same is hereby
released to said banks, from the 26th Noven-
Der, 1860. TO the time this act becomes the
law of the State,
SEC B. Be IL further enacted That all the
9th section of said Act he, and the same is
hereby declared, so far as said banks are con-
cerned. imperative, until the 1st of July,
1862. except so much OF said section as re-
quires that the Issue of said banks shall not
exceed in the aggregate, two Dc liars of cir
cuiation for one of actual paid in capital
stock: Provided, ho,oeuer, That from and after
the Isl July, 1862, the whole of said section
shall revive and continue in fun force and
effect.
SEC. 4. Be it further enacted, That it shall
be the duty of any bank ia this State while
in suspension. to make weekly reports to the
Supervisor of Banks, of the amount of specie
and specie funds on hand. of the discounts
and renewals, of notes aud bills, aud amount
of exchange sold; and it is hereby made the
duty OF the Supervisor to publish the same
at least once month for public informa-
ton.
SEC. 5. Be it also enacted, That so much
OF section four of The above recited act, as
prohibits any bank to commence the business
OF banking with less paid in capital stock
than three hundred thousand dollars, be re-
pealed: Prorfded, houecer, That no bank
shall commence the business of banking with
less palc IN capltai STOCK than one hundred
thousand dolLHs.
SEC. c. Be Il further enacted That the bank
of Tennessee be, and is hereby authorized
10 issue notes of the denomination of one,
two, and three dollars
SEC. Z. BE 1t further enacted, That Ia order
to more etfectualiy relieve the people of all
sections of the State from their present pecu-
mary distress, the Bank of Tennessee is di-
rected, and the Union and Planters Banks
respectfully requested, in extending their
line of discounts, to equalize the accommoda-
lions to all sections, as near as may be, in
proportion to the population of the different
banking districts in the State.
SEC s. BE IL further enacted, That the pro
visions of tn is act shall extend to all Banks
that have heretofore confined their action to
Tie Bank Code, or will do so On the passage
of this act: Propided, That the bonds of the
Free Banks be taken at market value as spe-
Gle funds.