New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-03-16
Nsh OrIsans 9ailg Grestsnt.
Conxentlon % the state of Loulslana.
SATURDAY MORNING, MARCH 1s, 1861.


yiding for submitting the permanent Constitution
of the Confederate States to the vote Of the people
of Louisiana, (Which ordinance we have already
pubIished) was called up, and, on motion, made
the special order for Saturday, (this day. at
o'clock.
Mr.. Lewis, of Claiborne, offered the following
ordinance
AMoRpNAEcE authorize tho IeE,@arG sa ,b to - If,ns o the
Bonds Of he sne 70" ~ AGs a T V on ho "
m rnsd 5 9 LG'a Th m int the Of n. T,s s %a Of
m M 1ud se proSdsd t%f re amount snscbed
Fsoad ?cs"yM M !, nG I h'rhy sos %f'tas1 o he so,o
louisiana in Contention assembled, That when
ever any railroad in which the State is subscriber
shall have section OF five or more miles graded
within the State, upon which iron shall not have
been laid, the Legislature may cause to be issued
to the said railroad company bonds Of the State
in payment of its subscriptions, to the extent OF
six thousand dollars per mile Of road 30 graded !;
provided, however, the amount issued shall not
exceed the amount remaining unpaid upon its sub
scrption at the time of issuing the bonds.
The ordinance was laid over under the rules and
ordered to be printed.
Memorials and claims presented and re-
ferrcd to the appropriate committees.
Mr. Estlin, of Orleans, reported, on behalf Of the
Committee on Banks and Banking, the following
ordinance:
AN ORDINANCE yelatiye to Banking Corporations in tho
The People Of TIE Stnte Of Louisiana, in Con-
apntoit assembled do declare and orddiia and is
hereby declared and ordained as foVors:
SEC. /. That the charters of all the banks Of this
State, we'll those created by special acts as
those formed under general laws, which shall &C.
Gept the provisions Of this ordinance, are hereby
extended and continued in full force and effect
until the year nineteen hundred.
SEC. 2. That the said banks shall, in conducting
their operations, strictly observe the following fun
dAmental rules:
/. The reserve OF specie contained in the vaults
OF each bank shall at all times be equal to one third
Of its cash liabilities and the remaining two thirds
Of such liabilities shall be represented by an equal
amount of commercial paper, held and owned by
the bank, due within ninety days, and payable in
full at maturity.
2. The circulation of each bank shall be restrict
ed to ourths OF the Of its capital paid
in :; but this provision shall not apply to those
banks which have been created by special acts,
untl after the expiration of the period fixed in the
said acts for the duration of their charters respect
s@ yey. No bank shall pay out from its counter or
make issue OF any circulation notes except its
nor shall any bank ssne notea, bills or checks Of a
denomination less than ten dollars.
3. No discount shall be allowed to any party to
commercial paper, who has become discreditcd,
until he has been relieved from such dscrcdt by
payment of the amount due. A party shall be
considered to be discredited who, being the maker
Of a note opr the acceptor Of a Bit! Of exchange,
suffers the same to be protested, Or, being the en-
dOrser of note or drawer or end0rser of bill of
exchange, suffers the same to remain unpaid dur
ing ten days after protest and notification, without
any legal cause.
4. All the said banks shall make the statements
10 and be subj ject to the supervision, authority and
control Of the Board of Currency, aa provided for
by existing laws, Which shall be subject to such
notifications as the General Assembly may from
time to time deem desirable to make. The wilIful
violation or nonobserVance of these fundamental
rules shall be sufficient cause of forfeiture by the
offending bank of its corporate franchises and
privileges: such forfeiture shall be established
Ija4..
be proceeded with under the provisions of the laws
now in force, or as the General Assembly shall
hereafter direct.
SEC. 8. The several banks whose capital is less
than two millions Of dollars shall have the priyi-
lege of increasing their capital to that amount :;
and no banking corporation shall continue to do
business in this State after the lst of Jannary,
1869, whose capital paid in does not amount to the
said sum Of two millions Of dollars.
SEG. 4. On all panerdue and payable within ak
Gyyc days the said banks shall have the prV1 eee of
charging six per cent. per annum discount. They
shall be authorized to charge eight per cent, per
annum discount on all paper running from sixty
Ave to one hundred and thirty days, and ten per
cent. per annum on all paper payable more than
one hundred and thirty days after the day Of dis
count.
SEC 5. In consideration of the extension of the
charters of the banks, and of the additional priv
ileges accorded TO them by the provisions of the
ordinance, the several banks shall, during the
whole period Of the continuance of their charters,
pay bonus to the State, which shall amount an
nually TO One-ha1f of per cent. of the banking
capital Of each bank and the State shall have the
right to borrow from the said banks, whenever the
eXigencie5 Of the public service shall require it,
sum or sums not to exceed in the whole two and
one-haf per cent. OF the capital OF said banks sew
erally, rcturnabc in The bonus herein provided
for, the said loan to bear interest at the rate Of
six per cent per annum.
SIC. C. That Article lI8 of the Constitution be
amended TO read as follows: The General
Assembly shall not have power TO create any cor
pOraton with banking djsCounting privileges
prior to the first day of January, 1867 after which
period it may, by special acts, establish such cor
porsti0ns, provided the aggregate amount of the
capital of the corporation created shall not eX-
ceed the sum of five millions of dollars; and pro-
yded farther, thai no bank shall be created with
less capital than two millions Of dollars. No act
of incorporation of bank shall be valid unless the
same be passed with the consent Of thrcc-ffths of
S4he members composing both Houses of the Gen
'era Assembly.
SIC. T. No banking corporation shall be entitled
to the privileges secured by this ordinance until it
shall have previously accepted its provisions.
Such acceptance shall be ascertaiucd by q vote
taken at general meeting Of the stockholders of
the bank. A majority in number Of said stock
holders holding more than one half of the bank
ing capital Of each bank, shall be requisite to &C
cept this ordinance. But no acceptance shall be
valid unless the same shall have been made and
notified to the Governor of the State and the Au-
ditOr of Public Accounts, within six months from
the date of the passage of this ordnance.
SEQ. 8. That the Auditor Of lnbc Accounts
shall, as soon as he shA nave heCn 0thClalty IN.
formed in the manner provided by tho seventh sec
ton of this ordinance of the acceptance thereof by
any of the banks who may have assigned to and
deposited with the Auditor, bonds or evidences o
debt under tho provisions of the act to establish 4
general system Of Free Banking in the State o
Louisiana approved on the 30th Of April, 1868. ol
of the act to establish general sJsteTt OF Fret
Banking in the State of Louisiana, approved on tht
18TH of March, 1855, retransfer and deliver back t
the said bank or banks, all Of the bonds and evi
denccs of dGbtso deposited with him. and lh
banks are hereby required to Withdraw from ciFcu
laion as rapidly as possible the notes received from
the Auditor on tho deposit Of the bonds and eVi
deuce5 Of debt aforesaid, and they are hereby for
hidden to reissue the said notes when once re
deemed
The ordinance was ordered to be printed, on
. was made tho special order for Monday
Mr. B0nford, of the judiciary Committee, pr,
scnted the following ordinance, which was orlerc
to be printed, and made the special order for Tue
day next
AN oRDIN ANCE Concerning the Judiciary.
The People of the State Of Louisiana, in Coz
7,eutiou assembled, do declare and orddin, and
is Aerebu declared and ordained, as f0l0'cS:
l. That Article 62 of the Constitution be amend
ed so as to read rs follows: THE Supreme Gour
except in the cases hereinafter provided. shal! hay
nppcllato Jurisdiction only; which jurisdiction sha
axtend toSali cases when the matter in dispute snG
exceed three hundred dollars; to all cases in whiC
the consitutionality or legality of any tax toll {
import whatsoever, or of any fine, forfeiture or pei
atty imposed by q municipal corporation, sha
and to all criminal GASES G