White Cloud Kansas chief. [volume] (White Cloud, Kan.) 1857-1872, 1861-09-26

r.. the;r aporoval or rejecoon, u tne general
Election 10 November. 1851. - according to the
Constitution Of Kansas, article XIII, Section
g.. No Banking Law shall % In force until the
same shall have been submitted 70 vose Of the
eIector, of the State, st soIye general Election,
s".i snoreysd by . nsjNisy Of ~ the votes cast
at 'uep nsee NV. ROBINSON,
s Secretary of State.
a q AN ACT,
70 .utbor;ss he Business Of Banking.
Be 4 easessi - H. L.yiaisssre ef Tie State Of
Keasss:
SrcroS I. That Il Is hereby made the duty
of the Auditor of State, on application OF any
person or association Of persoos Wishing to or
eauize under this act, to cause to be engraved
and printed, in the best manner to guard against
counterfeitinx, such quantity Of circulating
notes, in the similituds of bank notes, in blank,
of the different deuominatsOns hereinafter au-
shofized 70 be Issued as may, from time 70 time,
be needed to meet the demands OF those organ
isations for the purpose Of banking; and all nee
essary expenses in procuring such circulating
notes, in blank, shall be charged to and paid, by
the banker or banking association, ut whose So
licitation and for which the same are furnished.
SIC. 2. Such bank notes, in blank, 90 procured
ae aiofesaf0. snaii DC OF the oenomnaaons w.
uAiiy issue9 ~ osnks, Isom ons oonH one
hundred dollars, ont soch notes snaii not DC o!
any intermediate denomiDst'o ton between one ana
two. two and three. three and i've, five and ten
dollars, ten and twenty, twenty and 6fty. or ffty
and one hundred dollars q"
/ SIC. 3. Such blank circulating notes shall be
countersigned BY such AUDITOR OF state, ana
numbered and registered in proper books, to be
kept for that purpose, In ms once ana onoef ms
direction, by'tne Auoltor nimseii OF sucn person
or persons as the Anoitor snail appoint 30 'n.s
each denominston OF sueh c'rcuisInS no,es
snail De OF the same simihtaoe ano ~ oesr 'ue
uniform signature Of sucn Auditor Of osa'e ana
Register.
SEC Z. whenever any person or as,ocls.ioo
OF Peseons, formed Tor the purpose OF banking
under the provisions OF tnis act' snaii assign OF
transfer, N trust stocks issued or 70 oe issueu'
by the United states, or the STOCKS OF the Seate
OF Kansas, saio STOCKS 70 oe vaiueo a. rate 70
be estimated aud governed by the average rate
at which sncn stocks are soid IN the city OF Nes
YORK; al the time wnen sucn STOCKS may oe leI'
on deposit with the Anditor Oh state, eucn per
son or association OF persons snail De enutlea
to receive from the Auoitor an amouns Oh sucn
circulating notes OF dinerent denominations, |,
registered ana courtersigned, equai 70 ana NOT
exceeding the amount OF puohe stocks assigned
| ana transferred as aIorefaid; out sucn puohc
stocks shall, IN all cases, be or be mace 70 De-
equal 70 stock producing SIX per cent. per an
mum. and 1t shall not be lawful for the Auditor
of state 70 take such STOCK above It's par vaiue'
nor above its current market va'ue In the city
OF New York, on the stock exchange, ut the
time oil deposit 0y soen person or association Oh
persons. II AZ any time the STOCKS assigned
and transferred to the Auditor OF State for cir
culating notes, or any part thereof shall deprs-
ciate in value In the New York market, the
Auditor OF State shall reduce the rate at which
the same shall be continued to be held as secu-
rites, and require such banking association or
banker owning ssch stocks to make up the de.
hciency with such additional stocks, a. required
oy this act, to be transferred and assigned ss
Aforesaid, or such banking association or banker
may make good such deficiency by returning to
the Auditor Of State such amount of bank bills,
previously issued to him or them, as shaii be
equal 70 the deflciency OF securities created or
caused ey the depreciation OF said stocks held
as security rs afor said; Provided, That ii, in
the opinion OF the Auditor and Governor, any
stocks offered shall be deemed insecure, they
shall not be received rs such securities under
the provisions OF this act.
SEC. >. Before any bank shall receive from
the Auditor oil State any circulating notes, as
provided in section four Of this act, the stock
holders thereof shall give to the Auditor OF
State good and sufficient bonds to be approved
by him, to the amount OF one fourth Of the
notes that SAID bank shall receive, and the
stockholders thereon shai nile, with the Audi
tor, certificate, to be attested BY the oaths OF
the president and cashier Of such banking asso-
citation, that ten per cent. OF the capital stock
Of such bank is paid in specie and on deposit,
and shall remain in the vaults of said bank as
an additional security to indemnify the bill hol-
ders againn.t any loss that may be sustained, in
| case the other securities deposited with the Au-