Clarksville chronicle. (Clarksville, Tenn.) 1857-1865, 1861-02-15
A BILL.
To gire the Banks further time 10 resume Specie pay
ment and to accommodate the People


SIC. /. Be it further enacted By the GsnernJ As
seDibiy of the State Of Tennessee, That such Banks
Of this State as have accepted the provisions of an
Act, passed February s, 1860, entitled, an Act to
reform aud regulate the business Of banking in Ten
nessee, and 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
8th February, 1860, hereby permitted to suspend
and remain in a state of suspension of specie pay
ment until the lst July, 1862 and the provisions
Of the lth section of said Act requiring said banks
to pay into the Treasury one-half of per cent.
per month"; fraction Of a month, while remain
ing in suspension, be, aud the same is hereby de-
cared imperative until the lst July 1862, Provided
That on and after the lst July 1882 the provisions
of said section shall revive and continue in full force
and effect: ProUided also That said banks may pay
out the notes of each other and Of their respective
branches: Porded, further That nothing in this
act shall be construed to effect the rights of individ-
ua against said banks.
SEC. q Be il further enacted, That the penalty
of said 18th section already incurred by said banks
be, and the same Is hereby released to said banks,
from the 26th November, 1861 TO the time this act
becomes the law of the State.
SEC. g. BE Il further enacted That all the 9Th
section of said Act be, and the same is hereby de-
cared, so far said banks are concerned, nopera-
y,
of said section as requires that the issue Of said
banks shall not exceed in the aggregate two dollars
of circulation for one Of actnal paid in capital
stock Provided ho,cecer, That from and after the
st July lS62 the whole of said section shall revive
and continue in full force and effect.
SEC. 4. Be ii further enacted That it shall be
the duty of any Bank in this State while in sus-
pension, to make weekly reports 20 the Supervisor
of Banks of the amount of specie and specie funds
on hand, of the discounts and renewals, Of notes
and bills, and 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 il also enacted, That so much of sec
ton four of the above rected act as prohibits any
bank to commence the business of banking with a
less paid in capital stock than three hundred thou
sand dollars, be repealed: Provided hocevsr, That
no bank shall commence the business of banking
with less paid tn capital stock than one hundred
thousand dollars.
SEC. 6. BE IL further enacted, That the Bank Of
Tennessee be, and is hereby authorized to issue
notes Of the denomination of one, two, and three
dollars.
Sec 7. Be il further enacted That in order tc
effectually relieve the people of all sections o
the State from their present pecuniary Distress the
Bank of Tennessee is directed, and the Union and
Planters Banks respectfully requested in extending
their time Of discounts to equalize the accommo
datons to all sections as near as may be- in proper
tion to the population of the different banking dis
tricts in the State.
| Sec 8. BE ii further enacted, That the provis
ions of this act shall extend to all banks that have
heretofore confined their action to the Bank Code
or will do so the passage of this act Propided
That the bonds of the Free Banks be taken at mar
ket value as specie funds.