Juliet signal. [volume] (Juliet [i.e. Joliet], Ill.) 1844-1???, 1861-04-02
Bank Bill.

The first article provides that Illinois
Bonds only shall be received for the secu-
rity of .he circulation Of all new banks and
none others. Also provides that if any
bank shall be DESTROYS Of exchanging any
OF their bonds which have been below par
for the past few years for bonds whose
market value has been for two wears above
or equal to par, it shall be lawful for the
Auditor to receive said stocks ut their par
value. Section four provides that if any
bank goes to protest, the Auditor shall lie
empowered to sell such an amount Of stocks
as will prove enough to pay the protested
notes. This section also provides for sus
pension of specie payment for six months
after the passage Of this act and gives the
Auditor one half per cent for his services
from the bill holder. Section FIVE exempts
banks from the penalties of liquidation for
six months after the passage of this bill.
provising the circulation is amply secured
by stocks on deposit.
Article second provides that every bank
except these of Chicago and Springfield
may appoint an agent at Chicago or
Springfield for its notes. Said agent is too
redeem the Hills of the bank for which he
acts, at three fourths per cent discount
until next January; and one half per cent
thereafter. If such re iemption be rot
made, the bank is liable 70 paw the bill
holder twenty per cent interest per anuum;
and if the redemption be not made within
twenty days from demand, such bank SHALL
be put in liquidation II provides for the
establishment of sort of clearing house
at Chicago or Springfield. Every bank
appointing such an agent shall be allowed
thirty days for payment, after notice of
protest, before being forced into liauida-
ton. No new bank shall be orgarized
which does not appoint such redeeming
agent, nor is any addition to the circulation
OF an existing bank to be allowed, excep;
they comply with this provision.
Article three provides additional securi.
ties for the safe keeping of the bonds and
the unsigned notes of the banks in the
Auditors ofhc at Spring held, and for the
publication Of quarterly statements of the
condition of the securities, and lists of
officers and prOprietors of the banks. It
also provides that the Auditor shall furnish
any person applying therefor statement
OF the condition of any bank or banks.
Article four provides that no bank shall
hereafter be organized without having a
bona fide cash capital of at least twenty
i've thousand dollars, exclusive of the bonds
deposited with the Auditor, and that mo-
banks shall be allowed to be established in
any town having less than one thousand
inhabitants. 1t prohibits any bank from
placing any money in the hands of auy
broker for loaIing it to others, and makes
any broker so receiving euy money from
the bank trustee for the benefit Of the
bill holders and creditors. That any bank
may reduce its circulation to five thousand
dollars by retiring its securities, and shall
not receive its coupons and interest unless
its circulation shall be amply secured.
Article five prohibits any master in
chancery from granting any iniunctions
against the Auditor forcing any bank into
liquidation, upon any grounds, and ERE
vents judges from gran ting any such
inJunc:ions except upon the ground of the
non liability of the hank to pay the notes.
Protests may be made by any notary. and
the descriptions of the contents of pack
age OF the notes shall be considered a suf.
ficient description. For sixty DAYS after
the passage of this act, banks having no
place or agents to transact business. shall
forfeit their charter and go into liouida
ton.
Article six provides that service upon
any stakeholder shall be service upon the
corporation, when the officers of the bank
cannot be found. Stockholders are liable
IN proportion to the amount of stock
owned, and they are liable to Judgment
without waiting for an execution against
the bank.