Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1862-01-22
An Act

An Act
To authorize the Banks temporarily to
suspend specie payments and to receire
and pay out United States demand
notes.
SIC. l. BE Il enacted by tile General
assembly OF the State Of Ohio. That un-
til fifteen days after the resumption of
specie payments by the majority of the
regular and legally authorized banks of
issue in the city of New York %(noticc of
which resumption shall be given by the
proclamation Of the Governor of this State.)
CT until this act shall be altered, amended
or repealed by the General Assembly, all
the existing statutory provisions now in
force IN this State, prescribing penalties,
remedies and proceedings to be had against
banks of issue in this State. in consequence
Of their failure to pay and redeem their
notes Of circulation with coin, be and they
are hereby suspended; and until the notice
given by the Governors proclamation, OF
until such alteration, amendment or re-
peal of this act as aforesaid, the SUSPENSION
Of said banks or any of them, to redeem
their notes Of circulation with coin, shall
not operate to divest the title and right of
any such bank to any of its rights. credits,
property. money. securities or effects, or
to transfer the possession of the same out
of said bank or banks, or work a forfeit of
its charter; HTorided, That any Bank in
this State which shall fail within thirty
days from the passage of this act to file
with the Anditcr cf State the written con-
sent Ct su:h bank to accept Of, and be tax
ed by, and in accordance with the provis-
ions Of the act entitled ian act to amend
an act entitled an act for the assessment
and taxation Of property in this State, and
levying taxes thereon according to its true
value in money, passed April 3, 1859"
which said act was passed April +, 1861,
shall from and after the expiration of said
thirty days forfeit all privileges intended
to be conveyed by this act, and be subject
from hat time to all the penalties provided
for in the act or acts under which such
bank was organized.
SEC. ?. Until otherwise provided by
law. it shall be lawful for any of the banks
of this State to receive and pay out the
notes of circulation of any of the solvent
banks Of this State, although in a state of
suspension as aforesaid.
SEC. 3. That it shall be the duty of
said banks to receive and pay out as money,
the demand notes of the United States.
SEC. +. Any solvent banking institu-
ton Of the State availipg itself Of the pro-
visions of this su~spending act, shall, dur
ing the continuance in suspension under
this act, if required by the Treasurer of.
State, furnish him with sight exchange,
payable in New YORK, in coin, for its own
notes, in The proportion that the %circula-
ton of such notes bear to the circulation
of all the solvent banks of this State, at a
rate not exceeding one half of one per cent
premium to the extent required to pay the
semi-aDnual interest on the present foreign
debt of the State, and so much of the prin-
cipal as is now or may be provided by law.
SEC. 8. The demand notes Of the United
States, and the notes of the solvent banks
of this State, shall be received by the
several county treasurers of this State, and
the same be 6sbursed by such trcasurers,
and the treasurer of State. on all legal de-
mands upon the m
SEC. 6. That until otherwise provided
BY law. it shall be lawful for any bank,
banker. b-ok-r, exchange broker or ether
money dealer. or Incorporated company to
put in circulation the notes Of issue Of the
solvent banks of this State, although the
said banks may not be rcdeeming their
notes in gold and silver coin under.the sus-
pending power of this act: Provided, That
bank shall have the beneR Of this act,
after neglccting or refusing to furnish its
proportion of exchange required by the
State, as provided for by this act, or after
it shall refuse to take the demand notes Of
the United States; but after the neglect CT
refusal as aforesaid, all such bank or banks
so ncglccting or refusing. shall be subject
to all the penalties to which they we're
liable previous to the passage Of this act.
SEC. Z. This act shall take effect from
and after its passage.
JAMES R. HUBBELL,
Speaker Of the House Of Representatives.
JAMES MONROE,
President pro TEN of the Senate.
January l6, 1852.
~G~-