Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1862-01-20
An Aer


To authorize The Bahks temporarily to sEspent
sPeeie payments and 10 receive and pay ou
United States demand sOtss.
WHzRELs, The existing embarrassed con
dition Of the financial Affairs Of the country
consequent upon the rebellion, the suspen
sion Of specie payments By hanks located 81
the marts Of commerce; the large Issues o.
demand notes, st present iFTedeemable in eoir
by the Government Of the United States
presenting = state Of currency unprecedent-
ed and novel in the history of this country,
the operation Of which viii withdraw from
the banks of this State their basis Of coin,
destructive to the public interest, and proba.
bly, occasioning suspension and the for
feiture of the charter of some Of the banks Of
this State, thereby producing irremedisble
injury to the public generally and to the
banking institutions of the State; therefore
SEo l. Be it enacted By che General .As-
seDlbly Of TIE State Of Ohio, That until fifteen
days after the resumption Of specie pay.
ments BY the msiority Of the regular and ie-
gslly authorized banks of issue in the citv
Of New York (notiee Of which resumption
shall be given by the proclamation Of the
Governor Of this State, OF until this act
shall be altered, amended or repealed by the
General Assembly, 81 the existing statutory
provisions now in force in this State, pre-
prescribing penalties, remedies and proceed
ings to be had against banks of issue in this
State, in consequence Of their failure to nav
and redeem their notes Of circulation with
coin, he and they are hereby suspended /;
and until the notice given by the Governor ;
proclamation, or until such alteration.
amendment or repeal Of this act az Aforesaid,
the suspension Of said banks or any of them,
70 redeem their notes of circulation with
coin, shall not operate to divest the title and
right Of azy such bank to anyof 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
lie charter; Pfovided, That any Bank in
this State which shall fail within thirty
days from the passage Of this act to file with
the Auditor Of State the written consent of
such bank to accept Of and be taxed by, and
In accordance with the provisions of the act
entitled q an act to amend an act entitled
ian act for the assessment and taxation of
property in this State, and leVying taxes
thereon according to its true value in money
passed April 5, ls5s,D which said act was
passed April 4, 1851, shall from and after
the expiration Of said thirty days forfeit all
privileges intended to be conveyed by this
act, and be subject from that time to ali the
penalties provided for in the act or acts
under which such bank was organized.
sEo. 2. 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 cir
cRlation Of any Of the solvent banks of this
State, although in q state Of suspension as
aforesaid. --.......
SEO. 2. That It shall be the duty Of said
banks to receive and pay out as money, the
demand notes Of the United States.
SEC. 4. Any solvent banking institution
Of the State aYailing itself Of the proyisious
Of this suspending act, shall, during The con.
tinuance In suspension under this act, II re-
quired BY the Treasurer Of State finnish him
with eight exchange, payable In New York,
in coin, for lie own notes, IN the proportion
that the circulation Of such notes bear to the
Of ali the solvent banks of this
State, at q rate not excseding one half Ofone
per cent. premium, to the extent required TO
pay the Semi- interest on the present
foreign debt Of the State, and 90 much ofthe
principal as is new or may be provided By
law. aalf
Sso. 8. The demsnd notes Of the United
States, and the notes Of tha solvent banks
Of this State, shall be received by the sever
4 soanty treasuTsrs and treasurer Of this
Stats, and the sams b dlSbuISsd By such