The weekly Lancaster gazette. (Lancaster, Ohio) 1860-1863, 1862-01-16
odlll,s Bank su.pen.lon Rlll.

lne Dank suspension blll occupied the
attention ofthe House Of Representative
on Saturday, and after vexaIious filbus-
tetiug operations on the part ofits oppo.
nents, it was finally perfected, and passed
In the following shape. 1t is probable it
will he materially modified in the Senate.
Some Of the leading Union Senators re.
gard it part Of an alleged conspiracy on
the part of Eastern and Western
bankers to obtain control of the ma.
tional currency, and that, as such, i, is
calculated to cripple the efforts Of the
Secretary of tie Treasury. The material
amendment. probably, will be to limit the
operation OF the act 10 thirty days. 1t is
claimed that this period will be suilici.
ent to enable the Federal Administration
to develop its policy; but if necessary 10
extend the term Of suspension, it car be
done before the General Assembly ad /.
journs. Should this amendment fail, il is
clear that the suspension Of specie pay,
ments will be regarded suspension dur.
ing the continuance Of the war. The bill
as passed by the House, is as follows:
A bill to authorize the banks tempora.
rily 10 suspend specie payment, and to
receive and pay out United States dem
and notes. ......
WHEREAS. The existing embarrassed
condition of the country, consequent up.
on the rebellion, the suspension Of specie
payments by banks located at tile marts
of commerce, the large issue of demand
notes at present irredeemable in coin By
the Government Of the Uuited States pre-
:enting state Of currency dnprecedent-
ed and novel in the history Of this count
ry, the operation Of which will withdraw
from the banks of this State their basis o
coin, destructive to the public interest
AID probably occasioning suspension
aud the forfeiture OF the charter Of some
ofthe banks Of this State, thereby pro.
ducing irremediable injury to the public
generally, and 10 the banking institutions
OF the State; therefore,
Be 1t enacted by the General Assembly
of III, State of Ohio. SEC. |. That un.
til otherwise provided by law, all Of the
existing statutory provisions now In force
in thi. State. prescribing penalties, RENE
dies and proceedings, to be had agains
,, banks Of issue in this State, in conse
quence Of their failure 10 pay and redeem
their notes of circulation with coin, be
and they are hereby suspended; and unit
otherwise provided as aforesaid the sus.
pension of said banks, or any of them, &c
redeem their notes of circulation with
coin. shall not operate to divest the title
and rights of any such banks. to any o.
its rights, credits, property. money, Sc
!, curiies or effects. or TO transfer the pos
session OF the same out of said bank OIL
, banks, or work forfeiture Of its charter
e SEC. 2. Until otherwise provided by
lsw, il shall be lawful for any of the banks
OF the State to receive aud pay out The
> notes Of circulation Of any Of the solven
: banks Of this State, although in stata o
= suspension as aforesaid.
SEQ. 3. That it shall be the duty o
:. said banks to receive and pay out as mo
: ney, the demand notes Of the United
States, ''
SEC. 4. Any solvent banking institu
tions of tEis State availing itself Of th
provisions of this suspending act, shall
during the continuance Ia suspension un
! der this act, ifrequired by the Treasure
>, v of the State, furnish him with sight ex
. change, payable in New York in coin,fo
its own noes, in the proportion that tb
-" circulation of sucli banks hears to the cir
: culation of all the solvent banks Of thi
State, at a rate not exceeding one half o
one per cent premium, 10 the extent re
quired to pay the semi annual interest OF
u .he present foreign debt of the State.
u SEC 5 The demand notes OF the Un
U tied States, and the notes of the solven
l. banks of this State, shall be received b
/ the several County Treasurers, and Trea
. surer of State, for all legal demands up
y ., on the same.
y SEC. 6. That until otherwise PROVIDE
y by law, it shall be lawful for any banker
% broker, exchange broker, or other none
:. : dealer, or incorporated comp,ny, to pu
u in circulation the notes Tissue Of til
y solvent banks of this State, although tn
D. D. said banks may not be redeemiug thOi
u notes 10 gold and silver coin under III
:, ,, suspehdiDg power of this act. W W.
y Provided, That no bank shall have tb
= benefit of this act or after noglec,ng @
\. refusing to furnish its proportion Of ex
, change required by the State, as PROV
. ded for by this act, or after it shall refus
i. to take the demand notes of the Unite
: - States, and after the neglect or refusal q
: af3 resaid, all such bank or banks so neg
;. lectiug or refusing shall be subject to a
i The penalties to which they were lab
:. previous to the passage Of this act.
SEQ, I, This act shall take effect c
: and after its passage. y,a
.F Uis. y. .