Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1862-01-23
ANACT

To authorize the Banks temporarily to sus
pend specie payments and to receive and
pay out United States demand notes.
WHEREAS, The existing embarrassed con-
dition of the financial affairs of the country
consequent upon the rebellion the suspen-
sion OF specie payments by banks located at
the marts OF commerce the large issues off
demand notes, at present irredeemable in
coin, by the Government of the United
States, presenting state of currency unpre-
cedented and novel in the history of this
country, the operation Of which will with
draw from the banks Of shis 6tatethefr basis
fof coin. destructive to the public interest,
and probably occasioning suspension and
the forfeiture Of the charter of some of the
banks of this State, thereby producing ire
mediable injury to the public ganerally and to
the banking institutions of the State; there
fore,
Section l. Be It enacted By tie General
assembly of the State of Ohio, That until
fifteen days after the resumption of specie
payments by the majority ofth regular and
legally authorized banks of issue in the city
Of New York (notice of which resumption
shall be given by the proclamation Of the
Governor Of this State), or until this act shall
be altered, amended or repealed by the
provisions now in force in this State prcscri-
bing 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 un-
| til the notice given by the Governors pro-
clamation, or until such alteration, amend
ment or repeal 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 cut Of
said bank or banks, or work forfeiture Of
its charter; Provided. That any bank in this
State which shall fail within thirty days from
the passage Of this act Ito file with the Audi
} tor of State the written consent of such banl
, to accept of, and be taxed by, and in accor
} dance with the provisions of the act entitled
i 'an act to amend an act entitled an act fo
the assessment and taxation Of property il
this State, and for levying taxes thereon &C
p cording to its true value in money, passet
: April S, 1852" which said act was passe,
i April 4, 1861, shall from and after the ex
= piration of said thirty days forfeit oil priv
i feges intended TO be conveyed by this act
and be subject from that time to all the pen
alties provided for in the act or acts unde
. which such bank was organized.
e SEQ, a. Until otherwise provided by Ian
lii shall be lawful for any Of the banks
this Stste, % receive and pay out the note
"a OF fcirculatfoh Of Any Of the solvent banks
= this State, although III s state Of 'uspensiO
SeO. 3. Thst il shall be the duty Of sal
aemsnd notes oftks United States.
+, SEQ. 4. Any solvent banking institutio
Of the State availihg itself Of the provision
+, Of CHS suspending act, shall, during its col
tinusnce in suspension under this set,
REQUIRED by the Treasurer of State furnis
bin With sight exchange, payable in Ne
York, In coin, for its own, notes, In the pr
portion that tho circulation Of such bar
!. bears to the circulation Of all the rolve
banks Of this State, At 4 rate not exceediI
one-half Of one per cent, premium, TO d
extent required to pay the semi-annual j
A. terest on the present foreign debt Of Il
State, and cd mitch of the principal as is nc
L, or may be provided forby law.
SEQ s. The acufhhd notes ofthe Unite
A. States, and the NOTES of the solvent banks
this State, shall be received by the sever
A. county treasurers and treasuper of this Stat
and TIE same to be disburpSd BY such tire,
Il urers, and the Treasurer df State, on al lsa
demands upon the same:
to- Sec. 8. That, until otherwise proyid
re- by law, Il shall be lawful tor any bank, ban
.g; Ell, broker, exchange broker or other mon
In dealer, or incorporated company to put
circulation the notes Of issue Of the solve
banks Of this State, although the said ban