The weekly Lancaster gazette. (Lancaster, Ohio) 1860-1863, 1862-04-03
LAWS OF OHIO.
PuaLIsnED nY AUTnORITY.
AN ACT

fn AN ACT ASS /
To authorize the banks Temporarily to sns. il
mend specie payments and to receive and
nav out United States demand notes. q
9WmEREAs, the existing embarrassed condI-
ton. Of the financial affairs Of the country
upon the rebellion, the suspension
OF specie payments by banks located at The
marts of commerce, the large issues OF demand
notes at present irTedeemabe in coin, blythe
Government of the United States, presenting
a state Of currency unprecedented and novel
in the history of this country, the operation
Of which will withdraw from the banks oi
this State their basis of coin, destructive to
the public interest, and probably occaslonlng
suspension and the forfeiture OF the charter
of some of the banks Of this State, thereby
producing irremediable injury TO the public
generally and TO the banking institutions oil
the State Therefore,
SECTION !. BE il enacted by The General
issembLy Of the State of Ohio, That until
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, notice Of which resumption
shall be given lby the proclamation OF the
Governor Of this State, or until this act shall
be altered, amended or repealed by the Gen
visions now in force in this state, preScri-
bine penalties remedies and proceedings to
be had against hanks OF issue in this state, in
consequence Of their failure 10 pay and
redeem their notes of circulation with
coin, De and the they are hereby suspendS
ed; and until the notice given by the Gov
lernor's proclamation, or until such altera>
,ion, amendment or repeal Of this act as afore.
said, the suspension OF said banks, or any OF
the 4, 10 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 elects,
or to transfer the possession Of the same out
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, to file with the Audit
or OF State the written consent oil 'Such oank
10 axcept of. and be taxed by, and in accord :
, ance with, the provisions OF the act emitted
, can act tn amend an act entitled AN act Tor
the assessment and taxation OF property IN
this State, and for levying taxes thereon acs
cording to its true value in money passed
! April 8, 1885," which said act was passed
4 April dth, 1861, shall, from and after the ex-
pration of said thirty days, forfeit all pTlvle,,
ees intended to be conveyed by this act, and
f. provided for in the act or acts under which
I such bank was organized.
SEC. Until otherwise provided by law, il
shall be lawful for any OF the banks OF this
u state to receive and pay out tho notes OF crcu
laiion Of any Of the solvent banks OF this state
@ although in a state OF suspension as Aforesaid
A SEC. 3. That it shall be the duty oil sait
hanks to receive and pay out as money, The
= demand notes OF the United States.
r SEc. a. Any solvent banking institution o
n this state, ayailing itself Of the provisions o
). this suspending act, shall, during its continu
!. ance in suspension under this act, II required
" by the Treasurer Of State, furnish him will
r sight exchange, payable in New York, in coli
"a for its own notes, in proportion that the clrcu
Il lation of such bank bears 10 the circulation
of aIl the solvent banks OF this state, at rat
J not exceeding one half OF one per cent. pre-
MUM, to the extent required to pay the semi
annual interest on the present foreign debt 0
v the state, and so much Of the principal as II
|, now, or may be provided for by law.
SEC. 5. The demand notes of the Unite
- States, and the notes OF the solvent banks
H. this state, shall be received by the severa
county tteasureTs and treasurer OF this stale
!, and the same to be diSbursed by such tressuI
!. ers, and the Treasurer OF State, on all lega
demands upon the same.
9 SEC. 6. That, until otherwise provided b
q law, it shall be Lawful! for any bank, bankel
g broker, exchange broker or other money Jea
~ or, or incorporated company, to put in circr
10 lation the notes Of issue Of the solvent bank
~ Of this state, although the said banks ma
not be fedeeming their notes in gold and 81
o. yer coin under the suspending power OF tn
7 act; Provided, That no bank shall have Il
: benefit Of this act after neglectng or refnsit
T to furnish its proportion Of exchange require
ut by the state, as provided for by this act, or
r. ter it shall refuse to take the demand notes
"a the United States; and after the neglect OF II
~ fusal as aforesaid, all such bank or banks
~ neglecting or refusing, shall be subject to a
OF the penalties to which they were liable prev
d, GUS 10 the passage Of this act.
of SEC. Z. This act shall take effect from al
after its passage. -
as JAMES r. HUBBELL,
ed Speaker OF the House Of Representatives.
Mt r JAMES MONROE,
va President pro. tenn. Of the Senate.
-, Jan. I6, 1862. .,s