Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1862-01-18
AN ACT

To authorize the Banks temporarily to sls
pend specie payments and 10 receive and pay
out United States demand notes.
WHEREAS, The existing embarrassed condition
OF the financial affairs Of the country consequent
upon therebellion; the suspension Of specie pay
ments By banks located at the marts of com.
merce; the large Issues Of demand notes, at
present irredeemable in coin, by the Govern
ment Of the United States, presenting state
Of currency unprecedented and novel in the
history Of this country, the operation Of which
will withdraw from the bankso this State their
basis Of coin, destructive 10 the public interest,
and probably occasioning Q 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 bank
| ing Institutions Of the State; therefore,
SEcHoN /. Be Il enacted BY the General As
sembiy Of the State Of Ohio, That until fifteen
days after the resumption Of specie payments
| by the majority Of the regular and legally au-
thofized banks Of issue in the city Of New York
| (notice Of which resumption ehall be given by
the proclamation Of the Governor Of this State,
or until this act shall be altered, amended or re-
peaied by the General Assembly, all the exist
ing statutory provisions now in force In this
State prescribing penalties, remedies and pro-
ceedings 10 beohad against banks Of issue In
this State, in consequences of their failure to
psy and redeem their notes Of circulation with
coin, be and they are hereby suspended; and
until the notice given by the Governors procls-
nation, or until such alteration, amendment OF
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 diSest the title and night of any such bank
TO any Of its rights, credits, property, money,
securities or effects. or to transfer the posses
sion 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 Auditor Of State the written consent
of such bank 70 accept Of, and be taxed by, and
in accordance with the provisions OF the act en-
titled can act 10 amend an act entitled 'an act
for the assessment and taxation of property in |
this State, and for levyiDg taxes thereon &C |
cording to its true value in money passed |
April 5, 1852" which said act was passed April |
4, 1861, shall from and after the expiration of
said thirty days forfeit all privileges intended
10 be conveyed BY this act, and be subject from
that time TO all the penalties provided for in
he act or acts under which snch bank was or
,anized. L .ai.ti ts-.5i 81 l4Hri pIT t.s Il
SRc. 2. Until otherwise provided BY law, It
hall be lawful for any Of the banks Of this
State to receive and pay out the notes Of circu.
alton Of any Of the solvent banks Of this State,
Ilthough in state of suspension as aforesaid. Il
SEC. 8. That It shall be the duty of said banks
0 receive and pay out as money, the demand
otes of the United States. -a7f.-
SEC. a. Any solvent banking institution of
be State availing itself OF the provisions Of this
lspendng act, shall, duIing its continuance In
ispension under this act, IL required by the
'reasurer Of State furnish him with sight ex- !
hange, payable in New York, in coin, for It's
Nn noies, in the proportion that the circulation
such bank bears 10 the circulation of all the
olvent banks of this State, at rate not ex-
eeding ope-hal Of one per cent. premium, to 9
le extent required 10 pay the semi-annual in 9
Drest on the present foreign debt Of the State, :
nd 30 much Of the principal as is now or may
0 provided for by law. .sr ra
SEo. s. The demand notes Of che United
tates, and the notes Of the solvent banks 9
this State, shall be received BY the several
,unty treasuFers and treasurer Of this State, j.
ID the same to be disbursed by such ireasurers, u
I'd the Treasurer Of State, onall legal demands "
BON the same. s,f M
SEc. 6. That, until otherwise provided by n
W, il shall be lawful for any bank, banker, q
oker, exchange broker or other money dealer,
incorporated company to put In circulation u
Q notes Of issue of the solvent banks Of this o.
ate, although the said banks may not be re- 4
,eming their notes in gold and silver coin un 70
II the suspending power of this act; Provided, b
hat no bank shall have the benefit of this act y
Ter negecting or refusing to furnish its psopof ID
IN Of exchange required by the State, as pro- In
ied for by this act or after il shall refuse 10 tw
ke the demand notes of the United States 10
d after the neglect or refusal as aforesaid, ia
such bank or banks so neglecdng or re- th
sing, shall be subject to all the penalties to ct
lich they were liable previous TO tho passage
this act. ttf'pt-
SEC, 7. This act shall take effect from and Al
Ter its passage. th
FL JAMES R. HUBBELL, Ia
Speaker OF the House of Representative. &C
6tlsiSt lH JAMES MONROE, ae
President pro tenn. of the Senate. th
January is, 1862 an