The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1862-01-22
January 18th, 1862.
AN Al,E

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
dftion 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 OF
demand notes, at present irredeemabe in
coin, by the Government of the United
States, presenting state of currency uppre.
cedenled and novel in the history OF this
country, the operation Of whlef will with
draw from, the banks of this State their basis
of coin, destructive to the public interest, and
probably oc. asioning suspension and the
forfeiture OF tire charter Of some of the banks
Of this State, thereby producing irremediabIs
injury TO the public generally and to the
bai i'king institutions Of the State; there fore
| SECTION l. Be IL, enacted By the General As
senajt Of the State Of OHIO, That until ifteen
days ai,!sr the resumption ofspecie payments
by the majority of the regular and legally
authorized banks OF issuei., the city of New
York (notice OF which resumption shall be
given by the proclamation OF the Governor
OF this State), OK until this act shall be alter
cd, amended or repealed by the General As
sembly, all the ex sting statutory provisions
now in force in this State prescribing penal
ties, remedies and pl oceedings to be had a.
gaiast banks of Issue IN this State, in conse-
quence CT their failure to pay and redeem
their notes Of circulation with coin, be and
they are hereby suspenLeu'; and until the no
tice given by the Governur,s proclamation,
or until such alteration, afne udment or re-
peal of this act as aforesaid, The suspension
OF said banks, or any Of them, 10 redeem
their notes of circulation. with coin, shall
not operate to diyest the title and right of
any such bank to any OF It's rights, credits,
property. money, securities or effects, or to
transfer the possession Of the same out SAID
bank or banks, or work forfeiture OF" its |
charte'; Provided That any bank in this
State which shall fail within thirty DAYS iToi.1
the passage of this act TO file with the Aud !
itor OF State the written consent OF such
bank 10 accept.of, and be taxed by, and in
accordance with the provisions of the act en-
titled IAN act 10 amend an act entitled IAN
act ior ihe assessment and taxation OF prop
erty in this State, and Tor levying taxes ther
on according to its true value in money,
passed April 5, 1852 which said act was
passed April A, 1851, shall from and after the
expiration OF said thirty days forfeit all priv.
ileges 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 under
which such bank was organized.
Sec 2. Until otherwise provided by law.
it shall be lawful for any OF the banks oil
this State to receive and pay out the notes
of circulation Of any of the solvent banks Of
this State, although in a state of suspension
as Aforesaid.
Sec 8. That it shall be the duty of said
banks 10 receive and pay out as money, the {
demand notes OF the United States. f
SEC 8. Any solvent banking institu ton Of
the State ayailing itself OF the provision OF
this suspending act, shall, during Its contin-
uence in suspension under this act. i: 10. 0
qured by the Treasurer Of State furnish him d
with sight exchange, payable in New York,
in coin, ior its own potes, IN the proportion h
that the circulation OF such banks bear to u
the circulation Of all the solvent banks Of r
this State, at a rate not exceeding one hal
OF one per cent. premium to the extent re. :
qured TO pay the semi-annual interest on the /
present foreign debt of the State. and so q
mech Of the principal as il now or lnay be c
provided for BY law.
SEC. 5. The demand notes Of the United
States, and the notes Of the solvent banks ofI
this State, shall be received by the several
county treasurers and treasurer Of this State |