The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-05-07
The Gold Law,


regard 70 the provisions Of the Gold bill that passed at
the last sitting OF the session 1he following correct
copy Of the BILL
AN ACT TO PREVENT BANKS BANNING ASSOCIATIONS AND oruxs
CORPORATIONS AND INDIVIDUAL BANKERs FROM DKPRRAuN0
rHH ouRRxScY on Iux UNITED STATES, AND REGULATING
TRANSACTIONS IN GOLD AND eLyyR com AND yoKEiGN ELLA
Tue people Of the state OF New York represented in.
Senate and Assembly, do enact as folows:-
Section !. All contracts 70 be hereafter made for the
purchase gale loaang Of gold silver bull
icn secured by pledge or deposits other disposition Of
gold silver coin whether upon coin itself upon
cates OF deposit checks payable In coin issued by
banker, Il 70 bo performed after period exceeding three
days shall be In writing or printed and signed by the
parties their agents or attorneys and shall have Affixed
TO conform the provisions OF tho laws Of the United
States and any contract made which docs comply
with the provisions OF this act and with such laws OF the
United States shall be aud hereby declared DO abe0-
utely void and OF no effect.
OF gold silver coin aforesaid other securities
in connection with god and silver coin, upon the
pledge hypothecaon thereof shall be made exceeding
in the par value Of the coin pledged deposited
security; and any loan so made or attempted 10 be
made shall be utterly void aud any party to such con.
any within year from the date OF such contract,
bring suit bcoro any court Of competent jurisdiction 20
back for hts and benefit the money paid
the value OF the coin bills pledged any contract
not made in accordance with this oct and with the laws
Sec II shall not DO lawful for any bank banking
ISOLATION individual banker savings institution, trust
company other corporation authorized money
on depo 10 issue Of deposit or certify checks
drafts payable in gold silver con unless such de-
post made In gold silver and such certificates shall
be only pay the identical gold silver deposited.
Nor shall II be lawful for any banking association indvi
dual bank trust company savings bank other corpo
ration created existing by virtue OF the laws Of the
State Of New York TO loan any money the pledge or
hypothecation OF foreign bills OF exchange.
Sec T. In tho quarterly reports 70 be hereafter made
by any hank banking association Individual banker TO
the supcrin Of the Parking Department shall DO
distinctly forth In such report made by such bank,
barking association individual banker tho amount OF
gold silver held by each which shall belong 10 such
bank, banking association individual banker respect
vey and the amount Of gold silver coin or bullion
which they shall have deposit belonging 10 any ind
vdnal corporation and they shall further In such
port the item OF loans aud discounts specify partcu
arly what OF such loans discounts made
upon the security pledge OF gold and silver upon
thcates OF deposits payable Ia gold and silver OF upon
checks payable IN gold and silver or upon foreign bills q
exchange.
Sec II shall be the duty Of the superintendent Of The
Banking Department. and no hereby authorized and en-
pcred, at any time he has reason to suppose that any
bank banking association individual banker has mado
any loans upon the security pledge OF gold silver
foreign bills Of exchange, 10 such bauk banking
association indivd banker through its bis proper
officer, TO forthwith report 10 him the amounts which
they have loaned; and such reports, when made,
shall be open TO the inspection OF any party desiring 70
/ sec or copy the same .s
Sc O. Any bank banking association, individual bank
err Insurance company, trust company corporation vo
ating any OF the provisions OF this act shall be deemed
10 have forfeited s charter and shall be proceeded
acainst accordingly and shcrcby declared 10 DO the
duty Of tho Attorney General 10 take the necessary pro-
ccedngs 10 procure such forfeiture.
Sec. Z. This act shall take effect Immediately.