Iowa voter. [volume] (Knoxville, Iowa) 1867-1874, 1873-10-16


Lest some our readers may not
have Il proper understanding of tho
suspension and going into liquidation
Of Nationel I3apks, we publish below
the law relating thereto. 1t by 40
means follows that because a bank
goes into liquidation, anything will
he lost to depositors. Ofcourse moth
ing can be lost to bill holders:
SEC. AZ. And he IL further enacted,
That any association may go into
liquidation and be closed by the vote
Of its shareholders owning two
thirds Of its stock. And whenever
|sa1eh;TQta Mail sbestnlean, It sballA he
the duty az The Board Of directors to
cause notice Of this fact to be certified
under the seal Of the assoc ciation by It's
President or Cashier, to the Comp
troller OF the currency, and publica-
ton thereof to be made for period
Of two months in newspaper pub
lished In the city Of New York, and
also in newspaper published in tho
city or town in which the association
is located, and ii no newspaper be
there published, then i'm the news.
paper published nearest thereto, that
said association il closing up iis af-
fairs, and notifying the holders Of it's
notes and other creditors To present
the notes and other claims against
the association for payment. And at
any time after the expiration of one
year from the time Of publication of
such notice as aforesaid, the snid as
sociatiOn may pay over TO ihe Treas
,,ra, ~ tho TpifaI Sfafao Tho omn,nt
OF It's outstanding notes in the lawful
money Of the United States, and take
up the bonds which the said assOcia-
tiOn has deposited with the Treasur-
or for the security Of its circulating
notes which bonds shall he assigned
10 the bank in the manner specified
In the nineteenth section Of this act;
and from that time the outstanding
notes OF said association shall he ~.
deemed at the Treasury OF the Lnjtfd
States; and the said ASSOCIATION and
the shareholders thereof shall he dis.
charged from all liabilities therefor.
Judge Branpan, in sentencing some
whisky sellers OF Muscatine, as we
learn from the Journal, showed then,
plainly that under the lazy OF the
State there was no possible escape
from the penaltiee-that by contin-
uing in the business they made
themselves civilly ~ well as Grimm
ally liable. by the law, they made
themselves civilly liable to the wife,
child, guardian, or employer Of any
person whom they caused to be-
come intOx icated or helped to intOx-
icate--they made themselves liable
to fine OF $500 or twelve months
Imprisonment for selling to an intOx-
icated person-their stock was lia-
BILE TO be seized and confiscatcd at any
time on the information Of any re-
putable person--aN their property,
real and personal, excepting their
hornesteads, was liable to be seized To
pay any fine or judgement, and fingl-
~ that in addition to all these things,
they made themselves liable t0
Ane OF u 900, or imprisonment for
heightened period, and that the
household goods and other property
which was exempt from execution
pH,ler the law, was liable in these
cases. He then proceeded to fine
them, stating that his present action
was 10 be no precedent for the future,
as he had no dcsire to obreak them up,
financially, hut rather to give them
nm opportunity to seek some other
avoestion, and II they failed to do so,
after having been fully advised as to
the law and its penalties, the hauls
would be their own.