Article Text
The Bank-Relief Bill, as it Passed, the Vote on its final Passage. LOV NV For the Relief of the Bank of the State Missouri. and other Banks. WHEREAS, By a general and ted cedented demand for gold and silver coin, unexped and in the past history of the country entirely beyond the wants of commerce the Bank of the State of Missouri, in the mon with the oldest and strongest banks Union, has been compelled to suspen specie payments; therefore, Be it enacted by the General Assembly of State of Missouri, as follows: SECTION 1. All provisons of an act tled an act to regulate Banks and Bankin Institutions, and to create the office of Commissioner, approved March 2d, 1857 which subjects the said Bank to any penal of ty, by way of forfeiture of charter, becaus a failure to pay the liabilities of Bank, in specie, on presentation; and provisions of said Act which authorize and direct any proceeding to be commence prosecuted against said Bank, or which officer authorize or direct any proceedings by against said Bank, because of be suspension of specie payments by the til and the same are hereby suspended, time the 1st of November, 1858, or until of within said period as, in the judgmen with the Board of Directors of said Bank Bank the consent and concurrence of safe Commissioner, it may be prudent named to resume; and if, on or before the as aforesaid, the said Bank shall ly resume the payment of all its debts, the liabilities, with gold and silver coin, the fits said Bank shall have all the rights, and and advantages granted by its charter and may proceed to exercise the franchise privileges granted by the said act, shall be exempt from the penalty of forfei ture, ments as had if no taken place. suspension of specie SEC. 2. No person receiving or takin from the Bank after the passage of this ; any note or bill of said Bank issued for a the culation, shall be entitled to receive thereo amount of interest prescribed by is ninth section of said act, or any interes whatever, in consequence of the suspensio herein named. IV 4 SEC. 3. So much of the thirty-sevent section of the first article of said act, as quires that the amount of gold and silver hand of said Bank shall not be less tha 72 thirty-three and a third per cent. of p notes in circulation. and so much of section as directs the commencement of ceedings against said Bank because of be failure to have such amount of coin on hand and the same is hereby suspended in 1858. operations until the 1st day of November at pa SEC. 4. The forty-third section of in first article of said act is hereby so modifie its operation, until the 1st day of Novem p ber, in the year 1858, as to permit all Banks chartered under said act, in pu ua State, during the period aforesaid to take payment of debts, or receive on deposit pa notes of the Banks of this State. to au SEC. 5. During the period of suspensio 114 of said Banks, the Board of Directors, 114 order to afford relief to debtors, shall of debs jo perment Jo thin the exteed 10 ua them, upon the payment by said debtors na $9: twenty-five per cent. of the amount III by them, at each renewal or extension -0a Provided, said debtors shall fully sa: and the ultimate payment thereon; and upon be, future discounts of the Bank, it shall be "uc duty least of the Board to require in payment five per cent of the same in coin, which -p the shall be kept as a specie reserve to 4, early resumption of specie payment. Sxc. 6. The Bank Commissioners -u hereby required not to countersign, regist ba or deliver to the said Bank any addition ... amount of notes for circulation. beyond tho he already delivered, until the said Bank 10 fully resume specie payments. he SEC. 7. So much of the 25th section ir, the first article of said act as requires ial ment of the whole amount of stock he scribed to said Bank, to be paid with -Ja twelve months from the time of subscribin ore is hereby suspended in its operation the the first day of November, 1858, -ST SEC. 8. The provisions of this act 1sa in every respect apply to the Souther II! Bank of St. Louis, and also to the sit chants' Bank of St. Louis, the Farmer -B.1 Bank of Missouri, and the Mechanic its the Bank 1st of day St. of Louis, November should it 1858 suspend before