Amend the bill by striking out all after the enacting clause and insert as follows:
That every provision of law requiring or authorizing proceedings against any bank
in this State, with a view to forfeit its charter or wind up its concerns, or which requires such
bank to suspend its operations and proceedings in consequence of its refusal to pay
its notes or evidences of debt in specie is hereby suspended until the end of the
next general or special session of the General Assembly, unless the banks shall have generally resumed specie payment at an earlier date;
in which case the Governor shall give notice thereof by proclamation and the said
bank shall, within twenty days thereafter also resume specie payment: Provided however that ^to secure the benefit of the foregoing provision^ said bank shall agree to conform to and comply with the following conditions restrictions
and limitations, (viz)
First. That it will not either directly or indirectly divide or pay to any person for among its stockholders, or to any person for them any dividends, interest, or profits
whatever, until it shall bona fide resume the payment of its notes and evidences
of debt in specie; ^which dividends shall be retained in bank as an additional security to the holders^
Second. That it will not directly or indirectly, during the suspension of specie
payment sell, dispose of, or part with any of its specie, or gold or silver bullion
belonging to such bank, except for the purposes of change
upon small bills
[or the?] to the amount of five dollars or under.
Third. That it will furnish monthly, upon
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the oath of its President or Cashier, to the Executive of the State a full and complete statement of the conditions and financial operations of such institution
^said Bank and branches^, which shall be published in the newspaper of the State Printer.
Fourth. That it will not, directly, or indirectly, issue or put in circulation, during
the period of its suspension of specie payments any bank bill or note or any evidence
of debt, which the amount of its circulation shall be increased beyond the amount
of capital stock actually paid ^in^ by the stockholders.
Fifth. That it will receive upon deposit any funds belonging to the State which may be required to be so deposited, and pay the same out upon the order of
the proper officer or agent of the State in kind, free of charge, and also all funds heretofore deposited by the State.
Sixth: That until the banks shall resume specie payments, citizens and residents of
this State, who are indebted to them upon notes heretofore discounted, shall be allowed to pay
their debts in instalments at the rate of ten per cent for every four months time allowed upon
^upon each and every renewal ^
^of^ the amount originally due, upon condition that such debters shall execute new notes with satisfactory security, and pay the aforesaid per cent
and the interest in advance, according to the usage and custom of banking: Provided that this section shall not apply
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to notes or bonds assigned or endorsed to the bank.
Seventh. That any violation of the provisions of this act, or any failure to comply
with, and conform to the same shall subject the bank in default to a forfeiture of
its charter.
Sec. 2. Whenever any bank shall accept the provisions of this act, and the President
thereof shall furnish the Governor with a certificate of the fact of such acceptance
under their corporate seal, the Governor shall issue a proclamation, stating the
fact of such acceptance, and from and after the date of such proclamation, such bank
shall be considered as being entitled to all the benefits hereby conferred, and bound
by all the conditions, restrictions and limitations herein contained.
Sec. 3. This act shall not be construed so as to impair any rights acquired by individuals
or to exonerate the bank from any liability to the holders of its notes for the non
payment of the same^, and the provisions of this Section shall apply as well to notes heretofore issued
as to notes which may hereafter be issued^
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[ docketing
]
[ docketing
]
[07]/[14]/[1837]
[07]/[14]/[1837]
Engrossed
[ docketing
]
[07]/[18]/[1837]
[07]/[18]/[1837]
refd sel com[referred to select committee] 7
Handwritten Document, 4 page(s), Folder 73, SB 10, GA Session 10-S, Illinois State Archives (Springfield, IL) ,