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A Journal of Political and General News—An Advocate of Equal Eights.
VOL. V._BATH, MAINE, THURSDAY MORNING, OCTOBER 10, 18 50. K0 j^T $l)t <8ct9tern ®imeB IS PUBLISHED EVERY THURSDAY BY • GEORGE E. NEWMAN. Office in north end of Union Block, third atorv, Front St., opposite head of Broad St.—Entrance/ first door north of the Arch. TBRMS.—One dollar and fifty cents per annum, if paid iTUCTLY in advance; one dollar seventy-five ceuts within six months •, two dollars, if payment is delayed to the end of the year. These terms will be strictly adhered to. ITT Any person who will send us six good subscribers shall be entitled to a seventh copy for one year. Hr No paper will be discontinued until all arrearages •re paid, unless at the option of the publisher. ITT Single copies, four cents. TT All letters and communications to be addressed, Post paid, to the Publisher, Bath, Me. Terms of Advbrtising.—Leas than 15 lines, three Weeks, seventy-five cents •, each subsequent insertion, 17 cents fifteen lines, three weeks, $1; each subsequent insertion, 20 cents. 8. M. Pettengill, No. 10 State St., and V. B. Palmer, tScollay's Building, Court St., Boston, are our authorised Agents for the transaction of business. Free Basking Bill. STATE OF MAINE. House of Representatives, Aug. 28, 1850. ORDERED, The senate concurring, that an act entitled — “An Act to au thorize the business of banking,’ reported from the committee on Banks and Banking, be referred to the next legislature; and the secretary of state shall cause said act, i ns amended in the senate, to be printed in the several newspapers in the state; and al so cause said act, as amended, to be submitted to the bank commissioners, whose duty it shall be to carefully examine the same, and make report to the next legislature, with such sug gestions and alterations as they shall deem for the public interest. House of Representatives, August 28,1850. Passed. E. W. FLAGG, Clerk. In Senate, August 28, 1850. Passed in concurrence. A. H. SMALL, Secretary. A true copv, AttestALBERT H. SMALL, Secretary of the Senate. AX ACT to authorize the business of Bank ing. Re it enacted by the senate and house of rep resentatives in legislature assembled, as fol lows c Section i. The treasurer of this state is hereby authorized and required to cause to be i engraved and printed, in the best manner to guard against counterfeiting, such quantity of circulating notes, in the similitude of bank notes in blank, of the different denominations authorized to be issued by the incorporated banks of this state, as he may from time to time deem necessary to carry into effect the provisions of this act, and of such form as he may prescribe ; such blank circulating notes shall be countersigned, numbered and regis tered in proper books to be provided and kept for that purpose in the office of said treasurer, under his direction, by such person as the said treasurer shall appoint for that purpose, so that each denomination of such notes shall bear the uniform signature of such register. Sect. 2. Whenever any person, or associa tion of persons formed for the purpose of banking, under the provisions of this act, shall lawfully transfer to the treasurer of this state any portion of the public stock issued, or that shall hereafter be issued by this state, or by the United States, or by the state of Massachusetts, or by any connty, or by any incorporated city in this state, such person or association of persons shall be entitled to re ceive from said treasurer an equal amount of such circulating notes of different denomina tions, registered, numbered and countersign ed as aforesaid; Provided, that the treasurer of state shall not receive on deposit as the ba sis of the issue of any bank bills, stock, or other evidence of the indebtedness of any city whose debt exceeds one third of the value of the re 1 estate of such city, according to the then last valuation thereof; but such public stock shall in all cases be, or be made to be, equal to a stock of this state producing six per cent per annum : and it shall not be law ful for the treasurer to take such stock at a rate above its par value, nor above its current market value. Provided, however —that no association of persons shall commence the bu siness of banking under said act, or receive circulating notes under the same, until such association shall have deposited with the treasurer of the state the securities required by law, to the amount of fifty thousand dol lars; and no individual banker shall com mence the business of banking under this act, or receive circulating notes under the same, until such individual banker shall have de posited with the treasurer the securities re quired by law, to the amount of twenty-five thousand dollars; and it shall not be lawful for the treasurer or other officer, to counter sign bills or notes for auy person, or associa tion of persons to an amount in the aggregate exceeding the public stocks, as provided in the second section of this act, deposited with the treasurer by such person or association ; and any treasurer or other officer who shall violate the provisions of this section, shall, upon conviction, be adjudged guilty of a mis demeanor, and shall be punished by a fine not less than five thousand dollars, or be impris oned not less than five years, or by both such fine and imprisonment. But it shall be the duty of the treasurer to receive mutilated circulating notes issued by him, and to deliv er in lieu thereof other circulating notes to the Sect. 3. Such persons or association of per sons, arc hereby authorized, after having ex ecut d and signed such circulating notes in the manner required by law to make them obligatory promissory notes, to loan and cir culate the same as money according to the or dina y course of banking business as regulat ed by the law and usages of this state; but no such individual banker or association, shall is sue or put in circulation any bill or note, un der the provisions of this act, unless the same shall be made payable on demand, without interest, at the plfcce of business, within this state, ot such banker, or association; and eve ry violation of this section by any officer or member of a banking association, or by any individual banker, shall be deemed and judg ed a misdemeanor, punishable by fine or im prisonment, or both, in the discretion of the court having cognizance thereof. Sect. 4. In case the maker or makers of any such circulating note or notes, countersigned and registered as aforesaid, shall at any time hereafter, on law ful demand, during the us ual hours of business between the hours of ten and three o’clock, at the place where such note or notes, is or are payable, fail or refuse to redeem such note in the law ful money of the United States, or to pay any deposits made by any person in such bank, the holder of such note or notes, or such depositor, mak ing such demand, may cause the same to be protested for such non payment by a notary public under his seal of office, in the usual manner; and the treasurer of state, on receiv ing and filing in his office such protest, shall forthwith give notice in writing to the maker or makers of such note or notes, to pay the same; and if he or they shall omit to do so for fifteen days after such notice, the treasurer shall immediately thereupon (unless he shall be satisfied that there is a good and legal de fense against the payment of such note or notes,) give notice in the state paper, that all the circulating notes issued by such person, or association, will be redeemed out of the trust funds in his hands for that purpose; and he shall be required to apply the proceeds of said trust funds belonging to the maker or makers of such protested notes, to the pay ment, pro rata, of all such circulating notes, whether protested or not, put in circulation by the maker or makers of such protested notes, pursuant to the provisious of this act; and to adopt such measures for the payment of such notes as will in his opinion most effec tually prevent loss to the holders thereof; and to this end, if he deem it expedient, he may proceed to sell at public auction sa d funds, or any or either of them, and pay and cancel, with the proceeds thereof, said bills or notes; and such association shall be liable to pay the holder of every bill cr note put in circulation as money, the payment of which shall have been demanded and refused, damages for non payment thereof, in lieu of interest, at and af ter the rate of twenty-four per cent per an num, from the expiration of the fifteen days aforesaid, and until the payment of such evi dence of debt, and the damage thereon; but nothing in this act contained shall be consid ered as implying any pledge on the part- of the state for the payment of said bills or notes, beyond the application of the securities pledg ed to the treasurer of this state for their re demption. And for the payment of all such notes, bills deposits, and other debts of such associations, and of such individual banks, the private property of the stockholders in such association or bank, to the amount of such •hares as they sh»ll have acquired therein re spectively, and also according to the provis ions of the forty-first section of the seventy seventh chapter, as amended, of the revised statutes, shall be liable to be attached on mes ne process, and levied upon, as well for the damages, as for the original demand and in tercst and costs. Sect. 5. The treasurer may give to any per son or association of persons so transfer ing stock in pursuance of the provisions of this act, pow ers of attorney to receive interest or dividends thereon, which such person or association may receive and apply (to their own use ; but such powers may be revoked upon such p-rson or association failing to redeem the circulating notes so issued, or whenever, in the opinion of the treasurer, the principal of such stock shall bee >me an insufficient security; and the said treasurer upon the application of the owner or owners of such transferred stock in trust, may, in his discretion, change or transfer the same for other stocks of the kinds before specified in this act, or may transfer the said Stocks, or any part thereof^ upon teceiving and canceling an ' equal amount of such circulating notes deliver ed by him to such person or association in such manner that the circulating notes shall always be secured in full, either by stocks or by stocks and mortgages as is in this act provided. Sect. 6. The bills or stocks so to be coun tersigned, and the payment of which shall be so secured by the transfer of public stocks, shall be stamped on their face, “Secured by the 1 pledge of public stocks transferred to the state treasurer.” Sect. 7. Whenever the securities deposited for the redemption of circulating notes shall, in I the opinion of the treasurer become insufficient for that purpose, he may receive the dividend of all stocks, and shall deposit the same in some safe bank or banking association in the city of Portland, of Bangor, or Augusta, in his name, in trust for the association or banker to whom the same may belong. The deposit to be made on such terms and at such rate of interest as the treasurer may deem most conducive tj the in terest of such association or banker, and to be withdrawn and paid over, whenover, in the1 opinion of the treasurer the securities of such association or banker shall be sufficient to war rant it. Sect. 8. The public stock to be deposited with the treasurer by any such person or asso ciation, shall be held by him exclusively for the redemption of the bills or notes of such per son or association, put in circulation as money. ! •Sect. 9. The plates, dies, and materials to be j procured by the treasurer for the printing and ' marking of the circulating no’es provided for | hereby, shall remain in his custody or under his direction ; and the expenses necessarily in -1 curred in executing the provisions of this act, shall be audited and settled by the treasurer, and paid out of any moneys in the treasury not otherwise appropriated ; and for the purpose of reimbursing the same, the said treasurer is1 hereby authorized and required to charge a uainst and receive from such person or associa- I non applying for such circulating notes such i rate per cent thereon as may be sufficient for that purpose, and as may be just and reasona ble S ct. 10. Every individual banker who shall obtain cuculaung notes of the treasurer of state, under this act shill thereupon and b«f »re issu ing the same on loan or otherwise, tile in the of hie of said treasurer a certificate signed by him and verified by o-th, stating the town, or city in w hich he resides; and thereafter it shall not be lawful for such individual banker to transact business under said act in any other place than ' in that in which he resides or usually trans acts business; and in « ase of any change cf resi dence of such individual banker, he shall forth with file a notice thereof in the treasurer's of fice as aforesaid. Said certificate shall also set turth : 1. The name as-timed to distinguish the bank so established and to be used in its dealings. 2. The amount of capital stock paid in or in vested according to law, and the number of shares into which the same shall be divided. 3. The period for which such bank shall be instituted; and any person neglecting to com ply with the requirements if this section, or ei ther of them, shall for each neglect or violation forfeit one thousand dollars, to be sued for and recovered by the attorney general, in the name and for the benefit of the people of this state. • But nothing in this section contained shall pro hibit the employment ot agents for the redemp-1 tion ot the notes of any individual banker in i the city of Portland, of Bangor, or Augusta. Sect. 11. Every banking a»soci ation formed under this act, when first obtaining notes for circulation, of the treasurer of this state, shall file a certificate, signed by the persons so asso ciated, and verified by their oaths, with the \ said treasurer, which certificate shall specify; ( 1. The name assumed to distinguish such as sociation, and to be used in its dealings. 2. The place where the operation of issue, discount and deposit of such association arc to be carried on, designating the particular city or town. 3. The amount of capital stock of such asso ciation, and the number of shares into which the same shall be divided. 4. The names and places of residence of the shareholders and the number of shares held by each of them respectively. 5. The period at w hich such association shall commence and terminate. Sect. 12. Copies of any certificate filed as re- ! quired by either of the last two preceding sec tions of this act, d«.lr* verified under the hand and seal of the treasurer of this state, may be used in evidence in all courts and places, for or against any person or association interested therein, and so may be copies of each and every other certificate, authenticated as aforesaid, made at any time pursuant to the requirements of this act. Sect. 13. Every such association and individ ual banker instituting a bank under this act, shall have power to carry on the business of banking, by discounting bills, notes, and other evidences of debt; by receiviug deposits; by buying and selling gold and silver bullion, for eign coins and bills of exchange, in the manner specified in their articles of association for the purposes authorized by this act; by loaning mo ney on personal and real security; and by exer cising such incidental powers as shall he neces sary to carry on such business; to appoint a pre sident and a C3shier, and such other officers and agonts as their business may require, and to re move each at pleasure, and appoint others in their place; and all such baflks shall be banks of discount and deposit, as we’.l as of circulation Sec*. 14. The shaies of all banking capital instituted under this act, shall be deemed per sonal property, ai d transferable pursuant to the provisions of chapter seventy-six of the revised statutes; and the same shall be subject to attach ment and sale on execution as provided in chap- i ter one hundred and fourteen and one hundred and seventeen of the revised statutes; and every person becoming a shareholder by such transfer, or sale, shall, in proportion to his shares, suc ceed to ail the rights and liabilities of prior shareholders ; and no change shall be made in the articles of association by which the rights, remedies, or security of its existing creditors shall be weakened or impaired. Such banks •hall not be dissolved by the death or insanity ot any of the shareholders therein, if there be more than one shareholder in such bank. Sect. 15. It 9hall be lawful for any associa tion of persons organized under this act, by their articles of association, to provide for an increase of their capital, and the number of the associates, from time to time, as they may think proper. J * Sect. 16. Contracts made by any inch associ ation or individual bank, and all notes and bill* by them issued and put in circulation as money, shall be signed by the president and cashier thereof; and all suita, actions and pro ceedings brought or prosecuted by or in behalf of such associon or bank, shall be brought or prosecuted in the name assumed by the same ; and they shall respectively possess the powers, and be subject to the duties prescribed by the first, sixth, and thirteenth sections of chapter seventy-six of the revised statutes. Sect. 17. It shall be lawful for every such bank to purchase, hold and convey real estate for the following purposes : 1. Such as shall^e necessary for i(a UBQfidi’ ate accommodation in the convenient transac tion of business; or, 2. Such as shall be mortgaged to it in good faith, by way of security lor loans made by, or i moneys due to such bank; or, 3 Such as shall be conveyed to it in satisfac tion ot dvbts previously contracted in the course of its dealings ; or, 4. Such as it shall purchase at sales under judgments, decrees or mortgages held by such bank. But no such bank shall purchase, hold or convey real estate in any other case, or for • any other purpose; and all conveyances of such real estate shall he made to the bank in its cor porate name, and said bank, from time to time, may sell, assign snd convey the same, free from any claim thereon, against any of the shaiehold ers or any person claiming under them. Sect, 18. The cashier of each bank doing bu siness under the provisions of this act, shall at the times that are specified by law for semi-in* nual returns to be made by other incorporated banks in this 6tate, make returns to the treas urer of this sisie, under oath, exhibiting lha state and condition of their respective banks, on tne day and hour of the day prescribed for such other bank returns, and specifying the fol | lowing named particular: 1. The amount of capital stock cf the bank | ing association or individual bank paid in, or in [ vested according to law-, or in pursuance of its articles of association, and the amount cf such stock as then possessed. 2. The value of the real estate of the associa tion or individual bank, specifying what portion is occupied by the association, or individual 1 bink. for the transaction of business. 3. The shares of stock held by snch associa tion, or individual banker, whether absolutely or as collateral security, specifying each kind and description of stock, and the number and value of the shares cf each. 4. The amount of debts owing to the associa tion, or individual bank, specifying such as are from moneyed or other corporations <r associa tiens, and the amount due from each, and also specifying the amount secured by bond and mortgage, or judgment; the amonnt which ought to be included in the commutation of loss es, and the total amount of such debts then col lectable. 5. 1 he amount of debts owing by the asso ciation, or individual bank, specifying such as arc payable on demand, and such as are to mon eyed or other corporations, associations or indi vidual hanks; the names of such corporations or associations, or individual banks, and the amount due to each. 0. The anioui t of claims against the associ ation or individual bank, not acknowledged by it as debts. 7. The amount for which the association * or individual is liound as surety, or for which it may become liable on the hapj cuing of con tingent events. 8. l iie amount of the notes or bills then in circulation, of said association or individual bank, of loans and discounts, and of specie on hand. ‘J. The amount on the first of July next pre ceding, of notes or bills in circulation of loans and discounts, and ot specie on hand, of such association or individual bank. 10. The amount of the losses of the associ ation or individual bank (if any) charged, spec- ! itving whether charged on its capital or profits since the last preceding statement, and of the dividends declared and made during the same period. 11. The amount of public stocks, together with the description of such stocks deposited with the treasurer, as security for the circula ting notes issued; the market value of said stocks, as near as the same can be ascertained, and the date to which payment of interest has been made upon such slocks; and whether said interest has been paid to such banking associa tion or individual banker, or passed to their or his credit on the hooks of the treasurer; and each and every individual banker doing business under this act, shall state in his semi-annual re turns whether any person or persons, and who are interested with such individual banker, di rectly or indirectly, in the securities deposited with the treasurer for the circulating notes ob tained by such individual banker, or in the bus ness of circulating said notes, or the benefits or advantages thereof ; and if it shall appear from such report that any other person is so interest ed with said hanker, and in case two successive reports ol said banker shall not contain such statement, or if lie omit twice in succession to | make such semi-annual returns, such hunker shall forfeit one thousand dollars for each and every omission to make such statement, or to file such reports as aforesaid, ^to be sued for and recovered by the attorney general, in the name and for the benefit of the people of this State. Sec. 19. The cashier of each bank shall make a return of the particulars relative to its condition specified in the last preceding section of this act, whenever thereto required by either the treasurer or the governor of the State ; and every association that shall neglect to make out and transmit either statement required, as afore said, may be proceeded against and dissolved as | an insolvent association ; and every individual banker subject to this law, who shad so neglect shall be restrained from the further prosecution of his business under this act. Sec. 20. It shall he the duty of the treasur er of this State to prepare forms of the stale | meats and to transmit a copy thereof, together i with such instructions as he may deem necessa | ry, to every association or individual banker, w hich is or shall be bound to furnish such state ments under the provisions of this act. The expenses of publishing the semi-annual returns and of printing the forms of said statements and instructions shall be paid by the treasurer out of the interest of the securities deposited with , him by the said associations and individual ban kers, in proportion to the amount of securities deposited by each. Sect. 21. Whenever in the opinion of the treasurer of this State, there shall he good cause to suspect that any banking association, or individual banker has made an incorrect or imperfect return, or is in an unsound or unsafe condition to do banking business, it shall he his duty to have the books, papers and affairs of such banking association, or individual banker, examined by some competent person to be desig nated by him, who shall examine fully into its books,papers and affairs forthwith, and report to the treasurer, on oath, the result ofsuch exami nation^ copy of which report shall be forthwith published in the manner prescribed in respect to the publication of semi-annual returns. The reasonable costs and expenses of every such ex amination shall he defrayed in the manner pre scribed, in the twentieth section of this act, for paying the expenses of publishing the semi-an nual return. Sect. 22. All fees for protesting the circu lating notes issued by any banking association or individual banker, shall he paid by the per son securing the services to be performed, for which each association or banker shall be liable; but no part of the securities deposited by such association or banker shall be applied to the pay ment of such fees. Sect. 23. Every banking association and in dividual banker who shall carry on banking business under this act, shall be subject to the inspection and supervision of the bank commis sioners, whose powers and duties shall be the same in respect to said hanking association or individual banker, as they are, o* may be, in respect to any of the incorporated hanks of this Slate, and in case any such association or indi vidual bank shall refuse to submit its books, pa pers and concerns to the inspection of said com missioners, or either of them, or whose officers shall refuse to submit to be examined upon oath touching the concerns of such hank, by said commissioners, or either of them, or which shall be fouud to have violated any law of this State, binding upon such association or banker, such association or banker shall be liable to be pro ceeded against by said commissioners, in the same manner and with like effect as any incor porated bank may be proceeded against for a similar violation of its charter. Sect. 24. Upon the application of creditors or shareholders of any such association, w hose debts or shares shall amount to one thousand dollars, and stating facts verified by affidavit, the treasurer may, in his discretion, order a strict examination to be made by some compe tent person, of all the affairs of such association for the purpose of ascertaining the safety of its investments, and the prudence of its manage ment, and the result of every such examination, together with the opinion of the treasurer there on, shall be published in such manner as he shall direct, and the expenses of such examina tion and publication shall be paid out of the trust funds of such association in his office._ And if in the judgment of the treasurer from such examination made, there shall have been any willful violation of any of the provisions of this act, whereby holders of the bill or notes of such banking association shall be exposed to loss, or any fraud shall have been contem plated or attempted by such association, then such proceedings shall he had by him in respect to such association and the property thereof, as are prescribed by the seventy-seventh chapter of the revised statutes, and by the act amending the same, in case of the failure of any incorporated bank to pay any of its hilis ; but the proceeds of all sales of the property or ef fects of such association shall be paid by the re ceivers to the treasurer of State, which, togeth er with the securities deposited with the treas urer, shall be holden to indemnify the bill hold er of such association. Sect. 25. The shareholders, or a majority of them in amount, who shall be owners of any in corporated bank continuing the business of bank ing until the expiration of their charter, and who shall have associated themselves for the purpose of hanking under the provisions of this act, shall be entitled to receive from the treas urer of State, who is hereby authorized to issue to the association so formed, circulating notes, in amounts of not less than ten thousand dollars, upon the deposite of securities of the kind re quired by the provisions of this act, to an amount equal to the circulating notes so issued. But if such banking association so formed shall not have deposited with the treasurer during the three years next following the date of their ar ticles of association, an amount equal to that now required by law of banking associations,as security for circulating notes, previous to com mencing ihe business of banking, the treasurer is hereby empowered to retain the interest ac cruing upon securities so deposited, until such association has complied with the provisions of the act above recited in relation to the amount of security to be deposited in the office of the treasurer. Sect. 26. It the shareholders, or a majority ot them in amount, of any incorporated bank, within one year ol the expiration of its charter, shall file with the president thereof a note in writing that they intend to avail themselves of the provisions of this act, to associate for the purpose ot banking, it shall be lawful for the directors ot said bank to purchase and hold such stock and other securities as the treasurer is or may be authorized to receive for circulating notes, under the provisions of this act, to such an amount as they shall deem for the interest of the shareholders thereof. And any association heretofore or hereafter formed to take the place of an incorporated bank, w hose charter has ex pired or is about expiring,may, where all the stockholders of such incorporated bank have as sented to its organization under the act to auth orize the business of banking, take and hold, in addition to such real estate as is prescribed by the seventeenth section of this act to authorize the business of banking, such other real estate as at the time ot the transfer of the property of the incorporated bank had been received by it in payment ot debts previously contracted to such hank, or purchased by it under judgments or decrees in chancery, in favor of said incor porated bank according to law ; said additional real estate to form no part of the basis for its circulation. Sect. 27. It shall be unlawful for any as sociation, or any individual or individuals, authorized id carry ott the business of hank ing by virtue of this act to receive, pity out, give or offer in payment, as money, to circu late or attempt to circulate as money, any bill, note or other evidence of debt, issued or purporting to have been issued, by any cor poration, association or individual, situated or residing without this state, and which bill, note or other evidence of debt, shall, upon any part t hereof, purport to be payable or re deemable at any place, or by any person, as sociation or corporation within this state. Sect. 28. It shall not be lawful for any association, or individual or individuals, au thorized to carry on the business by virtue of this act, directly or indirectly to procure or receive from any corporation, association or individual, situated or residing without this state, any bank bill or note, or other evidence of debt in the similitude of a bank bill or note, issued, or purporting to have been is sued, by such last mentioned corporation, as sociation or individual, with the intent to is sue and pay out, or in any way to litter or circulate the same as money, or to issue, pay out, or to utter or circulate the same when procured or received as aforesaid, ns money. But nothing in this section contained shall prohibit the said banking associations and individual bankers from receiving from their dealers and customers such foreign notes as are allowed by law to be circulated within this state, in the regular and usual course of business, or from paying out the same when so received as last aforesaid. Seer. 2!). It shall not be lawful for any such association, or any such individual bank er, directly or indirectly to lend, or pay out for paper discounted, or purchased by them, any bank bill, or note, or other evidence of debt, which is not received at par, by the said banking institution, association or individ ual. Sect 30. Every such association and in dividual, authorized to carry on the business ol banking, who shall offend against any of the provisions of the three last previous sec tions of this act, shall forfeit lor each and every offence the sum of one thousand dol lars, to be recovered with costs of suit in the name and for the use of any person who shall sue for the snme, and prosecute such suit to judgment in any court having cognij zance thereof; and every officer and cashier of such association, and every such individ ual banker und bis cashier, clerks and serv ants, who shall knowingly act or assist in any violation of any provision of this act, shall upon conviction, lie deemed guilty of «s mis demeanor, and shall be punished by line or imprisonment, or both, in the discretion of the court before which such conviction shall be bad; but such fine shall not exceed five hundred dollars ami such imprisonment shall not exceed six months. Sect 31. The treasurer, immediately after the first day of January negt, shall publish, during such time and as often as be inay deem proper, a list of such agents in the state pa per, and in at least two daily papers in the city of Portland, the expense whereof shall be paid by the associations and bankers above mentioned. Sect. 32. It shall be the duly of eveiy banking association and individual banker, doing business under the provisions of this act, to redeem and pay on demand all circu lating notes issued by such banking associa tion or individual banker, presented for re demption or payment at their banking house or place of business. And every such bank • ing association orj individual bankers, who J shall neglect or refuse to redeem their notes on demand ns aforesaid niter fifteen days, shall pay to the person making such demand’ interest upon the notes so demanded, at the rate ot twenty-four percent, per annum ; and if such redemption and payment of interest is not made at said hank or place of business within twenty-four hours Irom the time when first demanded, such hanking association or individual hanker, shall be liable to he pro ceeded against bj. the hank commissioners, in the same tnaniiei^oud with the like effect as any incorporated bank may he proceeded against lor n violation of its charter ; and such banking association or individual bank er tiller a demand for specie and a refusal of payment, shall not thereafter issue or put in circulation any of their bills or notes, and the treusure; shall, in that case, proegtd iu the same manner as directed in the fourth sect ion of this act. Appointments of agents made in pursuance of this act, may be re voked, and nsw appointments of agents may he made, from time to time, bv delivering such revocation and appointment to the treasurer, who shall cause the same to be published as aforesaid. Sect. 33. It shall be lawful for any num ber of banking associations and private bank ers, by agreement to associate together for raising a joint fund to be placed in the hands ol their common agent, for the redemption of their circulating notes and also the circulat ing notes of other incorporated banks, bank ing associations and individual bankers, in such manner and under such regulations as may be agreed upon, and to employ such agents and clerks ns they may deem neces sary to carry on the business of such com mon agency; but nothing in this section con tained shall authorize the redemption or pur chase by such agency, of any such circulat ing notes, issued by the principal of such agent, at a discount ot more than one quar ter ot one per cent.; nor to relieve or discharge such incorporated bank, banking association or individual hanker, from uny duty or lia bility required or imposed by this act. Sect. 34. When any individual banker, or the officers of any banking association shall have redeemed ninety percent, of the circulating notes, and shall produce to the treasurer of this state a certificate of deposit to his credit in such bank as lie shall approve, to an equal nmouni with the circulating notes of such bank unredeemed, it shall he lawful for him to receive the same and give up all the securities heretofore deposited by such hanker or association, for the redemption of circulating notes issued. Sect. 35. Such association or individual hanker, alter having complied with the provi sions oi the preceding section, may give no tice lor two years in the state paper, ami also in at least one newspaper printed in the coun ty where the said association or hank shall have been located, that all circulating notes issued by such association or bank must he presented at the treasurer’s office within two years from the date of such notice, or that the funds dejaisiied for the redemption of the notes will be given up to the bank oi associ ation ; and oil receiving satisfactory proof of the giving such notice tor the time aforesaid, ibe treasurer shall surrender to the order of the said association or banker, any securities which he may hold lor the payment of any unredeemed notes of said association or hank. I Sect. 30. No such individual or associa tion authorized to carry on the business of hanking, shall issue and put into circulation ns money, hank notes or hills ns aforesaid, unless such association or individual banker shall have, at the time of such issue, one dol lar in specie for every five dollars in notes or bills so issued and then in circulation. Sect. 37. The cashiers of each hank shall keep an account of the daily receipts and dis bursements of its specie, specifying the ob jects for which the disbursements were made, and hy balance, the nmotint of species re maining in its vaults at the close ot each day's transaction ; and he shall also keep a daily account of its bills issued and relumed showing by balance the amount in circula tion at the close of each day’s transaction ; also a similar account of its receipts and dis bursements, on account of deposits; and also a daily account of its loans and receipts.— And whenever any violation of the thirty sixth section of this net shall appear hy the nccottnis aforesaid, it shall be deemed con clusive evidence of die fact, against die hank, and information and evidence of the same being furnished by die hank commissioners or otherwise, the attorney general shall pros ecute and recover one thousand dollars of said delinquent, to the use of the state. MISCELLANY. Pleasant Surprise. A young man, of eighteen or twenty, a stu dent in a university, took a walk one day with a professor, who was commonly called the stu dent's friend, such was his kindness to the young men whom it was his office to instruct. While they were now walking together, and the professor was seeking to lead the conversa tion to grave subjects, they saw a coat and a pair of old shoes lying in the path, which they supposed belonged to a poor man who was at work in the field close by, and had nearly fin ished his day’s work. The young student turned to the professor, saying; ‘ Let us play the man a trick ; we will hide his shoes and conceal ourselves behind those bushes, and watch to see his perplexity when he cannot find them.’ ‘ My dear friend,’ answered tho professor, ‘we must not amuse ourselves at the expense of the poor. But you arc rich, and you may give yourself a much greater pleasure by means of this poor man. Put a dollar in each shoe, and then we will hide ourselves.’ The student did so, and then placed himself with the professor behind the bushes hard by, to see whatever wonder and joy he might ex press. The poor man soon finished his work, and came aeross the field to the path, where he had left his coat and shoes. While he put on the coat he slipped one foot into one of his shoes; but feeling something hard, he stooped down and found the dollar. Astonishment and wonder were seen upon his countenance ; he gazed upon the dollar, turned it around and looked attain and again ; then he looked around ; on all sides, but could see no one. Now he put the money in his pocket and proceeded to put on tho other shoe; but how great was his astonishment when he found the other dollar ! His feeling overcame him; he fell on his knees looked up to heaven and uttered aloud a fervent thanksgiving, in which he spoke ol his wife, sick and helpless, and his children without bread, whom this timely bounty from some un known hand would save from perishing. ‘ Now,’ said the professor, ‘ are you not bet ter pleased than if you bad played youT in tended trick V * Oh, dearest sir,’ answered the youth, * you have taught me a lesson now that I will never forget, I feel now the truth of words which I never before understood—‘ it is bolter to give than to receive.’ ’ We should never approach the poor but with the wish to do them good. Exciting; Steamship Race. New York harbor was on Wednfldsy, the scene of a race between steamships, of an ex citing character. The contestants were the Asia, of the Liverpool Cunard line, which was just leaving the port; the new steamship Franklin, of the Havre line; and the new steamship Pacific,—soon to leave for Califor nia. As the Asia passed down the harbor, the Franklin was seen lying to, near Governor's Island, and simultaneously the Pacific passed near the Battery, and was soon seen following at a moderate rate, in the Asia's wake. The Franklin took a position about middle way be tweeu the other two vessels, making pretty rapid progress. Opportunity had been afforded for the Asia to make a considerable advance, and orders were now given on the Pacific, to ‘let her go.’ Two guns were fired from the Franklin, and the race fairly commenced. At once the power of the Pacific's engines was taxed to its utmost, and every timber trembled under the power that urged her onward. The rigging was gaily decked aloft with flags and streamers, among which were the Venezuelan national colors, out of respect to Gen. Paez, his son, and suite, who were on board. At thirty two minutes after 12 o'clock, the Pacific passed the Franklin—each vessel rapidly hoisting and lowering its flag several limes in succession ; as a mark of courtesy'. About five minutes af terwards, the Pacific was even with the Asia, when the same salutation was repeated. She soon passed the Asia, and the contest was thenceforth solely between the Asia and Frank lin, and was maintained with vigor until the two vessels separated, the latter being a short distance in the rear, and apparently gaining little, if at all, upon her adversary. She fol lowed for a considerable time directly in the wake of the Asia, and was doubtless retarded, in some degree, by the counter-current from her wheels. The attempts of the Franklin to change her position, were frustrated by a cor responding alteration in the course of the Asia. The F. was loaded with sufficient coal for her voyage to Havre, and the trial between the two, was regarded as a fair test of speed. She presented a beautiful appearance, and sailed with great rapidity. She is not expected to return to port for a day or two. At thirteen minutes after one, the Pacific passed the South West Spit, (being then two or three miles ahead of her competitors,) and in seven minutes more, the ‘Point of the Hook’ —a distance of 17 miles w hich was run in 65 minutes. The average number of revolutions per minute, was twenty-one, under a pressure of 25lbs. She is believed to be the fastest, certainly one of the fastest steamshi|is ever built; though in comparing her with the Asia and Franklin, considerable allowance must be made for the fact that she was light, while they were loaded.—Neic York Jour. Com. Strange Incidents Attending a Death. Under this head the Christian Register rela ted the following remarkable incident. The Philadelphia Inquirer states that the individual referred to, is the late Mr. Greigg, who was lost at Gloucester, Friday, August lfith, 1850, by the capsizing of a boat in a squall. It was at Gloucester also, on the day previous to this casuality, that his remarkable adventure with the robin occurred ; and it was at Brighton that his family also met with a similar encoun ter: The following is a statement of facts as they actually occurred—as simple and short as we can make it. A gentleman with some friends, was lately rambling over the rocks, near the water, in one of our sea-shore towns, llis attention was ar rested by a robin, full grown, and apparently unhurt, running in his path, flitting about his feet, and contrary to the proverbially shy in stinct of that bird, keeping very near him. He took it up in his hand, fondled it, patted his feathers, and, after showing to the party, and remarking on its similar tameness, tossed it in to the air. The next day this gentleman hav ing put out from the adjacent beach in a boat, with four others, for a sail—on his return, and when within sight of land, by the capsizing of the boat or a Sudden leak sprung in her, was drowned with all his companions. His body was recovered, and in a few days afterwards was buried in a cemetery some twenty or thir ty miles distant from the scene of the disas ter. The day after the burial, the grave was visi ted by his wife and daughter. As they ap proached the spot they were in hesitation for a moment—not being familiar with the place,— which of the new-made graves they were seek ing. At this instant a tame but sprightly rob in ran on the ground before them, and stood by them before the grave of the husband and fath er. One of them took it up and caressed it, and after some remarks about the singularity of his conduct, let it go, when it flew down alight ed on the raised mound over the grave, and then stretched itself close to the earth. The daughter immediately took it up, and it was dead. __ The Real Thing!—We have heard that a musical amateur, being present in a room where Jenny Lind was the ‘mark of all observers,' saw a fly alight upon her cheek. Jenny brushed it off. The gentleman's eye fellowed the fly till | he saw it alight on a window; there he cap tured it; and pouring from his snuff-box its contents, he put the fly therein, raised the box to his lips, and then reverentially placed it in bosom! The buzz of that fly was sweeter than a flageolet—Post. Rerording of Vessels.—By a law of congress, passed at the late session, all bills of sale, mortgages, hypothecations or conveyances of any vessel of the United States, made after the first of October, are required to be recorded in the office of the collector of tho customs where such vessel is registered or enrolled ; and the collectors have been instructed to provide suita ble books and to record the same therein. — —.t - -r f The Whig Party and the Previse. The Whig party » the North have mads great professions of Iriendsltipfdr free soil1,— Their devotion to th« ^WHmot'’ has usually broken out, fresh and aTdent, just before an election ; and then driblets of love are dropped along during the year, just to let the Free Soil ers know that Whiggery admire themand their party, at all times. In fact if the Whigs didn’t toll the Soilers that they loved them, the latter would never know it. There was a painter, who lived years ago—of conrse-and he was fond of painting representations of flowers; he pictured a rose—large, and with expanded leaves. His work was finished, and then ho wrote in prominent letters beneath it, “a red rose.” He invited his friends in to see it. A lady of good taste looked at the painting and inquired—“Is that really intended for a rose!” “Yes,” replied the painter, “that is one of my roses—what did you suppose it was P ‘Why’ said the lady, ‘I suppose it was intended for a rose, tor so the letters below it inform me ; but looking at the painting alone, I should take it to be a red cabbage. But it is a clever tiling to write the names of your paintings, so that there may be no mist&ke about them ’ Whiggery is in the same fix. If‘free soil’ was not fre quently written upon its forehead, the world would not know by its nets that it was the frea soil porty—never! During the last Presidential election, we heard a great deal about Whig love for free soil. And 011c thing was put down for a fixed fact—if old Zuck was not a free sotler, Fill more teas, and no mistake. In the wise dis pensations of Providence, Fillmore becomes President of the Uuitod States, and it is now heralded throughout the kind, Shat through his influence, to a great extent, the Texas Bound ary, New Mexico and California bills have been carried—and as they are carried, the si mon pure Soilers are mourning. No'Wil mot' among these bills, which the Whig Pres ident and Whig members favored. Indeed the dear Proviso—so dear just before an election— was kicked to death to make room for them.—■ So much for Whig professions and Whig acts. We do not complain of the result. We re joice at it, and do not regret that it holds Whig gery up to the light of day in its true colors.— Hartford Times. Superstition. A Mr SIN G ANECDOTE OK GENERAL WALSTE1X. It is singular, bnt it is true, that supertition prevails in this day of knowledge. It is an impossibility to reason people out of the belief that the breaking of a looking glass, the howl ing of a dog, the lowing of a cow at night,the gnawing of an insect upon the wall, Sic., prog nosticate the near approach of death to some member of the family. After the death of a child, a brother or a parent, we have heard persons remark, with all sincerity—‘I knew some one would die ; I was forewarned of it— I heard a groan one day under the window, and no one was there.’ We have also heard the remark after the death of a friend—‘I expected it—our dog dug several graves in the yard and these were the signs of death.’ Foolish as this language may appear, we have heard it time and again, especially from those who live in the country and are less informed. These very persons who are thus superstitious, had they lived in the Hays of Mather, would have been believers in withcruft, ghosts and hobgob lins. And while they are thus deluded, they are wretched. The barking of every dog—1 the burning of every candle—the breaking of every glass—makes them turn pale with fear. They are warned of death by every breeze.—• Night brings them but little repose. The death tick may be heard or they may be warn ed of the grim destroyer in a terrible dream. Gen. Walstein, who lived in the seventeenth century, was singularly superstitious, though he was brave and intrepid on the field of battle. In 1625, while planning one of his campaigns, he sat up all night, as was usual on such occa sions, to consult the stars. Sitting by his win dow, but in contemplation, he felt himself violently struck on the back. Feeling that he was alone, and his chamber door locked, he was seized with affright. He doubted not hi3 message was from God, to warn him of his speedy death. He became melancholy bnt his friends knew not the cause. His confession, howeve, discovered the cause, and one of the pages of the General confessed that, being in tent on playing a trick on one of his comrades, he had hid himself in Walstein’s apartment, and mistaking him for his friend, had struck him on the back. While his master was ex amining the room he jumped out of the win dow. The confessor pledged himself that no harm should befall the page, and felt happy to be able to quiet the General. Great was his surprise when be heard Walstein order the im mediate hanging of the young man. He would hear no words—the gibbet was prepared, the page delivered up, the executioner provided.— The whole army, from the highest officer to the lowest in rank, felt indignant towards the General, w hile the confessor threw himsqlf at the feet of Walstein, begging for the life of the youth—but in vain. The page mounted the ladder, and in a moment the unfortunate youth would have been in eternity, when sud denly the General cried out—‘Stop !’ and in a loud voice exclaimed—‘Well, young man, have you now experienced what the fears of death are? 1 have served you as you served me—now we arc quits. ’ More dead than alive, the poor youth descended from the gibbet amid shouts of joy from the whole army. Thousands of people suffer from their super stitious notions, when, if the cause of certain noises and signs were explained, they would see at once how foolish they had been. There is a natural cause for every thing. The death tick in the wall is from severe exertion, or over eating. The faces and forms we imagine we see before us, are caused by defect in our vision. We have warnings enough in the falling leaves—the decay of nature and the death of friends—without making ourselves eternally miserable by any superstitions. Locomotive Steam Engine. “ I love,” says Elihu Burritt, “tasee one of these huge creatures, with sinews of brass, and muscles of iron, strut forth from his smoky stable, and saluting the long train of cars with a dozen sonorous pulls from his iron nostrils, fall back gently into his harness. There he stands, champing and foaming upon the iron track, his great heart a furnace of glowing coals; his lymphatic blood is boiling in his veins; the strength of a thousand horses is nerving his sinews; he pants to be gone. He would drag St. Peter's across the desert of Sa hara if he could be carefully hitched to it; bnt there is a little sober eyed, tobacco-chewing man in the saddle, who holds him in with one finger, and can take away his breath in a mo ment, should he grow restive and vicious. I am always deeply interested in this man, for, begrimmed as he may be with machinery, he is the physical mind of that huge steam-horse.” A Repenting Husband.-*-A Mr. Obadiali Williams appears over his own signature in an Onondaga paper in this forgiving manner :— ‘ Whereas,I might have been mistaken in ad vertising my wife Clara sa having no ‘ cause or provocation’ to leave my bed and board and whereas she has returned unto the same, I hereby revoke all my former notiee.’ Roguery.—A gentleman named Alexander, a citizen of Me., had his pocket book, contain ing $60, stolen from his person at the Worces ter depot on Tuesday. The boeket book minus the money, was found soon after, in an out house near by.