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compromising should become liable to pay more than his proportion of said debt, either in law or equity.

SEC. 5. The above provision in reference to copartners shall extend to joint debtors, who are hereby authorized, individually, to compound or compromise for their joint indebtedness, with the like effect to creditors and to joint debtors of the individual so compromising, as is above provided in reference to copartners.

SECTION

An Act fixing the rate of Legal Interest.

1. Rate of interest established.

2. Usury being pleaded the court may admit the parties as witnesses-judg- {

SECTION

ment how entered-provisions of act not extended to certain usages amongst farmers and merchants.

It is enacted by the General Assembly, as follows:

SECTION 1. No person shall, directly or indirectly, contract for or receive for the loan of any money, goods, wares, or other commodities whatsoever, above the value of six dollars for the forbearance or giving day of payment of one hundred dollars for one year; and so after that rate for a greater or less sum, or for a longer or shorter time, or according to that rate or proportion for the loan of any money, goods, wares or other commodities.

SEC. 2. If any action or suit shall hereafter be commenced upon any bond, mortgage, specialty, agreement, contract, promise or assurance whatever, which shall be made within this state after the passing of this act, and the defendant shall allege by special plea that a higher or greater interest than the rate aforesaid was taken, or was therein or thereby secured or agreed for, the court shall and may admit the defendant as a legal witness, upon the issue joined in such action or suit, to testify relative to the nature and circumstances of such agreement, and shall also, on motion of the plaintiff, admit such plaintiff as a legal witness in like manner; and if on the whole evidence, such agreement shall be found usurious, the plaintiff shall have judgment for the principal sum of money, or real value of the goods, wares or other commodity as aforesaid, with legal interest thereon with costs: provided, always, that nothing in this act shall extend to the letting of cattle, or other usages of the like nature in practice amongst farmers, or to maritime contracts amongst merchants, as bottomry, insurance, or course of exchange, as hath been heretofore accustomed.

BILLS OF EXCHANGE AND PROMISSORY NOTES.

287

An Act in relation to Bills of Exchange and Promissory Notes.

SECTION

1. Damages and interest on foreign bills. 2. Action against drawer and endorser may be joint or several.

3. Damages and interest on inland bills.

SECTION

4. Actions by or against corporations on promissory note.

5. Promissory note payable to order or bearer-action on how brought.

It is enacted by the General Assembly, as follows:

SECTION 1. When any foreign bill of exchange is or shall be drawn or endorsed within this state for the payment of any sum of money, and such bill is or shall be returned from any place or country without the limits of the United States protested for non-acceptance or non-payment, the drawer or endorser shall be subject to the payment of ten per cent. damages thereon and charges of protest, and the bill shall carry an interest of six per cent. per annum from the date of the protest.

SEC. 2. It shall be lawful for any person having a right to demand any sum of money upon a foreign protested bill of exchange as aforesaid, to commence and prosecute an action for principal, damages, interest and charges of protest against the drawers or endorsers, jointly or severally, or against either of them separately; and judgment shall and may be given for such principal, damages and charges, and interest upon such principal after the rate aforesaid, to the time of such judgment, together with costs of suit.

SEC. 3. When any inland bill of exchange shall be drawn or endorsed within this state, for the payment of any sum of money without the same, and such bill shall be protested for non-acceptance or non-payment, the drawer or endorser shall be subject to the payment of five per cent. damages thereon and charges of protest, and the bill shall carry an interest of per cent. per annum from the date of the protest.

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SEC. 4. When any persons or body corporate, by themselves or by any person by them lawfully authorized for the purpose, shall hereafter make or sign any promissory note, whereby such persons or body corporate shall promise to pay to any other person or body corporate any sum of money or specific article mentioned in such note, the same shall be taken and construed to be by virtue thereof due and payable to such person or body corporate; and such person or body corporate may maintain an action for the same against the person or body corporate who shall have made the same.

SEC. 5. A note made as aforesaid containing a promise for the payment of money only, made payable to order or

bearer, shall be assignable or endorsable over in the same manner as bills of exchange are or may be, according to the custom of merchants; and the assignee or endorsee of such negociable note may maintain an action against the maker of such note, or any prior endorser, for the recovery of the money due thereon.

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It is enacted by the General Assembly, as follows:

SECTION 1. Each incorporated bank shall hereafter make to the general assembly semi-annually, at the May and October sessions, and on or before the first Thursday of said sessions respectively, a return of the situation of the said bank, on some one day certain, in the months of April and September of each year; said day to be designated by the secretary of state, subsequent to the day so designated for the returns to be made by the banks; notice of said day to be given to the cashiers of the banks by the secretary of state; which return shall be in form herein after prescribed; and the president and cashier, or in case of their inability from sickness or

otherwise, two of the directors of the bank shall be engaged to the truth thereof, which engagement shall be certified upon

the return.

SEC. 2. If the president and cashier, or in case of their inability the directors of any bank, shall neglect or refuse to make return as aforesaid, such bank shall forfeit and pay to the state the sum of twenty dollars for every day such bank shall neglect or refuse to make return to the general assembly, or to the secretary of state, after the rising of the general assembly.

SEC. 3. The secretary of state shall cause an abstract of the returns to be published in the schedules.

SEC. 4. The bank returns hereby required shall be substantially in the following form:

Situation of the bank of

on the

day of

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Amount of deposits on interest.

Amount of deposits not on interest.

Amount of debts due from the bank.

Amount of dividends unpaid.

Amount of net profits on hand.

Amount of liabilities.

Amount of debts due from directors.

Amount of debts due from other stockholders.

Amount of debts due from all others.

Amount of specie actually in bank.

Amount of bills of other banks.

Amount of deposits in other banks.

Amount of stock in the bank.

Amount of stock in other banks and other stocks.

Amount of real estate.

Amount of other property.

Amount of resources.

In addition to the above, the following particulars in relation to the state of the banks shall be returned:

Increase of capital since last return; par value of shares in the bank; last dividend when declared, rate per cent. and amount of dividend; amount of suspended paper; reserved profits at the time of the last dividend; amount loaned on pledges of stock in the bank; amount of debts due and not paid; largest amount of indebtedness of any one person or firm.

SEC. 5. The general assembly at any session thereof and the governor at any time when the assembly is not in session,

when it shall be deemed expedient, may institute a special commission to visit and examine any one or more of the banks; to inquire whether they have been and are managed according to law, and to ascertain their state and condition, with such power and authority as shall be deemed necessary; including the power to send for persons and papers, to examine persons under oath touching the matters committed to them, but excluding the right in such commissioners to inspect the private account of any individual with any bank. Any commissioner so appointed shall report his doings to the general assembly at each subsequent session thereof.

SEC. 6. If any cashier or president of any bank or any other person shall refuse to any commissioner or commissioners, appointed in pursuance of the fifth section of this act, such information, aid, or assistance, as shall be required in the discharge of his duty as commissioner, he shall forfeit for each offence a sum not exceeding ten thousand dollars, and the bank may also be proceeded against, as is herein after provided.

SEC. 7. The supreme court in term time, in any county, or any justice thereof in vacation, is hereby authorized and directed, upon complaint in writing from any bank commissioner under oath, setting forth that in his opinion any bank has forfeited its charter at law, or is so managing its concerns that the public are in danger of being defrauded thereby, forthwith to issue citation to such bank, directed to and to be served upon the president, directors and cashier thereof, by leaving an attested copy at their banking room, or usual place of business, commanding such president, directors and cashier personally to appear before said court if in term time, or before said justice if in vacation, on a day and at a place to be mentioned in the citation, within the county in which said bank is located, then and there under oath to show cause, if any they have, why a writ of injunction should not issue, enjoining such bank from further exercising the powers and franchises conferred by its charter. And if upon the examination of the president, directors or cashier, and of such other witnesses and evidence as may be produced by the commissioners and defendants, and the court in term time, or said justice in vacation, shall be of opinion that the charter of said bank is forfeited at law, or that such bank is so managed as that the public are in danger of being defrauded thereby, they are hereby authorized and required to issue an injunction to the president, directors, cashier and other officers of such bank, enjoining them from proceeding further in trans

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