William Graham Sumner discusses the Act of 1816 issued by the Ohio General Assembly.

Date
1896
Type
Book
Source
William Graham Sumner
Non-LDS
Hearsay
Secondary
Reference

William Graham Sumner, A History of Banking in the United States, 4 vols. (New York: Journal of Commerce and Commercial Bulletin, 1896), 1:91

Scribe/Publisher
Journal of Commerce and Commercial Bulletin
People
William Graham Sumner
Audience
Reading Public
Transcription

In 1815, Ohio commenced a war which she carried on longer and more vigorously, because apparently with less success, than any other State, against unauthorized bank notes. She also tried to impose taxation on her banks, and her first steps in this direction are especially noteworthy because they show that her attempt to tax the Bank of the United States, a few years later, was not an isolated act against that Bank. February 10, 1815, it was enacted that every banking company in the State should pay annually four cent on its dividends. If any bank failed to report, the Auditor was the levy one per cent on the normal capital of the bank. The Sheriff was to present the bill of the Auditor to the bank and if it was not paid at once, with four per cent additional for the Sheriff's fees, he was to levy on the specie and notes. If he could not obtain enough of these, he was to seize any other property of the bank, advertise, and sell it. All contracts with persons or firms issuing notes, without being authorized by law so to do, were to be void. Signing or issuing such notes was made punishable by imprisonment for one year and a fine not exceeding $5,000. The act was not to affect unincorporated banks which began before January 1, 1815, until after January 1, 1818.

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