Illegal Issues of notes.
--The list of indictments published on Saturday occasioned no sttle sensation in this community, since it developed a purpose to enforce the law upon the subject of illegal banking, which has in so many instances been violated.
The Grand jury will complete their work at their next meeting, on the 7th of this month and it is notable that the in fitted parties will be called up for trial directly afterwards Meanwhile, be City Council may take some steps towards relieving the corporation of
Richmond from he dilemma in which it is placed, which can only he done by a special enactment at the approaching session of the State Convention.
It said to be the determination of the
Court to prosecute the suits to the full extent of the lw. and we have at least the prospect of a beck to the hitherto unlimited practice of issuing individual notes.
We made some quotations from the Code of
Virginia in our last paper, showing the liability of offending parties of forfeit their capital, and it may be interesting to pursue the subject still further.
On 808 of the Code.
in the law relating to unchartered banks and illegal enucleation, we find the subjoined sections:
‘"15.--All numbers of any association or company that shall trade or deal as a bank, carry on banking, without authority of and their officers or accents therein, shall confined in jail not more than six months and fled not less than one hundred nor more than five hundred dollars."’
The same penalty is prescribed in the case many individual issuing notes of circulation.
‘"21.--Any person may recover, by motion before a single justice or alderman, or before city court, from any person whose name is on he face of a note of a denomination less than five dollars, which may be issued after the passage of this act, five times the amount of such note; and such recovery shall be in addition to the fine herein before imposed."’
‘"22.--The penalties imposed by this act ball be in addition to penalties heretofore and this act shall be construed remedially."’
