Hepburn v. Commissioners of the Exchange & Banking Co.

The judgment of the court was pronounced by

Eostxs, C. J.

In 1839, the legislature passed an act to relieve the banks of the State, which had incurred the forfeiture of their charters by a suspension of specie payment, from said forfeiture. In the act it is provided that such of tlxe banks as have not their capital stock paid in, may suspend the payment of the stock until the 1st day of February, 1841, and that the amount actually paid in at that period shall be deemed the capital stock of said banks, and they are hereby resti-ained from doing Business on any larger amount of capital under the…