Collected Works of Abraham Lincoln. Volume 2.
Lincoln, Abraham, 1809-1865.
Page  393

To Jesse K. Dubois [1]

Hon: J. K. Dubois. Springfield,
Auditor &c. April 6 1857.

Dear Sir: In answer to your querries in relation to the 4th. 8th. and 9th. sections of the bank law of Feb. 14, 1857---and the other provisions of law therein refered to, I give as my opinion

First: That no stocks whatever can be received by you at any greater rate of valuation than ten per cent less than the market price of said stocks, such market price to be ascertained, according to the old law.

Second: That no non-interest paying bonds can, in any event, be received by you at any greater rate than fifty cents to the dollar and not even for that much, unless their market price shall be as high as sixty, the old law not being altered by the new, in this respect.

Third--- That in relation to the banks already in existence no new duty is imposed on you by the 8th. section of the new law, unless such banks apply for the issuing of new circulating notes, in which case, it is your duty to be satisfied that they have the fifty thousand dollars actual cash capital, before you issue such new notes. Note. As to the old law, I would abide the constructions of the old Auditor, till further advised.

Fourth: That in relation, both to old and new banks, in the very language of the 9th. section section [sic] of the new law ``No more circulating notes shall be issued, under any circumstances to any bank or association organized under said act until the Auditor shall be satisfied that such bank or association has such actual capital as is required in the first'' (8th. really meant) ``section of this act.''

This opinion is given as to your duty under the new law after it takes effect, and is not intended to apply to the time of between passage, and its taking effect. Yours truly A. LINCOLN


[1]   ALS, ORB.