Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-07-15
BY EXPRESS.
Correspondence of the Herald.]
WAsHiNGToN CRY, July Ii, 1910

Allen, of Ohio, called up the following bill to con.
tnue the corporate existence of certain banks in the
district of Columbia =
Be it enacted by the Senate and House Of Repre-.
sentatives Of tie Uaited States Of America in Con-
gress as sembled, That the provisions restrictions
and enactments of the act Of Congress of the TWEEN
ty-fth of May, eighteen hundred and thirty eight,
entitled Gan act to extend the charter of the Union
Bank of Georgetown in the District of Columbia" be,
and the same hereby, extended to the Farmers &
Mechanics Bank of Georgetown, the Bank of the
Metropolis, the Bank of Washington, the Patriotic
Bank of Washington, the Bank of the Potomac, and
the Farmers Bank Of Alexandria: Provided, That
wherever in the original act the first of July,
eighteen hundred and thiry-eght occurs, il shall be
so construed as to mean the fourth OF july eighteen
hundred and forty one and wherever the Grst of Jul
ly, eighteen hundred and ortytwo occurs shall be
construed to mean the 4h Of July, eighteen hundred
and forty four Provided further, THAT if the said
banks or any or either OF them shall, within ninety
Gays from and after the passage OF this act resume
specie payments, then the said banks, or such of
them as shall so have resumed, shall be entitled to
all the rights and privileges conferred by their pre-
sent charters until the 4th day of July, eighteen
hundred and forty-two, nnless Congress shall any
time otherwise directs but if such banks so resum-
ing that the said banks shall be entitled to and
joy all the rights and privileges conferred by their
respective Original charters until the fourth day OF
July, eighteen hundred and forty-two, unless Con-
gress shall before that time otherwise direct,
dion that they shall, each for ITSELF specie
payments on or before the fifteenth day Of January
next or sooner and simultaneously with the maio-
riiy OF the incorporated banks in the cities of Bal
timore and Richmond, II a majority Of said banks
shall sooner resume specie payments. Bat if any
Of SAID banks shall fail or neglect to resume specie
payments as above required, or having resumed,
shall. at any time after such resumption again
pend specie payments or refuse to pay any Of their
notes or obligations in specie, then such neglect,
failure, suspension, refusal, shall operate for
| feiture of their respective charters except for
the purpose Of winding up their affairs,
under the provisions and restrictions con-
! ct AND Ieb furth ypL
in all cases where the said banks, either of them
shall thereafter refuse payment Of any Of their netes
or obligations, there shall be summary remedy
therefor before any justice judge having urisdic-
ton of the five days notice, wherein there
shall be supersedeas, stay of execution, iniunc
ton, or certOri allowed, nor any appeal, except
upon affidavit OF merits by the president, cashier or
directors
! [Sec. 2. And be it further enacted, That if the
president and directors OF either Of said banks shall
| violate the provisions afore said they and each of
| them shall be fined in sum not less than one hun
| dred more than one thousand dollars for every
offence, to be recovered by presentmcnt or indicf
ment in any court OF record having jurisdiction
Passed the House of Representatives Jnly 3, 1910
Attest: H. A. GARLAND, Clerk
To which the following amendments were pro
posed by the Hon. MIR. Allen, Of Ohio.
See. - And be il further enacted, That within
ten days after the ad ournment of and be-
fore this act shall take effect, the said banks shall,
each for ITSELF deliver to the Secretary of the Urea
sury written acceptance Of the benefits Of this act
averring the willingness Of such banks to comply
with the several provisions and conditions thereof;
and this act shall then take effect such bank or
banks only shall deliver such acceptance; and il
shall be the duty of the Secretary Of the Treasury
forthwith, to publish in one more Of the newspa-
pers printed, and Of general circulation in the Dis.
trict OF Columbia, notice Of such acceptance.
Sec. = And be il further enacted, That within ten
days after the adjournment of Congress, and before
the taking effect of this act, the said banks shall
| eac for sci aftcrc tim
the payment OF its notes, deposites, and all other
liabilities, presentation demand, in gold or sill
coin; and that, either of said banks shall at
any time refuse or neglect to comply with or con-
form to any one Of the provisions or conditions of
this act, the banking power enjoyed by such bank
under this act shall Immediately cease.
Sec And be il further enacted, That from and
after the taking effect Of this act, neither Of said
banks shall issue pay out any notes Of its own,
Of any other bank, company, or individual, of any
other denomination than ten, twenty, forty, sixty,
eighty and one hundred dollars and upwards.
Sec. -. And be il further enacted, That within
ten days after the adjournment Of Congress, and be-
fore the taking effect Of this act, and every thirty
thereafter the said banks shall, each for ITSELF
make out and deliver to the Secretary Of the Trca-
sury, and likewise publish in Of the newspa-
pers printed and Of general circulation in the Dis
trict Of Columbia, complete list Of the and
places Of residence Of all the officers and directors
Of and stockholders in, such bank for the time being
with the full amount of stock then held in said bank
BY each Of such officers, directors and stoc khoders
affixed to his or her name respectively.
ESec And be it further enacted That the officers of
each Of said Banks to wit, the president, cashier,
telers and directors shall each from and after the
taking effect of this act, be, and they hereby
made Jointly and severally liable in their ind vidu
al capacity for all the debts and obligations thereof
cortrattcd by or on behalf OF such bank, and which
mty have been contracted during the time he was
| such officer or director, and such liability shall
continue after he may have ceased to be such officer
directors and each and every stakeholder in such
bank shall from and after the tking effect Of this
act, also be- and they hereby made, jointly and
scveraIly liable in their indi idua capacity, each
TO the full amount Of his stock in such bank, for
all the debts aud obligations thereafter contracted
by or ON behalf Of such bank, and which may have
been contracted during the time he was such stock
holder, and such liability shall continue after he
have ceased to be such STOCKHOLDERS.
Sec. And be IL further enacted, That from and
after the taking effect Of this act, no officers Of the
Federal Government shall continue to be, or shall
bocome, an officer director Of or stakeholder in,
or agent or attorney for, either Of said banks.
On the bill and amendments, very animated de-
bate took place, in which most, il not all, the Sc
nate participated, and it going on when found
it necessary TO close my noe.
II did not appear probable that any thing would be
effected favorable TO the banks at the time left the
capital; nor did il appear very likely that the debate
il elected would soon close
Such was the shape Of the bill when closed, and
popular sentiment appeared to be altogether opposed
TO it.
In the House Mr.. Graves Of Kentucky, occupied
the floor on the Army Bill, and his object gene
rally to assail the administration Col Downing Of
Florida, followed in an energetic speech in depict,
A. hat.