The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1840-02-15

A bill was reported in the Senate yester.
day, says the State Capitol Gazette of tho
9Th inst. by Mr.. STEVENSON, chairman Of
the committee on Banks, providing for ,hO
resumption of specie payments on the 25,h
of February by the banks of this Common
wealth. The bill also imposes certain re.
strictions upon the officers of banks, whick
will very materially change the position 81
bank officers, and enlarge the responsibility
devolved upon them. No bank will be al
lowed to suspend specie payments more
than thirty days and on the representation
oi any judge TO the Governor, in writing, to
the effect that any bank or savings institu+
ton refuses to redeem lis notes in gold or
silver for longer period than thirty days,
the Governor shall appoin: three uninteres.-
ed persons TO investigate the concerns of
said bank, and if it is found unable to NEE.
the demands against it, said commissioners
shall Immediately take charge of the ins,itu-
ton, and settle its accounts, and transmit
an account of said proceeding to the Audi
tor General-the said commissioner 10 10
allowed three dollars per day for their SER
vices-and in case the assets OF any bank
ing institution shall mt be found sufficient
TO meet its liabilities, the directors Of sach
bank shall be liable in their personal estates
for the deficiency. And if any president,
cashier, or the officers OF clerk of any bank
or corporation, shall fraudulenlly embezzle
or appropriate to his own use, or the use Of
any other Persen or persons, cny Of tho
money or property of such incorporation,
or money entrusted to the care or custody
thereof, he shall be subject to fine of not
less than the amour. embezzled or appIo-
priated, and TO an imprisonment Of hard la
Dor in the Stats Peniientiary, for any term
not less than six months or more than three
years; nor shall any cashier be allowed 10
engage in or carry on any other business,
directly or indirectly, than tina! of the bank
under penalty OF five thousand dollars, to
be recoysred by the board Of directors for
the use of the bank. At all elections for
directors or any other officers, the holders
of stock shall not be allowed to vote, except
in their proper persons; and that each and
every share of stock saall entitle the bona
6do owner thereof 10 a vote, and no more;
provided that the SAID share shall have been
sold sixty days previous to the election;
and all laws allowing stock holders to vote
by proxy, to be repealed. Ii also provides
that no bond, bill, or note shall be issued by
any bank or corporation, except such as
are payable on demand. II also provides
that on the first Tuesday in February, in
each year, it shall be the duty Of each bank
to transmit TO the Auditor General a state
ment of the amount of its capital stock paid
in the anonnt of gold and silver held SJ
the banks as its own; and within its vaults
at the time Of such statement, the hlghest
and loves. amount within its vaults at any
time, and an average Of the amount between
these periods and the time of making such
statement and also the amount Of Liabilities
assets, and deposties the amount OF loans
made by them, whether unlawful interest
has been taken, &c. There are also many
other restrictions in the bill, which We are
obliged TO omit for want OF room.