Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-05-08
THE RELIEF RITJ


We subJon synopsis of the bill passed bv ,,vo.
thirds OF both Houses OF the Pennsyly,ni, I.e,;s,
ture, from the Baltimore Patriot.
Fromthe Bilumare P.irio; of rhursd,r
PENNSYLVANIA REVENUE AND RELIEF
BILL.
we subJoln shor, synopsis of the main provi
SONS OF this important law
lhe hrs' seclion authorizes the Governor TO ne
Soiiate loin Tor So 100, 900, at five ner r.pt in
certihcnteS OF not less than 100 2 The Il,nks IN
subscribe Tor this loan. and issue one two and
three dollar notes. To the amount of their ,uhsc,,n
TONS, respectively 3 Holders of these no,es y,
the amount OF 500, may, 1t their ontion n,e.,n,
mem, and OBTAIN a certificate Of this Stale STOCK
i. The Bnnks are to receive an in,eres, oc
one per cent, upon this stock while held in re-.
serve or check by their small note Circulation Cnr
'ner trouble or expense IN issuing these small notes
% those banks which comply with the nrovis.
ions of this law. TO be released from the pavrn.n, f
inc existing tax on dividends. 6. Bank charters TO
oe forfeited, on failure TO comply with the proyis
ions OF the present law. Z. TIE small note ia
sues "i the banks, To be graduated the amonn, of
their capitals g. Gives the privilege to banks of re-
celving and re-ssuing these notes O. Somewhat in
cteases thet'S on trades, occupations and incomes
H. GradCa'es and increases the tax on retailer, of
ioreiSn me chandzs The tax is from 81 to 5000
ccOIdins To the aggregate amour. OF annual ,aIss
IL. The banks Except the U. States B,nk1 are
authorized to iund any OF the State debt possessed
oy them with the Auditor General and l2-on
uoihS SO, arc allowed 10 issue notes (of net less
man hve dollafsl to an amour. equal to the State
debt SO funded, and redeemable in such stock when
presented IN sums OF one hundred dollars md M
wards. The issue OF this description Of notes by
any bank, not to exceed certain per centn We
OF us capital. Several succeeding sections refer
TO the appropriations TO be made Of the proceeds ars
Ing from this 81, 100000 loan. The principal items
are; To common schools, $3.50, 900, colleges, acade.
mics and female seminaTits S4s 900; pensions.
s0o,OoOi repairs OF public works, 100000; to pay
DEBTS loo sePairs on West Branch line, s26S 600;
MorOngahea Navigation Company, SO 600, debts
on Shenango line, $3.50, 900; do on Conneant line
s26I 900; 60. on North Branch line, S5I3 1000; do
WicOnisco, 59i 900, &c. making IN all S2775 900
The 18th section declares thu money shall not 6v d.
verted from the object to which il has been special
ly appropriated.
Section IL TeieveG the banks, complying with III.
provisions Of this act, from any greater penalty or
interest than per in deftult Of pa wing their re-.
sponsibilities on demand. But before the u s. Bank
en- avail OF this exemption, from extraordinary pc
baltes, II must, by vote OF the stockholders nj
meeting held in pursuance of the charter consent 10
he subject TO the general laws ofthe Stte hereaf er
enacted, for the regulation of the banks OF the State
IS provides thai. Il at such general meeting Of the
stockholders Of the u s. Bank il shI he deciJed bv
majority OF votes Counted according TO the proyi.
sIons Of the chauef) that II Is eGpedient for the Back
TO make general assignment Of It's effects 10 rus-
tees for the payment of its debts; and # the stock.
holders shall moreover elect five more persons TO
htING ~ uutAotbI tncu " ~ lNaue tne uuty OF the
Directors TO make such assignment In the event
OF such assignment being determined on by the
stockholders, the succeeding sections to 81 desg.
lite tho mode Of procedure the part Of the ,rus.
tees in winding up the concerns Of the Bank. The
25h declares hat no proxies to vote at any election
meeting Of this Bank shall be valid unless dated
and executed within 60 days Of tho election or
meeting.
| The banks which decline TO nccept the provisions
Of this law, are TO remain subject 10 the laws now
| IN force, in regard to banking affirs.
The 9Th lection requires the several binks
which desire TO avail Of the present law, to fond
an amount of State stock, equal TO at least FIVE
per cent. Of their c1pilal piid in, on which to
predicate the issue Of notes redeemable in said
stock, as authorized under the twelfth section,
Those banks which fail or refuse TO make This
deposte Of State stock, arc to be exempted from
the beneficial provisions Of the net ard 10 remain
subject n existing laws. The 25th section re-.
qures tho banks TO notify the Governor Of their nc.
cep!ance o. the provisions Of tho act within 40 DAYS
from us plssagcj and the 29h and last, makes il
the duty Of the Secretary of Commonwealth, NJ
soon rs may be after the pass ,gc Of the act 10 no
tily the several banks Of tho same.