Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1841-05-19
No I3.
REVENUE BILL.


ter party, afraid to lake the responsibility of
supporting II openly, managed by dOdgiRg, 10
have it passed by majority of two thirds, in
both branches of the Legislature The bin
would occupy, if published at length, more
space than we are willing to give to ii, and we
consequently make an abstract of lis most I'M
portant prOvlsions:-
5 /. The Governor IS authorized 10 uegu-
tiale loan of S3.lO0,0G0, bearing interest az
5 per cent, payable in years.
The next sections give at length:
SECTION That the several banks Of this
commonwealth except those hereafter excepted
whenever called upon by the governor Shall be
authorized TO subscribe to the stock hereby
created and on paying into the state treasury
the amount of their respective subscriptions IN
notes TO be by them respectively issued OF the
denominations of one TWO and FIVE dollars one
fourth of which only shall be of the denonnd-
tion of five dollars to be signed By an oficer Or
officers or clerk on clerks of the bank to be desag
mated By the board Of directors they shall receive
credit on the books Of the auditor general 10 an
equal amount in conformity TO the provisions Of
the first section Of this act and the notes alores
said shall be payable whenever presented at
the counters of the respective banks which Il
sued them to the amount of not less than ons
hundred dollars as hereinafter provided.
Section Whenever the holder of said notes
10 the amount of one hundred dollars OF up
wards shall present the same at the bank from
which they were issued shall be entitled TO de
mand and receive an order ON the auditor geHer-
al entitleing him to receive certificate of an
equal amount of the stock hereby created lo-
the redemption thereof and it shall be the duty
Of such bank forthwith to cancel the said notes
when so redeemed and to marx the same can
celled and the cashier of such bank shall forth
with furnish the auditor general with the notes
so redeemed cancelled and marked and it shall
be the duty of the auditor general to destroy tie
same and so to keep an account of the sald
stock and the notes thereon issued and de-
stroyed as we'll of the stocks deposited as here
matter provided as may enable the said depart
ment at any time to give detailed statement
of the amount of such notes remaining in clf-
cuation of each bank respectively and if any
bank shall refuse 10 redeem the same in such
stock when demanded upon The same being
proved to the satisfaction of the governor It
shall be his duty on ten days notice to sad 5aAh
to issue his proclamation declaring the charter
of such bank forfeited and every director pres
ident cashier or clerk who shall knowingly
have issued or circulated or consented to such
issuing or circulation of greater amount of
notes authorized by this act than the bank pos
sesses of the stock created by this act shall be
deemed guilty of a misdemeanor and on con-
vicsion in any court of competent jurisdiction
be subject 10 a fine of not less than five hun
dred dollars and not more than two thousand
dollars at the discretion of the court and be La
Bile for the redemption of the notes so issued in
their individual capacities and an action of
debt may in such cases be brought against them
or any of them or their or any of their execu-
tors or administrators in any court having com
petent jurisdiction by any person or persons
holding the notes so iussued and may be prose-
cuted TO judgment and execution any condition
covenant or agreement TO the contrary notwith
standing.
"a Banks TO receive interest al the rate Of
per cent. on stock subscribed.
SIS. Wien notes are changed into stock,
he bank to pay the interest on the same, 10 an
amount equal 10 the tax on dividends.
36. Means for compelling payment &c.
". Regulates amount of loan which any
bank may take THAT is, the amount of /, 2, and
dollar notes which they may issue.) viz:
Banks whose stock paid in does not exceed
,000--twenty-6 per cent.
Between and 100000, ttcenty per cent.
Between 100000 and 50, 100000, II 10
per cent
Banks with capital above $780, 900, 8 pr. Ct.
S8. Notes TO be received for debts due.
and Banks, and power given
o reissue
SO. Tax, law Of June Il. 1889 altered.
Trade, $ sand't'slss'iOns to 2s;E per cent on ev.
Commonwealth, AID 6lYratsd eass PAM,
o pay tax off per cent. on salary above $500.
10. License law 6f MerchauQs altered
Sales equal to S3oOOoO, a pay $500 for Ii
euse--S20O,00O pay Sl50-$lO0000 pay
'lOO--s65, 900 pay $s0-.-S75,O 600 pay 500
so, 900 pay $40 900 pay S3O---S30,O00
ay $25---$20,000 pay S2O---l5,O pay sl5
$4,000 pay l2,50---5000 pay Sl0---less
han $4,000 pay ST. If goods sold are entirely
omestic, then but half the above TO be paid.