Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1841-04-07
Pennsylvania Legislature.
HARRlsBURG, March 27, l84l.

In the Senate to-day, bill from the House to
incorporate the Manual Fire Insurance Company
Eof Philadelphia was reported The Bank Relief
sBill was then taken up for consideration. Mr.
sSpackman moved to concur in the amendments of
lthe House of Representatives.
Alr. Williams said he was not prepared to vote
for the amendments, not having examined them.
He therefore moved to postpone the whole subject
IT'LL Monday.
After some time, the motion was negatived.
Mr.. Pearson then called for division of the
Question on the amendments, which was agreed
Ito.
On the first section the vote was Is to II. The
Sblll was further considered and finally passed.
I'VE annex abstract of it:
Sect L. Provides that the Banks Of the Com
smonwealth shall be liable for the payment of their
debts as individuals are now by law liable, and
sthat the extraordinary penalties shall be repealed.
Sect. ,. Gives the Banks the privilege OF lssu-
ne small notes to the amount OF fifteen per cent
n their capital stocks, for period of five years.
Sect. B. The total amount of debts and liabili-
stieS, exclusive of deposte not to exceed double
sthe amount of the capital stock
Sect A. The stocks owned by the Banks, lex
scept OF this Commonwealth not to exceed 10 per
.cent OF the amount of their capitals respectively;
provided, that no investments already made shall
sbe compelled to be reduced more rapidly than IL
land halt per cent. every ninety davs.
Sect s. No President, Cashier, or other officer
'of Bank to be permitted to loan its funds. Also,
fixes limit to the loans of directors, proportoned
Ito the capitals of the Banks
Sect. g. No loan TO be made TO the cashiers,
:tellers, clerks, &c, of the banks respectively
Sect l. AboIlshes the proxy system of voting
flor officers.
Sect. g. Persons to be eligible as directors to
own amounts of stock proportioned to the capital
lot the banks respectively. No persons to be di-
Erector in more than one bank at the same time
Sect Frauds by directors and officers provi-
.ded against.
Sect 10 No dividend allowed greater that seven
per cent, and the excess to form contingent fund.-
.one half of which is to be paid into the treasury
Sect 10 Dividend of five per cent allowed dur
ling suspension.
Sect l3 Returns of the condition of the banks
provided for
Sect ii Provides penalties in case said reports
|be not properly made.
Sect. Is Makes it the duty Of the secretary to
forward copy of the act to the banks for their ac-
'ceptance, and the Governor to issue proclama-
stlon upon receiving their answers
Sect Is Repeats former acts inconsistent with
this one
Sect II Authorizes the capital of the u States
Bank. if the stockholders desire it, to be reduced
ito IA millions, and the bank to be released from
part of her bonus
The question was then taken on the final pas
sage of the Bill and carried by the following
vote.
YEAs.-Messrs Andrews, Banks, Bard, Bell
|Brunner, Chris,man, Clark, Corey, Cox, Cum
minis, Darsie, Dilworth, Dunlap, Eyre, Fore
man, Funk, Futhey, Gratz, Hanna, Higgins
'Hinchman, Kennedy, Kerr, Kieffer, Law, Leth.
|ermann, Lightner, Livingston, M Clure, NJ Cur.
|dy, Middleswarth, Miles, Montgomery, Musser
IMyer, Pearson, Pennell, Pumroy, Rush, Skin.
!ner, Smith, Smyser, Snively, Sprott, Steele
Titus, Won Media, Washabaugh, Crabb, Speak.
ser.-49.
NAYs-Messrs. Anderson, Apple, Barr
Bean, Beal, Brodhead, of Pike, Brodhead, OF
Northampton, Bonsall, Church, Cortright
'Crousillat, Douglas, Ebaugh, FELTON,, Fenton
Flannery, Flenniken, Flick, Fogel, Fuller
Gamble, Gillis, Haas, Hahn, Hill, Hoeman
Horton, Johnston, of Armstrong, Johnston, ol
|West'd., Kulz, Leidy, Lusk, May, MCully
Mckinney, Moore, Painter, Penniman Pierce
Pollock, Snyder, Trach, Vanhorn, Waklee
Weaver, Wilkinson, Wright, Zimmerman--46