Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1842-03-23
The Bank Bill.

AN ACT to prOuide for the resumption Of Spe-
Gle payments by the Banks of thiS Common
'oeaIth, and for other purposes.
! SECTION l. Be il enacted by the Senate and
| House of Representatives of the Common
wealth of Pennsylvania, in General Assembly
met. and it is hereby enacted by the authority
of the same, That ''the banks of this common
wealth, from and after the passage of this act,
shall redeem their notes and deposites and other
liabilities in gold and silver coin upon demand
being made at their banking houses during bank
ing hours, and refusal or failure TO pay Ill gold
and silver as aforesaid shall be deemed and ia
ken TO be an absolute forfeiture OF their respec-
live charters. Provided, that no contract pre-
riously made, as TO the payment of deposites,
shall be affected by the provisions of this section
SECTION g. Upon application 10 any Court of
Common Pleas, or District Court of the proper
county, or single judge thereof, in vacation on
the oath or affirmation of any person setting
forth, that she or he had presented to the proper
officer or officers of any banking institution,
within said county, note or notes or certificates
of deposite, or other liabilities issued by the
same except the notes issued by authority Of
the act of the fourth of May, one thousand eight
hundred and forty -one, and demanded the pay
ment thereof in gold or silver coin which said
bank had refused or failed TO pay it shall be the
duty of The said court, if in session, or Judge,
in vacation, to direct citation 10 be issued by
the prothonotary Of said court, 20 the said bank,
in the nature of summons, which it shall be
the duty of the sheriff or coroner Of the proper
county forthwith 10 serve, commanding the said
L., nj ,bo nd ,Eo 1As ,f1d
by the said court or judg ge, not less than five nor
more than ten days thereafter And upon the
hearing of the parties, if the said court or Judge
shall be satisfied Of the truth of said complaint,
and that the provisions of the first section OF
this act have been violated, then the directors
of any such bank of this commonwealth shall
make and execute under their corporate seal, a
general assignment of all their estate real and
personal, to such person orlpersons as they may
select (subject 10 the appreciation of the stock
holders at general meeling) in trust for the
benefit of all their creditors. Such assignment
shall be approved by the Court of Common
Pleas, of the county in which such bank may
be situated, and shall be recorded in the office
of the recorder cf deeds, of the proper county,
within thirty days from the execution thereof.
Hc Sdlu doslSHCCS Sudll plUCS6u W SCH DIT pun
lie sale all the real and personal estate of said
bank, and shall collect by receiving new secu-
rites by renewals, by compromise, by suit at
law or otherwise, all their outstanding debts,
and, for this purpose, may use the corporate
name of such bank. Provided however, that
the said assignees shall receive in payment OF
debts due TO said bank, It's own notes and obI-
cations, and the checks of its deposltors at par.
The said assgnees, before entering upon The
duties of their office, shall take and subscribe
an oath or affirmation to execute the trusts con-
fided TO them with fidelity, which oath or affr-
nation shall be filed in the office of the prolhon-.
oiary of the proper county, and shall give such
security as the said court may deem sufficient
to secure the faithful execution of the said'nusi,
and shall, once in every six months, file an ac-
count of their receipts and expenditures, verif-
ed by their oahs or affiirmations, in the Office
of the prolhonolary of the said court. The said
assgnees shall, al least once in every six
months, make pro rata dividend OF the bal
ance in their hands among the several creditors
of said bank, who shall, in pursuance of public
notice, given in such manner and form as shall